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 . 其 d 阿 2024 年 9 月 3 日 朱吉翔 C0044@capitalcom.tw 目标价(元) 65 | --- | --- | --- | --- | |------------------------|--------|--------|----------------| | 公司基本资讯 | | | | | 产业别 | | | 电子 | | A 股价 (2024/9/2) | | | 49.95 | | 上证指数 (2024/9/2) | | | 2811.04 | | 股价 12 个月高 /低 | | | 66.88/41.96 | | 总发行股数(百万 ) | | | 1142.54 | | A 股数(百万) | | | 1142.54 | | A 市值(亿元 ) | | | 570.70 | | 主要股东 | | | 香港中央结算 | | | | | 有限公司 | | | | | (07.63%) | | 每股净值(元 ) | | | 8.91 | | 股价/账面净值 ...

Investment Rating - The report assigns a "Buy" rating for the company [2][3]. Core Insights - The company reported a significant increase in profitability, with a net profit of 4.4 billion RMB for H1 2024, representing a year-over-year growth of 100.2% [3]. - The company achieved a revenue of 215.7 billion RMB in H1 2024, up 13.0% year-over-year, driven by a 32.5% increase in express delivery volume [3]. - The gross margin improved to 6.0% in H1 2024, an increase of 1.1 percentage points year-over-year, due to cost reduction strategies and operational efficiency [3]. - The company is expected to maintain strong growth in delivery volume in the second half of 2024, with daily capacity projected to exceed 75 million parcels [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 8.21 billion RMB, with year-over-year growth rates of 141% [5]. - The earnings per share (EPS) for 2024 is estimated at 0.54 RMB, with a corresponding price-to-earnings (P/E) ratio of 17 times [5]. - The company’s revenue is forecasted to grow from 336.71 billion RMB in 2022 to 622.47 billion RMB in 2026 [7].

m 2024 年 8 月 29 日 沈嘉婕 H70455@capital.com.tw 目标价(元/港元) 275RMB/258HKD 比亚迪(002594.SZ/01211.HK) Buy 买进 公司上半年业绩较快增长，插电混销量高增，建议"买进" 结论与建议： 公司发布 2024 年半年报，实现营业收入 3011.3 亿元，YOY+15.8%,录得 净利润 136.3 亿，YOY+24.4%（扣非后净利润 123.2 亿元,YOY+27%），折合 EPS 为 4.68 元，公司业绩符合预期。 公司在 20 万以下市场具备强大的市场竞争力，通过新一代电混技术和积 极的定价策略，我们认为公司今年能够更多地抢占燃油车市场份额。并且随 着高阶智驾功能逐步补齐，公司高端品牌销量有望提升。此外，公司全球化 进程加速，正在加快渠道建设和海外基地建设，2024 年出口有望继续翻倍增 长。我们预计公司 2024/2025/2026 年净利润分别为 366/435/508 亿元，YOY 分别为+22%/+19%/+17%；EPS 分别为 12.6/14.9/17.5 元，目前 A 股股价对应 2024/2025/2026 年 ...

阿 2024 年 08 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 133 公司基本资讯 | --- | --- | --- | --- | |---------------------|----------|--------|--------------| | 产业别 | | | 食品饮料 | | A 股价(2024/8/28) | | | 114.00 | | 深证成指(2024/8/28) | | | 8078.82 | | 股价 12 个月高/低 | | | | | 总发行股数(百万) | | | 3881.61 | | A 股数(百万) | | | 3881.53 | | A 市值(亿元) | | | 4424.94 | | 主要股东 | | | 宜宾发展控股 | | | | | 集团有限公司 | | | | | (34.43%) | | 每股净值(元) | | | 33.62 | | 股价/账面净值 | | | 3.39 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | | 近期评等 | | | | | 出刊日期 | 前日收盘 | ...

圆通速递 (600233.SH) 买进（Buy） 2024 年 08 月 28 日 赵旭东 H70556@capital.com.tw 目标价(元) 18 上半年收入增长两成，竞争格局优于同业 结论与建议： ◼ 公司业绩：公司发布2024年半年报，2024H1实现营收325.6亿元， YOY+20.6%；录得归母净利润19.9亿元，YOY+6.8%；扣非后净利润19.0亿 元，YOY+6.3%，符合预期。 其中，2Q单季度公司实现营收171.4亿元，YOY+21.7%；录得归母净利润 10.4亿元，YOY+9.4%；扣非后净利润9.9亿元，YOY+9.3%。 ◼ 上半年公司件量增速快于行业，带动收入增长近两成。2024 年上半年公 司快递业务完成量达 122.0 亿件，同比增长 24.8%，超出行业平均增速 1.7pcts。得益于业务规模增长，公司快递业务实现营业收入 292.2 亿元， 同比增长 19.8%，实现归母净利润 21.0 亿元，同比增长 13.5%。其他业 务方面，公司货代业务、航空业务分别实现收入 19.8、7.7 亿元，YOY 分别增长 37.4%、24.9%，主要系公司提供的跨国货运业务量 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 38 RMB [1]. Core Views - The report highlights that the company is experiencing a high growth rate in the diabetes care segment despite a high base effect impacting overall growth [1]. - The company achieved a revenue of 4.31 billion RMB in H1 2024, a year-over-year decrease of 13.5%, with a net profit of 1.12 billion RMB, down 25.0% year-over-year [1]. - The report anticipates a recovery in performance starting from Q4 2024 as the high base effect from the previous year diminishes [1]. Financial Summary - For H1 2024, the company recorded a revenue of 4.31 billion RMB, with a net profit of 1.12 billion RMB, and a net profit attributable to the parent company of 960 million RMB, down 23.2% year-over-year [1]. - The Q2 2024 revenue was 2.08 billion RMB, a decrease of 8.8% year-over-year, with a net profit of 460 million RMB, down 41% year-over-year [1]. - The report projects net profits of 2.21 billion RMB, 2.48 billion RMB, and 2.81 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of -7.7%, +12.5%, and +13.0% [2][4]. Segment Performance - The diabetes care segment achieved a revenue of 560 million RMB, growing 55.0% year-over-year, driven by product innovation and market expansion [1]. - The respiratory treatment solutions segment saw a revenue of 1.1 billion RMB, up 34.7% year-over-year, while the rehabilitation and clinical equipment segment generated 730 million RMB, a 3.1% increase year-over-year [1]. - The report notes that the company’s overseas sales are growing rapidly, with a year-over-year increase of 30.2% in H1 2024 [1]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the projected years are 14 times for 2024, 12.85 times for 2025, and 11 times for 2026, indicating a reasonable valuation [2][4]. - The report suggests that the company maintains a strong brand value and is expected to benefit from new product launches and market expansion in the long term [1].

| --- | --- | --- | --- | --- | |-------------------------------------|---------------|----------------------|--------------------------------------------------------------------|--------------------------| | | | | | | | 2024 年 08 月 28 日 王睿哲 | | | 海尔智家(600690.SH/6690.HK) Buy | 买进 | | C0062@capital.com.tw目标价(元/港币) | | 31/28 | 24H1 净利 YOY+16%,符合预期 | | | 公司基本资讯 | | | 结论及建议： | | | 产业别 A 股价(2024/8/27) | | 家用电器24.08 | ◼ 公司业绩：公司24H1实现营收1356.2亿元，YOY+3.0% | ，录得归母净利润 | | 上证指数(2024/8/27) | | 2848.73 | 104.2亿元,YOY+16.3 ...

2024 年 8 月 28 日 朱吉翔 C0044@capital.com.tw 目标价 360 元 公司基本资讯 | --- | --- | --- | |---------------------|----------|--------------| | 产业别 | | 电子 | | A 股价(2024/8/27) | | 300.64 | | 深证成指(2024/8/27) | | 8103.76 | | 股价 12 个月高/低 | | 359.1/212.9 | | 总发行股数(百万) | | 531.02 | | A 股数(百万) | | 530.56 | | A 市值(亿元) | | 1595.07 | | 主要股东 | | 北京七星华电 | | | | 科技集团有限 | | | | 责任公司 | | | | (33.55%) | | 每股净值(元) | | 50.91 | | 股价/账面净值 | | 5.91 | | | 一个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | 290.00 | 买进 ...

Investment Rating - The report assigns a "BUY" rating for the company Perlay (603605.SH) with a target price of 100 CNY [1]. Core Insights - The company achieved impressive operating results in H1 2024, with revenue of 5 billion CNY, a year-on-year increase of 38%, and a net profit of 700 million CNY, reflecting a year-on-year growth of 40.5% [1]. - The report highlights strong growth across various brands, with the main brand Perlay generating revenue of 3.98 billion CNY, up 37.8% year-on-year, and the makeup brand Caitang achieving revenue of 580 million CNY, up 40.6% year-on-year [1]. - The company is expected to maintain high-quality growth throughout the year, supported by its "6*N" strategy and enhanced brand influence [1]. Financial Summary - For H1 2024, the company reported a gross margin of 69.82%, a slight decrease of 0.69 percentage points year-on-year, primarily due to the impact of promotional activities [1]. - The report projects net profits for 2024, 2025, and 2026 to be 1.55 billion CNY, 1.93 billion CNY, and 2.37 billion CNY, respectively, with year-on-year growth rates of 29.6%, 24.7%, and 22.7% [2]. - The earnings per share (EPS) are forecasted to be 3.90 CNY, 4.86 CNY, and 5.97 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 22x, 17x, and 14x [2].

C o m p a n y U p d a t e m 2024 年 08 月 27 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 汽车 | | A 股价(2024/8/26) | | 21.13 | | 上证指数(2024/8/26) | | 2855.52 | | 股价 12 个月高/低 | | 28.47/11.42 | | 总发行股数(百万) | | 2213.94 | | A 股数(百万) | | 2213.94 | | A 市值(亿元) | | 467.81 | | 主要股东 | | 郑州宇通集团 | | | | 有限公司 | | | | (37.70%) | | 每股净值(元) | | 5.51 | | 股价/账面净值 | | 3.84 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | --- | --- | |-----------|------- ...