Investment Rating - The report maintains an "Accumulate" rating for the company, suggesting a positive outlook for investment opportunities [1]. Core Views - The company is experiencing strong growth in its African business while still benefiting from its Mongolian coal operations. The report highlights the company's alignment with national mineral safety strategies and its deep understanding of logistics, which supports its long-term growth [1][17]. - The projected net profits for the years 2024, 2025, and 2026 are estimated at 1.45 billion, 1.73 billion, and 1.98 billion yuan respectively, with corresponding PE ratios of 12.2, 10.2, and 8.9 times based on the closing price on July 12 [1][15]. Financial Performance Summary - The company expects a median profit of approximately 460 million yuan for Q2 2024, leading to an upward revision of profit forecasts [1]. - Revenue for 2024 is projected to be 9.82 billion yuan, with a year-on-year growth rate of 40.4%. The net profit attributable to the parent company is expected to reach 1.45 billion yuan, reflecting a growth rate of 39.7% [15]. - The gross profit margin is anticipated to improve from 19.4% in 2023 to 19.8% in 2024, with a long-term target of 21.1% by 2026 [15]. Business Segments - **Mongolian Operations**: The company continues to see stable growth in its Mongolian coal business, with increased storage and supply chain share due to strategic investments and long-term planning [14][17]. - **African Operations**: The infrastructure projects in Africa, particularly the Kasai project, are expected to see significant growth in business volume as operational efficiencies improve. The integration of the newly acquired Zambian fleet is also projected to enhance logistics capabilities and market share [17]

Investment Rating - The report maintains a "Buy" rating for the automotive sector, indicating a positive outlook for investment opportunities in this industry [1][10]. Core Insights - The report discusses the impact of potential consumption tax reforms on the automotive industry, suggesting that such reforms could enhance profitability for car manufacturers and stimulate vehicle sales [1][10]. - It highlights the current structure of vehicle purchase taxes in China, which includes value-added tax, purchase tax, consumption tax, and vehicle and vessel tax, with specific rates and exemptions for traditional fuel vehicles and new energy vehicles [3][4]. - The report anticipates that the consumption tax reform may involve shifting the tax collection responsibility to local governments and adjusting tax rates, which could lead to increased sales and profitability for automotive companies [8][10]. Summary by Sections Tax Structure Overview - The purchase taxes for vehicles in China consist of four main types: value-added tax (13%), purchase tax (10%), consumption tax (1%-40% based on engine displacement), and vehicle and vessel tax, with additional duties for imported vehicles [3][4]. - New energy vehicles benefit from tax exemptions, including no consumption tax and reduced purchase tax [3][4]. Historical Context of Consumption Tax - The automotive consumption tax has evolved through three main phases since its inception in 1994, with adjustments made to tax rates based on vehicle displacement [5][7]. - In 2023, the total consumption tax revenue reached 1.6118 trillion yuan, with automotive consumption tax accounting for 8.85% of the total in 2018 [5][6]. Potential Reform Directions - The report outlines potential directions for consumption tax reform, including shifting the tax collection to local governments and adjusting tax rates to stimulate sales [8][10]. - It estimates that exempting vehicles with engine displacements below 1.5L from consumption tax could lead to a fiscal impact of approximately 49.7 billion yuan, potentially increasing sales by 100,000 to 150,000 units [8]. Investment Recommendations - The report recommends increasing exposure to the automotive sector, highlighting companies such as BYD, Great Wall Motors, and Li Auto for vehicle manufacturers, and Fuyao Glass and other parts suppliers for their strong performance and growth potential [10].

证券研究报告 #银行industryId# #investSuggestion 推荐 # (# investS uggesti onChan ge# 维持) 相关报告 #relatedReport# 行 业 点 评 报 告 《政府债发力拉动社融增速回 升——2024 年 5 月金融数据点 评》 2024.6.15 分析师:#emailAuthor# 陈绍兴 SAC:S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC: S0190520060001 wangchenyjy@xyzq.com.cn #title# "挤水分"扰动延续,社融增速回落 ——2024 年 6 月金融数据点评 #createTime1# 2024 年 7 月 13 日 投资要点 #⚫ summary 信贷受"挤水分"持续扰动,社融增速回落至 # 8.1%。2024 年 6 月社融新增 3.30 万亿 元,同比少增 9283 亿元,拆分结构来看: (1)对实体经济发放的人民币贷款新增 2.20 万亿元,同比少增 1.05 万亿元。6 月信 贷同比少增,一方面是去年同期基数偏高,另一方面主要是实体需求仍相对 ...

行 业 研 究 证券研究报告 #industryId# 建筑材料 #investSuggestion 推荐 # (# investS uggesti onChan ge# 维持 ) 淡季提价稳利润,底部信号出现 #createTime1# 2024 年 07 月 12 日 投资要点 #summary# ⚫ 上半年水泥盈利探底,行业协同淡季提价有望支撑下半年利润。2024 年 一季度行业整体呈现出"需求萎缩、竞争激烈、库存高位、价格走低"的 运行特征。从 5 月中下旬开始,龙头企业率先启动年内第二轮提价。7 月 以来,多数地区陆续安排三季度错峰生产,京津唐、辽宁和贵州相继发布 新一轮涨价通知,同时长三角地区水泥熟料价格也再次推涨,预计 2024 下半年政策效应逐步释放,基建进度加快,而水泥企业限产意识和保价意 识较上年有所提升,后期全国水泥价格多将呈现震荡上行走势,整体均价 预计好于 2023 年下半年,行业利润有望扭亏为盈。 ⚫ 供给端:头部协同共识增强,主要区域错峰天数增加。24Q2 错峰生产协同 共识增强,行业头部积极推动减产。6 月为水泥市场传统淡季,供需同步 转弱,但受错峰及生产成本增加等供应因素影响 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][9]. Core Views - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 148.86 billion, 179.42 billion, and 211.73 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 32.17%, 20.53%, and 18.01% [3][4]. - The net profit attributable to the parent company is forecasted to be 28.11 billion, 34.44 billion, and 41.34 billion yuan for the same years, with year-on-year growth rates of 37.81%, 22.53%, and 20.01% [3][4]. - The company's earnings per share (EPS) are projected to be 7.03, 8.61, and 10.33 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 29.95, 24.44, and 20.37 [3][4]. Financial Performance Summary - The company reported a significant acceleration in revenue growth in Q2 2024, with expected revenues between 78.60 billion and 80.80 billion yuan, reflecting a year-on-year increase of 43.95% to 47.98% [6]. - The net profit for the same period is anticipated to be between 16.00 billion and 17.30 billion yuan, indicating a year-on-year growth of 44.39% to 56.12% [6]. - The gross profit margin is expected to improve, with a projected net profit margin of 20.1% to 24.1% for Q2 2024, an increase of 2.0 to 6.0 percentage points year-on-year, driven by improved raw material costs and enhanced efficiency in expense allocation [5][6]. Market Strategy and Growth Potential - The company is actively pursuing a national expansion strategy, increasing its market presence outside its home province, and enhancing channel management to boost product visibility and sales [6]. - New product development is showing promise, with successful launches in categories such as electrolyte water, sugar-free tea, and coffee, which are expected to contribute to future growth [6]. - The company aims to increase its market share in its core business while leveraging economies of scale to enhance profitability [6].

#title# 行 业 研 究 证券研究报告 #industryId# 银行 维持) 行 业 点 评 报 告 #investSuggestion 推荐 #(# uggesti onChan ge# investS #relatedReport# 分析师: #陈绍兴assAuthor# SAC:S0190517070003 chenshaox@xyzq.com.cn 王尘 SAC:S0190520060001 wangchenyjy@xyzq.com.cn 投资要点 央行创设临时隔夜正逆回购,构建新利率走廊 #createTime1# 2024 年 7 月 9 日 #⚫ summary 2024 年#7 月 8 日,中国人民银行发布公告,为保持银行体系流动性合理充裕,提 高公开市场操作的精准性和有效性,从即日起,人民银行将视情况开展临时正回 购或临时逆回购操作,时间为工作日 16:00-16:20,期限为隔夜,采用固定利率、 数量招标,临时隔夜正、逆回购操作的利率分别为 7 天期逆回购操作利率减点 20bp 和加点 50bp。 ⚫ 央行本次创设临时隔夜正、逆回购操作,能够形成更窄的利率走廊,有利于政策 利率作用 ...

＃assAuthor＃ 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 环保 ＃investSuggestion＃ 司总 评 ＃相关rel报ate告dReport＃ 《【兴证环保】瀚蓝环境 2023 年年报点评：能源业务如期盈 利，分红承诺或将推动估值体系 转变》2024/04/12 《【兴证环保】瀚蓝环境 2023 年三季报点评：预计本年度能源 业务保持盈利，现金流情况大幅 改善》2023/10/27 《【兴证环保】瀚蓝环境 2023 年中报点评：能源业务扭亏为 盈，应收账款回收有望加速》 2023/08/18 请务必阅读正文之后的信息披露和重要声明 告 请务必阅读正文之后的信息披露和重要声明 - 2 - | --- | --- | --- | --- | |----------------------------------------------------------------------|----------|--------|------------------------------------------------------------------------------ ...

#市场ma数rk据etData# | 市场数据日期 | 2024.05.03 | | | |------------------|--------------|----|-----| | 收盘价(美元) | 73.11 | | | | 总股本(亿股) | 11.33 | | | | 总市值(亿美元) | 828.12 | | | | 净资产(亿美元) | -84.49 | | | | 总资产(亿美元) | 293.63 | | | | 每股净资产(美元) | -7.46 | | | 数据来源:Wind,兴业证券经济与金融研究院整理 证券研究报告 #industryId# 餐饮连锁 #investSuggestion# #SBUX.O #星dy巴Com克pany# (STARBUCKS) #title# 季度业绩低于预期,调低全年指引 #createTime1# 2024 年 05 月 06 日 无评级 # investSug gestionCh ange# 投资要点 #summary# 季度业绩不及预期:公司 FY2024Q2 实现净收入 85.63 亿美元,同比下降 1.8%;经营利润为 10.989 亿美 ...

必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的深夜证券不保障其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 好的各位投资者朋友大家上午好我是新业证券啊视频的首席博东今天和我一同在线的还有我们的分支汪汪然后今天这场的话是我们中期策略会精选的线上交流然后今天的电话会我们也非常荣幸的请到了公司的董事副总经理然后董秘王总然后我们做一个分享和交流 那其实从我们去年外发的年度策略以及今年发的一个中期策略来看的话其实熟悉我们的朋友都知道在在白主的一个推荐序列当中啊金石岚一直是我们首推的标的那其实在2024年其实大环境偏弱的一个啊非大非大的一个节奏下那其实我们的金石岚还是非常明显的跑出了一个相对收益那其实这个还是啊表现非常亮眼的 那这是整体的一个情况那那下面我们就言归正传啊我们先请王总啊分享一下我们金士兰上半年整体的一个销售节奏和整体的一个情况然后后续的话再留时间进行投资 ...

然后车型也是比较全嘛涵盖了轿车SUV和MPV然后我们现在渠道也比较多了我们在23年年报里边也披露了我们在23年年底几乎渠道一共是244家然后预计到25年建成400家左右所以今年和明年预计每年新增100家所以就是产品丰富了产品带也丰富了然后几乎的渠道也多了然后加上跟华为合作品牌的一个带动效应所以我们综合来看吧 对公司今年的销量还是比较有信的然后还有就是花章品牌大家比较感兴趣的这块呢我们这边没有更多的信息去跟大家分享因为它这个销售是主要靠华为的所以我们这边就跟华为宇总对外传播的口径保持一致首先呢它是一款低级的纯电的第一款是纯电的商务型的轿车外形还是非常漂亮的然后前两天宇总不是也在微博里边公布他的内饰吗 其实他这个内饰公布了以后我不是第一时间观察到的是投资人马上就发给我了还跟我说他说这摄影师拍的不行啊比实车差远了确实是这样的不管是他的外饰还是内饰他的照片跟他实车还是有差距的因为现在外饰和内饰都已经公布了后边也是欢迎大家亲自去看一看开一开这款车然后真正释下了以后我相信很多问题大家心里边也就有答案了 这款车现在价格段是45万到55万但是正式的价格应该是会在余总说的正式的发布会上跟大家公布然后发布会预计是8月的上旬在北京 ...