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南山智尚(300918):毛精纺一体化龙头,锦纶+超高新材料加速成长
中泰证券· 2025-02-21 13:00
毛精纺一体化龙头,锦纶+超高新材料加速成长 纺织制造 南山智尚(300918.SZ) 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级: | 买入(首次) | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师:张潇 | | 营业收入(百万元) | | 1,634 | 1,600 | 1,651 | 2,307 | 2,937 | | 增长率 | | yoy% | | 10% | -2% | 3% | 40% | 27% | | 执业证书编号:S0740523030001 | | 归母净利润(百万元) | | 187 | 203 | 193 | 245 | 308 | | Email:zhangxiao06@zts.com.cn | | 增长率 yoy% | | 23% | 9% | -5% | 27% | 26% | | 每股收益(元) | | | | 0.52 ...
中泰研究晨会聚焦:互联网传媒康雅雯:比特币2025年投资策略:朝阳初露,未及炎阳-20250319
中泰证券· 2025-02-20 03:04
【中泰研究丨晨会聚焦】互联网传媒康雅雯:比特币 2025 年投资策略:朝阳初露, 未及炎阳 证券研究报告 2025 年 2 月 19 日 [Tab[ble__SMuyain] 今日预览 今日重点>> 【互联网传媒】康雅雯:比特币 2025 年投资策略:朝阳初露,未及炎阳 ——深度分析入市资金量,潜在资金量,行情所处位置 [分[TTa析balb师e_l:eT_i戴tlIen志]d锋ustry] 执业证书编号: S0740517030004 电话: Email: 欢迎关注中泰研究所订阅号 2)当前加密市场处在什么位置?(情绪和资金还未充分反馈) 1、当前加密受众总量为 6.53 亿,是 2021 年 5 月交易量峰值的 3.2 倍,但 2024 年 11 月成交量 仅有 2.71 亿美元,为峰值成交量的 65.1%,单用户的交易热情远未释放。当前相对较紧的资金 环境,加密用户的人均月交易额截至 2024 年 12 月为 0.45 万美元,相较于 2021 年高峰月度的 2.2 万美元还有较大差距。 2、链上反应情绪泡沫的 MVRV Z-Score 分当前为 2.65,远不及上一轮牛市顶部时的 7.53。 晨报内容 ...
深度分析入市资金量,潜在资金量,行情所处位置:朝阳初露,未及炎阳
中泰证券· 2025-02-19 08:10
Group 1: Market Analysis - The total amount of new funds entering the market is approximately $2,330.53 billion, driven by stablecoins ($859.4 billion), fiat ($200.5 billion), and ETFs ($1,273.65 billion) [6][26]. - The current cryptocurrency market capitalization has increased by $2.44 trillion, with Bitcoin's market value rising by $1.6 trillion, accounting for 65.6% of the total increase [7][29]. - The current total audience for cryptocurrencies is 653 million, which is 3.2 times the peak trading volume in May 2021, but the trading volume in November 2024 is only $2.71 billion, 65.1% of the peak [8][33]. Group 2: Future Potential - The global equity market has a total market capitalization of $108.4 trillion, while the cryptocurrency market is at $3.4 trillion, representing only 3.13% of the equity market [10][52]. - If 1% to 2% of the global equity and debt markets were allocated to Bitcoin, potential new funds could reach $2.74 to $5.49 trillion, significantly exceeding the current inflow [11][56]. - The MVRV Z-Score is currently at 2.63, indicating that the market is not in a bubble compared to the previous peak of 7.53 [8][41]. Group 3: Market Dynamics - The trading volume of centralized exchanges (CEX) has not yet reached previous peak levels, with the highest ratio to Nasdaq trading volume being 109.5% as of January 2025 [9][45]. - The average monthly trading amount per crypto user is $0.45 million, significantly lower than the peak of $2.2 million in 2021, indicating room for growth [8][46]. - The supply of Bitcoin is tightening, with 19.82 million BTC already mined, leaving only 117,481 BTC to be mined until 2140 [29][30].
星图测控(920116):深度报告:链接天地,航天测控“小巨人”有望充分受益于卫星互联网建设加速
中泰证券· 2025-02-19 07:30
链接天地,航天测控"小巨人"有望充分受益于卫星互联网建设 加速 ——星图测控深度报告 | | | | | | 执业证书编号:S0740519050004 Email:fengsheng@zts.com.cn 执业证书编号:S0740524060001 Email:songhq01@zts.com.cn | 基本状况 | | --- | 起家于特种领域,公司背靠中科星图积极拓展民用、商用领域。公司从特种领域业务 起家,高度重视技术研发。依靠其丰富项目经验与技术储备,公司近年从特种领域积 | 总股本(百万股) | 114.13 | | --- | --- | | 流通股本(百万股) | 26.13 | | 市价(元) | 58.98 | | 市值(百万元) | 6,731.09 | | 流通市值(百万元) | 1,540.85 | 星图测控(920116.BJ) 证券研究报告/公司深度报告 2025 年 02 月 17 日 | 评级: | 增持(首次) | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...
2025现制饮品行业蜜雪冰城招股书梳理报告
中泰证券· 2025-02-19 01:40
Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed Core Insights - The company has over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [4][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, ensuring lower costs and higher efficiency [5][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and marketing effectiveness [6][41] - The ready-to-drink beverage industry is a trillion-dollar market, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [7][44] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [8][66] Summary by Sections Products and Stores - The company operates over 45,302 stores globally, with a significant focus on lower-tier markets in China, where tier-three cities and below account for over 50% of its domestic store count [4][14] - The average store size ranges from 15 to 60 square meters, with a pricing strategy that keeps core products priced between 2 to 10 yuan [20][24] Supply Chain - The supply chain is fully integrated, covering procurement, production, and logistics, with five major production bases in China and a global procurement network spanning 38 countries [5][28][34] IP and Marketing - The "Snow King" IP has been developed into a significant brand asset, with extensive marketing campaigns that leverage both online and offline channels [6][41] Industry and Market Landscape - The ready-to-drink beverage market is projected to grow significantly, with China and Southeast Asia expected to contribute nearly 40% of the global market growth from 2023 to 2028 [7][47] - The company holds a 7.4% global market share by beverage output, making it the second-largest player in the world [57][62] Financial Performance - The company achieved a revenue of 18.66 billion yuan and a net profit of 3.49 billion yuan in the first three quarters of 2024, with a gross margin of 32.4% [8][66] - The core revenue source is the supply chain business, which accounts for over 90% of total revenue [67][70]
中泰研究、晨会聚焦:当前经济与政策思考:政策杨畅:等待民企增量政策出台-20250319
中泰证券· 2025-02-18 12:56
证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师:戴志锋 执业证书编号:S0740517030004 Email:daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅:等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋:4Q24 货币政策执行报告点 评:宽松继续,节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛:三大拐点齐现,板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖:固态电池材料专题报告:产业 方向日益清晰,技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇:奢侈品 Q4 中国区表现回升,关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅:等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇:奢侈品 Q4 中国区表现回升,关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%, ...
行业配置双周报:A股科技行情交易情绪的多维度对比-20250319
中泰证券· 2025-02-18 12:38
A 股科技行情交易情绪的多维度对比 ——行业配置双周报 证券研究报告/策略定期报告 2025 年 02 月 18 日 分析师:王永健 执业证书编号:S0740522050001 Email:wangyj09@zts.com.cn 分析师:徐驰 执业证书编号:S0740519080003 Email:xuchi@zts.com.cn 2025-02-16 产"价值重估"?》2025-02-16 置?》2025-02-10 请务必阅读正文之后的重要声明部分 报告摘要 核心结论:(1)多维度对比之下,A 股本轮科技行情的交易情绪处于高位。(2)相较 于美股科技行情的估值+盈利双轮驱动,A 股主要由估值驱动,短期需要关注赔率。 A 股 TMT 板块和双创指数的交易拥挤度偏高。(1)目前 A 股 TMT 板块交易拥挤度为 43%,突破此前 40%的历史最高值;美股目前为 38%,历史最高为 47%;港股是 39%, 历史最高是 48%。横纵向对比来看,A 股 TMT 板块交易拥挤度偏高。(2)双创指数 交易拥挤度也处于高位。当前双创拥挤度合计 37%,接近 41% 的历史最高值。纳 斯达克指数交易拥挤度当前 54%,曾 ...
中泰研究晨会聚焦:银行戴志锋:4Q24货币政策执行报告点评:宽松继续,节奏审慎-20250319
中泰证券· 2025-02-18 02:59
【中泰研究丨晨会聚焦】银行戴志锋:4Q24 货币政策执行报告点评:宽松继续, 节奏审慎 证券研究报告 2025 年 2 月 17 日 | [Table_Industry] [T[分Taa析bbl师lee__:TMi戴tlea志]in锋] | [b_Suy 今日预览 | | --- | --- | | 执业证书编号:S0740517030004 | | | 电话: | | | Email: | | | | 研究分享>> | | | 【银行】戴志锋:4Q24 货币政策执行报告点评:宽松继续,节奏审慎 | | | 【通信】陈宁玉:Deepseek+带来的运营商云与 AIDC 价值重估 | | | 【科技】孙行臻:国家数据集团组建在即,数据要素市场化改革步入深 | | | 水期 | 对稳汇率的表态更为强硬,关注度有提升。将 3Q24 货币政策报告中"防止形成单边一致性预期并 自我实现,坚决防范汇率超调风险",修订为"增强外汇市场韧性,加强外汇市场管理,坚决对市 场顺周期行为进行纠偏,坚决对扰乱市场秩序行为进行处置,坚决防范汇率超调风险",表态更为 强硬,对稳汇率的关注度有提升。 对压降实体融资成本的目标未 ...
轻工制造及纺服服饰行业周报:奢侈品Q4中国区表现回升,关注文化纸节后普遍提价-20250319
中泰证券· 2025-02-18 02:53
奢侈品 Q4 中国区表现回升,关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师:张潇 执业证书编号:S0740523030001 Email:zhangxiao06@zts.com.cn 分析师:郭美鑫 执业证书编号:S0740520090002 Email:guomx@zts.com.cn 分析师:邹文婕 执业证书编号:S0740523070001 Email:zouwj@zts.com.cn 分析师:吴思涵 执业证书编号:S0740523090002 Email:wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in,关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台,嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作,海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...
中泰证券晨会聚焦-20250319
中泰证券· 2025-02-18 01:51
【中泰研究丨晨会聚焦】银行戴志锋:4Q24 货币政策执行报告点评:宽松继续, 节奏审慎 证券研究报告 2025 年 2 月 17 日 | [Table_Industry] [T[分Taa析bbl师lee__:TMi戴tlea志]in锋] | [b_Suy 今日预览 | | --- | --- | | 执业证书编号:S0740517030004 | | | 电话: | | | Email: | | | | 研究分享>> | | | 【银行】戴志锋:4Q24 货币政策执行报告点评:宽松继续,节奏审慎 | | | 【通信】陈宁玉:Deepseek+带来的运营商云与 AIDC 价值重估 | | | 【科技】孙行臻:国家数据集团组建在即,数据要素市场化改革步入深 | | | 水期 | 欢迎关注中泰研究所订阅号 晨报内容回顾: 对稳汇率的表态更为强硬,关注度有提升。将 3Q24 货币政策报告中"防止形成单边一致性预期并 自我实现,坚决防范汇率超调风险",修订为"增强外汇市场韧性,加强外汇市场管理,坚决对市 场顺周期行为进行纠偏,坚决对扰乱市场秩序行为进行处置,坚决防范汇率超调风险",表态更为 强硬,对稳汇率的 ...