| | | | | | | | / 工业 | |------------------------------------------------------------------|--------------|-----------------------------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|----------------|-----------------| | 平高电气 (600312) | | | | | 评级: | | 增持 | | | | | | | 目标价格: | 上次评级 : | 增持 25.54 | | | | | | | | 上次预测 : | 15.11 | | | | | | [ | 当前价格: Table_CurPrice] | | 19.45 | | ...

Investment Rating - The report maintains an **Overweight** rating for Anker Innovations (300866) with a target price of **83.59 RMB**, unchanged from the previous forecast [2][3] Core Views - The company has released a new restricted stock incentive plan for 2024, aiming to grant approximately **5.25 million shares** at **40.62 RMB per share**, accounting for **0.99%** of the total shares outstanding at the time of the announcement [3] - The incentive plan targets **305 individuals**, including directors, executives, and key technical and business personnel, with performance goals tied to either revenue or profit growth [3] - Revenue growth targets are set at **≥10% for 2024** and **≥20% for 2025**, while non-GAAP net profit growth targets are **≥10% for 2024** and **≥20% for 2025** [3] - The company is expected to achieve **EPS of 3.6/4.17/4.79 RMB** for 2024-2026, with growth rates of **18%/16%/15%** respectively [3] - Anker Innovations ranked **16th** in the "BrandZ™ 2024 China Global Brand 50" list and **1st** in the electronics accessories category, marking its **8th consecutive year** on the list [3] Financial Performance - Revenue for 2024-2026 is projected to be **20,880/24,334/28,219 million RMB**, with growth rates of **19.3%/16.5%/16.0%** [8] - Net profit (attributable to parent company) is forecasted to be **1,905/2,203/2,532 million RMB** for 2024-2026, with growth rates of **17.9%/15.7%/14.9%** [8] - ROE is expected to increase from **20.2% in 2023** to **21.5% in 2026**, while the net profit margin is projected to remain stable at around **9.4%-9.5%** [8][9] - The company's gross margin is expected to improve slightly, from **43.5% in 2023** to **43.9% in 2026** [9] Market and Valuation - The current stock price is **71.21 RMB**, with a 52-week range of **66.60-98.96 RMB** [4] - The company's market capitalization is **37,633 million RMB**, with a P/E ratio of **23.30x** based on 2023 earnings [4][8] - The P/B ratio is **4.5x**, and the P/S ratio is **2.15x** based on the current price [4][9] Strategic Initiatives - The company is focusing on **long-term talent retention** through its equity incentive plan, which is expected to align the interests of shareholders, the company, and employees [3] - Anker Innovations is deepening its **R&D efforts** in areas such as real-time visual understanding, multimodal AI perception, and decision-making systems [3] - The company is exploring new business opportunities in emerging markets and channels, with a strong performance expected in **energy storage and security products** [3]

综合金融/金融 | 方正证券 (601901) | | | 首次覆盖 | |-------------------------------------------|---------------------------|-------------------------------|-------------| | | | 评级 目标价格 | 增持 9.57 | | | ——方正证券首次覆盖报告 | [ 当前价格: Table_CurPrice] | 7.73 | | [table_Authors 刘欣琦 ] ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | | 021-38676647 | 021-38031024 | | 2024.07.01 | | liuxinqi@gtjas.com | wangsiyue028676@gtjas.com | | | | 登记编号 S0880515050001 | S0880123070151 | | | | 本报告导读: | | 交易数据 | | | | | 52 周内股价区间(元) | 6.29-10.05 | | 道,预计未来盈利能力相对同业仍将持续占 ...

股 票 研 究 | | | | | | 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 ...

美对华科技限制收紧,关注 WAIC 2024 大会 | | | ——海外科技行业 | 2024 年第 44 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: Mac 用户可免费安装桌面版 ChatGPT;美国对华科技领域限制持续,中国 AI 产业 发展任重道远;WAIC 2024 即将举办,建议关注机器人、大模型产业动态 海外科技 2024.06.30 评级: 增持 上次评级: 增持 细分行业评级 | 相关报告 | | |--------------------------- ...

| | | | | 有色金属 | |----------------|---------------------|--------------|------------|------------| | 2024.06.29 | | 评级: | | 增持 | | | | | 上次评级 : | 增持 | | | | 细分行业评级 | | | | [table_Authors | 于嘉懿 ] ( 分析师 ) | | | | | | 021-38038404 | | | | | | yujiayi@gtjas.com | 相关报告 | | | | 登记编号 | S0880522080001 | | | | 2024.06.29 有色金属《大选空窗期,贵金属震荡向上》 本报告导读: 国务院公布《稀土管理条例》,稀土集团化、规范化以条例形势确定,行业集中度继 续提升。Q2 稀土行业供需边际均改善,看好价格延续回暖与板块估值修复。 2024.06.29 有色金属《【国君有色】工业金属周度数据库 20240622》 2024.06.23 有色金属《【国君有色】钴锂小金属周度数据 库 0622》 2024.06.22 有色金属 ...

| | | | | | 公用事业 | |-------------------------------------|-------------------------------------------------------|-------------------------|--------------|------------|------------| | 2024.06.30 | | | 评级: | | 增持 | | | | | | 上次评级 : | 增持 | | | ——公用事业行业周报( | 2024.6.24-2024.6.28 ) | 细分行业评级 | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 研究助理 ) | 汪 玥 ( 研究助理 ) | | | | | 021-38031730 | 021-38038670 | 021-38031030 | | | | | | yuhongguang025906@gtjas.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | 相关报告 | | | | ...

股 票 研 究 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 | 投资要点: | | | | | |------------------------------|--------------------------------------------------------------------------|----|----|----| | [Table 投资观点: _Summary] | 继续重点推荐垂直 O2O+ 出海。①互联网龙头从单一追求 | | | | | 规模到重视盈利,垂直 | O2O 公司的竞争格局显著改善,服务类行业 | | | | | 未来有望量价齐升,推荐途虎 | -W ;②教育底部反转,推荐业绩可持 | | | | | | 续兑现的低估值个股:卓越教育、思考乐教育、粉笔、行动教育 | | | | | | 等;③平价出海零售仍维持高景气,推荐:名创优品、小商品城、 | | | | | | 华凯易佰、安克创新等;④旅游热度持续攀升,关注出行链,推 | | | | | 荐:同程旅行、携程集团 | -S 、三 ...

股 票 研 究 华为车链预期再起,汽车电子龙头渐到布局时 ——汽车行业周报(2024.6.24-6.28) | [table_Authors 吴晓飞 ] ( 分析师 ) | 管正月 ( 分析师 ) | 周逸洲 ( 研究助理 ) | |------------------------------------------|------------------------|----------------------------| | 0755-23976003 | 021-38032026 | 010-83939811 | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | zhouyizhou028696@gtjas.com | | S0880517080003 | S0880521030003 | S0880123070150 | 本报告导读: 随着赛力斯的持续批量交付,市场将逐步对华为智选车型的盈利能力形成预期,而 H2 随着更多智选合作车型量产,对产业链的拉动效应将更加明显 投资要点: [Table华为车链预期再起,汽车电子龙头渐到布局时。 _Summary] ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance relative to the local market index [4][21]. Core Views - The report highlights the promising clinical data from the company's pipeline, particularly in the oncology sector, and anticipates significant market potential for the drug Masitide [4][5]. - The company is expected to receive approval for Masitide in the first half of 2025, which is projected to enhance its market presence and sales [5]. - The report emphasizes the company's strong positioning in the IO+ADC (Immuno-Oncology and Antibody-Drug Conjugates) space, with encouraging clinical results that suggest a robust commercial value for its oncology pipeline [5]. Financial Summary - Revenue projections show a steady increase from 4,270 million RMB in 2021 to an estimated 13,284 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [4]. - The net loss is expected to narrow significantly, from -3,138 million RMB in 2021 to a profit of 1,646 million RMB by 2026, indicating a turnaround in profitability [4]. - The price-to-earnings (PE) ratio is projected to improve from -20.55 in 2021 to 35.54 by 2026, suggesting a more favorable valuation as the company moves towards profitability [4].