Investment Rating - The report maintains an "Overweight" rating for the light industry sector, consistent with the previous rating [4]. Core Insights - The external competitive environment is intensifying, leading to enhanced operational governance capabilities among leading companies, which are expected to continue gaining market share [1]. - The export chain is experiencing strong revenue growth due to the end of the inventory cycle among downstream clients and the favorable exchange rate environment, although profit margins are under pressure from rising shipping costs and currency fluctuations [2][9]. - The paper industry is facing short-term operational pressures, with revenue growth rates for bulk and specialty paper converging due to base effects and rising wood pulp costs [29][30]. - The two-wheeler industry is witnessing accelerated consolidation, with leading companies showing resilience in performance despite price competition [2][29]. Summary by Sections Light Industry Exports - Home furnishing exports have largely recovered to 2021 levels, supported by improved consumer confidence in the U.S. [7]. - Revenue growth for light industry export companies has improved since Q2 2023, driven by the end of the inventory cycle and a favorable base effect [9][10]. - The current inventory levels in the U.S. housing and home goods sectors indicate potential for further improvement [23][25]. Paper Industry - Revenue growth for bulk and specialty paper has slowed in Q2 2024, with a notable divergence in performance among different paper types [29][30]. - Capital expenditures in the paper sector have increased, particularly for companies expanding their self-produced pulp lines [30][31]. - The overall dividend payout ratio in the paper sector has increased in 2023, reflecting improved cash flow and shareholder returns [32][33]. Two-Wheeler Industry - The two-wheeler industry is undergoing rapid consolidation, with leading brands achieving positive revenue and sales growth [2][29]. - Companies like Yadea and Aima are expanding their product lines and experiencing significant sales growth, particularly in high-value products [2][29]. - The industry is benefiting from new national standards that are expected to enhance market concentration among leading brands [2].

股 票 研 究 [table_Authors] 刘越男(分析师) 于清泰(分析师) 陈笑(分析师) 021-38677706 021-38022689 021-38677906 [Table_subIndustry] 细分行业评级 liuyuenan@gtjas.com yuqingtai@gtjas.com chenxiao015813@gtjas.com 旅游景点和旅行社 减持 酒店 增持 连锁餐饮 增持 其他旅游 增持 登记编号 S0880516030003 S0880519100001 S0880518020002 证 券 研 究 报 告 寻局部景气，挖错杀龙头 [Table_Industry] 旅游业 [Table_Invest] 评级： 增持 上次评级: 增持 社服及零售行业 2024 年中报综述 股票研究 /[Table_Date] 2024.09.03 本报告导读： 收入放缓但更重视盈利，格局改善行业利润稳定且持续。 [Table_Report] 相关报告 旅游业《明确有序放宽服务业准入限制，教育行 业受催化》2024.09.02 旅游业《中报落地，交易双节》2024.09.01 旅游业《下沉 ...

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 证 券 研 究 报 告 赛恺泽放量可期，CT041 临床进展顺利 科济药业-B(2171) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——科济药业 2024H1 点评 [当前价格 Table_CurPrice] (港元)： 3.25 股票研究 /[Table_Date] 2024.09.04 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|-------|----------------|--------------------------|-------|-------| | | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 甘坛焕 ( 分析师 ) | | 付子阳 ( | 研 ...

Investment Rating - The report assigns a "Buy" rating to Zhejiang Securities with a target price of 12.72 CNY [1][2] Core Views - Zhejiang Securities is accelerating its transformation into a medium-to-large-sized securities firm, supported by the "14th Five-Year Plan" and the 2030 Vision [2] - The company's acquisition of a 34.3% stake in Guodu Securities is expected to open a new chapter in its development, with potential synergies in regional complementarity and Zhongou Fund equity [2] - The company's steady expansion strategy has maintained its ROE stability, ranking it in the top 10 in the industry in 2023 [2] Financial Forecasts - Revenue is projected to grow steadily, with 2024-2026 revenues forecasted at 18.67/19.51/20.45 billion CNY, representing year-on-year growth of 5.9%/4.5%/4.8% [2] - Net profit attributable to shareholders is expected to be 1.88/1.99/2.12 billion CNY for 2024-2026, with year-on-year growth of 7.0%/5.9%/6.7% [2] - EPS is forecasted at 0.48/0.51/0.55 CNY, and BPS at 7.24/7.61/8.00 CNY for 2024-2026 [2] Valuation - The target price of 12.72 CNY is based on a P/B valuation of 1.76x for 2024, considering the company's steady ROE improvement [2][13] - A P/E valuation of 28x for 2024 suggests a fair value of 13.41 CNY, but the report opts for the more conservative P/B valuation [11][13] Business Strategy - Zhejiang Securities aims to become a top 20 securities firm by the end of the "14th Five-Year Plan" and is striving to break into the top 15 [2][22] - The company has been focusing on wealth management transformation, research business development, and capital replenishment since its IPO [2] - The acquisition of Guodu Securities is seen as a strategic move to enhance regional coverage and strengthen its asset management business through Zhongou Fund [37] Historical Performance - Zhejiang Securities has shown steady growth in market share and profitability, with its ROE ranking improving from 19th in 2019 to 5th in 2024 [20][21] - The company's revenue and net profit market shares have been steadily increasing over the past five years [19] Capital Management - The company has raised capital through multiple channels, including IPOs, convertible bonds, and private placements, to support its expansion [26][27] - Zhejiang Securities has maintained a moderate leverage ratio, with its operating leverage consistently below the industry average [29][30] Synergies from Guodu Securities Acquisition - The acquisition is expected to enhance Zhejiang Securities' regional presence, particularly in Beijing, Shanghai, Henan, and Shandong [36] - The stake in Zhongou Fund is anticipated to strengthen the company's asset management capabilities [37] - The combined entity is projected to rank 20th in total assets and 15th in net profit, aligning with Zhejiang Securities' goal of becoming a top 20 securities firm [38]

Investment Rating - The investment rating for the company is "Buy" [6][20]. Core Views - The company's performance meets expectations, with cost reduction and efficiency improvements leading to significant profit margin enhancement. A new round of equity incentive plans has been announced, and revenue guidance remains stable [4][20]. Revenue Segment - In H1 2024, the company achieved revenue of 6.976 billion yuan, a year-on-year decrease of 2.35%. Q2 2024 revenue was 3.502 billion yuan, down 10.39% year-on-year. The growth was driven by overseas sales, which outperformed domestic sales [15][16]. - The Ecovacs brand generated revenue of 3.397 billion yuan in H1 2024, a decrease of 3.07% year-on-year, while overseas revenue increased by 11.3%, with Europe showing a 42.0% increase. The overseas market is expected to contribute significantly to revenue growth [15][16]. - The Tineco brand reported revenue of 3.359 billion yuan in H1 2024, up 2.42% year-on-year, with overseas revenue increasing by 31.7% [15][16]. Profit Segment - The company's gross margin for H1 2024 was 49.12%, with a net margin of 8.73%. In Q2 2024, the gross margin improved to 51.05%, up 3.48 percentage points year-on-year, and the net margin was 8.89%, up 2.29 percentage points [16][20]. - The improvement in profit margins is attributed to clearer strategic positioning and effective cost reduction measures, particularly for value-for-money products [16][20]. Asset and Cash Flow - As of H1 2024, the company's cash and cash equivalents plus trading financial assets totaled 4.369 billion yuan, a decrease of 14.76% year-on-year. Inventory stood at 3.272 billion yuan, up 1.5% year-on-year [17][18]. - The company reported a net cash flow from operating activities of 248 million yuan in H1 2024, a year-on-year increase of 48.78% [18]. Equity Incentive Plan - The company plans to grant 17.0951 million stock options, accounting for 3.00% of the total share capital, with a target revenue growth rate of no less than 2% for 2024 and increasing thereafter [19][20]. Investment Recommendations - The company maintains its earnings forecast for 2024-2026, expecting EPS of 2.48, 2.97, and 3.42 yuan, representing year-on-year growth of 131%, 20%, and 15% respectively. The target price is set at 58.40 yuan, maintaining the "Buy" rating [20].

股 票 研 究 行 业 周 报 证 券 研 究 报 告 ——2024 年第 35 周周报 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 王彦龙 ( 分析师 ) | 苏哲西 ( 研究助理 ) | | | 010-83939775 | 021-38031652 | | | wangyanlong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880123070147 | 本报告导读： 通信行业中报业绩呈现稳健增长，但分化现象明显；美股 AI 企业财报指引行业趋 势。 投资要点： [Table_Summary] 通信行业中报业绩呈现稳健增长，但分化现象明显。根据 2024 年上 半年中报统计，上半年得益于 5G、千兆光网、物联网等新型基础设 施建设的推进，以及人工智能技术的发展带来的新需求，超过 60% 通信行业上市公司实现了营收 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 51, based on a 20x PE multiple for 2024 [12] Core Views - The kitchen appliance industry is facing weak short-term demand and intensified competition, putting pressure on the company's performance [1] - The company's revenue is expected to improve sequentially as industry tail brands exit, given its leading position [1] - The company's overseas sales performed well, while domestic sales were under short-term pressure [15] Financial Summary - Revenue for 2024E is projected at RMB 4,823 million, a 2.4% YoY increase [2] - Net profit attributable to the parent company for 2024E is expected to be RMB 399 million, a 10.4% YoY decline [2] - EPS for 2024E is forecasted at RMB 2.54, down 17% from the previous estimate [12] Performance Overview - In H1 2024, the company achieved revenue of RMB 2,131 million, down 8.97% YoY [14] - Net profit attributable to the parent company in H1 2024 was RMB 161 million, a 32.01% YoY decrease [14] - In Q2 2024, revenue was RMB 937 million, down 14.01% YoY, with net profit attributable to the parent company at RMB 10 million, an 85.89% YoY decline [14] Revenue Breakdown - Domestic sales in H1 2024 were RMB 1,958 million, down 11% YoY, accounting for 91.9% of total revenue [15] - Overseas sales in H1 2024 were RMB 172 million, up 27% YoY, accounting for 8% of total revenue [15] - Domestic demand for kitchen appliances remained weak in Q2 2024, with Tmall sales of stoves and cooking appliances down 15% and 9% YoY, respectively [15] Profitability and Cost Control - Gross margin in H1 2024 was 36.7%, down 1.01 ppts YoY, while net margin was 7.55%, down 2.56 ppts YoY [16] - In Q2 2024, gross margin was 34.39%, down 0.95 ppts YoY, and net margin was 1.08%, down 5.51 ppts YoY [16] - The company improved cost efficiency by controlling expenses, with sales expense ratio in Q2 2024 at 19.7%, down 2.55 ppts YoY [16] Financial Position - As of H1 2024, the company had cash and tradable financial assets of RMB 2,604 million, up RMB 77 million YoY [17] - Inventory turnover days in H1 2024 were 82 days, up 8 days YoY, while accounts receivable turnover days were 13 days, up 6 days YoY [17] - Operating cash flow in H1 2024 was negative RMB 168 million, down RMB 391 million YoY [17]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company's mid-year report for 2024 meets expectations, demonstrating strong profitability in overseas cement and aggregate operations despite a decline in domestic cement demand and increased competition [1] - The company achieved revenue of 16.237 billion yuan in the first half of 2024, a year-on-year increase of 2.56%, while net profit attributable to shareholders was 731 million yuan, a year-on-year decrease of 38.47% [2] - The report anticipates a narrowing decline in domestic cement sales in Q3, as the company enhances customer retention during the downturn [2] - Overseas cement sales continue to grow significantly, with a 47% year-on-year increase in the first half of 2024, supported by strong performance in African markets and ongoing capacity expansion [2] - Aggregate sales are also expected to maintain high growth, although price pressures have begun to emerge in Q3 [2] Financial Summary - The company reported a net profit of 731 million yuan in the first half of 2024, down 38.47% year-on-year, with earnings per share (EPS) projected to be 0.91 yuan for 2024, down from previous estimates [2][3] - Revenue is forecasted to grow from 33.757 billion yuan in 2023 to 34.578 billion yuan in 2024, reflecting a modest increase of 2.4% [3] - The company's net asset return rate is projected to decline to 6.3% in 2024, with a price-to-earnings (P/E) ratio of 11.58 for the same year [3][14]

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 证 券 研 究 报 告 投资改善好于预期，供给侧改革再度推进 投资银行业与经纪业 [Table_Industry] [Table_Invest] 评级： 增持 上次评级: 增持 上市券商 2024H1 业绩综述 股票研究 /[Table_Date] 2024.09.03 | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------|-------| | | [table_Authors] 刘欣琦 ( 分析师 ) | 王思玥 ( 研究助理 ) | 吴浩东 ( 分析师 ) | | | | 021-38676647 | 021-38031024 | 010-83939780 | | | | liuxinqi@gtjas.com | wangsiyue028676@ ...

股 票 研 究 证 券 研 究 报 告 ——上市银行 2024 年中报综述 | --- | --- | --- | |----------|-----------------------------------|--------------------------------| | | | | | | [table_Authors] 刘源 ( 分析师 ) | 钟昌静 ( 研究助理 ) | | | 021-38677818 | 010-83939787 | | | liuyuan023804@gtjas.com | zhongchangjing028678@gtjas.com | | 登记编号 | S0880521060001 | S0880123070141 | 本报告导读： 上市银行 2024 上半年营收继续承压，但利润边际改善。受需求不足等因素影响，扩 表速度放缓，息差仍收窄，资产质量前瞻指标有波动。 投资要点： 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] 2024.09.03 营收承 ...