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] 2024.09.02 [table_Authors] 李博伦(分析师) 0755-23976516 libolun@gtjas.com 登记编号 S0880520020004 国泰君安证券 银行间交易自主可控提升行业景气度 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 上次评级: 增持 [细分行业评级 Table_subIndustry] 计算机 增持 [Table_Report] 相关报告 本报告导读： 金融信创不仅局限于基础设施的自主可控，交易规则与系统同样需要，新工具带来 新业务机会，行业景气度有望提升。 投资要点： [Table_Summary] 投资建议：除了 IT 基础设施之外，金融交易规则和支付方式同样需 要自主可控。当 SWIFT 失去中立性进而成为一种制裁武器后，银行 间交易结算将需要更为自主可控的规则和系统。在新的规则建立过 程中，银行 IT 公司将迎来新的业务需求，同时伴随着人民币国际 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company focuses on enhancing quality in response to consumer demand, transitioning stores towards quality operations, which is expected to improve profitability [3] - The company has maintained its earnings per share (EPS) estimates for 2024, 2025, and 2026 at 0.23, 0.24, and 0.25 yuan respectively, while adjusting the target price down to 10.86 yuan from the previous 13.19 yuan [4] Financial Summary - For the first half of 2024, the company reported a revenue of 9.362 billion yuan, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 170 million yuan, a decrease of 8.81% [4] - The second quarter of 2024 saw a revenue of 4.173 billion yuan, a slight decline of 0.24%, and a net profit of 22 million yuan, down 53.78% [4] - The comparable store traffic increased by 13.69% due to improved product quality and price ratio, enhancing customer trust [4] - Online sales grew approximately 22% year-on-year, with online traffic increasing by 18.49% [4] Store Expansion and Strategy - The company opened 69 new stores during the reporting period, bringing the total number of stores to 1,097, including 997 directly operated stores and 100 franchise stores [4] - The company is implementing a strategy of "regional concentration and multi-format complementarity" to enhance the synergy between various retail formats [4]

股 票 研 究 股票研究 /[Table_Date] 2024.09.03 长安汽车 2024 年半年报点评 Q2 业绩改善，入股引望加速智能化 长安汽车(000625) 运输设备业[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 15.40 上次预测: 20.25 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 吴晓飞 ( 分析师 ) | 多飞舟 ( 分析师 ) | | | 0755-23976003 | 010-83939800 | | | wuxiaofei@gtjas.com | duofeizhou026148@gtjas.com | | 登记编号 | S0880517080003 | S0880523020001 | [当前价格： Table_CurPrice] 11.70 本报告导读： 公司 ...

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 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.03 ——2024 年中报点评 传统业务承压，瑞士业务持续整合 炬光科技(688167) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|-------|-------|-------|-------| | | [table_Authors] 王彦龙 ( 分析师 ) | 黎明聪 ( 分析师 ) | | | | | | | | | | | | | | | 010-83939775 | 0755-23976500 | | | | | | | wangyanlong@gtjas.com | ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price raised to 20.79 CNY, an increase of 4.04 CNY from the previous target [3][5]. Core Views - The company's revenue related to consumer electronics is rapidly growing, driven by the expanding foldable phone market, which is expected to continue benefiting the company [4]. - The MIM (Metal Injection Molding) segment is experiencing high growth, with a 101.11% year-on-year increase in revenue for the first half of 2024, supported by new product launches from major clients [5]. - The penetration rate of foldable phones is increasing, with Q2 2024 shipments in China reaching 2.57 million units, a year-on-year growth of 104.6%, indicating a penetration rate of 3.6% in the overall smartphone market [5]. Summary by Sections Investment Summary - The report maintains an "Accumulate" rating and raises the target price to 20.79 CNY, reflecting a positive outlook based on the company's growth potential and market valuation [5]. - EPS forecasts for 2024-2026 are set at 0.67, 0.99, and 1.31 CNY respectively, with a PE ratio of 21x for 2025 [5]. Market Data - The stock price has ranged between 10.04 and 16.37 CNY over the past 52 weeks, with a total market capitalization of 9.905 billion CNY [6]. - The current stock price is 16.07 CNY, indicating potential upside to the target price [3][6]. Financial Highlights - Revenue is projected to grow from 3.726 billion CNY in 2022 to 8.246 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 29.3% [9]. - Net profit attributable to the parent company is expected to increase significantly from 156 million CNY in 2022 to 807 million CNY in 2026, reflecting a robust growth trajectory [9].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is facing significant pressure on its performance due to oversupply, intensified competition, and a sharp decline in lithium iron phosphate prices. However, new products such as lithium manganese iron phosphate and lithium replenishment agents are expected to gradually ramp up, potentially improving profitability [2][3]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company reported revenue of 4.341 billion yuan, a year-on-year decline of 51.2%, with a net profit attributable to shareholders of -516 million yuan, although losses have narrowed compared to the previous year. In Q2 2024, revenue was 2.449 billion yuan, down 38.0% year-on-year but up 29.4% quarter-on-quarter, with a net profit of -331 million yuan, indicating a widening loss compared to the previous quarter [3][4]. - The company's main product, phosphate-based cathode materials, saw production of 115,500 tons in H1 2024, a year-on-year increase of 31.23%, and sales of 105,800 tons, up 13.28% year-on-year. However, the decline in product prices due to raw material cost reductions and increased market competition has pressured profitability, leading to significant losses [3][4]. Product Development - The commercialization process of new products is accelerating, with lithium manganese iron phosphate having passed customer validation in 2022. In 2023, the first model featuring a "ternary lithium-ion + lithium manganese iron phosphate battery" was launched, and several new models are expected to be introduced in 2024, further enhancing the commercial viability of lithium manganese iron phosphate products. The company also launched a lithium replenishment agent that improves various performance metrics of lithium-ion batteries, which is anticipated to contribute to incremental revenue [3][4]. Valuation and Target Price - The report adjusts the earnings per share (EPS) forecast for 2024-2025 to -2.60 yuan and 0.83 yuan, respectively, with a projected EPS of 1.72 yuan for 2026. The company is valued at 1.31 times the price-to-book (PB) ratio based on comparable companies, leading to a target price of 30.01 yuan [3][4][10].

股 票 研 究 证 券 研 究 报 告 ——中航光电 2024 年中报点评 | --- | --- | --- | |----------|-----------------------------------|----------------------------| | | | | | | [table_Authors] 彭磊 ( 分析师 ) | 周明 頔 ( 研究助理 ) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | 本报告导读： 公司 2024 年半年报发布，二季度业绩环比明显改善，盈利能力持续提升，目前在手 订单呈现恢复趋势，预计全年有望实现稳定增长。 投资要点： [Table_Summary] 维持目标价 57.04 元，维持"增持"。公司 2024 二季度营收及净利环 比改善明显，反映出下游需求韧性较强，公司全年有望实现稳定增 长。下调公司 2024-26 年 EPS ...

Investment Rating - The report maintains an **"Overweight"** rating for Jinjiang Hotels, with a target price of **30.80 RMB**, down from the previous target of **35.66 RMB** [4] Core Views - The company's performance is in line with expectations, with operational data fluctuations impacting results, but accelerated store adjustments are expected to improve efficiency [3] - Directly-operated stores are undergoing rapid adjustments, while overseas operations continue to reduce losses [3] - The company's 2024/25/26 EPS forecasts have been revised to **1.38/1.40/1.58 RMB**, with net profits attributable to shareholders of **14.75/15.03/16.96 billion RMB** [8] - The company is expected to benefit from its industry leadership and improved operational efficiency post-organizational restructuring [8] Financial Performance - **2024 H1 Revenue**: **6.892 billion RMB**, up **0.23% YoY**, with net profit attributable to shareholders of **848 million RMB**, up **59.15% YoY** [8] - **Q2 2024 Revenue**: **3.686 billion RMB**, down **4.84% YoY**, with net profit attributable to shareholders of **657 million RMB**, up **68.02% YoY** [8] - Directly-operated revenue decreased by **8.8%**, while franchise revenue increased by **9.4%** [8] - Overseas operations reduced losses by **7.5 million euros**, primarily due to cost-cutting and efficiency improvements [8] Operational Highlights - **Store Adjustments**: Directly-operated stores decreased by **47**, while **680 new stores** were opened, resulting in a net increase of **490 stores** [8] - **China Region**: Revenue increased by **0.32%**, with net profit up **57.79%**, excluding non-recurring gains [8] - **Overseas Operations**: Revenue decreased by **1.8%**, with losses reduced by **2.347 million euros** [8] Organizational and Strategic Adjustments - The company has implemented a **stock incentive plan**, focusing on debt structure optimization, CRS fees, and reducing losses in directly-operated stores [8] - The organizational restructuring in the China region is nearing completion, with a new management team in place, expected to improve operational efficiency and performance [8] Financial Forecasts - **2024E Revenue**: **15.477 billion RMB**, up **5.6% YoY**, with net profit attributable to shareholders of **1.475 billion RMB**, up **47.3% YoY** [9] - **2025E Revenue**: **16.120 billion RMB**, up **4.2% YoY**, with net profit attributable to shareholders of **1.503 billion RMB**, up **1.9% YoY** [9] - **2026E Revenue**: **16.903 billion RMB**, up **4.9% YoY**, with net profit attributable to shareholders of **1.696 billion RMB**, up **12.8% YoY** [9] Valuation Metrics - **P/E Ratio (2024E)**: **17.22x**, based on the current price and latest share count [9] - **P/B Ratio (2024E)**: **1.42x** [9] - **EV/EBITDA (2024E)**: **11.13x** [12] Industry Comparison - The hotel industry's average **2024E P/E ratio** is **21x**, with Jinjiang Hotels trading at a lower multiple of **17.22x** [13]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's performance met expectations, with an interim dividend exceeding forecasts. It is anticipated that the company will maintain high dividends throughout 2024 while also conducting share buybacks [2][3]. - Due to pressures on individual store performance and adjustments in store closure assumptions, the earnings forecasts for 2024 and 2025 have been revised down to CNY 0.93 and CNY 1.00 per share, respectively, from previous estimates of CNY 1.59 and CNY 2.04. The 2026 EPS forecast is set at CNY 1.11 [3]. - The target price has been adjusted to CNY 15.81 from CNY 51.49, reflecting a 2024 PE of 17X, with the current stock price corresponding to a 2024 dividend yield of 6.5% [3]. Summary by Sections Financial Performance - For 1H24, the company reported revenue of CNY 3.34 billion, a year-on-year decrease of 9.73%. The non-GAAP net profit was CNY 281 million, an increase of 24.15% year-on-year. In 2Q24, revenue was CNY 1.644 billion, down 12.35% year-on-year, while non-GAAP net profit rose by 36.63% to CNY 125 million [3]. - The company declared a cash dividend of CNY 3 per 10 shares for the interim period, which was above expectations [3]. Store Operations - As of June 30, the total number of stores in mainland China was 14,969, with a net reduction of 1,193 stores in the first half of the year, representing a year-on-year decline of 7.38%. The decline in customer traffic led to a 2.55% drop in same-store sales, although the rate of decline has narrowed compared to previous periods [3]. - The company is transitioning from a primarily offline model to a balanced online and offline approach, with a focus on profitability as a key performance metric for stores [3]. Cost and Margin Analysis - The gross margin improved significantly in 2Q24, reaching 30.55%, an increase of 8.21% year-on-year, attributed to a downward trend in raw material costs, particularly for duck by-products [3]. - The selling expense ratio was 14.18%, up 6.79% year-on-year, mainly due to increased advertising expenditures. The management expense ratio was 10.88%, reflecting a year-on-year increase of 4.1% [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.44 CNY, while the current price is 12.88 CNY [3][4]. Core Views - The company has shown strong performance in the precision components industry, particularly in the electric vehicle (EV) parts sector, which is expected to drive significant revenue growth [1]. - The company reported a revenue of 3.024 billion CNY for 2023, with a projected increase to 3.317 billion CNY in 2024, reflecting a growth rate of 13.6% [2]. - Net profit attributable to shareholders is expected to rise from 77 million CNY in 2023 to 182 million CNY in 2024, indicating a substantial growth of 209.5% [2]. - The company has successfully secured numerous projects and products from both domestic and international clients, enhancing its market position in the EV components sector [2]. Financial Summary - Revenue for 2022 was 2.662 billion CNY, with projections of 3.024 billion CNY for 2023, 3.317 billion CNY for 2024, and further growth to 4.383 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 14% [2]. - Net profit attributable to shareholders is forecasted to grow from 25 million CNY in 2022 to 321 million CNY by 2026, showcasing a significant increase [2]. - Earnings per share (EPS) is projected to rise from 0.08 CNY in 2022 to 0.98 CNY in 2026 [2]. - The return on equity (ROE) is expected to improve from 1.8% in 2022 to 14.4% in 2026, indicating enhanced profitability [2]. Business Development - The company is focusing on the EV sector, particularly in areas such as battery systems, lightweight automotive components, and intelligent driving technologies, which are driving demand for its products [2]. - The company has made significant advancements in its manufacturing capabilities through smart industrial upgrades, which have led to cost reductions and efficiency improvements [2]. - The report highlights that the company has received recognition from key clients for its innovative products, which positions it well for future growth in the EV market [2].