Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's business model and brand premium continue to maintain an advantage, with shareholder returns consistently leading the industry [2]. - The target price is set at 26.53 CNY, corresponding to a 2024 PE of approximately 29x, reflecting the company's long-term competitive advantages and its status as a relatively scarce brand retail leader in the sector [2][3]. - The retail growth rate is expected to remain strong, with an estimated overall retail growth rate of 5%-10% for 2024, driven by channel expansion and new product categories [2]. - The company plans a cash dividend of 1.257 billion CNY for 2023, with a dividend payout ratio of 88%, indicating a strong sustainability of high shareholder returns [2]. Financial Summary - The company reported a revenue of 6.378 billion CNY in 2023, with projections of 7.081 billion CNY for 2024, reflecting an 11% increase [6]. - The net profit attributable to the parent company is projected to be 1.466 billion CNY in 2024, with a growth rate of 2.3% compared to 2023 [6]. - The earnings per share (EPS) for 2024 is adjusted to 0.92 CNY, with further projections of 0.99 CNY for 2025 and 1.12 CNY for 2026 [2][6]. - The company maintains a net asset return rate of 25.3% for 2024, with a projected increase to 27.5% by 2026 [6]. Market Data - The current stock price is 16.36 CNY, with a 52-week price range of 13.01-21.98 CNY [4]. - The total market capitalization is 26.046 billion CNY, with a total share capital of 1.592 billion shares [4].

产能出清，重塑金融链 请参阅附注免责声明 1 请参阅附注免责声明 2 请参阅附注免责声明 3  “最后一点，我还是想强调，我们要理性看待这一轮房地产调整。去年三季度发布会的时候，我就这个问题也谈了一些 看法。一方面，房地产行业经过二十几年的高速扩张后，按照产业成长周期，现在调整是正常的。房地产阶段性调整， 有利于房地产后续构建新模式，实现高质量发展。因为传统的产能可以市场出清，开发商能够建更好的房子，提供更好 的服务，这对消费者也是有利的。另外，中国房地产市场是有支撑的，因为我们的城镇化没有完成，2023年常住人口城 镇化率是66.2%，但是户籍人口城镇化率还不到50%，还有1.8亿的外出农民工在城里没有完全市民化，这些进城的农民工 中间购房比例不高。现有的住房存量中，90平米以下的中小户型房子还是占绝大多数，随着人们生活水平的提高、城镇 化深入推进，中国房地产市场改善性需求、刚需都还比较大。中国房地产市场仍然具有持续健康发展的支撑条件，我们 要理性看待房地产这一轮的调整。谢谢。”  要结合房地产市场供求关系的新变化、人民群众对优质住房的新期待，统筹研究消化存量房产和优化增量住房的政策措 施，抓紧构建房地 ...

制造景气度向上，品牌表现分化 ——2024年纺织服装中期投资策略 推荐申洲国际/华利集团/伟星股份/新澳股份，受益标的百隆东方。2 / / /361 3 / / 请参阅附注免责声明 1 请参阅附注免责声明 2 请参阅附注免责声明 3  ...

Investment Rating - The report maintains an "Overweight" rating for the oil transportation sector [3][10]. Core Insights - The report highlights the ongoing concerns regarding the Red Sea situation and its differentiated impact on various shipping markets, particularly noting that the oil transportation sector is relatively less affected [1][2]. - The container shipping market has seen significant improvements in supply and demand, leading to a year-high in freight rates, driven by the rerouting of vessels due to the Red Sea situation [2]. - The oil transportation sector is expected to continue its bullish trend, with the report emphasizing that the Red Sea situation does not alter the long-term positive supply-demand dynamics for oil shipping [2][3]. Summary by Sections Container Shipping - The Red Sea situation has significantly impacted container shipping, with a more than 90% reduction in Suez Canal vessel traffic, leading to a 10% reduction in effective industry capacity due to rerouting around the Cape of Good Hope [2]. - Demand for container shipping has exceeded expectations, with Q2 2024 exports driven by factors such as inventory replenishment in Europe and the U.S., concerns over freight rates and tariffs, and an early start to the peak season [2]. - The report notes that the current order book for container ships represents 21% of the fleet, with an expected addition of 6% in the next six months, indicating a tight supply situation [2]. Oil Transportation - The impact of the Red Sea situation on oil transportation is relatively limited, with Suez Canal tanker traffic reduced to nearly 60%, but only 1-2% of effective capacity is consumed by rerouting [2]. - The report maintains that the oil transportation sector is in a "super bull market" phase, with capacity utilization nearing threshold levels, making freight rates sensitive to marginal changes in supply and demand [2]. - The report anticipates that the oil transportation market will continue to see positive trends in supply-demand dynamics over the coming years, with expectations of high growth in performance [2][3]. Investment Strategy - The report suggests maintaining an "Overweight" rating for oil transportation companies, citing a restructuring of global oil trade and a tightening supply situation as key factors for optimism [2][3]. - The report highlights specific companies such as China Merchants Energy, COSCO Shipping Energy, and China Merchants Industry as having "Overweight" ratings due to their favorable positioning in the market [2][3].

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] 汽车 究 2 024.06.12 [评Tab级le_I：nve st] 增持 5 月批发销量创新高，新能源表现亮眼 上 次评级: 增持 2024 年 5 月乘用车销量数据点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut吴ho晓rs]飞 (分析师) 多飞舟(分析师) 0755-23976003 010-83939800 业 wuxiaofei@gtjas.com duofeizhou026148@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880517080003 S0880523020001 汽车《大排量摩托国内复苏，乘用车需求仍 件 需观察》 本报告导读： 2024.05.26 快 5月国内乘用车零售销量171.0万辆，同比-1.9%，环比+11.4%，5月新能源乘用车 汽车《4月中大排摩托销量创新高，国内同比 评 销量在政策落地与北京车展等催化下实现同环比增长， ...

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] 汽车 究 2 024.06.12 [评Tab级le_I：nve st] 增持 欧盟关税靴子落地，出海模式加速转型 上 次评级: 增持 ---欧盟对中国产电动汽车加征临时关税事件点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut吴ho晓rs]飞 (分析师) 周逸洲(研究助理) 0755-23976003 010-83939811 业 wuxiaofei@gtjas.com zhouyizhou028696@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880517080003 S0880123070150 汽车《大排量摩托国内复苏，乘用车需求仍 件 需观察》 本报告导读： 2024.05.26 快 欧盟委员会披露了对从中国进口的纯电动汽车征收的临时关税水平，基本符合预期。 汽车《4月中大排摩托销量创新高，国内同比 评 自主品牌纯电动汽车对欧盟出口量较小，加税直接影响有限。 ...

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] 汽车 究 2 024.06.11 [评Tab级le_I：nve st] 增持 新能源销量持续增长，渗透率稳步提升 上 次评级: 增持 ---新能源乘用车 2024 年 5 月销量点评报告 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut吴ho晓rs]飞 (分析师) 郁研(研究助理) 0755-23976003 021-38031026 业 wuxiaofei@gtjas.com yuyan028679@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880517080003 S0880123070140 汽车《大排量摩托国内复苏，乘用车需求仍 新 需观察》 本报告导读： 2024.05.26 2024年5月新能源乘用车批发销量89.7万辆，同比+32.1%。新能源批发渗透率达 汽车《4月中大排摩托销量创新高，国内同比 44%，同环比持续提升。随着新车上市等因素驱动，新能源销量 ...

股 票 研 [Table_Industry] 造纸业 究 2 024.06.13 [评Tab级le_I：nve st] 增持 5 月市场承压延续，关注成本边际变化 上 次评级: 增持 —造纸行业月报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut刘ho佳rs]昆 (分析师) 毛宇翔(研究助理) 021-38038184 0755-23976668 业 liujiakun029641@gtjas.com maoyuxiang029547@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880524040004 S0880124030007 造纸业《浆价偏强运行延续，自制浆成本优 新 势放大》 本报告导读： 2024.05.20 5月市场弱势运行延续，关注后续成本端边际变化 造纸业《格局分化显著，龙头优势凸显》 2023.12.22 投资要点： [T abl双e_胶Su纸mm：a市ry场] 价格继续松动。截至5月29日，70g木浆双胶纸市场均 价为5745元/吨，较上月均价下跌124元/吨，跌幅2.11%；较23年同 期下跌6.22%。影响价格走势 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection sector, consistent with the previous rating [1]. Core Viewpoints - The report emphasizes investment opportunities in the electric power construction auxiliary machinery sector, particularly in light of electricity reform [1]. - The report highlights the need for enhanced power system regulation capabilities due to increased load variability from renewable energy sources, which is expected to drive demand for flexible coal power modifications and energy storage solutions [6][7]. Summary by Sections Weekly Investment Perspective - The National Energy Administration issued a notice to improve renewable energy consumption and ensure high-quality development, indicating a growing demand for power system regulation capabilities [6]. - The installed capacity of solar and wind energy is projected to grow significantly, with solar power increasing by 55% and wind power by 21% year-on-year in 2023 [6]. Environmental Sector Weekly Performance - The environmental sector index experienced a decline of 5.18%, while the gas and water sectors saw increases of 1.66% and 2.92%, respectively [10]. - Top-performing stocks included Xingrong Environment (+7.17%) and Hongcheng Environment (+5.04%), while the largest declines were seen in Xianhe Environment (-31.48%) and Xingyuan Environment (-23.17%) [10]. Carbon Neutrality Sector Tracking - The national carbon market saw a transaction volume of 910,900 tons, a decrease of 34% from the previous week, with an average transaction price of 96.60 yuan/ton [12]. - Local carbon quota transactions increased by 29%, with an average price of 41.82 yuan/ton, remaining stable compared to the previous week [12]. Important Events in the Environmental Sector - The Ministry of Ecology and Environment, along with other departments, launched a three-year action plan for marine garbage cleanup in coastal cities, targeting significant reductions in marine waste by 2027 [17]. Major Announcements from Environmental Listed Companies - Qianjiang Water Conservancy plans to raise up to 581 million yuan through a private placement to fund various water treatment projects [18]. - Yuhua Tian signed a share transfer agreement, transferring 23.9 million shares of Yuhua Tian Environment Development Group [19].

股 票 研 [Table_Industry] 军工 究 2 024.06.12 [评Tab级le_I：nve st] 增持 邯郸舰黄海实战演练，韩美空军联合训练 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《中柬海上实兵演练，胡塞军事行动升 报 级》 本 报告导读： 2024.06.04 军工板块回调，许昌舰抵达尼日利亚参加演习。 邯郸舰黄海实战演练，韩美空军联 军工《东部战区台岛周边军演，俄开展非战 合空中训练。大国博弈加剧是长期趋势，军工长期向好。 略核力量演习》 2024.05.27 投 资要点： 军工《北京军博会开幕，美澳推出新型 [T abl军e_工Su板mm块a回ry]调 ，许昌舰抵达尼日利亚参加演习。1) 上 ...