hushou 行 业 及 产 业 美容护理 - 行 业 研 究/ 行 业 深 度 2024 年 09 月 11 日 国际集团在华失速，国货积极承接份额 看好 ——国际化妆品医美公司 24H1 业绩跟踪报告 本期投资提示： 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com 相关研究 ⚫ 2023 年全球美妆市场增速 8%，凸显全球美业蓬勃之势。全球市场分地区看，北亚、北 美市场呈现双足鼎立之势，各占据全球美容市场的 29%，两大地区合计占比接近 6 成。 欧洲市场占据 24%，传统成熟市场欧美及北亚合计占比超 8 成，仍为全球消费核心。分 品类来看，23 年占比 40%的护肤市场，为全球美容公司"兵家必争之地"。其次，头 皮护理市场全球占比高达 21%，位居第 2，成就宝洁、联合利华等国际集团，该市场也 正在引起国货美护公司重视。 ⚫ 业绩趋势整体向好，预计 24 年 ...

上 市 公 司 证 券 研 究 报 告 轻工制造 公 司 研 究/ 公 司 点 评 09-1110-1111-1112-1101-1102-1103-1104-1105-1106-1107-1108-11 -40% -30% -20% -10% 0% 10% 20% 博汇纸业 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（元） | 3.81 | | 一年内最高 / 最低（元） | 7.17/3.73 | | 市净率 | 0.8 | | 息率（分红 / 股价） | 0.77 | | 流通 A 股市值（百万元） | 5,093 | | 上证指数 / 深证成指 | 2,744.19/8,073.83 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------------------- ...

业绩表现超预期，资产、负债均亮眼 ——保险行业2024年中报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2024.9.11 核心观点：中报业绩超预期，资产、负债均亮眼 ➢投资表现亮眼，推动1H24利润大超预期。公允价值变动损益同比高增，A股上市险企合计归母净利 润yoy+12.5%至1717.99亿元，大超预期（我们预计yoy+1.0%）。NBV增速超预期、投资及运营经 验偏差均实现正贡献，1H24 EV增速亮眼；积极响应新"国九条"号召，上市险企中期股利支付率位 于12.3%-25.0%区间。 ➢人身险：新单承压，NBVM大幅改善驱动NBV超预期增长。1）NBV超预期：A股上市险企合计NBV yoy+24.1%至744.81亿元（新华未重述1H23）；2）新单承压：银保"报行合一"、高基数影响下， A股上市险企合计新单yoy-13.7%至3854亿元；3）NBVM高增：银保"报行合一"+预定利率调整 +渠道结构改善影响下，A股上市险企NBVM均值yoy+9.1pct至16.0%。 ➢财险：COR超预期，带动承保利润表现亮眼。1）COR超预期：头部公司主动优 ...

行 业 及 产 业 轻工制造 行 业 研 究/ 行 业 点 评 - 证 券 研 究 报 告 相关研究 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 研究支持 张文静 A0230122100001 zhangwj@swsresearch.com 魏雨辰 A0230122100011 weiyc@swsresearch.com 联系人 丁智艳 (8621)23297818× dingzy@swsresearch.com 2024 年 09 月 11 日 中报回顾：格局优化持续演绎，优 质企业韧性凸显；家居以旧换新政 策持续落地 看好 ——造纸轻工周报 2024/09/02-2024/09/06 本期投资提示： ⚫ 重点提示：1）关注轻工中报回顾：格局优化持续演绎，优质企业韧性凸显。其中①轻工 内销：产品结构升级、降本 ...

计算机 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 2024 年 09 月 10 日 中国民航信息网络(00696) ——利润超预期，人力杠杆预示成长信心恢复 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（港币） | 9.37 | | 恒生中国企业指数 | 6002.91 | | 52 周最高/最低（港币） | 15.18/7.35 | | H 股市值（亿港币） | 274.19 | | 流通 H 股（百万股） | 932.56 | | 汇率（人民币/港币） | 1.0982 | 一年内股价与基准指数对比走势： -48% 2% 52% 09/1110/1111/1112/1101/1102/1103/1104/1105/1106/1107/1108/11 HSCEI 中国民航信息网络 资料来源：Bloomberg 证券分析师 胡雪飞 A0230522120002 huxf@sws ...

上 市 公 司 轻工制造 证 券 研 究 报 告 2024 年 09 月 10 日 慕思股份 (001323) 2024 年中报点评——业绩符合预期，分红力度提升 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 09 日 | | 收盘价（元） | 27.96 | | 一年内最高 / 最低（元） | 38.35/27.37 | | 市净率 | 2.4 | | 息率（分红/股价） | 3.58 | | 流通 A 股市值（百万元） | 2,179 | | 上证指数/深证成指 | 2,736.49/8,063.27 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 11.49 | | | | | 资产负债率 % | 34.19 | | 总股本 /流通 A 股（百万） | 4 ...

行 业 及 产 业 电子 证 券 研 究 报 告 2024 年 09 月 10 日屏幕更大，影像更强，耳机可降噪 看好 ——苹果 2024 年秋季发布会点评 本期投资提示： ⚫ 事件：北京时间 2024 年 9 月 10 日凌晨，苹果召开"高光时刻"2024 年秋季新品发 布会，发布全新 iPhone16 系列手机（iPhone 16、iPhone 16 Plus、iPhone 16 Pro、iPhone 16 Pro Max）及新款 Apple Watch Series 10、Apple Watch Ultra2、 AirPods 4 以及 AirPods Max。 ⚫ 屏幕尺寸增大，增加 Camera Control，摄影更强，价格不变。iPhone 16 Pro 从 6.1 英寸扩大至 6.3 英寸，iPhone 16 Pro Max 由 6.7 英寸扩大至 6.9 英寸，同时边框进 一步收窄，带来更广的视觉效果。影像方面，侧边增加按键 Camera Control 可用于拍 照、拍视频，滑动可控制图片大小以及变焦等，还可以自定义快捷功能；潜望长焦镜头 由 iPhone15 的一款机型下放至今年的两款； ...

Investment Rating - The report maintains a positive investment outlook for the aviation industry, emphasizing a "dual-driven" investment strategy focusing on international routes and supply recovery [2][22]. Core Insights - The global aviation market is experiencing a recovery, with a 13.4% increase in RPK (Revenue Passenger Kilometers) in the first half of 2024, driven by a 17.4% increase in international RPK and a 7.4% increase in domestic RPK [2][4]. - The overall market seat load factor has improved to 82.3%, reflecting a year-on-year increase of 1.3 percentage points, indicating stronger passenger demand compared to capacity growth [2][4]. - The report highlights a divergence in profitability among airlines, particularly in the U.S. market, where major airlines have shown mixed results in net profits due to rising costs from labor and fuel [2][23]. Summary by Sections Global Aviation Market Overview - The global aviation market's capacity and demand continue to grow, with a 11.6% increase in ASK (Available Seat Kilometers) in the first half of 2024, including a 17.2% increase in international ASK [2][4]. - The recovery in the aviation sector is uneven, with the Asia-Pacific region leading in RPK growth, particularly benefiting from the recovery of international routes in China [2][4]. U.S. Aviation Market Tracking - The U.S. aviation industry returned to profitability in the first half of 2024, achieving an operating profit margin of 2.7%, despite a 7% increase in operating costs [23][24]. - Major U.S. airlines have seen a 5% increase in revenue year-on-year, but costs have risen by 7%, with labor costs being the largest expense [23][24]. European Aviation Market Tracking - The European aviation market is recovering, with passenger volumes increasing by 9% year-on-year in the first quarter of 2024, although ticket prices have shown a downward trend due to high base effects from the previous year [38][39]. - Airlines in Europe are facing pricing pressures despite strong demand, with expectations of continued revenue growth driven by both leisure and business travel [39][42]. Other Major Markets - The recovery in other markets is closely tied to their reliance on Chinese travelers, with airports benefiting from strong transit passenger flows [2][22]. - The report emphasizes the importance of monitoring the recovery of international routes and the impact of global supply chain disruptions on the aviation sector [2][22].

Industry Investment Rating - The report maintains a "Positive" rating for the home appliance industry, particularly highlighting the growth potential in the white goods sector [2][4] Core Views - The home appliance industry experienced a 4% YoY increase in revenue and an 8.59% YoY increase in net profit in Q2 2024, driven by strong performance in white goods and export sectors [2][4] - White goods sector saw a 5.23% YoY revenue growth and a 14% YoY increase in net profit, with gross and net margins improving by 0.29 pcts and 0.78 pcts respectively [2][4] - The export sector benefited from RMB depreciation and recovering overseas demand, with companies like Supor and Roborock showing strong performance [2][4] - Core components sector, driven by white goods demand, saw a 15.97% YoY revenue growth, though net profit declined by 5.34% [2][4] Sub-Sector Performance White Goods - Revenue grew by 5.23% YoY to 2837.33 billion yuan, with net profit increasing by 14% YoY to 286.99 billion yuan [2][4] - Gross margin improved by 0.29 pcts to 27.88%, and net margin increased by 0.78 pcts to 10.48% [2][4] - Air conditioner sales grew by 12.52% YoY, with exports surging by 38.67% [4][46] Kitchen Appliances - Revenue declined by 4.18% YoY to 86.69 billion yuan, with net profit dropping by 31.43% YoY to 9.43 billion yuan [2][4] - Gross margin fell by 2.28 pcts to 39.78%, and net margin decreased by 0.96 pcts to 10.74% [2][4] Small Appliances - Revenue increased by 13.05% YoY to 326.31 billion yuan, with net profit growing by 1.03% YoY to 30.46 billion yuan [2][4] - Gross margin declined by 1.33 pcts to 32.69%, and net margin dropped by 1.12 pcts to 9.39% [2][4] Black Appliances - Revenue decreased by 4.34% YoY to 927.08 billion yuan, with net profit falling by 32.01% YoY to 11.78 billion yuan [2][4] - Gross margin dropped by 1.35 pcts to 12.79%, and net margin declined by 2.91 pcts to 0.62% [2][4] Components - Revenue grew by 15.97% YoY to 317.43 billion yuan, while net profit declined by 5.34% YoY to 19.92 billion yuan [2][4] - Gross margin remained stable at 16.92%, but operating expenses increased by 1.61 pcts [2][4] Key Investment Themes - **White Goods**: The sector is expected to benefit from policy support, with companies like Haier and Gree recommended for their low valuation and high dividend yields [2][4] - **Export Sector**: Companies like Supor and Roborock are expected to see improved performance due to recovering overseas demand and favorable exchange rates [2][4] - **Core Components**: Companies like Huaxiang and Sanhua are recommended due to strong demand from the white goods sector and growth in new energy vehicle components [2][4] Key Companies Performance - **Haier**: Q2 revenue grew by 0.1% YoY to 666.45 billion yuan, with net profit increasing by 13.2% YoY to 56.47 billion yuan [49] - **Gree**: Q2 revenue declined by 1% YoY to 636.91 billion yuan, but net profit grew by 10% YoY to 94.61 billion yuan [50] - **Roborock**: Overseas revenue grew significantly, with North America sales increasing by over 50% [52] - **Sanhua**: Q2 revenue grew by 6% YoY to 72.37 billion yuan, with net profit increasing by 9% YoY to 8.67 billion yuan [55]

轻工制造 证 券 研 究 报 告 2024 年 09 月 10 日 欧派家居 (603833) —— 短期业绩承压，坚定践行大家居战略铸就中长期竞 争力 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 09 日 | | 收盘价（元） | 40.46 | | 一年内最高/最低（元） | 101.36/40.28 | | 市净率 | 1.5 | | 息率（分红/股价） | 6.82 | | 流通 A 股市值（百万元） | 24,646 | | 上证指数/深证成指 | 2,736.49/8,063.27 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 27.85 | | 资产负债率 % | 51.68 | | 总股本 /流通 A 股（百万） | ...