摘要： 投资建议：社服零售板块整体将受益服务消费提振相关政策。继续推荐教育、景区以及OTA, 为何是服务消费：顺应需求，效果明显。近期国务院发布促进服务消费相关文件（以下简称〈意见》），将服务消费作为扩大内需和经济高质量发展的重要动力。 Φ符合消费规律：收入提升且达到一定水平后，服务消费的结构性增长是客观规律，美日均经历相关过程。 ◎相对高景气事实：以旅游、家庭服务为代表的服务消 费自2023年以来成为消费稀缺的增量。2024年以来重要旅游窗口期出游人次在高基数情况下同比依然正增长。③服务升级确有效果。相比商品，服务消费发展较 晚，优质供给稀缺，标准化程度和效率仍有提升空间，优质供给能够带来增量需求。@服务业用工量大，能够吸纳较多就业。 《意见》思路：供给侧提质升级为主，兼顾短中长期动能培育，①中国服务消费主要矛盾：1）消费意愿校强，但消费能力不足；2）优质供给稀缺，同质化，低品 质供给过剩；3）集中休假及较长工作时间成为约束。②整体思路以供给侧提质升级为主，重点提升服务消费的优质供给。趋势是市场化、规范化、差异化。主要 措施包括：设施更新、开放资源、场景创新、综合服务联动、引入外资加强市场化竞争。③中国的消 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3][9]. Core Views - Revenue growth is in line with expectations, while profit margins have exceeded expectations, indicating potential for further upward adjustments in profit margins as the company accelerates its store expansion in advantageous locations [2][3]. - The company has released a positive earnings forecast, projecting a significant increase in revenue and adjusted net profit for 2024 and 2025, with adjusted net profit estimates of 1.78 billion (+19%) for 2024 and 2.49 billion (+13%) for 2025 [3]. - The company achieved a revenue of 3.8 billion in 2024H1, representing a 51.2% increase year-on-year, and a net profit of 0.8 billion, up 86.31%, with a profit margin of 21.05%, which is an increase of 3.97 percentage points [3]. Financial Summary - The company’s financial projections for 2024E, 2025E, and 2026E include revenues of 8.32 billion, 11.32 billion, and 14.99 billion respectively, with year-on-year growth rates of 44%, 38%, and 32% [6]. - The adjusted net profit for 2024E is projected at 1.78 billion, with a year-on-year growth of 65%, and for 2025E and 2026E, the adjusted net profits are expected to be 2.49 billion and 3.30 billion, reflecting growth rates of 40% and 32% respectively [6]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 93 in 2024E to 7 in 2026E, indicating an improving valuation over time [6].

股 票 研 究 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.05 Q2 预期逐步消化，投资端预期再交易 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|---------------------|---------------------|---------------------------| | | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读： Q2 业绩拖累因素逐步消化，内外部环境引发内需预期的再交易，消费建材龙头长期 估 ...

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 -29% -16% -3% 10% 22% 35% 2023-08 2023-12 2024-04 [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 华利集团 深证成指 [Table_Report] 相关报告 H1 收入超预期，订单趋势向好 华利集团(300979) 纺织服装业[Table_Industry] /可选消费品 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 72.35 | | | 上次预测: | 72.35 | | [当前价格： Table_CurPrice] | | 55.88 | [table_Authors] 刘佳昆(分析师) 曹冬青(研究助理) 021- ...

股票研究 /[Table_Date] 2024.08.05 ——2024 年第 32 周周报 | --- | --- | --- | --- | |----------|-----------------------|----------------------|-------------------------| | | 王彦龙(分析师) | 黎明聪(分析师) | 苏哲西(研究助理) | | | 010-83939775 | 0755-23976500 | 021-38031652 | | | wangyanlong@gtjas.com | limingcong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880523080008 | S0880123070147 | 北美云厂投入坚定，重视光互连布局机会 通信设备及服务 [Table_Industry] [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 本报告导读： AI 产业进程趋势未改，短期亟待积极指引信息；通信基 ...

订订编号：S0880521070002 电子首席分析师 安卓手机用折叠屏定高价冲击高端手机市场。根据Counterpoint数据，在高端手机市场，2023年定价 >600美金手机占比约24%，其中苹果、三星、华为、小 米、OPPO、其他占比分别为71%、17%、5%、2%、1%、4%，高端手机市场苹果一家独大。按2023年全球手机总销量11.7部折算（各家统计机构口径差异 请自行修正，此处选取IDC数据），将高端手机分为直板机和折叠机来看，苹果1.99亿全直板，三是0.477亿部（折叠0.105亿，直板0.372亿），华为0.14亿 （折叠0.019亿，直板0.12亿），小米0.056亿（折叠0.0084亿）。在高端手机市场，安卓系约8000万部市场，其中折叠屏占1600万，占比20%。安卓品牌 将持续迭代升级折叠屏，常折叠屏的天然高定价高炫耀需求直打高端市场，若安卓高端市场折叠屏远期渗透率达到40%（折合整个安卓系渗透率约3.3%），预计 年销量或将达到3200万台。 苹果入局折叠屏，或于2026年推出，据多家媒体报道，苹果计划在2026年推出两款可折叠设备，一款是折叠屏iPhone，一款是折叠屏iPad。 ...

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 市占率提升逻辑稳健，利润率持续优化 途虎-W(9690) 商业服务与商业用品 [Table_Industry] [Table_Invest] 评级： 增持 —— 途虎 2024H1 业绩前瞻 股票研究 /[Table_Date] 2024.08.06 | --- | --- | --- | |----------|---------------------|-----------------------------| | | 刘越男(分析师) | 宋小寒(研究助理) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880122070054 | 本报告导读： 途虎在规模、供应链及门店管控等方面竞争优势显著，看好公司长期市占率提升空 间。 投资要点： [Tab ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company continues to increase R&D investment and market promotion of its product lines, while also enhancing management efficiency and cost reduction, leading to stable performance and an increase in the proportion of self-developed products [2][4]. Financial Summary - For H1 2024, the company achieved operating revenue of 1.279 billion yuan (down 7.37%), net profit attributable to the parent company of 202 million yuan (up 15.38%), and non-recurring net profit of 199 million yuan (up 11.49%). Operating cash flow was 213 million yuan (down 48.09%) [4][5]. - The sales revenue of self-developed products in H1 2024 was 932 million yuan (up 7.61%), with a gross margin of 72.42% (up 1.54 percentage points). The sales revenue of agency products was 334 million yuan (down 32.69%), with a gross margin of 13.68% (down 7.75 percentage points) [4][5]. - The proportion of self-developed products in total revenue increased from 37.73% in 2019 to 72.91% in H1 2024, with their contribution to net profit rising from 75.27% in 2019 to 87.24% [4][5]. Product Development and Market Expansion - New products have been approved, and the promotion of automated testing lines is progressing smoothly, driving an increase in reagent sales. In H1 2024, the company achieved a shipment of 2,301 units of large instruments and testing lines, with reagent sales volume increasing by 23.4% year-on-year [4][5]. - The company is actively promoting the intelligent laboratory testing analysis pipeline and collaborating with various platform terminals, which is expected to lead to sustained growth in reagent sales [4][5]. Earnings Forecast - The report maintains EPS forecasts for 2024, 2025, and 2026 at 0.71 yuan, 0.86 yuan, and 1.05 yuan respectively, with a target price of 17.27 yuan, corresponding to a PE ratio of 24X for 2024 [4][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 股 票 研 究 证 券 研 究 报 告 ——厦钨新能系列之十九：24 年上半年报点评 股票研究 /[Table_Date] 2024.08.05 业绩符合预期，钴酸锂 3C 基本盘迎改善 厦钨新能(688778) [Table_Industry] 资本货物/工业 | --- | --- | --- | |----------|-------------------------------------|--------------------| | | | | | | [table_Authors] 庞钧文 ( 分析师 ) | 牟俊宇 ( 分析师 ) | | | 021-38674703 | 0755-23976610 | | | pangjunwen@gtjas.com | moujunyu@gtjas.com | | 登记编号 | S0880517120001 | S0880521080003 | | --- | --- | --- | --- | --- | --- | |--- ...

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] 2024.08.04 ——2024W31 家电行业周报 家空内外销排产上修，海信和 TCL 彩电出货增长 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|----------------------------|---------------------------|--------------------| | | 蔡雯娟(分析师) | 李汉颖(研究助理) | 樊夏俐(分析师) | | | 021-38031654 | 010-83939833 | 021-38676666 | | | caiwenjuan024354@gtjas.com | lihanying026725@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 | S088012207 ...