Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's chairman plans to place 400 million existing shares at HKD 4.31 per share, aiming to increase liquidity and optimize shareholder structure [6] - The company's fundamentals remain strong, with FY2025 performance expected to continue its robust growth [6] - The company is a leading domestic mid-to-high-end down jacket brand, with comprehensive advantages in products, operations, and channels [6] - The company has maintained a dividend payout ratio above 80% for three consecutive years, with expectations of continuation in FY2025 [6] Financial Summary - Revenue for FY2024 is projected to be RMB 23.214 billion, a 38.4% increase from FY2023 [4] - Gross profit for FY2024 is expected to reach RMB 13.834 billion [4] - Net profit for FY2024 is forecasted to be RMB 3.074 billion, a 43.7% increase from FY2023 [4] - The company's PE ratio for FY2025 is estimated at 11X, decreasing to 8X by FY2027 [4] Market Data - The company's current share price is HKD 4.01 [1] - The 52-week price range is HKD 2.89 to HKD 4.87 [3] - The current market capitalization is HKD 44.078 billion [3] Industry - The company operates in the textile and apparel industry [4] Event Analysis - The share placement is expected to be completed by July 5, 2024, with a one-year lock-up period [6] - Historical data shows that share placements in Hong Kong typically only affect stock prices on the announcement day, with no lasting impact [6] - The company's strong fundamentals and clear short-to-long-term plans in products, channels, and operations are expected to further capture market opportunities [6]

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [1]. Core Insights - In May 2024, the short-term consumer loans from financial institutions amounted to 99,120.24 billion yuan, showing a year-on-year decline of 0.6% and a decrease of 939.7 billion yuan compared to the previous year, marking five consecutive months of year-on-year decreases [2]. - The weak performance in short-term consumer loans is attributed to subdued consumer demand, which has not recovered as expected. Although the growth rate of social retail sales has improved, it still falls short of expectations, with optional consumption categories like jewelry and automobiles showing significant declines [2]. - The People's Bank of China has introduced several policies aimed at stimulating consumption, including lowering mortgage down payment ratios and interest rates, which are expected to boost demand in the real estate sector and related industries [2]. - The report suggests that under the current policy environment, there are potential investment opportunities in durable consumer goods such as automobiles and home appliances, with specific stock recommendations including Qifu Technology and Yixin Group [2][3]. Summary by Sections Industry Overview - The report highlights the ongoing weakness in consumer loan demand and the need for policy support to stimulate recovery in consumption [2]. Economic Indicators - In May 2024, the total retail sales of consumer goods reached 39,211 billion yuan, with a year-on-year growth of 3.7%, which is below the expected 4.5% [2]. - The unemployment rate in urban areas was reported at 5.0%, aligning with market expectations [2]. Policy Developments - Recent policy measures from the People's Bank of China and the State Council are aimed at enhancing consumer spending and supporting the real estate market, which could lead to a recovery in consumer demand [2]. Investment Recommendations - The report identifies potential opportunities in the consumer finance sector, particularly in durable goods, and recommends specific stocks for investment [2][3].

证 券 研 究 报 告 摘要： [Table 市场整体交易热度仍延续低位，两市交易额边际下降。 _Summary] 海外宏观流动 性上看，6 月 27 日，IMF 下调了 2024 年美国 GDP 增速预测至 2.6%， 并建议美联储至少在 2024 年底前维持高利率以应对通胀风险，美联 储降息预期边际下降。微观流动性上，市场交易热度持续低位，本期 两市日均成交额由上期的 7085 亿元进一步下降至 6648 亿元，交投意 愿平淡。从行业成交热度上看，商贸零售和煤炭换手率分位数抬升较 大，而电力设备及新能源和农林牧渔板块交易热度回落明显。 资金整体流入放缓，杠杆资金流出明显，而 ETF 资金净申购量大幅 增加。1）本期（6.24-6.28）北上资金净流出 118 亿元，其中在消费和 科技板块净流出较为明显，分别为 72 亿元和 27 亿元，而在周期板块 流出相对较少，为 8.6 亿元。2）两融资金净流出规模进一步扩大，单 周净流出 216 亿元，两融交易额占 A 股成交比重边际下降至 7.89%。 3）与杠杆基金不同，ETF 资金的净申购大幅增加至 421 亿元，尤其 是沪深 300ETF 出现较大规模申购， ...

高附加值汽车玻璃渗透率将进一步提高，汽车玻璃总成企业同步开发能力 要求提升，细分行业集中度有望提升。为满足消费者日益增长的需要，人 们在传统玻璃的基础上集成注入天线、各种电子元件、加热线等附件，以 实现接收信号、提供倒车影像、防水、加热等功能，高附加值汽车玻璃产 品的渗透率不断提升。天窗和天幕玻璃普及率的提升与前风挡玻璃倾斜度 的加大促进了汽车玻璃用量的增长，高附加值产品的逐步渗透以及增值生 产工艺的加速研发推动了汽车玻璃价格走势不断升高，汽车玻璃行业自带 的量价齐升逻辑使得其市场容量逐年攀升，行业天花板尚远，发展前景广 阔。与此同时，汽车产业的不断发展使得新车研发生产周期相应缩短，整 车厂对于上游零部件企业同步开发能力的要求越来越高，汽车玻璃总成组 件生产企业必须融入整车配套体系，与下游汽车玻璃厂商形成良性互动。 目前，汽车玻璃总成组件行业内企业数量多，且经营规模普遍较小，行业 集中度低，随着下游汽车玻璃厂商进一步提升精益化管理水平、持续整合 供应商资源、压缩供应商数量，使行业龙头企业获得更大的扩张机遇和市 场空间，未来行业集中度仍将进一步提高。 | --- | --- | --- | --- | --- ...

| | | | | | 房地产 | |-----------------------------------------|---------------------------|--------------------------------|-----------------------------|------------|------------| | 2024.07.03 | | | 评级: | | 增持 | | 拿地收缩,"落子"谨慎 | | | | 上次评级 : | 增持 | | | —— 6 | 月房企货值数据点评 | 细分行业评级 | | | | [table_Authors 谢皓宇 ] ( 分析师 ) | 黄可意 ( 研究助理 ) | 白淑媛 ( 分析师 ) | | | | | 010-83939826 | 010-83939815 | 021-38675923 | | | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | 相关报告 | | | | 登记编号 S0880518010002 | ...

Investment Rating - The investment rating for Vanke A (000002) is maintained at "Buy" [3][8]. Core Views - The new housing market is operating at a low level, with the company adopting a price-for-volume strategy as a norm. The intensity of land investment has significantly decreased to a low level [3][8]. - The company achieved a cumulative contracted sales area of 9.4 million square meters in the first half of 2024, a year-on-year decline of 27.6%, with a contracted sales amount of 127.3 billion yuan, down 37.6% year-on-year [8]. - The average selling price of the company's properties dropped from 15,510 yuan per square meter at the beginning of the year to 13,553 yuan per square meter, a decrease of 12.6% quarter-on-quarter and 13.8% year-on-year [8]. - The company has continued to reduce inventory, with land acquisition in the first half of 2024 totaling 610,000 square meters, a year-on-year decline of 77%, and the total land acquisition amount of 2.9 billion yuan, down 94% year-on-year [8]. Financial Summary - The company's revenue for 2023 is projected to be 465.739 billion yuan, a decrease of 7.6% from 2022. The net profit attributable to the parent company is expected to be 12.163 billion yuan, down 46.4% year-on-year [8][10]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.74 yuan, 0.82 yuan, and 0.65 yuan, respectively [8]. - The price-to-book (PB) ratio is expected to be 0.53X for 2024, with a target price maintained at 11.53 yuan [8].

| | | | | 计算机 | |--------------------------------------|----------------------------------------------------------|--------------------------------------|----------------------|------------| | 2024.07.03 | | 评级: | | 增持 | | | 车路云试点城市公布,行业发展提速 | | 上次评级 : | 增持 | | | | 细分行业评级 | | | | | | 计算机 | 增持 | | | [table_Authors 李沐华 ] ( 分析师 ) | 李博伦 ( 分析师 ) | | | | | 010-83939797 | 0755-23976516 | | | | | limuhua@gtjas.com | libolun@gtjas.com | 相关报告 | | | | S0880519080009 | S0880520020004 | | | | | | | 场化》 | | | | 本报告导读: | ...

股 票 研 究 | | | | | | 汽车 | |----------------|---------------------|---------------------------------|--------------|------------|--------| | 2024.07.02 | | | 评级: | | 增持 | | Q2 | | 销量保持韧性,期待新车新业务进展 | | 上次评级 : | 增持 | | | ——特斯拉 2024 | 年二季度交付量点评 | 细分行业评级 | | | | [table_Authors | 吴晓飞 ] ( 分析师 ) | 管正月 ( 分析师 ) | | | | | | 0755-23976003 | 021-38032026 | | | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | | | | | 登记编号 | S0880517080003 | S0880521030003 | | | | 本报告导读: 特斯拉公布 2024 年二季度产量和交付量,激烈竞争的市场下仍然保持韧性。马斯克 薪酬法案顺利推 ...

Investment Rating - The report initiates coverage with a rating of "Buy" [1][4] - The target price is set at 15.00, with the current price at 10.33 [1] Core Insights - The company is positioned as a leading player in the high-end furniture board market, with steady growth expected from its board and custom home furnishing businesses as channels are refined and expanded [3][4] - The mature distribution and OEM model supports strong cash flow, indicating a sustainable high shareholder return and highlighting the investment value [4][14] - The report forecasts EPS for 2024-2026 to be 0.86, 1.05, and 1.15 respectively, with a target price based on comparable company valuations [4][19] Summary by Sections Business Overview - The company operates primarily in the decorative materials and custom home furnishing sectors, leveraging a distribution model that includes retail and engineering channels [28][31] - The custom home furnishing segment is driven by both retail and engineering, with significant growth in revenue attributed to brand strength and market penetration [13][14] Financial Performance - Revenue for 2024-2026 is projected to be 98.21 billion, 105.55 billion, and 113.09 billion respectively, with corresponding net profits of 7.25 billion, 8.83 billion, and 9.66 billion [15][16] - The company has maintained a strong cash flow, with a net operating cash flow of 19.1 billion in 2023, reflecting a 105% year-on-year increase [31][32] Market Position and Strategy - The report highlights a trend of increasing market concentration in the decorative board industry, with the company effectively capturing market share through a refined distribution strategy [13][49] - The company is expanding its OEM and brand authorization model, enhancing operational efficiency and market reach [42][43] Valuation - The valuation methods used include PE and PB approaches, with a target price of 15.00 derived from an average of these methods [19][20]

Investment Rating - Maintained "Buy" rating with a target price of HK$14.00, representing an upside potential of 65% [1][3] Core Views - The company's 2024 Q1 revenue and profit saw significant year-on-year growth, driven by strong sales of mid-to-high-end new energy vehicles and overseas business [1] - The company's 2024 H1 sales volume exceeded expectations, with new energy vehicle penetration increasing by 10.5 percentage points to 33.5% [1] - The high-end brand Zeekr achieved sales of 87,870 units in 2024 H1, a year-on-year increase of 106.1%, solidifying its position in the top tier of new car-making forces [1] - The Galaxy series also performed well, with sales reaching 81,421 units in 2024 H1, establishing itself as a popular mid-to-high-end brand in the domestic market [1] Financial Performance - 2024 Q1 revenue reached RMB 52.3 billion, a year-on-year increase of 56.1% [1] - Gross margin slightly decreased by 0.5 percentage points to 13.7% due to increased sales discounts amid intensified domestic competition [1] - Net profit attributable to shareholders surged by 250.1% year-on-year to RMB 1.42 billion in 2024 Q1 [1] Product and Market Strategy - The company plans to launch multiple new models in 2024 H2, including the Galaxy E5, Lynk & Co Z10, Zeekr Mix, and Zeekr CX1E, which are expected to further boost sales [1] - The company continues to strengthen its mid-to-high-end brand strategy and accelerate breakthroughs in intelligent technology, which is expected to drive further growth in vehicle sales in 2024 H2 [1] Overseas Expansion - The company's export sales in 2024 H1 reached 197,428 units, a year-on-year increase of 62.9% [2] - The company is expected to continue expanding its overseas markets, with further growth in export sales anticipated in 2024 H2 [2] Valuation and Forecast - The company is valued at 18x/15x/14x P/E for 2024-2026, with a target price of HK$14.00 [1] - Forecasted revenue for 2024 is RMB 234.8 billion, with net profit expected to reach RMB 7.47 billion [4] - The company's gross profit margin is projected to improve to 16.5% in 2024, up from 15.3% in 2023 [10]