申万宏源证券晨会报告-20251216

Group 1: China Civil Aviation Information Network (00696) - The company is a leading GDS provider globally and the largest in China, with a global market share of approximately 28% and a domestic market share of about 95% [10] - The company's performance is highly correlated with the growth of the civil aviation industry, with expected flight bookings reaching 732 million in 2024, surpassing the 2019 peak [10] - The launch of the "official direct sales platform" in July 2025 positions the company to enter the trillion-yuan OTA market, aiming to reduce reliance on traditional OTAs [10] - The company is projected to achieve net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan from 2025 to 2027, with a maintained "buy" rating based on recovery in the civil aviation sector [10] Group 2: Xiangsheng Medical (688358) - Xiangsheng Medical has focused on ultrasound technology since its establishment in 1996, holding over 400 intellectual property rights and offering a comprehensive range of ultrasound products [11] - The company aims to leverage its "portable + intelligent" advantage, with products like SonoFamily series that include high-end and portable ultrasound devices, enhancing its competitive edge [11] - The company is expected to achieve revenues of 517 million, 620 million, and 744 million yuan from 2025 to 2027, with net profits projected at 146 million, 182 million, and 229 million yuan, respectively, maintaining a "buy" rating [13] Group 3: CIMC Enric (03899.HK) - CIMC Enric is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing, with a projected net profit CAGR of 17% from 2020 to 2024 [13] - The company has a robust order backlog of 30.8 billion yuan, with 27.3 billion yuan in clean energy equipment orders, benefiting from the LNG market's growth [14] - The company is expected to achieve net profits of 1.13 billion, 1.47 billion, and 1.76 billion yuan from 2025 to 2027, with a "buy" rating based on a 29% upside potential from its current valuation [15] Group 4: PVA Industry (皖维高新 600063) - The company has established a comprehensive PVA industrial chain, with a focus on cost advantages and long-term growth potential, aiming to expand into high-value new materials [23] - The company is positioned to benefit from a recovery in demand for PVA products, with a projected increase in production capacity and profitability in the coming years [23] - The company is expected to achieve revenues of 8.064 billion, 8.881 billion, and 9.768 billion yuan from 2025 to 2027, with net profits projected at 473 million, 622 million, and 862 million yuan, respectively, maintaining an "overweight" rating [25] Group 5: Social Services Industry - The introduction of spring and autumn holidays has stimulated tourism demand, with significant increases in travel and spending during these periods [26] - The winter "snow holiday" policy has also contributed to the recovery of the ice and snow tourism industry, with various incentives driving participation [26] - The overall service consumption is expected to benefit from government policies aimed at boosting demand, with a focus on tourism and related sectors [27]