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 | --- | --- | --- | |-------------------------|---------------|------------------------------------------------------| | | 股票研究 /[ | Table_Date] 2024.11.09 [Table_Industry] \n机械行业 | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | 氧氮价格周度略有下滑，有望随需求复苏逐步回升 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | ——工业气体周度跟踪 | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | 0755-23 ...

股 票 研 究 ——煤炭行业周报 [table_Authors] 黄涛(分析师) 王楠瑀(研究助理) 021-38674879 021-38032030 [Table_Report] 相关报告 huangtao@gtjas.com wangnanyu028176@gtjas.com 登记编号 S0880515090001 S0880123060041 本报告导读： 行 业 周 报 政策预期仍强，重指数轻个股 [Table_Industry] 煤炭 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.11.10 当前政策预期依然将会是市场的主要基调，受益政策弹性的相关行业也将会得到市 场的更多青睐，煤炭指数相关布局大概率跑赢煤炭个股。 投资要点： [投资建议： Table_Summary] 我们认为当下煤炭板块投资需"聚焦指数核心的红利龙头， 把握周期弹性"。从板块推荐角度，依然推荐红利的核心中国神华、陕 西煤业、中煤能源；推荐煤电一体的新集能源，受益陕西能源；焦煤板 块，推荐龙头淮北矿业、平煤股份、首钢资源、恒源煤电；在经济企稳 抬升预期下，市场煤占比 ...

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_Authors] 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 股票研究 /[Table_Date] 2024.11.10 12 万亿财政化债将提升基建公司盈利水平和资产质量 [Table_Industry] 建筑工程业 [Table_Invest] 评级： 增持 上次评级: 增持 ——建筑行业第 372 期周报 [Table_subIndustry] 细分行业评级 本报告导读： 推荐财政化债中国交建/中国铁建/中国中铁，新能源中国能建/中国电建，地产链中 国建筑，高股息隧道股份/四川路桥/中材国际，国改中工国际，低空经济苏交科等。 投资要点： [全国人大常委会批准《国务院关于提请审议增加地方政府债务限额置换 Table_Summary] 存量隐性债务的议案》。(1 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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] 2024.11.10 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 王艳君 ( 分析师 ) | 林逸丹 ( 分析师 ) | | | 021-38674633 | 021-38038436 | | | wangyanjun022998@gtjas.com | linyidan030085@gtjas.com | | 登记编号 | S0880520100002 | S0880524090001 | 双业务共振利润丰厚，成本优势逐步凸显 温氏股份(300498) [Table_Industry] 农业/必需消费 | --- | --- | --- | --- | |----------- ...

021-38031658 田开轩(分析师) 021-38038673 tiankaixuan()26724@gtjas.com S0880524080006 登记编号 策略研究 / 2024.11.10 方奥(分析师) fangyi020833@gtjas.com S0880520120005 被动成交热度回升，价值赛道获资金流入 一被动资金流动性周观察 本报告导读: 上周被动资金净流入转负为正,成交占比略有四升,A500 ETF增量资金效应延续, 而双创 ETF 资金流出。行业展面,被动资金蟾续流入食品饮料、银行,流出电子。 投资要点: © 上周被动资金流入转负为正，全 A 成交占比有所回升,A500 发行 带来的增量效应持续。当前股票 ETF（即被动资金）总计 806 只, 总计规模2.95 万亿元,其中跟踪宽基指数的规模 ETF共245 只,规 模占比 59.7%，行业与主题 ETF 共 496 只，规模占比 17.4%。边际 上,上周被动资金份额减小 24.7 亿份,净值环比增加 1982.3 亿元。 从资金流动情况看,股票 ETF 上周资金净流入 23.2 亿元,自此前连 续三周净流出后首现净流入。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 8.4, up from the previous target of CNY 8.25 [4] Core Views - The company's 2024-2026 EPS forecasts have been revised downward to CNY 0.48/0.56/0.64 due to weak consumer demand impacting terminal sales [2] - The company's position as a leader in the home textile industry remains solid, and it is expected to achieve a higher-than-industry-average PE ratio of 15x for 2025 [2] - The company has launched a 2024 equity incentive plan, covering 148 key personnel, including vice presidents, CFO, and board secretary, with a total grant of 2.8% of the total shares [2] - The company's performance targets for 2025-2027 are set at a revenue or non-GAAP net profit growth rate of no less than 5%/10.25%/15.76% compared to 2024 [2] - The company's fundamentals are expected to bottom out and recover, with significant profit recovery anticipated in 2025, driven by promotional policies and improving US business [2] - The company is expected to maintain high dividend payouts, with a projected 2024 dividend yield of around 6% [2] Financial Summary - Revenue for 2022 was CNY 5,314 million, with a year-on-year decrease of 7.7%, and is expected to decline by 12.6% in 2024 before recovering to CNY 5,268 million by 2026 [1] - Net profit attributable to the parent company was CNY 581 million in 2022, with a year-on-year decrease of 18.6%, and is expected to decline by 30.6% in 2024 before recovering to CNY 532 million by 2026 [1] - EPS for 2022 was CNY 0.70, expected to drop to CNY 0.48 in 2024 before recovering to CNY 0.64 by 2026 [1] - ROE was 13.9% in 2022, expected to drop to 9.8% in 2024 before recovering to 13.9% by 2026 [1] - The current PE ratio is 10.33, expected to rise to 15.09 in 2024 before declining to 11.28 by 2026 [1] Industry and Market Position - The company operates in the textile and apparel industry, classified under the consumer discretionary sector [3] - The company's market cap is CNY 6,000 million, with a total of 831 million shares outstanding, of which 827 million are A-shares [5] - The company's 52-week stock price range is CNY 6.17-10.12 [5] Financial Ratios and Valuation - The company's net asset value per share is CNY 4.80, with a PB ratio of 1.5 [6] - The company's net debt ratio is -39.20%, indicating a strong financial position [6] - The company's ROIC is expected to improve from 7.8% in 2024 to 11.4% by 2026 [9] - The company's EV/EBITDA is expected to decline from 8.91 in 2024 to 6.92 by 2026 [9] Historical Performance and Trends - The company's stock price has declined by 21% over the past 12 months, underperforming the index by 32% [7] - The company's revenue for Q1-Q3 2024 decreased by 15% year-on-year, primarily due to inventory reduction in the franchise channel and losses in overseas furniture business [2] - The company has been actively optimizing its overseas business and controlling costs, with a 0.4 percentage point decrease in the expense ratio and a 17% reduction in inventory in Q3 2024 [2] Dividend Policy - The company paid an interim dividend of CNY 166 million in 2024, with a payout ratio of approximately 105% [2] - The company has a history of high dividend payouts, with payout ratios of 141%/88%/58% in 2021-2023, and is expected to continue this trend [2]

股 票 研 究 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 杨冬庭(分析师) 0755-23976830 0755-23976858 0755-23976166 baoyanxin@gtjas.com huajianyi@gtjas.com yangdongting@gtjas.com 登记编号 S0880513070005 S0880521010001 S0880522080004 证 券 研 究 报 告 度过至暗时刻，挖掘龙头潜力 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 ——建材行业 2024 年三季报总结 股票研究 /[Table_Date] 2024.11.10 行 业 专 题 研 究 本报告导读： 消费建材有望迎来营收增速底部，水泥行业季度年度环比改善确定性较强，玻璃盈 利筑底玻纤复价分化。 投资要点： [Table_Summary] 维持建材行业"增持"评级。建材行业 2024 年三季报消化悲观预期， 龙头保持更强韧性。消费建材板块营收增速或触底，企业普遍主动改善 现金流与费用，减值风险敞口有望迎来加速处理；水泥 ...

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 评级： ——公用事业行业周报（2024.11.4-2024.11.8） | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------------------------| | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | 汪玥 ( 研究助理 ) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.co m | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880524080012 | S0880123070143 | [Table_ ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.10 ——基础化工行业周报 [Table_Invest]评级： 化债政策加速内需复苏，原油下行机会亦需重视 | --- | --- | |------------|-------| | | | | | 增持 | | 上次评级 : | 增持 | | --- | --- | --- | --- | |-----------------|-------------------------|--------------------------|---------------------------------| | | | | | | [table_Authors] | 沈唯 ( 分析师 ) | 钟浩 ( 分析师 ) | 陈传双 ( 研究助理 ) | | | 0755-23976795 | 021-38038445 | 021-38676675 | | | shenwei024936@gtjas.com | zhongha ...

[table_Authors] 徐强(分析师) 庞钧文(分析师) 任苒威(研究助理) 010-83939805 021-38674703 010-83939802 xuqiang@gtjas.com pangjunwen@gtjas.com renranwei029906@gtjas.com 登记编号S0880517040002 S0880517120001 S0880124070039 证 券 研 究 报 告 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 特朗普上任，美国新能源韧性仍在 [Table_Industry] 新兴能源 [Table_Invest] 评级： 增持 上次评级: 增持 ——特朗普上台后美国新能源行业变化分析 [Table_Report] 相关报告 本报告导读： 特朗普宣布胜任新一届美国总统，对于美国新能源行业的影响，我们认为美国光伏 增长仍具韧性，大储影响较小，电网需求仍有空间，锂电则看好特斯拉相关产业链。 投资要点： [Table_Summary] 投资建议：我们认为在特朗普上任后，美国新能源行业的韧性 ...