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] 医药 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 | --- | --- | |------------|-------| | 医药制造业 | 增持 | | 医药服务业 | 增持 | [Table_Report] 相关报告 医药《沪深港通资金医药股流向数据库 20240708-20240712》 2024.07.14 医药《医药:创新药周报 20240708- 20240712》 2024.07.14 医药《【国君医药】创新药周报 20240701- 20240705》 2024.07.08 医药《政策利好加码,创新药迎来全链条支 持》 2024.07.07 医药《沪深港通资金医药股流向数据库 20240701-20240705》 2024.07.06 口径变化,整体结余保持增长 ——5 月医保基金数据点评 | --- | --- | --- | |---- ...

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_Market] 证 券 研 究 报 告 [Table_Industry] 海外信息科技 台积电(TSM.US)[Table_Invest] 评级: 增持 [当前价格 Table_CurPrice] :(美元) 171.20 [Table_Date] 2024.07.19 需求强劲、指引积极,继续保持乐观 ——台积电 FY24Q2 业绩点评 | --- | --- | --- | |-----------------|---------------------------|----------------------| | [table_Authors] | 秦和平(分析师) | 李奇(分析师) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S088052306000 ...

每日报告回放（2024-07-18 09:00——2024-07-19 15:00） ......................................................................2 事件点评：《围绕中国式现代化全面深化改革》2024-07-18 .................................................................................... 2 A 股策略专题：《改革为发展》2024-07-19 ................................................................................................................ 3 行业事件快评：军工《低空经济再迎新利好，看好长期成长空间》2024-07-19 .................................................. 4 行业日报/周报/双周报/月报：基础化工《重点化工品价格每日跟踪数据库》2024-07-1 ...

训练编号:S0880521020003 机械首席分析师 美国特朗普胜选预期增强,看好美国油服设备需求提升。特朗普和拜登在能源政策主张上存在显著差异,特朗普政府主张依赖传统能源,实现能源净 出口,创造就业机会。特朗普2017-2020年任期内退出了《巴黎协定》,促进传统能源开发并减少环境监督。2024年6月28日特朗普在与拜登的 首场辩论中抨击了《巴黎协定》,若特朗普胜选预计会再次退出《巴黎协定》,并通过放松本土石油和天然气勘探开发来降低油价,因此看好美国未 来油服设备开支需求增长。 海上油气资本开支高增,深水项目显著增加。1)据Rystad Energy 数据,海上油气储备高于陆上,2011-2023年,年均油气勘探发现为180亿桶 油当量,其中深水占比达51%,全球油气勘探趋势为深水油气占比提高,陆上勘探难度增大;2)Rystad Energy 数据显示,2023年全球获批新常 规油气开发项目资本支出总额超2000亿美元,同比增长超50%,其中新海上项目约1250亿美元/+47.31%,常规陆上项目约300亿美元,新的陆 上LNG工厂约500亿美元。3)据中海油经济研究院,2023年全球海洋原油产量约276 ...

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a potential outperformance relative to the CSI 300 Index by more than 15% [15] Core Views - The company is a rare independent third-party semiconductor photomask manufacturer in China, with a significant first-mover advantage in the domestic market [18][24] - The company has mastered key technologies for semiconductor photomasks at 130nm and above nodes, positioning it well for domestic substitution in the semiconductor photomask industry [18][24] - The company's revenue and net profit grew at a compound annual growth rate (CAGR) of 38.56% and 42.52%, respectively, from 2021 to 2023 [12][24] - The company's gross margin has remained at a high level of around 60% from 2021 to 2023 [16][22] Business Analysis - The company's main business is the R&D, production, and sales of semiconductor photomasks, with a focus on quartz and soda photomasks [12][18] - Quartz photomasks, which are used in high-precision applications such as power semiconductors, accounted for a significant portion of the company's revenue growth [12][18] - The company has established and expanded cooperation with several well-known domestic semiconductor customers, driving revenue growth [12][18] - The company's operating expenses increased slightly, but the expense ratio remained relatively stable from 2021 to 2023 [40] Industry Development and Competitive Landscape - The global semiconductor photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP dominating the market [14][44] - The domestic semiconductor photomask market is heavily reliant on imports, creating significant opportunities for domestic substitution [14][44] - The company is one of the few independent third-party semiconductor photomask manufacturers in China, with leading process technology and market share in the domestic market [18][43] - The company is advancing its technology towards higher-end processes, with plans to achieve mass production of 130-65nm semiconductor photomasks [18] IPO and Fundraising - The company plans to issue 33.375 million shares, accounting for 25% of the total shares post-IPO [24][52] - The total fundraising amount is RMB 663 million, which will be used for projects including a high-end semiconductor photomask manufacturing base and R&D center [21][57] Comparable Company Valuation - The company's industry, "C39 Computer, Communication, and Other Electronic Equipment Manufacturing," has a static P/E ratio of 33.18x as of July 17, 2024 [47] - Comparable companies, such as Luwei Optoelectronics and Qingyi Optoelectronics, have an average P/E ratio of 36.25x for 2023, 25.76x for 2024, and 20.20x for 2025 [24][53]

[Table_Industry] 军工 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 低空经济再迎新利好,看好长期成长空间 ——山东出台省级通航装备创新应用实施方案快评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------------|----------------------------| | [table_Authors | 彭磊](分析师) | 周明頔(研究助理) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | 本报告导读: 《山东省通用航空装备创新应用实施方案(2024—2030 年)》出台,到 2027 年全产业链规模力争突破 300 亿元,通航及低空产业链有望受益。 投资要点: [Table山东省工业和信息化厅、省发展改 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The success of Pernod Ricard's multi-brand strategy, which includes brand positioning, management structure, and acquisition integration, serves as a model for the international expansion of China's beverage industry [2] - The report emphasizes the feasibility of diversifying into high-end spirits, wines, and aperitifs, suggesting that expanding product categories and market coverage can enhance profitability while achieving scale [3] - The increasing concentration in China's beverage industry is noted, with leading companies expected to enhance their scale and competitiveness through market expansion and acquisitions [3] Summary by Sections 1. Pernod Ricard: A Global Leader in Spirits and Wines - Established in 1975, Pernod Ricard has grown to become the second-largest player in the global wine and spirits industry through acquisitions and internal growth [7] - The company has successfully expanded its brand portfolio and product lines while optimizing its brand structure and consumption scenarios [7] 2. Review of Four Decades: Pernod Ricard's Path of Expansion and Innovation - The company has undergone three major phases of acquisition: cross-category and cross-regional acquisitions (1975-2000), high-end acquisition strategy (2001-2009), and reinforcement acquisitions (2010-present) [25] - The net income and operating profit have shown consistent growth, with a compound annual growth rate (CAGR) of 4% and 5% respectively from 2010 to 2023 [26] 3. Acquisition Strategy: Key to Multi-Brand Success - The decentralized management model allows for unified strategic direction while enabling flexible execution at the brand and market levels [3] - Differentiated brand positioning helps avoid internal competition and ensures long-term stable growth [3] - Efficient post-acquisition integration has improved the financial and operational status of the group [3] 4. Financial Performance - In the fiscal year 2023, Pernod Ricard reported net revenues of €12.1 billion (approximately ¥95.7 billion) and operating profits of €3.3 billion (approximately ¥26.1 billion), both achieving double-digit year-on-year growth [11] - The company maintains a stable operating profit margin, which has been bolstered by strategic brand pricing and operational excellence initiatives [26] 5. Market Expansion and Global Presence - Pernod Ricard's brands are sold in over 160 countries, with a balanced revenue contribution from Europe, the Americas, and Asia [19] - The company has strategically focused on high-growth markets in Asia, particularly China and India, which have been identified as key markets for future growth [19] 6. Emerging Trends: Ready-to-Drink (RTD) Beverages - The report highlights the growing trend of RTD beverages, with the global market expected to reach $97.8 billion by 2031, driven by consumer demand for convenience and variety [50] - Pernod Ricard is actively expanding its RTD product lines, leveraging its high-end brand positioning to attract new consumers [51]

[Table_Industry] 军工 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 低空经济再迎新利好,看好长期成长空间 ——山东出台省级通航装备创新应用实施方案快评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------------|----------------------------| | [table_Authors | 彭磊](分析师) | 周明頔(研究助理) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | 本报告导读: 《山东省通用航空装备创新应用实施方案(2024—2030 年)》出台,到 2027 年全产业链规模力争突破 300 亿元,通航及低空产业链有望受益。 投资要点: [Table山东省工业和信息化厅、省发展改 ...

金融深化改革与供给侧改革的共振 [Table_Industry] 综合金融 2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 ——第二十届中央委员会第三次全体会议公报点评 | --- | --- | --- | |----------------|--------------------|------------------------| | [table_Authors | 刘欣琦](分析师) | 孙坤(分析师) | | | 021-38676647 | 021-38038260 | | | liuxinqi@gtjas.com | sunkun024098@gtjas.com | | 登记编号 | S0880515050001 | S0880523030001 | [Table_subIndustry] 细分行业评级 [Table_Report] 相关报告 综合金融《降幅预计收窄,供给侧改革仍是 板块主线》 2024.07.14 综合金融《中报期临近,建议增持低估值非 银》 2024.07.14 综合金融《居民持续增配固收,合规展业更 重要》 2024.07.10 综合金 ...

2024.07.19 [Table_Invest] 评级: 增持 上次评级: 增持 产业链重大政策出台,国产民机步入快车道 ——上海出台支持民用大飞机发展若干政策举措快评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------------|----------------------------| | [table_Authors | 彭磊](分析师) | 周明頔(研究助理) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | 本报告导读: 《上海市关于支持民用大飞机高端产业链发展 促进世界级民用航空产业 集群建设的若干政策措施》出台,国产大飞机产业迎来重大政策利好。 投资要点: [Table近日出台的 _Summary]《上海市关于支持民用大飞机高端产业链发展 促进世界 级民 ...