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 | --- | --- | --- | |----------------------------|-----------|------------| | | 基础化工 | /原材料 | | [Table_Invest] 评级: | | 增持 | | [Table_Target] 目标价格: | 上次评级: | 增持57.74 | | [当前价格: Table_CurPrice] | 上次预测: | 64.4641.05 | | | | | | [Table_Date] | | 2024.07.14 | 登记编号 S0880522120008 S0880523080006 本报告导读: 公司 24Q2 业绩略超预期,生命科学、水处理等业务发展快速,提锂订单持续拓展, 维持"增持"评级。 [Table_Market] 交易数据 | --- | --- | |------------------------|-------------| | 52 周内股价区间(元) | 38.40-64 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 10.69 CNY, unchanged from the previous forecast [5]. Core Views - The company's performance exceeded expectations, driven by strong growth in container and offshore engineering businesses. The report anticipates continued performance improvement in the coming years [3][4]. - The container industry is entering a renewal cycle, with an expected demand of approximately 2-2.5 million TEU in 2024, benefiting the company as a leading player in the global container market [3][4]. Financial Summary - The company forecasts a net profit attributable to shareholders of 7 to 9.5 billion CNY for the first half of 2024, representing a year-on-year increase of 76% to 138%, with a midpoint estimate of 8.25 billion CNY, which is a 107% increase year-on-year [3][4]. - The adjusted earnings per share (EPS) for 2024-2026 are revised to 0.47, 0.79, and 0.95 CNY, respectively [3][4]. - The company's revenue is projected to recover from 127.81 billion CNY in 2023 to 155.42 billion CNY in 2024, reflecting a growth of 21.6% [4][10]. Business Drivers - The growth in net profit is attributed to increased demand for container transportation, influenced by extended shipping distances due to geopolitical events and seasonal stocking in North America, leading to a rise in container prices [3][4]. - The offshore engineering business is also expected to see significant revenue growth, contributing positively to profit margins [3][4]. - The company has implemented proactive foreign exchange hedging strategies to protect profits, which has mitigated the impact of foreign exchange losses on net profit [3][4]. Market Position - As a leading player in the container industry, the company is well-positioned to benefit from the upward cycle in the industry, with a projected demand of 4.5 million TEU in 2024 [3][4]. - The report emphasizes that short-term geopolitical events will not disrupt the long-term upward trend in container demand [3][4].

公 司 更 新 报 告 联瑞新材(688300) 产能优化效果逐步兑现，业绩略超预期 ——联瑞新材半年度业绩预增点评 [Table_Summary 公司 24 年 Q] 2 业绩略超预期，维持"增持"评级。根据公司 2024 年 半年度业绩预增的公告披露，公司 24 年 Q2 归母净利润预计为 0.58- 0.73 亿元（qoq +12.87% ~ +41.89%，yoy +31.60%~+65.44%），略超预 期，主要原因为公司整体业务收入同比增长，产品结构进一步优化， 高阶品占比提升。维持公司 24-26 年 EPS 为 1.26/1.54/1.75 元（增速 +35/22/13%），上调目标价至 59.18 元（24 年 46.97X PE；上调前为 55.86，上调 3.32 元，+5.94%），维持"增持"评级。 随先进封装爆发、消费电子复苏、AI 浪潮带动，集成电路需求同比大 幅改善。根据Yole预测，2022-2028年全球先进封装的CAGR为10.6%， 到 2028 年达到 786 亿美元。根据 Wind，24 年 M3-5，智能手机产量 2.88 亿台，同比+2%，环比-21%（23Q4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 11.20 CNY from a previous 13.85 CNY [26]. Core Insights - The company's stock incentive plan is expected to enhance employee motivation and deliver more efficient and sustainable returns to shareholders. The company is actively expanding into overseas markets while continuously introducing new products domestically, which is anticipated to drive future growth. However, due to a slow recovery in industry demand and intense competition, the earnings forecast has been slightly revised downwards [10][25]. - The projected EPS for 2024-2026 is 0.40 CNY, 0.52 CNY, and 0.66 CNY, reflecting year-on-year growth of +70%, +29%, and +28% respectively [10][14]. Financial Summary - Revenue for 2023 is expected to be 3,153 million CNY, a decrease of 4.6% from 2022. The revenue forecasts for 2024, 2025, and 2026 are 3,440 million CNY, 3,788 million CNY, and 4,195 million CNY, indicating growth rates of 9.1%, 10.1%, and 10.7% respectively [14]. - The net profit attributable to shareholders for 2023 is projected at 109 million CNY, down 42.9% from 2022. The net profit forecasts for 2024, 2025, and 2026 are 185 million CNY, 239 million CNY, and 306 million CNY, showing significant recovery with growth rates of 70.3%, 29.1%, and 28.0% respectively [14]. - The company’s net asset return (ROE) is expected to improve from 3.9% in 2023 to 9.2% by 2026 [14]. Market Data - The stock price has fluctuated between 8.23 CNY and 15.74 CNY over the past 52 weeks, with a current market capitalization of 4,053 million CNY [12]. - The company has a net asset value per share of 6.09 CNY and a current price-to-book ratio of 1.4 [12]. Incentive Plan Details - The company plans to grant a total of 4.15 million restricted shares to 59 key personnel, representing approximately 0.90% of the total share capital, with a grant price of 4.50 CNY per share. The performance targets for the incentive plan include revenue growth of 20%, 44%, and 73% for 2024, 2025, and 2026 respectively, and net profit growth of 38%, 82%, and 135% over the same period [10][25].

Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [3][21]. Core Views - The company's Q2 performance continues to show high growth, driven by a doubling of new energy electricity generation, with a projected net profit for 1H24E of 550 to 580 million yuan, representing a year-on-year increase of 84.5% to 94.6% [21]. - The controlling shareholder's increase in holdings reflects confidence in the company's future development, with a total increase of 85 million yuan, representing 1.03% of the company's total shares [21]. - The company has a robust project reserve that supports stable growth in new energy installations, with 1H24 showing a 133% year-on-year increase in installed capacity [21]. Financial Summary - Revenue for 2022 was 2,677 million yuan, with projections of 4,114 million yuan for 2024, indicating a growth rate of 41.7% [10]. - Net profit attributable to shareholders was 274 million yuan in 2022, expected to reach 1,000 million yuan in 2024, reflecting a growth of 107.3% [10]. - The earnings per share (EPS) is projected to be 1.09 yuan in 2024, increasing to 1.58 yuan by 2026 [10][21]. Performance Indicators - The company’s net asset return rate is expected to rise from 7.0% in 2023 to 15.4% in 2026 [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.55 at the current price to 7.48 by 2026 [10]. - The company’s gross profit margin is anticipated to improve from 41.5% in 2023 to 50.6% in 2026 [10][21].

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 | --- | --- | --- | |----------------------------|------------|------------| | | 电子元器件 | /信息科技 | | [Table_Invest] 评级: | | 增持 | | [Table_Target] 目标价格: | 上次评级: | 增持11.76 | | [当前价格: Table_CurPrice] | 上次预测: | 11.768.67 | | | | | | [Table_Date] | | 2024.07.14 | 登记编号 S0880521070002 S0880524050001 本报告导读: 公司发布 24 年半年度预告,受益于下游需求回暖显著,利润同比大幅改善,叠加公 司先进封装布局,看好公司长期发展。 [Table_Market] 交易数据 | --- | --- | |------------------------|-------------| | 52 周内股价区间(元) | ...

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 机场免税持续恢复,Q2 毛利率环比提升 [Table_Industry] 社会服务业/社会服务 中国中免(601888)[Table_Invest] 评级: 增持 上次评级: 增持 [Table_Target] 目标价格: 88.29 上次预测: 100.21 [当前价格: Table_CurPrice] 67.75 ——中国中免 2024Q2 业绩快报点评 [table_Authors 刘越男](分析师) 宋小寒(研究助理) 021-38677706 010-83939087 liuyuenan@gtjas.com songxiaohan026736@gtjas.com 登记编号 S0880516030003 S0880122070054 [Table_Date] 2024.07.14 投资要点: [Table_Summary 投资建议:业绩] 快报低于预期,下调 2024-2026 年 EPS 分别为 3.27(- 0.47)/3.55(-0.75)/3.79(-0.8)元。参考 ...

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 淡化规模情结,迎接社融新常态 ——6 月金融数据点评 | --- | --- | --- | |----------------|-------------------------|--------------------------------| | [table_Authors | 刘源](分析师) | 钟昌静(研究助理) | | | 021-38677818 | 010-83939787 | | | liuyuan023804@gtjas.com | zhongchangjing028678@gtjas.com | | 登记编号 | S0880521060001 | S0880123070141 | [Table_Industry] 商业银行 2024.07.14 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 行 业 事 件 快 评 本报告导读: 6 月社融信贷数据延续偏弱趋势,信贷挤水分冲击 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company's core product categories have a solid market position, with traditional categories undergoing continuous iteration. New products such as vacuum cleaners, pet feeders, and rice cookers are expected to contribute additional growth. The forecast for the company's net profit attributable to the parent company for 2024-2026 is projected at $0.88 billion, $0.99 billion, and $1.11 billion, representing year-on-year growth of +14%, +13%, and +12% respectively [3][4]. Summary by Sections Sales Performance - In Q2, the company's sales increased by 23.7% year-on-year, with Amazon channel sales up by 16.7% and non-Amazon channel sales up by 55.0%. The overall sales growth for the first half of the year is estimated at approximately +10% [3]. Product and Channel Expansion - The company's strategy of expanding product categories and channels has proven effective, with significant brand recognition in core categories on Amazon. The company is gradually entering the overseas offline key account market, having established a presence in Walmart, Target, Costco, and Sam's Club in North America. The main category currently in these channels is air purifiers, with expectations for further revenue growth as additional products are introduced [3]. Financial Projections - The company is expected to outperform revenue growth in terms of profit growth due to continuous optimization of product structure and rapid sales scale expansion, which reduces the proportion of fixed costs relative to revenue. The impact of fluctuations in shipping costs on overall performance is anticipated to have a certain lag [3][6].

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 | /必需消费 | | 天坛生物(600161) | | [Table_Invest] 评级: | | 增持 | | | 销售环比复苏,利润率提升明显 | [Table_Target] 目标价格: | 上次评级: | 增持27.59 | | | ——天坛生物 2024H1 业绩快报点评 | [当前价格: Table_CurPrice] | 上次预测: | 25.8023.40 | | [table_Authors 丁丹](分析师) | 谈嘉程(分析师) | | | | | 0755-23976735 dingdan@g ...