医药生物 证券研究报告/行业点评报告 2024 年 7 月 7 日 | 评级:增持( 维持 ) | | | | | | | | | | | | | | |--------------------------------|-------------------|----|---------------|-------------|--------------|--------------|--------------|-------------|---------------|---------------|---------------|------------|-------------| | 分析师:祝嘉琦 | 简称 | | 股价 | | EPS | | | | | PE | | PEG | 评级 | | 执业证书编号: S0740519040001 | | ( | 元 ) | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | | | | 电话: 021-20315150 | 迈瑞医疗 联影医疗 | | 285.9 108.0 ...

、 夏季日耗抬升,煤价反弹在即 煤炭 证券研究报告/行业周报 2024 年 7 月 7 日 | 评级:增持( 维持 ) | | 重点公司基本状况 | | | | | | | | | | | |--------------------------------------------------------|-------------------|----------------------|--------------|--------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-----------| | 分析师:杜冲 分析师:杜冲 执业证书编号: S0740522040001 | 简称 | 股价 ( 元 | ) 2023 | | 2025E | 2026E | 2023 | 2024E | PE 2025E | 2026E | PB | 评级 | | 电话: | 山西焦煤 潞安环能 | 10.19 17.69 | 1.19 2.65 | | 1.31 2. ...

【固收】肖雨：美国统计局调了哪些数据？——美国 6 月非农就业数据点评 【交运】杜冲：公铁港链 7 月投资策略：经营稳健红利资产仍然占优 [b_Suy 今日预览 【中泰研究丨晨会聚焦】固收肖雨：美国就业怎么看？ 证券研究报告 2024 年 7 月 7 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： 晨会聚焦 Email： 今日重点>> 【固收】肖雨：美国就业怎么看？ 研究分享>> 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 今日重点 ►【固收】肖雨：美国就业怎么看？ 肖雨｜中泰固收行业负责人 S0740520110001 疫后美国劳动力市场复杂多变，近期的背离再次引发市场关注。本文梳理美国就业相关指标，从就 业指标体系、底层数据来源进行分析，并比较各指标异同，供投资者参考。 美国就业指标有两大体系：一是官方的 BLS 的就业指标系统；二是 ADP 公司的就业指标系统。两 者统计的出发点、侧重点和底层数据来源不尽相同。 BLS 就业指标系统可能是覆盖最全的就业指标系统，底层 ...

交运 证券研究报告/行业周报 2024 年 07 月 06 日 | 评级:增持(维持) | ≈[ 投资要点 Table_Summary] | |-----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 分析师:杜冲 | | | 执业证书编号: S0740522040001 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant growth in its mid-year report, with projected revenue of 11.9 to 12.18 billion yuan, representing a year-on-year increase of 34.4% to 37.5% [6] - The net profit attributable to the parent company is forecasted to be between 1.31 to 1.41 billion yuan, reflecting a substantial year-on-year increase of 754.1% to 819.4% [6] - The company is experiencing a strong recovery in profitability, driven by increased shipments of high-end mobile camera modules and the penetration of automotive smart technology [6][7] - The company has established a leading position in high-end products, with its mobile camera modules entering a new growth phase [6] Financial Summary - Total shares outstanding: 1,216 million [3] - Market price: 97.68 yuan [3] - Market capitalization: 118.757 billion yuan [3] - Projected revenue for 2024: 27.689 billion yuan, with a year-on-year growth rate of 32% [5] - Projected net profit for 2024: 3.502 billion yuan, with a year-on-year growth rate of 530% [5] - Projected earnings per share for 2024: 2.88 yuan [5] - Projected P/E ratio for 2024: 33.9 [5] Business Expansion - The company has expanded its analog business into the automotive sector, with a 13.4% year-on-year increase in revenue from this segment [7] - The acquisition of a chip company has strengthened its automotive chip development team [7] - The company is expected to see faster growth in its analog business due to the introduction of multiple products in the automotive market [7] Investment Recommendations - The company is projected to achieve net profits of 3.5 billion, 4.8 billion, and 6 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 34, 25, and 20 [7]

交运 证券研究报告/行业周报 2024 年 07 月 06 日 | 评级:增持(维持) | ≈[ 投资要点 Table_Summary] | |-----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 分析师:杜冲 | | | 执业证书编号: S0740522040001 | ...

[Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： 策持续放松，销售环比回升 [b_Suy 今日预览 【地产】由子沛：房地产行业 2024 年 6 月销售数据点评：政策持续放松， 【固收】肖雨：二季度 GDP 预计 5.1%——6 月经济数据前瞻 Email： 晨报内容回顾： 晨会聚焦 - 2 - 请务必阅读正文之后的重要声明部分 落，但"抢出口"效应下，预测 6 月出口同比增速可能上升至 8.0%。进口方面，6 月 PMI 进口指数 升至 46.9%。价格方面，6 月布伦特原油、WTI 原油价格较去年同期上升 10%以上，环比小幅回升。 综合考虑量价因素，预计 6 月进口同比增速回升 2.2 个百分点至 4.0%附近。 物价：有望继续回升。6 月原材料购进价格和出厂价格 PMI 均有所回落，CRB 现货指数同比回升 0.5%，增速相比 5 月有所回落，但仍为正增长；从高频数据来看动力煤、水泥价格降幅收窄，预 计 6 月 PPI 同比增速仍处在负区间，但降幅有所收窄，在-0.7%左右。消费品价格高频数据来看，6 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The report emphasizes that stable and dividend-paying assets remain advantageous in the current market environment, with a focus on companies that prioritize shareholder returns [2][25] - The transportation sector, particularly public and rail transport, shows mixed performance, while the port sector continues to exhibit growth [2][3] - The report highlights the importance of quality management and investor communication in enhancing company value [31][33] Summary by Sections Market Review - In June 2024, the transportation index fell by 4.4%, underperforming the CSI 300 index by 1.1 percentage points [7] - The best-performing stocks included Ninghu Expressway (7.3%), Beijing-Shanghai High-Speed Railway (8.4%), and Tangshan Port (14.1%) [9][10] Hotspot Tracking - The low-interest-rate environment is expected to persist, making dividend assets competitive [25] - In the first half of 2024, 41 new "dividend-themed funds" were established, surpassing the total for 2023 [25] Industry Tracking - **Highway**: Traffic volume showed a decline in April but a slight recovery in May, with toll revenue under pressure [2] - **Railway**: Passenger volume increased by 10.2% year-on-year, while freight volume saw a slight decline [2] - **Port**: National port cargo throughput grew by 3.2% year-on-year, with container throughput increasing by 7.2% [2] - **Bulk Supply Chain**: The commodity price index rose by 3% month-on-month and 5.9% year-on-year, indicating potential improvements in operational performance [2] Investment Recommendations - The report recommends focusing on companies with stable operations and consistent dividend policies, such as Shandong Expressway and Qingdao Port, while also considering undervalued firms like Xiamen International Trade and Xiamen Xiangyu [2][3]

品类拓展引领增长,看好公司长期发展 | [ 评 Ta 级 ble : _T 买 itl 入 e] (维持) | [ 公 Ta 司 ble 盈 _F 利 in 预 an 测 ce 及 ] 估值 | | | | | | |--------------------------------------------------------|----------------------------------------------------|--------------------|-------------|-----------------|---------------|---------------| | 市场价格:4.01 港元 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师:张潇 | 营业收入(百万元) | 16,774 | 23,214 | 26,654 | 30,339 | 34,365 | | 执业证书编号: S0740523030001 | 增长率 yoy% 净利润(百万元) | 3.5% 2,139 | 38.4% 3,074 | 14. ...

【中泰研究丨晨会聚焦】固收肖雨：央行拟借入国债，7 月流动性怎么看？——7 月流动性展望 证券研究报告 2024 年 7 月 3 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 Email： 研究分享>> 【固收】肖雨：央行拟借入国债，7 月流动性怎么看？——7 月流动性展 望 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 研究分享 ►【固收】肖雨：央行拟借入国债，7 月流动性怎么看？——7 月流动性展望 6 月流动性回顾： 6 月份资金面偏紧，资金价格中枢与上月相比有所上升，以标准差衡量的资金价格波动率有所回升， 跨季资金价格波动放大。分阶段来看，6 月上旬，跨月后资金价格有所回落；中旬资金价格在税期、 政府债集中缴款等因素影响下逐步抬升；6 月下旬，临近跨季资金面趋紧，R007 抬升至 2.0%以上。 从央行操作来看，央行 6 月仅净投放 110 亿元流动性，其中 OMO 净投放 1360 亿元，MLF 缩量续 作，国库现金定存净回收 ...