晨报

S0880511010007 (8621)38676666 Morning BriefContents TopRecommendations ●ConvertibleBondMarket:UpdateReport●OilSector:UpdateReport LatestReports ●Digiwin(300378):OW,TP@RMB68.56●Gemdale(600383):OW,TP@RMB5.49●Pansoft(300996):OW,TP@RMB21.68●TopchoiceMedical(600763):OW,TP@RMB48.48 TopRecommendations ConvertibleBondMarket:UpdateReport Thistime,convertiblebondswentdownandleveledoffearlierthanunderlyingstocks.OnAugust27,convertiblebondmarketstartedtoheaddownward,withbiggerdevaluationthanunderlyingstocks.Althoughtheirpricesandvaluationsarestillathistoricalhigh,thetemporarysetbacksofthemarkethaveprovidedgoodchancestobuildpositionsofthequalityindividualbonds,undertheconsensusmarketexpectationfor a“slow bull”.The medium‐term decrease of outstanding bondamountandtheincreaseofassetallocationneedshavemadeitlesspossibleforthemarketsetbackstogotoofar. Weprefertwotypesofconvertiblebonds.Firstarethebondswhoseunderlyingstockshavegoodfundamentalsandrelativelylowconversionpremium,whichmayenjoybetterappreciationupontheappreciationofunderlyingstocks,especiallythebondsinscience‐techgrowthsectors(e.g.AI,robot,alternativeenergy)andpro‐cyclicsectors(e.g.nonferrousmetals,chemicalsandconsumergoods).Secondaretherelativelynewly‐listedbondswithdeepdevaluationandnomandatoryredemption,andthebondsoflowabsolutepriceswhicharesuitableforbalancedstrategies. OilSector:UpdateReport ThelatestPolitburo’smeetingandthecominginventoryreplenishingin2025Q4haveinvigoratedthedownstreamdemandandconfidence.Andthe“anti‐involution”effortsofthegovernmentwillalsohelptorestorethepricemarginandreducetheinventoryofPFY,whichmayinturnincreasethemarketsharesoftheleadingPFYproducerssuchasXinfengming(603225)andTongkun(601233).TheleadingChineseethyleneproducerswhichhavecostadvantage,suchasBaofengEnergy(600989)andSatelliteChemical(002648),willenjoytheproductioncapacityreductionofoverseasrefineriesandethyleneproducers.Theleadingdomesticrefineries,suchasHengliPetrochemical(600346)and Rongsheng Petrochemical(002493)will continue tobenefitfromthe“anti‐involution”measuresofthegovernment.Inthemediumandlongrun,werecommendthelow‐valuationhigh‐dividendupstreamcompaniessuchasCNOOC(600938)andPetroChina(601857),andthecompaniesofstablecashflowsuchasKunlunEnergy(0135.HK). LatestReports Digiwin(300378):OW,TP@RMB68.56 [Rating:OW;TP:RMB68.56;MP:RMB48.61;Mkt‐Cap:RMB13192mn] WeforecasttheCompany’s2025‐2027revenueofRMB2.658bn,3.025bnand3.373bn.TheCompanyhasdevelopeditsdifferentiatedadvantageinits“AISoftInfrastructureplusIndustrializedAgent”foritsAIapplicationgrowthinfuture.Wesuggest2025PSof7x(higherthansectoraverage)andcorrespondingtargetpriceof RMB68.56.“Overweight”ratingmaintained. Gemdale(600383):OW,TP@RMB5.49 [Rating:OW;TP:RMB5.49;MP:RMB4.17;Mkt‐Cap:RMB18826mn] WeforecasttheCompany’s2025‐2027EPSofRMB(‐0.86),(‐0.30)and0.01.AstheCompany’scurrentprofitcannotreflectitsfuturegrowth,weusePBvaluationmethod.WeforecasttheCompany’s2025BVPSofRMB12.20.Becauseitwilltakesometimebeforetherealestatepricesinsomecitiestohitbottom,wesuggest2025PBof0.45x(lowerthansectoraverage)andcorrespondingtargetpriceofRMB5.49.“Overweight”rating. Pansoft(300996):OW,TP@RMB21.68 [Rating:OW;TP:RMB21.68;MP:RMB17.10;Mkt‐Cap:RMB4835mn] WeforecasttheCompany’s2025‐2027revenueofRMB938mn,1,071mnand1,239mn,netprofitofRMB146mn,171mnand206mn,andEPSofRMB0.52,0.60and0.73.Withreferencetothevaluationsofcomparablecompanies,wesuggest2025PEof42xandcorrespondingtargetpriceofRMB21.68.“Overweight”ratingmaintained. TopchoiceMedical(600763):OW,TP@RMB48.48 [Rating:OW;TP:RMB48.48;MP:RMB47.12;Mkt‐Cap:RMB21076mn] TheCompanyreported2025H1revenueofRMB1.448bn(+2.68%yoy),321mn(+3.67%yoy)andnetprofitbeforenonrecurringgains/lossesofRMB317mn(+3.85%yoy).Inview of the current situation of consumption recovery,we lower ourforecastsoftheCompany’s2025‐2027EPSfromRMB1.26,1.36and1.49toRMB1.20,1.29and 1.41.With reference to the valuations of comparable companies,wesuggest2025PEof40.5xandcorrespondingtargetpriceofRMB48.48.“Overweight”ratingmaintained. Ourcompany possesses the qualification for securities investment advisory services approved by the China SecuritiesRegulatory Commission. Analyst Declaration:The author holds the securities investment professional qualification granted by the China Securities Industry Association or possesses equivalent professional competence. The data used in this report are sourced from compliant channels. The analytical reasoning is based onthe author's professional understanding. This report clearly and accurately reflects the author's research viewpoints and strives to beindependent, objective, and impartial. The conclusions are not influenced or directed by any third party. This declaration is hereby made. Disclaimer: This report is intended solely for use by clients of GUOTAI HAITONG Securities Co., Ltd. (hereinafter referred to as "the Company"). Receiptof this report does not constitute the recipient as a client of the Company. This report is issued only in accordance with relevant laws andregul