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] 贵金属 2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 降息预期拥堵,黄金博弈升级 ——贵金属周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------|----------------------------| | [table_Authors | 于嘉懿](分析师) | 刘小华(分析师) | | | 021-38038404 | 021-38038434 | | | yujiayi@gtjas.com | liuxiaohua027843@gtjas.com | | 登记编号 | S0880522080001 | S0880523120003 | 本报告导读: 美国 6 月零售销售数据超预期,但最新美国经济褐皮书预计未来半年美国经济增速将 放缓。叠加此前特朗普遇刺、鲍威尔鸽派发言,避险情绪升温、衰 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 桐昆股份(601233)[Table_Invest] 评级: 增持 上次评级: 增持 [Table_Target] 目标价格: 17.70 上次预测: 20.30 [当前价格: Table_CurPrice] 14.84 中报业绩高增,长丝盈利进一步修复 ——桐昆股份 2024 年上半年业绩预告点评 | --- | --- | --- | --- | |----------------|-------------------|----------------------------|----------------------------| | [table_Authors | 孙羲昱](分析师) | 杨思远(分析师) | 陈浩越(研究助理) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas. ...

请务必阅读正文之后的免责条款部分 2 of 3 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------|-----------------------------------------|-----------------|----------------------------------------------------------| | | | | 评级 | 说明 | | | 投资建议的比较标准 | | 增持 | 相对沪深 300 指数涨幅 15% 以上 | | | 投资评级分为股票评级和行业评级。 | | 谨慎增持 | 相对沪深 300 指数涨幅介于 5% ～ 15% 之间 | | | 以报告发布后的 12 个月内的市场表现为比 | 股票投资评级 | 中性 | 相对沪深 300 指数涨幅介于 -5% ～ 5% | | | 较标准，报告发布日后的 12 个月内的公司 股价（或行业指数）的涨跌幅相对同期的 | | 减 ...

Investment Rating - The report maintains an "Accumulate" rating for China Ping An (601318) with a target price of 58.98 CNY per share, unchanged from the previous rating [2][4]. Core Views - The report anticipates a recovery in investment income, leading to an improvement in net profit on a quarter-on-quarter basis. The operational profit is expected to benefit from the alleviation of asset management impairment pressures and improvements in both life and property insurance sectors [3][4]. Summary by Sections Financial Performance - The report forecasts a year-on-year increase of 6.0% in net profit attributable to shareholders for the first half of 2024, with a quarter-on-quarter turnaround from negative to positive in Q1 2024. The operational profit for the group is expected to grow by 1.4% year-on-year, with life insurance operational profit increasing by 2.5% [4][9]. - The report projects the earnings per share (EPS) for 2024-2026 to be 6.17, 7.57, and 8.77 CNY respectively [4]. Business Segments - The new business value (NBV) is expected to grow by 12.3% year-on-year in H1 2024, primarily due to improvements in the new business value rate, despite a slight pressure on new policies due to a high base from the previous year. The life insurance premium is projected to increase by 5.0% year-on-year, with new policy premiums declining by 5.2% [4][9]. - Property insurance premiums are expected to grow slowly, with a year-on-year increase of 4.1% in H1 2024. The combined ratio (COR) is anticipated to improve slightly, with a forecasted COR of 99.2% [4][9]. Market Data - The report notes that the stock price has fluctuated between 37.78 and 52.60 CNY over the past 52 weeks, with a total market capitalization of 783.586 billion CNY [5]. - The current price of the stock is 43.03 CNY, indicating potential upside to the target price [2][5]. Financial Projections - The projected operating revenue for 2024 is 941.703 billion CNY, with a net profit attributable to shareholders expected to reach 112.437 billion CNY [9][10]. - The report highlights a projected net asset value per share of 51.64 CNY for 2024, with a price-to-earnings (P/E) ratio of 6.89 based on the current price [10].

Industry Investment Rating - The semiconductor sub-industry is rated as "Overweight" [1] Core Views - TSMC's Q2 earnings and Q3 guidance exceeded expectations, driven by strong AI server and N3/N5 demand [1] - TSMC's Q2 revenue reached $20.82 billion, a YoY increase of 40.1% and a QoQ increase of 13.6%, surpassing the guidance range of $19.4-20.4 billion [1] - TSMC's Q2 net profit was $7.66 billion, a YoY increase of 36.3% and a QoQ increase of 9.9% [1] - TSMC's Q2 gross margin was 53.2%, exceeding the guidance range of 51%-52% [1] - TSMC's Q3 revenue is expected to be between $22.4-23.2 billion, a QoQ increase of 9.5% and a YoY increase of 32% [1] - TSMC's Q3 gross margin is expected to be between 53.5%-55.5%, significantly exceeding expectations [1] - TSMC has raised its full-year revenue guidance to the mid-range of above 20% growth [1] - TSMC's N2 process is progressing smoothly, with mass production expected in 2025, and N2P and A16 expected in H2 2026 [1] - TSMC has increased its full-year capital expenditure to $30-32 billion, with 70-80% allocated to advanced processes, 10-20% to specialty platforms, and 10% to advanced packaging and testing [1] - TSMC expects CoWoS capacity to more than double in 2025, following a similar increase in 2024 [1] - The AI chip industry is accelerating domestic substitution, with significant breakthroughs in chip performance by domestic manufacturers such as Huawei, Cambricon, Kunlunxin, Hygon, and Moore Threads [1] Company Summaries - **Hygon Information (688041 SH)**: Closing price of 78.2 yuan, 2024E EPS of 0.71 yuan, 2025E EPS of 0.95 yuan, 2024E PE of 110, 2025E PE of 82, rated as "Overweight" [3] - **Cambricon-U (688256 SH)**: Closing price of 268.4 yuan, 2024E EPS of -1.55 yuan, 2025E EPS of -0.64 yuan, rated as "Overweight" [3] - **Bestechnic (688608 SH)**: Closing price of 173.5 yuan, 2024E EPS of 2.58 yuan, 2025E EPS of 3.93 yuan, 2024E PE of 67, 2025E PE of 44, rated as "Overweight" [3] - **Zhongke Lanxun (688332 SH)**: Closing price of 56.4 yuan, 2024E EPS of 2.51 yuan, 2025E EPS of 3.61 yuan, 2024E PE of 22, 2025E PE of 16, rated as "Overweight" [3] - **GigaDevice (603986 SH)**: Closing price of 96.0 yuan, 2024E EPS of 1.74 yuan, 2025E EPS of 2.45 yuan, 2024E PE of 55, 2025E PE of 39, rated as "Overweight" [3] - **Amlogic (688099 SH)**: Closing price of 67.4 yuan, 2024E EPS of 1.94 yuan, 2025E EPS of 2.44 yuan, 2024E PE of 35, 2025E PE of 28, rated as "Overweight" [3] - **Puya Semiconductor (688766 SH)**: Closing price of 86.9 yuan, 2024E EPS of 2.39 yuan, 2025E EPS of 4.87 yuan, 2024E PE of 36, 2025E PE of 18, rated as "Overweight" [3] Related Reports - **Semiconductor Localization Achieves Initial Success, Mature Process Utilization Leads Globally** (2024 07 16) [1] - **Chip Companies Release Earnings Pre-announcements, Optimistic About Storage and SoC Growth** (2024 07 14) [1] - **Autonomous Driving Enters Commercial Promotion Phase, Domestic and International Collaboration Advances** (2024 07 10) [1] - **Semiconductor Industry Enters M&A and Restructuring Phase, Optimizing Resource Allocation and Improving Competitive Environment** (2024 07 09) [1] - **Industry Recovery, Multiple Chip Prices Rise Across the Board - Semiconductor Industry Report Series IV** (2024 07 07) [1]

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 用电增速放缓,关注保供形势 [Table_Industry] 公用事业 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 2024 年 6 月电量点评 [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@gtja ...

| --- | |-------| | | | | | | 证 券 研 究 报 告 | --- | --- | --- | |----------------|----------------------------------|--------------------------------| | | | | | [table_Authors | 彭磊 ] ( 分析师 ) 010-83939806 | 杨天昊 ( 分析师 ) 010-83939791 | | | penglei018712@gtjas.com | yangtianhao027639@gtjas.com | | 登记编号 | S0880518100003 | S0880523080010 | 投资要点： [Table_Summary 维持目标价]135.44 元，维持"增持"。公司系隐身材料龙头，产品先 发优势明显，下游需求高度确定，叠加渗透率不断提升，业绩有望保 持稳定增长。随着批产产品规模增加，价格或有阶段性波动，我们调 整 2024-26 年 EPS 至 2.72/3.59/4.43 元（前值为 2.72/3.60/4.41 元），维 ...

[Table_Industry] 运输 行 业 周 报 证 券 研 究 报 告 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 暑运客流再创新高,Q2 快递件量高增 ——交通运输行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|------------------|--------------------| | [table_Authors | 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 | 本报告导读: 维持油运与航空增持评级,配置高股息。 投资要点: [Table航空: _Summary] 暑运客流再创新高,估算票价近 2019 年同期。2024 年暑运启 动相对偏晚,随着高校放假与大会结束,日客流已升至超 220 万人次, 已超 2023 年暑 ...

[Table_Industry] 建材 2024.07.21[Table_Invest] 评级: 增持 上次评级: 增持 消费龙头格局领先,水泥差异错峰再推进 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|---------------------|---------------------|---------------------------| | [table_Authors] | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 华中成为长江流域水泥供给侧约束的核心着力点,板块淡季盈利预期有望保持稳健; ...

2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_Industry] 机械行业 行 业 周 报 证 券 研 究 报 告 三中全会强调出海和自主可控,船舶集装箱维持高景气 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|---------------------------|-------------------------|---------------------------| | [table_Authors] | 徐乔威(分析师) | 李启文(分析师) | 刘麒硕(研究助理) | | | 021-38676779 | 021-38038435 | 0755-23976666 | | | xuqiaowei023970@gtjas.com | liqiwen027858@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 | S0880521020003 | S0880524060001 | S0880123070153 ...