从全球比较视野，看中国龙头公司重估机会。 在全球经济格局深度调整与科技竞争加剧的背景下，中国新兴产业正经历从"规模追赶"到"价值重估"的历史性 转变。本文系统性梳理了海内外先进制造、科技、大消费三大领域近百家龙头公司所处的基本面位置以及估值水平，发现在先进制造领域，中国公司已展现出 较高的产业成熟度和更强的全球竞争力，盈利能力突出且估值更具性价比；硬科技正经历从 " 跟跑 " 到 " 并跑 " 的关键阶段，应用端具备较好地估值性价比 与成长空间；商品消费已展现出较强的盈利能力，但全球化程度仍待提升，服务消费尚处发展初期，经济结构转型下成长空间广阔。 新兴科技：硬科技加速追赶，应用估值性价比显著。 当前，中国新兴科技产业（如半导体、创新药、通信设备）整体仍处于成长初期，在营收规模和盈利能 力上与国际龙头尚有差距，但资本市场已给予较高估值，体现了对技术自主与产业追赶的乐观预期，后续具备技术壁垒、国产替代空间大的方向将更受益。相 比之下，互联网等应用端龙头企业的盈利预测不弱于海外龙头，且估值水平更具吸引力。随着大模型迭代与 AI 应用落地提速，互联网平台企业作为流量入 口，有望充分受益 AI 产业趋势红利，迎来估值 ...

Group 1 - The report indicates that the recent escalation of Sino-US trade frictions and external market risk aversion are expected to create disturbances in the A-share market in the short term, but the core drivers of the current market trend remain positive, particularly in October, suggesting that short-term adjustments may present investment opportunities [2][3][11]. - The report suggests a shift in market structure towards "high-cut low" in the short term, with potential focus on sectors such as finance, utilities, steel, petrochemicals, food and beverage, and home appliances, although these sectors may experience rapid rotation and pose challenges in terms of timing [2][4][5]. Group 2 - The report emphasizes that during periods of market turbulence, strong sectors may cool down, allowing weaker sectors to potentially "catch up" or experience short-term rebounds, with a focus on finance, utilities, steel, petrochemicals, food and beverage, and home appliances [5][22]. - The long-term outlook remains optimistic for the AI industry and sectors with strong performance support, indicating that the trend of growth in the AI sector is expected to continue, with specific attention to areas such as TMT, computing power infrastructure, and military industry [23][24].

Macro Insights - The US May CPI data was weaker than expected, with core CPI month-on-month declining from 0.24% in April to 0.13%, below the Bloomberg consensus of 0.3%. Year-on-year core CPI remained flat at 2.8%, also below the expected 2.9% [2][3] - The global manufacturing PMI in May showed a decline, but tariff reductions led to improvements in manufacturing PMI in several regions, including the Eurozone and ASEAN [3] Industry Trends - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are showing signs of recovery, with AI trends driving growth in components, storage chains, and communication devices [4] - The automotive industry is experiencing a positive shift as major companies like BYD and Geely commit to shortening supplier payment terms to within 60 days, which is expected to enhance market health [5] - The electronics sector is facing an "innovator's dilemma," with Apple investing heavily in R&D but struggling to close the gap with competitors in AI technology [8] Company Analysis - XGIMI Technology (极米科技) is covered for the first time with a "Buy" rating and a target price of 150.0 CNY, supported by its leading self-research capabilities and strong R&D investment [9][12] - Mingyang Smart Energy (明阳智能) is positioned as a leader in the domestic offshore wind market, with expectations for significant growth in offshore wind shipments, driving profitability recovery [11]

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to benefit from the increasing demand and penetration rate of DDR5 memory interface chips, as well as strong growth in high-performance transport chips, leading to a positive outlook for 2025 [3][5] - The company achieved significant financial growth in 2024, with revenue reaching RMB 36.39 billion, a year-on-year increase of 59.20%, and net profit of RMB 14.12 billion, up 213.10% [8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 54.83 billion, RMB 74.22 billion, and RMB 93.07 billion respectively, with corresponding net profits of RMB 22.11 billion, RMB 27.65 billion, and RMB 34.38 billion [5][7] - The company is expected to achieve an EPS of RMB 1.93, RMB 2.42, and RMB 3.00 for the years 2025, 2026, and 2027, with PE ratios of 38.9, 31.1, and 25.0 respectively [5][7] Market Performance - The company's stock has shown strong performance, with a 12-month absolute return of 59.2% and a relative return of 52.5% compared to the Shanghai Composite Index [2][3] Product Development - The company has successfully launched new high-performance transport chips, generating approximately RMB 4.22 billion in sales, which is eight times higher than the previous year [8] - The penetration of DDR5 memory interface chips has surpassed that of DDR4, with the second generation of RCD chips seeing increased shipments [8]