银行 证 券 研 究 报 告 2024 年 08 月 28 日 苏农银行 (603323) ——营收与业绩双优，ROE 稳步提升，小而美再验证 报告原因：有业绩公布需要点评 24 | --- | --- | |----------------------------------------------------------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 4.82 | | 一年内最高/最低（元） | 5.43/4.04 | | 市净率 息率（分红/股价） 流通 A 股市值（百万元） 上证指数/深证成指 | 0.6 3.73 7,595 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.17 | | 资产负债率 % | 92.31 | | 总股本 /流通 A 股( 百万 ) | 1,835/1,576 | | 流通 B 股/ ...

行 业 及 产 业 2024 年 08 月 28 日市内免税东风已至 行 业 研 究/ 行 业 点 评 相关研究 《外国人游中国，China Travel 成流量密 码——旅游消费专题报告五》 2024/07/19 证 券 研 究 报 告 | --- | |---------------------------| | 证券分析师 | | 赵令伊 A0230518100003 | | zhaoly2@swsresearch.com | | 研究支持 | | 杨光 A0230122100004 | | yangguang@swsresearch.com | | 联系人 | | 杨光 | | (8621)23297818× | | yangguang@swsresearch.com | 看好 ——财政部等五部门联合印发通知完善市内免税店政策 点评 本期投资提示： | --- | |-------------------------------------------------------------------------------| | 财政部、商务部、文化和旅游部、海关总署、税务总局印发《关于完善市内免税店 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [5][7]. Core Views - The company's Q2 performance was below expectations, primarily due to high sales expenses, leading to a significant decline in both revenue and net profit [6][7]. - The brand structure is being optimized, with the introduction of new products and a focus on high-end design, which has resulted in a 4% increase in online sales for the main brand [6]. - The company is facing pressure on profitability due to increased sales expenses and a decline in gross margin, with a net profit margin of 11.83%, down 10.33 percentage points year-on-year [6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.319 billion yuan, a 13% decrease year-on-year, and a net profit of 315 million yuan, down 48% [5][6]. - In Q2 2024, revenue was 1.144 billion yuan, a 12% decline year-on-year, with a net profit of 135 million yuan, down 53% [6]. Brand and Market Position - The company has launched nine new product series in H1 2024, focusing on innovation and design [6]. - The sub-brand BoRui achieved a revenue increase of 35.92% in H1 2024, capturing a larger market share in the online shaving market [6]. Profitability and Cost Structure - The gross margin for Q2 2024 was 54.07%, a decrease of 5.75 percentage points year-on-year, attributed to lower-margin products gaining market share [6]. - The sales expense ratio increased to 35.52%, reflecting higher advertising and promotional costs due to intensified competition [6]. Future Earnings Forecast - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of 855 million, 1.043 billion, and 1.255 billion yuan respectively [7]. - The company is projected to have a PE ratio of 18 for 2024, indicating a potential upside of 19.2% based on comparable companies [7].

2024 年 08 月 28 日 美兰空港 (00357) 一年内股价与基准指数对比走势： -33% -13% 7% 27% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 美兰空港 买入（维持）投资要点： ⚫ 事件：美兰空港公布 2024 年上半年业绩，公司实现总收入为人民币 11.52 亿元，同比增 | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（港币） | 6.89 | | 恒生中国企业指数 | 6306.36 | | 52 周最高/最低（港币） | 10.16/5.21 | | H 股市值（亿港币） | 32.60 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0946 | 财务数据及盈利预测 | --- | --- | --- | --- | --- | --- | |----------------------|-------|---- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][12]. Core Insights - The company achieved a revenue of 6.84 billion HKD in H1 2024, representing a year-on-year growth of 9%. The net profit attributable to shareholders was 740 million HKD, up 16% year-on-year, aligning with market expectations. The company also increased its dividend payout ratio to 35%, a 10 percentage point increase from H1 2023 [4][5]. - The managed area increased by 16% year-on-year, reaching 423 million square meters by the end of H1 2024. The proportion of new contracts from third parties was 56% [4][5]. - The company is focusing on expanding its urban services and enhancing its service offerings across various sectors, including residential and commercial properties [5]. Financial Performance Summary - Revenue (in million HKD) is projected to grow from 13,051 in 2023 to 18,321 by 2026, with a compound annual growth rate (CAGR) of approximately 12% [3][7]. - The net profit attributable to shareholders is expected to rise from 1,343 million HKD in 2023 to 2,126 million HKD by 2026, reflecting a CAGR of around 16% [3][8]. - The earnings per share (EPS) is forecasted to increase from 0.41 HKD in 2023 to 0.65 HKD by 2026 [3][8]. Market Position and Strategy - The company benefits from its affiliation with China Overseas Land & Investment, which provides a stable growth platform. The company is strategically positioned in major metropolitan areas, enhancing its pricing power for property management fees [4][5]. - The report highlights the company's ability to maintain a relatively stable profit margin and its potential for growth in value-added services, despite the overall industry downturn [4][5].

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home (600690) [5][6]. Core Views - The Q2 performance of the company met expectations, with H1 2024 revenue reaching 135.623 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to shareholders of 10.420 billion yuan, up 16.3% year-on-year [5]. - The company has a solid domestic market share and impressive growth in overseas markets, with H1 2024 overseas revenue increasing by 3.7% [5][6]. - The company's net profit margin continues to improve, with a sales net profit margin of 7.82% in H1 2024, up 0.95 percentage points year-on-year [6]. Summary by Sections Market Data - Closing price: 24.08 yuan - One-year high/low: 33.00/19.86 yuan - Market capitalization of circulating A shares: 151,910 million yuan [2]. Basic Data - Net asset per share: 11.20 yuan - Asset-liability ratio: 58.60% - Total shares/circulating A shares: 9,438 million/6,309 million [3]. Financial Data and Profit Forecast - Total revenue (million yuan) for 2024E is projected at 284,371, with a year-on-year growth rate of 8.8% [7]. - Net profit (million yuan) for 2024E is projected at 19,107, with a year-on-year growth rate of 15.1% [7]. - Earnings per share (yuan/share) for 2024E is projected at 2.02 [7]. - The company expects to achieve net profits of 191 billion, 219 billion, and 252 billion yuan for 2024, 2025, and 2026 respectively, with a consistent growth rate of 15% [5][6].

行 业 及 产 业 2024 年 08 月 28 日整车投资逻辑更新；保隆科技更新 看好 ——一周一刻钟，大事快评（W071） 本期投资提示： | --- | |-------------------------------------------------------------------------------| | 政策对终端需求带动效果较为显著，看好受益于政策β以及具有自身强α的公司。 | | 迪的周度数据来看，元 Plus、海鸥等特定车型周度销量同比明显增加，而许多车型销量 | | 同比下降，剔除 DMI 5 对销量的影响，我们认为政策至少在结构端具有积极效果。 | | 引申出两条主线：1）政策端带来的β收益：比亚迪作为头部品牌，必然从政策中受益， | | 其次，类似的具备中低端车型强供给能力的品牌同样也能享受政策红利，主要为吉利、 | | 长安、长城等在渠道端深度下沉的传统车企。2）具备强α的公司： | | 的小米、具有强车型周期的比亚迪、智驾能力优秀的华为、基本面改善的理想等。 | ⚫ 由后市场引发思考，行业下行周期关注着力于做难而正确的事情的公司。途虎和冠盛所 处后市场的迭代速度和竞争度低 ...

食品饮料 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：公司发布 24 年半年度报告，24H1 实现营业总收入 227.46 亿，同比增长 19.65%， | --- | --- | |------------------------------------|----------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（元） 一年内最高/最低（元） | 175.74 273.68/172.19 | | 市净率 | 6.3 | | 息率（分红/股价） | 2.49 | | 流通 A 股市值（百万元） | 214,397 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 注："息率"以最近一年已公布分红计算 | --- | |------------------| | 2024 年 06 月 30 | | 25.35 | | 39.63 | | 1,220/1,220 | | | 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-28 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 27 日 香飘飘 (603711) ——24Q2 表现承压 静待调整成效 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 10.95 | | 一年内最高 / 最低（元） | 21.13/10.42 | | 市净率 | 1.3 3.20 | | 息率（分红/股价） | 4,498 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.77 | | | | | 资产负债率 % | ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [3] Core Views - The company's H1 2024 performance met expectations, with revenue of 150.42 billion yuan (yoy +0.06%) and a net profit of 15.08 billion yuan (yoy +46.4%) [3] - The increase in profits is attributed to rising prices (copper +5.5%, gold +14%) and production growth (copper +5.3%, gold +9.5%) [3] - In Q2 2024, revenue reached 75.64 billion yuan (yoy +0.3%, qoq +1.2%) with a net profit of 8.82 billion yuan (yoy +81.5%, qoq +40.9%) [3] - The company has increased its copper reserves by 6 million tons, with significant progress in various mining projects [3] - A five-year plan was announced aiming to achieve major economic indicators by 2028, including copper production of 1.5-1.6 million tons and gold production of 100-110 tons [3] Summary by Sections Financial Performance - H1 2024 revenue was 150.42 billion yuan, with a net profit of 15.08 billion yuan, reflecting a 46.4% increase year-on-year [3][8] - Q2 2024 saw revenue of 75.64 billion yuan and a net profit of 8.82 billion yuan, marking significant growth compared to previous quarters [3] Production and Cost Management - Copper and gold production increased by 5.3% and 9.5% respectively in H1 2024, while unit sales costs decreased by 8.8% and 6.7% [3] - The gross margin for copper was 62% and for gold was 53%, indicating effective cost control [3] Exploration and Project Development - The company has successfully increased its copper resource reserves and is advancing multiple projects, including significant expansions in Congo and Tibet [3] - The five-year plan aims for substantial increases in production across various minerals, positioning the company among the top global producers [3] Profit Forecast - The profit forecast for 2024-2026 has been revised upwards, with expected net profits of 31.45 billion yuan, 36.49 billion yuan, and 38.17 billion yuan respectively [3][8]