证券研究报告 公 2024年06月03日 司 报 告 比亚迪(002594) │ 行 业： 汽车/乘用车 公 投资评级： 买入（维持） 司 当前价格： 229.02元 5 月销量同环比提升，DM-i5.0 带动产品力向上 点 目标价格： 267.73元 评 研 事件： 究 基本数据 2024年6月2日，比亚迪发布2024年5月产销快报，5月新能源汽车销量33.2 总股本/流通股本(百万股) 2,909.27/1,098.00 万辆，同比+38.1%，环比+5.9%，2024年1-5月新能源汽车销量合计127.1万 流通A股市值(百万元) 266,229.01 辆，同比+26.8%。  5月销量表现亮眼，高端车型占比环比提升 每股净资产(元) 49.15 5月王朝+海洋销量31.5万辆，同比+38.2%，环比+5.8%，腾势销量1.2万辆， 资产负债率(%) 77.14 同比+11.1%，环比+9.9%，仰望销量608辆，环比-36.1%，方程豹销量2430辆， 一年内最高/最低(元) 276.58/162.77 环比+15.2%，5月高端品牌销量占比4.6%，同比持平，环比+0.1pct。2024年 1-5 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.47 HKD [7]. Core Insights - The company achieved a significant year-on-year increase in May sales, with a total of 161,000 vehicles sold, representing a 38.5% increase compared to the previous year [1]. - The company is accelerating its transformation towards new energy vehicles and high-end products, with a notable increase in the penetration rate of new energy vehicles [2]. - The company is expanding its global market presence, with exports increasing by 67.8% year-on-year in May [3]. - The listing of the Zeekr brand on the New York Stock Exchange is expected to support the long-term development of the brand and enhance the company's product matrix [4]. Sales Performance - In May, the Geely brand sold 120,000 vehicles, a 29.5% increase year-on-year, while the Zeekr brand saw a remarkable 114.5% increase [2]. - Cumulative sales for the first five months of 2024 reached 790,000 vehicles, a 45.1% increase year-on-year [1]. New Energy Vehicle Growth - In May, the company sold 59,000 new energy vehicles, marking a 145.9% increase year-on-year, with a penetration rate of 36.5% [2]. - Cumulative sales of new energy vehicles for the first five months reached 254,000 units, a 125.8% increase year-on-year [2]. Export Performance - The company exported 37,000 vehicles in May, accounting for 23.0% of total sales, with cumulative exports for the first five months reaching 162,000 vehicles [3]. Financial Forecast - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion CNY for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 24.6%, 19.3%, and 15.1% [5]. - The net profit attributable to shareholders is expected to be 70.8 billion, 85.3 billion, and 99.8 billion CNY for the same years, with growth rates of 33.4%, 20.5%, and 16.9% respectively [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests continuous attention to the company's performance and potential [6]. Core Insights - In May 2024, the company delivered 35,020 vehicles, representing a year-on-year growth of 23.8% [1]. - The launch of the L6 model has positively impacted sales momentum, with over 15,000 units delivered since its release on April 24, 2024 [1]. - The company has achieved the first A-level certification for its AI smart cockpit, enhancing user experience through its self-developed Mind GPT model [2]. - The service and charging ecosystem is expanding, with 487 retail centers and 426 supercharging stations established across the country [3]. - Revenue projections for 2024-2026 are estimated at 155.5 billion, 231.7 billion, and 314.2 billion yuan, with respective growth rates of 25.5%, 49.1%, and 35.6% [4]. Summary by Sections Sales Performance - In May 2024, the company delivered 35,020 vehicles, a 23.8% increase year-on-year, with cumulative deliveries reaching 775,000 units [1]. - The L6 model's launch has significantly boosted sales, with expectations for further growth due to promotional financing options [1]. Technological Advancements - The company’s L9 Ultra model received the first A-level certification for AI smart cockpit capabilities, indicating a strong focus on technological innovation [2]. - The Mind GPT model enhances the smart cockpit's functionality, achieving a user satisfaction score of 8.59 [2]. Ecosystem Development - The company has established 487 retail centers and 426 supercharging stations, enhancing its service and charging network across 144 cities [3]. - The expansion into lower-tier cities is expected to further strengthen the service ecosystem [3]. Financial Projections - Revenue forecasts for 2024-2026 are 155.5 billion, 231.7 billion, and 314.2 billion yuan, with growth rates of 25.5%, 49.1%, and 35.6% respectively [4]. - The projected net profit for the same period is 10.81 billion, 17.86 billion, and 29.25 billion yuan, with growth rates of -7.6%, 65.2%, and 63.7% [4].

Investment Rating - The report assigns a "Hold" rating for the company, with a current price of HKD 32.35 and a target price not specified [7]. Core Insights - The company reported a significant improvement in sales, with May 2024 deliveries reaching 10,146 units, a year-on-year increase of 35% and a month-on-month increase of 8% [1][2]. - Cumulative deliveries for the first five months of 2024 totaled 41,360 units, reflecting a 26% year-on-year growth [1][2]. - The launch of new models, particularly the X9, has contributed positively to sales, with the X9 delivering 1,625 units in May and leading the pure electric MPV market [2]. - The company is expanding its overseas market presence, particularly in Australia and France, with key models like the G9 and G6 set to be introduced [2]. - The upcoming launch of the Mona brand's first model in June is expected to enhance the company's market position in the compact electric sedan segment [3]. - The penetration rate of the XNGP urban intelligent driving system reached 84%, with coverage expanding to 283 cities [4]. - Financial forecasts indicate a potential sales turning point, with projected sales of 220,000, 610,000, and 750,000 units for 2024, 2025, and 2026, respectively, leading to significant revenue growth [5]. Financial Data Summary - Revenue projections for 2024, 2025, and 2026 are estimated at CNY 50.57 billion, CNY 98.05 billion, and CNY 109.27 billion, with year-on-year growth rates of 64.8%, 93.9%, and 11.4% respectively [6]. - The company is expected to report net losses of CNY 5.69 billion in 2024, narrowing to CNY 717 million in 2025, and achieving a profit of CNY 2.93 billion in 2026 [6]. - The EBITDA for the same years is projected to be -CNY 5.77 billion, -CNY 386 million, and CNY 3.01 billion, indicating a significant turnaround in profitability [6].

证券研究报告 行 2024年06月02日 业 报 投资建议： 强于大市（维持） 告 房地产行业周报（5.27—5.31） │ 上次建议： 强于大市 行 业 相对大盘走势 一线城市跟进宽松政策，基本面有望企稳 周 房地产 沪深300 报 20% ➢ “以旧换新”政策持续推进 0% 一线城市如上海、深圳、广州以及郑州等重点城市积极推行“以旧换新” 政策，刺激房地产市场需求，加速存量房产的消化。据链家统计，截至2024 -20% 年5月28日，上海链家带客“以旧换新”已促成145套新房交易，并新增 -40% 12套二手房挂牌，政策在激活市场方面的初步成效。通过政策支持，不仅 2023/6 2023/10 2024/1 2024/5 帮助消化存量房，还通过提供多样化的高质量新建商品房，满足居民的改 善性住房需求。 作者 ➢ 降首付、降利率政策陆续落地 分析师：杨灵修 一线城市对首付和利率进行了调整，广州政策力度较大，非本市户籍家庭 执业证书编号：S0590523010002 购房者的首套和二套住房最低首付比例分别调整为15%和25%，并取消房贷 邮箱：yanglx@glsc.com.cn 利率下限。这一政策调整明显降 ...

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 好的各位尊敬的投资人大家下午好我是国联视频邓周桂今天跟各位汇报一下我们前期在华北市场的一个调研情况我们最近也是出了一个河北市场的一个专题报告 是主要是针对河北的这个这几年的白酒的行业做一个分析以及当前最新的河北龙头公司白甘酒做一个更新那首先第一部分讲一下整个河北市场的一个白酒的一个表现情况那河北市场白酒来看大概二三年是大概是有三百亿的一个规模其中 呃省内的一个市场规模呢三年大概是有呃73个亿的一个规模同比现在是25%的一个增速呃省外的一个占比相对来说会要更高一些像外的品牌主要包括像呃老教啊呃还有老教是第一大品牌然后像杨和像粉酒其实这些品牌都是有比较强的这样的一个市场占有率那从呃省内的一个趋势来看的话呢目前呃白酒还 ...

Summary of Conference Call Company or Industry Involved - The conference call is associated with Guolian Securities Research Institute, focusing on investment management and advisory services. Core Points and Arguments - The call is intended exclusively for clients on the whitelist of Guolian Securities Research Institute, emphasizing the selective nature of the audience [1] - It is clearly stated that the content of the meeting does not constitute investment advice, highlighting the importance of independent decision-making by participants [1] - Participants are reminded that they bear the responsibility for their investment decisions and any associated risks [1] - Guolian Securities disclaims any liability for losses incurred by individuals using the content of the meeting [1] Other Important but Possibly Overlooked Content - The call underscores the regulatory framework surrounding investor suitability, indicating a focus on compliance and responsible investment practices [1]

证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主做出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载 转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利好的各位投资者大家这个周的下午好欢迎大家这个收听我们国联消费啊这个消费连连看的栏目呃这个月呢这个这周啊就给他会汇报一下我们六月份的这个消费金股的一个情况那首先由我来汇报一下这个家电行业我们六月份的金股 我是国联家电晴空的管权森那么六月份呢我们放的这个家电晴空是这个黑店的龙头海星石像为什么这个时间点去建议大家重视这个事实上的一个配置价值啊就是一方面一方面是这个六月份的确实是这个欧洲杯马上要开幕以及这个八月份还有这个奥运会啊所以这种体育赛事呢他的确历史上经验来看呢对这种 黑店的海外的这种景气度包括说对整体的行业本身大平化高端化的进程都有不错的一个催化带动效应所以在6月份我们也是建议大家重视上一个行业层面编辑的变化以及要重视公司 ...

证券研究报告 行 2024年06月01日 业 报 投资建议： 强于大市（维持） 告 传媒 上次建议： 强于大市 │ 行 业 相对大盘走势 腾讯元宝发布，国产 AI 应用百花齐放 点 传媒 沪深300 评 10% 研 ➢ 行业事件： 究 -10% 5月30日，腾讯发布基于混元大模型的AI产品“元宝”，支持图片、文件、 音频等多模态输入格式，核心使用场景包括：1）工作场景：AI搜索（结合 -30% 微信公众号的海量优质内容）、AI总结、AI写作等；2）生活场景：AI作图 -50% 绘画、创意头像等，同时支持创建个性化智能体。 2023/6 2023/9 2024/1 2024/5 ➢ 国产AI应用落地显著加速，聚焦工具、文娱两大方向 作者 2024 年以来，国内头部互联网企业及初创公司密集发布 AI C 端产品。从 分析师：丁子然 应用场景来看，主要聚焦两个方向：1）工具类，代表性产品包括百度“文 执业证书编号：S0590523080003 心一言”、腾讯“元宝”、月之暗面“Kimi智能助手”等，产品形态多为“类 邮箱：dingzr@glsc.com.cn ChatGPT”的聊天对话机器人，作为用户工作、生活的“ ...

证券研究报告 行 2024年05月31日 业 报 投资建议： 强于大市（维持） 告 社会服务 │ 上次建议： 强于大市 行 业 相对大盘走势 循环经济，万物新生 专 社会服务 沪深300 题 10% 研 ➢ 全球二手经济市场：行业高速增长 究 -7% 从日本二手市场发展背景看，二手经济具备逆周期性，经济增长放缓时， 二手经济迎接蓬勃发展。当前，全球经济发展的不确定性增加、生活成本 -23% 上升及消费理念的变迁背景下，全球二手交易市场持续升温。GlobalData -40% 分析报告显示，2022年全球二手市场增速达到28%；2023年美国二手市 2023/5 2023/9 2024/1 2024/5 场规模增速预计为26%，并有望在2024年延续强劲增长势头。预计到2027 年，全球二手市场将翻一番，达到3500亿美元。 作者 分析师：邓文慧 ➢ 中国二手电子消费市场：市场大格局散 执业证书编号：S0590522060001 伴随二手交易便利性和标准化程度的提高、居民消费理念的变迁，中国二 邮箱：dengwh@glsc.com.cn 手消费电子交易市场快速发展。2018年至2022年间，按流转交易额计的 分 ...