Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.48 CNY, up from the previous target of 13.54 CNY [4] - The current stock price is 12.08 CNY [4] Core Views - H1 revenue and profit exceeded expectations, leading to an upward revision of full-year profit forecasts [3][4] - The company's H1 revenue reached 2.23 billion CNY, a 25.6% YoY increase, with net profit attributable to shareholders at 420 million CNY, up 37.8% YoY [5] - Gross margin improved to 41.8%, up 0.6 percentage points, driven by economies of scale and intelligent manufacturing [5] - The company's international market growth outpaced domestic growth, with international revenue increasing by 27.2% YoY [5] - The Vietnam factory, operational since March, is expected to significantly enhance international order-taking capabilities by 2024-2025 [5] Financial Performance - H1 revenue breakdown: buttons contributed 930 million CNY (+27.1% YoY), while zippers contributed 1.26 billion CNY (+24.0% YoY) [5] - H1 gross margin for buttons was 42.1%, and for zippers, it was 42.9%, both showing slight improvements [5] - The company's net profit margin increased to 18.3%, up 1.8 percentage points, with Q2 showing strong expense control [5] - Mid-term dividends amounted to 234 million CNY, with a payout ratio of 56% [5] Market and Industry Analysis - The company is a leader in the domestic apparel accessories industry, with strong growth resilience compared to peers [5] - The report forecasts 2024-2026 EPS at 0.60/0.68/0.77 CNY, up from previous estimates of 0.56/0.65/0.76 CNY [5] - The company is valued at 24x PE for 2024, higher than the industry average, reflecting its robust growth prospects [5] Future Outlook - Orders in August continued to show steady growth, with double-digit growth expected for H2 [5] - The Vietnam industrial park is projected to contribute significantly to international revenue by 2024, with expected revenue in the tens of millions [5] - The company's strong order momentum and capacity expansion are expected to drive sustained growth in the coming years [5]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 62.50 [1][3] Core Views - The company's revenue for Q2 exceeded expectations due to a recovery in downstream demand, with a year-on-year increase of 22% and a quarter-on-quarter increase of 9% [2][3] - The average selling price of products decreased by 8% quarter-on-quarter, but gross profit reached 265.1 million USD, maintaining a gross margin of 13.9% [3] - The company is positioned as a leader in domestic logic chip manufacturing, benefiting from the recovery in mobile chip demand and the implementation of AI applications [3] Financial Summary - Revenue projections for 2024, 2025, and 2026 have been raised to 577 billion, 644 billion, and 718 billion CNY respectively, compared to previous estimates of 497 billion, 566 billion, and 654 billion CNY [3] - The EPS for 2024 has been slightly adjusted down to 0.38 CNY from 0.40 CNY, while the EPS for 2025 and 2026 has been slightly increased to 0.56 CNY and 0.70 CNY respectively [3] - The company’s Q2 2024 revenue is projected to be 1901.3 million USD, with a gross margin expected to be between 18% and 20% in Q3 [3][4] Market Data - The current stock price is 49.20 CNY, with a market capitalization of 391,455 million CNY [5] - The stock has a 52-week price range of 40.33 to 58.31 CNY [5] Balance Sheet Summary - Total assets are projected to be 353,081 million CNY in 2024, with total liabilities of 129,913 million CNY [10] - Shareholder equity is expected to reach 223,169 million CNY in 2024, with a net asset value per share of 17.93 CNY [6][10]

Investment Rating - The investment rating for Fuyao Glass is "Buy" with a target price of 55.58 CNY, maintaining the previous rating of "Buy" [4][9]. Core Views - Fuyao Glass's Q2 performance exceeded expectations, with revenue reaching 9.504 billion CNY, a year-on-year increase of 19.12%, and a net profit attributable to shareholders of 2.111 billion CNY, up 9.84% year-on-year [9]. - The company's average selling price (ASP) continued to accelerate, with a year-on-year increase of 9.08% in Q2, indicating a strong penetration of high-value products [9]. - The improvement in the cost environment has allowed the company to retain profits within the glass segment, leading to record-high profitability [9]. Financial Summary - Revenue for 2022 was 28.099 billion CNY, projected to grow to 39.087 billion CNY in 2024, reflecting a compound annual growth rate (CAGR) of 17.9% [8]. - Net profit attributable to shareholders is expected to increase from 4.756 billion CNY in 2022 to 6.907 billion CNY in 2024, with a CAGR of 22.7% [8]. - The company achieved a gross margin of 37.73% in Q2 2024, the highest in recent quarters, driven by improved capacity utilization and lower raw material prices [9]. Market Position - Fuyao Glass's automotive glass revenue reached 16.8 billion CNY in the first half of 2024, a year-on-year increase of 25.28%, with Q2 growth at 19% [9]. - The company has a strong market position in the OEM sector, demonstrating significant pricing power amidst a competitive environment [9]. - Fuyao's operations in the U.S. are performing well, with revenue of 3.36 billion CNY in the first half of 2024, a year-on-year increase of 23.8% [9].

| --- | |-------| | | | | | | 宏观研究 /[Table_Date] 2024.08.14 | --- | |-------| | | | | | | 证 券 研 究 报 告 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|-----------------------------| | | | | | | | | | 私人部门之间的缩表传导在加速 | [Table_Authors] | 韩朝辉 ( 分析师 ) | | | | 021-38038433 | | —— 2024 年 7 月社融数据点评 | | hanchaohui@gtjas.com | | | 登记编号 | S0880523110001 | | 本报告导读： | | | ...

政策推动配电网发展，推荐中国能建、中国电建等 [Table_Industry] 建筑工程业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-----------------------|---------------------------| | | 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 | 本报告导读： 国家能源局印发《配电网高质量发展行动实施方案（2024—2027 年）》，加快推动一 批配电网建设改造任务，提升配电网智能化水平。推荐中国能建、中国电建等。 投资要点： [8Table_Summary] 月 13 日国家能源局发布《配电网高质量发展行动实施方案（2024-2027 年）》。(1)紧密围绕新型电力系统建设要求，加快推动一批配电网建设改 造任务，提升配电 ...

股票研究 /[Table_Date] 2024.08.14 ——2024 年第 34 周周报 | --- | --- | |----------|-------------------------| | | 苏哲西(研究助理) | | | 021-38031652 | | | Suzhexi028697@gtjas.com | | 登记编号 | S0880123070147 | 本报告导读： B 卡延迟引起热议，节奏变化不改需求确定性；Lumen 拿到大单大涨，指引 AI 衍 生的 DCI 景气度。 投资要点： [Table_Summary] B 卡延迟引起热议，节奏变化不改需求确定性。近日市场对 NVDA 的 B 系列延迟以及延伸到对光模块、铜缆等影响评估讨论度较高， 结合 NVDA 的回应以及更多的信息获得，投资者的认知逐步在形成 一致，市场也已经反映了这部分预期。核心还是中长期需求，从最 近北美大厂财报看出，资本开支 2024Q3 向好，下半年投入将明显 增加；北美财报各家均表示对长期投入的决心，叠加 6/7 月份摸排 北美对 GB200 需求，微软、谷歌等都有不同程度上升，需求侧无虞。 Lumen 拿 ...

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 /[2024.08.12 Table_Date] 千帆极轨 01 组卫星成功发射，美再加强中东军事部署 [Table_Industry] 军工 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |------------------------------|---------------------------|--------------| | | | 军工行业周报 | | [table_Authors] 彭磊(分析师) | 黄龙(研究助理) | | | 010-83939806 | 021-38031028 | | | penglei018712@gtjas.com | huanglong028685@gtjas.com | | 登记编号 S0880518100003 S0880123070154 [Table_subIndustry] 细分行业评级 本报告导读： 军工板块回调，"丝路方舟"号完成首次南海岛礁巡诊。千帆 ...

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 ——"千帆星座"首批 18 颗卫星发射成功事件快评 | --- | --- | --- | |----------|-------------------------|-----------------------------| | | 彭磊(分析师) | 杨天昊(分析师) | | | 010-83939806 | 010-83939791 | | | penglei018712@gtjas.com | yangtianhao027639@gtjas.com | | 登记编号 | S0880518100003 | S0880523080010 | 本报告导读： "千帆星座"首批 18 颗卫星发射成功，开启我国商业卫星互联网的太空组网之路。 我们认为，随着低轨卫星系统建设的加速推进，卫星制造相关上市公司将率先受益。 投资要点： [Table_Summary] 北京时间 8 月 6 日 14 时 42 分，我国在太原卫星发射中心使用长征 六号改运载火箭，成功将千帆极轨 01 组卫星发射升 ...

Investment Rating - The report maintains an "Overweight" rating for the cement industry [1]. Core Viewpoints - Despite a nationwide decline in cement demand, Tibet Cement has experienced counter-cyclical growth driven by key infrastructure projects and a gradual resolution of regional supply issues. Future major projects, particularly in water conservancy, are expected to enhance capacity utilization and profitability in the region [3][5]. - The report recommends companies such as Huaxin Cement, Conch Cement, and Tibet Tianlu as beneficiaries of the regional dynamics [3][6]. Summary by Sections 1. Investment Story - The report highlights that Tibet's cement demand remains robust, with a production increase of 51% year-on-year in 2023, reaching 11.98 million tons, significantly outperforming the national average decline of 0.7% [5][19]. 2. Overview: Cement Supply and Demand Changes in Tibet - The price stability of cement in Tibet has been maintained between 600-700 RMB/ton since 2016, with a notable drop only between late 2021 and early 2022 due to increased competition from new capacity [8][11]. 3. Supply Structure: High Concentration and Strict Capacity Control - The regional supply structure is characterized by high concentration, with the top three companies holding an 80% market share. The report notes that the region's capacity has stabilized since 2022 due to strict management of new capacity and self-discipline in production [12][19]. 4. Demand: Steady Growth in Key Projects and Water Conservancy Engineering - Major project investments in Tibet are projected to stabilize demand at over 10 million tons. In 2024, planned investments in key projects are expected to reach 161.8 billion RMB, a 13% increase from 2023 [24][25]. - Water conservancy projects, particularly in the Yarlung Tsangpo and Lancang rivers, are anticipated to contribute an additional annual demand of approximately 300,000 tons of cement [25][30]. 5. Regional Cement Price and Volume Expected to Improve - The report indicates that as capacity utilization improves, the profitability of regional cement companies is likely to increase. Huaxin Cement is noted for its optimal product structure, particularly in special low-heat cement, which aligns well with the needs of major infrastructure projects [34][37].

化妆品具体制作品表示 深度四 new! 美妆个护跨品类研究：长坡厚雪，国货方兴 图 9: 洗护发、洗浴本土公司占比显著偏低，其次为护肤奉彩妆 ( 2023 ) 护肤彩妆洗护发洗浴衣物护理婴童护理 口腔护理卫生市 本土公司占比 中国35%32%22%64%27%44%62%45% 日本79%77%70%78%81%78%58%100% 韩国68%61%72%73%64%65%49%7% 美国43%36%43%80%54%78%83%95% 法国73%78%74%54%35%4%1%0% 软機未液：欧索、国泰塔安证系研究、注：本土公司占比为自主演算、制除 other、privatelabel 类品牌影响，可能存在送差， 跨品类 / 跨国 别相对可比 困 24: 差异化、成本倾先两美定争战略背后可桥解为洞察、触达、供应链、研发四种内赤能力奏求 产品 价格 原題 【研发】 战略 品牌 【供应链】 【洞察】 + 差异化~ 管理 【触达】 时间 营销 渠道 蓝色：外化优势 黑色：内部能力 ~成本领先 ARK 差异化 总成本领 . 先 常见的日本来作 研发、产品开发和营销部门之间开展紧密的合作 主观评价代替以数量标准为基础 ...