Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth potential through its dual beauty brands, with significant increases in GMV during the 618 sales event. Specifically, the brand "可复美" saw a GMV growth of over 60% year-on-year, while "可丽金" achieved over 100% growth [3] - The company is expected to accelerate new product launches in the beauty segment, with successful new products already released, including a face cream that ranked top in sales on major platforms [3] - The medical beauty pipeline is anticipated to grow rapidly due to channel and customer reuse, with a significant number of medical channels already established [3] - Revenue projections for the company are optimistic, with expected revenues of 49.9 billion, 64.3 billion, and 79.5 billion RMB for 2024, 2025, and 2026 respectively, alongside net profits of 19.9 billion, 25.3 billion, and 31.2 billion RMB for the same years [3] Financial Summary - The company reported a revenue of 3,524 million RMB for 2023, with a projected revenue of 4,994 million RMB for 2024, reflecting a growth rate of 41.72% [4] - The net profit for 2023 was 1,452 million RMB, with projections of 1,993 million RMB for 2024, indicating a net profit growth rate of 37.25% [4] - The company's earnings per share (EPS) is expected to increase from 1.49 RMB in 2023 to 1.94 RMB in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 21.98 in 2023 to 20.46 in 2024, indicating improving valuation metrics [4]

投资评级:看好(维持) 最近 12 月市场表现 -24% -18% -13% -7% -1% 5% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号:S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号:S0160521050001 libo@ctsec.com 相关报告 1. 《汽车行业周报》 2024-06-25 2. 《汽车行业周报》 2024-06-19 3. 《5 月新能源客车行业洞察》 2024- 06-19 海外需求强劲增长,出口企业有望受益 ❖ 海外需求持续强劲,出口企业有望受益: 1-5 月汽车行业整体产销分别完 成 1138.4 万辆和 1149.6 万辆,同比分别增长 6.5%和 8.3%。分市场来看,1-5 月汽车国内销量 918.7 万辆,同比增长 3.7%,汽车出口 230.8 万辆,同比增长 31.3%,海外市场需求继续保持强劲增长。我们认为海外市场的强劲需求有望 带动出口型乘用车、商用车以及产业链的零部件企业受益。 ❖ 中国品牌乘用车电动化、智能化、高端化趋势不改,份额持续提升利好 中国品牌整车及零部件产业链:1-5 月 ...

投资评级:看好(维持) 最近 12 月市场表现 -23% -17% -11% -5% 1% 7% 食品饮料 沪深300 分析师 吴文德 SAC 证书编号:S0160523090004 wuwd01@ctsec.com 分析师 李茵琦 SAC 证书编号:S0160523020001 liyq03@ctsec.com 分析师 赵婕 SAC 证书编号:S0160523100002 zhaojie@ctsec.com 分析师 任金星 SAC 证书编号:S0160524010001 renjx@ctsec.com 相关报告 1. 《啤酒行业研究专题报告》 2024- 06-12 2. 《食品饮料 2023&24Q1 财报总结》 2024-05-11 3. 《24Q1 食品饮料基金持仓分析》 2024-04-25 关注超跌+绩优品种 核心观点 ❖ 食品饮料:Q2 淡季需求放缓,短期调整孕育长期机会。进入二季度以来, 无论是高频的数据跟踪,还是茅台的批价表现,均指向二季度需求放缓。 从二季度业绩的前瞻来看,具备渠道和单品红利的公司业绩表现较优,例 如零食、饮料,而与餐饮宴席相关的消费,整体有所承压,例如白酒、啤 酒、餐饮链 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has received regulatory acceptance for its exclusive agent A-type botulinum toxin Hutox in China, which is aimed at treating moderate to severe glabellar lines. This product is a replacement for a product from the Korean company Huons, and the company acquired exclusive distribution rights in China through a stake purchase in Huons [4] - The domestic botulinum toxin market has significant growth potential, with the global market size expected to reach $7.7 billion in 2023, and the compliant domestic market projected to be approximately 9.8 billion RMB, growing at about 18%. The company is well-positioned to capture market share as the supply of compliant products increases, potentially squeezing out counterfeit products [4] - The company is expanding its product pipeline beyond hyaluronic acid and regenerative materials, aiming to become a platform leader in the medical aesthetics industry. The company has a comprehensive product layout and is expected to benefit from industry trends, with several products in various stages of development, including botulinum toxin and other aesthetic solutions [4] Financial Projections - The company is expected to achieve revenues of 3.83 billion RMB, 4.99 billion RMB, and 6.32 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.45 billion RMB, 3.16 billion RMB, and 3.97 billion RMB. The projected price-to-earnings ratios (PE) are 21, 16, and 13 times for the same years [4][5]

| 投资评级 : 增持 | ( 维持 ) | |------------------------|--------------| | 基本数据 | 2024-07-02 | | 收盘价 ( 元 ) | 19.39 | | 流通股本 ( 亿股 ) | 36.71 | | 每股净资产 ( 元 ) | 4.89 | | 总股本 ( 亿股 ) | 37.33 | | 最近 12 月市场表现 | | 核心观点 三花智控 沪深300 上证指数 -35% -28% -20% -12% -4% 3% 分析师 邢重阳 SAC 证书编号:S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号:S0160521050001 libo@ctsec.com 相关报告 1. 《持续拓展业务布局,加快全球化步 伐》 2024-05-04 2. 《汽零业务高增长,业绩符合预期》 2023-05-05 3. 《 1H 业绩高增长,产品力持续向 上 》 2022-08-14 ❖ 事件:公司发 2024 年半年报业绩预告,公司预计 2024 年上半年实现营业收 入 131.55 亿元-144.08 亿元 ...

投资评级:看好(维持) 最近 12 月市场表现 -34% -25% -17% -8% 0% 8% 商贸零售 沪深300 分析师 于健 SAC 证书编号:S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 联系人 谷亦清 guyq01@ctsec.com 零售板块 2024Q2 业绩前瞻 核心观点 线下零售:百货承压,超市回暖,潮流 IP 零售高景气。1-5 月社零平稳 恢复,线上消费、服务性消费表现更佳,从百货中销售占比较高的服装、黄金 珠宝、化妆品社零数据来看,预计百货二季度仍有一定压力。相较而言,超市 业绩改善预期较强,短期来看,CPI 回升带动同店修复,超市业态社零增速连 续四个月正增长,对 2024Q2 业绩有一定支撑。中长期来看,调改持续推进, 若可以进一步复制,有望带动整体经营质量的提升。从 618 表现来看,"松弛 经济"爆发,潮玩、IP 相关赛道景气度较高。 黄金珠宝:Q2 行业普遍承压,关注头部品牌韧性及 Q3 回暖。4-6 月黄 金价格保持高位波动,叠加 Q2 为黄金珠宝消费淡季,4-5 月金银珠宝零售额 增速跑输社零整体。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first half of 2024, with estimates ranging from 88 million to 95 million yuan, representing a growth of 63.63% to 76.65% [4] - The number of orders continues to grow, driving revenue growth, and the gross profit margin is expected to improve [5] - The company is focusing on securing contracts with leading domestic clients in the new energy vehicle sector and is advancing capacity construction [6] - The forecasted net profits for 2024-2026 are 210 million, 255 million, and 309 million yuan respectively, with corresponding PE ratios of 20.23, 16.60, and 13.71 [6] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates a net profit of 88 million to 95 million yuan, with a year-on-year increase of 63.63% to 76.65% [4] - The second quarter of 2024 is projected to yield a net profit of 36.05 million to 43.05 million yuan, reflecting a growth of 54% to 84% [4] Revenue and Orders - As of May 2024, the company has secured new projects that equal the total projects undertaken in 2023, with plans to undertake approximately 200% of the total projects from 2023 in 2024 [5] - The company is set to supply exclusive products for several new energy vehicle models, which are expected to enter mass production this year [5] Strategic Initiatives - The company aims to lock in contracts with top-tier domestic automakers and is accelerating the introduction of advanced production and R&D equipment [6] - A plan is in place to establish 2.5 billion yuan in advanced production capacity within three years to support future business growth [6] Profit Forecast - The projected revenues for 2024 to 2026 are 1.28 billion, 1.50 billion, and 1.77 billion yuan respectively, with net profit growth rates of 38.73%, 21.87%, and 21.10% [8]

投资评级:看好(维持) 最近 12 月市场表现 基础化工 沪深300 上证指数 -29% -23% -16% -10% -3% 3% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 梅宇鑫 meiyx@ctsec.com 相关报告 1. 《化工行业周报》 2024-06-25 2. 《化工行业周报》 2024-06-18 3. 《化工行业周报》 2024-06-13 核心观点 维生素价格上涨,制冷剂价格价差上涨 ❖ 本周行情:本周市场综合指数整体下行,上证综指报收 2967.40,本周下跌 1.03%,深证指数本周下跌 2.38%,A 股指数下跌 1.02%;其中化工板块下跌 2.57%。 ❖ 化工公司行情:本周涨幅前五的股票为:唯科科技(+7.85%)、巨化股份 (+7.29%)、华信新材(+6.77%)、和顺科技(+6.18%)、宝丰能源(+6.12%)。 本周跌幅前五的股票为:新纶新材(-22.09%)、坤彩科技(-16.48%)、鼎际得 (-14.65%)、赤天化(-12.78%)、南京化纤(-12.50%)。 ❖ 化工品行情:本周涨幅前五的化工品 ...

投资评级:看好(维持) 最近 12 月市场表现 房地产开发 沪深300 上证指数 单击或点击此处输入文字。 6 -33% -23% -13% -4% 6% 15% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 欧阳之光 oyzg@ctsec.com 相关报告 1. 《房地产行业周报(2024 年第 25 周)》 2024-06-26 2. 《房地产行业周报(2024 年第 24 周)》 2024-06-17 3. 《房地产行业周报(2024 年第 22 周)》 2024-06-03 核心观点 ❖ 本周板块回顾:本周申万房地产指数下跌 4.75%,沪深 300 指数较上周下 跌 0.97%,板块跑输沪深 300 指数 3.78pct,在 31 个板块中排第 31 位。 ❖ 行业数据回顾:本周 30 大中城市商品房成交面积 273 万平米,环比+22.6%, 同比-24.3%。细分城市能级来看,30 大中城市中,一线城市商品房成交面积 80 万平米,环比+34.3%,同比-16.1%;二线城市商品房成交面积 130 万平 米,环比+13.0%,同比-34.2 ...

Investment Rating - The report gives an "Overweight" rating for the company, with a target price of 37.45 RMB per share [14] Core Views - The company is a leading player in the global commercial vehicle intelligence sector, with a strong presence in fleet video management systems, ranking first globally in 2023 [25] - The company's revenue and net profit are expected to grow significantly, with projected revenues of 2.16 billion, 2.76 billion, and 3.50 billion RMB for 2024-2026, and net profits of 203 million, 277 million, and 378 million RMB, respectively [18] - The company's overseas expansion, particularly in Europe, is expected to drive growth, with new regulations in the EU creating a market demand of approximately 500,000 sets of intelligent solutions annually, worth 1-1.5 billion USD [17][78] Business Overview - The company operates in four main business segments: transportation (freight, logistics, fleet operators), travel (public transport, taxis, school buses), pre-installation, and innovation [25] - In 2023, the transportation segment contributed 708 million RMB in revenue with a gross margin of 47.84%, while the travel segment contributed 674 million RMB with a gross margin of 47.87% [54][37] - The company's innovation business, focusing on low-speed autonomous driving and mining safety, generated 62 million RMB in revenue in 2023 [37] Global Expansion - The company has established a fully automated smart manufacturing factory in Vietnam, which began operations in 2023 and is expected to produce all products for major European and American markets by the end of 2024 [3] - Overseas revenue accounted for 59.38% of total revenue in 2023, with significant growth in Europe, the Middle East, and Latin America [57] - The company has 8 subsidiaries and 8 offices overseas, with a local employee ratio exceeding 30% in overseas regions [57] Technology and Product Development - The company's products are based on AI, IoT, and big data technologies, offering solutions for freight, public transport, taxis, and school buses [64] - Key products include in-vehicle monitoring systems, AI-based driver behavior monitoring, and advanced driver assistance systems (ADAS) [65] - The company has developed a three-tier R&D architecture, with a technology platform reuse rate exceeding 80%, leading to improved R&D efficiency [59] Financial Projections - Revenue is expected to grow at a CAGR of 27.2% from 2024 to 2026, with gross margins improving from 44.8% in 2024 to 46.8% in 2026 [82] - The transportation and travel segments are expected to grow at a CAGR of 30% and 29%, respectively, driven by overseas demand [106] - The company's expense ratio is projected to decline, with sales and management expense ratios expected to decrease to 10.5% by 2026 [83] Market Opportunities - The global commercial vehicle intelligence market is estimated to be worth 27 billion USD, with the company well-positioned to capture a significant share due to its advanced product offerings [99] - The EU's Vision Zero initiative and new safety regulations are expected to create substantial demand for the company's products, particularly in Europe [77][78]