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 本报告导读： 投资要点： 股票研究 /[Table_Date] 2024.08.01 地缘油价影响短期，不改中枢上行趋势 [Table_Industry] 海运 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|------------------|--------------------| | | 岳鑫(分析师) | 尹嘉骐(分析师) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | [Table_Report] 相关报告 海运《原油运价快速回升，集运运价高位回落》 2024.07.29 海运《高油价致短期承压，实业界预期仍乐观》 2024.07.23 海运《【国君交运】油 ...

Investment Rating - The report assigns an "Accumulate" rating for New Oriental-S (9901) [2][5]. Core Views - Short-term profit margins are impacted by increased compensation expenses, investments in cultural tourism, and the ramp-up of new stores. However, it is expected that FY25Q1 will stabilize expectations, with a focus on the recovery of the education segment's profit margins [5]. - The company has adjusted its FY2025-2026 and added FY2027 Non-GAAP net profit estimates to $537 million (-9%), $741 million (-5%), and $1,007 million, respectively, with EPS projected at $0.27, $0.39, and $0.54 [5]. - For FY24, the company achieved revenue of $4.314 billion (+44%), gross profit of $2.263 billion (+42%), and a gross margin of 52.45% (-1 percentage point) [5]. - The report highlights that the decline in profit margins is primarily due to accelerated store openings, increased cultural tourism investments, and rising employee compensation [5]. Financial Summary - FY24 revenue was $4.314 billion, with a year-on-year growth of 44%. The gross profit was $2.263 billion, with a gross margin of 52.45% [7]. - FY24Q4 revenue reached $1.137 billion (+32%), aligning with Bloomberg consensus expectations, while gross profit was $594 million (+27%) [5]. - The company’s operating profit for FY24 was $350 million (+84%), with a margin of 8% (+2 percentage points) [5]. - Non-GAAP net profit for FY24 was $381 million (+47%), with a margin of 8.84% [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 /[Table_Date] 2024.08.01 ——7 月房企销售数据点评 结构大于总量 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][13]. Core Insights - The company's oncology product sales are performing well, with expected overseas growth. The sales of furmonertinib in the U.S. reached approximately $130 million, and the company is optimistic about further expansion in international markets. The submission of the NDA for savolitinib is anticipated by the end of the year, marking a significant milestone in the company's innovative pipeline [1][3]. Financial Summary - For 2024H1, the company achieved revenue of $306 million, a decrease of 43% year-on-year, primarily due to fluctuations in upfront payments and milestone revenues from Takeda. The net income was $26 million, down 85% year-on-year. The cash on hand reached $803 million, indicating a strong liquidity position [2][3]. - The core oncology product sales amounted to $243 million, reflecting a 140% increase. The revenue forecast for 2024-2026 has been adjusted to $651 million, $788 million, and $950 million, respectively [2][3]. - The sales of furmonertinib in the domestic market were $61 million, up 8%, with a market share of 47% in Q2 2024. The U.S. sales of furmonertinib were $131 million, with expectations for accelerated growth in 2024 [3]. Pipeline Development - The company is advancing multiple pipelines, with furmonertinib's NDA submissions for various indications already in progress. Savolitinib's NDA for treating NSCLC is expected to broaden its market reach significantly. The company is optimistic about its innovative pipeline continuing to deliver results [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 股 票 研 究 ——水羊股份 2024 年半年报点评 业绩低于预期，期待多品牌战略效果显现 水羊股份(300740) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------|----------|----------------|----------------------| | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | | 闫清徽 ( | | 分析师 ) | | | 021-38676442 | | | 021-38031651 | | | | zimeng@gtjas.com | | | | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | | | S0880522120004 | | 本报告导 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The anesthetics business continues to show high growth, while the mental and neurological segments are stabilizing. Key new products are entering a growth phase [3]. - The company achieved revenue of 2.763 billion and net profit attributable to shareholders of 629 million in H1 2024, representing year-on-year increases of 15.13% and 15.46%, respectively [8]. - The target price has been adjusted to 31.46, up from the previous 29.15, based on a PE ratio of 26 times for 2024 [8]. Financial Performance - In H1 2024, the anesthetics segment generated revenue of 1.522 billion, a year-on-year increase of 20.04%, accounting for 55.09% of total revenue [8]. - The mental and neurological product revenues were 595 million and 80 million, respectively, with year-on-year growth of 8.17% and 8.51% [8]. - Operating cash flow improved significantly, with a net cash flow of 622 million, up 39.51% year-on-year [8]. Research and Development - R&D investment increased to 319 million in H1 2024, a year-on-year rise of 13.03%, with several key new products expected to contribute to revenue growth [8]. - The company has over 20 innovative drug projects in the pipeline, with NH600001 entering Phase III clinical trials [8]. Market Position - The company is expected to maintain its leading position in the domestic market, especially after the adjustment of midazolam injection from a Class II to a Class I controlled substance [8].

为有四处边际变化:一是经济方面,直面经济边际下滑。相较于之 前"就业强劲、失业较低"的表述,美联储承认就业增长放缓,失 业率有所上升,鲍威尔也表态美国经济存在一定疲弱迹象,但经济 "硬着陆"的可能性很低。二是通胀方面,已经取得进一步进展, 从高度关注通胀特向双重使命。美联储对二季度以来的通胀进展表 示满意,继续维持 2%通胀目标制,但在本轮周期中首次提及"双重 使命",意味着对经济和通胀同等关注。三是降息方面,鲍威尔明确 表达最快9月份降息。美联储认为过晚降息会削弱经济,不要把注 意力完全放在通胀问题上,预计预防式降息有望尽快到来。四是政 治方面,鲍威尔表示可能的９月份降息是非政治性的。关联储的决 定没有考虑总统候选人的经济计划,当前阶段美联储仍根据数据进 行决定。 预计美联储9月份大概率开启降息,全年降息2次左右,2025年可 能的"特朗普 2.0"预期可能会进一步加速降息进程。二季度以来关 国通胀基本符合或略低于预期,预计后续继续维持通胀整体回落、 经济边际放缓的格局,在双重使命的驱动下,美联储大概率９月份 开启降息,但是本轮美联储降息不同于 1980年代以来的五轮降息 (除了 1984-1986年是因为 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, consistent with the previous rating [2][4]. Core Insights - The current influence of numerator growth on valuation is declining, while denominator risk expectations are becoming dominant. Investors are increasingly focused on risk and uncertainty, leading to a preference for certainty in valuations [4][6]. - The report suggests that the food and beverage sector, particularly liquor, has cyclical attributes. Due to weak demand expectations, risk assessments are relatively high, and investors are demanding higher risk compensation for uncertainty, thus favoring certainty in valuations [4][6]. - The report emphasizes that a reduction in uncertainty or sufficient risk compensation could drive valuation recovery. Policy and liquidity factors are crucial in influencing denominator expectations, which can catalyze valuation changes [4][6]. Summary by Category Liquor - Recommended to increase holdings in stable performers such as Kweichow Moutai, Shanxi Fenjiu, and Gujing Gongjiu, as well as in undervalued stocks like Wuliangye and Luzhou Laojiao [4][6]. Beverages - Strong recommendations to increase holdings in companies with rigid demand such as Dongpeng Beverage, Uni-President China, and Master Kong [4][6]. Beer - Suggested to increase holdings in Yanjing Beer, Tsingtao Brewery, and Chongqing Beer, along with Hong Kong-listed China Resources Beer [4][6]. Consumer Goods - Recommendations include high-growth stocks like Three Squirrels and Jin Zai Food, as well as supply chain stocks like Qianhe Flavoring and Zhongju High-tech after pressure release from the restaurant sector [4][6].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 中国电子增持奇安信，国资加持下孕育市场新机遇。公司作为国家网络安全骨干力 量获得更多的资源，行业地位有望得到进一步巩固，未来营收增速或超预期。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 6,223 | 6,442 | 7,067 | 8,062 | 9,403 | | (+/-)% | 7.1% | 3.5% | 9.7% | 14.1% | 16.6% | | 净利润（归母） | 58 | 72 | 218 | 371 | 601 | | (+/-)% | 110.4% | 24.5% | 203.7% | 70.1% | 62.1% | | 每股净收益（元） | ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The report indicates that the company's performance is under pressure due to weak demand in the first half of 2024, but medium to long-term growth is expected to be driven by the continued expansion of moderately priced refreshing new products [2][3] - The company achieved a revenue of 1.628 billion yuan in H1 2024, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 402 million yuan, down 8.36% year-on-year [8] - The report highlights the company's focus on a 3-5-8 degree product matrix, which is expected to enhance brand momentum and drive growth in refreshing products [8] Summary by Sections Financial Performance - The company reported a revenue of 1.628 billion yuan in H1 2024, with a net profit of 402 million yuan, reflecting a decline in both metrics compared to the previous year [8] - The gross margin for H1 2024 was 70.08%, an increase of 4.19 percentage points year-on-year, while the net profit margin was 24.55%, down 1.99 percentage points year-on-year [8] - The company has adjusted its EPS forecasts for 2024-2026 to 0.75, 0.84, and 0.96 yuan respectively, reflecting a year-on-year change of -3.4%, +13.4%, and +13.7% [8] Market Position and Strategy - The company is focusing on enhancing its product matrix with a specific emphasis on refreshing products, which are expected to capture market share and drive future growth [8] - The report notes that the company is reducing discounts in online channels to stabilize pricing, which is seen as a long-term beneficial strategy [8] Valuation - The target price has been adjusted to 22.50 yuan from the previous 26.10 yuan, based on a 30X PE ratio for 2024 [8]