+3bp、-5bp。本期票据利率波动不大，1M 票据利率有所回落，预计 9 月信贷投放同比仍偏弱，环比 7、8 月有所改善。 [Table_Contacts] [Table_Page] 跟踪分析|银行 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.79 CNY per share, compared to the current price of 2.09 CNY per share [4][8]. Core Insights - The company's main apparel business shows stable revenue growth, with a slight year-on-year decrease of 1.3% in revenue to 1.08 billion CNY in H1 2024. The net profit attributable to shareholders decreased by 5.8% to 40 million CNY. The men's clothing segment demonstrated resilience, achieving a revenue increase of 3.0% to 790 million CNY in H1 2024 [1][3]. - The gross margin continues to improve, increasing by 3.8 percentage points year-on-year, attributed to a rise in offline channel gross margin and a higher proportion of direct sales revenue [1][3]. - The company is focusing on upgrading its men's clothing brand towards a high-end positioning, with plans for share buybacks and stock purchases by major shareholders to bolster confidence in long-term development [1][3]. Financial Summary - Revenue for 2024 is projected to reach 2.54 billion CNY, with a growth rate of 9.0%, followed by 2.75 billion CNY in 2025 and 2.97 billion CNY in 2026, with growth rates of 8.4% and 8.1% respectively [6][8]. - The earnings per share (EPS) for 2024-2026 is expected to be 0.03 CNY per share for each year [1][8]. - The company’s EBITDA is forecasted to grow from 303 million CNY in 2024 to 437 million CNY in 2026 [3][6]. Revenue Breakdown - The revenue from the men's clothing segment is expected to grow from 1.30 billion CNY in 2024 to 2.04 billion CNY in 2026, while the OEM clothing sales revenue is projected to increase from 741 million CNY in 2024 to 617 million CNY in 2026 [6][8]. Valuation Metrics - The report uses a discounted cash flow (DCF) valuation method, estimating the company's fair value at 2.79 CNY per share, with a projected enterprise value of 7.585 billion CNY [9][8]. - The report highlights a significant improvement in the company's return on equity (ROE), expected to rise from 1.0% in 2023 to 2.5% in 2026 [3][12]. Market Performance - The company's stock has underperformed relative to the market, with a decline of 32% compared to the CSI 300 index over the past year [5].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.85 CNY per share [2] Core Views - The company is a leader in China's tractor industry with a dominant market share and is in the early stages of international expansion [2] - The company's net profit margin has steadily increased from 2.2% in 2019 to 8.6% in 2023 due to management reforms and cost control [2] - The company has a competitive advantage in product quality, brand recognition, and distribution channels, with 100% self-production capability for core tractor components [2] - Domestic demand for tractors has stabilized, with growth driven by the increasing proportion of high-horsepower tractors [2] - The company's overseas revenue reached 985 million CNY in 2023, a 38.54% YoY increase, with significant growth potential in non-US markets [2] Financial Performance - Revenue is expected to grow from 12.78 billion CNY in 2024E to 16.21 billion CNY in 2026E, with a CAGR of 12.2% [4] - Net profit is forecasted to increase from 1.17 billion CNY in 2024E to 1.53 billion CNY in 2026E, with a CAGR of 12.4% [4] - The company's ROE is expected to remain stable at around 14.8% from 2024E to 2026E [4] Domestic Market Analysis - China's tractor market is stable, with annual production around 550,000 units, and demand is shifting towards high-horsepower models [2][53] - The company holds a 25% market share in China, ranking first in the 140-200 horsepower segment [2] - The company benefits from policy support, including subsidies for high-horsepower and advanced transmission tractors [62] International Expansion - The company's overseas revenue grew 38.54% YoY in 2023, reaching 985 million CNY, with a focus on Asia, Africa, and Latin America [2] - The global tractor market outside North America, Europe, and China is estimated at 47.9 billion USD, offering significant growth potential [2] - The company's YTO brand has gained recognition in overseas markets, with products tailored to local conditions [44] Competitive Advantages - The company has a strong R&D capability, with a 4% R&D expense ratio, leading to advanced technologies such as continuously variable transmission (CVT) tractors [22][32] - The company's distribution network covers all 31 provinces in China, with a focus on county-level markets, providing a competitive edge over international brands [48] - The company's self-production of core components allows for better cost control and higher profitability compared to competitors [28]

[Table_Page] 跟踪分析|计算机 证券研究报告 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|------------------ ...

请注意，符蓉,郝宇新并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table_Contacts] [Table_Title] 东鹏饮料（605499.SH） 如何理解高成长性和高估值？ [Table_Summary] 核心观点： ⚫ 高速增长的内因：战略鉴定，战术高效。从产品端来看，东鹏特饮以 高性价比和更懂消费者的包装把握市场需求，品牌与产品相辅相成， 第二曲线产品接棒贡献营收高增；从管理层来看，创始人高瞻远瞩， 经营效率持续提升；从渠道端来看，近年渠道持续快速扩张兑现增长 潜力，同时公司招商与单商营收提升交替推进，未来应重点关注区域 单商营收提升对整体收入增长的拉动作用，数字化亦赋能公司管理。 ⚫ 高速增长的外因：从行业发展角度来看，消费习惯与消费人群扩容贡 献能量饮料增长，能量饮料有望承担更多中国人的提神需求。从品类 定位角度来看，中国能量饮料产品是"特定场景下的必选消费品"，而 非海外市场的"饮料&可选消费品"；从竞争格局角度来看，红牛争议 悬而未决，东鹏相对优势显著。 ⚫ 展望未来，如何看待东鹏饮料增长的未来空间？以广东区域为模板从 人口和总量等 6 种视角测算东鹏特 ...

单超季节性融入，关注降准 角度来看，国债收益率明显低于存款挂牌利率时，降息窗口可能再次来 临，同时新一轮存款挂牌利率下调也有望开启。 [Table_Contacts] 投放较 7、8 月投放有所增加。 [Table_Page] 跟踪分析|银行 | --- | --- | --- | --- | |---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Grade] 行业评级 买入 前次评级 买入 美国开启降息周期，或打开房贷利率下行空间 报告日期 2024-09-20 [Table_Title] 房地产行业 [Table_Summary] 核心观点： ⚫ 美联储超预期降息 50bp，开启新一轮降息周期。24 年 9 月 18 日，美 联储宣布将基准利率目标范围下调 50bp，降至 4.75%-5.00%，50bp 的降息较为超预期。本次降息代表 22 年 3 月开启的加息周期的结束， 22 年 3 月至 23 年 7 月美联储 11 次加息，累计加息幅度达 525bp，截 至 24 年 8 月有效联邦基金利率 5.33%，处于 02 年以来的历史高位。 ⚫ 美联储降息部分缓解中美息差压力，或打开我国房贷利率下行空间。 我国经历过三轮幅度较大的降息周期，分别为 08 年 9 月-08 年 12 月、 14 年 7 月-15 年 12 月、21 年 10 月至今。 ⚫ 08 年周期对应美国降息周期，07 年 9 月美国率先开始降息，拉开中美 息差，打开我国降息空间，在美国 08 年 10 月两次降息、12 月一次降 息的推动下，我国首套房贷利率 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the overseas market share of domestic forklifts has significantly increased from 14.73% in 2019 to 29.61% in 2023, driven by the advantages of lithium battery technology and shorter delivery times [8][9] - The report emphasizes that the domestic lithium battery forklifts are expected to achieve a competitive edge globally, with a projected export scale of 229 billion, 259 billion, and 292 billion CNY from 2024 to 2026 [2][8] - The report identifies that the market share of electric forklifts in Europe and the Americas is expected to rise, with the domestic market share for 1+2 class forklifts in Europe reaching 16.58% in 2023, indicating significant growth potential [21][30] Summary by Sections Section 1: Overseas Market Share and Competitive Landscape - The report discusses the competitive landscape across different regions, noting that the market share of domestic forklifts in Asia reached 86.67% in 2023, with a shift in growth momentum towards 1+2 class forklifts [17][19] - In Europe, the market share of domestic forklifts has increased from 16.18% in 2020 to 25.27% in 2023, benefiting from the higher electric forklift adoption rate [21][22] - The Americas show a lower market share for domestic forklifts at 25.68% in 2023, with a competitive landscape characterized by a "one strong, many strong" dynamic [27][28] Section 2: Lithium Battery Forklift Competitiveness - The report outlines that domestic lithium battery forklifts benefit from a mature supply chain, leading to a cost advantage of over 1,000 USD compared to overseas products [2][9] - It highlights that the cost of lithium batteries constitutes about 24% of the total cost of lithium forklifts, and the decline in lithium prices is expected to further enhance cost competitiveness [2][9] - The report notes that the maintenance requirements for lithium battery forklifts are lower, mitigating previous disadvantages in after-sales service for domestic brands [2][9] Section 3: Future Market Potential - The report forecasts that the export scale of domestic forklifts is expected to reach 229 billion CNY in 2024, with leading companies like Anhui Heli and Hangcha Group positioned to benefit from international market expansion [2][8] - It emphasizes that the growth in market share for 1+2 class forklifts will be driven by the ongoing lithium battery adoption, particularly in regions with high electric forklift penetration [21][30] - The report concludes that the competitive landscape will continue to evolve, with domestic brands expected to gain further market share through enhanced product performance and cost advantages [2][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.00 CNY per share, based on a 20x PE valuation for 2024 [1][3] Core Views - The company is a leading luggage manufacturer with a strong position in the B2B segment and is expanding into the apparel OEM business, which is expected to drive future growth [1] - The B2B business, including luggage and apparel fabric manufacturing, is expected to maintain steady growth, with the apparel segment offering significant growth potential [1] - The B2C business, particularly the self-owned brand "90 Points," is expanding overseas, and the partnership with Xiaomi is expected to open new growth opportunities, especially with the launch of Xiaomi's car in 2024 [1] Financial Projections - Revenue is projected to grow from 4.298 billion CNY in 2024 to 6.698 billion CNY in 2026, with a CAGR of 35.3% from 2024 to 2025 [2] - Net profit is expected to increase from 372 million CNY in 2024 to 514 million CNY in 2026, with a significant growth rate of 221.7% in 2024 [2] - EPS is forecasted to rise from 1.55 CNY in 2024 to 2.14 CNY in 2026 [2] Business Segments B2B Business - The luggage segment is expected to grow steadily, with the company increasing its market share among existing clients such as Dell, HP, and Asus [1] - The apparel and fabric segment, bolstered by the acquisition of Shanghai Jiale, is expected to become a second growth curve, with new clients like Adidas, Puma, and MUJI [1][20] - The company's global production base, particularly in Indonesia, provides cost advantages and flexibility in meeting client demands [77][80] B2C Business - The self-owned brand "90 Points" is expanding overseas and innovating in materials and functionality, while the partnership with Xiaomi is expected to drive growth, especially with the launch of Xiaomi's car in 2024 [1][10] - The domestic luggage market is highly fragmented, offering significant growth potential for the company to increase its market share [13][97] Industry Analysis - The global luggage market is expected to grow, with China's market projected to reach 25.28 billion USD by 2028, driven by increasing travel demand [97] - The apparel and fabric manufacturing industry is significantly larger than the luggage industry, providing substantial growth opportunities for the company [92] Competitive Advantages - The company has a strong client base, including leading brands like Nike, Dell, and Xiaomi, and a global production network that enhances its supply chain efficiency [76][77] - The acquisition of Shanghai Jiale has expanded the company's capabilities into the apparel and fabric manufacturing sector, offering vertical integration and cost advantages [20][92] - The company's focus on innovation and design has resulted in multiple awards, enhancing its brand recognition and product appeal [101][102]

[Table_Contacts] [Table_Title] 洽洽食品（002557.SZ） 新推股权激励，激发组织活力 [Table_Summary] 核心观点： ⚫ 事件：公司推出 2024 年股票期权激励计划草案。公司拟向 29 名核心 高管及骨干授予 478 万份股票期权，其中首次授予 418 万份股票期权， 预留 60 万份股票期权。行权价格（含预留）为 19.97 元/份。 ⚫ 激励目标：收入利润双考核，打造员工企业利益共同体。（1）公司层 面：参考激励计划增速目标，触发值 Am-2024/2025/2026 年公司主营 收入目标为 75.4/85.7/97.5 亿元，同比+10.8%/+13.6%/+13.8%；扣非 归母净利润目标 8.6/10.2/12.1 亿元，同比+21.6%/+18.5%/+18.6%； 扣非净利率 11.4%/11.9%/12.4%。目标值 An-2024/2025/2026 年公司 主营收入目标为 76.2/87.7/100.8 亿元，同比+12.0%/+15.0%/+15.0%; 扣非归母净利润 8.8/10.6/12.7 亿元，同比+24.0%/+20.2%/+ ...