光大证券研究·2025-03-22 14:46Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]