Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The report highlights that the retail sector, particularly supermarkets, is under pressure due to channel fragmentation, deflationary environments, and declining consumer spending. However, leading companies like Yonghui Supermarket still possess advantages in fresh supply chains. The report suggests monitoring same-store trends and profit recovery potential through cost reduction and efficiency improvements, as these could signal a turning point in operations [8][10]. Summary by Sections Investment Information - The report indicates a cash acquisition of 6.27 billion yuan for a 29.4% stake in Yonghui Supermarket by Jun Cai International, a wholly-owned subsidiary of Miniso. The transfer price is set at 2.35 yuan per share, representing a 3.1% premium over the previous closing price [6][7]. Financial Performance - For 2023, the projected revenue is 78.642 billion yuan, with a year-on-year decline of 12.7%. The net profit is expected to be -1.329 billion yuan, improving significantly in subsequent years with projections of 0.91 billion yuan in 2024, 3.56 billion yuan in 2025, and 8.12 billion yuan in 2026, reflecting growth rates of 106.9%, 290.8%, and 128.1% respectively [9][10][12]. Operational Changes - Yonghui has opened three modified stores in Zhengzhou, achieving significant sales increases post-renovation. The first store reported sales of 58.35 million yuan in July, which is 13.9 times higher than before the changes. The report emphasizes the integration of supply chain reforms and employee incentives to enhance service efficiency and customer experience [7][8]. Valuation - The report maintains the price-to-sales (PS) valuation method, suggesting a reasonable market value range of 29 billion to 36.3 billion yuan for Yonghui, with a target price of 3.20 to 4.00 yuan per share based on a PS ratio of 0.4-0.5 for 2024 [10][12].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights a continuous demand in the industry, with inverter exports in August showing a year-on-year increase of 24.9% and a month-on-month increase of 9.5%, amounting to 860 million USD [1] - Cumulative inverter export value for the year is 5.66 billion USD, reflecting a year-on-year decrease of 25.6% [1] - The report notes significant recovery in Germany's inverter exports, with a month-on-month increase of 15.9% [1] Summary by Relevant Sections Inverter Exports - August inverter export value reached 860 million USD, with a year-on-year increase of 24.9% and a month-on-month increase of 9.5% [1] - Cumulative inverter export quantity for the year is 35.75 million units, showing a year-on-year decrease of 3.2% [1] - Germany's inverter export value in August was 610 million USD, with a month-on-month increase of 15.9% [1] Regional Performance - In the Americas, Mexico's exports doubled month-on-month, while the US export value was 220 million USD, reflecting a year-on-year increase of 63.6% [1] - In Asia-Pacific, the Philippines showed significant month-on-month growth, while Indonesia and Vietnam remained stable [1] - Emerging markets are performing steadily, with continuous demand noted [1] Provincial Performance - Significant month-on-month growth in inverter exports was observed in Anhui and Zhejiang provinces, with Zhejiang's export quantity increasing by 53% [1] - The report identifies key companies in these regions, including DeYe, YN, and HeMai in Zhejiang, and GuoDeWei and ShangNeng in Guangdong [1]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights five major policy supports for the real estate sector aimed at ensuring stable market development [1] - Key policies include lowering existing mortgage rates, unifying the minimum down payment ratio, extending the duration of financial policies, optimizing affordable housing refinancing policies, and supporting the acquisition of land from real estate companies [1][2] Summary by Relevant Sections Policy Changes - The People's Bank of China has canceled the lower limit on mortgage rates, leading to a significant reduction in existing mortgage rates, expected to decrease by approximately 0.5 percentage points [1][2] - The minimum down payment ratio for first-time homebuyers has been unified to 15%, with second-home buyers set at 25% [1][2] - The duration of two financial policy documents has been extended to the end of 2026 to continue promoting a stable and healthy real estate market [1][2] Financial Support - A new affordable housing refinancing policy has been established with a fund of 300 billion yuan, increasing the proportion of central bank funding from 60% to 100% [1][2] - Policies have been introduced to support the acquisition of existing land from real estate companies, alleviating financial pressure on these companies [1][2] Investment Recommendations - The report suggests maintaining an "Outperform the Market" rating, indicating optimism for quality blue-chip companies within the industry [1] - Specific companies highlighted for potential investment include Vanke A, Poly Developments, and China Overseas Development among others [1]

[Table_MainInfo]行业研究/环保 证券研究报告 行业周报 2024 年 09 月 24 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |-------------------------------------------------------------------|--------------| | | | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《碳市场扩容在即，完善绿电、 接》 2024.09.18 | CCER 衔 | | 《碳市场持续扩容，碳价有望再提升》 2024.09.11 | | | 《绿证体系进一步完善， 发展》 2024.09.09 | 促进绿色金融 | 分析师:戴元灿 Tel:(021)23185629 Email:dyc10422@haitong.com 证书:S0850517070007 联系人:杨寅琛 Tel:(021)23188562 Email:yyc15266@haitong.com 完善碳排放核算体 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company is a leading producer of pearlescent pigments in China, with a comprehensive product range that includes over 2000 varieties across high, medium, and low-end categories, serving various industries such as coatings, automotive paints, cosmetics, aerospace, and more [2][3] - The company has successfully integrated the acquisition of CQV and is in the process of acquiring Merck's surface solutions business for €665 million, which is expected to enhance its market position and customer-centric strategy [3] - The company has commercialized synthetic mica-based fire-resistant materials for new energy batteries, marking a significant breakthrough in its R&D efforts [3] - Profit forecasts indicate a net profit of 304 million, 440 million, and 551 million RMB for 2024, 2025, and 2026 respectively, with a projected PE valuation of 20-22 times for 2024 [3][4] Financial Performance - The company reported total revenue of 910 million RMB in 2022, with a projected increase to 1056 million RMB in 2024, reflecting a year-on-year growth of 16% [4][5] - The gross profit margin is expected to stabilize around 48% to 49.5% from 2024 to 2026 [6][8] - The company's net profit margin is projected to improve from 17.19% in 2023 to 27.76% by 2026 [8] Market Position and Competitors - The company has established a global marketing network, exporting products to over 100 countries and regions [2] - Comparatively, the company's valuation metrics are competitive against peers in the industry, with a projected PE ratio that aligns with market averages [7]

Investment Rating - The report maintains an "Outperform" rating for the banking industry, recommending companies such as Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank [4][5][12]. Core Viewpoints - The report anticipates that as interest margins stabilize, the revenue growth of banks is expected to gradually stabilize, with profit growth likely to maintain its current level. Non-performing loan ratios are expected to remain low, and the provision coverage ratio is expected to stay high [4][5]. - The report highlights that the central bank's August social financing data shows a stable M2 growth rate, with a year-on-year increase of 8.1% in August, reflecting overall market liquidity stability [4][5]. - The September Loan Prime Rate (LPR) remained unchanged, with the one-year LPR at 3.35% and the five-year LPR at 3.85%, indicating potential for future adjustments based on economic trends [4][5]. Summary by Sections Recent Performance Review - From September 13 to September 20, the banking sector rose by 1.79%, outperforming the CSI 300 by 0.46 percentage points. Among different types of banks, state-owned banks increased by 1.92%, joint-stock banks by 1.65%, city commercial banks by 2.05%, and rural commercial banks by 1.83% [5][7]. - Individual stock performance showed Shanghai Rural Commercial Bank leading with a 4.26% increase, followed closely by Ningbo Bank at 4.23% and Qilu Bank at 3.86% [5][9]. Valuation Situation - As of September 20, the banking sector's projected price-to-book (PB) ratio for 2024E is 0.55 times, with state-owned banks at 0.57 times, joint-stock banks at 0.53 times, city commercial banks at 0.47 times, and rural commercial banks also at 0.47 times [12][15]. Market Interest Rate Review - On September 19, the yields on AAA-rated and AA-rated 3-month interbank certificates of deposit remained stable compared to the previous week, indicating a steady interest rate environment [16].

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 今世缘（603369）公司信息点评 2024 年 09 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 23 日收盘价（元） ] | 38.27 | | 52 周股价波动（元） | 35.35-62.00 | | 总股本 / 流通 A 股（百万股） | 1255/1255 | | 总市值 / 流通市值（百万元） | 48010/48010 | | 相关研究 | | | [Table_ReportInfo] 《 增 长 势 能 延 续 ， 迈 入 后 百 亿 时 代 》 | | | 2024.08.19 | | | 《增长势能持续，省外表现亮眼》 | | | 《开系焕新升级提价，春节旺销表现亮眼》 | | | 2024.03.02 市场表现 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's Q2 2024 profit showed significant improvement compared to Q1, with a 124 72% quarter-on-quarter increase in net profit attributable to the parent company [4] - The company's average customer price for health check-ups in H1 2024 was 653 yuan, showing a stable upward trend [4] - The company is focusing on medical quality and service improvement, aiming to enhance customer satisfaction, repurchase rates, and average customer prices [4] - The company is expected to enter a new growth phase through both internal and external expansion [4] Financial Performance and Forecast - H1 2024 revenue was 4 205 billion yuan (-5 33% YoY), with a net loss of 216 million yuan attributable to the parent company [4] - Q2 2024 revenue was 2 404 billion yuan (+2 96% YoY), with a net profit of 71 million yuan attributable to the parent company [4] - Revenue forecasts for 2024-2026 are 11 432 billion yuan, 13 001 billion yuan, and 14 536 billion yuan, with YoY growth rates of 4 9%, 13 7%, and 11 8% respectively [4] - Net profit forecasts for 2024-2026 are 602 million yuan, 848 million yuan, and 1 116 billion yuan, with YoY growth rates of 19 0%, 40 9%, and 31 7% respectively [4] - EPS forecasts for 2024-2026 are 0 15 yuan, 0 22 yuan, and 0 29 yuan respectively [4] Market Performance - The stock price on September 23 was 3 38 yuan, with a 52-week range of 3 22-6 92 yuan [1] - The total market capitalization is 13 23 billion yuan, with a circulating market capitalization of 13 089 billion yuan [1] - The stock's absolute performance over the past 1M, 2M, and 3M was 1 5%, -2 0%, and -14 0% respectively [2] Industry Comparison - The average PE ratio for comparable companies in 2024 is 29x, with a range of 22-33x [7] - The company's 2024 PE ratio is estimated at 29 15x, with a target price range of 4 61-5 38 yuan [4] Financial Ratios and Metrics - The company's gross margin is expected to be 39 6% in 2024, increasing to 41 5% by 2026 [5] - ROE is forecasted to improve from 7 2% in 2024 to 10 9% in 2026 [5] - The company's debt-to-asset ratio is expected to decrease from 55 5% in 2024 to 52 2% in 2026 [8] Operational Highlights - Group clients accounted for 67% of revenue, while individual clients accounted for 33% in H1 2024 [4] - The company is building a refined health management system, focusing on medical quality and key discipline construction [4]

证券研究报告 （优于大市，维持） 通信行业24H1综述： 经营显著加速增长，持仓仍聚焦高弹性AI、高分红运营商 余伟民（通信行业首席分析师） SAC号码：S0850517090006 杨彤昕（通信行业分析师） SAC号码：S0850522030004 2024年9月24日 目录 1. 整体经营加速，Q2更为突出 | --- | --- | --- | |-------|--------------------|----------------------------------------------| | | | | | 2. | 市场普遍有所复苏， | 产业链继续领衔增长 | | 3. | 2024Q2 | 通信板块基金持仓增幅进一步扩大 | | | | | | 4. | 2024Q2 | 通信板块重点个股基金持仓情况， AI 集中度提升 | 5. 投资建议 2 请务必阅读正文之后的信息披露和法律声明 2024H1行业整体经营加速增长，盈利表现优于营收 3 2024H1行业整体经营加速增长，盈利表现优于营收。以海通通信行业91家公司作为样本（下同），2024H1，通信行业实现营业 收入1.62万亿，同比+ ...

[Table_MainInfo]行业研究/食品 证券研究报告 行业周报 2024 年 09 月 24 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -33.44% -25.78% -18.12% -10.45% -2.79% 4.87% 2023/9 2023/12 2024/3 2024/6 食品 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月 CPI 当月同比+0.6%》2024.09.18 《7 月消费者信心指数同比-0.46%》 2024.09.11 《需求承压，结构有所分化》2024.09.19 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 分析师:程碧升 Tel:(021)23185685 Email:cbs10969@haitong.com 证书:S0850520100001 分析师:张宇轩 Tel:(021)23154172 Email:zyx116 ...