Investment Rating - The investment rating for the company is "Buy" [17][18]. Core Views - The company is expected to achieve a significant increase in net profit for H1, projected to grow by 52-65%, demonstrating operational resilience in a complex external environment [16]. - The brand matrix construction is anticipated to lay a foundation for long-term growth, with a focus on enhancing brand incubation and operational efficiency [18]. - The company has adjusted its target price to 33.90 CNY based on a 30x PE valuation for 2024, reflecting a downward revision from a previous estimate of 42.29 CNY [18]. Financial Summary - Revenue for 2023 is projected at 6,564 million CNY, with a growth rate of 33.7% compared to 2022 [3]. - Net profit attributable to the parent company is expected to reach 336 million CNY in 2023, marking an 81.6% increase from the previous year [3]. - The company anticipates a revenue range of 41.5-42.5 billion CNY for H1 2024, representing a year-on-year increase of 49.66%-53.26% [18]. Valuation Metrics - The company is valued at a PE of 30 for 2024, with a reasonable stock price estimate of 33.90 CNY based on this valuation [7][9]. - The PS valuation method suggests a stock price estimate of 34.13 CNY, leading to an average target price of 33.90 CNY when combining both PE and PS methods [9][10]. Market Performance - The stock has experienced a 52-week price range of 21.47-51.70 CNY, with a current price of 22.93 CNY [21]. - The company has a total market capitalization of 9,174 million CNY [21].

[Table_Industry] 计算机 行 业 事 件 快 评 证 券 研 究 报 告 2024.07.22[Table_Invest] 评级: 增持 上次评级: 增持 | --- | --- | --- | |-----------------|-------------------|----------------------| | [table_Authors] | 李沐华(分析师) | 朱丽江(分析师) | | | 010-83939797 | 010-83939785 | | | limuhua@gtjas.com | zhulijiang@gtjas.com | | 登记编号 | S0880519080009 | S0880523060002 | [Table_subIndustry] 细分行业评级 本报告导读: 微软蓝屏故障凸显科技自立自强重要性,自主可控再迎重磅文件支持,财政资金支持 力度有望增加,行业发展有望超预期。 [Table_Report] 相关报告 计算机《萝卜快跑带领自动驾驶进入快速落 地期》 2024.07.14 计算机《谋划新一轮财税体制改革,财税信 息化需求急升》 2024 ...

股 票 研 究 [Table_Industry] 钢铁 行 业 周 报 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 | --- | --- | |----------------------------------|-------| | [Table_subIndustry] 细分行业评级 | | | 普碳钢 | 增持 | | 不锈钢 | 增持 | | 特殊钢 | 增持 | | 钢铁贸易 | | | 钒电池 | 增持 | | 钢管 | 增持 | | 铁矿石 | 增持 | | 钢铁制品 | 增持 | [Table_Report] 相关报告 钢铁《需求小幅回升,总库存由增转降》 钢铁《钢铁行业周报数据库 20240714》 钢铁《周产量环比下降,盈利率环比回升》 钢铁《钢铁行业周报数据库 20240707》 钢铁《需求继续小幅回升》 2024.07.17 2024.07.14 2024.07.08 2024.07.07 2024.06.30 需求边际上升,库存连续下降 | --- | --- | --- | --- | |----------------|--------- ...

[Table_Industry] 化妆品 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 创健拟新三板挂牌,重组胶原延续热度 ——化妆品双周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|------------------|----------------------|-------------------| | [table_Authors | 訾猛](分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | 021-38676442 | 021-38031651 | 021-38038323 | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | 登记编号 | S0880513120002 | S0880522120004 | S0880521120001 | 本报告导读: 重组胶原龙头厂商创健医疗拟新三板挂牌,公司 2023 年营收、归母净利 2.8、0.7 亿 元同比增长 61% ...

2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 教育强国再提及,加快建设高质量教育体系 ——商社行业周报(2024.07.15-07.21) | --- | --- | --- | |----------------|---------------------|------------------------------| | [table_Authors | 刘越男](分析师) | 庄子童(分析师) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880524070002 | 本报告导读: 第二十届三中全会明确指出 2035 年建成教育强国、建成世界上规模最大教育体系, 各级教育普及程度达到或超中高收入国家平均水平,加快建设高质量教育体系。 投资要点: [Table投资观点: _Summary]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 ...

Investment Rating - The report initiates coverage with a rating of "Buy" [1][2] - The target price is set at 16.75 CNY, with the current price at 13.79 CNY [1][2] Core Insights - The company is positioned as a leader in the foldable screen hinge market, benefiting from the rapid growth of the consumer electronics sector [2][5] - The report forecasts EPS for 2024, 2025, and 2026 to be 0.67 CNY, 0.99 CNY, and 1.31 CNY respectively, with a reference PE of 25x for 2024 [2][53] - The foldable phone industry is maturing, with major manufacturers releasing new products, leading to a projected acceleration in market growth [2][19] Summary by Sections 1. Industry Layout and Development - The company is a leading player in the powder metallurgy industry, with three main business segments: P&S, SMC, and MIM [15][17] - The company has made strategic acquisitions to enhance its capabilities in the MIM market, positioning itself for rapid growth alongside the foldable phone market [15][39] 2. Foldable Phone Market Growth - The foldable phone market is entering a phase of explosive growth, with significant increases in shipments, particularly from Huawei [19][21] - The report notes that the average price of foldable phones has decreased to below 600 USD, which is expected to drive further adoption [24][29] 3. Key Components and Technology - Hinges are identified as a critical component in foldable phones, with the MIM process being essential for producing high-quality parts [37][39] - The company has developed capabilities in MIM parts and modules, enhancing its competitive position in the market [39][42] 4. Financial Forecast and Valuation - Revenue projections for the company are 49.37 billion CNY, 63.75 billion CNY, and 82.46 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 27.9%, 29.1%, and 29.3% [53][54] - The report utilizes relative valuation methods, comparing the company to peers in the magnetic materials and MIM sectors [55][56]

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] 农业 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 猪价上涨,趋势渐明 [Table_subIndustry] 细分行业评级 [table_Authors 王艳君](分析师) 021-38674633 wangyanjun022998@gtjas.com 登记编号 S0880520100002 [Table_Report] 相关报告 农业《价格高位稳定,Q2 业绩改善》 2024.07.15 本报告导读: 生猪:猪价继续上涨,二季度行业配置比例仍高。当前板块估值仍低,继续推荐养殖 板块。后周期:中报业绩弱,关注养殖利润改善后的需求困境反转。 农业《产能继续下降,价格反转在即》 农业《猪价假期平淡,季报表现仍弱》 2024.05.24 2024.05.06 投资要点: [生猪:价格 Table_Summary] 继续上涨,二季度行业配置比例仍高。 猪价高位稳定。上周(7 月 12~18 日)猪价 19.11 元/K ...

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] 家用电器业 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 线上扫地机延续较好表现,铜铝价格环比下降 ——2024W29 家电行业数据周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|----------------------------|-------------------------------|---------------------------| | [table_Authors | 蔡雯娟](分析师) | 田平川(研究助理) | 李汉颖(研究助理) | | | 021-38031654 | 021-38676666 | 010-83939833 | | | caiwenjuan024354@gtjas.com | tianpingchuan026740@gtjas.com | lihanying0267 ...

2024.07.22[Table_Invest] 评级: 增持 上次评级: 增持 优化居民阶梯电价,健全绿色消费激励 《关于进一步全面深化改革决定》点评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|----------------|-------------------------------------------------------|-------------------------| | [table_Authors] | 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.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读: 政策提出推 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.10, maintaining the same from the previous report [6]. Core Views - The company is currently significantly undervalued, and as the transformation logic gradually materializes, its performance is expected to exceed expectations. The projected net profits for 2024, 2025, and 2026 are 1.414 billion, 1.705 billion, and 2.107 billion respectively, corresponding to EPS of 1.31, 1.58, and 1.95 [6][9]. Summary by Sections Company Events - The first phase of the 300MW photovoltaic project in Xinjiang has been successfully put into operation, marking a significant step in the company's green electricity business [9]. Market Data - The stock price range over the past 52 weeks is between 10.13 and 18.46, with a total market capitalization of 12.606 billion [6]. Business Development - The company has signed contracts for environmental engineering worth 2.311 billion in Q1 2024, with a total of 18.36 billion in hand contracts, supporting steady growth in performance [6]. - The company is actively expanding its clean energy business, with significant contributions expected from the ongoing projects [6]. - The first phase of the 2GWh battery production line is set to be operational in August 2023, with further projects planned for 2024 [6]. Strategic Initiatives - The company is moving towards providing comprehensive solutions for smart mining, including the sale of electric mining trucks and charging stations to its controlling shareholder [6].