Investment Rating - The report assigns an "Accumulate" rating to the company, maintaining the previous rating of "Accumulate" [4]. Core Views - The company is actively developing four core technologies in vehicle-road collaboration: intelligent vehicle technology, intelligent roadside technology, communication technology, and cloud technology. These products have been implemented in several demonstration projects [4][5]. - The company is positioned to benefit from the low-altitude economy, with a self-developed airspace management platform and a projected revenue of approximately 1.2 billion yuan in 2023, with low-altitude business accounting for about 30% of this revenue [5][8]. - The company has reported a revenue of 390 million yuan from its digital and intelligent business in 2023, with over 50% of this coming from vehicle-road cloud-related business [5][11]. Summary by Sections Investment Highlights - The Ministry of Industry and Information Technology and other departments have announced 20 cities as pilot cities for intelligent connected vehicles, which is expected to support the company's growth [5]. - The company has developed a comprehensive digital technology solution for smart roads, ports, transportation, parks, and cities, with significant revenue contributions from vehicle-road cloud services in multiple provinces [5][11]. Financial Projections - The report maintains earnings per share (EPS) forecasts of 1.16, 1.25, and 1.35 yuan for 2024-2026, representing growth rates of 13%, 8%, and 7% respectively. The target price remains at 15.14 yuan, corresponding to a price-to-earnings (PE) ratio of 13 times for 2024 [5][9]. Technology Development - The company has launched the EICAD+AIRoad interactive digital design platform, which enhances design efficiency by over 10 times and is used by approximately 80% of the top traffic and municipal design institutes in China [5][9]. - The company is also engaged in developing various hardware products for vehicle-road collaboration, including edge computing units, millimeter-wave radar, and advanced driver-assistance systems [10][11].

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 | | | | | |--------------------------------|----------------------------|-----------|------------| | | | 食品饮料 | /必需消费 | | | [Table_Invest] 评级: | | 增持 | | 业绩超预期,改革弹性显著 | [Table_Target] 目标价格: | 上次评级: | 增持12.30 | | ——2024H1 业绩预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 12.308.92 | | 陈力宇(分析师) | | | | | 021-38677618chenliyu@gtjas.com | [Table_Date] | | 2024.07.11 | 登记编号 S0880513120002 S0880522090005 | | |------------------------------------------------- ...

[Table_Industry] 机械行业 | | | | | | | |----------------------------------------------|---------------------------|--------------------------|---------------------------------|-------------------|------------| | 2024.07.11 | | | [Table_Invest] 评级: | | 增持 | | | | | | 上次评级: | 增持 | | ————低空经济行业专题报告 | | | [Table_subIndustry]细分行业评级 | | | | [table_Authors] 徐乔威(分析师) | 欧阳蕤(分析师) | 张越(分析师) | | | | | 021-38676779 | 021-38676550 | 0755-23976385 | | | | | xuqiaowei023970@gtjas.com | ouyangrui029285@gtjas.com | zhangyue0256 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price adjusted to 80.00 from the previous forecast of 103.13 [2][4]. Core Insights - The company is expected to see a revenue decline of 40.72%-42.45% year-on-year for H1 2024, primarily due to a high base effect from large orders delivered in the same period last year. The net profit attributable to the parent company is projected to decrease by 67.39%-71.54% [4]. - Excluding large orders, the company's regular business shows growth, with a steady increase in new orders and enhanced capabilities in emerging businesses, indicating a positive long-term growth outlook [4]. - New orders are expected to grow over 20% year-on-year in H1 2024, with significant growth in orders from European and American markets [4]. Summary by Sections Financial Performance - The company forecasts H1 2024 revenue between 2.66 billion and 2.74 billion, with a net profit of 480 million to 550 million [4]. - EPS estimates for 2024-2026 are projected at 3.20, 4.09, and 5.34 respectively, with a PE ratio of 25X applied for valuation [4][8]. Business Development - The company has made significant strides in expanding its overseas presence and peptide production capacity, with the peptide solid-phase synthesis capacity expected to increase from 10,250L in 2023 to 14,250L in H1 2024 [4]. - The company has successfully established its first European R&D and production base in the UK, enhancing its global supply capabilities [4]. Market Position - The company has maintained a strong market position despite a challenging domestic biopharmaceutical financing environment, with its small molecule CDMO business showing positive growth when excluding large orders [4]. - The company has also seen a 50% year-on-year increase in new orders for its formulation CDMO business in 2023 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.63 yuan, and forecasts EPS for 2024, 2025, and 2026 at 0.58, 0.65, and 0.74 yuan respectively [2][5]. Core Insights - The company's performance in Q2 2024 is expected to benefit from gas volume growth and the recovery of gross profit margins in Shenzhen. The demand for gas in the second half of 2024 is anticipated to increase, providing further room for margin recovery [2]. - The company reported an expected revenue of 13.78 billion yuan for the first half of 2024, a year-on-year increase of 9.5%, and a net profit of 740 million yuan, up 13.6% year-on-year. For Q2 2024, the expected revenue is 6.92 billion yuan, down 9.5% year-on-year, with a net profit of 460 million yuan, up 18.2% year-on-year [2]. - The sales volume of pipeline natural gas in Q2 2024 is projected to be 1.32 billion cubic meters, an increase of 2.8% year-on-year, while wholesale gas volume is expected to reach 112 million cubic meters, a significant increase of 103.6% year-on-year [2]. - The report highlights that the company has rich gas source reserves, having signed a 10-year long-term contract with PetroChina in March 2024 for a contract volume of 9.69 billion cubic meters [2]. Financial Summary - The financial summary indicates that the company's revenue is projected to grow from 30.93 billion yuan in 2023 to 34.34 billion yuan in 2024, representing an 11% increase. Net profit is expected to rise from 1.44 billion yuan in 2023 to 1.68 billion yuan in 2024, a growth of 16.6% [3][10]. - The report also provides a forecast for key financial metrics, including a net profit margin of 6.7% in Q2 2024, which is an increase of 1.6 percentage points year-on-year [2].

公 司 更 新 报 告 | --- | --- | --- | |--------------------------------|------------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格： | | 33.49 | | | 上次预测 : | 33.49 | | [ 当前价格： Table_CurPrice] | | 22.83 | 投资要点： | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | [Table_Trend] 升幅 (%) | 1M | 3M | 12M | | 绝对升幅 | 13% | 31% | 22% | | 相对指数 | 15% | 33% | 30% | 请务必阅读正文之后的免责条款部分 数据来源：Wind，公司公告，国泰君安证券研究 本公司具有中国证监会核准的证券投资咨询业务资格 本报告仅供国泰君安证券股份有限公司（以下简称"本公司"）的客户使用。本公司 ...

O 国泰君安证券 证券研究报告 国泰君安2024年中期策略研讨会 油运超级牛市,积极逆向布局 -2024年交运行业中期策略之【航运行业】 2024/ 07 / 11 姓名:岳鑫(分析师) 邮箱: yuexin@gtjas.com 电话:0755-23976758 证书编号: S0880514030006 行业评级:增持 姓名:尹嘉韻(分析师) 邮箱: yinjiaqi@gtjas.com 电话: 021-38038322 证书编号:S0880524030004 投资要点(行业评级:增持) 国泰君安2024年中期策略研讨会 航运业景气:红海助力短期景气,未来趋势或将分化 01 • 航运三大子行业供需独立,过去三年景气差异显著。上半年红海影响显著且持续,集运景气超预期上行,助力油运淡季不淡。 • 考虑红海影响程度差异,以及在手订单规模差异,预计未来景气趋势或将分化。继续看好油运超级牛市期权。 油运超级牛市:产能利用率处阀值,未来供需继续向好 02 • 原油油运:产能利用率已处阀值,上半年淡季不淡。传统能源具韧性,贸易重构持续且大西洋增产继续拉长航距。预计未来供需继续向好。 • 成品油运:产能利用率已超阀值,上半年 ...

股 票 研 究 [Table_Industry] 环保 | | | | | | | |------------------------------|------------------------|-----------------------------------|-----------------------------------|-----------|------------| | 2024.07.11 | | | [Table_Invest] 评级: | | 增持 | | 高股息逻辑的演绎和扩散 | | | | 上次评级: | 增持 | | | | | [Table_subIndustry]细分行业评级 | | | | [table_Authors 徐强](分析师) | 邵潇(分析师) | 于歆(分析师) | | | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | [Table_Report] 相关报 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for Huafeng Chemical, with a target price of 9.90 CNY, compared to the current price of 6.97 CNY [1][2][6]. Core Insights - Huafeng Chemical is a leading player in the domestic spandex, adipic acid, and polyurethane raw materials industries, benefiting from the expansion of downstream elastic fabric demand. The company is expected to see significant growth in earnings per share (EPS) from 0.59 CNY in 2024 to 0.83 CNY in 2026 [2][6]. - The company currently has a spandex production capacity of 325,000 tons, which is projected to increase to 525,000 tons in the long term, along with 1,355,000 tons of adipic acid and 520,000 tons of polyurethane raw materials [2][6]. - The report highlights the company's cost advantages and integrated operations, which allow it to maintain profitability even during industry downturns. The company is also investing in projects to increase self-sufficiency in raw materials [2][6][84]. Summary by Sections Investment Recommendation - The report provides a "Buy" rating for Huafeng Chemical, with a target price of 9.90 CNY based on a price-to-earnings (PE) ratio of 16.78 and a price-to-book (PB) ratio of 1.82 for 2024 [2][6][12]. Earnings Forecast - The projected EPS for Huafeng Chemical is 0.59 CNY for 2024, 0.72 CNY for 2025, and 0.83 CNY for 2026, with expected revenues of 268.66 billion CNY in 2024, increasing to 354.17 billion CNY by 2026 [9][10][11]. Industry Overview - The spandex industry is experiencing a shift towards increased demand for elastic fabrics, with a growing trend in high spandex content clothing. The report notes that the supply side is stabilizing as the expansion cycle nears its end [2][6][27]. - Adipic acid demand is expected to rise due to the domestic production of hexamethylenediamine (HMDA) and the implementation of plastic restrictions, which will drive demand for biodegradable plastics [2][6][63][69]. Company Advantages - Huafeng Chemical has established a strong cost advantage in the spandex market, with a projected gross margin of 14.0% to 15.0% from 2024 to 2026. The company is also focusing on technological advancements and product differentiation to enhance its market position [2][6][84][91]. - The company is leveraging its integrated industrial park to enhance its supply chain efficiency and reduce costs, which is expected to further strengthen its competitive edge [2][6][84][91].

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 | | | | | |------------------------------------|----------------------------|-------------|------------| | | | 运输设备业/ | 可选消费品 | | | [Table_Invest] 评级: | | 增持 | | 中报预告超预期,扣非利润扭亏为盈 | [Table_Target] 目标价格: | 上次评级: | 增持25.18 | | 年中报业绩预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 20.6019.15 | | 管正月(分析师) | | | | | 021-38032026guanzhengyue@gtjas.com | [Table_Date] | | 2024.07.11 | 登记编号 S0880517080003 S0880521030003 本报告导读: 公司 2024 年中报业绩预告超预期,上半年扣非归母净利扭亏为盈,公司基 ...