Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [65]. Core Insights - The company is a well-known domestic 3C accessories brand, leveraging the "UGREEN" brand to establish a presence in both domestic and international markets, with representative products holding leading market shares [12][39]. - The company has achieved a compound annual growth rate (CAGR) of 18.05% in revenue from 2021 to 2023, with total revenues of 3.446 billion, 3.839 billion, and 4.803 billion yuan respectively [13][39]. - The company plans to raise 1.504 billion yuan through its IPO, which will be invested in product R&D and industrialization to adapt to trends in the consumer electronics industry [51]. Company Overview - The company operates in the 3C consumer electronics sector, offering products across five main categories: transmission, audio-video, charging, mobile peripherals, and storage [12][39]. - The company has established a strong online and offline sales model, covering major e-commerce platforms and enhancing brand influence through a comprehensive distribution network [4][12]. Business Performance - The company’s gross margin has remained stable, with an overall gross margin of 37.15%, 37.38%, and 37.59% from 2021 to 2023, with online B2C margins higher than other sales models [17][45]. - The company’s net profit has also shown growth, with figures of 297 million, 327 million, and 388 million yuan for the same period, reflecting a CAGR of 14.30% [13][39]. Industry Analysis - The consumer electronics market is rapidly expanding, driven by the increasing demand for data transmission, audio-video, charging, mobile peripherals, and storage products [19][47]. - The industry is characterized by intense competition, with a trend towards higher concentration as companies focus on brand reputation and product quality [48][49]. Comparable Company Valuation - The static price-to-earnings (PE) ratio for the industry "C39 Computer, Communication and Other Electronic Equipment Manufacturing" is 33.12 times as of July 4, 2024 [30][52]. - Comparable companies in the sector have an average PE of 23.08 times for 2023, with projected PE ratios of 19.87 and 17.06 for 2024 and 2025 respectively [52].

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] | | | 家用电器业 | | 2024.07.08 | [Table_Invest] 评级: | | 增持 | | 线上冰箱和洗衣机表现较好,铜铝价格有所上升 | | 上次评级: | 增持 | ——2024W27 家电行业数据周报 [Table_subIndustry] 细分行业评级 [table_Authors] 蔡雯娟(分析师) 田平川(研究助理) 李汉颖(研究助理) 021-38031654 021-38676666 010-83939833 caiwenjuan024354@gtjas.com tianpingchuan026740@gtjas.com lihanying026725@gtjas.com 登记编号 S08805210 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [2]. Core Viewpoints - The report emphasizes the investment opportunities in environmental protection dividend assets, highlighting the relative valuation advantages of leading companies in the solid waste and water sectors. It notes that the solid waste industry is entering a period of increased dividends following a peak in capital expenditures, with significant potential for dividend growth [5][23]. Summary by Sections 1. Performance Comparison - Environmental protection leading companies in solid waste and water sectors have significantly outperformed the market and industry indices in 2024. For instance, from the beginning of 2024 to July 1, the Shanghai Composite Index rose by 1.10%, while the solid waste leaders, such as Hanlan Environment and Sanfeng Environment, saw increases of 23.78% and 29.15%, respectively [8]. 2. Excess Returns and Valuation - The CSI Dividend Index has shown notable excess returns this year, with a rise of 8.97% compared to the 2.71% increase in the CSI 300 Index. The current P/E ratio of the CSI Dividend Index stands at 7.42, below the historical median [10][11]. 3. Capital Expenditure and Balance Sheet Recovery - The report compares the capital expenditure trends of solid waste and water companies with other sectors, noting a significant decline in capital expenditures post-2021. This decline is expected to enhance cash flow and improve balance sheets, providing a strong basis for future dividend increases [14][16]. 4. Relative Valuation Advantages - The report highlights that the P/E and P/B ratios of water and solid waste companies are below their historical medians, indicating relative valuation advantages. For example, the average P/E for solid waste companies is 12.57, with a P/B of 1.13, both suggesting undervaluation compared to other sectors [20][21]. 5. Dividend Potential - The average cash dividend payout ratio for solid waste companies is currently lower than that of other sectors, indicating room for improvement. Companies like Yongxing Shares and Junxin Shares have already achieved high dividend payout ratios, suggesting that solid waste companies can enhance their dividends in the future [18][19]. 6. Investment Recommendations - The report recommends specific companies for investment: for solid waste, it suggests Everbright Environment, Sanfeng Environment, and Hanlan Environment; for water, it recommends Beijing Enterprises Water Group, with other beneficiaries including Hongcheng Environment and Xingrong Environment [23].

股 票 研 究 特斯拉 Q2 销量超预期,WAIC 2024 大会开启 AI 新周期 [Table_Industry] 海外科技 2024.07.06 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 | | | | |----------------|---------------------------|--------------------------------| | | | ——海外科技行业 2024 年第 48 期 | | [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 | S0880523060001 | 本报告导读: 特斯拉 Q2 超预期交付,中国区销量有望受益于数据安全问题解决而进一步提升;世 界人工智能大会模型、机器人、终端应用成果竞相亮相,AI 创新未来可期。 证 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, consistent with the previous rating [2]. Core Insights - The report indicates that the return on equity (ROE) for the coal industry is expected to stabilize after Q2 2024, with a clearer investment logic emerging as the profitability of leading companies becomes more predictable [3][6]. - The coal price is anticipated to find a bottom around 800-950 RMB/ton, with the market gradually confirming this price range [5][10]. - The report highlights that the peak demand during the summer and winter seasons is expected to increase by over 30% compared to the off-peak demand [5][12]. Summary by Sections Investment Recommendations - The report recommends high-profitability and stable companies such as Shaanxi Coal and China Shenhua, as well as coal-electricity integrated companies like Xinji Energy [3][8]. - It also suggests long-term contract coking coal companies such as Hengyuan Coal Power and Pingmei Shenma, and state-owned enterprises leading in reform like China Coal Energy [3][8]. Coal Price Outlook - The report predicts that Q2 2024 will mark the lowest average price for coal, with Q3 expected to see a gradual stabilization of ROE [10][11]. - The average coal price for Q3 is projected to be between 880-900 RMB/ton, with a stable price center expected for 2025 [11][12]. Sub-Industry Analysis - For thermal coal, the report notes that while the summer peak season may not be robust, the price floor is confirmed at around 800 RMB/ton [12][14]. - Coking coal prices are expected to stabilize, with long-term contract prices remaining around 2100 RMB/ton for Q3, indicating stronger recovery certainty for company performance [15][18].

股 票 研 究 | | | | | | | |--------------------------------------|-------------------------|--------------------------|---------------------------------|-------------------------|----------------| | [Table_Industry] | | | | | 通信设备及服务 | | 2024.07.07 | | | [Table_Invest] 评级: | | 增持 | | WAIC 2024 | 召开,国内云投入持续加大 | | | 上次评级: | 增持 | | | —— | 2024 年第 28 周周报 | [Table_subIndustry]细分行业评级 | | | | [table_Authors 王彦龙](分析师) | 黎明聪(分析师) | 苏哲西(研究助理) | | | | | 010-83939775 | 0755-23976500 | 021-38031652 | | | | | wangyanlong@gtj ...

股 &f 海 2024.07.06 政策利好加码,创新药迎来全链条支持 d丁井(分析师)甘坛焕(分析师)关铸杆(研究助理) y0755-23976735021-38675855021-38674878 sdingdan@gtjas.comgantanhuan028803@gtjas.comjiangdanum029022(aggascom 登记编号 S0880514030001S0880523080007$0880123100004 本报告予读: 国务院常务会议审议通过《全链条支持创新药发展实施方案》,利好政策办法落地. 产业趋势向好,创新药企业逆未密集收获期;板块前期规跌,有望逆未修复. 投资委点: o 事件: 7 月 5 日 召开的国务院常务会议审议通过《全链条支持创新药 发展实施方案》。会议指出,发展创新药关系医药产业发展,关系人民 徙康稱社。斐全链条强化政策保障,统筹用好价格管理、医保支付、 商业保险、药品配备使用、投融资等政策,优化审评审批和医疗机构 考核机制,令力助推创新药突破发展。斐调动各方面科技创新资源, 强化新药创制基础研究,夯实我国创新药发展根基。 o 利好政策频发,创新药行业在支付减逆来 ...

关注暑期出游旺季数据催化 | | | | |----------------|---------------------|----------------------------------| | | | ——商社行业周报(2024.07.01-07.07) | | [table_Authors | 刘越男](分析师) | 庄子童(研究助理) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880122050050 | 本报告导读: 关注暑期旺季客流催化。 证 券 研 究 报 告 [Table_Industry] 旅游业 2024.07.06 [Table_Invest] 评级: 增持 上次评级: 增持 | | | |----------------------------------|------| | [Table_subIndustry] 细分行业评级 | | | 餐饮 | 增持 | | 酒店 | 增持 | | ...

| | | | | 食品饮料 | |-----------------|------------------------|--------------|------------|------------| | 2024.07.07 | | 评级: | | 增持 | | | | | 上次评级 : | 增持 | | | ——食品饮料行业周度更新 | 细分行业评级 | | | | [table_Authors] | 徐洋 ( 分析师 ) | | | | | | 021-38032032 | | | | | | xuyang022481@gtjas.com | | | | | 登记编号 | S0880520120008 | | | | | 相关报告 | |-----------------------------------------| | 食品饮料《走向新均衡,龙头定调稳健良性发 | | 展》 | | | | 食品饮料《共识凝聚,新均衡形成中》 | | | | 食品饮料《寻找韧性与成长》 | | | | 食品饮料《茅台批价阶段性承压,饮料啤酒景 | | 气韧性强》 | | | | 食品饮料《消费的魅力:美国消费百 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, consistent with the previous rating [1]. Core Insights - Moutai's batch prices have stabilized, and the beverage sector shows strong resilience, with ongoing structural upgrades and anticipation of marginal catalysts [1]. - The report emphasizes the importance of sales quality and actual sales performance in the liquor sector, while expecting improvements and catalysts in mass-market products [1][4]. - The beer and beverage sectors are experiencing accelerated terminal sales, with a positive trend expected to emerge first [1]. Summary by Sections Investment Recommendations - For liquor, the report suggests overweight positions in stable performers such as Shanxi Fenjiu, Yingjia Gongjiu, Gujing Gongjiu, and Kweichow Moutai. It also highlights undervalued stocks like Wuliangye, Laobai Ganjiu, Jianshe, Luzhou Laojiao, and Hong Kong's Zhenjiu Lidu [4][5]. - In the beer and beverage segment, recommended stocks include Qingdao Beer, Yanjing Beer, Dongpeng Beverage, and Bai Run Shares, with beneficiaries being Master Kong Holdings and Uni-President China [4]. - For mass-market products, the report suggests overweight positions in high-growth stocks like Three Squirrels, Jin Zai Food, and Yan Jin Pu Zi, as well as supply chain stocks such as Qianhe Flavor Industry and Zhongju High-tech [4]. Liquor Sector Analysis - Moutai's batch prices have shown a phase of stabilization, with recent fluctuations in prices around 2550 RMB for box Moutai and 2300 RMB for loose Moutai [5]. - The report notes that Moutai has been actively engaging in market and marketing meetings to boost confidence among distributors and investors, emphasizing the importance of distributor relationships [5]. - Despite short-term demand weakness, some quality liquor companies maintain good sales momentum, and price and inventory levels are relatively stable, suggesting potential for valuation stabilization [5]. Beer and Beverage Sector Analysis - The report anticipates a slight decline in Qingdao Beer sales in Q2 2024, with a small positive growth in price per ton [7]. - Dongpeng Beverage is rated as "Overweight" due to its strong fundamentals, particularly in energy drinks and electrolyte water, which are expected to drive long-term excess returns [7]. - For Master Kong and Uni-President, the beverage business remains robust, with potential price increases or structural upgrades in the instant noodle segment [7].