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].

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 ...