[Table_PicQuote] -28% -14% 0% 14% 28% 41% 2023-07 2023-11 2024-03 52周股价走势图 三只松鼠 深证成指 证 券 研 究 报 告 股 票 研 究 业绩符合预期，增长势能持续 | --- | --- | --- | |----------------|-------------------|--------------------| | | | | | [table_Authors | 訾猛 ] ( 分析师 ) | 陈力宇 ( 分析师 ) | | | 021-38676442 | 021-38677618 | | | zimeng@gtjas.com | chenliyu@gtjas.com | | 登记编号 | S0880513120002 | S0880522090005 | [Table_Summary 投资建议：维持"增持"评级。 ] 维持 2024-2026 年 EPS 预测为 0.99、 1.34、1.84 元，维持目标价 31.39 元。 业绩符合预期。公司发布业绩预告，预计 2024H1 实现营收 50.4~51.0 亿元、同比+7 ...

Investment Rating - Maintains an "Overweight" rating for the company [4] - Target price revised to 21.12 CNY, up from the previous forecast of 17.76 CNY [3] Core Views - The company secured a new 12V automotive low-voltage lithium battery project from a leading German automaker, which is expected to optimize its power business structure [4] - The consumer battery business is anticipated to benefit from AI-driven technological advancements in consumer electronics, potentially driving a new replacement cycle for devices [4] - The company's power and energy storage subsidiary, Zhejiang Guanyu, reported a revenue of 660 million CNY in 2023 but incurred a net loss of 628 million CNY Plans to introduce strategic investors through a capital increase could enhance its competitiveness and reduce the drag on the parent company's performance [4] Financial Performance - Revenue for 2024E is projected at 12,689 million CNY, a 10 9% increase YoY, with further growth expected in 2025E and 2026E to 14,546 million CNY and 15,887 million CNY, respectively [7] - Net profit attributable to the parent company is forecasted to grow significantly, reaching 559 million CNY in 2024E, 1,061 million CNY in 2025E, and 1,281 million CNY in 2026E [7] - EPS for 2024E is estimated at 0 50 CNY, with upward revisions to 0 94 CNY in 2025E and 1 14 CNY in 2026E [4] Business Highlights - The company has secured multiple low-voltage lithium battery projects from renowned automakers, including SAIC, IM Motors, Jaguar Land Rover, Stellantis, and GM, which are expected to drive growth in its power business [4] - As a global leader in PC battery cells and a key supplier to Apple, the company is well-positioned to benefit from the AI-driven replacement cycle in consumer electronics [4] - The company is exploring new technologies such as stacking, silicon-based materials, and steel shells to meet higher energy density requirements for AI-powered devices, potentially increasing battery value [4] Market and Valuation - The company's current price is 16 77 CNY, with a 52-week price range of 11 64-23 25 CNY [5] - The market capitalization stands at 18,905 million CNY, with a P/B ratio of 2 7 and a net debt ratio of 28 23% [5] - The company's EV/EBITDA is projected to decline from 14 83 in 2022A to 4 91 in 2026E, indicating improving valuation metrics [8] Industry Comparison - The company's P/E ratio for 2024E is 33 79, lower than peers like BYD (21 92), CATL (17 43), and Eve Energy (16 16), suggesting relative undervaluation [9] - The average P/B ratio for comparable companies is 3 19, slightly higher than the company's current P/B of 2 7 [9]

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_Industry] | | | | | 房地产 | | 2024.07.16 | | | [Table_Invest] 评级: | | 增持 | | 抵押物价格的企稳信号 | | | | 上次评级: | 增持 | | | | ——地产 6 月观察 | [Table_subIndustry]细分行业评级 | | | | [table_Authors 谢皓宇](分析师) | 白淑媛(分析师) | 黄可意(研究助理) | | | | | 010-83939826 | 021-38675923 | ...

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 p6 4. IPO 发行及募投情况 5. 可比公司及行业估值情况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|------------------------------|-------------------------------|---------------------------|---------------------------------|--------------------|-------------------|-------------------|--------------------------------|-------------| | 代码 | 简称 | 2023 年 营收规 模 ( 亿元） | 2023 年 归母净利润 （亿元） | 2021-2023 年营收复 合增速 | 2021- 2023 年净 利润复合 ...

股 票 研 究 新股精要—物联网智能化硬件产品领先生 产商博实结 本报告导读： 博实结（301608.SZ）是物联网智能化硬件产品领先生产商，智能车载终端产品有望 受益于"车路云协同"推进，智慧出行、智能支付领域深度绑定下游客户，细分领域 市场地位较高。2023 年公司实现营收/归母净利润 11.23/1.74 亿元。截至 2024 年 7 月 12 日，可比公司对应 23/24/25 年平均 PE 分别为 52.73（剔除负值）/29.75/21.85 倍。 投资要点： [Table_Summary] 公司核心看点及 IPO 发行募投：（1）公司是物联网智能化硬件产品 领先生产商，自研无线通信模组，智能车载终端产品有望充分受益 于"车路云协同"推进。公司深度绑定智慧出行、智能支付领域滴 滴、哈罗、财付通等下游客户，同时拓展电子学生证、按摩椅组件 等多领域产品，提供业绩新增量。（2）本次公开发行股票数量为 2225.27 万股，发行后总股本为 8899.00 万股，公开发行股份数量占 公司本次公开发行后总股本的比例为 25.01%。本次募投项目将扩大 公司的生产规模、丰富公司的产品品类，推动公司产品性能和生产 ...

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 上半年新签增 10%超预期,地产销售和拿地优势显著 | --- | --- | --- | |----------------|-----------------------|---------------------------| | [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 | 本报告导读: 中国建筑当前股息率 5.03%,PB0.53 倍、2024PE3.9 倍历史底部。2024 上半年新签 增 10%超预期,其中基建增 35%、境外增 105%。中海地产权益销售额排名第 1。 投资要点: [国家统计局称近期 Table_Summary] 房地产市场活跃度有所提升,北京、上海 6 月 ...

Investment Rating - The report recommends an "Overweight" rating for the AI social networking industry, highlighting the strong potential for growth and value creation in this sector [2]. Core Insights - The report emphasizes that the AI social networking sector is characterized by high certainty in demand and business models, making it resilient against disruptions from AI technologies. It identifies major players such as Meta, Google, and Tencent as key beneficiaries of this trend [4][7]. - The evolution of AI capabilities is expected to enhance the value of social networks, leading to a mixed AI social network structure that combines human and AI interactions, thereby increasing social value and network utility [7][39]. Summary by Sections 1. AI's Impact on Social Networking - The essence of AI is the replication of human capabilities, which will strengthen social networks based on division and exchange [9]. - The report discusses the short-term effects of AI on traditional software models, indicating that while hardware investments are surging, software investments are facing uncertainty due to the rise of AI-generated content (AIGC) [10][13]. 2. Mixed AI Social Networks - The report categorizes social relationships into four types: human-human, AI Agent-human, human-AI Agent, and AI Agent-AI Agent, predicting that these interactions will form the core of future social networks [37][39]. - It highlights that social networks will facilitate both material and spiritual interactions, serving as a foundation for various services [38]. 3. Investment Recommendations - The report suggests that the social networking sector is a high-certainty area, with strong demand and business model stability. It recommends investing in major players like Tencent, Meta, and Google due to their user base, ecosystem, and model capabilities [7][30]. - The report also notes that AI technologies will enhance advertising efficiency and expand social scenarios, leading to diversified business models and monetization strategies [34][35].

| --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|---------|--------|--------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 2,177 | 2,391 | 3,673 | 5,192 | 6,773 | | (+/-)% | 6.0% | 9.8% | 53.6% | 41.3% | 30.5% | | 净利润（归母） | 138 | -93 | 59 | 285 | 471 | | (+/-)% | -57.0% | -167.5% | 162.8% | 385.5% | 65.2% | | 每股净收益（元） | 0.34 | -0.23 | 0.14 | 0.70 | 1.15 | | 净资产收益率 (%) | 5.4% | -3.8% | 2.4% | 10.7% | 15.2% | | 市盈率 ( 现价 & 最新股本摊薄） ...

股 票 研 究 金银珠宝增速环比回升,限额以上社零承压 ——2024 年 6 月社零数据点评 | --- | --- | --- | |---------------------|---------------------|-----------------------------| | 刘越男(分析师) | 于清泰(分析师) | 宋小寒(研究助理) | | 021-38677706 | 021-38022689 | 010-83939087 | | liuyuenan@gtjas.com | yuqingtai@gtjas.com | songxiaohan026736@gtjas.com | | S0880516030003 | S0880519100001 | S0880122070054 | 本报告导读: 618 前置拖累化妆品、家电等品类,珠宝增速环比有所改善。 投资要点: [Table_投资建议: 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 公司的竞争格局显著改善,服务类行业 未来有望量价齐升,推荐途虎-W;②教育底部反转,推荐业绩可持续 ...

数据概况:6月人民币贷款新增21300亿元,同比少增9212亿元,贷款余额同比+8.8%(增速环比下降0.5pc);社融增量为3.3万亿元,同比少增9283 亿元,社融存量同比+8.1%(增速环比下降0.3pc)。 6月信贷同比少增9212亿元,信贷结构变化不大。对公端,短期贷款小幅少增,在连续两个月负增长后回正,而中长期贷款同比少增6233亿元,是信贷的 主要拖累因素。居民端,短期贷款同比少增2443亿元,中长期贷款同比少增1428亿元,6月地产销售边际改善但对居民中长贷的拉动并不明显,推测提前 还贷现象仍在持续。除了受2023年同期高基数影响、信贷挤水分政策冲击外,6月信贷大幅少增的核心问题仍在于需求不足,6月PPI延续负增长,CPI涨幅 收窄,经济数据也侧面印证当前信贷增长主要为需求约束。值得注意的是,6月票据融资减少393亿元,而6月票据利率中枢要略高于5月,月末下行并 呈"W"型走势,月末票据利率比无风险的国债利率低12BP,较5月也有明显收窄,说明月末仍然出现了票据充贷的现象,推测是季末到期票据规模攀升导致 存量的票据下降。 6月社融同比少增9283亿元,政府债发行放缓,对社融支撑减弱。表内融资延 ...