2024 年 07 月 24 日 王睿哲 C0062@capital.com.tw 目标价(元/港币) 31/28 公司基本信息 | --- | --- | |---------------------|--------------| | 产业别 | 家用电器 | | A 股价(2024/7/23) | 25.80 | | 上证指数(2024/7/23) | 2915.37 | | 股价 12 个月高/低 | 33/19.86 | | 总发行股数(百万) | 9438.11 | | A 股数(百万) | 6308.55 | | A 市值(亿元) | 1627.61 | | 主要股东 | 香港中央结算 | | | )有限 | | | (24.52%) | | 每股净值(元) | 11.37 | | 股价/账面净值 | 2.27 | | | 一年 | | 股价涨跌(%) | 15.2 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-05-06 | 23.78 | 买进 | 产品组合 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 175 CNY [3][12][13]. Core Insights - The company is expected to achieve a net profit of 2.15 to 2.5 billion CNY for the first half of 2024, representing a year-on-year growth of 250% to 300% [4][13]. - The demand for high-speed products, particularly 800G, is driving significant revenue growth, with Q2 net profit projected between 1.14 to 1.49 billion CNY, reflecting a year-on-year increase of 213% to 310% [4][13]. - The company is a global leader in the optical module sector, with advancements in emerging technologies such as 1.6T and silicon photonics, which are expected to contribute to future revenue growth [5][14]. Summary by Sections Company Overview - The company operates in the communication industry, with a current A-share price of 149.58 CNY as of July 15, 2024, and a market capitalization of approximately 166.89 billion CNY [10][11]. Financial Performance - The company forecasts a net profit of 5.392 billion CNY for 2024, with a year-on-year growth of 148.1%, and an EPS of 4.81 CNY [6][15]. - Revenue projections for 2024 are estimated at 25.707 billion CNY, with a significant increase in operating income expected in the following years [17]. Product and Market Position - The company holds the top position in the global optical module market, as per LightCounting's 2023 rankings, and is advancing in the development of 1.6T optical modules [5][14]. - The product mix includes a significant focus on optical communication transceiver modules, which account for 95% of the product portfolio [11]. Supply Chain and Operational Strategy - The company has expanded its supplier base for VCSEL and is proactively securing procurement needs to enhance supply chain stability [5][14]. - The report indicates that the company is well-positioned to meet the growing demand in the AI sector, which is expected to sustain high revenue growth [4][13].

2024 年 07 月 15 日 顾向君 H70420@capital.com.tw 目标价(元) 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|----------------| | 产业别 | | 休闲服务 | | A 股价(2024/7/12) | | 22.98 | | 上证指数(2024/7/12) | | 2971.30 | | 股价 12 个月高/低 | | 50.37/21.01 | | 总发行股数(百万) | | 1070.04 | | A 股数(百万) | | 914.04 | | A 市值(亿元) | | 210.05 | | 主要股东 | | 上海锦江资本有 | | | 限公司 | (45.05%) | | 每股净值(元) | | 15.28 | | 股价/账面净值 | | 1.50 | | | 三个月 | 一年 | | 股价涨跌(%) | | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2023-12-27 | | 2023-09-01 | | 2023-05- ...

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 . 股价相对大盘走势 2024 年 07 月 15 日 顾向君 H70420@capital.com.tw 目标价(元) 76 公司基本资讯 产业别 休闲服务 A 股价(2024/7/12) 67.75 上证指数(2024/7/12) 2971.30 股价 12 个月高/低 127.22/61.75 总发行股数(百万) 2068.86 A 股数(百万) 1952.48 A 市值(亿元) 1322.80 主要股东 中国旅游集团 有限公司 (50.30%) 每股净值(元) 26.02 股价/账面净值 2.60 一个月 三个月 一年 股价涨跌(%) -2.2 -9.2 -39.9 近期评等 出刊日期 2024-04-09 2024-02-28 2023-01-09 2023-12-27 2023-10-11 2023-07-10 前日收盘 81.87 86.19 75.40 78.85 100.87 109.66 评等 买进 买进 买进 买进 区间操作 区间操作 产品组合 商品贸易 100% 机构 ...

2024 年 07 月 12 日 王睿哲 C0062@capital.com.tw 目标价(元) 66.4 公司基本信息 | --- | --- | |---------------------|--------------| | 產業別 | 医药生物 | | A 股价(2024/7/11) | 56.32 | | 深证成指(2024/7/11) | 8870.36 | | 股價 12 個月高/低 | 71.05/43.39 | | 總發行股數(百萬) | 643.98 | | A 股數(百萬) | 643.98 | | A 市值(億元) | 362.69 | | 主要股東 | 华润东阿阿胶 | | | 有限公司 | | | (23.50%) | | 每股淨值(元) | 15.30 | | 股價/賬面淨值 | 3.68 | | | 一年 | | 股价涨跌(%) | | 近期评等 | --- | --- | --- | |-------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024/03/022 | 58.99 | 买进 | | 2024/01/02 ...

2024 年 7 月 12 日 朱吉翔 C0044@capital.com.tw 目标价 370 元 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 电子 | | A 股价(2024/7/11) | 313.27 | | 深证成指(2024/7/11) | 8870.36 | | 股价 12 个月高/低 | 336.96/212.9 | | 总发行股数(百万) | 531.02 | | A 股数(百万) | 530.56 | | A 市值(亿元) | 1662.08 | | 主要股东 | 北京七星华电 | | | 科技集团有限 | | | 责任公司 | | | (33.56%) | | 每股净值(元) | 47.41 | | 股价/账面净值 | 6.61 | | | 三个月 一年 | | 股价涨跌(%) | -4.3 1.1 7.1 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4][5]. Core Insights - The company is expected to achieve a net profit of RMB 6.5-7.3 billion for the first half of 2024, representing a year-over-year increase of 377%-436%. The adjusted net profit is projected to be RMB 5-6 billion, with a year-over-year growth of 567%-700% [4][5]. - The company is accelerating its product introduction in overseas markets, with significant growth in sales expected due to an expanding sales network and increased market share [4]. - The company is also focusing on smart transformation, launching new intelligent driving systems and collaborating with Huawei for advancements in smart cockpit technology [4][5]. Financial Performance - The company reported a 7.8% year-over-year increase in vehicle sales for the first half of 2024, with total sales reaching 559,700 units. Export sales saw a remarkable growth of 63% during the same period [5]. - The Tank brand has shown exceptional performance, with sales increasing by 99% year-over-year, making it the top-selling SUV in the off-road vehicle segment [5]. - The projected net profits for 2024, 2025, and 2026 are RMB 12.6 billion, RMB 15.5 billion, and RMB 18.6 billion, respectively, with year-over-year growth rates of 79%, 23%, and 20% [6][10]. Valuation Metrics - The current price-to-earnings (P/E) ratios for A-shares are projected to be 18, 14, and 12 for 2024, 2025, and 2026, respectively. For H-shares, the P/E ratios are expected to be 7.6, 6.1, and 5.1 for the same years [4][6]. - The earnings per share (EPS) estimates for the next three years are RMB 1.47, RMB 1.81, and RMB 2.18, reflecting strong growth potential [6][10].

m 2024 年 07 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 26.5 公司基本资讯 | | | |---------------------|--------| | 产业别 | | | A 股价(2024/7/10) | | | 上证指数(2024/7/10) | | | 股价 12 个月高/低 | | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | 股价/账面净值 | | | | 一个月 | | 股价涨跌(%) | | 近期评等 | | | | |----------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | -- | -- | -- | 产品组合 | | | |----------|-------| | 高压板块 | 55.6% | | 配网板块 | 26.3% | | 运维服务 | 10.6% | | | | |------------------|--------| | 机构投资者占流通 ...

2024 年 07 月 10 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 公司基本资讯 | | | | |--------------------|--------|----------------| | 产业别 | | 化工 | | A 股价(2024/7/9) | | 19.82 | | 上证指数(2024/7/9) | | 2959.37 | | 股价 12 个月高/低 | | 22/13.44 | | 总发行股数(百万) | | 1834.33 | | A 股数(百万) | | 1834.33 | | A 市值(亿元) | | 363.56 | | 主要股东 | | 云天化集团有 | | | | 限责任公司 | | | | (38.12%) | | 每股净值(元) | | 10.04 | | 股价/账面净值 | | 1.97 | | | 一个月 | 一年 | | 股价涨跌(%) | | -3.3 -0.8 22.4 | 近期评等 | | | | |------------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | 2024. ...

Investment Rating - The report assigns a "Strong Buy" rating with a potential upside of at least 35% [6]. Core Views - The Internet of Things (IoT) industry is showing significant recovery, with the inventory destocking phase over and global downstream demand gradually recovering, particularly in automotive and AIoT scenarios. The company, as a leading IoT module provider, is expected to benefit significantly from this recovery [4]. - The company's net profit forecasts for 2024-2026 are projected at 598 million, 721 million, and 878 million RMB, representing year-over-year growth rates of +560%, +20%, and +22% respectively. The earnings per share (EPS) are expected to be 2.26, 2.72, and 3.2 RMB, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 13 [5][17]. - The company has secured significant overseas orders in the automotive sector, which are expected to enhance performance starting in 2026, with total sales estimated between 742 million and 1.309 billion USD over the project's lifecycle [10]. Summary by Sections Company Overview - The company operates in the telecommunications sector, with a current A-share price of 44.26 RMB and a market capitalization of 11.71 billion RMB. The stock has seen a 12-month high of 63.39 RMB and a low of 29.71 RMB [1]. Financial Performance - In Q2, the company achieved a record revenue of 4.284 billion RMB, a 27% year-over-year increase, and a net profit of approximately 145 million RMB, reflecting a 640% increase year-over-year and a 165% increase quarter-over-quarter. The net profit margin improved to 3.4%, up 2.8 percentage points year-over-year [9]. Market Trends - The global IoT module shipment volume declined by 2% in 2023 due to reduced demand, but is expected to recover in the second half of 2024 as inventory levels normalize and demand from sectors like smart meters, POS systems, and automotive increases. A significant market growth is anticipated by 2025 with the application of 5G technologies [4]. Product Portfolio - The company's product mix is heavily weighted towards wireless communication modules, accounting for 98.67% of its offerings, with the remaining 1.33% from other products [1]. Future Outlook - The company is well-positioned to leverage advancements in AIoT technology, with ongoing developments in edge computing and AI applications, which are expected to drive new growth opportunities [16].