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 股 票 研 [Table_Industry] 海运 究 2 024.06.23 [评Tab级le_I：nve st] 增持 上 次评级: 增持 Q2 盈利环比稳中有升，成品油运同比高增 ——油运行业二季度业绩前瞻 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 业 yuexin@gtjas.com yinjiaqi@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880514030006 S0880524030004 海运《预计Q2油运公司盈利环比稳中有升， 新 集运运价再创新高》 本报告导读： 2024.06.16 油运产能利用率已处阈值，红海影响助力淡季不淡。二季度油运运价中枢维持高位， 海运《红海局势难以研判，航运市场影响分 预计Q2业绩环比稳中有升，其中原油油运同比高基数，成品油运同比继续高增。 化》 2024. ...

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 股 票 研 [Table_Industry] 家庭及个人用品/必需消费 究 珀 莱雅(603605) [评Tab级le_I：nve st] 增持 618 多品牌、多渠道延续高增，势能持续 上 次评级: 增持 [目Tab标le_T价arg格et] ： 154.60 ——珀莱雅更新报告 上 次预测: 154.60 [当Ta前bl价e_格Cu：rP rice] 107.11 公 [table_A ut訾ho猛rs] ( 分析师) 杨柳(分析师) 闫清徽(分析师) 司 021-38676442 021-38038323 021-38031651 [ Table_Date] 2024.06.23 zimeng@gtjas.com yangliu@gtjas.com yanqinghui@gtjas.com 更 登 记编号 S0880513120002 S0880521120001 S0880522120004 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 公司发布618战报，珀 ...

股 票 研 [Table_Industry] 煤炭 究 2 024.06.23 [ 评Tab 级le_In ：ves t] 增持 上 次评级: 增持 短期旺季不旺，不改长期供需 煤炭行业周报 [细Ta分bl行e_s业ub评In级du stry] [table_Aut黄ho涛rs]( 分析师) 行 021-38674879 业 huangtao@gtjas.com [相Ta关ble报_R告epo rt] 周 登 记编号 S0880515090001 煤炭《价格涨幅暂缓，等待入夏旺季全面到 报 来》 本 报告导读： 2024.06.10 动力煤：涨价需等7月，大概率旺季不旺；炼焦煤：Q3长协价或为行情催化剂。 煤炭《【国君煤炭数据库】行业数据更新 20240608》 2024.06.10 投资要点： 煤炭《【国君煤炭数据库】行业数据更新 [投Ta资ble建_S议um：m我ar们y]认 为煤炭板块估值的重塑正在途中，背后反应的不仅是煤 20240601》 炭行业深刻供需结构变化，逐步“公用事业化”，而且也反映了在资产荒背 2024.06.03 煤炭《节能降碳政策不改煤炭行业供需平 景下，无风险收益率下行趋势下的高股 ...

Investment Rating - The report maintains an "Overweight" rating for the building materials industry, consistent with the previous rating [1]. Core Views - The report emphasizes a long-term investment strategy in consumer building materials, highlighting the stability of seasonal profits for leading cement companies [2][5]. - It notes that the cement market is experiencing a price increase, particularly in regions like Guangdong and Guangxi, despite a general seasonal demand decline [3][6]. - The report recommends several leading companies in the building materials sector, including cement and glass fiber manufacturers, based on their strong fundamentals and valuation advantages [5][14][15]. Summary by Sections Building Materials Industry Investment Strategy - The report indicates that the second round of price increases in Guangxi has been successfully implemented, suggesting a potential easing of market conditions in the region [5]. - It predicts that leading companies will maintain stable profit expectations during the traditional off-season from late Q2 to early Q3, supported by strong pricing power and improved funding conditions [5]. - Long-term strategies are recommended for leading companies such as Conch Cement, Huaxin Cement, and China Resources Cement [5]. Cement Industry - National cement prices increased by 0.9% week-on-week, with significant price hikes in Guangdong, Guangxi, Hainan, and Ningxia [3][6]. - Despite a decrease in average shipment rates to 48% due to adverse weather conditions, the report notes that many companies are effectively managing production schedules to maintain profitability [3][6]. - The report highlights the importance of supply-side optimization policies and carbon trading mechanisms for the long-term health of the cement industry [5]. Glass Industry - The average price of domestic float glass is reported at 1687.76 RMB/ton, showing a slight decrease [14]. - The report indicates a stable yet weak market for glass, with inventory levels rising in some regions, while demand remains subdued [14]. - Recommendations include leading companies like Xinyi Glass and Qibin Group, which are expected to benefit from strong competitive advantages and dividend yields [14]. Glass Fiber Industry - The report notes stable pricing for glass fiber products, with good demand for electronic yarns despite a generally weak market [15]. - It highlights the tight supply of electronic yarns and the strong demand from downstream manufacturers [15]. - Key recommendations include companies like China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [15].

Investment Rating - Maintains an "Overweight" rating for the company [2][4] Core Views - The titanium dioxide industry saw a year-on-year increase in exports in May, with the company benefiting from significant resource and cost advantages [2] - The company's titanium dioxide capacity is 1.51 million tons/year, ranking first globally, and it has over 1 million tons/year of titanium concentrate capacity [2] - The company is progressing with the Fengyuan technical renovation project and plans to invest in a scandium-vanadium new materials industrial park [2] Financial Summary - Revenue for 2022A was 24,155 million yuan, with a growth rate of 17.2% [2] - Net profit attributable to the parent company for 2022A was 3,419 million yuan, a decrease of 26.9% [2] - EPS for 2022A was 1.43 yuan, with a ROE of 16.4% [2] - Revenue is expected to grow to 36,079 million yuan by 2026E, with a net profit of 5,661 million yuan [2] Export and Industry Performance - In May 2024, titanium dioxide exports were 149,300 tons, a year-on-year increase of 3.11%, accounting for 36.92% of national production [2] - The average export price in May 2024 was 2,299.82 USD/ton, a year-on-year increase of 1.21% [2] - The industry's operating rate in May was 84.13%, with a production volume of 404,400 tons, a year-on-year increase of 23.51% [2] Market and Valuation - The target price is adjusted to 23.68 yuan, based on a 13.90x PE valuation for 2024 [2] - The current price is 18.65 yuan, with a 52-week price range of 15.60-22.98 yuan [4] - The company's total market capitalization is 44,504 million yuan, with a P/E ratio of 13.02 for 2022A [5] Growth Projects - The company is advancing the Fengyuan technical renovation project [2] - Plans to invest in a scandium-vanadium new materials industrial park, including a 2,500 tons/year high-purity vanadium pentoxide project and a 20,000 cubic meters/year vanadium electrolyte project [2] Financial Ratios - ROE is expected to increase from 16.4% in 2022A to 19.6% by 2026E [2] - The net debt ratio is 65.04%, with a P/B ratio of 1.8 [5] - The dividend yield is expected to increase from 6.4% in 2022A to 7.0% by 2026E [7]

股 票 研 [Table_Industry] 建筑工程业 究 2 024.06.23 [评Tab级le_I：nve st] 增持 上 次评级: 增持 电力中国能建和中国电建，车路协同华设集团和深城交 ——建筑行业第 353 期周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut韩ho其rs]成 (分析师) 郭浩然(分析师) 021-38676162 010-83939793 业 hanqicheng8@gtjas.com guohaoran025968@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880516030004 S0880524020002 建筑工程业《财税改革释放增长空间，聚焦 报 科技和高股息龙头》 本报告导读： 2024.06.17 推荐电力中国能建/中国电建，低空AI华设集团和设计总院，节能降碳中国化学/中 建筑工程业《财政地产等建筑产业链全景数 材国际，基建中国交建和中国铁建，地产中国建筑/中国中铁，高股息隧道股份等。 据库20240616》 2024.06.17 投资要点： 建筑工程业《降碳中国化学和中材国际，电 [5 ...

股 票 研 [Table_Industry] 基础化工 究 2 024.06.23 [评Tab级le_I：nve st] 增持 上 次评级: 增持 本周化肥链价格涨幅居前，继续推荐三条主线 [细Ta分bl行e_业su评bI级nd ustry] ——基础化工行业周报 行 [table_A ut钟ho浩rs] ( 分析师) 沈唯(分析师) 陈传双(研究助理) 业 021-38038445 0755-23976795 021-38676675 [相Ta关ble报_R告ep ort] 周 zhonghao027638@gtjas.com shenwei024936@gtjas.com chenchuanshuang027603@gtjas.com 基础化工《重点化工品价格每日跟踪数据 报 登 记编号 S0880522120008 S0880523080006 S0880123060038 库》 2024.06.21 本报告导读： 基础化工《重点化工品价格每日跟踪数据 国内5月经济数据延续了整体相对平稳，美国5月非农就业数据超预期，其降息预期 库》 降温。推荐低估值龙头白马，关注先进制造中强链、补链相关的新材料标。 2 ...

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 股 票 研 [Table_Industry] 有色金属 究 2 024.06.23 [评Tab级le_I：nve st] 增持 业绩量价齐跌，扩张供给结构分化 [交Ta易ble数_M据ar ket] ——2024Q1 海外锂矿经营情况更新 行业主要上市公司 市值（百万、美元） 海 [table_A ut于ho嘉rs]懿 (分析师) 宁紫微(分析师) S AQ LM B 11 11 61 42 55 .. 41 85 021-38038404 021-38038438 外 市 值合计 22770.63 yujiayi@gtjas.com ningziwei@gtjas.com 专 登 记编号 S0880522080001 S0880523080002 题 [相Ta关ble报_R告ep ort] 本报告导读： 研 《业绩量增价减，海外供给扰动初现》 2024Q1海外锂矿公司产销量环比下滑，售价走低。扩建供给基本如期推进，绿地新建 究 项目有延期苗头。出清周期阶段，成本较低和有充裕现金流的 ...

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 股 票 研 [Table_Industry] 钢铁 究 2 024.06.23 [评Tab级le_I：nve st] 增持 需求小幅回升，总库存边际下降 上次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 普碳钢 增持 行 [table_A ut李ho鹏rs]飞 (分析师) 魏雨迪(分析师) 王宏玉(分析师) 不锈钢 增持 010-83939783 021-38674763 021-38038343 特殊钢 增持 业 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 钢铁贸易 周 登 记编号 S0880519080003 S0880520010002 S0880523060005 钒电池 增持 报 钢管 增持 本报告导读： 铁矿石 增持 短期淡季需求或呈小幅震荡趋弱态势。我们对全年需求不悲观，分领域看，地产对钢 钢 铁制品 增持 铁的负向拖拽将下降；此外基建、制造业维持稳步增长态势，有望对冲地产端 ...

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 股 票 研 [Table_Industry] 运输 究 2 024.06.23 [评Tab级le_I：nve st] 增持 暑运需求预期乐观，快递延续增长趋势 上 次评级: 增持 ——交通运输行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 业 yuexin@gtjas.com yinjiaqi@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880514030006 S0880524030004 运输《红海局势难以研判，航运市场影响分 报 化》 本报告导读： 2024.06.13 维持航空与油运增持评级，配置高股息。 运输《油运需求增长超预期，集运运价再创 新高》 2024.06.10 投资要点： 运输《产能利用率已处阈值，淡季运价中枢 [T abl航e_空Su：mm暑a运ry]预 售逐步加速，实业界旺季预期乐 ...