股 票 研 [Table_Industry] 煤炭 究 2 024.06.02 [评Tab级le_I：nve st] 增持 节能降碳政策不改煤炭行业供需平衡 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) 邓铖琦(分析师) 021-38674879 010-83939825 业 huangtao@gtjas.com dengchengqi024452@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880515090001 S0880523050003 煤炭《展望电改，火电依然受益，动力煤进 报 入旺季涨价通道》 本报告导读： 2024.05.26 动力煤：电力需求旺季提前到来，动力煤价格进入上涨通道；炼焦煤：弹性更大的在 煤炭《展望电改，火电依然受益，动力煤进 金九银十。 入旺季》 2024.05.26 投资要点： 煤炭《4月规上工业原煤产量同比下降 [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 2.9%》 炭行业深刻供需结构变化 ...

Investment Rating - The report assigns an "Increase Holding" rating for the cosmetics industry, maintaining the previous rating of "Increase Holding" [1]. Core Insights - The first phase of the 618 sales event shows a recovery trend, with Tmall and Douyin platforms experiencing significant growth. Strong product momentum and daily sales brands are expected to continue high growth [2][11]. - Domestic beauty brands are anticipated to drive brand upgrades through product innovation and channel expansion, focusing on differentiation and cost-effectiveness [1][10]. Summary by Sections Investment Recommendations - Recommended to increase holdings in brands with strong brand momentum and single product-driven growth such as Proya and Giant Biological. Other recommendations include: - Affordable consumer brands like Runben and Up Beauty, which are expanding product channels and improving operations [10]. - Brands expected to reach a turning point include Betaini, Shanghai Jahwa, and others [10]. - Companies like Jiabiyou are highlighted for capacity release and overseas expansion strategies [10]. Industry Updates - The first phase of the 618 sales event has shown a recovery, with Tmall canceling pre-sales and starting sales earlier. Douyin has also seen multiple promotional activities leading to high growth for many brands [11]. - As of May 31, 2024, Tmall's beauty and skincare categories saw Proya and Kefu Mei ranking first and seventh, respectively, with sales exceeding the entire 2023 618 period [11][12]. Key Industry Information and Profit Forecast - The report highlights the performance of domestic brands during the 618 event, with Proya leading the beauty and skincare category. The report also notes the significant growth of brands like Kefu Mei and the overall positive trend for domestic brands in the market [12][18]. - The report includes a forecast for several companies, projecting a compound annual growth rate (CAGR) of 20-30% for leading companies in the sector [19].

Investment Rating - The report maintains an "Overweight" rating for the communication equipment and services industry, consistent with the previous rating [1]. Core Insights - The establishment of China Space Information Group marks a new phase in domestic satellite internet development, aiming to enhance national information infrastructure and promote digital economy growth. The group will integrate resources to develop key technologies in satellite navigation, remote sensing, and geographic information systems, facilitating global satellite internet coverage, especially in remote areas [2][5]. - Tesla's announcement of a $6 billion Series B funding round for xAI, which includes major players like OpenAI and Google, indicates a significant shift towards Ethernet architecture for large-scale computing clusters. The planned "super computing factory" will utilize up to 100,000 GPUs, expected to be operational by fall 2025, highlighting the growing importance of Ethernet in supporting high data transfer rates and scalability [2][5]. Summary by Sections Investment Recommendations - Focus on the global AI industry's resonance, emphasizing the investment value in optical interconnects. Consider state-owned enterprises for stable growth and high dividends, while exploring new connection themes in low-altitude economy, satellite communication, and vehicle communication. Additionally, monitor leading companies in the IoT and submarine cable sectors amid economic recovery expectations [6]. Weekly Market Review - The communication sector underperformed the broader market, with the communication equipment index declining by 1.18%, while the communication services index saw a slight increase of 0.17%. The overall communication sector fell by 0.73%, compared to a 0.60% drop in the CSI 300 index [7][8]. Company Performance - Individual stock performance showed a mixed trend, with notable gainers including Oubit (+16.08%) and Hengshi Technology (+13.15%), while significant losers included ST Pengbo (-22.29%) and Gao Hong Co. (-22.26%) [10][11]. Upcoming Announcements - Key announcements in the communication sector for the week of June 3-9 include shareholder meetings and dividend declarations from various companies, such as Guangha Communication and Yilian Network [12]. Lock-up Expiration Reminders - Upcoming lock-up expirations include Huace Navigation on May 31, 2024, and Chaoxun Communication on June 6, 2024, with significant share quantities set to be released [13]. Major Company Earnings Forecasts - Companies such as Tianfu Communication and Xinyi Technology are projected to maintain an "Overweight" rating, with earnings per share (EPS) estimates showing growth for 2024 and 2025 [14][16].

股 票 研 [Table_Industry] 海运 究 2 024.06.06 [评Tab级le_I：nve st] 增持 产能利用率已处阈值，淡季运价中枢上行 上 次评级: 增持 ——油运图鉴（第十二期） [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《【国君交运】原油贸易节奏继续影响短 新 期运价，不改运价中枢上行趋势》 本报告导读： 2024.06.03 油运业产能利用率已处阈值，红海影响助力淡季不淡，其中成品油运价中枢更创新 海运《【国君交运】油运运价维持高位，集运 高。预计未来数年供需将继续向好，景气上升与持续将超预期，油运超级牛市可期。 创一年新高》 2024.05.26 投资要点： 海运《【国君交运】油运运价维持高位，干散 [Ta bl原e_油Su油mm运a：ry]产 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3]. Core Views - The company's 2024 stock incentive plan is expected to drive significant growth, with a projected EPS increase to 1.25 yuan for 2024, up from a previous estimate of 1.17 yuan. However, EPS estimates for 2025 and 2026 have been slightly reduced to 1.51 yuan and 1.84 yuan, respectively [2]. - The incentive plan covers a wide range of employees, including 5 executives and 203 core technical/business personnel, which is expected to effectively motivate the team and align the interests of shareholders, the company, and the core team [2][3]. - The revenue projections for 2024, 2025, and 2026 are 1.305 billion yuan, 1.631 billion yuan, and 2.039 billion yuan, respectively, with net profits of 273 million yuan, 328 million yuan, and 393 million yuan for the same years [2]. - The company is transitioning from general exhibitions to specialized exhibitions, capitalizing on the high demand for manufacturing industry expansion overseas, which is expected to yield significant growth potential [2]. Financial Summary - The company's revenue for 2022 was 348 million yuan, with a projected increase to 1.363 billion yuan in 2024, representing a growth rate of 63.3%. Net profit is expected to rise from 50 million yuan in 2022 to 286 million yuan in 2024, reflecting a growth rate of 52.1% [11]. - The projected net profit margin for 2024 is 21.0%, with a return on equity (ROE) of 34.6% [11]. - The company's total market capitalization is approximately 4.981 billion yuan, with a current share price of 21.71 yuan and a target price of 30.23 yuan [3][5].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company is expected to see a turning point in its fundamentals, with improvements in resource utilization business operations [5]. - The company plans to transfer 5.9961% of its stake in Yuhua Tian to enhance asset liquidity and focus on core business development [6]. - The projected net profits for 2024, 2025, and 2026 are estimated at 908 million, 997 million, and 1.084 billion respectively, with corresponding EPS of 0.59, 0.65, and 0.71 [6]. Summary by Sections - **Company Events**: The company announced that its wholly-owned subsidiary, Tibet High Energy, intends to transfer 5.9961% of its stake in Yuhua Tian to a natural person for a total consideration of 256 million yuan at a price of 10.696 yuan per share [6][13]. - **Operational Improvements**: The company has completed the optimization of its main resource utilization projects and anticipates profit release in 2024. Key projects include the completion of technical upgrades at Jiangxi Xinke and successful operations at Chongqing Yaohui [6]. - **Cash Flow**: The company's cash flow from operating activities has shown signs of improvement, with a net cash flow of -953 million yuan in 2023, but is expected to recover as production capacity at Jiangxi Xinke is gradually released [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 股 票 研 [Table_Industry] 家用电器业/可选消费品 究 石 头科技(688169) [评Tab级le_I：nve st] 增持 税收减免认证获批，当期业绩有望增厚 上 次评级: 增持 [目Tab标le_T价arg格et] ： 507.63 石头科技税收减免事件点评 上 次预测: 491.57 [当Ta前bl价e_格Cu：rP rice] 439.16 公 [table_A ut蔡ho雯rs]娟 (分析师) 李汉颖(研究助理) 曲世强(研究助理) 司 021-38031654 010-83939833 021-38031025 [ Table_Date] 2024.06.05 caiwenjuan024354@gtjas.com lihanying026725@gtjas.com qushiqiang028674@gtjas.com 更 登 记编号 S0880521050002 S0880122070046 S0880123070132 新 本报告导读： 报 [交Ta ...

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] 海外信息科技 究 高 通(QCOM.US) [评Tab级le_I：nve st] 增持 骁龙 X 实力领跑，高通引领 AI PC 变革 [当 Ta前bl价e_格Cu :r (P美ri元ce] ) 204.37 ——高通 Computex 大会跟踪点评 [Table_Date] 2024.06.05 海 [table_A ut秦ho和rs]平 (分析师) 李奇(分析师) 0755-23976666 0755-23976888 外 [Table_Market] qinheping027734@gtjas.com liqi028295@gtjas.com 公 登 记编号 S0880523110003 S0880523060001 交易数据 司 52周内股价区间(美元) 104.51-209.50 本 报告导读： 当前股本(百万股) 1,116 （ 高通于 Computex 大会上展示骁龙 X 系列强大性能与能效，携手众多合作伙伴重塑 当 前市值 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Insights - The launch of the Tencent Yuanbao app marks Tencent's entry into the consumer AI assistant market, leveraging its content ecosystem advantages [10][15]. - The upgraded mixed Yuan model enhances the app's capabilities, supporting various input formats and providing high-quality AI search experiences [11][31]. - The report maintains the profit forecast for 2024-2025, projecting a non-IFRS net profit of 196.2 billion and 221.9 billion RMB for those years, respectively [11]. Financial Summary - Revenue for 2023 is projected at 609.015 billion RMB, with a growth rate of 9.8% compared to 2022 [4]. - Gross profit is expected to reach 293.109 billion RMB in 2023, with a significant increase in net profit to 157.688 billion RMB, reflecting a growth of 36.4% [4]. - The company's PE ratio is projected to decrease from 26.6 in 2023 to 15.7 in 2024, indicating a favorable valuation trend [4]. Product Development - The Tencent Yuanbao app features advanced AI capabilities, including AI search, document summarization, and personalized assistant creation [15][31]. - The mixed Yuan model supports a context window of 256k, allowing it to process extensive text inputs effectively [11][16]. - The app integrates with Tencent's ecosystem, enhancing its content recommendation capabilities, which is a competitive advantage over similar products [11][33]. Market Outlook - The report anticipates a 21.6% upside potential for the stock price, with a target price set at 459 HKD, corresponding to a PE ratio of 20x for 2024 [11].

股 票 研 [Table_Industry] 公用事业 究 2 024.06.05 [评Tab级le_I：nve st] 增持 多措并举重视消纳，护航新能源发展 上 次评级: 增持 —国家能源局新能源消纳政策点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut于ho鸿rs]光 (分析师) 孙辉贤(研究助理) 汪玥(研究助理) 021-38031730 021-38038670 021-38031030 业 yuhongguang025906@gtjas.com sunhuixian026739@gtjas.com wangyue028681@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880522020001 S0880122070052 S0880123070143 公用事业《消纳红线调整，环境价值有望提 新 升》 本报告导读： 2024.06.02 《通知》对电网建设、电网资源配置提出要求，新能源消纳压力有望得到缓解；指导 公用事业《加强火电电建亦为改善新能源消 消纳管理、新能源利用率约束，引导新能源项目合理投资。 纳关键》 2024. ...