Investment Rating - The report maintains a "Buy" rating for the company Jinhe Industrial (002597.SZ) [2] Core Views - The company has issued a price increase notice for its main sweetener product, sucralose, indicating an improving supply-demand situation in the market [2] - The report highlights that the sweetener prices have been recovering after a prolonged downturn, with multiple price increase notices issued recently [2][3] - The company is positioned as a leader in the sweetener industry, with a leading production capacity for sucralose [2] Summary by Relevant Sections Company Basic Information - On September 23, the company announced a price increase for sucralose, raising the price from 150,000 RMB/ton to 200,000 RMB/ton [2] - The stock price as of September 23, 2024, was 27 RMB, with a market capitalization of 12.767 billion RMB [2] Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 686 million RMB, 848 million RMB, and 1.023 billion RMB respectively, with year-on-year growth rates of -2.63%, 23.66%, and 20.66% [3] - Earnings per share (EPS) are forecasted at 1.20 RMB, 1.49 RMB, and 1.79 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 18.73, 15.15, and 12.55 [3] Market Outlook - The report indicates that the sweetener industry is experiencing a recovery, with improved confidence among producers and a reduction in inventory levels [2] - The company has also increased prices for its other core product, acesulfame K, which is expected to follow a similar upward trend as sucralose [2] - The report notes that the company’s second phase project in Dingyuan is progressing steadily, which is anticipated to enhance revenue performance in the future [2]

Investment Rating - The report assigns a "BUY" rating for the company [5][8]. Core Views - The company is expected to benefit from new product launches and government subsidy policies, leading to improved sales in September [5]. - The collaboration with Huawei in intelligent driving and expansion into overseas markets is anticipated to accelerate the company's transformation and market reach [5]. - The company's net profit forecasts for 2024, 2025, and 2026 are projected to be 81 billion, 97 billion, and 117 billion RMB respectively, with corresponding EPS of 0.82, 0.98, and 1.18 RMB [5][6]. Company Overview - The company operates in the automotive industry, with a current stock price of 12.48 RMB as of September 25, 2024, and a market capitalization of approximately 1024.91 billion RMB [1]. - The company has a total of 9917.29 million shares outstanding, with major shareholders including China Changan Automobile Group Co., Ltd. holding 17.98% [1][3]. Sales Performance - In August, the company sold 187,000 vehicles, a year-over-year decrease of 10.6%, but a month-over-month increase of 9.7% [6]. - The sales of the company's self-owned new energy vehicles reached 48,800 units in August, representing a year-over-year increase of 21.5% [6]. - The company’s cumulative sales from January to August totaled 1.692 million vehicles, with a year-over-year increase of 3.6% [6]. Product Development - The company has been actively launching new models, including the Deep Blue L07 and the upcoming Deep Blue S05, enhancing its new energy product matrix [5]. - The Deep Blue brand achieved sales of 20,131 units in August, reflecting a month-over-month increase of 20% [5][6]. - The Avita brand is set to launch its third product, Avita 07, which is expected to be priced around 250,000 RMB [5]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are expected to grow at rates of 7%, 20%, and 21% respectively, after excluding the impact of Deep Blue's consolidation in 2023 [5][6]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 15.3, 12.8, and 10.6 respectively [5][6].

Investment Rating - The report assigns a "BUY" rating for Great Wall Motors (601633.SH/02333.HK) with a target price of 30 RMB / 15 HKD [2][3]. Core Insights - The company is accelerating its production capacity in the ASEAN region, with the recent launch of its KD factory in Indonesia and plans to establish a CKD factory in collaboration with Vietnam's Thanh An Group, expected to commence production in 2025 [3][5]. - The company is enhancing its product introduction in overseas markets, which is anticipated to lead to continued rapid growth in overseas sales as the sales network improves and local market penetration increases [3]. - The introduction of the Blue Mountain Intelligent Driving version has significantly boosted sales, achieving a weekly sales average of nearly 1,600 units, leading in its class [3]. - The company is expected to maintain robust profitability, with projected net profits of 13.7 billion, 15.7 billion, and 17.9 billion RMB for 2024, 2025, and 2026, respectively, reflecting year-over-year growth of 95%, 15%, and 14% [3][5]. Summary by Sections Production Capacity and Market Expansion - The company has established a full-process vehicle manufacturing plant in Thailand and KD factories in Indonesia, Malaysia, and Vietnam, benefiting from local policies supporting the manufacturing and consumption of new energy vehicles [5]. - The company has signed a memorandum of cooperation with EPMB in Malaysia for its first CKD project in the ASEAN region, with production expected this year [5]. Sales Performance - In August, the company sold 94,000 vehicles, a year-over-year decrease of 17.2%, primarily due to high sales in the same month last year [5]. - Export sales in August surpassed 40,000 vehicles, marking a year-over-year increase of 31.6%, with significant sales growth in Russia, Australia, South Africa, and Chile [5]. Financial Projections - The company’s net profit for 2024, 2025, and 2026 is projected at 13.7 billion, 15.7 billion, and 17.9 billion RMB, with corresponding EPS of 1.6, 1.84, and 2.09 RMB [3][7]. - The current stock price corresponds to a P/E ratio of 15, 13, and 12 for A-shares and 7, 6.1, and 5.4 for H-shares for the years 2024, 2025, and 2026, respectively [3][7].

Investment Rating - The report assigns a "BUY" rating for Great Wall Motors (601633.SH/02333.HK) with a target price of 30 RMB / 15 HKD [6][7]. Core Insights - Great Wall Motors is accelerating its production capacity in the ASEAN region, with the recent launch of its KD factory in Indonesia and plans to establish a CKD factory in collaboration with Vietnam's Thanh An Group, expected to commence production in 2025 [7][9]. - The company is enhancing its product introduction in overseas markets, which is anticipated to drive significant growth in overseas sales as the sales network expands and local market penetration increases [7]. - The launch of the Blue Mountain Intelligent Driving version has led to a notable increase in sales, with weekly sales reaching nearly 1,600 units, leading in its class [7]. - The company is also advancing its smart transformation, with the release of a new generation intelligent cockpit system and a development cooperation agreement with Huawei [7]. - The profitability of the company remains robust, with projected net profits of 13.7 billion, 15.7 billion, and 17.9 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-over-year growth of 95%, 15%, and 14% [7][11]. Summary by Sections Production and Sales - The company has established a full-process vehicle manufacturing plant in Thailand and KD factories in Indonesia, Malaysia, and Vietnam, benefiting from local policies supporting the manufacturing and consumption of new energy vehicles [9]. - In August, the company sold 94,000 vehicles, a year-over-year decrease of 17.2%, but export sales surged by 31.6%, with significant growth in markets like Russia [9]. Financial Projections - The report forecasts net profits of 13.7 billion RMB for 2024, 15.7 billion RMB for 2025, and 17.9 billion RMB for 2026, with corresponding EPS of 1.6, 1.84, and 2.09 RMB [11]. - The current stock price corresponds to a P/E ratio of 15, 13, and 12 for A-shares and 7, 6.1, and 5.4 for H-shares for the years 2024, 2025, and 2026 respectively [7][11].

2024 年 09 月 24 日 赵旭东 H70556@capital.com.tw 目标价(元) 14.7 | --- | --- | --- | --- | |-----------------------|------------|----------------|-------------| | | | | | | | | | | | 公司基本信息 | | | | | 产业别 | | | 轻工制造 | | A 股价(2024/9/23) | | | 12.90 | | 深证成指 (2024/9/23) | | | 8435.70 | | 股价 12 个月高/低 | | | 16.22/11.13 | | 总发行股数 (百万) | | | 2794.57 | | A 股数(百万 ) | | | 2777.23 | | A 市值(亿元 ) | | | 358.26 | | 主要股东 | | 山东太阳控股集 | | | | | | 团有限公司 | | | | | (44.73%) | | 每股净值(元 ) | | | 9.98 | | | | | | | 股价 / 账面净值 | | | 1.29 | | | ...

公司基本资讯 产业别 食品饮料 A 股价(2024/9/23) 118.67 深证成指(2024/9/23) 2748.92 股价 12 个月高/低 152.85/97.21 总发行股数(百万) 236.72 A 股数(百万) 169.97 A 市值(亿元) 201.71 主要股东 清控创业投资 有限公司 (28.19%) 每股净值(元) 24.84 股价/账面净值 4.78 一个月 三个月 一年 股价涨跌(%) -6.4 -2.2 -4.2 2024 年 9 月 24 日 朱吉翔 C0044@capital.com.tw 目标价 150 元 近期评等 出刊日期 前日收盘 评等 产品组合 半导体设备 91% 配套材料及服务 9% 机构投资者占流通 A 股比例 基金 一般法人 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 华海清科 (688120.SH) BUY 买进 减薄设备业务持续突破，国产设备需求旺盛 结论与建议： 公司近日宣布首台减薄贴膜一体机 GM300 已经完成国内头部封测企业验 证，标志着公司减薄设备产 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40 RMB per share [3][4]. Core Insights - The company has secured a significant IDC project, marking a substantial milestone in its IDC business, which is expected to grow significantly due to increasing demand driven by AI [4]. - The company's revenue and net profit have shown positive growth, with a year-on-year revenue increase of 18.8% and a net profit increase of 14.56% in the first half of the year [4]. - The company is increasing its investment in high-tech research and development, planning to invest 540 million RMB in a smart manufacturing R&D center [5]. - The company is well-positioned in the IDC sector, with multiple data center projects planned across various regions, indicating strong future growth potential [5]. Summary by Sections Company Overview - The company operates in the computer industry, with a current A-share price of 28.85 RMB and a market capitalization of 61.195 billion RMB [1]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, with the latest rating issued on May 31, 2024, at a price of 32.0 RMB [2]. Product Portfolio - The company's product mix consists of 72.18% software development, 27.03% service outsourcing, and 0.72% system integration equipment [2]. Financial Performance - In the first half of the year, the company reported a revenue of 6.743 billion RMB and a net profit of 1.331 billion RMB, with a gross margin of 36.13% [4]. - The company expects net profits to grow significantly over the next three years, with projections of 3.088 billion RMB in 2024, 4.052 billion RMB in 2025, and 5.155 billion RMB in 2026 [6]. Future Outlook - The company is focusing on expanding its IDC business and enhancing its technological capabilities, which are expected to drive future growth [5].

C o m p a n y U p d a t e 公司基本资讯 产业别 化工 A 股价(2024/9/19) 16.58 上证指数(2024/9/19) 2736.02 股价 12 个月高/低 25.98/13.74 总发行股数(百万) 2699.75 A 股数(百万) 2699.75 A 市值(亿元) 447.62 主要股东 巨化集团有限 公司(52.70%) 每股净值(元) 6.17 股价/账面净值 2.69 一个月 三个月 一年 股价涨跌(%) -4.9 -31.3 7.5 近期评等 出刊日期 前日收盘 评等 2024.1.30 15.89 区间操作 2024.03.15 19.21 买进 产品组合 制冷剂 35.4% 其他 19.0% 石化材料 16.5% 基础化工产品及 其它 14.6% 机构投资者占流通 A 股比例 基金 0.8% 一般法人 60.3% 2024 年 09 月 20 日 费倩然 H70507@capital.com.tw 目标价(元) 22 C h i n a R e s e a r c h D e p t . 巨化股份(600160.SH) Buy 买进 二代份额削减，看好制冷 ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|-------------------|-------------|-------------------------------------------------------|------------------------------------------------------------------------| | | | | | | | | | | | | | | | 阿 2024 年 09 月 13 日 顾向君 | | | | 泸州老窖 (000568.SZ) TRADING BUY | 区间操作 | | H70420@capitalcom.tw 目标价(元 ) | | | 11 0 | Q2 控量蓄力， H1 平稳收官 | | | 公司基本资讯 | | | | 结论与建议： | ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [5]. Core Insights - The company reported H1 2024 revenue of 22.75 billion RMB, a year-on-year increase of 19.6%, and a net profit of 8.41 billion RMB, up 24.3% year-on-year. Q2 revenue was 7.4 billion RMB, with a 17% year-on-year increase, and net profit of 2.15 billion RMB, reflecting a 10% year-on-year growth [3][4]. - The company is focusing on enhancing its mid-to-high-end product offerings, with significant contributions from the Lao Bai Fen and Panama series, while other liquor categories saw a revenue increase of 27.4% year-on-year [3][4]. - The company plans to strengthen channel management and marketing team effectiveness in H2 2024, with expectations for continued strong performance from mid-tier products [4]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a current A-share price of 154.15 RMB as of September 12, 2024, and a market capitalization of 188.06 billion RMB [1][2]. Financial Performance - H1 2024 revenue and net profit growth were driven by strong performance in mid-to-high-end liquor categories, with a gross margin of 76.69%, up 0.39 percentage points year-on-year [3][4]. - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 12.77 billion RMB, 14.90 billion RMB, and 16.80 billion RMB, respectively, with corresponding EPS of 10.45 RMB, 12.22 RMB, and 13.77 RMB [4][6]. Market Position - The company has a significant market presence, with 14.1% of A-shares held by funds and 72.1% by general corporations, indicating strong institutional support [2].