、 补库需求释放，煤价稳中探涨 煤炭 证券研究报告/行业周报 2024 年 9 月 15 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|----------------------------------|--------------------------------------------------------|-------------|----------------------------------|------------------|-------------|-----------|--------------------|----------------------|---------------------------------------------------------------------------------------- ...

员工持股计划锁定更高营收目标，有望助推公司经营业绩释放 华夏航空（002928.SZ）/航空 证券研究报告/公司点评 2024 年 9 月 15 日 | --- | |--------------------| | | | | | | | 评级：买入（维持） | | | | 元 | | | | S0740522040001 | | | Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 Email：lidy@zts.com.cn | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|--------------------|-------|-------|-------|-------| | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,643 | 5,151 | 7,790 | 9,095 ...

交运/航空机场 证券研究报告/行业周报 2024 年 09 月 14 日 Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 电话： Email：lidy@zts.com.cn | --- | --- | |----------------|----------------| | | | | 执业证书编号： | S0740522040001 | | 电话： | | | --- | --- | |-----------------------|---------| | | | | 上市公司数 | 13 | | 行业总市值 (百万元) | 566,937 | | 行业流通市值(百万元 ) | 443,112 | [Table_QuotePic] 行业-市场走势对比 1,500.00 1,550.00 1,600.00 1,650.00 1,700.00 1,750.00 1,800.00 1,850.00 1,900.00 23-0923-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-08 航空机场指数 ...

行业名称 银行 证券研究报告/行业点评报告 2024 年 09 月 14 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------------------------------|---------------|-----------|----------------|---------|---------------------|-------|------------|-------|-----------|-------|-------| | [Table_Main] 评级：增持（ 维持 ） \n分析师 戴志锋 \n执业证书编号： S0740517030004 | [Table_Finance] 重点公司基本状况 \n简称 | \n股价 \n(元) | \n2023A | EPS \ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company reported a revenue of 1.41 billion yuan for H1 2024, representing a year-on-year increase of 4.0%. However, the net profit attributable to the parent company decreased by 24.6% to 160 million yuan [2][4]. - The operational performance is stable, with revenue and total profit showing positive growth, although net profit was impacted by increased tax expenses due to policy changes [4][5]. - The company has a solid foundation in educational materials, with its publishing business generating 520 million yuan in revenue and a gross margin of 42.3% in H1 2024 [4][5]. - The company is actively innovating in new educational formats, including AI and VR applications, enhancing its digital product offerings [4][5]. - Cost control measures have led to a decrease in overall expense ratios, with sales, management, and R&D expense ratios showing slight variations [4][5]. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.969 billion yuan, 3.281 billion yuan, and 3.634 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.29%, 10.50%, and 10.76% [1][6]. - The net profit attributable to the parent company is projected to be 326 million yuan, 376 million yuan, and 423 million yuan for the same years, with a notable decline of 20.09% in 2024 followed by recoveries in subsequent years [1][6]. - The current market valuation corresponds to P/E ratios of 13.1x, 11.3x, and 10.1x for the years 2024, 2025, and 2026, respectively [1][6].

、 二手房成交改善，新政支持"摩羯"灾后重建 -行业研究周报 房地产 证券研究报告/行业研究周报 2024 年 9 月 14 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|------------------------|-------------------------------|---------------|--------|----------|-------------|-------|----------|--------------|-------|-------|-------| | [T 评 ab 级 le_ ： M 增 ain 持 ] （维持） \n分析师：由子沛 \n执业证书编号： S0740523020005 | [Table_Finance] \n简称 | 重点公司基本状况 | ...

投资要点 市场在何种情况下才会出现明显触底反弹？ 证券研究报告/策略周刊 2024 年 9 月 14 日 [Table_Industry] [Table_Title] 分析师：徐驰 执业证书编号：S0740519080003 Email:xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email:zhangwy01@zts.com.cn [Table_Report] 相关报告 ◼ 二、投资建议 今年下半年在总量政策定力与金融强监管大方向下，整体依然要以稳健为主基 调。 当前时间点，建议投资者重点关注，有"新质生产力"属性的公用事业细分：核 电、电信运营商等，以"攻守兼备"。 ◼ 一、市场在何种情况下才会出现明显触底反弹？ 本周 A 股再度走弱主要受经济数据持续低预期以及政策定力超预期影响。9 月初公 布 PMI 数据环比走弱，而本周一公布的 CPI 与 PPI 同比依然低于预期，再度反映 了我国经济内需不足的现状，引发市场对于我国经济修复走弱的担忧。复盘历史 经验我们发现，历史中市场悲观预期的反转或牛市的形成大多需要经济基本面好 转，或者经济基本面预期的强力扭转作 ...

社融见底了吗？——8 月金融数据点评 证券研究报告/固定收益点评 2024 年 9 月 13 日 | --- | --- | |------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 18.53 yuan [1]. Core Insights - The company plans to spin off its subsidiary, Goer Micro, for a listing on the Hong Kong Stock Exchange, focusing on resource synergy development [4]. - Goer Micro is a leading player in MEMS sensors and micro-system modules in China, with significant revenue contributions from its MEMS acoustic sensors [4]. - The demand for AI-driven acoustic devices is expected to boost both volume and price for MEMS sensors, particularly with the introduction of advanced products like the MEMS microphone in Apple's iPhone 16 [4]. - The miniaturization trend in AR/MR devices is anticipated to drive growth in micro-system modules, with Goer Micro positioned to benefit from this trend [4]. - The spin-off is expected to enhance Goer Micro's development and profitability, which will, in turn, benefit the parent company, Goer Holdings [5]. - The projected net profit for Goer Holdings from 2024 to 2026 is estimated at 25 billion, 35 billion, and 45 billion yuan, corresponding to PE ratios of 25, 18, and 14 times [5]. Financial Summary - Revenue for 2022 was 104.894 billion yuan, with a projected decline to 98.574 billion yuan in 2023, followed by a slight recovery to 98.771 billion yuan in 2024 [1]. - Net profit is expected to rebound significantly from 1.088 billion yuan in 2023 to 2.509 billion yuan in 2024, reflecting a growth rate of 131% [1]. - The company's return on equity (ROE) is projected to improve from 3% in 2023 to 8% in 2024 [1]. - The company’s total assets are expected to grow from 73.744 billion yuan in 2023 to 99.987 billion yuan by 2026 [6].

Investment Rating - The report maintains a "Buy" rating for BYD [1]. Core Views - The report focuses on BYD's high-end strategy, emphasizing the importance of high-end attributes, successful product design, and market timing for achieving high-end brand status [5][14]. - The anticipated launch of the Tengshi N9 in Q4 2024 is expected to catalyze sales growth and enhance brand perception [7][9]. - The report predicts significant revenue growth for BYD, estimating revenues of 803.92 billion yuan in 2024, 956.01 billion yuan in 2025, and 1,137.01 billion yuan in 2026, with corresponding net profits of 37.54 billion yuan, 47.63 billion yuan, and 54.41 billion yuan respectively [2][6][9]. Summary by Sections Company Overview - BYD holds the largest market share in the domestic passenger car market, with a focus on high-end, export, and intelligent vehicle segments [5]. High-End Market Analysis - The report discusses the current high-end vehicle market dynamics, noting that traditional high-end brands are using price reductions to maintain market share, while the penetration of new energy vehicles (NEVs) varies significantly across price segments [6][12]. High-End Strategy - BYD's high-end strategy is characterized by clear brand positioning, with Tengshi focusing on volume and Yangwang enhancing brand prestige [7][16]. - The report identifies a gap in market perception regarding BYD's high-end capabilities, attributing it to a lack of sufficient high-end product offerings rather than a deficiency in capability [7][19]. Financial Projections - The report provides detailed financial forecasts, projecting a revenue increase of 34% in 2024, followed by 19% growth in the subsequent years, alongside a net profit growth of 25% and 27% in 2024 and 2025 respectively [2][9][24]. Competitive Analysis - The report compares BYD's strategy to that of Toyota's Lexus, highlighting the importance of high-end attributes and competitive pricing in establishing a successful high-end brand [26][39]. Conclusion - The report concludes that BYD's high-end strategy, supported by technological advancements and a focus on both profitability and volume, positions the company well for future growth in the high-end vehicle market [24][25].