股票研究 /[Table_Date] 2024.08.03 碳核算体系加速完善，监测、再生需求逐步释放 [Table_Industry] 环保 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-------------------|--------------------|-----------------------| | | 徐强(分析师) | 邵潇(分析师) | 于歆(分析师) | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | 登记编号 | S0880517040002 | S0880517070004 | S0880523050005 | 本报告导读： 上周 CEA 周成交 51 万吨，周成交均价 91 元/吨。地方碳配额周成交 98万吨，周成 交均价 47 元/吨。全国 CCER 周成交 9.89 万吨。 投资要点： ...

股票研究 /[Table_Date] 2024.08.04 ——化妆品双周报 欧莱雅发布半年报，整体增长稳健、北亚承压 [Table_Industry] 化妆品 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|------------------|-------------------|----------------------| | | 訾猛(分析师) | 杨柳(分析师) | 闫清徽(分析师) | | | 021-38676442 | 021-38038323 | 021-38031651 | | | zimeng@gtjas.com | yangliu@gtjas.com | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | S0880521120001 | S0880522120004 | 本报告导读： 2024H1 欧莱雅集团收入、净利润同比+8%、11%，整体增长稳健，其中欧美、新兴 市场强劲，北亚下滑承压；产品趋势上皮肤学、大众护肤品、护肤引领增长。 投资要点 ...

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 玻璃保持盈利领先身位，资产负债表健康 信义玻璃(0868) [Table_Industry] 建材 [Table_Invest] 评级： 增持 ——信义玻璃 2024 年中报点评 | --- | |------------------------| | 杨冬庭(分析师) | | 0755-23976166 | | yangdongting@gtjas.com | | S0880522080004 | 本报告导读： 2024 年中报实现归母净利 27.30 亿港元，符合预期。公司凭借优异成本控制能力以 及深加工能力展现领跑行业的抗波动能力，主动降杠杆资产负债表健康。 投资要点： 股票研究 /[Table_Date] 2024.08.04 [当前价格 Table_CurPrice] (港元)： 7.89 [Table_Market] 交易数据 | --- | --- | |-------------------------|------------ ...

股票研究 /[Table_Date] 2024.08.04 股 票 研 究 [Table_Report] 相关报告 本报告导读： 投资要点： | --- | --- | --- | |----------|-----------------------|---------------------------| | | 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 | 建筑工程业《财政地产等建筑产业链全景数据库 20240728》2024.07.29 建筑工程业《坚持做强做优做大国有企业，能源 电力订单增速快》2024.07.28 建筑工程业《财政地产等建筑产业链全景数据库 20240722》2024.07.22 建筑工程业《三中全会深化财税/土地/国企改 革，加快新地产和新能源建设》2024.07.21 建筑工程业《税改/房改/电改持续推进，车路云 低空 ...

股票研究 /[Table_Date] 2024.08.05 ——煤炭行业周报 | --- | --- | --- | |----------|--------------------|-----------------------------| | | 黄涛(分析师) | 邓铖琦(分析师) | | | 021-38674879 | 010-83939825 | | | huangtao@gtjas.com | dengchengqi024452@gtjas.com | | 登记编号 | S0880515090001 | S0880523050003 | 本报告导读： 动力煤：日耗继续高位，但预期偏差，提前预判底部可能出现在 8 月底至 9 月上旬； 焦煤：市场演绎钢铁重回 3 月底，但我们预计底部会有所抬升。 投资要点： [投资建议： Table_Summary] 我们认为煤炭板块估值的重塑正在途中，背后反应的不仅是 煤炭行业深刻供需结构变化，逐步"公用事业化"，而且也反映了在资产 荒背景下，无风险收益率下行趋势下的高股息资产更加受到市场青睐的 投资策略问题，推荐优质的高盈利稳定性与盈利可预见性的龙头：陕西 ...

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 证 券 研 究 报 告 股 票 研 究 ——美国大选对中国汽车产业链的影响 [Table_Report] 相关报告 本报告导读： 投资要点： 股票研究 /[Table_Date] 2024.08.04 挑战与机遇并存，中国汽车产业加速出海 [Table_Industry] 汽车 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | |---------------------|------------------------| | 吴晓飞(分析师) | 管正月(分析师) | | 0755-23976003 | 021-38032026 | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | | S0880517080003 | S0880521030003 | 汽车《以旧换新政策加码，结构性行情延续》 2024.07.28 汽车《电动转型加速，国内供应链有望乘势而 起》2024.07.28 汽车《政策力 ...

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 ——化妆品双周报 | --- | --- | --- | --- | |----------|------------------|-------------------|----------------------| | | 訾猛(分析师) | 杨柳(分析师) | 闫清徽(分析师) | | | 021-38676442 | 021-38038323 | 021-38031651 | | | zimeng@gtjas.com | yangliu@gtjas.com | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | S0880521120001 | S0880522120004 | 本报告导读： 2024H1 欧莱雅集团收入、净利润同比+8%、11%，整体增长稳健，其中欧美、新兴 市场强劲，北亚下滑承压；产品趋势上皮肤学、大众护肤品、护肤引领增长。 投资要点： [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 股票研究 /[Table_Date] 2024.08.03 碳核算体系加速完善，监测、再生需求逐步释放 [Table_Industry] 环保 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-------------------|--------------------|-----------------------| | | 徐强(分析师) | 邵潇(分析师) | 于歆(分析师) | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | 登记编号 | S0880517040002 | S0880517070004 | S0880523050005 | 本报告导读： 上周 CEA 周成交 51 万吨，周成交均 ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, assigning a target price of HKD 103.37 based on a 16.2x PE multiple for FY2024 [2][10] Core Investment Thesis - The company is positioned as a high-end brand with significant brand premium and customer loyalty, driven by strong single-store sales growth and store expansion potential [2] - The company's growth strategy combines product innovation, channel expansion, and brand building, creating a competitive moat [2] - The domestic market offers substantial growth potential through single-store efficiency improvement and store network expansion, while international markets present long-term opportunities [2] Financial Projections - Revenue is projected to grow from RMB 7.11 billion in FY2024 to RMB 13.25 billion in FY2026, with a CAGR of 30.83% [2][6] - Net profit is expected to increase from RMB 1.00 billion in FY2024 to RMB 1.91 billion in FY2026, with a CAGR of 31.54% [2][6] - Gross margin is forecasted to remain stable at around 42.5% from FY2024 to FY2026, supported by product mix optimization [6] Product and Brand Strategy - The company focuses on ancient gold craftsmanship and innovative product lines, such as gold-inlaid diamonds, which have driven rapid revenue growth [2][12] - The brand strategy aligns with luxury positioning, emphasizing exclusivity and premium pricing, which enhances brand equity [2][12] - The company's product portfolio includes ancient gold and gold-inlaid jewelry, with gold-inlaid products contributing 56% of total revenue in 2023 [12][38] Channel Expansion - The company operates a fully self-owned store model, with 33 stores in 14 cities as of the IPO filing, primarily located in tier-1 and new tier-1 cities [14][25] - Online sales accounted for 11.4% of total revenue in 2023, with a CAGR of 33% projected from FY2024 to FY2026 [6][14] - The company plans to expand its domestic store network to 60-100 stores, targeting high-end commercial centers, and explore international markets in Asia and beyond [2][25] Industry Analysis - The ancient gold jewelry market in China is a high-growth segment, with a projected CAGR of 21.8% from 2023 to 2028, reaching RMB 421.4 billion by 2028 [54] - The global gold jewelry market, particularly in Southeast Asia, the Middle East, and Europe, offers significant opportunities for Chinese brands, with markets exceeding USD 10 billion in size [59][60] - The shift from "channel-first" to "brand-first" strategies is reshaping the competitive landscape in the gold jewelry industry, with a focus on premium positioning and product innovation [64] Growth Drivers - Domestic growth is driven by single-store efficiency improvement, store network expansion, and increased penetration among high-net-worth individuals [2][5] - International expansion is a long-term growth driver, with the company targeting markets in Southeast Asia, the Middle East, and Europe, leveraging its brand and product differentiation [2][25]

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry, maintaining the same rating as previously [1]. Core Viewpoints - Current market risk appetite is low, leading to a greater impact of certainty on valuations than growth potential. The report suggests focusing on structural opportunities within the beverage sector [1][2]. - The beverage sector is characterized by resilient demand for low-priced, high-frequency consumption, with continued prosperity expected [10]. - The beer segment is anticipated to see marginal recovery in sales due to favorable weather and sports events in Q3 2024 [12]. Summary by Sections Investment Recommendations - **Baijiu (Chinese liquor)**: Recommended to overweight, focusing on stable performers like Kweichow Moutai, Shanxi Fenjiu, and Gujing Gongjiu, as well as undervalued stocks like Wuliangye and Luzhou Laojiao [2][6]. - **Beverages**: Suggested to overweight companies such as Eastroc Beverage, Uni-President China, and Master Kong, due to their strong market positions and resilient demand [2][6]. - **Beer**: Overweight recommendations for Yanjing Beer, Tsingtao Brewery, Chongqing Beer, and Zhujiang Beer, as well as Hong Kong-listed China Resources Beer [2][6]. - **Consumer Goods**: Overweight on high-growth companies like Three Squirrels and Jin Zai Food, and stable, low-valuation stocks like Chengde Lulu and Yili [2][6]. Baijiu Sector - The focus has shifted from growth rates to certainty in performance, with market attention on the sustainability of growth and pricing trends among leading companies [7][8]. - The upcoming Mid-Autumn Festival and National Day are expected to bring volume rebounds, but price support for the sector may be limited [8]. Beverage Sector - The beverage market shows strong resilience, with low-price and high-frequency consumption characteristics benefiting from increased travel and consumption patterns [10][11]. - Companies like Uni-President and Master Kong are expected to maintain stable growth, supported by channel diversification and product innovation [11]. Beer Sector - Sales in the beer segment are projected to improve marginally in Q3 2024, driven by favorable weather and sports events [12]. - Specific brands like Qingdao Beer and Chongqing Beer are expected to see positive sales growth, while Budweiser Asia may experience declines due to adverse weather conditions [12]. Profit Forecasts and Valuations - The report includes a detailed profit forecast and valuation table for key companies, indicating a general positive outlook for the food and beverage sector [13][14].