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证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|------------------------------|-------|----------------|------------------|-------------|--------------------|------------------------------------------------------|--------|-----------------------|-------| | 2024 年 11 月 18 | 行业月度点评 食品饮料 \n 日 | | \n重点股票 EPS | \n2023A \n（元） | \nPE （倍） | 2024E \nEPS （元） | \n业绩靴子落地，静待基本面改善 \n \n PE （倍） EPS | （元） | 2025E \n PE （倍） | 评级 | | 评级 | 领先大市 | | 劲仔食品 | 0.46 | 26.85 | 0 ...

重点股票 2023A 2024E 2025E 评级 EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） 珀莱雅 3.01 30.73 3.82 24.21 4.75 19.47 买入 爱美客 6.14 35.09 6.93 31.09 7.83 27.52 买入 润本股份 0.56 43.86 0.73 33.64 0.91 26.99 买入 资料来源：iFinD，财信证券 2024 年 11 月 20 日 评级 同步大市 评级变动： 维持 % 1M 3M 12M 美容护理 2.83 22.04 -10.27 行业月度点评 美容护理 证券研究报告 美妆大盘回暖，消费信心或将持续修复 行业涨跌幅比较 -34% -14% 6% 26% 2023/11 2024/02 2024/05 2024/08 2024/11 美容护理 沪深300 沪深 300 1.54 18.73 11.71 张曦月 分析师 执业证书编号：S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 美容护理行业 2024 年 10 月月报：大促提前 开启，期待国货龙头"双十一"表现 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-----------------|---------|--------|--------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 11 月 | 22 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 3370.40 | 0.07 | | 【市场策略】市场全天震荡分化，上证指数相对较强 | | 深证成指 | | 10819.88 | -0.07 | | | | 创业板指 | | 2265.87 | -0.09 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 1011.46 | 0.89 | | 【债券研究】债券市场综述 | | ...

2024 年 11 月 18 日 评级 同步大市 评级变动： 维持 证券研究报告 行业点评 美容护理 双十一美妆大盘显著回暖，国货美妆龙头成绩亮眼 2024 年双十一总结 行业涨跌幅比较 -34% -14% 6% 26% 2023/11 2024/02 2024/05 2024/08 美容护理 沪深300 % 1M 3M 12M 美容护理 1.15 18.11 -11.67 沪深 300 0.19 19.93 10.80 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 美容护理行业 2024 年 10 月月报：大促提前开 启，期待国货龙头"双十一"表现 2024-10-18 2 美容护理行业 2024 年中报总结与展望：分化 加剧，美妆国货逆势崛起 2024-10-14 3 美容护理行业 2024 年 9 月月报：需求环比改 善，但板块整体持续性承压 2024-09-20 重点股票 2023A 2024E 2025E 评级 EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） 珀莱雅 3.01 30.66 3.8 ...

Investment Rating - The industry investment rating is "Outperform the Market" and the rating has been maintained [2][9]. Core Viewpoints - The battery market continues to show rapid growth, with production and sales maintaining a strong upward trend. The oversupply situation is gradually improving, and leading companies in the industry are excelling in technology, scale, cost, and customer relationships [9]. - In October 2024, China's total battery production reached 113.1 GWh, representing a month-on-month increase of 1.6% and a year-on-year increase of 45.5%. The cumulative production from January to October was 847.5 GWh, with a year-on-year growth of 38.3% [5]. - The market remains an effective incremental market, with a focus on leading companies such as CATL, EVE Energy, Tianneng Battery, Keda Technology, and Zhongke Electric [9]. Summary by Sections Industry Performance - The new energy battery sector has shown a significant year-on-year sales growth of 47.4% in October, with total sales reaching 110.3 GWh. The sales of power batteries accounted for 79.1 GWh, which is 71.7% of total sales [6]. - The export of batteries in October increased by 38.6% year-on-year, totaling 19.9 GWh, with power battery exports at 10.8 GWh [6]. Production and Market Share - In October, lithium iron phosphate batteries accounted for 79.1% of total battery production, benefiting from low costs and high safety, indicating a steady increase in market share [5]. - The domestic power battery installation volume reached 59.2 GWh in October, with a year-on-year growth of 51.0% [7]. Key Stocks and Valuation - Key stocks in the industry include CATL, Zhongke Electric, Keda Technology, and EVE Energy, all rated as "Buy" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios for 2023A, 2024E, and 2025E [4][9].

证券研究报告 晨会纪要 晨会纪要 2024 年 11 月 21 日 | --- | --- | |------------|--------| | | | | 市场数据 | | | 指数名称 | 涨跌 % | | 上证指数 | 0.66 | | 深证成指 | 0.78 | | 创业板指 | 0.50 | | 科创 50 | 0.45 | | 北证 50 | 3.07 | | 沪深 300 | 0.22 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 638219 | 495750 | 11.80 | 1.25 | | 深证成指 | 223406 | 190612 | 22.10 | 2.25 | | 创业板指 | 60393 | 49008 | 33.09 | 4.17 | | 科创 50 | 35 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong resilience in its performance, with a year-on-year revenue growth of 6.76% and a net profit growth of 10.16% for the first three quarters of 2024 [4][5] - The company is positioned as a leading player in the domestic advertising market, showcasing robust earnings and high dividend returns, indicating long-term investment value [6] Financial Performance Summary - Revenue for 2022 was 9,424.96 million, increasing to 11,903.72 million in 2023, with an expected revenue of 12,797.44 million in 2024 [4][10] - Net profit attributable to shareholders rose from 2,789.95 million in 2022 to 4,827.10 million in 2023, with a forecast of 5,206.76 million for 2024 [4][10] - Earnings per share (EPS) increased from 0.19 in 2022 to 0.33 in 2023, with an expected EPS of 0.36 in 2024 [4][10] - The company’s gross margin and net margin for the first three quarters of 2024 were 66.22% and 42.15%, respectively, showing slight improvements compared to the previous year [5] Market Comparison - The company's performance slightly outpaced the overall market, with the Chinese GDP growth at 4.8% and retail sales growth at 3.3% for the first three quarters of 2024 [5] - The advertising market showed varied growth rates, with the company maintaining a stable performance amidst these fluctuations [5] Future Projections - Expected revenues for 2024, 2025, and 2026 are 127.97 billion, 135.25 billion, and 141.26 billion, respectively, with net profits projected at 52.07 billion, 55.38 billion, and 57.72 billion [6][10] - The company is expected to maintain a price-to-earnings (P/E) ratio of 19.92 in 2024, decreasing to 17.96 by 2026 [6][10]

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证券研究报告 | --- | --- | --- | --- | --- | |----------------------------------------------------------|-----------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------| | | 策略点评 | | | | | | | | | 地产新政相继出台，关注相关实施细则 | | | | | | 房地产市场周报（ 11.18-11.24 ） | | 2024 年 11 月 18 | 日 | | | 投资要点 | | 上证指数 - 沪深 | 300 走势图 | | | 本周观点：由于前期存量需求充分释放，上周（ 11.11-11.17 ）商品房 销售规模延续下滑的态势。 30 大中城市商品房周度成交面积环比减少 | | | 上 ...