[Table_Industry] 爱美客（300896.SZ）/美护 证券研究报告/公司点评 2024 年 9 月 05 日 | --- | |-------------------------------------------------------------------| | | | 市场价格： 137.22 元 | | [Table_ 分析师：郑澄怀 Authors] 执业证书编号： S0740524040004 | | ： zhengch@zts.com.cn | 分析师：张前 执业证书编号：S0740524080002 Email：zhangq08@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |-------------------|--------| | | | | 总股本 ( 亿股 ) | 3.02 | | 流通股本 ( 亿股 ) | 2.08 | | 市价 ( 元 ) | 137.22 | | 市值 ( 亿元 ) | 415 | | 流通市值 ( 亿元 ) | 286 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股 ...

北方华创(002371.SZ)/电子 证券研究报告/公司点评 2024 年 9 月 5 日 | --- | |---------------------------------------------------| | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|---------|--------|------------------------------|--------|--------| | [Table_Finance 公司盈利预测及 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [5]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $7.48 billion in 2023, increasing to $16.72 billion by 2026, reflecting a compound annual growth rate (CAGR) of 42.9% from 2022 to 2023 and 18.1% from 2025 to 2026 [5][6]. - Earnings per share (EPS) are expected to rise from $2.81 in 2023 to $6.46 in 2026, showcasing a strong growth trajectory [5][6]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 30.6 in 2023 to 13.3 by 2026, suggesting that the stock may become more attractive as earnings grow [5][6]. Financial Performance Summary - Revenue projections for the company are as follows: $5.96 billion in 2022, $7.48 billion in 2023, $11.16 billion in 2024, $14.16 billion in 2025, and $16.72 billion in 2026, with year-over-year growth rates of 42.9%, 25.6%, 49.2%, 26.9%, and 18.1% respectively [5][6]. - The company's net income is expected to grow from $1.52 billion in 2022 to $4.12 billion in 2026, with a year-over-year growth rate of 162.3% in 2023 and 14.7% in 2026 [5][6]. - The report highlights a projected return on equity (ROE) of 34.2% in 2024, decreasing to 30.8% by 2026, indicating strong profitability [5][6]. Valuation Metrics - The report indicates a decreasing trend in the price-to-book (P/B) ratio from 10.5 in 2023 to 4.1 in 2026, which may suggest an undervaluation of the stock as the company grows [5][6]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to decline from 74 in 2023 to 30 by 2026, indicating improved operational efficiency and valuation attractiveness [5][6].

复产助推盈利扩张，分红比例与财务质量持续提升 云铝股份（000807.SZ）/有色金属 证券研究报告/公司点评 2024 年 9 月 4 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Core Insights - The report indicates that the negative impact from the mid-year reports has been fully absorbed, and there is an expectation for improvement in the fundamentals of the pharmaceutical sector in Q3 2024 [2][3] - The pharmaceutical sector experienced a decline of 3.3% in August 2024, outperforming the Shanghai and Shenzhen 300 index, which fell by 3.5% [2] - The report highlights that the market sentiment is expected to recover, driven by a low base from Q3 of the previous year and gradual improvements in fundamentals and policies [2] Monthly Review - In August 2024, the pharmaceutical sector's performance was segmented into three phases, with a slight rebound at the beginning of the month, followed by a decline due to the pressure from mid-year report disclosures [2] - The report notes that companies with better-than-expected performance and those that have seen negative news fully priced in are likely to experience a rebound in Q3 [2] 2024 Mid-Year Report Summary - The cumulative revenue of pharmaceutical companies decreased by 0.2% in the first half of 2024, while total profit fell by 2.5% [2] - The report states that the second quarter saw a revenue decline of 1.3% and a profit drop of 6.4%, indicating that the industry is at a stage of bottoming out under policy pressures [2] - It is anticipated that companies will gradually adapt to the changing policy environment, leading to a recovery in revenue and profit growth in the latter half of 2024 [2] Sector Performance - Among the sub-sectors, chemical preparations and raw materials showed positive performance, with revenue growth rates of 5.06% and 4.64% respectively in H1 2024 [2] - The report ranks the performance of various sub-sectors, with chemical preparations leading in net profit growth at 57.47%, while medical services faced a significant decline of 29.23% [2] Industry Catalysts - Key upcoming events include the 2024 ESMO and WCLC conferences, which are expected to serve as catalysts for the pharmaceutical sector [2] - The report also mentions the anticipated adjustments in the medical insurance directory and the ongoing development of innovative drugs as significant industry dynamics [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 17.98 [1]. Core Insights - The company is experiencing steady revenue growth driven by the expansion of its store and user base, with a reported revenue of HKD 7.1 billion for the first half of 2024, representing a year-on-year increase of 9.3% [3]. - The company has added 402 factory stores, bringing the total to 6,311, and has registered 126 million users, a 20.7% increase year-on-year [3]. - The adjusted net profit for the first half of 2024 is HKD 358 million, up 67.3% year-on-year, with a gross margin of 25.9%, reflecting an improvement due to the continuous enhancement of proprietary controlled products [3]. - The report anticipates revenue growth for 2024-2026 to be HKD 146 billion, HKD 160 billion, and HKD 179 billion, with corresponding year-on-year growth rates of 7%, 10%, and 12% respectively [4]. - The net profit projections for the same period are HKD 720 million, HKD 1.07 billion, and HKD 1.37 billion, with year-on-year growth rates of -89%, +49%, and +28% respectively [4]. - The company is expected to benefit from the optimization of the third-party market structure, which will enhance its performance stability and valuation [4]. Financial Summary - Revenue for 2022 was HKD 11.563 billion, with a projected increase to HKD 17.934 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [1]. - The net profit for 2022 was a loss of HKD 2.136 billion, expected to recover to HKD 1.37 billion by 2026 [1]. - Earnings per share (EPS) are projected to rise from a loss of HKD 2.63 in 2022 to HKD 1.69 by 2026 [1]. - The price-to-earnings (P/E) ratio is expected to improve from -6.2 in 2022 to 9.7 by 2026 [1].

【中泰研究丨晨会聚焦】金工李倩云：产出缺口回落，红利主题内部持续分化 证券研究报告 2024 年 9 月 04 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 今日重点>> 【金工】李倩云：产出缺口回落，红利主题内部持续分化 Email： 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【金工】李倩云：产出缺口回落，红利主题内部持续分化 李倩云｜中泰金工基金组组长 S0740520050001 8 月 A 股持续下挫，中小盘跌幅更深。风格板块中，周期和成长板块跌幅超过-4%，金融和消费板 块跌幅在-3%以内。行业指数全部收跌，煤炭、石油石化、家电、非银金融、传媒和银行跌幅在-2% 以内，汽车、通信、建筑、房地产、钢铁、建材、计算机、农林牧渔、国防军工跌幅超过-6%。转 债在权益拖累下持续收跌-2.4%，国债指数收涨 0.2%，企业债指数收跌-0.2%。 标普 500 指数和恒生指数反弹超过 2%。商品市场继续回调。黄金收涨 2.3 ...

| --- | --- | |------------------------------------|----------------| | | | | | | | | | | [Table_Title] 评级：买入（维持） | | | 市场价格： 14.63 | 元 | | | | | 分析师：杜冲 执业证书编号： | S0740522040001 | | 电话： | | Email：duchong@zts.com.cn 联系人：鲁昊 电话电话： Email：luhao@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 10,040 | | 流通股本 ( 百万股 ) | 5,887 | | 市价 ( 元 ) | 14.63 | | 市值 ( 百万元 ) | 146,883 | | 流通市值 ( 百万元 ) | 86,129 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | |-- ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [1]. Core Insights - The company is projected to experience significant revenue growth, with estimates of 2,651 million in 2023, increasing to 6,004 million by 2026, representing a compound annual growth rate (CAGR) of approximately 34% [1]. - The earnings per share (EPS) is expected to rise from 1.29 in 2023 to 2.71 by 2026, reflecting a strong upward trend in profitability [3]. - The report highlights a robust year-over-year (YoY) growth rate of 76% in 2023, which is expected to stabilize at around 24% by 2026 [1][3]. Financial Summary - Revenue projections for the upcoming years are as follows: 2,651 million in 2023, 3,596 million in 2024, 4,833 million in 2025, and 6,004 million in 2026, with respective YoY growth rates of 76%, 36%, 34%, and 24% [1]. - The company's net income is forecasted to grow from 403 million in 2023 to 843 million in 2026, with a notable increase in net profit margin from 28% in 2023 to 28% in 2026 [1][3]. - The price-to-earnings (P/E) ratio is projected to decrease from 15.5 in 2024 to 7.4 by 2026, indicating an attractive valuation as earnings grow [3]. Valuation Metrics - The price-to-book (P/B) ratio is expected to decline from 4.3 in 2024 to 2.1 in 2026, suggesting that the stock may become increasingly undervalued relative to its book value [3]. - The report anticipates a return on equity (ROE) of 28.1% in 2024, slightly decreasing to 27.6% by 2026, which still indicates strong profitability relative to shareholder equity [3].

[Table_Finance] 重点公司基本状况 医药生物 证券研究报告 /行业月 报 2024 年 09 月 04 日 评级：增持（ 维持 ） 、 中报利空出尽，把握 Q3 基本面改善及行业催化 -医药生物 9 月月报暨 半季报总 结 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------|------------------------------ ...