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 ——中共中央政治局第十六次集体学习事件快评 | --- | --- | --- | |----------|-------------------------|-----------------------------| | | 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： 中共中央政治局第十六次集体学习指出要推进边海空防建设，我们认为，边海空防 立体智能管控体系建设目标下，防空装备需求将持续旺盛，低空经济将进一步受益。 投资要点： [Table_Summary] 中共中央政治局 7 月 30 日下午就推进现代边海空防建设进行第十 六次集体学习。中共中央总书记习近平在主持学习时发表重要讲话 强调，推进现代 ...

Investment Rating - The report maintains an "Overweight" rating for BeiGene [2][4]. Core Insights - The company's operational performance exceeded expectations, with a significant increase in product revenue and a narrowing of net losses. The core product, Zebrutinib, is experiencing rapid growth in the US and is entering a harvest phase in Europe [4][5]. - The company achieved product revenue of $921 million in Q2 2024, representing a year-on-year increase of 66.3%. The net loss for Q2 2024 was $120 million, a reduction from a loss of $381 million in the same period last year [5]. - The report highlights the ongoing optimization of operational efficiency, with non-GAAP operating profit reaching $48 million, marking a turnaround from previous losses [5]. Financial Summary - For 2024, the company is projected to achieve revenues of $3.645 billion, with forecasts for 2025 and 2026 adjusted to $4.440 billion and $5.044 billion, respectively [5]. - The gross profit for 2024 is expected to be $3.033 billion, with a significant improvement in net profit projected for 2025 at $145 million [5]. - The report notes a decrease in SG&A and R&D expenses as a percentage of total revenue, indicating improved operational efficiency [5]. Pipeline Development - The report outlines several ongoing clinical trials, including potential registrations for Sonrotoclax and various other therapies, with multiple data readouts expected in 2024 [5]. - The company is advancing its pipeline with several candidates entering clinical stages, including a range of antibody therapies and inhibitors targeting various cancers [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company's revenue and profit showed improvement quarter-on-quarter, with the main business growth accelerating, particularly in international markets compared to domestic demand, which is still recovering gradually [3]. - The company reported a slight revenue beat, with H1 2024 revenue at 7.175 billion yuan, up 6.86% year-on-year, and net profit attributable to shareholders at 691 million yuan, up 3.21% year-on-year [4]. - The report highlights that the cost pressure from molasses is expected to continue to ease, which may stabilize profitability [3]. Financial Summary - H1 2024 revenue: 7.175 billion yuan, +6.86% YoY; net profit: 691 million yuan, +3.21% YoY; Q2 2024 revenue: 3.692 billion yuan, +11.30% YoY; net profit: 372 million yuan, +17.26% YoY [4]. - The company forecasts EPS for 2024-2026 to be 1.58, 1.79, and 2.13 yuan respectively, with a target price of 38.88 yuan [4][6]. - The gross margin for Q2 2024 improved by 0.3 percentage points to 23.9%, attributed to lower raw material costs and improved business structure [4]. Business Performance - Revenue from yeast and deep processing/sugar/packaging/other businesses in Q2 2024 grew by 12.2%, -40.1%, -17.1%, and +46.4% YoY respectively [4]. - Domestic and international revenues grew by 6.6% and 19.0% YoY respectively, with offline and online revenues increasing by 13.0% and 7.6% YoY [4]. - The report indicates that the domestic market for baking yeast still faces price competition, while international markets are expanding [4].

海 外 公 司 （ 中 国 香 港 ） 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 积极加仓杭州大本营 绿城中国(3900) [Table_Industry] 房地产 [Table_Invest] 评级： 增持 ——2024 年 7 月经营数据点评 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | 本报告导读： 7 月公 ...

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] 2024.08.07 行动方案发布，新型电力系统加快建设 [Table_Industry] 电网 [Table_Invest] 评级： 增持 上次评级: 增持 ——电网行业点评 | --- | --- | |----------------------|-----------------------------| | 庞钧文(分析师) | 周奥铮(研究助理) | | 021-38674703 | 010-83939782 | | pangjunwen@gtjas.com | zhouaozheng026728@gtjas.com | | S0880517120001 | S0880122080013 | [Table_subIndustry] 细分行业评级 本报告导读： 三部门发布《加快构建新型电力系统行动方案(2024-2027)》，国内电网建设确定性得 到进一步验证。 投资要点： [Table_Summary] 国家发展改革委、国家能源局、国 ...

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 行 业 周 报 证 券 研 究 报 告 | --- | --- | --- | |------------------------------|---------------------------|--------------| | | | 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 股票研究 /[Table_Date] 2024.08.05 "和平团结-2024"演习开幕，日本新建导弹试验靶场 [Table_Industry] 军工 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 [Table ...

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 ——7 月房企货值数据点评 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | 本报告导读： 2024 年 1~7 月拿地 TOP50 房企投资规模收缩 33%，央国企集中度提升至 91%，且 销售强势的房企积极性更强；土拍市场优质地块迎来激烈角逐，市场冷热分化鲜明。 投资要点： ...

——对白酒投资体系的探讨 | --- | --- | --- | |----------|------------------|-----------------------| | | 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： 本篇报告基于总量视角和周期嵌套对白酒消费、定价范式和投资体系进行梳理和反 思，我们认为白酒消费正在重塑，板块后续有望从"成长"变为"泛稳定"资产。 投资要点： [Table_Summary] 投资建议：板块在库存周期后有望实现估值体系重塑，份额逻辑逐 步强化，由"顺周期成长"逐步走向"泛稳定"资产。建议增持： 1）具备份额逻辑的头部企业：贵州茅台、五粮液、泸州老窖、山西 汾酒；2）库存周期下具备盈利确定性的今世缘、迎驾贡酒、古井贡 酒、洋河股份、老白干酒等；3）库存周期后存在成长性修复可能的 舍得酒业，以及港股珍酒李渡。 对于产 ...

Investment Rating - The report maintains a rating of "Buy" for Yum China (9987) [2][3] Core Views - Despite a slight decline in same-store sales, the company's cost control exceeded expectations, indicating strong operational management capabilities. The company is expected to provide high returns to shareholders through dividends and buybacks [3] Summary by Sections Financial Performance - For Q2 2024, total revenue reached $2.68 billion, reflecting a 1% increase (4% excluding currency effects). Operating profit was $266 million, up 4% (7% excluding currency effects), and net profit was $212 million, up 8% (11% excluding currency effects). Adjusted net profit was $266 million, up 3% (6% excluding currency effects) [3] - The company plans to return $3 billion to shareholders through dividends and buybacks from 2024 to 2026. Expected EPS for 2024-2026 are $2.16 (-0.08), $2.45 (-0.04), and $2.71 (-0.01), representing year-on-year growth of 8%, 14%, and 10% respectively [3] Store Expansion and Sales - As of H1 2024, the total number of stores reached 15,423, a 13% year-on-year increase. In Q2 2024, 401 new stores were added, with 99 being franchise stores, accounting for 25% of the new openings. KFC added 328 new stores, totaling 10,931, a 14% year-on-year increase, while Pizza Hut added 79 new stores, totaling 3,504, also a 14% increase [3] - Same-store sales experienced a year-on-year decline of 4% in Q2 2024, with KFC down 3% and Pizza Hut down 8%. This performance is at 86.7% of the same period in 2019 [3] Operational Efficiency - The restaurant profit margin for Q2 2024 was 15.5%, up 0.6 percentage points year-on-year. KFC's profit margin was 16.2%, down 1.1 percentage points, while Pizza Hut's profit margin was 13.2%, up 0.8 percentage points. The improvement in Pizza Hut's margin was primarily due to enhanced operational efficiency [3] - Menu innovations and streamlined processes have contributed to improved operational efficiency, with new products like the Pizza Dough Burger performing well. The company is also piloting new store formats to enhance customer experience [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 ——对上海土地市场的点评 股票研究 /[Table_Date] 2024.08.07 单价地王提振信心，期待总量的进一步表现 [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 | ...