股 票 研 [Table_Industry] 食品饮料/必需消费 究 迎 驾贡酒(603198) [评Tab级le_I：nve st] 增持 持续精进，迈向百亿 上 次评级: 增持 [目Tab标le_T价arg格et] ： 84.00 ——迎驾贡酒（603198.SH）更新报告 上 次预测: 80.00 [当Ta前bl价e_格Cu：rP rice] 68.05 公 [table_A ut訾ho猛rs] ( 分析师) 李美仪(研究助理) 司 021-38676442 021-38038667 [ Table_Date] 2024.06.04 zimeng@gtjas.com limeiyi026738@gtjas.com 更 登 记编号 S0880513120002 S0880122070042 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 公司高度重视产品品质，洞藏升级循序渐进，短期以省内市场为核心，做强皖北、突 告 破皖南，作为地产酒黑马充分受益于行业集中，有望实现2025年百亿收入目标。 52周内股价区间（元） 49.22-79.15 总市值（百万元） 54,440 投 资要点： 总股本/ ...

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company has a clear brand positioning and is experiencing ongoing organizational efficiency improvements, with significant growth potential in key markets such as Guizhou, Guangdong, Hunan, Henan, and Shandong [4][5]. - The adjusted EPS forecasts for 2024-2026 are 0.59, 0.73, and 0.89 respectively, with a target price of HKD 12.6 based on a 20X PE for 2024 [5]. - The company is focusing on multi-brand strategies to drive growth, with specific initiatives for its brands: 1. Zhenjiu is maintaining stable pricing while expanding its dual-channel growth strategy [5]. 2. Lidou is broadening its product matrix to include mid-to-high-end price segments and enhancing its market presence outside the province [5]. 3. Xiangjiao continues to deepen its local channel strategy and improve distributor quality through a large network strategy [5]. Financial Summary - The company reported a revenue of RMB 5,856 million in 2022, with projected revenues of RMB 7,030 million in 2024, RMB 8,326 million in 2025, and RMB 9,819 million in 2026, reflecting a growth rate of 18% [9]. - The net profit for 2022 was RMB 1,197 million, with projections of RMB 1,623 million in 2024, RMB 2,001 million in 2025, and RMB 2,482 million in 2026, indicating a growth rate of 23% [9]. - The PE ratio is expected to decrease from 26.73 in 2022 to 19.73 in 2024, and further down to 12.89 in 2026, suggesting an improving valuation [9].

股 票 研 [Table_Industry] 机械行业 究 2 024.06.02 [评Tab级le_I：nve st] 增持 人形机器人进入催化期，船舶行业订单充足 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乔rs]威 (分析师) 张越(分析师) 刘麒硕(研究助理) 021-38676779 0755-23976385 0755-23976666 业 xuqiaowei023970@gtjas.com zhangyue025639@gtjas.com liuqishuo028693@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880521020003 S0880522090004 S0880123070153 机械行业《低空经济持续催化，工程机械内 报 需有望复苏》 本报告导读： 2024.05.26 推荐供给收缩、更新周期为主的集装箱、船舶、油服设备，边际改善方向推荐出口 机械行业《5月工程机械同比微降，看好工程 链、海风、3C设备，新技术推荐人形机器人、半导体设备、复合集流体设备。 机械内销复苏》 202 ...

Investment Rating - The report maintains a rating of "Accumulate" for Changjiang Electric Power (600900) with a target price of 32.89 CNY, up from the previous forecast of 30.03 CNY [6][7]. Core Views - The report highlights that improved water inflow in Q2 is expected to drive performance growth. In the context of declining investor required returns, the company is poised to benefit from both numerator and denominator aspects, making it a suitable time for valuation restructuring [6][7]. Financial Summary - For the fiscal year 2022, the company reported a revenue of 68,863 million CNY, which is projected to increase to 78,112 million CNY in 2023, and further to 88,423 million CNY in 2024, reflecting a growth rate of 13.4% [6][9]. - Net profit attributable to the parent company is expected to rise from 23,726 million CNY in 2022 to 27,239 million CNY in 2023, and to 34,951 million CNY in 2024, indicating a significant growth of 28.3% in 2024 [6][9]. - The earnings per share (EPS) are projected to be 1.11 CNY in 2023 and 1.43 CNY in 2024, with a net asset return rate (ROE) increasing from 10.4% in 2022 to 13.5% in 2023 and 16.5% in 2024 [6][9]. Market Performance - The stock price has shown an absolute increase of 28% over the past 12 months, with a relative index increase of 32% [5]. - The current stock price is 27.43 CNY, with a market capitalization of 671,163 million CNY [3][6]. Dividend Policy - The report anticipates a stable dividend payout, with a projected dividend per share (DPS) of 1.00 CNY in 2024, corresponding to a dividend yield of 3.0% based on the target price [7][9].

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] 通信设备及服务 究 2 024.06.03 [评Tab级le_I：nve st] 增持 Nvidia 落子以太网，大规模组网趋势显现 上 次评级: 增持 ——ComputerX 2024 大会点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut王ho彦rs]龙 (分析师) 黎明聪(分析师) 010-83939775 0755-23976500 业 wangyanlong@gtjas.com limingcong@gtjas.com [相Ta关ble报_R告ep ort] 通 登 记编号 S0880519100003 S0880523080008 通信设备及服务《时空信息集团成立，大厂 用 布局数万卡超大集群》 本报告导读： 2024.06.03 模 以太网演讲路径明晰，超大规模组网趋势明确；英伟达明确2024-2027年路线图，一 通信设备及服务《英伟达指引积极，重点入 板 年一代进行迭代。 局以太网》 ...

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] 计算机 究 2 024.06.03 [评Tab级le_I：nve st] 增持 上 次评级: 增持 加速计算成果斐然，英伟达引领 AI 工业革命 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut李ho沐rs]华 (分析师) 伍巍(研究助理) 010-83939797 021-38031029 业 limuhua@gtjas.com wuwei028683@gtjas.com [相Ta关ble报_R告ep ort] 通 登 记编号 S0880519080009 S0880123070157 计算机《车路云大单提升交通信息化行业景 用 气度》 本报告导读： 2024.06.02 模 2024年6月2日，英伟达CEO发表“开启产业革命全新时代”的演讲，加速计算和 计算机《电力市场政策不断深化，IT建设有 板 AI结合有望重塑计算产业，且AI大模型在PC、工业机器人等场景应用或成主流。 望加速》 2024.05.2 ...

[Table_Industry] 海外信息科技 [Table_Market] 海 外 公 司 （ 美 国 ） 证 券 研 究 报 告 股 票 研 究 | --- | --- | --- | |-----------------|---------------------------|-----------------------------------------------------------------------------| | 英伟达 | (NVDA.US) | 英伟达加速迭代周期，以太网能力显著提升 \n——英伟达 Computex 大会跟踪点评 | | [table_Authors] | 秦和平 ( 分析师 ) | 李奇 ( 分析师 ) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | 本报告导读： Computex 大会披露未来三代 GPU 架构路线图,一年一更新体现持续 ...

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 究 2 024.06.03 [评Tab级le_I：nve st] 增持 618 大促清洁电器表现较好，家空外销排产上修 上 次评级: 增持 ——2024W22 家电行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut蔡ho雯rs]娟 (分析师) 田平川(研究助理) 谢丛睿(分析师) 021-38031654 021-38676666 021-38038437 业 caiwenjuan024354@gtjas.com tianpingchuan026740@gtjas.com xiecongrui@gtjas.com [相Ta关ble报_R告ep ort] 通 登 记编号 S0880521050002 S0880122070069 S0880523090004 家用电器业《线上空调和冰箱表现较好，铜 用 价环比有所下降》 本报告导读： 2024.06.01 模 618大促清洁电器表现较好，家 ...

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] 石油与天然气 究 2 024.06.03 [评Tab级le_I：nve st] 增持 OPEC 会议结果略低于市场预期 上 次评级: 增持 ——第 37 届 OPEC+会议结果点评 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut孙ho羲rs]昱 (分析师) 杨思远(分析师) 陈浩越(研究助理) 021-38677369 021-38032022 021-38031035 业 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com [相Ta关ble报_R告ep ort] 事 登 记编号 S0880517090003 S0880522080005 S0880123070130 石油与天然气《节能降碳行动方案或优化石 件 化行业集中度》 本报告导读： 2024.05.31 快 第37届OPEC+会议结果偏中性，原油短期价格可 ...

Investment Rating - The report rates the industry as "Overweight" with a focus on the power electronics equipment sector [1]. Core Insights - The post-pandemic era has initiated a fifth cycle in the industrial control sector, characterized by domestic substitution and overseas expansion, with local services better meeting Chinese market demands [1][6]. - The industrial control industry is expected to see a weak recovery in demand in the second half of 2024, with companies capable of domestic substitution and overseas expansion likely to gain market share [1][6]. - The overall revenue growth for industrial control companies in 2024 is projected to remain high, between 15% and 40% year-on-year [1]. Summary by Sections 1. Opportunities and Challenges in the Industrial Control Market - The industrial control industry has experienced four cycles since 2008, with the current cycle driven by post-pandemic trends and the rise of humanoid robots and low-altitude economies [6]. - The market is expected to follow an "L" curve development, with a compound annual growth rate (CAGR) exceeding 15% from 2002 to 2022, but a slowdown is anticipated in the coming years [7]. 2. Market Share Dynamics - The project-based market share is expected to increase, with the OEM market benefiting from equipment renewal policies. As of 2023, the OEM market size reached 105.25 billion yuan, while the project market size was 185.76 billion yuan, with respective shares of 36% and 64% [12][14]. - The project market has shown continuous growth for seven years, with strong performance in process industries like petrochemicals and oil [12]. 3. Trends in Automation Sub-sectors - In the variable frequency drive (VFD) market, the overall market size reached 30.41 billion yuan in 2023, with a notable concentration of market share among leading companies [17][20]. - The servo market has seen a significant increase in domestic market share, with local companies capturing a larger portion of the market, raising the domestic substitution rate from 17.79% to 44.02% [23][25]. - The PLC market has shown mixed results, with small PLCs experiencing growth while large PLCs remain dominated by foreign brands [29][33]. 4. Domestic Substitution and Overseas Expansion - The domestic substitution trend has accelerated, with local brands increasing their market share from 37.9% in 2019 to 43.7% in 2022 [40][42]. - The global industrial automation market reached 480.73 billion USD in 2023, with significant opportunities for Chinese companies to expand overseas, particularly in emerging markets [50][52]. - Companies like 汇川科技 and 伟创电气 have reported substantial growth in overseas revenues, indicating a successful international expansion strategy [52][55].