股 票 研 [Table_Industry] 煤炭 究 2 024.06.16 [评Tab级le_I：nve st] 增持 逐步进入全面迎峰度夏 上 次评级: 增持 煤炭行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut黄ho涛rs] ( 分析师) 021-38674879 业 huangtao@gtjas.com [相Ta关ble报_R告ep ort] 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：逐步进入全面迎峰度夏；炼焦煤：淡季或比市场预期更强。 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bl建e_议Su：mm我a们ry]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息资产更加受到市场青睐 ...

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 2 024.06.16 [ 评Tab 级le_In ：ves t] 增持 上 次评级: 增持 短期淡季需求继续调整 [细Ta分bl行e_s业ub评In级du stry] 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 淡季需求边际下降，总库存边际上升。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 ...

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] 电子元器件 究 2 024.06.16 [评Tab级le_I：nve st] 增持 上 次评级: 增持 加码 AI 云服务器，苹果云侧推理赋能 AI 端侧 —AI 端侧系列推荐之九 [细Ta分bl行e_业su评bI级nd ustry] 印刷电路板 增持 行 [table_A ut舒ho迪rs] ( 分析师) 文紫妍(分析师) 消 费电子 增持 021-38676666 021-38038321 业 shudi@gtjas.com wenziyan@gtjas.com 更 登 记编号 S0880521070002 S0880523070001 [相Ta关ble报_R告ep ort] 新 电子元器件《周期底部需求回暖，科技创新 本报告导读： 发力推动半导体产业发展》 苹果积极布局AI云服务器，有望将高端M2 Ultra等后续迭代产品进一步用于AI云 2024.06.15 端产品，苹果相关供应链深度受益。 电子元器件《积极关注大基金三期动向，先 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [2]. Core Insights - The report highlights that the global automotive trade friction is intensifying, leading to an acceleration in the transition of Chinese passenger vehicles from direct exports to overseas manufacturing [3][5]. - The passage of the compensation plan is expected to further streamline Tesla's internal operations, accelerating developments in robotics and intelligent driving, which may lead to a revision of expectations for Tesla's supply chain [3][5]. - The report recommends several automotive companies, including Jianghuai Automobile, BYD, Changan Automobile, Great Wall Motors, and Li Auto, as well as beneficiaries like Qianjiang Motorcycle [3][5]. Summary by Sections Investment Suggestions - The report suggests that the export of passenger vehicles is likely to enter a new phase, with a shift towards overseas manufacturing due to increasing global trade tensions [5]. - It emphasizes that the Tesla supply chain is expected to see a revision in expectations, with a focus on high-growth new energy and intelligent vehicle sectors [5]. - Recommended stocks include Jianghuai Automobile, BYD, Changan Automobile, Great Wall Motors, and others in the new energy and intelligent sectors [5][6]. Market Dynamics - The report notes that while there is a short-term impact from increased tariffs on Chinese electric vehicles, the overall effect on exports is limited due to the low proportion of affected regions [3]. - It also discusses the potential for Chinese automotive companies to enhance their competitive advantage in overseas markets through accelerated manufacturing setups [3]. Financial Metrics - The report provides a detailed table of key companies, including their closing prices, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2023 and 2024, all rated as "Overweight" [6].

公 司 更 新 报 告 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] | | | | 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格： | | 7.92 | | | 上次预测 : | 7.92 | | [ 当前价格： Table_CurPrice] | | 5.53 | 本报告导读： 公司泰国基地项目调整，再增加 400 万条半钢。2024-2026 年将迎来产能释放期，公 司成长性较强。公司智能化生产提质增效，发力品牌建设，助力公司价值提升。 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|----------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | ...

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] 军工 究 2 024.06.16 [评Tab级le_I：nve st] 增持 万吨大驱南海训练，俄舰古巴联合军演 上 次评级: 增持 军工行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut彭ho磊rs] ( 分析师) 黄龙(研究助理) 业 010-83939806 021-38031028 penglei018712@gtjas.com huanglong028685@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880518100003 S0880123070154 军工《邯郸舰黄海实战演练，韩美空军联合 报 训练军工行业周报》 本 报告导读： 2024.06.12 军工板块回调，南部战区开展舰炮对空射击专攻精练。万吨大驱南海训练，俄舰古巴 军工《中柬海上实兵演练，胡塞军事行动升 联合军演。大国博弈加剧是长期趋势，军工长期向好。 级》 2024.06.04 投 资 ...

Investment Rating - The report maintains a rating of "Buy" for Chow Tai Fook (1929) [1][3]. Core Views - The FY2024 revenue performance met expectations, while profit was weaker than anticipated due to unrealized losses from gold loans. However, with rising gold prices and adjustments in product pricing strategies, profit margins are expected to improve in FY2025 [2][3]. Summary by Sections Financial Performance - For FY2024, Chow Tai Fook achieved revenue of HKD 108.71 billion, a year-on-year increase of 14.8%. The main operating profit was HKD 12.16 billion, up 28.9%, and the net profit attributable to shareholders was HKD 6.50 billion, reflecting a 20.7% increase [3][7]. - The adjusted gross profit margin was 22.8%, down 0.9 percentage points, while the main operating profit margin improved by 1.2 percentage points to 11.2% due to optimized pricing strategies and rising gold prices [3]. Future Projections - The projected net profit for FY2025-2027 is HKD 69.50 billion, HKD 79.63 billion, and HKD 89.94 billion, respectively, with corresponding EPS of HKD 0.70, HKD 0.80, and HKD 0.90. A target price of HKD 10.50 is set based on a 15x PE for FY2025 [3]. Market Dynamics - In FY2024, revenue from mainland China was HKD 89.70 billion, a 9.9% increase, while revenue from Hong Kong, Macau, and other markets surged by 45.6% to HKD 19.02 billion. The company added 153 jewelry stores, bringing the total to 7,548 retail points as of March 31, 2024 [3][4].

经营分化，龙头穿越周期 轻工制造2024年中期策略 wangjia025750@gtjas.com maoyuxiang029547@gtjas.com 010-83939781 010-83939781 S0880524010001 S0880124030007 & 请参阅附注免责声明 1 ...

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] 社会服务业 究 2 024.06.15 [评Tab级le_I：nve st] 增持 上 次评级: 增持 暑期出行旺季渐近，5 月出口延续改善趋势 ——商社行业周报（2024.06.10-06.16） [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut刘ho越rs]男 (分析师) 宋小寒(研究助理) 021-38677706 010-83939087 业 liuyuenan@gtjas.com songxiaohan026736@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880516030003 S0880122070054 社会服务业《端午同比小幅增长，出游目的 报 地分化加剧》 本报告导读： 2024.06.11 5月出口好于预期源于低基数效应、抢出口行为升温、外需仍强劲。 社会服务业《教培证照审批提速、端午出游 热度高》 2024.06.02 投资要点： 社会服务业《 ...

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] 食品饮料 究 2 024.06.16 [评Tab级le_I：nve st] 增持 茅台批价阶段性承压，饮料啤酒景气韧性 上 次评级: 增持 强 ——食品饮料行业周度更新 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut訾ho猛rs] ( 分析师) 姚世佳(分析师) 021-38676442 021-38676912 业 zimeng@gtjas.com yaoshijia@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880513120002 S0880520070001 食品饮料《消费的魅力：美国消费百年历史 报 复盘》 本报告导读： 2024.06.13 茅台批价下行，风险释放阶段性布局价值凸显。饮料景气韧性强，大单品表现突 食品饮料《白酒韧性凸显，大众品关注边际 出，啤酒结构升级趋势延续，区域分化拉大。 改善》 2024.06.09 投资要点： 食品饮料《白酒增长质量 ...