Investment Rating - Maintains an "Overweight" rating with a target price of 20.75 yuan, corresponding to a 14.17X PE ratio for 2024 [5] Core Views - Titanium dioxide exports in August showed steady growth, with a 16.88% YoY increase and a 0.65% MoM increase, totaling 16.07 million tons [5] - The export price of titanium dioxide in August was approximately 2,161 USD/ton, a 1.39% YoY increase but a 4.42% MoM decrease [5] - The proportion of exports to the EU rebounded to 11% in August after a sharp drop to 4% in July due to anti-dumping measures, with a 163.40% MoM increase in export volume [5] - Domestic apparent consumption of titanium dioxide in August was 243,000 tons, a 11.53% YoY increase and a 5.65% MoM increase [5] - The company's titanium dioxide production capacity is the largest globally, with significant cost advantages due to its integrated titanium concentrate production capacity exceeding 1 million tons annually [5] Industry Analysis - The operating rate of the titanium dioxide industry in China reached 80.96% in August, a 4.38 percentage point increase MoM, with production of 397,200 tons, a 14.76% YoY increase and a 4.39% MoM increase [5] - The domestic demand for titanium dioxide is expected to improve further as real estate policies and related stimulus measures take effect [5] Financial Projections - Revenue is projected to grow from 26,794 million yuan in 2023 to 36,079 million yuan in 2026, with a CAGR of 10.3% [10] - Net profit attributable to the parent company is expected to increase from 3,226 million yuan in 2023 to 5,623 million yuan in 2026, with a CAGR of 20.3% [10] - EPS is forecasted to rise from 1.35 yuan in 2023 to 2.36 yuan in 2026 [10] Valuation - The company's current PE ratio is 12.31x for 2023, 11.36x for 2024, and 8.84x for 2025, based on the latest share capital [10] - The PB ratio is 1.77x for 2023, 1.68x for 2024, and 1.55x for 2025 [10] Key Projects and Resources - The company is advancing projects such as the Fengyuan technical transformation, the integration of the Hongge mining area, and the development of the Xujiagou project [5] - It recently announced the acquisition of the exploration rights for the Changchong titanium mine in Yunnan Province [5]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.22 [table_Authors] 訾猛(分析师) 李耀(分析师) 021-38676442 021-38675854 zimeng@gtjas.com liyao022899@gtjas.com 登记编号 S0880513120002 S0880520090001 行 业 周 报 证 券 研 究 报 告 白酒预期重构，继续重视休食 [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 上次评级: 增持 ——食品饮料行业周度更新 本报告导读： 白酒双节承压，增长预期需要重构，份额逻辑优先；大众品休闲食品盈利韧性凸显， 契合降息交易方向，配置价值凸显；高频低价消费仍是主流，饮料景气延续。 投资要点： [投资建议： Table_Summary] 1）白酒预期重构、份额逻辑优先，建议增持：五粮液、 迎驾贡酒、贵州茅台、山西汾酒、今世缘、古井贡酒，泸州老窖、 老白干酒；2）饮料：低价高频消费需求较为刚性 ...

股 票 研 究 证 券 研 究 报 告 怡和嘉业首次覆盖报告 | --- | --- | --- | |----------|-----------------------------------|--------------------------| | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 张拓 ( 分析师 ) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读： 公司为睡眠呼吸龙头，通过与 RH 合作、建立云平台等不断增强竞争实力，未来有 望持续扩大市场份额；预计渠道库存去化进入尾声，2024H2 有望迎来业绩拐点。 投资要点： [Table_Summary] 首次覆盖，给予增持评级。公司为家用呼吸机龙头，新稳态下有望 持续提升份额。预计 2024-2026 年 EPS 为 2.54/3.20/3.92 元，采取绝 对估值法和相对估值法，根据谨 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 行业专题 页岩油公司行为模式持续，产量增速逐步放缓 作者 ——页岩油行业专题更新报告 相关行业： [石油Table_Industry] [Table_Date] 2024.09.22 摘要: [Table北美页岩油公司上游勘探开发资本支出在连续三年增长后，预计 _Summary] 2024 年将首次下 降，2025-2026 年谨慎增长。2021-2023 年 25 家北美页岩油公司上游资本支出连续提 升，增速分别为 21.44%、48.95%、19.63%，2023 年为 664.67 亿美元，预计 2024 年 为 630.33 亿美元，为近三年来的首次下降，同比下降约 5.17%，2025-2026 年分别为 704.57、709.76 亿美元，同比增速为+11.78%、+0.74%，维持谨慎增长状态。2024 年 Q1 与 Q2 季度资本支出同比下降，降幅分别为 1.74%、4.72%。 高股东回报与低再投资率、降低负债、加大能源转型的行为模式持续。2023Q1 以来， 良好 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [Table_subIndustry] 细分行业评级 行 业 周 报 证 券 研 究 报 告 | --- | |--------------------------| | | | Table_Date] 2024.09.22 | | [Table_Industry] 钢铁 | | 增持 | | 增持 | 产量边际回升，库存维持下降趋势 | --- | --- | --- | --- | |----------|-------------------------------------|-------------------|----------------------| | | | | | | | [table_Authors] 李鹏飞 ( 分析师 ) | 魏雨迪 ( 分析师 ) | 王宏玉 ( 分析师 ) | | | 010-83939783 | 021-38674763 | 021-38038343 | | | lipengfei@gtjas.com | weiy ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 2024 年 8 月电量点评 股票研究 /[Table_Date] 2024.09.22 评级： | --- | |---------------------------| | | | | | [Table_Industry] 公用事业 | | 增持 | | 增持 | 用电增速提升，火电增速转正 [Table_Invest] | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------------------------| | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | 汪 玥 ( 研究助理 ) | | | 021 ...

Investment Rating - The report rates the coal industry as "Overweight" [1] Core Viewpoints - The coal sector is experiencing a strong demand season, with fundamentals exceeding market expectations. A turning point for the coal industry is anticipated soon, supported by a decline in long-term interest rates, indicating a second wave of opportunities within the year [2][3] Summary by Sections Coal Consumption and Price Trends - In August, the total electricity consumption reached 964.9 billion kWh, a year-on-year increase of 8.9%, indicating robust electricity demand that surpassed market expectations. The growth rate of thermal power generation improved from a decline of 4.9% in July to an increase of 3.7% in August [3] - The report highlights that the daily coal consumption remains stable, with prices showing a slight upward trend. For instance, the price of Q5500 coal at Huanghua Port increased by 9 CNY/ton (1.0%) to 876 CNY/ton as of September 20, 2024 [6][9] - The report notes that the price of thermal coal is expected to remain above 800 CNY/ton, with a clearer bottom for price adjustments anticipated [3][6] Recommendations for Companies - Recommended companies include Shaanxi Coal and China Shenhua for their high profitability and stability. New Energy, benefiting from Shaanxi's energy, is also recommended, along with long-term contract coking coal companies such as Hengyuan Coal Power and Pingmei Shenma [3] - Central enterprises leading in state-owned enterprise reform, such as China Coal Energy, are also highlighted as potential investment opportunities [3] Market Dynamics - The report indicates that the coal sector is undergoing a valuation reshaping, reflecting profound changes in supply and demand structures, and a shift towards a utility-like model. This trend is further supported by a market preference for high-dividend assets amid a backdrop of asset scarcity [3] - The report also mentions that the coal price adjustments are influenced by seasonal factors, with expectations of increased demand as the winter storage season approaches [3][6]

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The Ministry of Industry and Information Technology (MIIT) has introduced key policies to support the domestic IT innovation sector, which is expected to accelerate the development of the industry [2][3]. - The convergence of government support and industry demand is leading to a rapid realization of large-scale domestic IT projects [3]. - Recent international events have highlighted the importance of self-sufficiency in the IT supply chain, suggesting that the development of domestic IT solutions may exceed expectations [3]. Summary by Sections Policy Impact - The MIIT issued a notice on September 20, 2024, mandating updates to information systems in critical industries such as aviation, shipping, and pharmaceuticals, which is expected to enhance the resilience and security of supply chains [3]. - The policy explicitly calls for comprehensive updates to hardware and software systems, including computers, servers, operating systems, and databases [3]. Market Opportunities - Significant government and industry contracts are beginning to materialize, with various projects approved in September 2024, including a budget of 21.14 million yuan for the Fujian Province's drug rehabilitation management and prison management agencies [3]. - Other notable contracts include a 34 million yuan project for desktop operating systems initiated by China Telecom Group [3]. Recommended Stocks - The report recommends several stocks that are expected to benefit from the domestic IT innovation trend, including Kingsoft Office, TP-Link Software, and Inspur Information, among others [3][5]. - The report provides earnings forecasts for these companies, indicating potential growth in earnings per share (EPS) over the next few years [5].

Industry Investment Rating - The industry investment rating is **Overweight** [4] Core Views - The revised **"Financial Leasing Company Management Measures"** aims to strengthen financial leasing company supervision, prevent financial risks, and optimize financial services [3] - The new measures significantly raise the entry barriers for financial leasing companies, with the minimum registered capital requirement increasing from **100 million RMB** to **1 billion RMB** [3] - For major shareholders, the total assets requirement for commercial banks has been raised from **80 billion RMB** to **500 billion RMB**, and the revenue requirement for large enterprises has been increased from **5 billion RMB** to **50 billion RMB** [3] - The measures introduce stricter risk management indicators, including a leverage ratio of no less than **6%** and a financial leverage multiple of no more than **10x** [3] - The provision coverage ratio has been adjusted from **150%** to **100%**, and the interbank lending ratio has been expanded to include both borrowing and lending activities [3] - The new regulations are expected to benefit financial leasing companies that focus on meeting the equipment procurement and renewal needs of enterprises, with **Jiangsu Financial Leasing** being recommended [3] Summary by Sections Regulatory Changes - The revised measures aim to guide the industry back to its core business of leasing, focusing on providing financial services to the real economy [3] - The new regulations emphasize stricter corporate governance, risk management, and business classification, with a focus on preventing financial risks [3] Market Impact - The higher entry barriers and stricter regulations are expected to reduce the number of new entrants, making it more difficult to obtain licenses [3] - Financial leasing companies that align with the new regulatory framework and focus on serving enterprise needs are likely to benefit more [3] Investment Recommendation - **Jiangsu Financial Leasing (600901 SH)** is recommended due to its compliance with the new regulations and its focus on meeting enterprise equipment financing needs [3][7] - The company's financial metrics include a **BVPS** of **4 20 RMB** in 2023, expected to rise to **4 85 RMB** by 2025, and a **PE ratio** of **7 08x** in 2023, projected to decrease to **6 17x** by 2025 [7]

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.22 ——基础化工行业周报 | --- | --- | --- | --- | |----------|-----------------------------------|--------------------------|-----------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | 钟浩 ( 分析师 ) | 王瑞健 ( 研究助理 ) | | | 0755-23976795 | 021-38038445 | 021-38031022 | | | shenwei024936@gtjas.com | zhonghao027638@gtjas.com | wangruijian028700@gtjas.com | | 登记编号 | S0880523080006 | S0880522120008 | S0880123070136 | ...