Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858.SZ) [2][3] Core Views - The company emphasizes steady growth, with a focus on increasing dividend payouts. The current product strategy is clear, with the main growth coming from products like 1618 and lower-alcohol options, while maintaining stable sales overall. The revenue growth target for 2024 is set at double digits [2][3] - The company plans to increase its cash dividend steadily, aiming to provide good returns to shareholders. The dividend per share for 2023 is projected at 4.67 RMB (including tax), corresponding to a dividend yield of 3.64% based on the closing price on July 1 [2][3] - The product strategy is focused on strict volume control for the flagship product, with growth contributions from 1618 and other products. The company is actively seeking growth through product structure adjustments and market channel expansion, maintaining stable performance despite a weak external environment [2][3] Financial Summary - The projected financials for Wuliangye are as follows: - Revenue for 2024 is estimated at 92.484 billion RMB, with a growth rate of 11.1% - Net profit attributable to shareholders is projected at 33.903 billion RMB for 2024, reflecting a growth rate of 12.2% - Earnings per share (EPS) is expected to be 8.73 RMB for 2024, with a steady increase in subsequent years [7][8] - The company’s current market capitalization is approximately 498.01 billion RMB, with a price-to-earnings (P/E) ratio of 20X for 2024 [3][4] Market Performance - The stock has experienced a 12-month decline of 22% and a 3-month decline of 18% [5] - The stock price range over the past 52 weeks has been between 123.82 RMB and 181.18 RMB [4]

股 票 研 究 7 月白电内销排产数据下修,白电和彩电出口较好 ——2024W26 家电行业周报 | [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 | S0880521050002 | S0880122070069 | S0880122070046 | 本报告导读: 7 月白电内销排产数据下修,海尔和海信家空外销排产数据有所上修,白电和彩电出 口表现较好。 投资要点: [Table_7 月白电内销排产数据下修,空调和冰箱外 ...

股 票 研 究 煤炭 | 2024.07.01 | 增持 | |------------------------------------------------------------------------------------------------------------------------|------------| | 短期旺季不旺,行业 ROE 将逐步稳态化 | 增持 | | 煤炭行业周报 | | | [table_Authors] 黄涛 ( 分析师 ) | | | 021-38674879 | | | huangtao@gtjas.com | | | 登记编号 S0880515090001 | | | 本报告导读: | 2024.06.23 | | 动力煤:涨价需待 7 月,大概率旺季不旺,但判断煤炭行业 ROE 下行趋势自 Q2 结 束;炼焦煤: Q3 长协价格预计持平。 | 2024.06.23 | | | | | | 2024.06.17 | | | | | | 2024.06.16 | | | | | | | 2024.06.10 投资要点: [Table_ 投资建议:Summar ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 150.13 CNY for 2024, based on an updated EPS forecast of 5.37/6.97/8.91 CNY for 2024-2026 [1][18]. Core Insights - The company is experiencing strong growth, with projected revenue for H1 2024 estimated between 777-808 million CNY, representing a year-on-year increase of 25-30%. The net profit attributable to the parent company is expected to be between 391-419 million CNY, reflecting a growth of 40-50% [1]. - The company plans to fully acquire Lombard, which will support its globalization strategy. This acquisition is expected to enhance product offerings and technology, improve competitiveness, and contribute to revenue growth [1]. Summary by Sections Financial Performance - The company forecasts a revenue increase from 1,187 million CNY in 2023 to 1,549 million CNY in 2024, with a compound annual growth rate (CAGR) of 30.5% [17]. - The net profit attributable to the parent company is projected to grow from 492 million CNY in 2023 to 661 million CNY in 2024, with a CAGR of 34.3% [17]. Acquisition Strategy - The company intends to use 65 million USD to acquire the remaining 72.37% stake in OMD, which will lead to full ownership of Lombard, a UK-based aortic stent company. This acquisition is expected to stabilize and deepen cooperation, enhancing the company's international strategy [1]. - Lombard's products have a 20-year history in developed markets and are expected to complement the company's existing product lines, thereby increasing market competitiveness [1]. Market Position and Growth - The company's overseas revenue has grown significantly, from 30 million CNY in 2021 to 82 million CNY in 2023, with a CAGR of 65% [1]. - The report highlights the potential for OMD to turn profitable in 2024, contributing positively to the company's overall performance [1].

股 票 研 究 | | | | | 家用电器业 | |-------------------------------------|---------------------------|--------------|------------|--------------| | 2024.07.02 | | 评级: | | 增持 | | 7 | | | 上次评级 : | 增持 | | | 家电行业周报 | 细分行业评级 | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | | | 021-38031654 | 010-83939833 | | | | | caiwenjuan024354@gtjas.com | lihanying026725@gtjas.com | | | | | 登记编号 S0880521050002 | S0880122070046 | | | | | 本报告导读: | | | | | | 7 | | | | | | 口表现较好。 | | | | | | 相关报告 | | |---------------------------- ...

股 票 研 究 | | | | 纺织服装业 | |----------------------------------------------------|--------------|------------|--------------| | 2024.07.02 | 评级: | | 增持 | | Nike | | 上次评级 : | 增持 | | | 细分行业评级 | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | | | | 021-38038184 | | | | | liujiakun029641@gtjas.com | | | | | 登记编号 S0880524040004 | | | | | 本报告导读: | | | | | Nike 下修 FY2025 | | | | | 现较好;制造龙头具备提份额、拓客户逻辑,预计有望对冲 | | | | | 相关报告 | | |---------------------------------------|-------------------| | 纺织服装业《制造景气度向上,品牌表现分 | | | 化》 | | | | 20 ...

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of **31.59 RMB**, unchanged from the previous rating [3] Core Views - **Q2 performance exceeded expectations**: The company reported H1 2024 net profit attributable to shareholders of **1.091-1.178 billion RMB**, a year-on-year increase of **25%-35%**, with Q2 net profit reaching **678-765 million RMB**, up **18.9%-34.2%** year-on-year [4] - **Demand recovery in the hand tools market**: The report highlights that the active destocking by supermarkets has largely ended, and the company's order recovery aligns with market demand. The potential US interest rate cuts are expected to boost demand for hand tools, which are highly correlated with US existing home sales [4] - **Strategic acquisitions and channel expansion**: The company is focusing on expanding its product categories and market share, particularly in the electric tools segment, which is seen as a key growth driver. Cross-border e-commerce is also expected to grow at a rate of over **30% annually**, currently accounting for **20%** of revenue [4] Financial Performance - **Revenue and profit growth**: The company's revenue is projected to grow from **13.297 billion RMB** in 2024 to **19.056 billion RMB** in 2026, with net profit attributable to shareholders increasing from **2.085 billion RMB** in 2024 to **2.926 billion RMB** in 2026 [8] - **EPS adjustments**: The report raises the 2024-2025 EPS forecasts to **1.73 RMB** and **2.09 RMB**, respectively, and introduces a 2026 EPS estimate of **2.43 RMB** [4] - **Profitability improvement**: The company's profitability has significantly improved due to increased revenue scale and the operation of its Southeast Asian manufacturing base [4] Market and Industry Outlook - **Hand tools market recovery**: The report anticipates a recovery in the hand tools market, driven by potential US interest rate cuts, which could lower mortgage rates and stimulate existing home sales, thereby boosting demand for hand tools [4] - **Electric tools as a growth driver**: The company is making progress in the electric tools segment, particularly in the "handheld electric tools" market, which is expected to contribute significantly to future growth [4] - **Cross-border e-commerce growth**: The company's cross-border e-commerce business is expected to maintain a growth rate of over **30% annually**, with higher gross margins compared to existing channels [4] Financial Metrics - **Valuation metrics**: The company's P/E ratio is expected to decrease from **14.25** in 2024 to **10.15** in 2026, while the P/B ratio is projected to decline from **1.77** in 2024 to **1.33** in 2026 [8] - **ROE improvement**: The company's ROE is forecasted to increase from **12.4%** in 2024 to **13.2%** in 2026, reflecting improved profitability and efficiency [8]

股 票 研 究 煤炭 | 2024.07.01 | 增持 | |------------------------------------------------------------------------------------------------------------------------|------------| | 短期旺季不旺,行业 ROE 将逐步稳态化 | 增持 | | 煤炭行业周报 | | | [table_Authors] 黄涛 ( 分析师 ) | | | 021-38674879 | | | huangtao@gtjas.com | | | 登记编号 S0880515090001 | | | 本报告导读: | 2024.06.23 | | 动力煤:涨价需待 7 月,大概率旺季不旺,但判断煤炭行业 ROE 下行趋势自 Q2 结 束;炼焦煤: Q3 长协价格预计持平。 | 2024.06.23 | | | | | | 2024.06.17 | | | | | | 2024.06.16 | | | | | | | 2024.06.10 投资要点: [Table_ 投资建议:Summar ...

家用电器业 | 2024.06.30 | | | | 评级: | | 增持 | |--------------------------------------|----|-------------------------------|----------------------|--------------------------|-------------------------|------------| | | | | | | 上次评级 : | 增持 | | | | —— 2024W26 | 家电行业数据周报 | 细分行业评级 | | | | [table_Authors 蔡雯娟 ] ( 分析师 ) | | 田平川 ( 研究助理 ) | 谢丛睿 ( 分析师 ) | | | | | 021-38031654 | | 021-38676666 | 021-38038437 | | | | | caiwenjuan024354@gtjas.com | | tianpingchuan026740@gtjas.com | xiecongrui@gtjas.com | 相关报告 | | | | 登记编号 S0880 ...

Industry Investment Rating - The industry is rated as "Overweight" [1] Core Views - The inverter industry is experiencing strong growth in Asia, Africa, and Latin America, with countries like Brazil, India, Pakistan, and parts of the Middle East showing significant demand, making them new growth points for Chinese photovoltaic inverter exports [2] - The European market is recovering, with inverter export data showing improvement from January to May 2024, and the industry's worst period is likely over [3] - The US market is seeing robust demand, especially for ground-mounted power stations, with favorable conditions such as smooth customs clearance, IRA subsidies, and anti-circumvention exemptions driving growth [4] Regional Market Analysis Asia, Africa, and Latin America - South Africa and Brazil are experiencing demand recovery due to the end of inventory reduction and falling interest rates [8] - India and Pakistan are seeing explosive growth due to favorable policies and rising electricity prices [9] - The Middle East, particularly Saudi Arabia, has become a significant export destination, with exports to Saudi Arabia reaching 544 million yuan in the first five months of 2024, a year-on-year increase of 695.53% [11] - Southeast Asia is experiencing stable growth, with Thailand and the Philippines showing year-on-year export growth of 38.15% and 25.51%, respectively [13] - Zhejiang Province leads in inverter exports, with a 25% year-on-year increase in May 2024, significantly outperforming the national average [16] Europe - The European market is recovering, with inverter exports showing positive trends in the first five months of 2024, and the industry's worst period is likely over [3] United States - The US market is experiencing strong demand for ground-mounted power stations, with a 93.44% year-on-year increase in new photovoltaic installations in Q1 2024 [21] - The IRA Act provides subsidies for both demand and supply in the US photovoltaic market, including investment tax credits (ITC) and production tax credits (PTC) [25][26] - The US market for microinverters is dominated by Enphase, which holds a 60% global market share, but domestic Chinese companies have the potential to increase their market share [37] - The US energy storage market is growing rapidly, with a 52.76% CAGR from 2021 to 2023, and domestic Chinese companies have significant growth potential in both residential and large-scale storage markets [41][47] Company Valuation and Market Share - Key inverter companies such as Sungrow Power, Deye, Ginlong Technologies, and others are rated as "Overweight" with detailed valuation metrics provided [6] - In the US market, domestic Chinese companies like Sungrow Power have a relatively low market share in both residential and large-scale storage markets, indicating significant growth potential [47] Technology and Market Trends - The US market is seeing a shift towards string inverters in ground-mounted power stations, with domestic Chinese companies holding a competitive advantage in this segment [35] - The US energy storage market is expected to grow significantly, with the photovoltaic storage pairing rate projected to reach nearly 30% by 2027 [45]