证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|---------------| | 当前价格（元） | 227.94 | | 52 周价格区间（元） | 162.67-239.88 | | 总市值（百万） | 91178.30 | | 流通市值（百万） | 91178.30 | | 总股本（万股） | 40001.00 | | 流通股（万股） | 40001.00 | 涨跌幅比较 东鹏饮料 饮料乳品 -17% -7% 3% 13% 23% 33% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 东鹏饮料 -2.09 5.27 23.97 饮料乳品 -6.27 -18.67 -16.28 1 东鹏饮料（605499.SH）年报及一季报点评： 势能不减，持续高增 2024-05-09 公司点评 东鹏饮料(605499.SH) 食品饮料｜ 饮料乳品 规模效应显现，业绩 ...

策略点评 证券研究报告 需求端政策持续发力，高能级城市更具韧性 房地产市场周报（09.02-09.08） 投资要点 本周观点：受近期持续高温等因素的影响，上周（8.26-9.1）商品房销 售量略有下降，但相比 8 月中上旬仍明显改善，30 大中城市商品房成 交面积环比减少 3.87%；其中一线城市销售环比增加 11.33%，而二三 线城市分别下降 5.35%和 20.42%，各能级城市间分化明显。从政策面 来看，近期以来各地方政府在需求端持续加大政策支持力度，如广州 明确满足交房条件和过户条件的新建商品房购房者在交齐房款时，可 以实现"购房即交房、交证"；南京优化公积金相关政策，同时放松 首套房的认定标准、取消建筑面积限制；海南近日公开征求意见，拟 加大住房公积金租房提取支持力度等。在地方政府政策持续发力的同 时，公安部近日表示，将加快推行经常居住地登记户口制度，全面落 实城区常住人口 300 万以下城市取消落户限制要求，全面放宽城区常 住人口 300 万至 500 万城市落户条件，完善城区常住人口 500 万以上 超大特大城市积分落户政策，户籍制度改革有望与各地需求端政策形 成合力，促进住房需求的恢复。总体 ...

Investment Rating - The report assigns a "Buy" rating for Hisense Home Appliances (000921.SZ) [1] Core Views - The company has maintained strong export performance and stable profitability in the white goods sector, with a significant increase in revenue and net profit in the first half of 2024 [1][5] - The report highlights that the company's revenue for H1 2024 reached 48.64 billion yuan, a year-on-year increase of 13.3%, and the net profit attributable to shareholders was 2.02 billion yuan, up 34.6% year-on-year [5][6] - The report anticipates continued growth in revenue and net profit for the coming years, projecting revenues of 95.5 billion yuan in 2024, 104.5 billion yuan in 2025, and 112.9 billion yuan in 2026 [5][6] Summary by Sections Investment Rating Changes - The current price is 24.75 yuan, with a 52-week price range of 19.71 to 42.99 yuan [2] - The total market capitalization is approximately 31.57 billion yuan, and the circulating market capitalization is about 22.57 billion yuan [2] Financial Performance - The company reported a revenue of 741.15 billion yuan in 2022, which is expected to grow to 954.99 billion yuan in 2024 and reach 1,129.03 billion yuan by 2026 [5][7] - The net profit attributable to shareholders is projected to increase from 14.35 billion yuan in 2022 to 33.04 billion yuan in 2024, and further to 38.70 billion yuan in 2026 [5][7] - The earnings per share (EPS) is expected to rise from 1.03 yuan in 2022 to 2.38 yuan in 2024 and 2.79 yuan in 2026 [5][7] Business Segments - The report indicates that the export performance of the company is outperforming domestic sales, with significant growth in the refrigerator, washing machine, and air conditioning sectors [6] - The revenue from the HVAC segment in H1 2024 was 22.77 billion yuan, a year-on-year increase of 7.6%, while the ice washing segment achieved 14.69 billion yuan, up 26.8% [6] Profitability Metrics - The gross profit margin for H1 2024 was reported at 21.3%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 6.2%, an increase of 0.4 percentage points [6] - The report projects a price-to-earnings (P/E) ratio of 10.39 for 2024, indicating a favorable valuation compared to historical levels [5][7]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong potential for investment returns exceeding the market index by over 15% [1][2]. Core Insights - The company is expected to achieve significant revenue growth driven by its unique "3-In-One" business model, which integrates printed circuit board (PCB) production, packaging substrate business, and electronic assembly services [2][3]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 172.72 billion, 203.93 billion, and 229.19 billion yuan respectively, with net profits expected to reach 21.79 billion, 26.67 billion, and 30.92 billion yuan [2][3]. - The company has successfully optimized its product structure, leading to record-high gross margins, with the PCB business achieving a gross margin of 31.37% in the first half of the year [1][2]. Financial Summary - The company reported a revenue of 83.21 billion yuan in the first half of the year, representing a year-on-year growth of 37.91% [1]. - The gross profit margin for the first half of the year was 26.20%, an increase of 3.27 percentage points year-on-year, while the net profit margin was 11.86%, up by 4.01 percentage points [1]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 4.25 yuan, 5.20 yuan, and 6.03 yuan respectively, reflecting a positive growth trajectory [2][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 23.40 in 2024 to 16.48 in 2026, indicating improving valuation metrics [2][3]. Business Development - The company is actively expanding its production capabilities, with the second phase of the Wuxi substrate factory achieving breakeven and the Guangzhou packaging substrate project in the early stages of ramping up production [2]. - The demand for high-end automotive electronics and AI-related products is expected to drive further growth, as the company enhances its market development efforts [2][3]. - The report highlights the company's strategic focus on leveraging technological advancements and market opportunities to solidify its leading position in the industry [2].

2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|--------------| | | | | 当前价格（元） | 63.67 | | 52 周价格区间（元） | 60.13-164.00 | | 总市值（百万） | 22701.38 | | 流通市值（百万） | 20925.34 | | 总股本（万股） | 36771.90 | | 流通股（万股） | 35620.70 | 涨跌幅比较 凯莱英 医疗服务 -54% -34% -14% 6% 26% 46% % 1M 3M 12M 2023-08 2023-11 2024-02 2024-05 吴号 分析师 执业证书编号: S0530522050003 wuhao58@hnchasing.com 相关报告 凯莱英 -5.39 -15.25 -51.10 医疗服务 -1.60 -12.71 -45.43 1 凯莱英（002821.SZ）2023 年年报点评：常规 业务增长较快，商业化订单储备充足 2024-04-01 2 凯莱英（002821.SZ）2023 年半年报点评：小 分子 CD ...

2024 年 09 月 03 日 评级 增持 | --- | --- | |-----------------------|-------------------| | 当前价格（元） | 11 . 70 | | 52 周价格区间（元） | 11 . 52 - 21 . 48 | | 总市值（百万） | 101745 . 14 | | 流通市值（百万） | 101005 . 22 | | 总股本（万股） | 991729 . 00 | | 流通股（万股） | 985404 . 90 | 涨跌幅比较 长安汽车 乘用车 -20% 0% 20% 40% 60% 80% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 相关报告 长安汽车 -17.66 -15.16 -6.68 乘用车 -8.52 -5.19 -0.79 1 长安汽车（000625.SZ）2023 年年报点评： 业绩稳健增长，电动智 ...

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2024 年 09 月 01 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 27.51 | | 52 周价格区间（元） | 25.01-68.64 | | 总市值（百万） | 12895.90 | | 流通市值（百万） | 12809.97 | | 总股本（万股） | 46877.20 | | 流通股（万股） | 46564.80 | | | | 涨跌幅比较 金域医学 医疗服务 -57% -37% -17% 3% 23% | --- | --- | --- | --- | |-------------------|---------|---------|--------| | 2023-09 2023-12 | 2024-03 | 2024-06 | | | % | 1M | 3M | 12M | | 金域医学 | 3.89 | -18.78 | -55.46 | | | | | | 医疗服务 -1.60 -12.71 -45.43 吴号 分析师 执业证书编号: S0530522050003 wuhao58@ ...

证券研究报告 2024 年 09 月 02 日 评级 增持 | --- | --- | |-----------------------|------------| | 当前价格（元） | 9.66 | | 52 周价格区间（元） | 9.38-12.66 | | 总市值（百万） | 24229.82 | | 流通市值（百万） | 23079.03 | | 总股本（万股） | 283177.40 | | 流通股（万股） | 283177.40 | 涨跌幅比较 国联证券 证券Ⅱ -23% -13% -3% 7% 17% 27% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|--------|--------| | % | 1M | 3M | 12M | | 国联证券 | 0.75 | -11.60 | -11.52 | | 证券Ⅱ | 1.59 | -4.68 | -20.77 | 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 刘 ...

证券研究报告 量化组合报告 三维情绪雷达监测及行业轮动配置 金工月度展望（2024 年 9 月） 2024 年 09 月 02 日 上证指数-沪深 300 走势图 -11% -6% -1% 4% 上证指数 沪深300 % 1M 3M 12M 上证指数 -4.14 -8.93 -10.28 沪深 300 -4.51 -8.80 -13.89 -16% 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 金工月度展望（2024 年 8 月）：三维情绪雷达 监测及三视角下的行业轮动配置 2024-08-02 2 金融工程 2024 年度策略（一）：兵无常势，水 无常形 2023-12-27 3 金融工程 2024 年度策略（二）：行业主题指数 成分分析手册 2023-12-25 投资要点 此报告 考 请务必阅读正文之后的免责条款部分 三维情绪雷达监测：中高频维度：情绪预期：指标意义：期货升贴水 率和期权成交额PCR能反映市场对未来短期的预期。沪深300股指期 货升贴水率和50ETF期权成交额PCR的倒数具有一定同步性，我们通 过取均值和主成分分 ...