股票研究 /[Table_Date] 2024.08.04 ——基础化工行业周报 本周维生素价格大涨，旺季涨价行情或再演绎 [Table_Industry] 基础化工 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|--------------------------|-------------------------|---------------------------------| | | 钟浩(分析师) | 沈唯(分析师) | 陈传双(研究助理) | | | 021-38038445 | 0755-23976795 | 021-38676675 | | | zhonghao027638@gtjas.com | shenwei024936@gtjas.com | chenchuanshuang027603@gtjas.com | | 登记编号 | S0880522120008 | S0880523080006 | S0880123060038 | 本报告导读： 三中全会结束有望提振信心，自上而下的维度看好业绩有韧性 ...

股票研究 /[Table_Date] 2024.08.04 价格高位稳定，关注养殖板块的比较优势 [Table_Industry] 农业 [Table_Invest] 评级： 增持 上次评级: 增持 [table_Authors] 王艳君(分析师) 021-38674633 登记编号 S0880520100002 wangyanjun022998@gtjas.com 本报告导读： 生猪：猪价高位稳定，供给逻辑较强。当前板块估值仍低，继续推荐养殖板块。饲 料：上半年饲料产量仍弱，关注养殖利润改善后的饲料后周期困境反转。 投资要点： [生猪：价格高位稳定，供给逻辑仍强。 Table_Summary] 猪价高位稳定。7 月 26 日~8 月 1 日生猪均价 19.56 元/Kg，环比上 涨 0.23 元/kg。出栏体重整体稳定，根据涌益咨询数据，出栏体重 125.06kg，环比持平略增。 供给逻辑仍强。7 月底 8 月初猪价持续高位，9 月合约也创造年内新 高价格，从体重角度看，养殖集团场在降体重，从肥标差来看，大 体重猪的数量也较少，供给逻辑仍强，我们认为体重、压栏等库存 问题较小。当前需求端来看，屠宰量和需求端 ...

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] 2024.08.02 ——2024W31 家电行业数据周报 线上白电表现较好，铜铝价格环比有所下降 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|----------------------------|----------------------------|----------------------| | | 蔡雯娟(分析师) | 曲世强(研究助理) | 谢丛睿(分析师) | | | 021-38031654 | 021-38031025 | 021-38038437 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | xiecongrui@gtjas.com | | 登记编号 | S088 ...

Investment Rating - The report maintains a "Buy" rating and raises the target price to $577 [51][24]. Core Insights - The company reported better-than-expected Q2 results, driven by strong growth in its Family of Apps (FoA) and AI-enabled advertising, with total revenue reaching $39.071 billion, a year-on-year increase of 22% [51][17]. - The gross margin stood at 81%, with a net profit of $13.465 billion, reflecting a net profit margin of 34%, which is a 10 percentage point increase year-on-year [51][54]. - The company plans to significantly increase capital expenditures to advance its AI initiatives, with Q2 capital expenditures at $8.5 billion and a target of $37-40 billion for Q3 [51][17]. Financial Data 1. Performance Overview - Revenue and net profit exceeded expectations, with a gross margin of 81% and a net profit margin of 34% [51][54]. - The operating profit for Q2 was $14.847 billion, a year-on-year increase of 58% [51][54]. 1.1. Family of Apps - Revenue from the Family of Apps reached $38.718 billion, up 22.05% year-on-year, with operating profit of $19.335 billion, a 47.25% increase [51][54]. - Advertising revenue grew by 21.69%, while other revenue surged by 72.89% [51][54]. 1.2. Virtual Reality Labs - Revenue from the Virtual Reality Labs declined to $353 million, with an operating loss of $4.488 billion, reflecting a 20.03% increase in losses year-on-year [51][54]. 1.3. Profit Forecast - The report updates the GAAP net profit forecast for 2024-2026 to $53.831 billion, $62.489 billion, and $69.117 billion, respectively, with corresponding PE ratios of 23.73X, 20.44X, and 18.48X [51][23].

Investment Rating - The report maintains an "Overweight" rating for Qualcomm (QCOM, US) [2][10]. Core Insights - Qualcomm's automotive business growth exceeded expectations, with strong demand in the automotive market and a positive long-term outlook driven by advancements in smart driving and edge AI [1][2]. - The company reported Q3 FY24 revenue of $9.39 billion, a year-on-year increase of 11%, and net profit of $2.129 billion, up 18% year-on-year [2][10]. - The revenue forecast for FY2024, FY2025, and FY2026 has been adjusted to $38.445 billion, $42.964 billion, and $47.135 billion respectively, with net profits projected at $11.281 billion, $13.055 billion, and $14.412 billion [2][10]. Summary by Sections 1. Performance Overview - Q3 FY24 revenue and net profit surpassed expectations, with revenue at $9.39 billion and net profit at $2.129 billion [2][10]. - The QCT segment generated $8.069 billion in revenue, with mobile and automotive segments contributing $5.899 billion and $0.811 billion respectively [2][10]. 2. Segment Performance - The automotive segment saw a remarkable year-on-year growth of 87%, significantly exceeding market expectations [2][10]. - Mobile revenue growth returned to double digits, with a year-on-year increase of over 50% in China OEM revenue [2][10]. 3. Investment Recommendations - The report suggests a target price adjustment to $231, based on a FY2025 Forward P/E of 20X, leading to a target market capitalization of $227 billion [2][10]. - The overall outlook remains positive, with expectations of continued growth driven by the integration of AI across all business lines [2][10].

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 ——商社行业周报（2024.07.29-08.04） 促消费高质量发展意见发布，服务业信心提振 [Table_Industry] 旅游业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | |------------------------------| | 庄子童(分析师) | | 021-38032683 | | zhuangzitong026312@gtjas.com | | S0880524070002 | 本报告导读： 国务院发布关于促进服务消费高质量发展的意见，服务业信心有望提振。 投资要点： [Table_Summary] 投资观点：继续重点推荐垂直 O2O+出海。①互联网龙头从单一追 求规模到重视盈利，垂直 O2O 公司的竞争格局显著改善，服务类行 业未来有望量价齐升，推荐途虎-W；②教育底部反转，推荐业绩可 持续兑现的低估值个股：卓越教育、思考乐教育、粉笔、行动教育 等；③平价出海 ...

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 ——公用事业行业周报（2024.7.29-2024.8.2） | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.com | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读： 2024 年非水可再生能源消纳权重总体提升。1H24 可再生能源新增装机维持高位， ...

——人身险预定利率下调点评 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | 本报告导读： 监管引导下调保险产品定价利率，并推动建立预定利率与市场利率动态调整机制， 预计利好调降负债成本缓解利差损风险，推动资负匹配，维持"增持"。 投资要点： [事件： Table_Summary] 8 月 2 日，根据上海证券报报道，金融监管总局向行业下发《关 于健全人身保险产品定价机制的通知》（下称《通知》）。 点评： 《通知 ...

股票研究 /[Table_Date] 2024.08.03 [Table_Market] | --- | --- | --- | |----------|-------------------------------------|----------------------| | | | | | | [table_Authors] 秦和平 ( 分析师 ) | 李奇 ( 分析师 ) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | 云业务增速环比放缓；Azure AI 贡献增速持续提升；Copilot 客户群体扩大；持续高 投入满足算力需求。 ——微软 FY24 Q4 业绩点评 交易数据 [Table_PicQuote] MSFT 纳斯达克综指 -15% -5% 5% 15% 25% 35% 45% 55% 2023-07-312023-08-232023-09-182023-10-11202 ...

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 ——贵金属周报 | --- | --- | |-------------------|----------------------------| | 于嘉懿(分析师) | 刘小华(分析师) | | 021-38038404 | 021-38038434 | | yujiayi@gtjas.com | liuxiaohua027843@gtjas.com | | S0880522080001 | S0880523120003 | 本报告导读： 美国 7 月就业数据大幅降温、失业率意外上行、触发"萨姆规则"，市场对美国经济 衰退担忧加剧，对美联储降息预期过满、或存调整风险；同时叠加日本央行意外加 息 15BP，将影响全球流动性边际收紧，金银价格或呈现震荡。 股票研究 /[Table_Date] 2024.08.03 日央行加剧流动性恶化，"衰退中期"或临近 [Table_Industry] 贵金属 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] ...