Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve revenue of 3.5 to 3.7 billion yuan in 2024, representing a year-on-year growth of 46.39% to 54.76% [1] - The company is projected to turn a profit in 2024, with a net profit forecast of 0.55 to 0.75 billion yuan, compared to a loss of approximately 0.93 billion yuan in 2023 [2] - The company has shown a significant improvement in profitability, with a gross margin of 17.48% in the first three quarters of 2024, an increase of 3.41 percentage points year-on-year [2] - The demand for advanced packaging driven by AI is expected to benefit the company significantly, as it has developed various advanced packaging technologies [3] - The semiconductor industry is experiencing a mild recovery, which is expected to enhance the company's production capacity and market share [3] Revenue and Profit Forecast - The company achieved revenue of approximately 2.39 billion yuan in 2023, with a projected revenue of 3.63 billion yuan in 2024, indicating a year-on-year growth rate of 51.7% [6] - The net profit for 2024 is expected to be 0.66 billion yuan, with further growth projected to 2.52 billion yuan in 2025 and 5.29 billion yuan in 2026 [4][6] - The earnings per share (EPS) are forecasted to be 0.16 yuan in 2024, increasing to 0.62 yuan in 2025 and 1.29 yuan in 2026 [4][6] Market Position and Strategy - The company is positioned as a primary supplier for many SoC clients in the domestic market, which is expected to enhance its market share as demand for AI-related chips increases [3] - The company is actively expanding its product lines in wafer-level packaging and automotive electronics, which is anticipated to contribute to rapid revenue growth in 2024 [3]

传媒 行业研究/行业点评 多部热门电影上映，春节档票房有望超过去年 ——传媒行业点评报告 ◼ 事件 据浙江在线报道，春节档已定档七部，其中有四部真人电影《唐探 1900》《封神第二部：战火西岐》《射雕英雄传：侠之大者》《蛟龙行 动》，两部动画电影《熊出没·重启未来》《哪吒之魔童闹海》，还有 最新定档的恐怖片《祭屋》。 核心观点 2024 年电影票房下滑。据中国消费者报报道，国家电影局发布的数 据显示，我国 2024 年电影总票房为 425.02 亿元，同比减少 22.7%； 观影总人数为 10.1亿人次，同比减少 23.1%。数据显示，2024年电影 上座率从 2023 年的 8.3%降至 5.8%，年度日均票房降至 1.16 亿元。 精品电影数量减少是电影票房下降的主要原因之一。据中国消费者 报报道，2023 年 10亿元票房以上电影有 12部，2024年只有 7部。电 影市场的走弱还与短剧、短视频兴起等市场挑战有关。 2025年春节档多部重磅 IP电影上映。据重庆商报报道，《蛟龙行动》 前作在 2018 年春节档《红海行动》上映，最终累计票房 36.52亿元。 "唐探"系列片前三部累计票房达到 87.44 ...

湖南裕能(301358) 公司研究/公司点评 磷酸铁锂龙头，产品高端盈利显著 ——湖南裕能首次覆盖报告 ◼ 核心观点 公司主营磷酸铁锂，份额位居行业第一。湖南裕能成立于 2016 年，总 部位于湖南省湘潭市，公司产品以磷酸铁锂为主，于 2023 年 2 月 9 日 A 股上市。2023 年公司收入约 413.6 亿元，同比-3.35%，归母净利润 约 15.8 亿元，同比-47.44%，磷酸铁锂销量约 50.7 万吨，同比+56.49%。 据 SMM，2023 年湖南裕能市场份额 27%，位居行业第一。 下游需求提升，公司绑定龙头受益。磷酸铁锂正极的直接客户为锂电 池企业，下游需求主要包括动力和储能两大类。据 EV Tank，预计 2030 年全球新能源汽车销量约 4700 万辆，2024-2030 复合增速 CAGR 约 17%，预计 2030 年全球储能电池出货量约 1398GWh，2023-2030 复合 增速 CAGR 约 30%。公司绑定核心客户宁德时代、比亚迪等，将受益 于行业需求提升。 公司产品谱系全，高端产品受到客户认可。公司产品谱系包括 CN-3、 CN-5B、YN-5、YN-7、YN-9， ...

Investment Rating - Tencent Holdings maintains a "Buy" rating [4] Core Views - The inclusion of Tencent in the 1260H list by the US Department of Defense has limited direct impact on the company's operations [2] - The 1260H list does not authorize any direct restrictions on the listed companies, but indirect effects in financing and supply chain areas should be monitored [2] - There is a possibility that Tencent could be added to the NS-CMIC list, which would restrict US entities from trading its securities [3] - Tencent may face supply chain challenges due to potential classification as a "military end-user" under US export control regulations [3] - Historical precedents suggest that Tencent could potentially be removed from the 1260H list through appeals, as seen with Xiaomi in 2021 [3] Financial Projections and Valuation - Revenue is projected to grow from CNY 609,015 million in 2023 to CNY 795,437 million in 2026, with a CAGR of 9.24% [6] - Net profit attributable to the parent company is expected to increase from CNY 115,216 million in 2023 to CNY 216,284 million in 2026, with a CAGR of 23.45% [6] - Earnings per share (EPS) are forecasted to rise from CNY 12.19 in 2023 to CNY 23.45 in 2026 [6] - The P/E ratio is expected to decline from 22.65x in 2023 to 16.41x in 2026, indicating improving valuation metrics [6] Financial Ratios and Performance - Gross margin is projected to improve from 48.13% in 2023 to 55.18% in 2026 [12] - Return on Equity (ROE) is expected to increase from 14.25% in 2023 to 17.78% in 2024, before slightly declining to 16.33% in 2026 [12] - The debt-to-asset ratio is forecasted to decrease from 44.61% in 2023 to 38.12% in 2026, reflecting a stronger balance sheet [12] - The current ratio is expected to improve from 1.47 in 2023 to 2.43 in 2026, indicating better liquidity [12] Market and Industry Context - Tencent's stock price closed at HKD 409.40, with a 12-month price range of HKD 257.97 to HKD 482.40 [7] - The company's market capitalization stands at HKD 3,724.8 billion [7] - Tencent's performance is compared to the Hang Seng Tech Index, with a recent underperformance of -17.00% [9]

证券研究报告 2025年1月6日 行业：家用电器 增持（维持） 景气延续，拾级而上 ——2025年家用电器行业投资策略 分析师：吴东炬 E-mail: wudongju@yongxingsec.com SAC编号： S1760524060001 主要观点 请务必阅读报告正文后各项声明 ◼ 内销层面，25年以旧换新政策有望继续实施，有望撬动更新需求持续释放，叠加地产 端有望继续回暖，预计25年内销整体实现稳健增长；去年政策有效推动结构升级均价 提升，预计今年产品升级、均价提升趋势将得到延续，高端品牌有望受益；此外，建 议关注25年国补品类扩容方向。 ◼ 出口层面，25年开年白电尤其是空调出口排产继续向好，虽然存在北美潜在关税以及 整体出口存在一定基数压力等因素，但在北美需求有望提振、新兴市场需求或持续释 放以及汇率承压等因素带动下，预计25年家电出口有望展现韧性。 ◼ 家电板块建议关注：海尔智家、美的集团、格力电器、华帝股份、老板电器、石头科 技、飞科电器。 ◼ 风险提示：国内政策不及预期、海外需求不及预期、关税汇率运费不及预期 目录/Contents 01 02 03 04 05 内外销齐发力，板块显著跑赢 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading integrated pharmaceutical group in China, with a dual-driven model of commercial and industrial operations. It has a strong presence in both pharmaceutical manufacturing and distribution, producing around 700 drug varieties and serving as the second-largest national pharmaceutical distributor [1][15]. - The company has seen steady revenue growth, with a reported revenue of 209.63 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.14%, and a net profit of 4.05 billion yuan, up 6.78% year-on-year [1][4]. Summary by Sections 1. Company Overview - The company is recognized as a national leader in pharmaceutical distribution and has a comprehensive product portfolio across various therapeutic areas, including oncology and cardiovascular diseases [1][15]. - It has a robust distribution network covering 31 provinces and regions in China, with over 70,000 medical institutions served [15][20]. 2. Commercial Operations - The commercial segment is the company's core, with significant growth in its CSO (Contract Sales Organization) business, achieving a sales amount of approximately 6.1 billion yuan, a year-on-year increase of 176.3% [2][42]. - The company is actively expanding into non-pharmaceutical sectors, including medical devices and health foods, with a reported sales growth of 11.9% in its health device business [2][43]. 3. Industrial Operations - The industrial segment has shown strong capabilities, with a focus on innovation and a pipeline of 60 new drug projects, including 46 innovative drugs [3][60]. - The company has increased its R&D investment significantly, from 1.39 billion yuan in 2018 to 2.6 billion yuan in 2023, reflecting a commitment to innovation [3][56]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 281.57 billion, 308.36 billion, and 338.59 billion yuan, with corresponding net profits of 5.04 billion, 5.59 billion, and 6.31 billion yuan, indicating a strong growth trajectory [4][13]. - The company is expected to benefit from the increasing concentration in the pharmaceutical distribution industry and the rapid growth of its innovative business segments [4][39].

◼ 核心观点 国内钙钛矿企业在钙钛矿单结和叠层电池效率上、柔性钙钛矿组件、 GW 线等方面均陆续取得突破。 根据协鑫光电，公司于 2024 年底完成近 5 亿元 C1 轮融资，融资由金 石投资领投，昆高新集团、红杉中国等机构共同参投。2025 年新年伊 始，公司刷新全球大尺寸钙钛矿组件光电转换效率记录——2048cm² 钙钛矿单结组件光电转化效率突破 22.43%。 根据脉络能源，公司 100MW 钙钛矿光伏组件生产线于 2024 年 11 月 实现首片组件下线。脉络能源 1.2x1.6m2 的钙钛矿光伏组件在标准测 试条件下输出功率超过 336W，全面积转换效率达到 17.5%。另外，公 司已经实现全球面积最大的一体化成型柔性钙钛矿光伏组件在 100 MW 级钙钛矿光伏组件生产线成功下线，组件面积为 1.2x1.6 平米， 质量约为 2.04 千克。 根据捷泰科技，2024 年 12 月，公司自主研发的 TOPCon/钙钛矿叠层 电池转换效率成功突破 31.0%。 电力设备 行业研究/行业点评 钙钛矿产业化进展加速 根据纤纳光电，2024 年 11 月 29 日，钙钛矿α叠层组件成功出货三峡 能源 50MW ...

纺织服饰 行业研究/行业专题 制造红利持续，新兴品牌消费涌现 ——2025 年纺织服饰行业年度策略 ◼ 核心观点 24 年基本面回顾：行业内需保持韧性，外需稳健增长。2024 年随着扩内 需促消费政策落地显效，消费市场总体保持稳定增长态势，1-11 月限额以 上服装/鞋帽/针纺织品类零售额达 13073 亿元，同比+0.4%。其中，受大 促催化 5 月和 10 月服装品类提速明显，分别同比+4.4%和+8.0%，Q3 表 现较为平淡，11 月同比数据回落主要是受"双十一"促销前移、上年同期 基数较高等短期因素影响，合并 10 月与 11 月数据来看，服装销售呈增长 态势，同比平均+4.33%。我们认为，促销费政策及大促活动对消费数据有 正向反馈和提振作用，后续随着提振消费行动不断落地，稳就业与促增收 同步开展，居民消费意愿和消费能力有望得到提升。外需来看，2024 年 以来我国服装出口保持韧性，总体运行平稳，一季度出口开局稳中有升， 二、三季度持续下降，四季度由降转增，1-11 月纺织服装累计出口 2730.6 亿美元，同比+2.0%。同期越南纺织品出口 336.5 亿美元，同比+10.6%， 规模远小于中国 ...

证券研究报告 2025年1月14日 行业：计算机 增持（维持） 科技自强，拥抱主线 ——计算机行业2025年度策略报告 分析师：李行杰 SAC编号：S1760524010003 邮箱：lixingjie@yongxingsec.com 分析师：夏明达 SAC编号：S1760523080004 邮箱：xiamingda@yongxingsec.com 主要观点 ◼ 2024年全年板块表现处于全行业中位，配置比例仍有上行空间 ◼ 2024全年，A股申万计算机指数上涨4.42%，在申万31个一级子行业中，计算机板块年涨跌幅排名 为第15位。 24Q3计算机板块基金配置比例边际下滑，达2.37%，环比下降0.12pct。 ◼ AI板块："软硬结合，硬件先行" ◼ AI算力受益于推理算力需求增长以及自主可控要求有望先行，看好AI芯片作为重要算力底座的投资 机会；AI应用进入发力阶段，看好其中商业化落地相对较快的细分赛道；AI端侧设备趋于轻量化， 云侧算力重要性或提升，建议关注算力建设相关公司投资机会。 ◼ 信创板块：政策加码，细分信创有望提速 ◼ 信创政策加码，细分信创有望提速，建议关注受益于增量资金落地推进招投标进度 ...

◼ 核心观点 消费拾级而上，关注零售边际反转 ——2025 年商贸零售行业投资策略 2024 年回顾： 基本面回顾： 2024 年社零呈 V 字走势。据国家统计局数据，1-11 月，社零总额 44.27 万亿，同比+3.5%。按季度拆分，24Q1/Q2/Q3 社零总额分别为 12.03/11.56/11.76 万亿，分别同比+4.7%/2.6%/2.7%。1-11 月限额以上 零售业单位中便利店/专业店/超市零售额同比分别+4.4%/4.0%/2.6%， 百货店/品牌专卖店零售额同比分别-2.9%/-0.7%。 行情回顾： 商贸零售 行业研究/行业深度 增持(维持) 2024 年中信商贸零售板块上涨 20.46%，跑赢沪深 300 指数 5.77 个百 分点。24 年商贸零售板块在 30 个中信一级行业中排名第 5 位。24 年 涨幅较大的子板块分别为超市及便利店/家电 3C/百货，涨幅分别为 74.20%/64.75%/60.49%。 2025 年展望： 自上而下共识： 中央经济工作会议明确大力提振消费。12 月 9 日，政治局会议首次强 调"全方位扩大国内需求"，意味着扩内需及促消费是 25 年经济工作 ...