西部证券晨会纪要-20250925

Group 1: Mechanical Equipment Industry - The report highlights the strong demand for both aviation engines and gas turbines, driven by the recovery of the aviation market and new power demands from AIDC, leading to a supply-demand imbalance in the industry [2][8] - Major players in the aviation engine market include GE, PW, and R&R, while gas turbine leaders are Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova, indicating a competitive landscape dominated by foreign companies [2][11] - The backlog of orders for commercial aircraft remains historically high, with Boeing and Airbus having a combined backlog of 15,241 aircraft as of July 2025, which is expected to sustain high demand for the aviation engine sector [9] Group 2: Non-Banking Financial Sector - CITIC Financial Assets has shifted its focus to non-performing asset management and has disposed of most of its financial subsidiaries, allowing it to concentrate on core operations [4][13] - The company is actively investing in high-quality listed companies, holding stakes in major banks like Bank of China and CITIC Limited, which are expected to provide stable returns [4][15] - The report projects that the long-term equity investment strategy will effectively smooth out economic cycle fluctuations for CITIC Financial Assets [4][13] Group 3: Communication Industry - Runze Technology is positioned as a leading IDC provider with strong resource endowments and financing advantages through REITs, which are expected to drive high growth [5][16] - The company is set to benefit from the upward trend in IDC demand, particularly in first-tier cities and surrounding areas, as the industry shifts from cloud computing to AI-driven needs [5][16] - EBITDA projections for Runze Technology are expected to grow significantly from 3.689 billion yuan in 2025 to 6.388 billion yuan by 2027 [5][16] Group 4: Pharmaceutical and Biological Sector - Tianshili, a leading traditional Chinese medicine company, is expected to see EPS growth from 0.79 yuan in 2025 to 0.98 yuan by 2027, supported by strong R&D capabilities and a robust marketing system [6][21] - The company has accelerated its R&D pipeline under the influence of China Resources, with a focus on cardiovascular, neurological, and digestive products [6][20] - The report indicates that Tianshili's revenue for the first half of 2025 was 4.288 billion yuan, with a net profit of 775 million yuan, reflecting a stable performance despite market challenges [19][20]