Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry, consistent with the previous rating [1]. Core Insights - The report highlights investment opportunities in energy-saving and carbon reduction transformations in the power sector [1][6]. - The average coal consumption for power generation has been decreasing, and the carbon emission benchmark for coal-fired power plants is set to decline further [6][7]. - The report emphasizes the importance of the "Coal Power Low Carbon Transformation Construction Action Plan (2024-2027)" issued by the National Development and Reform Commission and the National Energy Administration, which aims for a 50% reduction in average carbon emissions from coal-fired power plants by 2027 [6][7]. Summary by Sections Weekly Investment Perspective - The coal power low carbon transformation has made initial progress, with a clear funding support mechanism in place [6]. - The plan sets quantitative reduction targets, with the first batch of transformation projects expected to commence by 2025 [6][7]. - The transformation paths include biomass power generation coupling, green ammonia co-firing, and carbon capture utilization and storage [6][7]. Environmental Sector Weekly Performance - The environmental sector index experienced a decline of 1.62% last week, while the gas and water sectors also saw negative fluctuations [3][9]. - The top five gainers in the environmental sector included Shijin Technology (+9.85%) and Zhongchuang Environmental Protection (+8.47%) [3][9]. - The top five decliners included Kailong High-Tech (-19.79%) and Boschke (-9.15%) [3][9]. Carbon Neutrality Sector Tracking - The national carbon market saw a transaction volume of 644,800 tons, a decrease of 43% from the previous week, with an average transaction price of 90.20 yuan/ton [11]. - Local exchanges reported a transaction volume of 589,900 tons, an increase of 54%, with an average price of 53.30 yuan/ton [11]. Important Events in the Environmental Industry - The "Supervision and Management Measures for Marine Discharge Outlets (Trial)" was approved, emphasizing the need for effective management to reduce pollution [14]. - The Beijing-Tianjin-Hebei region released the "Carbon Benefit Project Emission Reduction Accounting Technical Specification for Low-Carbon Travel," effective from October 1, 2024 [12][13]. Major Announcements from Environmental Listed Companies - Tongxing Environmental Protection expects a net profit of 18.21 million to 22.95 million yuan for the first half of 2024, a year-on-year decline of 42.29% to 54.20% [15]. - Delin Hai anticipates a revenue of 190 million to 240 million yuan, a growth of 79.83% to 127.16% compared to the previous year [15].

Investment Rating - The report maintains an "Overweight" rating for the motorcycle industry, specifically for the mid-to-large displacement motorcycle segment [1]. Core Insights - The mid-to-large displacement motorcycle segment (over 250cc) achieved a record monthly sales of 90,000 units in June, nearly doubling year-on-year, indicating a rising industry sentiment [2]. - Domestic demand is stabilizing, and exports are performing strongly, contributing to the overall positive outlook for the segment [2]. - Key players such as Chuanfeng Power and Longxin General are expected to benefit from the ongoing growth and new product launches in 2024 [2]. Summary by Sections Industry Overview - The report highlights that June's total sales for mid-to-large displacement motorcycles reached 90,000 units, marking a 103% year-on-year increase and a 16.6% month-on-month increase [2]. - Domestic sales in June were 54,000 units, up 95% year-on-year and 23% month-on-month, while exports reached 36,000 units, reflecting a 116% year-on-year increase and an 8% month-on-month increase [2]. Company Performance - Chuanfeng Power's sales for mid-to-large displacement motorcycles in June were 20,000 units, a 155% increase year-on-year and a 36% increase month-on-month [2]. - Qianjiang Motorcycle reported sales of 19,000 units in June, up 158% year-on-year and 43% month-on-month [2]. - Longxin General's sales were 11,000 units in June, reflecting a 115% year-on-year increase [2]. Future Outlook - The report anticipates that the industry will continue to see high demand, with Chuanfeng Power set to launch several new models in 2024, which could further boost sales [2]. - The overall sentiment in the industry is improving, with leading manufacturers showing strong performance [2].

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 [Table_Industry] 传播文化业 2024.07.24 [Table_Invest] 评级： 增持 上次评级: 增持 快手可灵全球上线并升级，AI 视频工具或迎加速发展 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|--------------------|-------------------------| | [table_Authors | 陈筱](分析师) | 杨昊(分析师) | | | 021-38675863 | 021-38032025 | | | chenxiao@gtjas.com | yanghao029514@gtjas.com | | 登记编号 | S0880515040003 | S0880524020001 | 本报告导读： 快手可灵宣布全球上线，国内版本升级并全面内测，产品效果与付费体系进一步完 善，自 6 月以来，Luma、Pixverse 先后发布产品更新 ...

Investment Rating - The report does not explicitly state an investment rating for the company. Core Viewpoints - The company, Bozhong Precision (688097), is focused on automation equipment, initially starting in the 3C sector and expanding into new energy and semiconductor equipment. In 2023, the revenue from automation equipment accounted for 85.7% of total revenue, while tooling and components accounted for 14.2% [2][26]. Company Overview - The company has a concentrated shareholding structure, with the actual controllers holding 69.31% of the shares through various platforms. The top ten shareholders hold a total of 76.39% of the shares, indicating a high concentration of ownership [6]. - The company has several key subsidiaries, including Shanghai Xinxin, Linghou Robotics, Bozhong Robotics, Bozhong Instruments, and Sichuan Zhongda, each focusing on different aspects of automation and robotics [7][8]. Financial Performance - The company has shown a steady increase in gross and net profit margins from 2021 to 2023, indicating growth potential and improved profitability [11]. - Operating cash flow has improved significantly from negative values post-2020, although it has not yet turned positive. Accounts receivable have been on the rise, reaching 51.69% of revenue in 2023, with a high proportion of short-term receivables [12][13]. Market Trends - The 3C sector is experiencing a recovery in demand, with smartphone and PC shipments expected to grow in 2024. The company has expanded its product lines to include a wide range of consumer electronics [15][17]. - The demand for automation equipment is expected to rise due to the decreasing labor force and increasing labor costs in China, pushing manufacturers towards automation [16]. Strategic Partnerships - The company has established deep ties with major clients like Apple, covering a significant portion of the smartphone and wearable markets. It is also actively expanding its client base to include other major brands like Huawei and Samsung [28]. New Energy Sector - The global electric vehicle market is growing rapidly, with significant increases in sales and government support for infrastructure development. The company is well-positioned to benefit from this trend through its new energy equipment offerings [52][82]. Semiconductor Market - The semiconductor packaging equipment market is experiencing strong demand, with a clear trend towards domestic production. The company is focusing on advanced packaging and AI computing markets, enhancing its competitive edge [72][71].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company is expected to achieve revenue growth of approximately 23.5% in FY2024Q2, with projected revenue around 4.017 billion RMB. Domestic revenue is anticipated to grow by 17%, while overseas direct and agency markets are expected to grow by 60% and 15%, respectively [3][6]. - The company is projected to have revenue of 17.356 billion RMB, 20.980 billion RMB, and 25.101 billion RMB for the years 2024, 2025, and 2026, respectively, with adjusted net profits of 2.869 billion RMB, 3.448 billion RMB, and 4.132 billion RMB for the same years [3][6]. - The target price is set at 49.60 HKD based on a 20x PE for 2024, indicating significant growth potential driven by domestic store expansion and accelerated overseas store openings [3][6]. Summary by Sections Financial Performance - The company is expected to see a significant increase in revenue and net profit over the next few years, with a projected revenue growth rate of 51.28% for FY2024 and 20.88% for FY2025 [6]. - The gross profit margin is expected to stabilize quarter-on-quarter and improve year-on-year, with an adjusted operating profit margin of approximately 19% and an adjusted net profit margin of around 16% for FY2024Q2 [3][6]. Market Expansion - The company plans to open 70-80 new stores domestically and approximately 150 stores overseas in FY2024Q2, aligning with its annual target of 350-450 domestic stores and 550-650 overseas stores [3][6]. - The introduction of the Chiikawa brand is expected to significantly boost domestic sales, with the potential to replicate the successful sales performance of the 2023 Barbie series [3][6]. IP Strategy - The report highlights the importance of the company's IP strategy in enhancing brand strength and driving sales, particularly in high-profit margin products [3][6]. - The ongoing expansion in high-tier cities and the optimization of product offerings in overseas markets are expected to further enhance the company's profitability and operational efficiency [3][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][13]. Core Views - The company is expected to benefit from the acquisition of Tongtuo, which is anticipated to enhance its competitive strength and future development prospects [4][25]. - The company has shown strong performance in turnover and employee efficiency metrics, with a projected revenue growth of 30.8% in 2024 [4][28]. - The completion of the acquisition of Tongtuo Technology is expected to create synergies, with Tongtuo contributing approximately 52% of the company's revenue in 2023 [13][28]. - The company is actively expanding into new platforms and regions, which is expected to positively impact future earnings [13][28]. Financial Forecast - The company forecasts EPS for 2024-2026 to be 1.13, 1.43, and 1.73 CNY, representing growth rates of 37%, 27%, and 21% respectively [13][28]. - Revenue is projected to increase from 6,518 million CNY in 2023 to 8,528 million CNY in 2024, reflecting a growth of 30.8% [28]. - Net profit attributable to the parent company is expected to rise from 332 million CNY in 2023 to 456 million CNY in 2024, indicating a growth of 37.2% [28]. Market Data - The current stock price is 10.54 CNY, with a target price set at 15.82 CNY, down from a previous forecast of 19.35 CNY [2][13]. - The company has a total market capitalization of 4,267 million CNY and a total share capital of 405 million shares [24]. Shareholder Confidence - Multiple board members have increased their shareholdings, indicating confidence in the company's future [13][25]. - The report highlights significant share purchases by directors, including a plan for further investments totaling between 10 million and 20 million CNY [13]. Strategic Initiatives - The company is benefiting from the Amazon Prime Day, with a significant increase in consumer spending, which is expected to enhance its revenue from Amazon channels [13][28]. - The company is also focusing on optimizing its cost structure and improving profit margins through adjustments in logistics and supply chain management [13][28].

學校 員 求 | --- | |----------------------------------------------------| | 每日报告闻故（2024-07-23 09:00——2024-07-24 15:00） | | | AA 殷某略观察 : 《国家绿证核发交易系统上线运行》2024-07-23 行业更新：建材《基金融重历史低位，加仓逻辑具备共性》2024-07-24 A V 行业事件快评： 医药《分组优化贴近临床，创新支持力度不减》2024-07-24 . 行业日报/周报/双周报/月报：石油《特朗普交易及地缘影响下原油回落》2024-07-24 V V 行业事件快评：化虎《磷爬进入出口旺季，铸矿石价格上行》2024-07-24 . V 行业日报/周报/双周报/月报：军工《地方出台产业政策，依空、民航逆未利好》2024-07-23 ………………………… 6 V 行业日报/周报/双周报/月报： 医药《〖周君医药】大分子生物制剂样本医院销售领统计 2024Q1-20240723》 | --- | |------------------------------------------------ ...

Investment Rating - The report indicates a positive outlook for the semiconductor industry, highlighting a new round of investment opportunities driven by AI and industry recovery [1]. Core Insights - The semiconductor industry is experiencing a recovery in market conditions, with multiple chip prices rising due to improved supply-demand dynamics [2]. - The report emphasizes the importance of domestic chip production in response to increasing demand for self-sufficiency amid US-China tech tensions, particularly in high-function safety MCUs, silicon carbide (SiC), and isolation chips [2]. - The report notes that the utilization rate of mature process fabs in mainland China exceeded 90% in Q2 2024, indicating strong performance compared to global peers [2]. - TSMC's Q2 financial results and Q3 guidance exceeded expectations, with a projected doubling of CoWoS growth by 2025, driven by AI demand [2]. - Several domestic chip design companies have issued positive earnings forecasts, particularly in the storage and SoC sectors, indicating an upward trend in market conditions [2]. Summary by Sections Section 1: Industry Recovery - The semiconductor industry is witnessing a recovery phase, with demand gradually improving from the cyclical bottom [2]. - The report highlights the emergence of new products and innovations, particularly in AI, which are expected to drive growth in the sector [2]. Section 2: Domestic Production and Self-Sufficiency - The report discusses the acceleration of domestic chip production in response to rising demand for self-sufficiency, particularly in the automotive sector [2]. - The SiC supply chain is noted to be rapidly developing, with significant advancements in substrate and epitaxial devices [2]. Section 3: Performance Metrics - The report provides insights into the performance of semiconductor design companies, indicating that the fundamentals have bottomed out and are showing signs of improvement [2]. - The report also mentions the upward trend in capital expenditures in the packaging and testing segment, signaling a positive outlook for related equipment manufacturers [2].

Investment Rating - The report maintains a rating of "Buy" for Chow Tai Fook (1929) [1][3]. Core Views - The operating performance for FY2025 Q1 met expectations, with a significant increase in the contribution from priced gold, which doubled in growth. The report anticipates an improvement in profit margins for FY2025 due to the rising contribution from priced gold and inventory appreciation from higher gold prices [2][3]. Summary by Sections Financial Performance - The company expects net profit attributable to shareholders for FY2025, FY2026, and FY2027 to be HKD 74.20 billion, HKD 82.09 billion, and HKD 90.85 billion respectively, with corresponding EPS of HKD 0.74, HKD 0.82, and HKD 0.91. A PE ratio of 15 times is applied for FY2025, resulting in a target price of HKD 11.13 [3]. - For FY2025 Q1, the retail value decreased by 20.0% year-on-year, with a decline of 18.6% in mainland China and 28.8% in Hong Kong, Macau, and other markets. Same-store sales in mainland China and Hong Kong also saw declines due to high gold price volatility affecting demand [3]. Product Performance - The demand for gold jewelry has shown a temporary slowdown due to high price volatility, while priced gold products have benefited from exquisite design and craftsmanship, leading to a year-on-year retail value increase of over 100% in mainland China for FY2025 Q1. The contribution of priced gold retail value rose from 6% in FY2024 Q1 to 16% in FY2025 Q1 [3]. - In terms of product categories, same-store sales for embedded jewelry, platinum, and K-gold jewelry in mainland China decreased by 31.7%, while the average selling price increased from HKD 7,800 to HKD 8,600. Gold jewelry and products saw a same-store sales decline of 27.9%, with average selling prices rising from HKD 5,400 to HKD 6,200 [3]. Market Data - The current stock price is HKD 7.91, with a market capitalization of HKD 79,003 million. The stock has traded between HKD 7.91 and HKD 13.54 over the past 52 weeks, with a total share count of 9,988 million [4].

股 票 研 究 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 后市煤价有望提涨,但旺季不旺已是定局 ——煤炭行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|--------------------|-----------------------------| | [table_Authors | 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:本周又现回落,预计后市仍有涨价预期,但高点不高;炼焦煤:Q3 长协价 格持平,我们依然乐观。 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 ...