股 票 研 究 [table_Authors] 蔡雯娟(分析师) 曲世强(研究助理) 谢丛睿(分析师) 021-38031654 021-38031025 021-38038437 caiwenjuan024354@gtjas.com qushiqiang028674@gtjas.com xiecongrui@gtjas.com 登记编号 S0880521050002 S0880123070132 S0880523090004 行 业 周 报 证 券 研 究 报 告 三季报业绩揭榜，白电业绩领跑[Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.11.04 ——家电行业 W44 周报 本报告导读： 2024Q3 业绩揭榜，白电业绩领跑；以旧换新国补支持下，家电全品类线上线下年计 增速持续改善；原材料价格同比仍有提升，海运周度价格指数环比有所回落，地产 销售数据边际回暖。增持 投资要点： [Table_Summary] 投资建议：2024Q3 业绩揭榜，除白电经营稳健之外，其他子版块呈 现收入承压或增收不增利 ...

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 证 券 研 究 报 告 ——家电板块 2024Q3 业绩总结 股票研究 /[Table_Date] 2024.11.03 评级： | --- | --- | |------------|-----------| | | | | 上次评级 : | 增持 增持 | 告别平淡 Q3，迎来 Q4 拐点 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|----------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 李汉颖 ( 研究助理 ) | 曲世强 ( 研究助理 ) | | | 021-38031654 | 010-83939833 | 021-38031025 | | | caiwenjuan024354@gtjas.com | lihanying0 ...

Investment Rating - The report maintains an "Overweight" rating for Amazon (AMZN O) [1] Core Views - Amazon s 24Q3 revenue slightly exceeded expectations while profits significantly surpassed expectations [2] - AWS business showed stable growth with a flat quarter over quarter growth rate [2] - Continued capital expenditure in the AI sector is noted [2] Financial Performance - FY24Q3 total revenue reached $1589 billion a 11% YoY increase slightly above the consensus estimate of $1573 billion [3] - Operating profit was $174 billion a 56% YoY increase significantly higher than the consensus estimate of $147 billion [3] - Net profit stood at $153 billion a 55% YoY increase [3] - International and North America retail business operating margins improved to 59% and 36% respectively due to enhanced transportation and fulfillment efficiency [3] - AWS operating margin increased by 2 percentage points due to extended server depreciation periods starting from 2024 [3] AWS Performance - AWS Q3 revenue was $275 billion a 191% YoY increase with a slight quarter over quarter growth of 04% [3] - Annualized AWS revenue reached $1100 billion with AI demand exceeding supply capacity and annualized revenue in the billions growing over 100% YoY [3] - Amazon s self developed chip Trainium 2 is set for large scale deployment in a few weeks [3] Retail Performance - Retail sector revenue grew by 95% slightly above market expectations by 12 percentage points [3] - North America and international retail revenues were $955 billion and $359 billion respectively with YoY growth rates of 9% and 12% [3] - Consumer preference shifted towards lower average selling price (ASP) products with strong demand for daily necessities [3] - International business growth was partly driven by favorable currency exchange rates [3] - 3P merchant services and advertising revenue growth slowed while self operated retail accelerated [3] - 3P merchant order share dropped by 1 percentage point to 60% [3] Capital Expenditure - 2024 Capex guidance is $750 billion with plans to increase Capex in 2025 primarily to support AWS especially AI service demand [3] Financial Projections - Adjusted 2024E 2026E revenue forecasts are $6393 billion $7097 billion and $7955 billion respectively with YoY growth rates of 11% 11% and 12% [3] - Adjusted GAAP net profit forecasts for 2024E 2026E are $557 billion $699 billion and $830 billion respectively with YoY growth rates of 83% 25% and 19% [3] - Target price is raised to $2262 USD [3] Market Data - Current stock price is $19793 [4] - 52 week stock price range is $13745 $20120 [4] - Current market capitalization is $2080442 million [4]

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 究 ——广州酒家 24Q3 年业绩点评 | --- | |-----------------------------------| | | | [table_Authors] 刘越男 ( 分析师 ) | | 021-38677706 | | liuyuenan@gtjas.com | | 登记编号 S0880516030003 | | --- | |------------------------------| | | | 庄子童 ( 分析师 ) | | 021-38032683 | | zhuangzitong026312@gtjas.com | | S0880524070002 | 本报告导读： 业绩符合预期，考虑到月饼业务销量披露符合预期及行业大盘客单小幅下滑，整体 销售额同比持平符合预期，关注渠道拓宽及餐饮业务爬坡进展。 投资要点： [Table_Summary] 投资建议：考虑到餐饮业整体需求疲弱影响，下调 2024-2026 年 EPS 预测为 0.9（-13 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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 股票研究 /[Table_Date] 2024.11.03 ——2024Q3 业绩点评 收入短期承压，期待国补拉动下的改善 格力电器(000651) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|-------|---------------------------|-------|-------| | | | | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 樊夏俐 ( 分析师 ) | | 李汉颖 ( 研究助理 | ) | | | | 021-38031654 | 021-38676666 | | 010-83939833 | | | | | ...

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 究 证 券 研 究 报 告 ——双环传动 2024 年三季报 | --- | |-----------------------------------| | | | [table_Authors] 吴晓飞 ( 分析师 ) | | 0755-23976003 | | wuxiaofei@gtjas.com | | 登记编号 S0880517080003 | | --- | --- | |------------------------|-------| | | | | 管正月 ( 分析师 ) | | | 021-38032026 | | | guanzhengyue@gtjas.com | | | S0880521030003 | | 本报告导读： 公司 2024 年三季度毛利率继续提升，竞争格局不断巩固，叠加产品结构优化和降本 提效，打开盈利增长空间。新能源和民生齿轮快速增长，海外布局加速。 投资要点： [Table_Summary] 维持增持评级，上调目标价至 36.9 ...

股 票 研 究 行 业 事 件 快 评 证 券 研 究 报 告 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 欧阳蕤 ( 分析师 ) | | | 0755-23976830 | 021-38676550 | | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | | 登记编号 | S0880522120001 | S0880523120002 | 本报告导读： 我们认为，华为未来在人形机器人产业的定位可能更像英伟达：卖铲人+搭建生态。 赛力斯布局人形机器人赛道是一个多方共赢的局面。攒个人形机器人整机目前在国 内已经不是件难事，打造出好的人形机器人产品，实现产业化落地是核心关键。 投资要点： 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 ...

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 股票研究 /[Table_Date] 2024.11.03 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------------------|--------------------------------|-----------------------------------|-------------------------|------------|-------------------------------------| | | 三季报大航超预期，集运公司积极挺价 | | \n——国君交运周观察 | [Table_Invest] 评级： | 上次评级 : | [Table_Industry] 运输 \n增持 \n增持 | | | [table_Authors] | | | | | | | | 岳鑫 ( 分析师 ) 0755-23976758 | 尹嘉骐 ...

股 票 研 究 [Table_Market] 海 外 公 司 （ 美 国 ） 证 券 研 究 报 告 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 业绩略超预期，营收增速企稳回升 微软(MSFT.O) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.11.03 ——微软 FY25 Q1 业绩点评 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 秦和平 ( 分析师 ) | 钟吉芸 ( 研究助理 ) | | | 0755-23976666 | 0755-23976666 | | | qinheping027734@gtjas.com | zhongjiyun029768@gtjas.com | | 登记编号 | S088052311000 ...

股 票 研 究 证 券 研 究 报 告 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 股票研究 /[Table_Date] 2024.11.03 | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|-----------------------------------|--------------------------------------------|---------------------------------------------------------|--------------------------------------|-----------------------------------------------------------------------| | 自主品牌内销收入好转，海外增速较快 \n[table_ ...