Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa, with a target price of 21.70 CNY per share, based on a 25x PE multiple for 2024 [92][120] Core Views - Shanghai Jahwa has a century-old history and a diversified brand portfolio, with leading brands like Liushen and Herborist driving growth [8][118] - The company has undergone multiple management changes and organizational restructuring, with the latest shift to a divisional structure aimed at improving market responsiveness [17][42][118] - Online channels, particularly interest-driven e-commerce platforms like Douyin, are becoming increasingly important, with over 100% YoY growth in 2023 [28][118] - Key brands like Liushen and Herborist are showing signs of recovery, with Liushen maintaining a dominant 76% market share in the offline toilet water category [44][118] - The company is focusing on high-margin, high-growth categories, particularly in skincare, while optimizing its product portfolio and channel strategy [38][118] Brand Performance - Liushen has successfully expanded beyond its core toilet water product, with its adult shower gel achieving a 5.3% offline market share in 2023 [44][169] - Herborist has streamlined its product lines and reduced inventory, with online GMV on Tmall growing 85% YoY in 2023 [178][192] - Dr. Yu has seen strong growth on Douyin, with GMV increasing 116% YoY from June 2023 to May 2024 [184] - Maxam has successfully leveraged nostalgia marketing through its "Old Baby" livestreaming strategy, driving significant sales growth on Douyin [201] Financial Projections - Revenue is expected to grow at a CAGR of 8-9% from 2024-2026, reaching 8.41 billion CNY by 2026 [64][119] - Net profit is projected to increase from 587 million CNY in 2024 to 782 million CNY in 2026, representing a CAGR of 15-17% [64][119] - Gross margin is forecast to improve from 57.14% in 2022 to 60.31% in 2026, driven by product mix optimization [64][119] Organizational Changes - The company transitioned from a functional to a divisional structure in Q3 2023, establishing three main divisions: Beauty & Skincare, Personal Care & Home Care, and Overseas [42][118] - This restructuring has led to improved efficiency, with management expenses decreasing by approximately 31% YoY in Q1 2024 [51] - The new structure has also enhanced collaboration between brands and channels, leading to better price control and promotional efficiency [51] Channel Strategy - Online revenue contribution has increased from 16% in 2016 to 43% in 2023, with traditional e-commerce facing pressure while interest-driven platforms like Douyin drive growth [153][28] - Offline channels remain important, accounting for 57% of revenue in 2023, but are under pressure due to store closures and traffic declines [118][154] - The company is focusing on new retail strategies, with new retail sales growing 21% YoY in 2023 and accounting for 29% of offline channel sales [154]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.38 RMB per share [4] Core Views - The fiber laser market is highly competitive, with domestic fiber lasers showing significant potential. The global laser equipment market revenue expanded from $9.7 billion in 2015 to $20.1 billion in 2022, with domestic fiber lasers capturing over 60% market share in 2022 [2] - The company has established itself as a leading domestic fiber laser manufacturer, breaking foreign monopolies and achieving rapid growth in laser sales from 18,000 units in 2017 to 159,000 units in 2023 [10] - The company is expected to achieve net profits of 327 million, 427 million, and 565 million RMB in 2024-2026, with year-on-year growth rates of 50.5%, 30.4%, and 32.5% respectively [11] Company Overview - The company is a leading domestic fiber laser manufacturer, focusing on fiber lasers and building a first-class laser enterprise in China [21] - It has participated in the formulation of national and international standards, including the "JB/T 12632-2016 Fiber Laser" and the international standard for "Industrial Fiber Laser Parameters and Testing Methods" [22] - The company has achieved vertical integration of the upstream supply chain and actively explored downstream markets such as laser medical and photovoltaic applications [10] Market and Industry Analysis - The global laser equipment market revenue grew from $9.7 billion in 2015 to $20.1 billion in 2022, with a CAGR of 10.95%. The Chinese laser equipment market revenue grew from 34.5 billion RMB in 2015 to 91 billion RMB in 2023, with a CAGR of 12.89% [78] - Fiber lasers have become the mainstream in the laser industry, with their market share in China increasing from around 50% in 2016 to nearly 70% in 2022 [106] - The domestic fiber laser market is highly competitive, with the top three companies (including the report company) accounting for over 73% of the market share in 2022 [114] Financial Performance and Projections - The company's revenue grew from 2.01 billion RMB in 2019 to 3.68 billion RMB in 2023, with a CAGR of 16.32%. However, revenue declined in 2022 due to the impact of the pandemic and price adjustments [64] - The company's gross margin and net margin have shown signs of recovery, with gross margin improving from 26% in 2022 to 28.49% projected for 2026 [159] - The company's overseas revenue grew significantly from 51 million RMB in 2021 to 141 million RMB in 2023, with a CAGR of 66.69% [125] Strategic Initiatives - The company has achieved vertical integration of the upstream supply chain, mastering key technologies for core components such as pump sources, fiber couplers, and power combiners [120] - It has actively expanded into overseas markets, with overseas revenue growing rapidly and accounting for an increasing share of total revenue [125] - The company has focused on R&D innovation, with R&D expenses reaching 338 million RMB in 2023, accounting for 8-9% of revenue [149] Product Portfolio - The company offers a comprehensive range of laser products, including continuous fiber lasers, pulsed fiber lasers, and ultrafast lasers, covering a wide range of applications from industrial processing to medical and scientific research [52] - Its product portfolio includes high-power fiber lasers, direct semiconductor lasers, and ultrafast lasers, with applications in welding, cutting, marking, and medical fields [54][58][63]

[Table_Title] 锦江酒店(600754.SH) 24H1 预告略超预期,关注海外减亏与改革提效 [Table_Summary] 核心观点: ⚫ 公司发布 24H1 业绩预告:预计 24H1 归母净利润为 8.0-8.5 亿元,同 比增长 50.2%-59.6%;扣非归母净利润为 3.7-4.0 亿元,同比变化-0.9% 到+7.1%。单 24Q2 来看,归母净利润为 6.1-6.6 亿元,同比增长 55.9%- 68.6%,扣非归母净利润为 3.1-3.4 亿元,同比增长 8.7%-19.3%。(所 有数据均为重述后口径,23 年同期数据均按增速倒算) ⚫ 非经常性损益主要来自出售时尚之旅所得投资收益。据 24H1 业绩预 告,公司于 2024 年 3 月 11 日公开挂牌转让时尚之旅 100%股权,2024 年 4 月 12 日与华安未来资产管理(上海)有限公司签订产权交易合 同,交易价款为 16.5 亿元,确认投资收益税前 4.2 亿元,扣除 25%企 业所得税后约 3.2 亿元。 ⚫ 上半年酒店行业经营略承压,ADR 压力相对更大。我们根据 STR 周 度数据算数平均计算,24H1/24Q1 ...

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 中国铝业(601600.SH/02600.HK) 24Q2 预告归母净利环比增 91%-127%,大超预期 [Table_Summary] (注:下文如无特殊说明,货币单位均为人民币,同比、环比数据均经过回溯调整) 核心观点: 24Q2 公司预告归母净利环比增 91%-127%,大超预期。公司发布业 绩预告,24Q2 公司预计实现归母净利润 42.7-50.7 亿元,同比增长 166%-216%,环比增长 91%-127%。24Q2 业绩环比大幅改善的主因 是:1.电解铝:24Q2 铝价环比小涨,云南电解铝复产,估测公司电解 铝板块盈利环比上升。据 Wind,24Q2 SHEF 铝价均价环涨 8%至 20647 元/吨,Mysteel 测算中国电解铝完全成本均值环升 2%,估测吨 电解铝毛利上升 1186 元/吨。2.氧化铝:24Q2 氧化铝均价环比上涨, 估测公司氧化铝毛利环升。据 Wind,24Q2 全国氧化铝均价 3633 元/ 吨,环比涨 8%,几内亚铝土矿均价环比涨 2%至 72 美元/吨,Mysteel 测算国 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 4.59 CNY and a reasonable value of 5.92 CNY [2]. Core Views - Qilu Bank is deeply rooted in a major economic province, with continuously improving asset quality and a solid provision cushion. Its performance over the past year has significantly outperformed the overall level of listed city commercial banks. With the backdrop of economic provinces taking the lead and favorable policies for the transformation of old and new kinetic energy in Shandong Province, it is expected that credit demand will remain high, leading to accelerated expansion and significant potential for performance release, warranting active investor attention [2][34]. Summary by Sections Company Overview - Qilu Bank is the first city commercial bank in Shandong, with a balanced and diversified shareholding structure and a strong management team focused on the banking system [5]. Regional Advantages - Shandong Province has a large economic scale and relatively low credit debt dependency, with credit growth exceeding the national level. Jinan, as the provincial capital, enjoys multiple policy benefits, particularly from the 15-year strategic planning for the transformation of old and new kinetic energy, which is expected to create sustained credit demand across various sectors [2][34]. Business Highlights - Since 2017, Qilu Bank has strategically focused on county-level finance, enhancing its service quality and contribution from county financial operations. The bank has established financial centers in county branches to improve financial services and has actively supported small and micro enterprises through innovative financing models [2][34]. Performance Analysis - The bank's return on equity (ROE) is superior to that of other city commercial banks in the region, attributed to effective cost control, higher net income from fees and commissions, and a lower cost-to-income ratio. The bank's credit cost is higher than the industry average, but asset quality has improved significantly, indicating potential for future ROE and valuation enhancement [2][34]. Profit Forecast and Investment Recommendation - The forecast for net profit growth for 2024 and 2025 is 10.4% and 11.6%, respectively, with earnings per share (EPS) projected at 0.94 CNY and 1.05 CNY. The current stock price corresponds to a price-to-earnings (PE) ratio of 5.36X and 4.77X for 2024 and 2025, respectively. Given the improving fundamentals and significant performance release potential, a price-to-book (PB) valuation of approximately 0.75X is suggested for 2024, leading to a reasonable value of 5.92 CNY per share [2][34].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.27 CNY for A-shares and 5.48 HKD for H-shares [2][37]. Core Insights - The company has shown steady revenue growth, with a 2023 revenue of 758.7 billion CNY, up 5.1% year-on-year, and a net profit of 238 billion CNY, up 23.6% year-on-year [7][8]. - New contract signings have increased significantly, with a total of 5.073 trillion CNY in new contracts signed in Q1 2024, representing a 10.8% year-on-year growth [8][20]. - The company is focusing on optimizing its investment layout and enhancing its international presence, aiming to become a benchmark for state-owned enterprise reform [1][20]. Summary by Sections Revenue and Performance - The company achieved a net profit of 61.4 billion CNY in Q1 2024, a 10.0% increase year-on-year, with new contracts signed amounting to 507.3 billion CNY, up 10.8% year-on-year [7][8]. - The company’s revenue from overseas projects reached 116.2 billion CNY in 2023, a 17.8% increase year-on-year, accounting for 15.3% of total revenue [20]. Domestic Operations - The company has partnered with Chongqing Water Investment to enhance its capabilities in the water conservancy sector, focusing on investment, design, construction, and operation [10][11]. - The average operating cycle for major asset operation projects has decreased from 21 years to 10 years from 2020 to 2023, improving cash flow from a net outflow of 55.2 billion CNY to a net inflow of 33.5 billion CNY [11][12]. International Operations - The company has signed overseas contracts worth 912 billion CNY in Q1 2024, marking a 9.4% year-on-year increase, with a focus on regions such as the Middle East, Africa, and Southeast Asia [16][20]. - A strategic cooperation agreement was signed with China Water Resources and Hydropower Group for the Chile Rukawi Hydropower Station project, marking the company's first investment in hydropower in Chile [20][24]. State-Owned Enterprise Reform - The company is implementing a stock incentive plan with performance targets set for 2023-2025, aiming for a compound annual growth rate (CAGR) of net profit of at least 8% [22][23]. - The company has successfully spun off its design assets for listing, with the design segment expected to achieve a net profit of 6.2-6.4 billion CNY in H1 2024, a significant increase of 161%-169% year-on-year [24][25]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 257 billion CNY, 277 billion CNY, and 299 billion CNY for 2024, 2025, and 2026, respectively [37]. - The report suggests a valuation of 6.5 times PE for 2024, leading to a target price of 10.27 CNY for A-shares and 5.48 HKD for H-shares, maintaining the "Buy" rating [37].

[Table_Page] 行业专题研究|食品饮料 2024 年 7 月 17 日 证券研究报告 [Table_Title] 现金流专题—乳制品篇 | --- | --- | --- | --- | --- | |---------------|---------------------------|---------|---------------------------|---------------------------------| | | | | | 龙头现金流稳健,股东回报有望提升 | | 分析师: [Tabl | 符蓉 | 分析师: | 高鸿 | | | e_Author] | SAC 执证号:S0260523120002 | | SAC 执证号:S0260522010001 | | | | | | SFC CE.no: BUQ312 | | | | 021-38003552 | | 021-38003690 | | | | furong@gf.com.cn | | gfgaohong@gf.com.cn | | | | | | | | [Table_Summary] 核心观点: ⚫ 乳制品龙头 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 17.8 CNY per share, compared to the current price of 10.25 CNY [4]. Core Views - New contract signing remains stable at a high level, with a total of 37.1 billion CNY in new contracts signed in the first half of 2024, reflecting a year-on-year decrease of 9% from 40.6 billion CNY in the first half of 2023, which had a significant increase of 68% [2]. - The company is strategically transitioning from engineering to high-margin equipment and operation services, with ample long-term development space. The operation service business is expanding into cement and overseas mining services, with a significant increase in new contracts for mining operation services [2]. - The management plans to further increase the dividend payout ratio, aiming for a growth rate of no less than 10% from 2024 to 2026, which would enhance the investment return safety net [2]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be 3.38 billion CNY, 3.89 billion CNY, and 4.46 billion CNY for 2024, 2025, and 2026, respectively [2]. Financial Summary - Revenue is projected to grow from 45.8 billion CNY in 2023 to 52.2 billion CNY in 2024, reflecting a growth rate of 13.9% [3]. - The net profit attributable to shareholders is expected to increase from 2.92 billion CNY in 2023 to 3.38 billion CNY in 2024, with a growth rate of 15.8% [3]. - The company's earnings per share (EPS) is forecasted to rise from 1.10 CNY in 2023 to 1.28 CNY in 2024 [3].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has seen a significant increase in overseas orders, driven by stable growth in capital expenditures from overseas steel enterprises, with a notable increase in new contracts signed in 2023 [4][24] - The overseas low-carbon metallurgy engineering market is projected to have a market space of approximately 258.6 billion yuan from 2024 to 2026, indicating strong future growth potential [7][11] - The company has established a robust international business network, with operations in over 50 countries and a significant presence in the Belt and Road Initiative countries, contributing to a cumulative overseas contract amount of 15.06 billion USD since 2019 [12][24] Summary by Sections Overseas Orders and Market Growth - The company has secured numerous significant contracts in various countries, including Singapore, Indonesia, and Uzbekistan, with total contract amounts reaching billions of yuan [1] - The capital expenditures of major overseas steel companies have shown a stable growth trend from 2021 to 2023, which is expected to continue, further benefiting the company [4][5] Low-Carbon Metallurgy Market - The overseas low-carbon metallurgy engineering market is estimated to grow significantly, with annual investments projected to reach 745 billion yuan in 2024, 856 billion yuan in 2025, and 985 billion yuan in 2026 [8][11] - The company is well-positioned to capitalize on this trend due to its advanced low-carbon metallurgy technologies and ongoing projects [14][46] International Business Network - The company has a well-established international business network, with 14 overseas branches and extensive cooperation with over 50 well-known enterprises globally [12][24] - In 2023, the company signed new contracts worth 10.55 billion yuan, marking a year-on-year growth of 55% [24][25] Strategic Developments - The ongoing debt restructuring with Baowu Group is expected to enhance the company's internationalization and green low-carbon strategies, providing a platform for technological advancements [34][35] - The integration with Baowu Group is anticipated to reduce competition and enhance resource complementarity, further supporting the company's growth in low-carbon metallurgy [39][40]

[Table_Page] 公告点评|通用设备 证券研究报告 [Table_Title] 中集集团(000039.SZ/02039.HK) | --- | --- | |-------------------------|-------------------| | 公司评级 [Table_Invest] | 买入-A/买入-H | | 当前价格 | 8.33 元/6.12 港元 | | 合理价值 | 11.6 元/8.1 港元 | | 前次评级 | 买入/买入 | | 报告日期 | 2024-07-17 | 业绩符合预期,下半年有望加速释放 [Table_Summary] 核心观点: ⚫ 扣非下滑系去年汇兑收益影响,归母体现实际经营利润。公司发布 2024 年中报业绩预告,上半年实现归母净利润 7-9.5 亿元,同比 +76%-138%;扣非归母净利润 5.7-8.5 亿元,同比下滑 42%-13%,主 要系去年上半年有较多的汇兑收益,同时外汇相关的衍生品投资活动 亏损较多,导致扣非基数较高;今年公司外汇套保策略更加灵活,结 合汇率波动积极灵活调整策略降低套保成本。业绩符合预期。 ⚫ 海工+集装箱改善明显,化 ...