股 票 研 究 证 券 研 究 报 告 新股上市节奏持续趋缓，首日涨幅收窄 本周新股发行信息 ——次新市场周报（2024 年 9 月第 3 周） | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|--------------------------| | | [table_Authors] 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 9 月第 3 周，次新板块回调，新股指数和近端次新股指数当周分别下跌 0.31%和 1.93%，沪深市场近半年上市的 ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 ——公用事业行业周报（2024.9.16-2024.9.20） 评级： | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------|-------|--------|----------------------------|--------|-------|-------|-------|-------|-------------------------| | | | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | | | 孙辉贤 | ( | 分析师 | ) | | | ( | 汪玥 研究助理 ) | | | 021-38031730 | | | | 021-38038670 | | | | | | 021- ...

股 票 研 究 股票研究 /[Table_Date] 2024.09.22 021-38674633 登记编号 S0880520100002 行 业 周 报 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 空档期价格承压，期待需求提振价格转暖 [Table_Industry] 农业 [Table_Invest] 评级： 增持 上次评级: 增持 [table_Authors] 王艳君(分析师) wangyanjun022998@gtjas.com 本报告导读： 生猪：中秋节后进入需求空档期，同时大体重猪加速出栏，生猪价格短期承压，预 期在国庆假期前备货，需求提振后预期价格有所好转。种业：四季度是政策密集出 台期，关注政策推动下种业机会。 投资要点： [生猪： Table_Summary] 空档期价格承压，国庆假期前备货预期价格好转。 猪价高位稳定。9 月 13 日~19 日生猪均价 19.07 元/Kg，环比上涨 0.68 元/kg。出栏体重整体稳定，根据涌益咨询数据，出栏体重 125.48kg，环比持平。 ...

股 票 研 究 [Table_subIndustry] 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.21 | --- | --- | --- | |-------------------------|------------|----------------------------------| | [Table_Invest] 评级： | | [Table_Industry] 有色金属 \n增持 | | | 上次评级 : | 增持 | 降息众生相，预期摇摆依旧 ——有色及贵金属周报 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 兰洋 ( 研究助理 ) | | | 021-38038404 | 021-38031027 | | | yujiayi@gtjas.com | lanyang028684@gtjas.com | | 登记编号 | S088 ...

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 周 报 证 券 研 究 报 告 | --- | --- | --- | |-------------------------|---------------|--------------------------------------------------| | | 股票研究 /[ | Table_Date] 2024.09.20 \n[Table_Industry] 环保 | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | 关注碳市场扩容带来的投资机会 | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-----------------------| | | | | | | | [table_Authors] 徐强 ( 分析师 ) | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | ...

[table_Authors] 刘欣琦(分析师) 吴浩东(分析师) 王思玥(研究助理) 021-38676647 010-83939780 021-38031024 liuxinqi@gtjas.com wuhaodong029780@gtjas.com wangsiyue028676@gtjas.com 登记编号S0880515050001 S0880524070001 S0880123070151 行 业 事 件 快 评 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.20 股 票 研 究 [Table_Report] 相关报告 本报告导读： 投资要点： 投资银行业与经纪业《新新国十条出台，头部险 企竞争优势有望强化》2024.09.17 投资银行业与经纪业《看好负债成本下降以及业 绩持续改善带来的非银配置机会》2024.09.08 投资银行业与经纪业《非银板块中报普遍超预 期》2024.09.01 投资银行业与经纪业《财报季，建议增持保险》 2024.08.25 投资银行业与经纪业《保险财报有望超预期，建 议增配》2024.08.18 新规优化对券商投资股票、做市等业务的风 ...

股 票 研 究 [table_Authors] 吴晓飞(分析师) 管正月(分析师) 周逸洲(研究助理) 0755-23976003 021-38032026 010-83939811 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.com 登记编号 S0880517080003 S0880521030003 S0880123070150 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.21 乘用车板块性行情不断强化 [Table_Industry] 汽车 [Table_Invest] 评级： 增持 上次评级: 增持 ——汽车行业周报（2024.9.16-2024.9.20） 本报告导读： 随着地方以旧换新等刺激政策持续推出，乘用车销量有望继续复苏，板块性机会将 不断强化；特斯拉有或在 10 月 10 号推出 Robotaxi，带动智能驾驶产业链的持续表 现。 投资要点： [Table_Summary] 乘用车板块性行情不断强化。随着地方以旧换新等刺激政策持续推 出，乘用车销量有望继 ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.21 [Table_Industry]传播文化业 国庆档电影蓄势待发，8 月游戏市场表现优秀 [Table_Invest] 评级： 增持 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------|-------------------|-------|-------------------------|----------------------------------------|---------------| | | | ——传媒行业周报 | 2024 年 37 | 期 | | 上次评级 : | 增持 | | | [table_Authors] 陈筱 ( 分析师 ) | 陈俊希 ( 分析师 ) | 李芓漪 ( 分析师 ) | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 78.26 CNY [4][5]. Core Views - The company's core products are experiencing high turnover and increasing market share, with capacity expansion reinforcing the competitive advantage of its flagship product, Guoyuan. The de-stocking cycle highlights the company's competitive edge, and the logic of market share will continue to strengthen [4][14]. - The company has recently invested in 20,000 tons of new raw liquor capacity, bringing total raw liquor capacity close to 60,000 tons. This expansion is expected to significantly support product pricing and market share growth for the Guoyuan series [4][14]. - The demand for mid-range and lower-tier products remains relatively inelastic, with the Guoyuan series showing strong growth in core markets. The company is focusing on deepening channels in markets outside its home province [4][14]. Summary by Sections Financial Forecast - The report maintains earnings per share (EPS) forecasts for 2024-2026 at 3.04 CNY, 3.67 CNY, and 4.26 CNY respectively [4][11]. - Revenue projections are set at 12,362 million CNY for 2024, 14,685 million CNY for 2025, and 17,023 million CNY for 2026, reflecting growth rates of 22.4%, 18.8%, and 15.9% respectively [11][14]. Market Position - The company is expected to benefit from a de-stocking cycle, with market share becoming a more significant indicator of brand influence than pricing. The focus will shift towards maintaining market share over product structure and profit margins [4][14]. - The Guoyuan series is currently in a product dividend period, aligning well with consumer trends, and its capacity advantages are anticipated to be gradually released [4][14]. Operational Insights - The company is observing a clear operational differentiation trend among enterprises, with the demand for mid-range products remaining robust. The Guoyuan series continues to lead in growth rates in both the northern and southern markets [4][14].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food with a target price of 32.59 CNY [3][4][11] Core Views - The company is expected to see improvements in both costs and revenues in Q3 2024, likely entering a recovery phase. Factors contributing to this include channel improvements, inventory replenishment, and demand recovery, particularly in the seeds and nuts segments [2][10] - The introduction of a stock incentive plan for 2024 is anticipated to enhance team motivation and accelerate improvements in the company's performance [3][11] - The snack food sector remains a stable performance area, with Qiaqia Food benefiting from channel reforms and product diversification, suggesting a high probability of sequential improvement in performance in the second half of 2024 [3][11] Financial Summary - Revenue for 2024 is projected to be 7,631 million CNY, reflecting a 12.1% increase from 2023. Net profit is expected to reach 972 million CNY, a 21.1% increase from the previous year [4][11] - Earnings per share (EPS) forecasts for the upcoming years are 1.92 CNY for 2024, 2.47 CNY for 2025, and 2.81 CNY for 2026 [3][4][11] - The company’s gross margin is expected to improve in Q3 2024 due to a decline in raw material costs [10][11] Market Data - The stock has a market capitalization of 13,836 million CNY, with a current price of 27.29 CNY, within a 52-week price range of 24.10 to 38.29 CNY [5][4] - The company has a net asset return rate of 14.5% for 2023, projected to rise to 15.3% in 2024 [4][6]