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 ——对房屋养老金制度的点评 股票研究 /[Table_Date] 2024.08.26 开启地产新模式，一二线的城市更新 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|--------------------|----------------------|---------------------------| | | 谢皓宇(分析师) | 白淑媛(分析师) | 黄可意(研究助理) | | | 010-83939826 | 021-38675923 | 010-83939815 | | | xiehaoyu@gtjas.com | baishuyuan@gtjas.com | huangkeyi028691@gtjas.com | | 登记编号 | S0880518010002 | S0880518010004 | S0880123070129 | [ ...

| --- | --- | --- | |----------|---------------------|-----------------------------| | | | ——现制饮品行业深度研究 | | | 刘越男(分析师) | 宋小寒(分析师) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880524080011 | 本报告导读： 本文通过分析现有茶饮咖啡品牌，推演现制饮品行业未来空间与格局，以及现制饮 品企业生命周期与投资周期。 投资要点： [Table_Summary] 投资建议：推荐瑞幸咖啡，建议关注蜜雪冰城、古茗、霸王茶姬等 上市进展。①蜜雪冰城为平价现制饮品龙头，规模、供应链、品牌 力壁垒高企，拥有卓越的先发优势，后来者难以超越。②中高端现 制饮品市场，看好研发推新能力强、国内开店依然广阔的古茗，以 及赛道标准化、营销能力强的霸王茶姬。③咖啡赛道看好高护城河 的龙头品牌瑞幸咖啡，关注格局改善拐 ...

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] 2024.08.26 ——2024W34 家电行业周报 多家公司发布中报业绩，家空外销延续增长 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 家用电器业《线上空调表现较好，铜铝价格环比 上升》2024.08.19 家用电器业《多家公司发布中报业绩，社零同比 涨幅扩大》2024.08.19 家用电器业《湖北率先补贴加码，托举家电零售 增长》2024.08.13 家用电器业《多家公司发布中报业绩，家电出口 同比延续增长》2024.08.12 家用电器业《线上冰洗表现较好，铜铝价格环比 下降》2024.08.10 | --- | --- | --- | --- | |----------|----------------------------|----------------------------|--------------------| | | ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 21.96 CNY, up from the previous target of 20.98 CNY [4] Core Views - The company has been deeply involved in the valve industry for 20 years, with a broad business layout and diversified downstream sectors, making it resilient to cyclical fluctuations [1] - The company is expected to achieve rapid growth due to the recovery of traditional downstream sectors and the rapid expansion of new businesses such as new energy and nuclear power [1] - The company's performance in H1 2024 met expectations, with revenue reaching 2.838 billion CNY (+17.14% YoY) and net profit attributable to shareholders reaching 488 million CNY (+45.04% YoY) [12] - The company's order structure has been optimized, with gross margin reaching 35.48% (+5.78 ppts YoY) and net margin reaching 17.41% (+3.33 ppts YoY) in H1 2024 [12] Financial Summary - Revenue is expected to grow from 4.059 billion CNY in 2022 to 9.051 billion CNY in 2026, with a CAGR of 22.2% [2] - Net profit attributable to shareholders is projected to increase from 466 million CNY in 2022 to 1.297 billion CNY in 2026, with a CAGR of 29.3% [2] - ROE is expected to rise from 14.3% in 2022 to 24.6% in 2026, indicating improving profitability [2] - The company's EPS is forecasted to grow from 0.61 CNY in 2022 to 1.71 CNY in 2026 [2] Business Highlights - The company has made breakthroughs in multiple areas, including the delivery of 106 sets of dual-link switching valves, the successful acceptance of a 28-inch subsea ball valve, and the acquisition of international FPSO projects [12] - The company has also secured contracts for energy storage and gas storage wellhead projects in the Middle East and Europe, as well as high-end nuclear power product procurement [12] - Traditional downstream sectors (chemical, refining, oil extraction) are experiencing increased demand, while new businesses (LNG, offshore engineering, nuclear power) are growing rapidly [12] - The global renewable energy share in electricity generation reached 30% in 2023, and is expected to increase to 35% by 2025, driving higher demand for industrial valves [12] Valuation - The company is valued at 18x 2024E PE, higher than the industry average of 17.24x, reflecting its strong competitive advantages and high growth potential [13] - Comparable companies include Jiangsu Shentong (002438 SZ) and CNNC SUFA Technology Industry (000777 SZ), with average 2024E PE of 17.24x [14]

Investment Rating - The report maintains a "Buy" rating for Funiu Co., Ltd. [5] Core Views - The company's 2Q24 performance met expectations, with significant growth potential in future installations driven by favorable wind conditions and improved profitability in gas power generation [5] - The target price has been raised to 11.77 yuan, based on a 11x PE for 2024 [5] Summary by Sections Financial Performance - For 1H24, the company reported revenue of 6.66 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 1.19 billion yuan, up 27.1% [5] - In 2Q24, revenue reached 3.58 billion yuan, reflecting an 8.3% year-on-year growth, while net profit was 660 million yuan, a 64.5% increase year-on-year [5] - Wind power generation increased significantly, with 2Q24 wind power output at 1.12 billion kWh, up 19.7% year-on-year [5] Future Growth Potential - The company has a strong financial position and a rich reserve of power generation projects, indicating high growth potential for future installations [5] - Recent approvals for offshore wind projects and plans to issue convertible bonds for new projects further support this growth outlook [5] Market Data - The stock has a market capitalization of 26.198 billion yuan and a current price of 10.99 yuan [6] - The company’s net asset value per share is 8.59 yuan, with a price-to-book ratio of 1.2 [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company experienced a slowdown in growth in Q2 2024 due to a high base effect, but a recovery is expected in Q3 2024 based on a low base from Q3 2023. The market promotion results of the Artemisia annua drop are anticipated to be validated in Q3 2024, supporting the "Buy" rating [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 429 million yuan, a year-on-year increase of 11.1%. The net profit attributable to shareholders was 149 million yuan, up 0.4%, while the net profit excluding non-recurring items was 142 million yuan, down 0.7% [4]. - For Q2 2024, the company reported revenue of 213 million yuan, a 4.9% increase year-on-year, but a decline in net profit by 7.8% to 72 million yuan, primarily due to a high base in Q2 2023 and increased expenses [4][5]. - The revenue growth in Q2 2024 was slower compared to Q1, and Q3 is expected to be the highest revenue quarter due to a low base effect from Q3 2023, where revenue declined by 7.6% [4]. Product Development and Market Potential - The Artemisia annua drop achieved revenue of 12.27 million yuan in H1 2024, a significant year-on-year growth of 104%. In Q2 2024, it generated 5.79 million yuan, a 72% increase year-on-year [4]. - The company has made progress in overcoming market promotion challenges for the Artemisia annua drop, with new indications approved in May 2023 and patient assistance programs launched in late 2023 [4]. - The company is expanding its product line with the introduction of new puncture products, which are expected to contribute to sales growth alongside existing treatment products [4].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's performance in the first half of 2024 showed a slight decline but significantly outperformed peers, primarily due to the transformation and quality enhancement of its investment business [5] - The report maintains a target price of 9.54 CNY per share, corresponding to a P/E ratio of 34.6x and a P/B ratio of 1.66x for 2024 [10] - The company is expected to continue outperforming its peers due to improvements in governance and operational efficiency, with earnings per share (EPS) estimates for 2024-2026 remaining unchanged at 0.28, 0.30, and 0.33 CNY respectively [10] Summary by Sections Financial Performance - For H1 2024, the company reported revenue and net profit attributable to shareholders of 3.722 billion CNY and 1.351 billion CNY, representing year-on-year declines of 8.18% and 6.15% respectively [10] - The weighted average return on equity (ROE) decreased by 0.35 percentage points to 2.93%, aligning with expectations [10] Investment Business - The investment business was a key driver of performance, achieving a year-on-year growth of 13.5% despite a downturn in the stock market [10] - The growth in the investment business is attributed to the expansion of investment assets and a shift towards equity investments, with financial assets increasing by 20.9% year-on-year to 113.7 billion CNY [10] Market Position - The company is positioned as a mid-sized securities firm focused on wealth management, with ongoing operational improvements supported by the Ping An Group [10] - The report highlights potential catalysts for future performance, including the resolution of competition issues with Ping An Securities and the release of earnings [10]

Investment Rating - The investment rating for China General Nuclear Power (003816) is "Buy" [1] - The target price has been raised to 5.75 RMB from the previous 4.68 RMB [1] Core Views - The company's revenue for the first half of 2024 was 39.4 billion RMB, showing a year-on-year increase of 0.3%, while the net profit attributable to shareholders was 7.11 billion RMB, up 2.2% year-on-year [4][7] - The second quarter of 2024 saw a revenue decline of 3.77% year-on-year, with a net profit of 3.51 billion RMB, reflecting a 0.93% increase year-on-year [7] - The issuance of convertible bonds is expected to alleviate financial pressure, and the approval of new nuclear power units strengthens long-term growth expectations [7] Financial Summary - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds for the construction of units 5 and 6 at the Lufeng Nuclear Power Plant [7] - Capital expenditure for 2024 is projected at 30.59 billion RMB, an increase of 16.34 billion RMB from 2023 [7] - The company has received approval for six new nuclear power units, the highest number in recent years, with a total of 16 units approved or under construction [7][12] Performance Metrics - The gross profit margin for Q2 2024 was 37.9%, down 6.1 percentage points year-on-year [7] - The net profit margin for the company is projected to improve gradually, with EPS estimates for 2024, 2025, and 2026 at 0.23, 0.25, and 0.26 RMB respectively [8][10] - The company's total assets are expected to reach 414.965 billion RMB by 2024, with total liabilities projected at 236.849 billion RMB [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 55.77 [4] Core Views - The company's H1 2024 performance met expectations, driven by the strong performance of its main brand, Han Shu, on Douyin, which boosted overall channel momentum [4] - The company's gross margin continued to improve, reaching 76.5% in H1 2024, up 7.5 percentage points year-on-year and 2.5 percentage points compared to H2 2023 [4] - The company's revenue and net profit attributable to shareholders in H1 2024 were RMB 3.502 billion and RMB 401 million, respectively, representing year-on-year growth of 121% and 297% [4] - The company's net profit margin in H1 2024 was 11.8%, up 5.4 percentage points year-on-year, driven by the improvement in gross margin [4] Financial Performance - In H1 2024, the company's main brand, Han Shu, achieved revenue of RMB 2.927 billion, up 84% year-on-year, while its sub-brands, Yi Ye Zi and Red Elephant, reported revenues of RMB 125 million and RMB 174 million, down 39% and 8% year-on-year, respectively [4] - Han Shu's GMV on Douyin in H1 2024 reached RMB 3.44 billion, exceeding the full-year 2023 figure, with GMV growth rates on Tmall and JD flagship stores nearing 200% and over 400%, respectively [4] - The company's sales, management, and R&D expense ratios in H1 2024 were 57.6%, 3.2%, and 2.2%, respectively, with the sales expense ratio increasing by 4 percentage points year-on-year due to increased online advertising and brand promotion expenses [4] Strategic Development - The company is advancing its multi-brand and multi-category strategy, with plans to establish a joint venture, Shanghai Yi Ye Zi Cosmetics Co., Ltd., in collaboration with Hangzhou Mangkeng, to further develop the Yi Ye Zi brand [4] - The company has proposed six strategic focuses for 2024: organizational development, R&D, AI and digitalization, marketing, intelligent production, and common development, aiming to expand its brand and product portfolio across six major sectors [4] Market Data - The company's current share price is HKD 33.25, with a 52-week price range of HKD 20.05 to HKD 54.75 [5] - The company's current market capitalization is HKD 13.234 billion, with 398 million shares outstanding [5]

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][5]. Core Views - The company's Q2 performance met expectations, with a positive outlook for Q3 and Q4 due to rich content reserves and ongoing improvements in core and new business segments [4][5]. - The total revenue for H1 2024 reached 6.96 billion yuan, a year-on-year increase of 2.5%, while the net profit attributable to shareholders was 1.06 billion yuan, down 15.5% due to changes in corporate income tax policies [5]. - Membership revenue grew significantly, reaching 2.49 billion yuan, up 26.8% year-on-year, driven by popular shows and an enhanced membership rights system [5]. - Advertising revenue was 1.72 billion yuan, a decline of 3.9%, but the decrease was notably smaller compared to previous periods, indicating a steady recovery [5]. - New business developments showed promise, with profits from Jin Ying Cartoon increasing by approximately 15% and the GMV of Xiaomang E-commerce reaching 6.65 billion yuan, a nearly 50% year-on-year growth [5]. Financial Summary - The company adjusted its EPS forecasts for 2024-2026 to 1.08, 1.32, and 1.50 yuan respectively, maintaining a target price of 33.30 yuan based on a 25X PE for 2025 [5]. - The financial summary indicates a projected revenue growth from 15.62 billion yuan in 2024 to 20.00 billion yuan in 2026, with a net profit forecasted to rise from 2.02 billion yuan in 2024 to 2.80 billion yuan in 2026 [6][14]. - The company’s net asset return is expected to stabilize around 10% by 2026, with a projected net profit margin of approximately 13.7% [14]. Market Data - The current stock price is 19.90 yuan, with a target price of 33.30 yuan, indicating significant upside potential [3][5]. - The company has a total market capitalization of 37.23 billion yuan and a P/E ratio of 18.40 based on the latest diluted shares [7][14]. Content Strategy - The company has a robust content pipeline for Q3 and Q4, with several key shows set to launch, which are expected to drive revenue growth [5]. - The successful launch of popular shows in previous quarters has helped maintain revenue levels despite high base pressures [5]. Conclusion - Overall, the report presents a cautiously optimistic outlook for the company, highlighting its ability to adapt and grow in a competitive market environment while maintaining a solid financial foundation [4][5].