[Table_Introduction] 研究团队简介 曹馨茗，本科毕业于中央财经大学，硕士毕业于圣路易斯华盛顿大学。曾就职于保险资 管、国盛证券研究所，有 3 年左右行业研究经验，跟随团队在新财富、金麒麟、水晶球 等评选中获得佳绩。2024 年加入信达证券研究开发中心。 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时追 究其法律责任的权利。 姜文镪，新消费研究中心总经理，上海交通大学硕士，第一作者发表多篇 SCI+EI 论文， 曾就职于浙商证券、国盛证券，任职团队曾多次上榜新财富最佳分析师，带领团队获 2023 年水晶球评选第四名、2024 年金麒麟最佳分析师第四名。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 免责声明 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或需 求。客户应考虑本报告中的任何意见或建议是否符合其特定状 ...

Investment Rating - The report assigns an investment rating to Conant Optical (2276 HK) [5] Core Viewpoints - Conant Optical has entered into a placement agreement with a strategic shareholder, Goertek, to accelerate breakthroughs in smart glasses [5] - The company plans to use the proceeds from the placement for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR head-mounted devices [5] - Conant Optical has acquired a second piece of land in Thailand for building production lines for XR product lenses [5] - The company has made progress in R&D projects with leading global tech and consumer electronics companies, receiving payments for R&D fees and small trial orders [5] - Conant Optical is focusing on international head clients for smart glasses, with a significant emphasis on the domestic market through collaborations with major smartphone manufacturers [5] - The company's high-end product proportion is increasing, with its own brand growing rapidly and production capacity in Thailand steadily expanding [5] - Conant Optical's standardized lenses have a gross margin of over 30%, while customized lenses have a gross margin of about 60%, with overall gross margin expected to continue optimizing [5] - The company's lens products are exported globally, with nearly 70% of revenue coming from overseas markets [5] - Conant Optical's own brand revenue is expected to account for over 50% of total revenue, with rapid expansion anticipated in the domestic market [5] Financial Projections - The report forecasts Conant Optical's net profit attributable to the parent company to be 430 million, 540 million, and 660 million yuan for 2024, 2025, and 2026, respectively [5] - The corresponding P/E ratios are projected to be 19 1X, 15 2X, and 12 5X for the same periods [5] - Revenue growth is expected to be 18% YoY for 2024, 2025, and 2026 [6] - Net profit growth is projected at 31%, 25%, and 22% YoY for 2024, 2025, and 2026, respectively [6] - EPS is forecasted to be 0 77, 1 01, 1 26, and 1 54 yuan for 2023, 2024, 2025, and 2026, respectively [6] - The P/E ratios are expected to be 8 44, 19 05, 15 19, and 12 47 for 2023, 2024, 2025, and 2026, respectively [6] - The P/B ratios are projected to be 1 99, 4 85, 3 68, and 2 84 for the same periods [6] Financial Ratios - The gross margin is expected to increase from 37 40% in 2023 to 40 72% in 2026 [15] - The net profit margin is forecasted to rise from 18 58% in 2023 to 22 58% in 2026 [15] - ROE is projected to be 23 44%, 25 44%, 24 20%, and 22 77% for 2023, 2024, 2025, and 2026, respectively [15] - ROIC is expected to be 20 96%, 22 87%, 22 30%, and 21 37% for the same periods [15] - The asset-liability ratio is forecasted to decrease from 29 70% in 2023 to 21 55% in 2026 [15] - The net debt ratio is projected to improve from -8 98% in 2023 to -30 42% in 2026 [15] - The current ratio is expected to increase from 3 28 in 2023 to 4 57 in 2026 [15] - The quick ratio is forecasted to rise from 2 15 in 2023 to 3 38 in 2026 [15]

证券研究报告：电子 | 公司点评报告 2024 年 12 月 24 日 公司基本情况 总股本/流通股本（亿股）22.53 / 22.53 总市值/流通市值（亿元）822.98 / 822.98 52 周内最高/最低价 43.45 / 23.20 市盈率 27.40 最新收盘价（元） 39.50 资产负债率(%) 65.48% 第一大股东Golden Link Worldwide Limited l 投资要点 海外大客户产品品类扩充叠加市场份额持续提升，消费电子业务 收入实现大幅增长。在 AI 技术快速发展及换机周期的驱动下，消费 电子市场需求出现回暖势态，据 IDC 统计，2024 年第 3 季度全球智 能手机市场出货量达到 3.161 亿部，同比增长 4.0%，连续 5 个季度 增长；平板电脑出货量达到 3960 万台，同比增长 20.4%。进入 2024 年以来，头部厂商尤其重视产品创新，试图通过更多、更有竞争力的 产品来吸引消费者。公司受益于国内和海外客户需求改善，安卓零部 件和整机组装业务均实现大幅增长；在海外大客户业务方面，业务份 额进一步提升，带动出货量和收入实现同比增长。2024 年上半年，公 ...

海 外 研 究 公 司 跟 踪 报 告 ＃相关报告 relatedReport＃ FY24 年报点评_符合预期，利润 率修复可观_20240527 FY24Q3 点评_库存健康，高质 量复苏_20231217 FY24H1 点评_轻装上阵，新品 驱动高质量复苏_20231020 FY24Q1 点评_国际品牌声量渐 增，新品驱动复苏_20230626 FY23 年报点评_国际品牌声量 渐增，24 财年靓丽增长可期 _20230525 FY23Q3 点评_对明年由谨慎转 乐观_20221222 FY23H1 点评_业绩稳健，派息 增加_20221027 FY2022 年报点评_零售复苏+估 值具备吸引力_20220531 FY2021 年报点评_数字化转型 成果显著_20210525 深度报告_运动零售龙头，与顶 级品牌共成长_20201201 海外纺服研究 分析师：韩亦佳 SFC：BOT963 SAC：S0190517080003 hanyij@xyzq.com.cn | --- | --- | |----------------------------|---------------------------- ...

F原证券 微盟集团（02013.HK） 2024 年 12 月 24 日 | --- | --- | |---------------------------|---------------------------| | | | | 吴柳燕（分析师） | 荀月（分析师） | | wuliuyan@kysec.cn | xunyue@kysec.cn | | 证书编号： S0790521110001 | 证书编号： S0790524110001 | 公 司 研 究 ——港股公司信息更新报告 微信交易电商逐步完善，头部服务商有望率先受益，上调至"买入"评级 微信小店推出"送礼物"功能，有望提升供给端品牌及商品丰富度 微盟率先将小程序接入微信小店，关注后续商家入驻及 GMV 拉动情况 | --- | --- | --- | --- | --- | --- | |-------------------------|---------|--------|------------------------|---------|-------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2 ...

4.2、 5.1、盈利预测 . 胜:财务预测摘要 2 / 33 奖 开源证券 公司首次覆盖报告 | --- | --- | |--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 图 19: | PSS 客户覆盖海外主流汽车品牌 | | 图 20: | 2023-2028 年麦克风市场规模预计年复合增速为 7.5%……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 15 | | 图 21: | 2023-2029 年 MEMS 市场规模预计年复合增速为 5% | | 图 22: | 提像头模组构成 | | 图 23: | 瑞声科技摄像头模组产品 | | 图 2 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700 HK) [3] Core Viewpoints - Tencent's AI strategy focuses on "industrial practicality" with a dual emphasis on large models and applications The company has been investing in AI since 2012 and has developed a comprehensive AI ecosystem including the Hunyuan large model and various AI tools and applications [3] - Tencent's AI layout covers both B2B and B2C sectors with applications integrated into existing products and new AI-native applications The company's AI capabilities are ranked first in 8 out of 11 core tasks in the SuperCLUE Chinese Large Model Benchmark [21] - The report predicts Tencent's adjusted net profit for 2024-2026 to be 2174 2406 and 2653 billion yuan respectively with corresponding PE (Non-IFRS) ratios of 17 15 and 14 times [21] Development History - Tencent began its AI journey in 2012 with the establishment of the YouTu Lab focusing on computer vision technologies [13] - In 2016 Tencent established the AI Lab which focused on computer vision speech recognition natural language processing and machine learning [14] - In 2018 Tencent upgraded its AI strategy to focus on general AI research and established the Robotics X lab [15] - In 2022 Tencent publicly disclosed the development of its Hunyuan large model which covers NLP CV and multimodal capabilities [17] - By 2024 Tencent's Hunyuan large model had been tested in over 600 internal business scenarios and launched AI-native applications like Tencent Yuanqi and Tencent Yuanbao [18] AI Layout and Applications - Tencent's AI ecosystem includes both B2B and B2C applications with B2B focusing on large models cloud services and PaaS while B2C includes AI-enhanced existing applications and AI-native applications [20] - The Hunyuan large model developed by Tencent has trillion-scale parameters and excels in multimodal capabilities including text-to-image and video generation [25] - Tencent has integrated AI into various internal applications such as Tencent Meeting WeChat and QQ with nearly 700 business scenarios already using the Hunyuan model [26] - Tencent's AI applications in advertising have significantly improved ad targeting and efficiency with the new ad system 3 0 covering 95% of Tencent's ad placements and improving stability by 26% [53] - In gaming Tencent's AI engine GiiNEX has reduced the time required for city modeling from 5 days to 25 minutes [55] Financial Projections - The report forecasts Tencent's operating income for 2024-2026 to be 658160 716550 and 782730 million yuan respectively with year-on-year growth rates of 8 07% 8 87% and 9 24% [24] - Tencent's adjusted net profit for 2024-2026 is expected to be 217396 240603 and 265288 million yuan with year-on-year growth rates of 38% 11% and 10% respectively [24] - The PE (Non-IFRS) ratios for 2024-2026 are projected to be 17 15 and 14 times [21]

Investment Rating - Maintain "Buy" rating with a target price of HKD 1.32 [7][8] Core Views - The company is undergoing a brand repositioning, focusing on cost-effective hot pot and expanding its membership and single-dining delivery scenarios [1] - The company aims to achieve full-store profitability for the Xiabuxiabu brand in 2H24 by closing outdated large stores in old business districts [1] - The company is expected to return to stable development if the operating environment stabilizes in 2025 [3] - The company is actively deepening operational and organizational management reforms, optimizing the operating model, reducing dish prices, and expanding delivery services [3] - The company is expected to achieve a turnaround in 2026 with a net profit of RMB 2.49 million [14][28] Financial Performance - 1H24 revenue was RMB 2.403 billion, a year-on-year decrease of 15.92%, with a net loss attributable to the parent company of RMB 273 million [3] - 1H24 Xiabuxiabu restaurant revenue was RMB 1.255 billion, a year-on-year decrease of 12%, with same-store sales down 19% and a turnover rate of 2.3 times per day [1] - 1H24 Coucou restaurant revenue was RMB 943 million, a year-on-year decrease of 29%, with same-store sales down 43% and a turnover rate of 1.6 times per day [6] - The company's gross profit margin in 1H24 was 65%, an increase of 2.9 percentage points year-on-year [6] Store Operations - Xiabuxiabu opened 41 new stores and closed 48 stores in 1H24, resulting in a net decrease of 7 stores, with a total of 826 stores globally [1] - Coucou opened 11 new stores and closed 12 stores in 1H24, resulting in a net decrease of 12 stores, with a total of 245 stores globally [6] - The company expects to open 60/50/30 new Xiabuxiabu stores and 11/5/5 new Coucou stores in 2024-2026, with net store changes of -50/-5/+6 for Xiabuxiabu and -37/-35/0 for Coucou [11] Revenue and Profit Forecast - The company is expected to achieve revenue of RMB 4.913 billion, RMB 4.630 billion, and RMB 4.719 billion in 2024-2026, with year-on-year changes of -17%, -6%, and +2% respectively [28] - The company is expected to achieve net profits attributable to the parent company of -RMB 451 million, -RMB 229 million, and RMB 2.49 million in 2024-2026 [14][28] - The company's gross profit margin is expected to be 64.1%, 64.6%, and 65.6% in 2024-2026, with Xiabuxiabu's gross profit margin at 64.5%, 65.5%, and 65.5%, and Coucou's at 65%, 65%, and 67% [19] Cost and Expense Management - The company's labor cost ratio is expected to be 37.48%, 37.26%, and 35.82% in 2024-2026, with rental costs at 5.89%, 5.75%, and 5.55% [31] - The company's depreciation and amortization ratio is expected to be 17.83%, 17.52%, and 16.24% in 2024-2026 [31] - The company's EBITDA is expected to be RMB 321 million, RMB 827 million, and RMB 1.257 billion in 2024-2026 [32] Valuation - The company's target price is adjusted to HKD 1.32 based on a 5X 2025 EV/EBITDA, reflecting a discount due to the company's ongoing losses and uncertain reform outcomes [14][32]

证券研究报告 目标价 (港币) 15.97 收盘价 (港币 截至 12 月 23 日) 11.82 市值 (港币百万) 28,347 6 个月平均日成交额 (港币百万) 129.29 52 周价格范围 (港币) 11.06-16.78 BVPS (人民币) 2.74 华润饮料 (2460 HK) 提效并多元，启航新征程 首次覆盖华润饮料并给予买入评级，目标价 15.97 港元（基于 25 年 18xPE）。 华润饮料为国内瓶装水行业领军企业，在多品类开拓+全渠道布局+全国化 扩张等多维度构建包装水业务的竞争优势，无惧短期行业竞争波动。时下公 司正面临瓶装水业务代工转自产、非水饮料第二曲线布局的关键时刻，我们 看好公司全国化进程推进、包装水业务基本盘稳固，非水饮料业务有望起势、 贡献收入增量，同时在自产比例提升/供应链优化/非水饮料规模扩张/费用率 收缩的带动下、盈利能力亦有望提振。 瓶装水行业需求韧性，华润饮料具备多维竞争优势 据欧睿，23 年瓶装水行业规模 2266 亿元，纯净水占据半壁江山，公司在纯 净水赛道中龙头地位稳固。1）产品端，公司自 09 年起前瞻布局中大规格 水、当前 SKU 数量领先竞对，有 ...

2024 年 12 月 24 日 ASC47 与司美格鲁肽联合用药在肥胖小鼠模型中显示优越减重效果 要点 ASC47 联用司美格鲁肽展现出优越的临床前数据。在该临床前实验中，低剂量 ASC47（3 mg/kg 或 9 mg/kg，皮下注射，每四周一次）联合司美格鲁肽（30 nmol/kg，皮下注射，每日一次）的疗效优于司美格鲁肽单药。联合用药组 1 （3mg/kg 组）使体重下降 36.2%，比司美格鲁肽单药多减重 56.7%；联合用药 组 2（9mg/kg 组）使体重下降 35.9%。治疗结束时，两个给药组的肌肉总量/ 总体重均为 68.8%，与健康非肥胖小鼠（66.0%）相似，优于司美格鲁肽单药给 药组（57.2%）。 ASC47 在澳洲积极推进临床试验。公司目前正在澳大利亚积极推进 ASC47 的临 床试验。在低密度脂蛋白胆固醇（LDL-C）偏高受试者中开展的 I 期单剂量递增 （SAD）研究中，ASC47 剂量已递增至 90 mg，显示 ASC47 皮下注射具有良好 的耐受性，且半衰期达 21 天。此外在肥胖患者中也正在展开临床 2 期试验，IIa 期数据预计在 2025 年第二季度公布。 盈利预测、 ...