股 票 研 究 [table_Authors] 韩其成(分析师) 郭浩然(分析师) 021-38676162 010-83939793 hanqicheng8@gtjas.com guohaoran025968@gtjas.com 登记编号 S0880516030004 S0880524020002 电网水电推中国能建/电建，地产基建推中国建筑/交建 [Table_Industry] 建筑工程业 [Table_Invest] 评级： 增持 上次评级: 增持 ——建筑行业第 361 期周报 股票研究 /[Table_Date] 2024.08.18 [Table_subIndustry] 细分行业评级 本报告导读： 国家政策要求加快配电网和西南水电等新型电力系统建设，推荐中国能建和中国电 建。逆周期财政基建推荐隧道股份/中国交建等，地产推荐中国建筑。 投资要点： [国家政策要求加快配电网和西南水电等新型电力系统建设 Table_Summary] 。(1)8 月 13 日 能源局《配电网高质量发展行动实施方案（2024—2027 年）》加快推动一 批供电薄弱区域配电网升级改造项目。结合分布式新能源的资源条件、 开 ...

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 暑运高峰持续，原油运价回升 [Table_Industry] 运输 | --- | --- | --- | |-----------------------|-------------|------------------------| | | 股票研究 /[ | Table_Date] 2024.08.18 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | --- | --- | --- | |------------------------------|--------------------|------------------| | | | ——国君交运周观察 | | [table_Authors] 岳鑫(分析师) | 尹嘉骐(分析师) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 S088051 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][9]. Core Views - The company's performance in H1 2024 met prior forecasts, with core results exceeding expectations driven by operational improvements, including increased store count, higher average transaction value, and enhanced employee productivity [2]. - The non-academic quality business segment significantly contributed to revenue growth, accounting for 92% of total revenue, with a 58% year-on-year increase [2]. - The company is projected to achieve adjusted net profits of 178 million, 249 million, and 330 million yuan for 2024, 2025, and 2026 respectively, with EPS estimates of 0.32, 0.44, and 0.58 yuan [2]. Financial Summary - For H1 2024, the company reported revenue of 399 million yuan, a 59% increase year-on-year, and a gross profit of 177 million yuan, reflecting a 70% increase [2]. - The gross margin improved to 44%, up 3 percentage points, while the adjusted net profit margin reached 23.44%, an increase of 4.93 percentage points [2]. - The number of students served increased by 57% to 169,700, with total class hours rising by 57% to 4.2029 million [2]. - The company’s employee count grew by 48% to 2,603, with revenue per employee increasing by 7% to 150,000 yuan [2][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The market's expectations for the company are primarily based on mobile game performance, while the company's PC game performance is strong, indicating that the overall situation of existing products may be better than market expectations. The company has four new products expected to launch within the next year, which may support performance [2][3] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%. The net profit attributable to the parent company was 518 million yuan, down 23.39% year-on-year [3] - In Q2 2024, the company achieved revenue of 1.03 billion yuan, a quarter-on-quarter increase of 11.34%, but a year-on-year decline of 14.29%. The net profit attributable to the parent company was 264 million yuan, with a quarter-on-quarter increase of 4.38% and a year-on-year decline of 28.41% [3] Product Performance - The PC game "Wandao" generated revenue of 656 million yuan in the first half of 2024, a year-on-year increase of 16.31%, demonstrating strong vitality and being a key support for the company's performance. However, the mobile game "Wandao Mobile" saw a year-on-year revenue decline of 14.66% despite a revenue increase during its anniversary event [3] - The company plans to launch at least four new products in the next year, including three agency products in the second half of 2024 and a self-developed product in the first half of 2025. The product pipeline also includes several other self-developed and agency products, with most already obtaining approval [3] Valuation and Target Price - The target price for the company has been adjusted to 218.25 yuan from the previous 274.44 yuan, based on a reference of 15.1x PE for the media industry in 2024. The EPS forecast for 2024-2026 is adjusted to 14.55, 16.80, and 18.69 yuan, respectively [3][4]

Investment Rating - The report maintains a rating of "Buy" for the company [4][10]. Core Views - The company's performance meets expectations, with cost reductions expected to be released in the second half of the year, and sufficient capacity reserves indicating a clear growth logic [2]. - The company is projected to achieve earnings per share (EPS) of 1.37, 1.75, and 2.09 CNY for 2024, 2025, and 2026 respectively, with a target price raised to 19.20 CNY based on a 14x price-to-earnings (PE) ratio for 2024 [2][4]. Financial Summary - **Revenue**: - 2022A: 5,962 million CNY - 2023A: 6,519 million CNY - 2024E: 7,888 million CNY (21.0% increase) - 2025E: 9,545 million CNY (21.0% increase) - 2026E: 11,263 million CNY (18.0% increase) [2][9] - **Net Profit (Attributable to Parent)**: - 2022A: 205 million CNY - 2023A: 273 million CNY (33.0% increase) - 2024E: 554 million CNY (102.9% increase) - 2025E: 707 million CNY (27.6% increase) - 2026E: 844 million CNY (19.4% increase) [2][9] - **Earnings Per Share (EPS)**: - 2022A: 0.51 CNY - 2023A: 0.68 CNY - 2024E: 1.37 CNY - 2025E: 1.75 CNY - 2026E: 2.09 CNY [2][9] - **Return on Equity (ROE)**: - 2022A: 9.3% - 2023A: 11.3% - 2024E: 19.6% - 2025E: 21.2% - 2026E: 21.4% [2][9] - **Price-to-Earnings Ratio (PE)**: - 2022A: 22.54 - 2023A: 16.95 - 2024E: 8.35 - 2025E: 6.54 - 2026E: 5.48 [2][9] Capacity and Production Insights - The company achieved a sales volume of 565,000 tons of mechanical paper in the first half of 2024, a year-on-year increase of 32.8%, with significant contributions from food packaging and cultural paper [2]. - The company has a total production capacity exceeding 2.39 million tons across its three major paper-making bases, which helps stabilize its operations against industry cyclicality [2][4]. Market Position and Expansion - The company is expanding its product matrix through acquisitions and self-built bases, enhancing its product diversification [2]. - The first phase of the northern base construction is nearly complete, marking the entry of industrial packaging paper products into the company's portfolio [2]. Target Price and Valuation - The target price has been adjusted to 19.20 CNY, reflecting the company's growth potential and valuation premium due to its multi-category expansion strategy [2][4].

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 ——2024 年 7 月上市险企保费数据点评 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | 本报告导读： 7 月寿险保费整体景气增长，预计主要得益于续期保费的较快增长；车险延续弱增 长，非车增长波动主要受基数差异影响。定价利率下调利好压降负债成本。 投资要点： [Table_Summ ...

——海外科技行业 2024 年第 54 期 [table_Authors] 秦和平(分析师) 0755-23976666 qinheping027734@gtjas.com 登记编号 S0880523110003 本报告导读： AI 手机、AI PC、AI 眼镜等端侧 AI 逻辑持续演绎；台积电规划 296 亿美元资本支 出用途；Grok 2 发布，将陆续集成于 X 中。 投资要点： [Table_Summary] 大盘行情上，（2024.08.11-2024.08.17）恒生指数上涨 1.99%，恒生科 技指数上涨 0.65%，道琼斯工业指数上涨 2.94%，纳斯达克指数上 涨 5.29%。美股反弹力度较大。 端侧 AI 持续演绎。 (1)谷歌发布 Pixel 9 系列手机集成 AI 功能：谷 歌新款 Pixel 手机将 Gemini AI 助手融入安卓系统，安卓系统成为首 个配备大型设备内置多模态大模型的移动操作系统。AI 功能：1） AI 语音：搭载了对标 GPT-4o 语音功能的 Gemini Live，用户可以通 过手机或 Pixel Buds 与 Gemini 进行畅通无阻的对话。2）图文生成： ...

股 票 研 究 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.18 [Table_Report] 相关报告 投资要点： 中央政策定基调，关注绿电环境溢价 [Table_Industry] 公用事业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.com | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3][12]. Core Views - The company has demonstrated accelerated revenue and profit growth in the first half of 2024, driven by new product launches, channel expansion, and brand building, which are expected to strengthen its leading position in the segment and further unlock performance potential [3]. - The report revises the company's EPS forecasts for 2024, 2025, and 2026 to 0.47, 0.53, and 0.60 CNY respectively, reflecting an increase of +0.04, +0.02, and +0.01 CNY [3]. - The current stock price corresponds to a PE ratio of 13.5X for 2024, based on an exchange rate of 1 HKD = 0.92 CNY [3]. Revenue and Profit Performance - In the first half of 2024, the company reported revenue of 2.939 billion CNY, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 621 million CNY, up 38.9% year-on-year [3]. - The company declared an interim dividend of 0.16 CNY per share, totaling 376 million CNY, which represents approximately 60% of the net profit [3]. Product Category Performance - Revenue from vegetable products surged to 1.461 billion CNY, a year-on-year increase of 56.6%, making it the largest product category, accounting for 49.7% of total revenue [3]. - Revenue from seasoning noodle products reached 1.354 billion CNY, recovering with a 5.0% year-on-year growth, while revenue from bean products and others increased by 17.5% to 124 million CNY [3]. Channel Performance - Revenue from offline and online channels was 2.590 billion CNY and 349 million CNY respectively, with year-on-year growth of 25.4% and 33.2% [3]. - The company is experiencing growth in emerging channels such as snack wholesale, O2O, and e-commerce, with an expected increase in the proportion of direct sales [3]. Cost and Margin Improvement - The gross margin improved by 2.3 percentage points to 49.8% in the first half of 2024, driven by a favorable product mix and increased contribution from high-margin vegetable products [3]. - The net profit margin increased by 1.9 percentage points to 21.1% [3].

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 ——汽车行业周报（2024.8.12-2024.8.16） | --- | --- | --- | --- | |----------|---------------------|------------------------|----------------------------| | | 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 | 本报告导读： 8 月上旬乘用车零售销量保持稳定增长，批发销量受到了高温假影响；短期看，板块 的交易重心仍然在边际变化的赛道，包括华为车链、智能驾驶产业 ...