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 安证券 —嘉益股份 2024 年中报点评 股票研究 /[Table_Date] 2024.08.18 业绩表现亮眼，高景气有望延续 嘉益股份(301004) 耐用消费品[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|-------|-------|-------| | | | | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 毛宇翔 ( 研究助理 ) | | | | | | | 021-38038184 | 0755-23976668 | | | | | | | liujiakun029641@gtjas.com | maoyuxiang029547 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.18 [table_Authors] 王彦龙(分析师) 黎明聪(分析师) 010-83939775 0755-23976500 wangyanlong@gtjas.com limingcong@gtjas.com 登记编号 S0880519100003 S0880523080008 ——中报点评 本报告导读： 维持盈利预测和目标价，维持增持评级; 业绩符合预期，业务稳健发展；AI 数通 业务开始放量，盈利能力提升可期。 投资要点： [Table_Summary] 维持盈利预测和目标价，维持增持评级。公司公告 2024 年中报，业 绩符合预期，各项业务展望积极，Q2 业绩符合预期。我们维持 2024- 2026 年 归 母净 利 润为 14.19/18.57/24.37 亿元 ，对 应 EPS 为 1.41\1.85\2.42 元。维持目标价 42 元，维持增持 业绩符 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to accelerate its transition to a cloud subscription service model, with a focus on AI applications driving innovation [5][6]. - Financially, the increase in SaaS revenue is anticipated to enhance gross margins, while a slight decrease in total employees suggests a potential for faster profitability recovery [5][6]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 2.87 billion yuan, an increase of 11.9%, while the net profit attributable to the parent company was a loss of 218 million yuan, a reduction in loss of 23.2% [6]. - The gross margin improved to 63.2%, up 1.3 percentage points year-on-year, primarily due to the increased subscription revenue [6]. - Cloud service revenue reached 2.39 billion yuan, growing by 17.2%, accounting for 83.2% of total revenue, reflecting the effectiveness of the subscription-first strategy [6]. Customer Segmentation - The company is focusing on large enterprises, with revenue from its cloud services for large enterprises growing by 38.9% year-on-year [6]. - Revenue from small and micro enterprises also showed strong growth, with a 17.3% increase in cloud financial services revenue [6]. Future Outlook - The company aims to continue expanding its customer base across various market segments, which is expected to lead to stable revenue growth [6]. - The ongoing push for AI application innovation and the increasing share of cloud service revenue are projected to further enhance gross margins [6].

Investment Rating - The report rates the coal industry as "Overweight" [1] Core Viewpoints - The coal sector is undergoing a valuation reshaping, reflecting significant supply-demand structural changes and a trend towards becoming more utility-like. High dividend assets are increasingly favored in a low-risk yield environment [2] - Non-electric coal demand is expected to rise compared to the end of March, with coal prices projected to maintain a bottom above 800 RMB/ton [2] - The report anticipates that the bottom for thermal coal prices may appear between late August and early September [2] Summary by Sections Thermal Coal Data Tracking - As of August 16, 2024, the price for Q5500 thermal coal at Huanghua Port is 845 RMB/ton, down 9 RMB/ton (-1.1%) from the previous week [5] - In early August, prices for thermal coal at Shanxi and Inner Mongolia pits decreased, while prices in Shaanxi remained stable [6] - The report notes that the price gap between Australian coal and domestic coal is narrowing, with Australian Newcastle coal at 146.46 USD/ton, up 4.01% [7] Coking Coal Data Tracking - As of August 16, 2024, the price for main coking coal at Jingtang Port is 1840 RMB/ton, down 20 RMB/ton (-1.1%) from the previous week [21] - Coking coal prices in Shanxi and Inner Mongolia have also decreased, with Shanxi Gujiao fat coal at 1650 RMB/ton, down 70 RMB/ton (-4.1%) [22] - The report indicates that coking coal inventory at three major ports increased by 7.9% to 325.3 million tons [26] Market Overview - The coal sector outperformed the broader market, with the coal index rising by 1.97% compared to a 0.60% increase in the Shanghai Composite Index [42] - Key companies such as China Shenhua and Shaanxi Coal and Chemical Industry are recommended for their stable profitability and growth potential [2] Additional Insights - The report highlights that the average price for thermal coal in the northern ports is 699 RMB/ton for long-term contracts, showing a slight decrease of 0.1% from the previous month [17] - The overall coal market is expected to experience fluctuations, with a focus on the upcoming seasonal demand changes [2]

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 ——公开发行股票中介服务新规点评 股票研究 /[Table_Date] 2024.08.18 规范发行上市收费，边际利好投行展业 投资银行业与经纪业 [Table_Industry] [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|--------------------|---------------------------|---------------------------| | | 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The establishment of the new "Zhen San Shi" division is expected to enhance resource allocation towards terminal construction and service, thereby improving channel layout and organizational efficiency, which may unlock growth potential [4]. - The company anticipates adjusted EPS of 0.59 CNY, 0.73 CNY, and 0.89 CNY for the years 2024-2026, with a target price set at 12.6 HKD based on a 20X PE for 2024 [4]. - The "Zhen Jiu" brand strategy has been upgraded with the addition of the "Zhen San Shi" division, focusing on expanding distribution channels and enhancing market presence [4]. - The company achieved approximately 4.6 billion CNY in revenue from the "Zhen Jiu" brand in 2023, contributing about two-thirds of total revenue, with "Zhen San Shi" expected to generate around 1 billion CNY [4]. - The company is implementing a dual-channel growth strategy, actively expanding its network and enhancing its operational efficiency, which is expected to yield positive results in the second half of 2024 [4]. Financial Summary - The company reported a revenue of 5,856 million CNY in 2022, with projections of 7,030 million CNY for 2024, reflecting a growth rate of 20% [5]. - The net profit for 2022 was 1,197 million CNY, with an expected increase to 1,623 million CNY in 2024, indicating a growth rate of 36% [5]. - The PE ratio is projected to decrease from 26.73 in 2022 to 19.73 in 2024, suggesting improved valuation metrics [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 ——食品饮料行业周度更新 | --- | --- | --- | |----------|------------------|-----------------------| | | 訾猛(分析师) | 李耀(分析师) | | | 021-38676442 | 8621-38675854 | | | zimeng@gtjas.com | liyao022899@gtjas.com | | 登记编号 | S0880513120002 | S0880520090001 | 本报告导读： 啤酒、饮料需求相对刚性，确定性凸显，优先配置；白酒、零食旺季催化临近，成 长性修复可期。 投资要点： 股票研究 /[Table_Date] 2024.08.18 饮品、啤酒优先，旺季期待成长修复 [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 食品饮料《消费品企业三力模型》2024.08.11 食品饮料《茅 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 -36% -28% -21% -14% -7% 1% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 中矿资源 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 27.14 锂矿降本效果显著，铜项目潜力将释放 中矿资源(002738) 金属，采矿，制品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 33.80 上次预测: 42.42 | --- | --- | |----------|---------------------| | | 宁紫微(分析师) | | | 021-38038438 | | | ningziwei@gtjas.com ...

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] 2024.08.18 Ulta 获伯克希尔买入，关注中报催化 [Table_Industry] 化妆品 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|------------------------------|----------------------|-------------------| | | | | ——化妆品双周报 | | | [table_Authors] 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | 021-38676442 | 021-38031651 | 021-38038323 | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | 登记编号 | S0880513120002 | S0880522120004 | S0880 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23 CNY, compared to the current price of 9.01 CNY [2]. Core Insights - The company's performance exceeded expectations, driven by high net interest income due to elevated USD interest rates. The company is advancing risk management business innovations and solidifying its competitive advantages in overseas financial services, which is expected to meet the demands of the real economy [3]. Financial Summary - For the first half of 2024, the company reported revenue and net profit attributable to shareholders of 2.638 billion CNY and 230 million CNY, respectively, representing year-on-year changes of -16.14% and 36.73% [5]. - The weighted average ROE increased by 1.1 percentage points year-on-year to 6.03%, indicating a slight improvement in profitability [5]. - The company adjusted its earnings forecast for 2024-2026, projecting EPS of 0.72, 0.81, and 0.89 CNY, respectively, up from previous estimates of 0.70, 0.79, and 0.88 CNY [5]. Revenue Drivers - The company's net interest income for the first half of 2024 increased by 31.24% year-on-year to 351 million CNY, contributing 99.26% to the adjusted revenue growth. This increase is primarily attributed to higher interest rates on USD-denominated assets and improved rates from margin deposits in overseas futures businesses [5]. - The risk management business also showed improvement, with net income turning from a loss of 27 million CNY in 2023H1 to a profit of 3.5 million CNY in 2024H1, contributing 36.36% to the adjusted revenue growth [5]. Business Innovations - The company is focusing on risk management innovations tailored to the needs of real enterprises and rural revitalization efforts. It has launched 59 "insurance + futures" projects with a nominal principal of 1.097 billion CNY [5]. - The overseas financial services segment is enhancing its self-clearing system advantages and has obtained clearing qualifications from the ICE-US exchange, improving its capabilities in the global market [5].