| 代码 | 873264 | 筒称 | | --- | --- | --- | | 公司全称 | 广东省城乡规划设计研究院科技集团股份有限公司 | 受理日期 | | 审核状态 | 已问询 | 更新日期 | | 保荐机构 | 中信证券股份有限公司 | 保荐代表人 | | 会计师事务所 | 立信会计师事务所 (特殊普通合伙) | 签字会计师 | | 律师事务所 | 北京市康达律师事务所 | 签字律师 胡雪 | | 评估机构 | 中联国际房地产土地资产评估咨询(广东)有限公司 | 签字评估师 | 困于岭南，近九成收入来自省内 招股书显示，广规科技成立于2020年10月，公司主要产品与服务项目为全域全要素规划设计、多元化城乡区域发展智策咨询、全链化工程设计管理及时空数 智化运营服务。 作为曾经的省直事业单位，虽已完成改制，但"地盘意识"依然浓厚。2022年—2024年，公司在广东省内实现的主营业务收入占比分别高达84.73%、88.62% 及89.86%，呈现出逐年上升的态势。这种失衡的地域布局，折射出公司在跨省竞争中的软肋，"全国性业务布局"在数据面前显得极其乏力。 1月7日，广东省城乡规划设计研究院科技集团股份 ...

Investment Highlights - Company is initiating coverage on Leshushi (02698) with an "outperform" rating and a target price of HKD 40.00, corresponding to a 24x P/E for 2026 [1] - Leshushi is a leading player in the African hygiene products market, benefiting from a localized approach that capitalizes on growth opportunities in emerging markets [1] Market Potential - The hygiene product consumption space in emerging markets is vast, with Africa, Latin America, and Central Asia projected to have CAGRs of 7.9%, 3.0%, and 4.8% respectively from 2025 to 2029, the highest globally [2] - Leshushi is expected to hold market shares of 20.3% in diapers and 15.6% in sanitary napkins in Africa by 2024, with potential for further expansion [1][2] Business Model - Leshushi has established a deeply localized business model that includes strong local manufacturing capabilities, cost advantages, and a differentiated product offering tailored to local needs [2] - The company has developed a comprehensive distribution network that covers over 80% of the population in core markets, supported by a mature global management structure with 90% local employees [2] Growth Strategy - The company aims to expand its market share in Africa while leveraging its experience to enter Latin America and Central Asia, thus unlocking further growth potential [2] - In addition to its core diaper category, Leshushi is rapidly growing its sanitary napkin segment and plans to expand into other complementary product categories such as pull-ups and wet wipes [2] Financial Projections - Earnings per share (EPS) are projected to be USD 0.19 and USD 0.22 for 2025 and 2026 respectively, with a CAGR of 21.1% from 2024 to 2026 [2] - The current stock price corresponds to P/E ratios of 23x and 19x for 2025 and 2026, respectively, indicating a 24% upside potential based on the target price [2]

Core Viewpoint - CICC initiates coverage on Leshushi (02698) with an "outperform" rating and a target price of HKD 40.00, implying a 24% upside based on a 24x P/E for 2026, while the current stock price reflects 23x and 19x P/E for 2025 and 2026 respectively, indicating market undervaluation of the company's localized advantages and growth potential in emerging markets [1][2] Group 1 - Leshushi is a leading player in the African hygiene products market, benefiting from a deep localization strategy that aligns with local market needs, thus capitalizing on growth opportunities in emerging markets [2][3] - The company is projected to have a market share of 20.3% in the African diaper market and 15.6% in the sanitary napkin market by 2024, with expectations of further widening its competitive advantage [3][4] Group 2 - Leshushi's deep localization strategy encompasses four dimensions: manufacturing, branding, distribution, and management, which collectively create a strong competitive moat [4] - The company plans to expand its market share in Africa while leveraging its experience to enter Latin America and Central Asia, thus unlocking further growth potential [5] - In addition to its core diaper category, Leshushi is rapidly growing its sanitary napkin segment and aims to expand into other complementary product categories such as pull-ups and wet wipes [5]

Core Viewpoint - Gansu Guofang Industrial and Trade Group Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strategic store upgrades and brand collaborations [1][3] Financial Performance - The company achieved a revenue of 572 million yuan and a net profit of 60.91 million yuan, marking a year-on-year increase of 71.34% [1] - In Q3 alone, the revenue reached 190 million yuan, with a year-on-year growth of 9.36%, while net profit surged by 1931.9% to 38.27 million yuan [1] Strategic Initiatives - The company is implementing a multi-store linkage adjustment strategy, focusing on upgrading its main store in Lanzhou to enhance the shopping experience [1] - Key renovations include updates to various floors and the rooftop garden, aiming to create a comprehensive shopping environment that appeals to Generation Z [1] Brand Development - Guofang Department Store is expanding its dining and experiential offerings through partnerships, including a joint venture with Beijing Maliuji Hotel Management Co. to introduce the first Maliuji restaurant in Northwest China [2] - Collaborations with brands like Haidilao and Miniso are underway to enhance the retail ecosystem and improve revenue structure [2] Regional Expansion - The company plans to lease commercial real estate in Zhangye City to develop the Zhangye Guofang Plaza, with an expected area of 37,000 square meters, set to open in August 2026 [2] - This project is part of the company's strategy to expand its commercial footprint in the Hexi region of Gansu Province [2][3] Overall Business Quality - Through upgrades, regional expansion, and brand optimization, the company has steadily improved its operational quality and profitability, laying a solid foundation for future high-quality development [3]

Core Viewpoint - The company plans to establish a branch in Shanghai to enhance its competitiveness in the automotive, aerospace, robotics, and automation sectors [1] Group 1 - The establishment of the Shanghai branch aims to improve the company's overall competitiveness in key industries [1] - The management team is authorized to handle all related matters for the branch establishment, including signing and filing necessary business and legal documents [1] - The company will also manage the registration and other legal procedures required for the branch [1]

Core Insights - AIA Life's management restructuring is triggered by the resignation of Jiang Limin, who has been with the company for over 20 years, effective October 1, 2025 [1][2] - The company is expanding its regional operations, with plans to establish new branches in several provinces, including Sichuan, Hubei, Henan, Hebei, and Tianjin, and has received approval to set up branches in Anhui, Shandong, Chongqing, and Zhejiang by Q4 2024 [1][2] - The new management appointments include Liu Xingke as the General Manager of the Guangdong branch and Ye Gang as the General Manager of the Shenzhen branch, both of whom have experience in branch establishment [1][2] Company Performance - As of Q2 2025, AIA Life reported a comprehensive solvency adequacy ratio of 410.03% and a core solvency adequacy ratio of 287.82%, maintaining a AAA risk rating for two consecutive quarters [3] - In the first half of 2025, the new business value from the nine newly established branches amounted to $6.1 million, representing 8% of AIA Life's total new business value [3] Future Plans - AIA Life aims to add 1-2 provincial branches annually and targets a compound annual growth rate of 40% for new market and business value from 2025 to 2030 [2]

Group 1 - The core viewpoint of the articles indicates that Luyuan Pharmaceutical's revenue has surpassed 20 billion yuan for the first time, reaching 20.471 billion yuan in 2024, with a year-on-year growth of 3.15%, while the net profit attributable to shareholders has declined by 4.92% to 346 million yuan, marking the first negative growth in recent years [2] - From the first quarter of 2024, Luyuan Pharmaceutical's quarterly profits have consistently declined, dropping from a growth of 4.9% to a decline of 14.86% in the first quarter of 2025 [2] - The pharmaceutical wholesale business accounted for 90.8% of total revenue in 2024, but its growth rate was only 1.85%, which negatively impacted overall performance; in contrast, the pharmaceutical retail and industrial businesses maintained double-digit growth rates of 14.46% and 25.16%, respectively, but their revenue contributions were insufficient to reverse the downturn [2] Group 2 - Luyuan Pharmaceutical's business heavily relies on a pure sales model, directly supplying to public hospitals at the secondary level and above, which, while securing quality clients, has led to a continuous rise in accounts receivable [2] - As of the end of 2024, the accounts receivable value was 5.902 billion yuan, accounting for 46.7% of total assets, and by the end of the first quarter of 2025, it further increased to 6.258 billion yuan, approaching 50% [2] - The high accounts receivable directly affects cash flow, with Luyuan Pharmaceutical's net cash flow from operating activities dropping by 55.89% to 577 million yuan in 2024, and a net outflow of 81 million yuan in the first quarter of 2025, although this was a narrowing year-on-year [2] Group 3 - In recent years, Luyuan Pharmaceutical has implemented a "going out of Fujian" strategy through acquisitions, achieving over 96% coverage of secondary hospitals in Sichuan, Jiangxi, and Hainan provinces; however, the effectiveness of regional expansion has varied significantly [3] - In 2024, the revenue contribution from Fujian province was 70.47%, with a growth rate of only 2.19%, nearly stagnant; Sichuan province contributed 16.45% with a year-on-year growth of 10.24%, while Jiangxi province accounted for 9.78% with a decline of 0.81% [3] - Future growth for Luyuan Pharmaceutical will likely depend on seeking development opportunities outside of its home province [3]