Investment Rating - The investment rating for the company is "Accumulate" [3][12]. Core Views - The company is expected to continue high growth in performance in 2023, supported by a high dividend policy that will provide attractive yields [2][6]. - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is anticipated to gradually showcase its profit potential [6]. - The Qianhai and South China logistics park projects are projected to release profits year by year, driving the company's performance beyond expectations [6]. Financial Summary - The company forecasts a revenue growth of 35% in 2023, with a net profit of HKD 19 billion, representing a 52% increase [6]. - The estimated net profit for 2024 and 2025 is HKD 31 billion and HKD 33 billion respectively, with a new estimate for 2026 at HKD 38 billion [6]. - The company plans to maintain a dividend payout ratio of 50%, estimating a dividend yield of 9.5% for 2024 [6][7]. Project Highlights - The Qianhai residential project is expected to be completed by the end of 2023, contributing significantly to the 2023 performance with an estimated revenue of approximately HKD 55 billion [6]. - The South China logistics park, covering about 580,000 square meters, is set to transform into a super headquarters for the digital economy in South China, with expected gradual profit releases [6].

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 [Table_Industry] 社会服务 证 券 研 究 报 告 新业务超预期减亏，到家、到店有望打通协同 [Table_Invest]评级：增持 [当前价格 Table_CurPrice] :(港元) 110.40 美团-W(3690) [Table_Date] 2024.06.08 | --- | --- | |----------------------------|--------------| | | | | [Table_Market] 交易数据 | | | 52 周内股价区间 ( 港元 ) | 62.55-146.30 | | 当前股本 ( 百万股 ) | 6,235 | | 当前市值 ( 百万港元 ) | 688,350 | -49% -36% -22% -9% 5% 18% 2023/62023/72023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/6 52周内股价走势图 美团- ...

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 安 徽皖通高速公路(0995) [评Tab级le_I：nve st] 增持 公司经营稳健，高分红持续 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 9.57 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 0755-23976758 外 yuexin@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 52周内股价区间(港元) 7.05-10.00 司 当前股本(百万股) 1,659 本 报告导读： 当 前市值(百万港元) 15,873 （ 皖通高速2023年ROE回升至十年高位，且2024Q1高基数下业绩同比持平。公司经 中 营稳健，预计高分红政策持续，高股息确定可期。2024年市场风险偏好决定空间。 国 投资要点： 52周内股价走势图 香 [T abl维e_持Su增mm持a评ry]级 。皖通高速投资运 ...

股 票 研 究 [Table_industryInfo] 环保 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 6i .t 0le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 加强火电电建亦为改善新能源消纳关键 [细Ta分bl行e_业su评bI级nd ustry] 行 业 徐强(分析师) 邵潇(分析师) 于歆(分析师) 周 010-83939805 0755-23976520 021-38038345 报 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 本报告导读： 上周CEA周成交111.19万吨，周成交均价92元/吨。地方碳配额周成交74万吨，周 [相Ta关ble报_D告oc Report] 成交均价47元/吨。全国CCER周成交64万吨。 《污染源扩容，催生多行业需求》 摘要 2024.05.20 《涨价预期渐起，再提示公共事业投资机 [环Ta保bl板e_块Su上mm周a涨ry]跌 ...

股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 线上空调和冰箱表现较好，铜价环比有所下降 [细Ta分bl行e_业su评bI级nd ustry] 行 ——2024W22 家电行业数据周报 业 蔡雯娟(分析师) 田平川(研究助理) 樊夏俐(分析师) 周 021-38031654 021-38676666 021-38676666 报 caiwenjuan024354@gtjas.co tianpingchuan026740@gtjas.com fanxiali@gtjas.com 证书编号 mS0 880521050002 S0880122070069 S0880523090006 本报告导读： 线上空调和冰箱表现较好，线上石头扫地机器人表现较好，铜价环比有所下降。 [相Ta关ble报_D告oc Report] 《节能降碳行动方案落地，节能家电和零 摘要： 部件厂商受益》2024.05.30 《豁免到期影响有限，长期龙头优势稳 ...

Investment Rating - Maintain "Overweight" rating with a target price of CNY 12.3 [3][5] Core Views - U8 sales continue to grow rapidly, driving overall sales growth faster than the industry. U8 sales are expected to grow over 30% YoY from January to May 2024, with acceleration in May [3] - The company is strengthening its position in dominant markets, expanding in growth markets like Northeast China, Sichuan, and Shandong, and developing weaker markets through the "Hundred Counties Project" [3] - Organizational restructuring and incentive optimization have significantly improved subsidiary profitability and employee efficiency [3] - Supply chain digitization and centralized procurement have enhanced cost control, with expected reductions in raw material costs such as malt, glass bottles, and cans [3] Financial Summary - Revenue is projected to grow from CNY 14,213 million in 2023 to CNY 17,232 million in 2026, with a CAGR of 6.6% [4] - Net profit attributable to shareholders is expected to increase from CNY 645 million in 2023 to CNY 1,492 million in 2026, with a CAGR of 30.3% [4] - EPS is forecasted to rise from CNY 0.23 in 2023 to CNY 0.53 in 2026 [4] - ROE is expected to improve from 4.7% in 2023 to 9.4% in 2026 [4] Market and Valuation - The company's market cap is CNY 26,438 million, with a total of 2,819 million shares outstanding [6] - The stock's 52-week price range is CNY 7.78 to CNY 13.21 [6] - Current P/E ratio is 41.01x, expected to decline to 17.72x by 2026 [4] Strategic Initiatives - The company is focusing on product diversification, with plans to introduce smaller 256ml U8 bottles for nightlife channels and canned U8 for broader distribution [3] - Increased investment in strategic, high-growth, and high-structural urban markets, avoiding price wars [3] - Ongoing digital transformation and factory optimization are expected to yield long-term efficiency gains [3]

证券研究报告 2024年06月03日 姓名：岳鑫（分析师） 邮箱：yuexin@gtjas.com 电话：0755-23976758 证书编号：S0880514030006 投资要点（油运行业评级：增持） 《油运图鉴第十二期》 投资逻辑：油运“超级牛市”期权——需求意外+ 供给瓶颈 01 • 需求意外：逆全球化下全球油运贸易重构深化，海运量增加与航距拉长驱动油运需求明显增长，且可持续。 • 供给瓶颈：油轮老龄化严重，未来数年船台饱和，船东规模下单意愿不足，叠加环保监管趋严，成就油运供给刚性凸显。 原油油运跟踪：产能利用率已处阈值，淡季运价中枢维持高位 02 • 海运量（吨）：2024年1-5月同比略降，较2019年同期+2%，传统能源消费仍具有韧性。Q2淡季运价中枢维持高位 ...

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] 传播文化业 究 2 024.06.06 [评Tab级le_I：nve st] 增持 进口版号下发：节奏加快、多款热门 IP 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut陈ho筱rs] ( 分析师) 杨昊(分析师) 021-38675863 021-38032025 业 chenxiao@gtjas.com yanghao029514@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880515040003 S0880524020001 传播文化业《“元宝”可引用公众号内容，关 件 注国产大模型落地》 本报告导读： 2024.06.02 快 版署下发进口网络游戏审批节奏同比显著加速，全年供给有望增加，涉及多个热门游 传播文化业《落地条件初具，搜索与情感陪 评 戏IP，对行业整体态度积极，而行业当前处于估值低位，具备较高配置性价比。 伴赛道崛起》 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] 环保 究 2 024.06.06 [评Tab级le_I：nve st] 增持 保消纳政策推动新型电力系统建设加速 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut徐ho强rs] ( 分析师) 邵潇(分析师) 于歆(分析师) 010-83939805 0755-23976520 021-38038345 业 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880517040002 S0880517070004 S0880523050005 环保《节能降碳带动电力新增资本开支》 件 本报告导读： 2024.06.04 快 环保《加强火电电建亦为改善新能源消纳关 新能源消纳及电网保供压力提升电力系统调节能力规模需求，配套火电灵活性改造市 评 场持续扩容。 键》 20 ...

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] 资本货物/工业 究 比 亚迪(002594) [评Tab级le_I：nve st] 增持 5 月销量创新高，DMi 技术持续迭代 上 次评级: 增持 [目Tab标le_T价arg格et] ： 274.62 ——比亚迪销量与新车型点评 上 次预测: 274.62 [当Ta前bl价e_格Cu：rP rice] 238.15 公 [table_A ut庞ho钧rs]文 (分析师) 吴晓飞(分析师) 牟俊宇(分析师) 司 021-38674703 0755-23976003 0755-23976610 [ Table_Date] 2024.06.06 pangjunwen@gtjas.com wuxiaofei@gtjas.com moujunyu@gtjas.com 更 登 记编号 S0880517120001 S0880517080003 S0880521080003 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 24年5月销 ...