国泰君安晨报-20250319

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]