招财日报2025.2.26 AI主题研究/亿航首予买入、携程及石药集团业绩点评

Group 1: AI Industry Insights - The emergence of lower-cost and more user-friendly open-source large models is expected to lower the development threshold for B-end software and large models, potentially driving a prosperous software ecosystem[1] - Key sectors for AI contribution and revenue growth include online advertising, search, CRM, office collaboration, and development programming, with e-commerce, online advertising, tourism, gaming, healthcare, finance, education, and industrial manufacturing having larger monetization potential[1] - The report highlights three types of companies to focus on: AI cloud companies, those with mature AI application products, and companies where AI can significantly empower core business[1] Group 2: EHang Insights - EHang is the first domestic manufacturer to obtain three essential licenses for mass production of eVTOL aircraft, positioning it 1-2 years ahead of competitors[2] - Supported by over 1,000 intent orders, EHang's eVTOL aircraft shipments are expected to grow by 100% in 2025 and by 50% in 2026, reaching 432 units and 650 units respectively[3] - The low-altitude economy is receiving substantial policy support, making EHang an ideal target for investors in this sector[2] Group 3: Ctrip Insights - Ctrip's total revenue for Q4 2024 was 12.8 billion RMB, a 23% year-on-year increase, exceeding market expectations by 4%[4] - For the full year 2024, Ctrip's revenue is projected to grow by 20% to 53.4 billion RMB, with non-GAAP operating profit and net profit increasing by 23% and 38% respectively[4] - The stock price has dropped by 11%, reflecting market concerns over potential profit margin compression due to investments in international business expansion[4] Group 4: CSPC Pharmaceutical Insights - CSPC expects a 26% decline in net profit for 2024 to 4.35 billion RMB, primarily due to weak sales in its prescription drug segment, which is projected to decrease by 7% to 23.84 billion RMB[5] - The sales of oncology drugs are expected to drop by 28%, while cardiovascular drug sales are anticipated to decline by 15% due to pricing pressures from centralized procurement[6] - New product sales are expected to reach 2 billion RMB in 2024, with management targeting to double this figure in 2025, driven by several new drug launches[7]