策略专题 经济金融高频数据周报（07.08-07.12） 上证指数-沪深 300 走势图 | --- | --- | --- | --- | |------------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | 上证指数 | 1.31 | -3.79 | 25.97 | | 沪深 300 | 5.29 | 10.04 | -2.05 | 1 宏观经济研究周报（07.01-07.05）：财新制造 业PMI 平稳，美国非农数据略超预期 2024-07- 08 全球经济及通胀：经济增速下降，通胀水平震荡。 国内经济增长动能平稳，2024年06月中国官方制造业PMI为49.5%， 较上月持平；通胀趋于平稳，2024 年 07 月 04 日中国猪肉当周平均 价为 28.56 元/公斤，较上周减少 0.01 元/公斤。 消费：保持平稳。 房地产投资走弱，2024 年 07 月 07 日 30 大中城市商品房周度日均 成交面积为 27.30 万平方米，较上周减少 29.47 万平方米；基建投资 走强，2024 年 06 月中国挖掘机国内销量为 76 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|--------| | | | | | | | | 市场数据 | | | | | | | 指数名称 | | 收盘 | | | 涨跌 % | | 上证指数 | | | 2974.01 | | 0.09 | | 深证成指 | | | 8801.62 | | -0.59 | | 创业板指 | | | 1673.01 | | -0.63 | | 科创 50 | | | 715.86 | | -0.35 | | 北证 50 | | | 689.78 | | -0.37 | | 沪深 300 | | | 3476.25 | | 0.11 | 袁闯 分析师 执业证书编号:S0530520010002 yuanchuang@hnchasing.com 贺剑虹 研究助理 hejianhong@hnchasing.com 【基金研究】基金数据日跟踪 2024 年 07 月 16 日 | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][7]. Core Insights - The report emphasizes the necessity for domestic companies to expand overseas due to price pressures and policy changes in the domestic market, which can be mitigated by diversifying into international markets [6][11][26]. - The overseas business of the company has shown rapid growth, with a 15.83% year-on-year increase in overseas revenue to 13.55 billion yuan in 2023, accounting for 38.79% of total revenue [6][32]. - The company's success in international markets is attributed to its clear international strategy, effective execution of mergers and acquisitions, and a strong focus on localization [6][41]. Summary by Sections 1. Necessity of Going Overseas - The report discusses the increasing necessity for medical device companies to expand internationally due to intensified price competition and policy changes in the domestic market [11][13][26]. - The report highlights that the global medical device market is expanding, particularly in developed countries, which presents significant growth opportunities for companies like the one studied [15][16]. 2. Development of Overseas Business - The company has successfully implemented a "go out, go in, go up" strategy, establishing a presence in over 40 countries and setting up 62 overseas subsidiaries [27][29]. - The report notes that the company has achieved significant breakthroughs in high-end markets, with a focus on high-quality products and services [30][32]. 3. Successful Strategies of the Company - The company has effectively utilized mergers and acquisitions to enhance its core technologies and expand its market presence [41][42]. - The report details several key acquisitions that have strengthened the company's position in various medical device segments, including life support and in vitro diagnostics [43][44]. 4. Profit Forecast - The report forecasts the company's revenue to reach 424.97 billion yuan in 2024, with net profit expected to be 139.19 billion yuan, indicating a strong growth trajectory [5][7].

行业点评 证券Ⅱ 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|-------------------------|---------------|-------|------------|-----------|-------------|----------|------------------|---------| | 2024 年 07 月 | 11 日 | 重点股票 | | 2023A | 2024E | | | 2025E | 评级 | | 评级 | 同步大市 | EPS | (元) | PE(倍) | EPS(元) | PE(倍)EPS | (元) | PE(倍) | | | | | 中信证券 | | | | | | | 增持 | | | 评级变动: 维持 | 华泰证券 | 1.35 | | | | | | 买入 | | | | 国联证券 | 0.24 | | | | | | 增持 | | 行业涨跌幅比较 | | 浙商证券 | 0.46 | | | | | | ...

Investment Rating - The report assigns a "Hold" rating to the company [1] Core Insights - The company has a strong competitive advantage due to its natural resource base and long-term partnerships with key clients, which supports sustainable growth [5][59] - The company has diversified its operations across dairy, sugar, and livestock, enhancing operational efficiency and risk resilience [5][61] - The company raised 238 million yuan through its listing on the Beijing Stock Exchange, which will be used to expand its dairy farming capacity by approximately 50% [5][74] Financial Performance - In 2023, the company achieved a revenue of 1.256 billion yuan, a 10.46-fold increase from 2013, with a CAGR of 26.43% [13] - The net profit attributable to shareholders was 94 million yuan, a 5.9-fold increase from 2013, with a CAGR of 19.37% [13] - In Q1 2024, the company reported a revenue of 237 million yuan, a year-on-year increase of 7.23%, but net profit decreased by 4.18% due to declining product prices [13] Business Segments - The dairy segment is the company's initial business focus, with a stable growth trend observed since 2021 after previous adjustments [80] - The sugar segment, which began in 2018, has become a significant revenue contributor, with production capacity expected to increase as the company enhances its sugar beet planting [85] - The livestock segment has shown steady growth, benefiting from ongoing demand from major clients like Mengniu [80][72] Market Position - The company operates in a fragmented industry, with significant growth potential due to its relatively small size compared to larger competitors [15] - The company has established long-term relationships with major clients, including Mengniu and Hangshi Shancheng, which account for a substantial portion of its revenue [72][59] Future Outlook - The company anticipates revenue growth driven by increased production capacity in both dairy and sugar segments, with projections of 1.436 billion yuan in 2024 [109] - The report suggests a target price range of 4.09 to 5.11 yuan based on a PE ratio of 8-10 times, reflecting the company's growth potential despite current industry challenges [110]

当周涨跌幅 （3）7 月份地产数据仍有待继续观察。由于 6 月末为房企花式"促销"冲刺年中业 绩的最后阶段，购房需求集中释放，成交量冲至高点。进入 7 月份以来，房地产成交额 出现季节性回落效应。根据诸葛数据研究中心监测数据显示，2024 年第 27 周（7.1-7.7）， 重点 15 城新建商品住宅成交量为 21136 套，环比下降 43.79%，同比下降 31.3%；重点 10 城二手住宅成交量为 16995 套，环比下降 17.36%，同比上涨 16.11%；重点 50 城的情绪 指数为-0.82，较上周上升 0.04，市场情绪指数连续 20 周处于低迷区间。短期来看，517 地产新政对房地产销量有一定托底作用，6 月份数据环比改善较大。但进入 7 月份后，销 售数据面临一定季节性扰动，政策效果的持续性仍有待观察，中长期地产基本面拐点信 号有待确认。此外，二手房价格是房地产景气度的先行指标，根据中指研究院数据，6 月 份百城二手住宅平均价格为 14762 元/平方米，环比下跌 0.73%，跌幅较 5 月扩大 0.03 个 百分点，已连续 26 个月环比下跌，同比跌幅为 6.25%。在以价换量趋势下，目前 ...

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网址：stock.hnchasing.com 地址：湖南省长沙市芙蓉中路二段 80 号顺天国际财富中心 28 层 邮编：410005 电话：0731-84403360 传真：0731-84403438 此报告仅供内部客户参考 -13- 请务必阅读正文之后的免责条款部分 黄红卫（S0530519010001） 上周（7.8-7.12)股指低开，上证指数上涨 0.72%，收报 2971.3 点，深证成指上涨 1.82%，收报 8854.08 点，中 小 100 上涨 2.55%，创业板指上涨 1.69%；行业板块方面，电子、汽车、美容护理涨幅居前；主题概念方面，元件 精选指数、首板指数、打板指数涨幅居前；沪深两市日均成交额为 6915.86 亿，沪深两市成交额较前一周上升 此报告仅供内部客户参考 -10- 请务必阅读正文之后的免责条款部分 张雯婷（S0530524030002） 晨会纪要 资规模 325 亿元，同比下降 85%，股权业务承销及保荐费用为 23.33 亿元，同比-83.85%，再融资规模 1405 亿元，同 比下降 69%。预计上半年行业各项业务均承压。从业绩预告下滑 50%以上的券商来看，综合公告 ...

证券研究报告 行业点评 新能源电池 6 月半固态电池装车环比增长 10.4% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-----------|-------|----------|-------|--------|---------|--------|---------|--------|-------| | 2024 年 07 月 10 | 日 | | 重点股票 | | 2023A | 2024E | | | 2025E | 评级 | | 评级 | 领先大市 | | EPS | (元) | PE(倍) | EPS(元) | PE(倍) | EPS(元) | PE(倍) | | | | | | 宁德时代 | 10.03 | 17.52 | 11.25 | 15.62 | 13.41 | 13.11 | 买入 | | | 评级变动: | 维持 | 科达利 | 4.45 | 16.82 | 5.38 | 13.91 | 6.48 | 11.55 | 买入 | | | | | 中科 ...

证券研究报告 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 表 3: 大宗商品走势情况（%） 8 风险提示 -2- 1 核心观点（美国失业率抬升，市场重新定价年内 2 次降息） 大宗商品：大宗商品涨多跌少，伦敦银现领涨。原油方面，EIA数据显示原油去库 好于预期，叠加以色列和黎巴嫩边境地缘政治冲突升级，加剧了市场对原油供应中断的 担忧，上周油价震荡上行。贵金属方面，上周美国 6 月非农就业数据略超市场预期，但 劳动参与率及失业率有所反弹，叠加时薪环比走弱，催化市场降息预期抬升，当前市场 定价年内降息次数再次回归为 2 次。受此影响，贵金属价格明显反弹。 上周（07.01-07.05）资产表现为：美股>大宗商品>港股>债券>A 股。国内方面，6 月财新制造业 PMI 延续走高，指向出口端仍有一定韧性，A 股上周整体维持缩量调整。 策略报告 表 ：全球大类资产表现情况（） 今年以来，全球大类资产中，表现较为亮眼的为日经225、纳斯达克指数、标普500、 伦敦金现和 ICE WTI 原油，涨跌幅分别为 22.26%、22.26%、16.72%、15.93%和 14.87%。 表现相对不佳的为圣保罗 IB ...