Investment Rating - The investment rating for the company is "Buy" [2] - The target price has been adjusted to 27.10, up from the previous forecast of 25.87 [2] Core Views - The company's performance is in line with expectations, with a focus on the high growth of its main business and the potential bottlenecks in capacity during peak seasons [3] - The report maintains a positive outlook on the company's net profit for 2024-2026, forecasting 198 million, 251 million, and 315 million respectively [4] - The anticipated industry average valuation for 2024 is 24x PE, while the company is given a higher valuation of 36x PE due to expected performance improvements from the opening of the Shenbai high-speed railway [4] Financial Summary - In H1 2024, the company achieved revenue of 254 million (+52%), gross profit of 75 million (+77%), and a gross margin of 29.43% (+4.21 percentage points) [4] - The net profit attributable to the parent company for H1 2024 was 21 million (+72%), with a profit margin of 8.3% (+1 percentage point) [4] - The company reported a revenue of 127 million in Q2 2024 (+29%), with a gross profit of 39 million (+17%) and a gross margin of 30.64% (-3.14 percentage points) [4] Business Segmentation - Revenue growth rates for H1 2024 by business segment include: Tianchi Hotel (+27%), Blue View Hot Springs (+50%), Yew Tree Ecological Products (+40%), Tianchi Management Consulting (+126%), Easy Travel (+12%), and Smart Travel (+76%) [4] - The decline in gross margin is attributed to weather impacts on ticket refunds and pre-purchased vehicles for capacity expansion during peak seasons [4] Future Focus - Attention is drawn to the progress of the company's capital increase plan and potential capacity bottlenecks, especially during the high season in July and August [4]

——东方财富 2024 年半年报点评 需求不足代销承压，增配固收投资亮眼 东方财富(300059) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 16.20 | | | 上次预测: | 22.40 | | [当前价格： Table_CurPrice] | | 10.46 | | --- | --- | --- | |----------|--------------------|------------------------| | | 刘欣琦(分析师) | 孙坤(分析师) | | | 021-38676647 | 021-38038260 | | | liuxinqi@gtjas.com | sunkun024098@gtjas.com | | 登记编号 | S0880515050001 | S088052303 ...

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 -40% -31% -23% -14% -6% 2% 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 东方财富 深证成指 [Table_Report] 相关报告 需求不足代销承压，增配固收投资亮眼 东方财富(300059) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 16.20 | | | 上次预测: | 22.40 | | [当前价格： Table_CurPrice] | | 10.46 | [table_Auth ...

证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.11 | --- | --- | --- | --- | |----------|---------------------|-------------------|----------------------| | | 李鹏飞(分析师) | 魏雨迪(分析师) | 王宏玉(分析师) | | | 010-83939783 | 021-38674763 | 021-38038343 | | | lipengfei@gtjas.com | weiyudi@gtjas.com | wanghongyu@gtjas.com | | 登记编号 | S0880519080003 | S0880520010002 | S0880523060005 | 本报告导读： 短期淡季钢铁需求继续边际下降；行业深度亏损情况下，部分钢企亏损减产，钢铁 供给亦同步下降，且降幅大于需求降幅，我们预期盈利仍有望逐步回升。 投资要点： 行 业 周 报 部分钢企减产检修，产量连降六周 [Table_Industry] 钢铁 [Table_Invest] 评级： 增持 上次 ...

宏 观 研 究 证 券 研 究 报 告 宏观研究 /[Table_Date] 2024.08.11 | --- | --- | --- | --- | |--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|---------------------------------------------------------| | | 两条主线：利率市场化 & 汇率防超调 \n—— 2024 年二季度货币政策执行报告点评 | [Table_Authors] | 韩朝辉 ( 分析师 ) \n021-38038433 \nhanchaohui@gtjas.com | | | | 登记编号 | S0880523110001 | | 本报告导读： | | | | | ...

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 股票研究 /[Table_Date] 2024.08.11 ——行动教育 2024H1 业绩点评 | --- | --- | |-------------------|---------------------| | | | | 刘越男 ( 分析师 ) | [table_Authors] | | | | | 021-38677706 | | | | liuyuenan@gtjas.com | | S0880516030003 | 登记编号 | | --- | --- | |------------------|-------| | | | | | | | 021-38038344 | | | suying@gtjas.com | | | S0880522110001 | | 本报告导读： 2024H1 业绩符合预期，大客户战略成效显著；公司业绩稳健，拟实施中期分红回报 股东。 投资要点： [Table_Summary] 业绩符合预期，维持"增持"评级。公司排课新签回暖 ...

——消费品投资进阶之道系列五 | --- | --- | --- | |----------|------------------------------|-------------------| | | [table_Authors] 訾猛(分析师) | 邱苗(分析师) | | | 021-38676442 | 021-38675861 | | | zimeng@gtjas.com | qiumiao@gtjas.com | | 登记编号 | S0880513120002 | S0880521050001 | 本报告导读： 消费行业是一个看似简单、实则研究门槛极高的行业，本系列报告旨在搭建底层研 究框架，帮助初学者快速掌握消费品行业分析方法，共同探讨消费品企业投资之道。 投资要点： [Table_Summary] 投资建议：基于《消费品投资进阶之道》研究框架，我们长期看好 中国消费龙头的投资机会，尤其是具备一流的商业模式&生意特性、 市场前景广阔、成长逻辑清晰、行业竞争格局持续改善的龙头企业， 有望在中长期维度上展现其投资价值，具体推荐标的及盈利预测参 见报告第 3 章节。 消费品研究框架一般讲究"三力"， ...

Industry Investment Rating - The report maintains an **Overweight** rating for the cosmetics industry, consistent with the previous rating [2] Core Viewpoints - The cosmetics and personal care industry exhibits resilience in demand, with domestic brands having significant room for growth in market share [4] - Domestic brands are expected to rise in the long term due to improvements in channels, products, and organizational efficiency [4] - The industry is projected to have a market size of around **1 trillion RMB**, with significant growth potential driven by generational shifts and product innovation [10] - Domestic brands currently hold a smaller share compared to international brands, with the largest gaps in skincare, makeup, haircare, and bath products [22] Market Growth Potential - The cosmetics and personal care market in China is estimated to be around **6.4 trillion RMB**, with potential to reach **3-5 trillion RMB** when compared to per capita consumption in Japan, the US, and South Korea [10] - Per capita consumption of skincare, makeup, haircare, and bath products in China is significantly lower than in these countries, indicating substantial growth potential [10] - Generational shifts and product innovation are key drivers of long-term growth, with younger consumers showing higher spending on beauty and personal care products [13] Domestic Brand Opportunities - Domestic brands have the most significant growth potential in haircare and bath products, where their market share is only around **20%** [19] - Skincare and makeup brands have a **30%+** market share, with room for further growth, especially in mid-to-high-end segments [20] - Oral care and sanitary napkins have a **40%+** market share, with domestic brands like Yunnan Baiyao and Heng'an showing strong performance [20] - Baby care and laundry care have a **60%+** market share, with domestic brands leading in these categories [20] Competitive Landscape - International brands dominate in skincare, makeup, haircare, and bath products, with domestic brands lagging in brand matrix and high-end segments [22] - Domestic brands like Proya, Chando, and Adolph have made significant strides but still face challenges in competing with global giants like L'Oréal and P&G [22] - The baby care market is highly fragmented, with domestic brands like Decos and Babycare gaining traction [22] Channel and Product Innovation - Content e-commerce is reshaping consumer purchasing paths, providing opportunities for domestic brands to challenge international brands' dominance [27] - Domestic brands are leveraging organizational efficiency and faster decision-making to adapt to changing consumer preferences and channel dynamics [41] - Product innovation, driven by local consumer insights and R&D improvements, is helping domestic brands gain market share and brand recognition [38] Long-term Competitive Advantages - Domestic brands' long-term competitiveness lies in their higher organizational efficiency and sensitivity to local consumer needs [41] - Talent repatriation from international companies is strengthening domestic brands' R&D and brand-building capabilities [42] - Domestic brands are focusing on differentiation through brand positioning, product innovation, and cost leadership strategies [44] Strategic Recommendations - Domestic brands should focus on building brand equity, product innovation, and cost efficiency to compete effectively in the market [44] - High-margin brands like Proya and Chando are achieving profitability on platforms like Douyin, while low-margin brands rely on spillover effects to other channels [34] - The industry should continue to invest in R&D and consumer insights to drive product innovation and meet evolving consumer demands [38]

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company has exceeded expectations in Q2, raising its long-term revenue target from 1 billion USD to 3 billion USD, driven by continuous growth in the Chinese market and expansion in overseas markets [4][10]. - The AI-driven TSV plating equipment is in high demand, positioning the company to open a second growth curve [10]. - The company is benefiting from the semiconductor equipment industry's average valuation of 40 times PE in 2024, and as a leading supplier in plating equipment, it is expected to gain market share due to insufficient capacity from competitors [10]. Financial Performance - In Q2 2024, the company achieved operating revenue of 1.483 billion CNY, a year-on-year increase of 49.14% and a quarter-on-quarter increase of 60.90%. The net profit attributable to shareholders was 363 million CNY, up 17.66% year-on-year and 352.73% quarter-on-quarter [10]. - The total shipment volume in Q2 2024 reached 202.5 million USD, representing a year-on-year increase of 32% [10]. - The company has adjusted its EPS forecasts for 2024-2026 to 3.03, 4.05, and 5.42 CNY, respectively, from previous estimates of 2.61, 3.87, and 5.27 CNY [10][11]. Market Expansion - The company is expanding its overseas business through partnerships with several manufacturers in South Korea and Taiwan, including potential product opportunities with Hynix in HBM [10]. - A new R&D base has been established in Oregon, USA, to cover the American and European markets, with orders already secured from wafer-level packaging companies [10]. - The company has completed final qualification certification for SAPC cleaning equipment in Europe [10]. Industry Position - The company is the third-largest supplier globally, with a market share of 2% in the plating equipment sector, while LAM holds 80% and AMAT holds 16% [10]. - The market for ECP is expected to grow from 800 million USD to 1.2 billion USD, with further growth anticipated [10]. Valuation Metrics - The report suggests a valuation premium for the company, assigning a 2024 PE of 45 times, reflecting its leadership in the plating equipment sector and the demand driven by AI [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company's Q2 performance exceeded expectations, prompting an increase in the annual performance guidance and a long-term revenue target raised from 1 billion USD to 3 billion USD, primarily driven by sustained growth in the Chinese market and expansion in overseas markets [3][10]. - The company is positioned to benefit from AI-driven demand for TSV plating equipment, which is currently in short supply, potentially opening a second growth curve for the company [3][10]. Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 1.483 billion CNY, a year-on-year increase of 49.14% and a quarter-on-quarter increase of 60.90%. The net profit attributable to the parent company was 363 million CNY, up 17.66% year-on-year and 352.73% quarter-on-quarter [10]. - The total shipment volume in Q2 2024 reached 202.5 million USD, reflecting a year-on-year increase of 32% [10]. Market Opportunities - The market space for the company's ECP (Electrochemical Plating) has been expanded from 800 million USD to 1.2 billion USD, with expectations for continued growth due to increased capital expenditures from major storage manufacturers in HBM (High Bandwidth Memory) [10]. - The company is the third-largest supplier globally and is expected to capture market share due to insufficient capacity from competitors LAM and AMAT [10]. Product Development and Expansion - The company has launched next-generation Ultra ECP products to meet the plating needs for GPU and HBM applications, enhancing its product portfolio [10]. - The company is expanding its overseas presence, with significant collaborations in South Korea and plans for a research and production base in Oregon, USA, to cover the American and European markets [10].