股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[ 安TIna 井fbole] 食 _T 品itle (] 6 03345) [评Tab级le_：Inv est] 增持 上次评级： 增持 打造区域爆品，新品类持续开拓 目标价格： 118.00 公 上次预测： 118.00 ——公司调研报告 当前价格： 96.42 司 訾猛(分析师) 陈力宇(分析师) 2024.05.27 调 021-38676442 021-38677618 研 zimeng@gtjas.com chenliyu@gtjas.com [交Ta易bl数e_据M arket] 报 证书编号 S0880513120002 S0880522090005 52周内股价区间（元） 70.32-162.45 总市值（百万元） 28,279 告 本报告导读： 总股本/流通A股（百万股） 293/293 公司作为速冻龙头彰显经营稳定性，2024 年提出打造区域爆品，同时锁鲜装升级推 流通B股/H股（百万股） 0/0 流通股比例 100% 广、新品类不断推出带动成长。 日均成交量（百万股） 3.40 投资要 ...

Investment Rating - The report maintains a "Buy" rating for China Overseas Development (0688) [4]. Core Views - The company reported a month-on-month decline in sales in April, but there is an expectation for gradual improvement in sales performance due to supportive policies [2][3]. - The investment intensity for land acquisition has been weak overall in 2024, with a cautious approach being maintained [2][3]. Summary by Relevant Sections - **Sales Performance**: In the first four months of 2024, the company's cumulative sales amounted to 82 billion yuan, a year-on-year decrease of 30.3%. The cumulative sales area was 2.96 million square meters, down 46.3% year-on-year. However, the company ranked first in the industry for equity sales during this period [3]. - **Price Trends**: The average selling price in April returned to 23,350 yuan per square meter, following a spike in March due to luxury home sales. The average price in March reached nearly 40,000 yuan per square meter [3]. - **Land Acquisition**: No new land reserves were added in April, and the land investment intensity for the first four months was only 2%. The total land acquisition amount was 1.6 billion yuan, ranking the company 45th in the industry [3]. - **Future Expectations**: The report anticipates that the supportive policies, including government purchases, removal of purchase restrictions, and reduced loan rates, will lead to improved sales performance in the coming months [3]. - **Earnings Forecast**: The report maintains the earnings per share (EPS) estimates for 2024-2026 at 2.41 yuan, 2.62 yuan, and 2.89 yuan respectively [3].

股 票 研 究 [Table_industryInfo] 海外科技 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 7] [评Tab级le_：Inv est] 增持 上次评级: 增持 微软生态级 Agent 亮剑，引领 AI 生产力革命 [细Ta分bl行e_业su评bI级nd ustry] 行 ——海外科技行业 2024 年第 44 期 业 秦和平(分析师) 李奇(分析师) 周 0755-23976666 0755-23976888 报 qinheping027734@gtjas.com liqi028295@gtjas.com 证书编号 S0880523110003 S0880523060001 本报告导读： 微软推出Copilot+PC，生态级Agent重塑AIPC；英伟达业绩全面超预期，下游强劲 需求+产品快速迭代助力高增；拼多多业绩表现强势，主站与Temu业务并蒂开花。 摘要： [T abl大e_盘Su行mm情a上ry]， （2024.05.20-2024.05.24）恒生指数下跌4.83%，恒生科 技指数下跌7.61%，道琼斯工业指数下跌2.33% ...

股 票 研 究 [Table_industryInfo] 煤炭 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 展望电改，火电依然受益，动力煤进入旺季 [细Ta分bl行e_业su评bI级nd ustry] 行 涨价通道 煤炭行业周报 业 黄涛(分析师) 邓铖琦(分析师) 周 021-38674879 010-83939825 报 huangtao@gtjas.com dengchengqi024452@gtjas.co 证书编号 S0880515090001 mS0 880523050003 本报告导读： 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 [相Ta关ble报_D告oc Report] 金九银十。 《4 月规上工业原煤产量同比下降 2.9%》 摘要： 2024.05.19 《【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 20240519》2024.05.19 《下行风险释放 ...

Investment Rating - The report rates the home appliance industry as "Overweight" [1] Core Insights - Online small appliances and robotic vacuum cleaners are performing well, with online sales of refrigerators and washing machines also showing positive trends, with year-on-year increases of +16.13% and +10.25% respectively [3][8] - Copper and aluminum prices have increased on a month-on-month basis, with copper averaging 85,880 RMB/ton and aluminum at 21,100 RMB/ton as of May 22, 2024, reflecting increases of +5.58% and +3.13% respectively [14][16] - The report emphasizes the strong performance of Midea's online refrigerators and suggests focusing on leading companies in the sector, such as Roborock and Ecovacs, as well as other key players like Haier and Midea [21] Summary by Sections 1. Industry Key Data Updates - Online sales of small appliances and robotic vacuum cleaners are strong, with cumulative year-on-year sales growth of +32.80% for robotic vacuum cleaners and +10.56% for health pots [3][8] - Offline sales of dishwashers and robotic vacuum cleaners also show positive trends, with year-on-year increases of +4.38% and +17.53% respectively [3][8] 2. Key Industry News - The report highlights various industry developments, including the integration of 5G and industrial internet applications, and the promotion of domestic consumption in home appliances [20] 3. Investment Recommendations - The report recommends focusing on companies with strong growth potential, including Haier Smart Home (14.9X), Roborock (21.6X), and Midea Group (12.6X), among others [21]

股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 出口延续高增，冰洗表现稳健 [细Ta分bl行e_业su评bI级nd ustry] 行 ——2024 年 6 月白电排产数据点评 业 蔡雯娟(分析师) 谢丛睿(分析师) 田平川(研究助理) 事 021-38031654 021-38038437 021-38676666 件 caiwenjuan024354@gtjas.co xiecongrui@gtjas.com tianpingchuan026740@gtjas.com 快 证书编号 mS0 880521050002 S0880523090004 S0880122070069 评 本报告导读： 产业在线发布6月白电排产数据，家空出口持续上修，冰洗内外销持续向好。我们更 [相Ta关ble报_D告oc Report] 为看好品类布发展更为均衡，海外基础扎实的白电龙头企业。 家用电器业《行业增长动能延续，科沃斯推 摘要： 出多款新 ...

股 票 研 究 [Table_industryInfo] 氟化工 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 7] [评Tab级le_：Inv est] 增持 上次评级： 增持 R22 价格大涨，看好供给驱动涨价弹性 [细Ta分bl行e_业su评bI级nd ustry] 行 ——R22 涨价点评 业 钟浩(分析师) 陈传双(研究助理) 更 021-38038445 021-38676675 新 zhonghao027638@gtjas.com chenchuanshuang027603@gtjas.com 证书编号 S0880522120008 S0880123060038 本报告导读： R22配额持续削减，配额驱动供给格局持续优化，存量维修市场带来稳定需求，供需 [相Ta关ble报_D告oc Report] 错配下，看好R22涨价弹性。 氟化工《旺季制冷剂价格推涨，重视供给驱 摘要： 动景气大周期》 2024.03.27 [Table_Summary]  R22价格持续上涨。价格：根据百川盈孚，截至2024年5月25日， 氟化工《节后三代制冷剂价格续涨 ...

股 票 研 究 [Table_industryInfo] 通信设备及服务 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 英伟达指引积极，重点入局以太网 [细Ta分bl行e_业su评bI级nd ustry] ——2024年第 22周周报 行 业 王彦龙(分析师) 黎明聪(分析师) 苏哲西(研究助理) 周 010-83939775 0755-23976500 021-38031652 报 wangyanlong@gtjas.com limingcong@gtjas.com Suzhexi028697@gtjas.com 证书编号 S0880519100003 S0880523080008 S0880123070147 [相Ta关ble报_D告oc Report] 本报告导读： Nvidia对于指引较为积极，关注后续行业催化；英伟达重点推进以太网领域进程。 《海外大模型升级，国内AI基建军备竞赛 升温》2024.05.19 《把握高景气业绩兑现和需求回暖修复两 摘要： 大主线》2024.05.14 ...

股 票 研 究 [Table_industryInfo] 食品饮料 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 预期先行，价值彰显 [细Ta分bl行e_业su评bI级nd ustry] 行 ——食品饮料行业周度更新 业 訾猛(分析师) 李耀(分析师) 周 021-38676442 8621-38675854 报 zimeng@gtjas.com liyao022899@gtjas.com 证书编号 S0880513120002 S0880520090001 本报告导读： 地产政策拐点驱动白酒板块预期先行，价值彰显，啤酒迈入改善区间，可以更积极； [相Ta关ble报_D告oc Report] 软饮料头部公司景气延续，二三线公司迈入改善区间，期待业绩弹性释放。 《饮水思变续写王者传奇》2024.05.19 摘要： 《地产政策加码，顺周期消费预期改善》 2024.05.19 [T abl投e_S资um建m议ar：y]白 酒建议增持：①动销稳健标的迎驾贡酒、古井贡酒、山 《白酒：趋势降临，更加积 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company’s non-development business is showing stable improvement, while the development business still requires recovery. It is expected to improve under supportive policies [2][3]. - The company’s sales in April were 8.9 billion RMB, with a sales area of 590,000 square meters, reflecting a year-on-year decline of 45.9% and 38.4%, respectively. However, the decline has narrowed compared to the previous month [3]. - The average selling price in April slightly increased by 2.7% to 15,000 RMB per square meter, but the cumulative average selling price from January to April was 14,499 RMB per square meter, lower than the average of 16,070 RMB for the entire year of 2023 [3]. - The company has significantly increased its land investment intensity to 71%, focusing on core first and second-tier cities, with new land worth approximately 12 billion RMB added in April [3]. Financial Summary - The company’s operating revenue for 2024 is projected to be 178.5 billion RMB, with a slight decrease of 1.2% compared to 2023. The net profit for 2024 is expected to be 13.035 billion RMB, reflecting a 1.4% increase [1][3]. - The earnings per share (EPS) for 2024 to 2026 are maintained at 1.93 RMB, 1.97 RMB, and 2.07 RMB, respectively [3].