证券研究报告 2024年8月12日 〖中泰电子〗AI全视角 - 科技大厂财报专题 | 高通&MTK&Intel 24Q2季报点评：云端AI发展 赋能增长夯力 分析师： 壬芳 S0740521120002 杨旭 S0740521120001 拳雪峰 S0740522080004 中泰证券研究所 专业 | 领先 | 深度 | 诚信 1 高通24Q2业绩概览 | --- | --- | --- | --- | |-------------------------|-------|-------|------------| | | | | FY24Q3 | | 半位： 亿美元 | 美际 | yoy | qoq | | 音收 | 94 | +11% | +0% | | –QCT | 81 | +12% | +1% | | 手机 | 59 | +12% | -5% | | loT | 14 | -8% | +9% | | 汽车 | 8 | +87% | +34% | | -QTL | 13 | +3% | -3% | | -QSI | 0.02 | -78% | -33% | | 净利润（GAAP） | 21.29 | ...

[Table_Industry] 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：安永超 执业证书编号：S0740522090002 Email：anyc@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn [Table_Profit] 基本状况 行业流通市值(亿元) 21,798.44 上市公司数 131 行业总市值(亿元) 24,627.94 行业-市场走势对比 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 公司持有该股票比例 [Table_Report] 图表：国内锡社会库存（吨） 锡锭：库存：中国（周） 0 5000 10000 15000 20000 25000 2021-122022-032022-062022-09202 ...

行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 131 | | 行业总市值(亿元) | 24,627.94 | | 行业流通市值(亿元) | 21,798.44 | -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 来源：wind、中泰证券研究 ...

Industry Investment Rating - The report maintains an **Overweight** rating for the industry [1] Core Views - The snack industry is characterized by a **"large industry, small companies"** structure, with a market size of **471.8 billion yuan** in 2024, growing at a 5-year CAGR of **1.2%** and a 10-year CAGR of **2.9%** [10] - **Flavored snacks** account for **57%** of the market, with a 5-year CAGR of **2%** and a 10-year CAGR of **3%** [10] - The industry is highly fragmented, with a **CR5 of 16.5%** in China, significantly lower than Japan (**28.8%**) and the US (**48.5%**) [11] - **Chinese snack brands** are relatively small, with leading products like **ChaCha sunflower seeds** generating **4.27 billion yuan** in revenue, while global brands like **Oreo** achieve **26.96 billion yuan** [12][13] Key Discussions Necessity of Snack Monoliths - **Channel and inventory management**: Long-tail snack categories face challenges in demand forecasting and inventory turnover, leading to high inventory levels and low turnover rates [15][16] - **Improving cost efficiency**: Smaller categories often face higher channel fees and lower efficiency ratios, while larger monoliths can negotiate better terms and achieve higher ROI [19][20] - **Brand building**: Smaller snack categories struggle to establish strong brand identities due to unstable product output and lack of cultural depth, whereas monoliths can create lasting brand impressions [23] Possibility of Snack Monoliths - **Emotional value**: Consumers are willing to pay a premium for snacks that provide emotional comfort, with **82%** of consumers considering emotional value in their purchase decisions [24] - **Low price point**: Affordable snacks like **Japanese "dagashi"** (cheap snacks) have broad appeal, especially among children, due to their low cost and accessibility [25] - **Diverse channels**: The snack industry benefits from a wide range of sales channels, including supermarkets (**36.9%**) and online platforms, which enhance consumer reach and engagement [26] Case Study: Oreo's Success - **Product design**: Oreo's naming and design were more modern and appealing compared to its competitor Hydrox, with a simple yet catchy name and a design that evolved over time [34][35] - **Channel advantage**: Nabisco's early and extensive channel development gave Oreo a significant edge, with **$45 million** in revenue compared to Sunshine Biscuit's **$12 million** in 1912 [37] - **Brand marketing**: Oreo's clear brand positioning as a **"fun, child-friendly"** product, combined with iconic advertising campaigns like **"Twist, Lick, Dunk"**, helped it surpass Hydrox and become a cultural icon [38][39] Future Outlook Consumer Preferences - **Strong satisfaction, low satiety**: Snacks that trigger the brain's reward system, such as those high in fat, sugar, or salt, are more likely to become monoliths [44] - **Low calorie density**: Snacks that are less filling but highly satisfying can counteract the law of diminishing marginal utility, making them more addictive [44] Producer Considerations - **Accessibility of raw materials**: The availability of key ingredients like sunflower seeds and konjac has driven the growth of related snack categories in China [45] - **Taste memory**: Products that create a lasting impression on consumers, such as **Coca-Cola** and **Oreo**, can achieve long-term success by embedding themselves in consumer habits [46] Investment Recommendations - **Chinese spicy and卤-flavored snacks**: Companies like **YanJinPuZi** and **JinZai Food** are recommended due to their rapid growth in this category [47] - **Nut-based snacks**: **ChaCha Food** is recommended for its historical success in the nut snack category, while **Three Squirrels** and **GanYuan Food** are worth monitoring [47]

证券研究报告 2024年8月12日 【中泰电子】AI全视角 - 科技大厂财报专题 | 高通&MTK&Intel 24Q2季报点评：云端AI发展 赋能增长动力 分析师： 王芳 S0740521120002 杨旭 S0740521120001 李雪峰 S0740522080004 1 高通24Q2业绩概览 FY24Q3 | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-----------|------------|----------|------------| | 单位：亿美元 | 实际 | yoy | qoq | 市场预期 | 是否超预期 | | 营收 | 94 | +11% | +0% | 92 | 超预期 | | ——QCT | 81 | +12% | +1% | 79 | 超预期 | | 手机 | 59 | +12% | -5% | - | - | | loT | 14 | -8% | +9% | - | - | | 汽车 | 8 | +87% | +34% | - | - | | ——QTL ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 13.87 CNY [1]. Core Insights - The company is a leading player in the tin and indium market, with a comprehensive supply chain that includes exploration, mining, smelting, and deep processing of non-ferrous metals [4][5]. - The company has the largest tin production and processing base in China and holds the world's longest and most complete tin industry chain [4][5]. - The company’s tin resources amount to 646,400 tons, with a smelting capacity of 80,000 tons per year, capturing 47.92% of the domestic market and 22.92% of the global market [4][5]. - The company is expected to benefit from a strong upward trend in tin prices due to improving demand in the semiconductor sector and supply constraints from major producing countries [4][5][26]. Financial Performance and Forecast - The company’s revenue for 2023 is projected at 42.36 billion CNY, a decrease of 19% year-on-year, with net profit expected to be 1.408 billion CNY, a 5% increase [1][19]. - Forecasted net profits for 2024, 2025, and 2026 are 2.165 billion CNY, 2.317 billion CNY, and 2.413 billion CNY respectively, reflecting growth rates of 54%, 7%, and 4% [1][6]. - The estimated P/E ratios for 2024, 2025, and 2026 are 10.5, 9.9, and 9.5 respectively, indicating a favorable valuation compared to peers [6][19]. Industry Overview - The tin market is experiencing a recovery driven by improved macroeconomic conditions and a rebound in consumer electronics demand [4][26]. - Supply-side challenges include mining halts in Myanmar and regulatory delays in Indonesia, leading to a significant reduction in tin exports from these regions [26][35]. - The long-term outlook for tin prices is positive, with expectations of a gradual increase in price levels due to supply rigidity and rising demand from sectors such as photovoltaics and semiconductors [4][5][26].

[Table_Industry] [Table_ 评级：买入 Invest] (首次) 市场价格：20.77 [Table_Profit] 基本状况 总股本(百万股) 919 流通股本(百万股) 685 市价(元) 20.77 市值(百万元) 19,097 流通市值(百万元) 14,228 康弘药业(002773.SZ)/医药 生物 证券研究报告/公司深度报告 2024 年 08 月 12 日 [Table_ 分析师：Authors 祝嘉琦 ] 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师： 曹泽运 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师： 孙宇瑶 执业证书编号：S0740522060002 Email：sunyy03@zts.com.cn 分析师： 穆奕杉 执业证书编号：S0740524070001 Email：muys@zts.com.cn [Table_QuotePic] 股价与行业-市场走势对比 -40% -20% 0% 20% 40% 60% 23-0823-1023-1224-0224 ...

[Table_Title] 评级：增持（ 维持 ） 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 电话：021-20315733 Email：fanjs@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 123 | | 行业总市值(亿元) | 44,256.19 | | 行业流通市值(亿元) | 19,334.20 | [Table_QuotePic] 行业-市场走势对比 、 解码小零食的大单品之路——从奥利奥说起 ——休闲零食行业深度报告 食品饮料 证券研究报告/行业深度报告 2024 年 8 月 12 日 [Table_Finance] 重点公司基本状况 报告摘要 ◼ 核心观点：休闲零食是文化和风味的生意，中式零食具备"资源禀赋"，农业的突 破和供应链 ...

房地产 评级： 荐诗（ 维持 ） 分析师： 由于冲 执业证书编予：S0740523020005 Email: youzp@zts.com.cn 分析师：丰真 执业证书编予：S0740520110003 Email: liyao01@zts.com.cn 分析师： 快本得 枕业证书编予：S0740523080001 Email: houxd@zts.com.cn 来太死 107 10,845.04 4,979.85 上市公司教 行业总市值(亿元) 行业流通市值(亿元) 行业-市场表 参对比 20.00 中方 东北, 广 (20.00) (40.00) (60.00) 未視关讓各 ■ 各地政策持续落地优化，二手房成支改革 -行业研究周根 证券研究报告/行业研究周报 2024 年 8 月 12 日 查点公司法本状况 EPS简称践价PE if 级 20232024E2025E2026E20232024E2025E2026E(元) 保利发展8.551.01.131.211.278.57.67.16.7天入 0.710.1 港 市 $ $9.070.91.071.1514.08.57.9买入 स्टी 积余9.700.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.24 HKD [1]. Core Views - The report highlights that the automotive aftermarket is currently under pressure due to a trend of consumer downtrading, but there is optimism for long-term growth driven by the expansion of proprietary product categories and improved profitability [2][3]. - The company is expected to benefit from changes in the automotive market structure, particularly as traditional dealership supply shrinks and third-party service providers gain market share [3]. - Revenue forecasts for the company are projected at 14.558 billion, 16.013 billion, and 17.934 billion RMB for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 7%, 10%, and 12% [1][3]. Financial Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 11,563 million RMB, Net Profit of -2,136 million RMB - 2023A: Revenue of 13,606 million RMB, Net Profit of 6,703 million RMB - 2024E: Revenue of 14,558 million RMB, Net Profit of 716 million RMB - 2025E: Revenue of 16,013 million RMB, Net Profit of 1,068 million RMB - 2026E: Revenue of 17,934 million RMB, Net Profit of 1,370 million RMB [1][5]. - Earnings Per Share (EPS) is projected to be 8.26, 0.88, 1.31, and 1.69 RMB for 2023, 2024E, 2025E, and 2026E respectively [1][5]. - The Price-to-Earnings (P/E) ratio is expected to be 16.7, 11.2, and 8.7 for 2024E, 2025E, and 2026E respectively [1][3]. Market Dynamics - The automotive aftermarket is experiencing a decline in service visits, with a 1% year-on-year drop in the second quarter, indicating a challenging macro environment [2]. - The company is expanding its store presence in lower-tier cities, which is anticipated to drive steady business growth [2]. - The report emphasizes the potential for improved profitability through the continuous increase in proprietary product offerings and enhanced supply chain negotiation capabilities [2][3].