链接天地，航天测控"小巨人"有望充分受益于卫星互联网建设 加速 ——星图测控深度报告 | | | | | | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn | 基本状况 | | --- | 起家于特种领域，公司背靠中科星图积极拓展民用、商用领域。公司从特种领域业务 起家，高度重视技术研发。依靠其丰富项目经验与技术储备，公司近年从特种领域积 | 总股本(百万股) | 114.13 | | --- | --- | | 流通股本(百万股) | 26.13 | | 市价(元) | 58.98 | | 市值(百万元) | 6,731.09 | | 流通市值(百万元) | 1,540.85 | 星图测控（920116.BJ） 证券研究报告/公司深度报告 2025 年 02 月 17 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed Core Insights - The company has over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [4][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, ensuring lower costs and higher efficiency [5][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and marketing effectiveness [6][41] - The ready-to-drink beverage industry is a trillion-dollar market, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [7][44] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [8][66] Summary by Sections Products and Stores - The company operates over 45,302 stores globally, with a significant focus on lower-tier markets in China, where tier-three cities and below account for over 50% of its domestic store count [4][14] - The average store size ranges from 15 to 60 square meters, with a pricing strategy that keeps core products priced between 2 to 10 yuan [20][24] Supply Chain - The supply chain is fully integrated, covering procurement, production, and logistics, with five major production bases in China and a global procurement network spanning 38 countries [5][28][34] IP and Marketing - The "Snow King" IP has been developed into a significant brand asset, with extensive marketing campaigns that leverage both online and offline channels [6][41] Industry and Market Landscape - The ready-to-drink beverage market is projected to grow significantly, with China and Southeast Asia expected to contribute nearly 40% of the global market growth from 2023 to 2028 [7][47] - The company holds a 7.4% global market share by beverage output, making it the second-largest player in the world [57][62] Financial Performance - The company achieved a revenue of 18.66 billion yuan and a net profit of 3.49 billion yuan in the first three quarters of 2024, with a gross margin of 32.4% [8][66] - The core revenue source is the supply chain business, which accounts for over 90% of total revenue [67][70]

证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅：等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋：4Q24 货币政策执行报告点 评：宽松继续，节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛：三大拐点齐现，板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖：固态电池材料专题报告：产业 方向日益清晰，技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅：等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%， ...

A 股科技行情交易情绪的多维度对比 ——行业配置双周报 证券研究报告/策略定期报告 2025 年 02 月 18 日 分析师：王永健 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 2025-02-16 产"价值重估"？》2025-02-16 置？》2025-02-10 请务必阅读正文之后的重要声明部分 报告摘要 核心结论：（1）多维度对比之下，A 股本轮科技行情的交易情绪处于高位。（2）相较 于美股科技行情的估值+盈利双轮驱动，A 股主要由估值驱动，短期需要关注赔率。 A 股 TMT 板块和双创指数的交易拥挤度偏高。（1）目前 A 股 TMT 板块交易拥挤度为 43%，突破此前 40%的历史最高值；美股目前为 38%，历史最高为 47%；港股是 39%， 历史最高是 48%。横纵向对比来看，A 股 TMT 板块交易拥挤度偏高。（2）双创指数 交易拥挤度也处于高位。当前双创拥挤度合计 37%，接近 41% 的历史最高值。纳 斯达克指数交易拥挤度当前 54%，曾 ...

【中泰研究丨晨会聚焦】银行戴志锋：4Q24 货币政策执行报告点评：宽松继续， 节奏审慎 证券研究报告 2025 年 2 月 17 日 | [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] | [b_Suy 今日预览 | | --- | --- | | 执业证书编号：S0740517030004 | | | 电话： | | | Email： | | | | 研究分享>> | | |  【银行】戴志锋：4Q24 货币政策执行报告点评：宽松继续，节奏审慎 | | |  【通信】陈宁玉：Deepseek+带来的运营商云与 AIDC 价值重估 | | |  【科技】孙行臻：国家数据集团组建在即，数据要素市场化改革步入深 | | | 水期 | 对稳汇率的表态更为强硬，关注度有提升。将 3Q24 货币政策报告中"防止形成单边一致性预期并 自我实现，坚决防范汇率超调风险"，修订为"增强外汇市场韧性，加强外汇市场管理，坚决对市 场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险"，表态更为 强硬，对稳汇率的关注度有提升。 对压降实体融资成本的目标未 ...

奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in，关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台，嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作，海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...

【中泰研究丨晨会聚焦】银行戴志锋：4Q24 货币政策执行报告点评：宽松继续， 节奏审慎 证券研究报告 2025 年 2 月 17 日 | [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] | [b_Suy 今日预览 | | --- | --- | | 执业证书编号：S0740517030004 | | | 电话： | | | Email： | | | | 研究分享>> | | |  【银行】戴志锋：4Q24 货币政策执行报告点评：宽松继续，节奏审慎 | | |  【通信】陈宁玉：Deepseek+带来的运营商云与 AIDC 价值重估 | | |  【科技】孙行臻：国家数据集团组建在即，数据要素市场化改革步入深 | | | 水期 | 欢迎关注中泰研究所订阅号 晨报内容回顾： 对稳汇率的表态更为强硬，关注度有提升。将 3Q24 货币政策报告中"防止形成单边一致性预期并 自我实现，坚决防范汇率超调风险"，修订为"增强外汇市场韧性，加强外汇市场管理，坚决对市 场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险"，表态更为 强硬，对稳汇率的 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The company has established over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [3][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, which allows the company to achieve lower procurement costs compared to competitors [4][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and enabling diverse marketing strategies [5][41] - The ready-to-drink beverage market is a trillion-dollar industry, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [6][44][46] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [7][64] Summary by Sections Products and Stores - The company operates over 45,000 stores globally, with a significant focus on lower-tier markets in China, where over 50% of its stores are located in tier-three cities and below [3][14][17] - The average price of core products ranges from 2 to 10 yuan, making them highly accessible [20] Supply Chain - The company has a comprehensive supply chain that includes five production bases in China, ensuring food safety and operational efficiency [4][35] - The procurement network spans six continents and 38 countries, allowing for competitive pricing [32][34] IP and Marketing - The "Snow King" IP is the only super IP in China's ready-to-drink beverage industry, significantly enhancing brand visibility [5][41] - The company has leveraged its extensive store network for various marketing activities, achieving over 43.5 billion views on Douyin [41] Industry and Market Landscape - The global ready-to-drink beverage market is projected to grow from $779.1 billion in 2023 to $1,103.9 billion by 2028, with China and Southeast Asia expected to contribute nearly 40% of this growth [44][46] - The company holds a 7.4% market share in terms of beverage output, making it the second-largest player globally [56] Financial Performance - The company achieved a revenue growth rate of 31%, 50%, and 21% for the years 2022, 2023, and the first three quarters of 2024, respectively [7][64] - The core revenue source is from the supply chain, which accounts for over 90% of total revenue [65]

Inflation Data - In January, the US CPI increased by 0.5% month-on-month (previous value: 0.4%) and 3.0% year-on-year (previous value: 2.9%) [3] - Energy prices rose by 1.1% month-on-month (previous value: 2.4%) and 1.0% year-on-year (previous value: -0.5%) [7] - Core CPI increased by 0.4% month-on-month (previous value: 0.2%) and 3.3% year-on-year (previous value: 3.2%) [7] Contributing Factors - Major contributors to the CPI increase include energy, housing rents, transportation services (mainly auto insurance), and used cars [3] - Used car prices rose by 2.2% month-on-month (previous value: 0.8%) [7] - Transportation services CPI increased by 1.8% month-on-month (previous value: 0.5%) [7] Market Reactions - Following the inflation data release, market expectations for the next Federal Reserve rate cut shifted from September to December [3] - The dollar index and US Treasury yields experienced a short-term increase [3] Economic Outlook - Short-term inflation drivers include a solid labor market and rising wage growth [8] - Potential drag factors include a short-term decline in oil prices and a decrease in food prices as indicated by the CRB spot index [8]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The recent notification from the National Development and Reform Commission and the National Energy Administration marks a significant step in the market-oriented development of the electricity sector, allowing all renewable energy projects to enter the electricity market [5] - The establishment of a sustainable pricing settlement mechanism for renewable energy ensures stable revenue for these projects, providing a form of "insurance" for their electricity sales [5] - The notification outlines a phased approach for integrating renewable energy projects into the market, with specific guidelines for existing and new projects [5] - The report suggests that the comprehensive entry of renewable energy into the market presents broader investment opportunities, recommending continued attention to companies such as Guoneng Rixin, Dongfang Electronics, State Grid Xintong, Langxin Group, Yuanguang Software, and Henghua Technology [5] Summary by Sections Industry Overview - The total number of listed companies in the industry is 337, with a total market value of 44,199.21 billion and a circulating market value of 38,242.67 billion [2] Key Company Data - Guoneng Rixin has a stock price of 43.81 yuan, with projected EPS of 1.03 for 2022, 0.85 for 2023, and 0.99 for 2024, and a "Buy" rating [3] - Dongfang Electronics has a stock price of 9.70 yuan, with projected EPS of 0.33 for 2022, 0.40 for 2023, and 0.49 for 2024, and a "Buy" rating [3]