Investment Rating - The investment rating for Yili Co., Ltd. is "Accumulate" with a target price of 35.00 RMB, up from the previous forecast of 33.53 RMB [2][13]. Core Views - The dairy industry is expected to reach a turning point in 2025, benefiting leading companies like Yili to increase market share. The company is projected to experience healthy growth in liquid milk, with other business segments contributing to revenue growth. Profit elasticity is anticipated to be released following a reduction in impairments, and policy-driven improvements in liquid milk market conditions are expected to act as a catalyst [3][13]. Financial Summary - **Revenue Forecast**: - 2022A: 123,171 million RMB - 2023A: 126,179 million RMB - 2024E: 120,414 million RMB - 2025E: 124,520 million RMB - 2026E: 132,564 million RMB - Revenue growth rates: 11.4% (2022A), 2.4% (2023A), -4.6% (2024E), 3.4% (2025E), 6.5% (2026E) [4]. - **Net Profit (Attributable to Parent)**: - 2022A: 9,431 million RMB - 2023A: 10,429 million RMB - 2024E: 11,826 million RMB - 2025E: 11,099 million RMB - 2026E: 12,499 million RMB - Net profit growth rates: 8.3% (2022A), 10.6% (2023A), 13.4% (2024E), -6.1% (2025E), 12.6% (2026E) [4]. - **Earnings Per Share (EPS)**: - 2022A: 1.48 RMB - 2023A: 1.64 RMB - 2024E: 1.86 RMB - 2025E: 1.74 RMB - 2026E: 1.96 RMB [4]. - **Return on Equity (ROE)**: - 2022A: 18.8% - 2023A: 19.5% - 2024E: 21.0% - 2025E: 19.0% - 2026E: 20.6% [4]. Market Data - **Current Price**: 29.75 RMB - **Market Capitalization**: 189,386 million RMB - **52-week Price Range**: 21.37 - 30.23 RMB [5]. Industry Outlook - The dairy industry is expected to face challenges in 2024 due to oversupply, weak demand, and high inventory levels, leading to a decline in fresh milk prices. However, the report suggests that the worst phase for the industry has passed, with expectations for stabilization in milk prices by Q3 2025, which could improve the competitive landscape [13]. - Yili is expected to achieve healthy growth in liquid milk and other segments, with infant formula benefiting from a slight rebound in birth rates and adult formula focusing on functional product development [13]. - The report emphasizes that cost reductions and lower impairment losses are expected to enhance profit elasticity, with a maintained target net profit margin of 9% for 2025 [13].

Investment Rating - The investment rating for Wuliangye (000858.SZ) is "Accumulate" with a target price of 171.54 CNY, maintaining the previous rating of "Accumulate" [2][14]. Core Views - The report highlights that Wuliangye has been implementing a series of marketing reforms since the 1218 conference, leading to improved management efficiency and execution. The company aims for steady growth through these changes [3][14]. - The marketing transformation is expected to yield results gradually, supporting stable growth. The company has focused on enhancing manufacturer relationships and addressing volume and price issues [14]. Financial Summary - Revenue projections show a steady increase from 73,969 million CNY in 2022 to 99,462 million CNY by 2026, with a compound annual growth rate (CAGR) of 11.7% for 2022-2023 and 5.6% for 2025-2026 [5][15]. - Net profit attributable to shareholders is expected to rise from 26,690 million CNY in 2022 to 33,599 million CNY in 2026, reflecting a CAGR of 14.2% for 2022-2023 and 3.9% for 2025-2026 [5][15]. - Earnings per share (EPS) is projected to increase from 6.88 CNY in 2022 to 8.66 CNY in 2026 [5][15]. Market Data - The current price of Wuliangye shares is 132.69 CNY, with a 52-week price range of 107.69 CNY to 164.05 CNY [6][14]. - The total market capitalization is approximately 515,051 million CNY [6]. Balance Sheet Summary - Shareholder equity stands at 136,362 million CNY, with a net asset value per share of 35.13 CNY [7][15]. - The company has a negative net debt ratio of -89.68%, indicating a strong financial position [7][15]. Investment Strategy - The report emphasizes the importance of price stability through inventory control measures, which have led to a rise in wholesale prices. The company has implemented strategies to enhance channel confidence and manage supply effectively [14]. - The establishment of specialized companies by distributors is expected to strengthen direct sales channels and improve resource allocation, thereby enhancing overall operational efficiency [14].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5][29]. Core Views - The company is deeply engaged in the cardiovascular field, with a stable cash flow from its generic drug business and multiple core innovative drugs recently approved, leading to an expected increase in the proportion of innovative revenue [3][29]. - The company is projected to achieve revenues of 40.1 billion, 44.2 billion, and 54.3 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of +19%, +10%, and +23% [14][21]. - The net profit attributable to the parent company is expected to be 6.4 billion, 6.9 billion, and 8.31 billion yuan for the same years, with year-on-year growth rates of +10%, +8%, and +20% [14][21]. Summary by Sections 1. Profit Forecast and Investment Recommendations - The company focuses on drug development in the chronic disease field, particularly cardiovascular diseases, with core products like Xinlitai, S086, and Ennadustat expected to contribute significantly to cash flow [21][29]. - The innovative drug revenue share is anticipated to increase as the company accelerates its transformation [21][29]. 2. Focus on Chronic Disease Field - The company has a comprehensive layout in the cardiovascular field, with a gradual clearing of the impact from centralized procurement, leading to stable cash flow from generic drugs [29][36]. - The innovative product pipeline is progressing steadily, with several new products expected to be launched soon [29][36]. 3. Commercial Potential of S086 and JK07 - The company maintains good growth with its core product Xinlitai, while S086 is expected to be a significant innovative product in the ARNI category, with a market potential exceeding 35 billion yuan [29][36]. - JK07, as a long-acting heart failure treatment, shows promising clinical data and is expected to read out complete Phase II data by Q4 2026 [29][36]. 4. Financial Summary - The company’s total revenue for 2022 was 3.48 billion yuan, with a net profit of 637 million yuan, and is projected to grow significantly in the coming years [14][21]. - The company has a total market capitalization of 33.266 billion yuan and a current price of 29.84 yuan, with a target price set at 35.33 yuan [5][6]. 5. Valuation Methods - The report employs both absolute and relative valuation methods, concluding a reasonable valuation of 35.33 yuan per share based on discounted cash flow (DCF) and comparable company analysis [23][27][29].

X 线核心部件龙头，创新打破国外垄断 奕瑞科技(688301) ——奕瑞科技首次覆盖报告 | all to 1 / / 00000 | | --- | [Table_Industry] 医药/必需消费 | | ——奕瑞科技首次覆盖报告 | [Table_Invest] | 首次覆盖 | | --- | --- | --- | --- | | [table_Authors] 丁丹(分析师) | 谈嘉程(分析师) | 评级 | 增持 | | 0755-23976735 | 021-38038429 | 目标价格 | 143.10 | | dingdan@gtjas.com | tanjiacheng@gtjas.com | | | | 登记编号 S0880514030001 | S0880523070004 | Table_CurPrice] [当前价格： | 114.66 | 本报告导读： 公司是 X 线影像设备核心部件国产龙头，探测器业务在下游需求复苏后有望重返快 速增长轨道，其他核心部件及解决方案有望贡献新增量。首次覆盖，给予增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.96, maintaining the previous rating of "Accumulate" [1][14]. Core Views - The company's main business is expected to stabilize and recover due to the rise in demand driven by policies such as "old-for-new" and the growth of smart home products, positioning the company as a regional leader [2][14]. - The company is committed to maintaining a high dividend policy, with a projected total dividend of 8.08 billion for the year, resulting in a dividend payout ratio exceeding 100% [14]. Financial Summary - Revenue for 2023 is reported at 1,524 million, with a forecasted decline to 1,430 million in 2024, followed by a recovery to 1,554 million in 2025, and further growth to 1,690 million in 2026 and 1,836 million in 2027 [4]. - Net profit attributable to the parent company is expected to decrease from 806 million in 2023 to 690 million in 2024, with a gradual recovery to 753 million in 2025, 833 million in 2026, and 907 million in 2027 [4]. - Earnings per share (EPS) is projected to decline from 1.08 in 2023 to 0.92 in 2024, with a recovery to 1.01 in 2025, 1.11 in 2026, and 1.21 in 2027 [4]. Market Data - The company's market capitalization is approximately 9,685 million, with a current price of 12.94 and a 52-week price range of 10.61 to 14.94 [5]. - The company has a total share capital of 748 million shares, with 298 million shares in circulation [5]. Balance Sheet Summary - Shareholder equity stands at 5,812 million, with a book value per share of 7.77 and a price-to-book ratio of 1.7 [6]. - The company has a net debt ratio of -20.30%, indicating a strong balance sheet position [6]. Strategic Initiatives - The company is focusing on three strategic areas: large market strategy, deep operational strategy, and exploring the feasibility of coexistence among leasing, joint ventures, and self-operated models [14]. - The company is actively promoting the Tianfu project, with ongoing efforts in leasing and operations expected to contribute to new revenue streams [14].

Group 1: Real Estate Industry - The report rates the real estate industry as entering a risk-free phase, emphasizing the importance of structural opportunities over total volume [1][4] - The first two months of 2025 showed a narrowing decline in sales amount and area, with year-on-year growth rates of -2.6% and -5.1% respectively, indicating a trend that exceeds market expectations [3][4] - The report suggests that the recovery of the demand side is crucial for the industry's strength, relying on the recovery of the industrial cycle to drive the real estate cycle [4] Group 2: Pharmaceutical Industry - Sanofi - The report maintains a "Buy" rating for Sanofi, predicting revenues of 8.919 billion, 9.854 billion, and 11.040 billion yuan for 2024-2026 [7][8] - The core product, Teibao, holds a 66% market share and has shown double-digit growth over the past two years, with expectations for continued rapid growth [7][9] - The clinical data for the dual antibody 707 shows promising results, with an overall response rate of 70% for NSCLC, indicating significant potential for future growth [9] Group 3: Environmental Industry - Zhongke Environmental Protection - Zhongke Environmental Protection is rated as "Buy," with a target price of 7.12 yuan, and projected EPS of 0.22, 0.27, and 0.33 yuan for 2024-2026 [10][12] - The company is recognized for its strong technological research and development capabilities, with a focus on expanding heating supply and continuous acquisitions [10][12] - The report highlights the industry's maturity, with a focus on operational efficiency and the potential for overseas expansion as a new trend [11][12] Group 4: Electronics Industry - Xingsen Technology - Xingsen Technology is rated as "Buy," with a target price of 20.59 yuan, and projected revenues of 6.041 billion, 7.130 billion, and 8.561 billion yuan for 2024-2026 [13][14] - The demand for ABF substrates is expected to surge due to the explosion of AI computing infrastructure, with domestic substitution needs increasing significantly [14] - The company has made significant progress in the production of ABF substrates, with a focus on meeting the high-end chip packaging needs of domestic clients [14]

Investment Rating - The report maintains a "Buy" rating for China Xuyang Group, considering the potential recovery in the coking coal business and the strategic acquisition of Yihuatong [10]. Core Viewpoints - The company plans to acquire a controlling stake in Yihuatong, aiming to enhance its hydrogen energy industry ecosystem. This acquisition is expected to lower the overall cost of fuel cell vehicles and accelerate the commercialization of hydrogen energy [10]. - China Xuyang Group is the largest supplier of high-purity hydrogen in the Beijing-Tianjin-Hebei region, with a production capacity of 34 tons per day and several hydrogen refueling stations, positioning itself for future profit growth in the hydrogen sector [10]. - The coking business, which has faced challenges since 2022, is anticipated to reach a bottom in profitability in the first half of 2024, with potential improvements in the second half due to falling coking coal prices and supportive fiscal policies [10]. Financial Summary - Revenue is projected to grow from 46,066 million RMB in 2023 to 53,353 million RMB by 2026, reflecting a compound annual growth rate [8]. - Net profit is expected to decline significantly in 2024 to 429 million RMB, before recovering to 1,113 million RMB by 2026 [8]. - The price-to-earnings (PE) ratio is forecasted to improve from 23.6 in 2024 to 9.1 by 2026, indicating a potential increase in market valuation [8].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 118.40 CNY, up from the previous forecast of 94.70 CNY [1][4]. Core Views - The company's ball screw products have begun sample testing and small batch supply, which is expected to become a new growth driver for the company's performance [2]. - The engineering machinery industry is still in a bottoming phase, but with the advancement of internationalization and diversification strategies, the company's performance is expected to maintain steady growth [12]. - The company maintains its EPS forecasts for 2024-2026 at 2.05 CNY, 2.37 CNY, and 2.67 CNY respectively, and expects rapid volume growth in the ball screw business, which will accelerate domestic substitution [12]. Financial Summary - Revenue is projected to grow from 8,197 million CNY in 2022 to 13,217 million CNY in 2026, reflecting a CAGR of approximately 15.6% [3][14]. - Net profit attributable to the parent company is expected to increase from 2,343 million CNY in 2022 to 3,576 million CNY in 2026, with a CAGR of about 12.6% [3][14]. - The company's net asset return rate is forecasted to remain stable around 16.8% to 18.5% over the next five years [3][14]. Market Data - The company's current market price is 95.00 CNY, with a 52-week price range of 42.14 CNY to 95.00 CNY [5]. - The total market capitalization is approximately 127,378 million CNY, with a total share capital of 1,341 million shares [5]. Industry Context - The company is positioned as a leading supplier of linear motion core components, particularly in the ball screw segment, which is gaining traction among top domestic robot manufacturers [12]. - The company has a strong foundation in precision manufacturing capabilities, which is critical for producing high-quality ball screws [12].

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].

股票研究 /[Table_Date] 2025.03.09 航空工业集团旗下电缆龙头 宝胜股份(600973) 公司首次覆盖 | [table_Authors] 徐强(分析师) | 于歆(分析师) | 评级 | 增持 | | --- | --- | --- | --- | | 010-83939805 | 021-38038345 | 目标价格 | 6.82 | | xuqiang@gtjas.com | yuxin024466@gtjas.com | | | | 登记编号 S0880517040002 | S0880523050005 | [当前价格： Table_CurPrice] | 5.08 | 本报告导读： 航空工业集团旗下电缆龙头，借助集团优质研发资源持续攻克高端产品技术壁垒。 整合业务聚焦主业，储备高端产品产能，盈利修复可期。 投资要点： 公 司 首 次 覆 证 券 研 究 报 告 | [Table_Trend] 升幅(%) | 1M | 3M | 12M | | --- | --- | --- | --- | | 绝对升幅 | 9% | 15% | 25% | | 相对指数 | 5% | 15 ...