社会服务 / 行业总计报告 / 2024.07.26 LVMH：2402 收入同比-1%，中国原客教堂实现增长 ● 这美神妹之女好(女女) 衰逝 12 月本场表現 刘 洋 관하부 SAC 证书简予：S0160521120001 liuyang01@ctsec.com 油关报考 1. 《下半半基教有望大体，关注滞在救 某指舟消費回流》 2024-07-26 2. 《关注三季度矛气来道》 2024-07- 21 3. 《市场没有彻底悲戏》 2024-07-14 � LVMH 美国 2402 美國 太陽 航程 ■ 证券所究报告 业态态态 � 事件：LVMH 集团会布 2024 年二季度財布：公司 24Q2 登妆 209.83 亿欧 无. 同比-1%. 制除汇率支助负向影响. 固定汇率下同比+1%: 24H1 营收 416.77 亿欧无，同比-1%，固定汇年下同比+2%，净利润 72.67亿欧无，同比-14%。 分爲具有 1）林必时发达未有几年校再基教基础上崇林林长，24Q2 密校网比增长 1%至 102.81 亿欧元，增速环比持续收率。 2）再燒香水化长長來進展烈高增滑力，杏化帝门內益子泳舰产品线的持续成 功和稳定 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [2] Core Views - The company has a strong R&D capability and innovative technology that leads the market, with new products and overseas expansion driving growth [4] - The company is a leader in the home smart projection industry, with a significant market share and continuous product innovation [20] - The company has faced temporary performance pressure, but profitability is expected to recover with new product launches in 2024 [40] Summary by Sections Company Overview - The company is a leading player in the home smart projection industry, having broken the foreign brand monopoly since 2018 and maintaining the top shipment volume for six consecutive years [20][29] - The founder holds an 18.79% stake, and the company has strategic investment from Baidu [12][14] Market Position and Product Strategy - The company covers a wide range of price segments, with products ranging from 2,000 to 30,000 yuan, and has expanded its product layout continuously [32][29] - The company has launched the Play series to compete in the low-end market, which has shown strong sales performance [21] Financial Performance and Forecast - The company is expected to achieve net profits of 201 million, 297 million, and 390 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 23.26, 15.78, and 12.00 [4][5] - Revenue for 2024 is projected at 4.1 billion yuan, with a growth rate of 15.27% [5] Innovation and Growth Drivers - The company is focusing on innovative technologies, with breakthroughs in three-color laser technology enhancing its high-end market position [3][20] - The overseas business has grown significantly, with the revenue contribution from international markets increasing from 2% in 2019 to 26% in 2023 [20][35] Challenges and Market Dynamics - The company has faced challenges due to price competition and market conditions, but it is actively adjusting its product structure to maintain its market position [40][52] - The domestic market for home projectors has shown resilience, with a shipment volume of 4.036 million units in 2023, despite a slight decline [43]

汽车 / 行业总评报告 / 2024.07.26 ● 投票计划: (注化) 衰达 12 月市场表现 合并并 开户 F8 SAC 证书简予：S0160522110003 xingcy01 @ctsec.com 各州方 子 श SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 《 洗 幸 以 旧 挨 新 政 繁 点 详 》 1. 2024-07-26 2. 《汽车行业周振》 2024-07-24 3. 《汽车行业周报》 2024-07-16 : 6 月份中国车市运行回顾 ■ in系所究报告 汽车产领环比增长，出口维持商增加 (201) 年 � 汽车产储环比增长，率外富永梓续摄物：６月份汽车行业整体产货分别充 感 250.7 万赫和 255.2 万赫，环比分别增长 5.7% 秒 5.6%，同比分别下阵 2.1% 和 2.7%。1-6 月汽车行业整体产特分别无成 1389.1 万椅和 1404.7 万椅，同比 分別增长 4.9%和 6.1%。分市场未有，6 月份汽车国内特里 206.7 万辆，环比 增长 6.8%，汽车出口 48.5 万辆，网比增长 26.9%：1-6 月汽车自内 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The report highlights that the sales performance in the duty-free sector showed divergence in the first half of 2024, with Hainan experiencing a decline in average spending per customer despite an increase in visitor numbers during peak travel seasons [2][12] - The outlook for the second half of 2024 suggests a potential recovery in sales growth due to a lower comparative base and policy changes aimed at boosting consumer spending [2][19] Summary by Sections Duty-Free - **2024 H1 Review**: Sales in Hainan's duty-free sector faced pressure due to high comparative bases from 2023, with first-quarter visitor numbers exceeding expectations but second-quarter numbers declining [9][12] - **2024 H2 Outlook**: The report anticipates a lower comparative base for sales growth in Hainan's duty-free sector, with a focus on the potential turning point for year-on-year growth [2][19] - **Sales Data**: The average spending per customer in Hainan's duty-free sector decreased significantly, with a 16.08% drop during the Spring Festival and a 21.27% drop during the May Day holiday compared to the previous year [12][14] Tourism - **2024 H1 Review**: The tourism sector maintained high activity levels during holidays, with significant increases in travel and revenue, particularly during the New Year and Spring Festival [28] - **2024 H2 Outlook**: The report suggests that tourism hotspots in Northeast and Northwest China are expected to emerge, driven by seasonal demand and improved transportation [2][19] - **Visitor Trends**: The report notes a steady recovery in international flight operations, which is expected to enhance the duty-free shopping experience at airports [15][19] Key Companies Investment Ratings - **Changbai Mountain**: Market cap of 54.99 billion yuan, with a "Hold" rating [3] - **Jiuhua Tourism**: Market cap of 31.93 billion yuan, with a "Hold" rating [3] - **Huangshan Tourism**: Market cap of 78.12 billion yuan, with a "Hold" rating [3] - **Songcheng Performance**: Market cap of 202.30 billion yuan, with a "Hold" rating [3] - **Sante Cableway**: Market cap of 21.74 billion yuan, with a "Hold" rating [3] - **Lijiang Co.**: Market cap of 45.66 billion yuan, with a "Hold" rating [3] - **Tianmu Lake**: Market cap of 26.18 billion yuan, with a "Buy" rating [3] - **China Youth Travel Service**: Market cap of 69.42 billion yuan, with a "Hold" rating [3]

乘用车座椅总成再获定点，订单充裕未来可期 -37% -29% -21% -13% -5% 3% 继峰股份 沪深300 上证指数 相关报告 1. 《乘用车座椅总成项目获头部主机厂 ❖ 事件：2024 年 7 月 17 日，公司发布公告称其全资子公司继峰座椅（合肥） 获得某头部主机厂（限于保密协议，无法披露其名称，以下简称"客户"）的 座椅总成项目定点，将为客户开发、生产前排座椅总成产品。根据客户规划， 项目预计从 2026 年 2 月开始量产，项目生命周期 7 年，预计生命周期总金额 为 14 亿元。 ❖ 投资建议：我们预计公司 2024-2026 年的归母净利润为 4.57、8.86、10.97 亿 元，对应 PE 分别为 29.82、15.38、12.43 倍，维持"增持"评级。 请阅读最后一页的重要声明！ 信息披露 ⚫ 公司评级 本报告仅供财通证券股份有限公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本报告的信息来源于已公开的资料，本公司不保证该等信息的准确性、完整性。本报告所载的资料、工具、意见及推测只 提供给客户作参考之用，并非作为或被视为出售或购买证券或其他投资标的邀请或向 ...

汽车 / 行业总评报告 / 2024.07.26 ● 投资计划: 江苏( ) 北 ) 衰逝 12 月李场表現 合并并 开户 F8 SAC 证书简予：S0160522110003 xingcy01 @ctsec.com 各州方 手 आ SAC 证书编号：S0160521050001 libo@ctsec.com 相关求等 � 汽车以旧换新政策总评 ■ 证券所无损免 � 地方支持流车以旧换新，便建汽车消费费升 年 事件: 2024 年 7 月 24 日，国家友泉改革条、财政事印发《关于办力支持大 规模设备支新和消费品以旧换新的李千措施》，找筹安排 3000 亿元左右超长 病特别自徐齐全，办力支持大规模设备更新和消费品以旧换新。 � 支持志阳营运貸丰富成支新，促進支新富永增长。北次新政支持振废国 三及以下排放标准常运失条油贷车，办快更新为低排放贷车。报废并更新购 宣祥令条件的贷款，手均享椅车补贴 8 万元：无损疫尺支新购宣祥令条件的 貸車，千均享轉車补貼 3.5 万元：只提前报废老旧营运卖柴油貸車，千均享轉 手补贴 3 万元。港旧营运贷车支新补贴金额较高，有望促进支新富泰增长。 � 装高新能源公支车及动力屯池更新补 ...

相关报告 宏观月报/证券研究报告 谨请参阅尾页重要声明及财通证券股票和行业评级标准 4 请阅读最后一页的重要声明！ 数据来源：WIND，BEA，财通证券研究所 数据来源：WIND，BEA，财通证券研究所 零售商已进入补库阶段。从实际库存角度来看，自 2023 年 4 月以来美国实际销售 总额增速由负转正，且持续为正增，而同期库存增速从今年 1 月低点反弹回升。 分部门来看，2023 年 9 月以来，零售商销售和库存同比增速均有走高，而制造商 和批发商库存同比增速均有企稳、而销售同比增速底部反弹。这意味着零售商库 存已进入主动补库阶段，而制造商和批发商或处于去库尾声。 1. 《美国经济转入"滞胀"？——美国 一季度 GDP 数据解读》 2024-04-26 2. 《为何美国经济表现仍强？——美国 2023 年四季度 GDP 数据解读》 2024- 01-26 3. 《经济强劲能够持续多久？——美国 三季度 GDP 数据解读》 2023-10-26 ❖ 设备投资和私人库存表现强劲。今年二季度投资项环比折年率录得 8.4%， 较上季度上行 4 个百分点。投资项同比增速录得 5.8%，较上季度上升 0.8 个 百分点 ...

美容护理 / 行业投资策略报告 / 2024.07.24 医美中期策略：关注高景气细分赛道及新品催化 投资评级:看好(维持) 最近 12 月市场表现 -38% -29% -20% -12% -3% 6% 美容护理 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《诺和诺德减重司美获批，医美迈入 减法时代》 2024-06-28 2. 《医美业绩总结：对标海外具备高成 长性，关注品类迭代》 2024-05-22 3. 《新股专题报告（二） ——芭薇股份 （837023.BJ）》 2024-03-12 核心观点 证券研究报告 医美 2024H1 行情复盘：复盘核心标的增速及估值来看：2022 年至今医美 板块整体面临估值回调，业绩端来看爱美客、昊海生科等标的在基数提升的背 景下，受行业景气度下降影响，出现增速放缓，锦波生物、巨子生物仍维持强 劲增速。我们统计了年初至 7/1 的医美板块股价走势，其中：表现较好的个股 为美丽田园（涨幅 45.6%）、巨子生物（涨幅 30.6%）、江苏吴中（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 12.227 billion yuan for the first half of 2024, representing a year-on-year growth of 33.47%. The net profit attributable to shareholders was 1.452 billion yuan, up 32.69% year-on-year [2] - The company is optimizing its customer structure and accelerating internationalization and platformization. The growth is attributed to the acceptance of its Tier 0.5 innovative business model by high-value electric vehicle clients, the continuous advancement of its product platform strategy, and the rapid establishment of its factory in Mexico [2] - The establishment of a dedicated electric drive division for the robot actuator sector is progressing well, with positive feedback from clients on the samples of linear and rotary actuators [2] Financial Performance Summary - For the second quarter of 2024, the company achieved total revenue of 6.539 billion yuan, a year-on-year increase of 39.4%, and a net profit of 808 million yuan, up 25.3% year-on-year [2] - The projected net profits for 2024, 2025, and 2026 are estimated at 2.942 billion yuan, 3.895 billion yuan, and 4.541 billion yuan, respectively, with corresponding PE ratios of 20.30, 15.33, and 13.15 [2][3] - The company’s revenue is expected to grow at rates of 33.44% in 2024, 28.81% in 2025, and 14.78% in 2026 [3]

● 我们许级:未好(维持) 衰逝 12 月市场表现 所 分析师 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 手 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报考 1. 《汽车行业周报》 2024-07-16 2. 《Robotaxi 行业点评》 2024-07-14 3. 《6 月新能源汽车行业河祭》 2024- 07-05 .. 汽车 / 行业投资紧略周报 / 2024.07.24 ■ 证券研究报告 來用牛衛至同比增长，天然气重卡布新能源重卡增速较快 ... 板块表现: 7 月 15 日-7 月 19 日沪深 300 指数涨幅 1.81%，中方行业指数中，一级行业汽 车相对妆盘为-3.48%，二级行业中，汽车率部件相对妆盘为-4.70%，汽车服务 相对妆盆为-6.47%，摩托车及其他相对妆盆为-3.29%，柔用车相对妆盆为- 1.58%，商用车相对收益为-2.38%。 .. 予行业观点： 秦用孝： 塔柔联会数据，７月 1-14 日，秦用孝市场李告 57.8 万辆，同比去年 阿期增长 3%，较上月阿期增长 6%，今年以未累 ...