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社会服务行业周观点:五一出行需求旺盛,出境游与县域旅游备受青睐
Wanlian Securities· 2024-05-07 01:30
[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 五一出行需求旺盛,出境游与县域旅游备受 强于大市 研 (维持) 究 青睐 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.29-05.05) 2024年05月06日 [行Ta业ble核_S心um观m点ar:y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周(4月29日-5月5日)沪深300指数上涨0.56%、申万社会服务 指数上涨 0.49%,社会服务指数跑输沪深 300 指数 0.07 个百分点,在 社会服务 沪深300 10% 申万 31 个一级行业指数涨跌幅排第 23。年初至今沪深 300 指数上涨 5% 0% 行 5.05%、申万社会服务指数下跌9.45%,申万社会指数跑输沪深 300指 -5% -10% 数14.5个百分点,在申万31个一级子行业中涨跌幅排名第25。上周社 业 -15% -20% 会服务子板块中旅游及景区、专业服务出现下跌,分别为-1.67%、- 周 -25% -30% ...
政治局会议点评:政策推动加量提质,聚焦当下重点问题
Wanlian Securities· 2024-05-07 01:00
Economic Outlook - The current economic recovery in China is primarily restorative, with insufficient internal momentum and demand challenges[3] - By December 2023, the economy is expected to show a rebound, with a focus on qualitative improvements and reasonable quantitative growth[3] Policy Direction - The policy focus is on stabilizing and expanding demand to support ongoing economic recovery[3] - Active fiscal policies are to be enhanced for effectiveness, with an emphasis on timely issuance of special bonds and maintaining necessary fiscal spending intensity[3] Monetary Policy - A prudent monetary policy is expected to remain flexible and effective, with potential for interest rate cuts and reserve requirement ratio adjustments[3] - The issuance of long-term special bonds is anticipated in Q2 2024, which may enhance coordination with monetary policy[10] Real Estate Sector - Policies will continue to address real estate risks, promoting a new development model while ensuring housing supply meets demand[10] - The focus will be on local policies to support housing needs and stabilize the market[10] Investment Recommendations - The stock market may benefit from ongoing policy support, with attention to liquidity and price indicators such as M1 and PPI[3] - The bond market may face pressure in the long term as the economy stabilizes, despite short-term rate declines[3] Risk Factors - Potential risks include policy implementation falling short of expectations and external economic conditions adversely affecting exports[12]
食品饮料行业周观点:业绩披露完毕,飞天茅台批价回升
Wanlian Securities· 2024-05-07 00:00
[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 业绩披露完毕,飞天茅台批价回升 (维持) 究 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(04.29-05.05) 2024年05月06日 [行Ta业ble核_S心um观m点ar:y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周食品饮料板块上涨0.65%,于申万31个子行业中位列第22。上周 食品饮料 沪深300 (2024年4月29日-2024年5月5日),沪深300指数上涨0.56%,申 5% 万食品饮料指数上涨 0.65%,跑赢沪深 300 指数 0.09 个百分点,在申 0% 行 万31个一级子行业中排名第22。年初至今沪深300指数上涨5.05%, -5% 业 申万食品饮料指数下跌 0.10%,跑输沪深 300 指数 5.15 个百分点,在 -10% -15% 周 申万31个一级子行业中排名第11。上周食品饮料子板块多数上涨,其 -20% 观 中预加工食品(+7.30%) ...
电子行业周观点:AI存储需求高景气,晶圆大厂切入先进封装赛道
Wanlian Securities· 2024-05-07 00:00
[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 AI 存储需求高景气,晶圆大厂切入先进封 强于大市 研 (维持) 究 装赛道 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.29-05.05) 2024年05月06日 [行Ta业ble核_S心um观m点ar:y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年4月29日至5月5日期间,沪深300指数上涨0.56%,申万电子指 电子 沪深300 数上涨 1.91%,在 31 个申万一级行业中排第 10,跑赢沪深 300 指数 1.35 15% 10% 个百分点。把握终端复苏和AI产业链加速建设的催化下,AIPC、AI手机、 5% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 0% -5% 业 -10% 投资要点: -15% 周 -20% 观 产业动态:(1)科技创新:4 月 30 日中共中央政治局召开会议,会议分 -25% -30% 点 析研究当前经济形势和经济工作,审议《关于持 ...
2024Q1业绩点评报告:产品销量承压,盈利能力提升
Wanlian Securities· 2024-05-06 13:00
Investment Rating - The investment rating for Qingdao Beer is maintained at "Add" [1][8]. Core Views - In Q1 2024, the company experienced a decline in revenue due to pressure on product sales, but net profit increased. The revenue for Q1 2024 was 10.15 billion yuan, down 5.19% year-on-year, while the net profit attributable to shareholders was 1.597 billion yuan, up 10.06% year-on-year [2]. - The gross margin and net margin both improved, with the gross margin at 40.44%, up 2.12 percentage points year-on-year, and the net margin at 15.99%, up 2.23 percentage points year-on-year. This improvement is attributed to a decrease in raw material costs and an ongoing optimization of the product mix [2]. - The company is expected to benefit from a recovery in on-premise consumption and a decrease in raw material costs, indicating potential for profit improvement in the short term. As a leading domestic beer brand, Qingdao Beer has significant brand value and is accelerating its expansion into the high-end market, which is expected to drive price increases in the future [2][3]. Summary by Sections Financial Performance - In Q1 2024, beer sales volume decreased by 7.58% year-on-year to 2.184 million kiloliters, with the main brand's sales down 5.64% to 1.322 million kiloliters. The sales of mid-to-high-end products decreased by 2.44% to 960,000 kiloliters, while other brands saw a decline of 10.40% to 862,000 kiloliters [2]. - The company forecasts revenue for 2024 to be 36.38 billion yuan, with a growth rate of 7.20%. The net profit attributable to shareholders is projected to be 4.991 billion yuan, reflecting a growth rate of 16.95% [3][6]. Profitability Metrics - The sales expense ratio, management expense ratio, and R&D expense ratio for Q1 2024 were 12.83%, 3.40%, and 0.18%, respectively, showing a decrease in sales expenses and a slight increase in management and R&D expenses [2]. - The earnings per share (EPS) for 2024 is expected to be 3.66 yuan, with corresponding price-to-earnings (PE) ratios of 22, 20, and 18 for the years 2024, 2025, and 2026, respectively [3][6].
点评报告:业绩显著修复,部署垂类营销AI大模型构建数智化优势
Wanlian Securities· 2024-05-06 13:00
[Table_RightTitle] 证券研究报告|传媒 公 [Table_Title] [Table_StockRank] 司 业绩显著修复,部署垂类营销 AI 大模型构 增持 研 (维持) 究 建数智化优势 [Table_StockName] [Table_ReportDate] ——分众传媒(002027)点评报告 2024年05月06日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 公司发布2023年年度报告及2024年一季报,2023年实现营收119.04 总股本(百万股) 14,442.20 亿元(YoY+26.30%);归母净利润48.27亿元(YoY+73.02%);扣非归母 流通A股(百万股) 14,442.20 净利润43.74亿元(YoY+82.68%)。2024年第一季度实现营收27.30亿 收盘价(元) 6.50 公 元(YoY+6.02%);归母净利润10.40亿元(YoY+10.50%);扣非归母净 总市值(亿元) 938.74 司 利润9.45亿元(YoY+18.17%)。 流通A股市值(亿元) 938.74 点 [个Ta股ble相 ...
4月PMI数据点评:制造业生产仍强,政策有望逐步发力
Wanlian Securities· 2024-05-06 05:30
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万联证券万联晨会
Wanlian Securities· 2024-05-06 02:01
[Table_Title] 万联晨会 [Table_Summary] 概览 证 券 研 究 报 告 晨会纪要 市场研究 3335 【市场回顾】 五一节前最后一个交易日,A 股三大指数集体收跌。截至收盘,沪指 跌 0.26%,深成指跌 0.90%,创业板指跌 1.55%。沪深两市成交额 10302 亿元,北向资金净卖出 86.17 亿元。行业方面,家用电器、煤炭、公 用事业行业领涨;建筑装饰、电力设备、社会服务行业领跌。概念板 块方面,合成生物、燃料乙醇、阿尔茨海默概念领涨;低空经济、通 用航空、飞行汽车概念领跌。五一期间港股连续上涨,海外市场中美 股表现相对偏强。其中,上周五恒生指数涨 1.48%,恒生科技指数涨 2.74%;道指涨 1.18%,标普 500 指数涨 1.26%,纳指涨 1.99%;欧洲 及亚太股市涨跌不一。 | --- | --- | --- | |---------------------------------------------------------|----------|---------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 收盘 ...
2024Q1业绩点评报告:创新渠道表现亮眼,盈利能力有所提升
Wanlian Securities· 2024-04-30 13:00
证券研究报告|食品饮料 投资要点: | --- | --- | --- | --- | --- | |------------------------|---------|---------|---------|---------| | [Table_ForecastSample] | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 3499.10 | 4083.46 | 4732.66 | 5492.27 | | 增长比率 ( % ) | 20.22 | 16.70 | 15.90 | 16.05 | | 归母净利润(百万元 ) | 73.03 | 251.79 | 291.32 | 337.96 | | 增长比率 ( % ) | -49.21 | 244.79 | 15.70 | 16.01 | | 每股收益(元 ) | 0.43 | 1.49 | 1.72 | 2.00 | | 市盈率(倍 ) | 84.52 | 24.51 | 21.19 | 18.26 | | 市净率(倍) | 2.50 | 2.39 | 2.22 | 2.04 | | --- | -- ...
点评报告:持续聚焦核心城市,保持销售龙头地位
Wanlian Securities· 2024-04-30 13:00
[Table_RightTitle] 证券研究报告|房地产 公 [Table_Title] [Table_StockRank] 司 买入 研 持续聚焦核心城市,保持销售龙头地位 (维持) 究 [Table_StockName] [Table_ReportDate] ——保利发展(600048)点评报告 2024年04月30日 [事Ta件bl:e4_S月um30m日ary,] 公司披露了 2024 年一季报,公司实现营业收入 497.48 [基Ta础ble数_B据ase Data] 亿元,同比上升24.41%,公司实现归母净利润22.24亿元,同比下降18.28%。 总股本(百万股) 11,970.44 点评: 流通A股(百万股) 11,970.44 受项目结转毛利率下降及权益比例下降等因素影响公司 24Q1 利润端仍下 收盘价(元) 9.28 公 降,但新开工面积有所恢复:(1)公司24Q1竣工面积保持正增长,新开工 总市值(亿元) 1,110.86 司 面积大幅提升,公司 24Q1 竣工面积实现 542 万平,同比增长 5%,推动公 流通A股市值(亿元) 1,110.86 点 司结算收入实现稳定增长。24Q ...