行业月度点评 银行 证券研究报告 利润增速回正，高股息价值延续 银行业 2024 年 9 月月报 2024 年 09 月 02 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 -16% -6% 4% 14% 24% 银行 沪深300 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 洪欣佼 研究助理 hongxinjiao@hnchasing.com | --- | --- | --- | --- | |------------|-------|-------|--------| | | | | | | % | 1M | 3M | 12M | | 银行 | -1.55 | -4.74 | 8.11 | | 沪深 300 | -4.51 | -8.80 | -13.89 | 相关报告 1 银行业 7 月金融数据点评：信用需求探底， 等待财政发力 2024-08-14 2 银行业 2024 年 8 月月报：降息靴子落地， 关注中报业绩 2024-08-02 3 银行业 6 月金融数据点评：融资需求偏弱， M1 继续下探 2024-07-16 资料来源：同 ...

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The automotive parts industry is experiencing a recovery, with overseas markets providing incremental growth opportunities [3] - The company reported a revenue of 10.38 billion yuan for the first half of 2024, representing a year-on-year growth of 12.37%, and a net profit of 0.925 billion yuan, up 64.95% year-on-year [3][4] - The company is expanding its production capacity in Serbia, with an investment of 4.62 billion yuan aimed at increasing the annual output of high-performance tires [4] Financial Summary - The company's main revenue is projected to grow from 20.17 billion yuan in 2023 to 22.56 billion yuan in 2024, and further to 28.26 billion yuan by 2026 [3][7] - Net profit is expected to increase from 1.39 billion yuan in 2023 to 2.26 billion yuan in 2024, reaching 3.23 billion yuan by 2026 [3][7] - Earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.53 yuan in 2024, and to 2.20 yuan by 2026 [3][7] - The price-to-earnings (P/E) ratio is projected to decrease from 17.51 in 2023 to 10.79 in 2024, indicating improved valuation [3][7] Market Performance - The company's stock price is currently at 16.53 yuan, with a 52-week price range of 15.43 to 24.29 yuan [1] - The total market capitalization is approximately 24.36 billion yuan [1]

证券研究报告 公司点评 苏泊尔(002032.SZ) 家用电器｜ 小家电 外销高增，内销保持稳定，整体经营稳健 2024 年 09 月 03 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 50.26 | | 52 周价格区间（元） | 45.05-60.55 | | 总市值（百万） | 40285.33 | | 流通市值（百万） | 40177.30 | | 总股本（万股） | 80153.90 | | 流通股（万股） | 79938.80 | 涨跌幅比较 苏泊尔 小家电 -18% -8% 2% 12% 22% 32% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com 相关报告 苏泊尔 2.15 -5.29 10.63 小家电 3.80 -18.59 -10.56 1 苏泊尔（002032.SZ）三季报点评：外销收入 承压，盈利有所修复 2022 ...

证券研究报告 行业周度点评 计算机 计算机板块 2024 中报总结：利润显著承压，AI 算 力&工业软件&电力 IT 表现稳健 | --- | --- | |---------------------|----------| | | | | 2024 年 09 月 | | | 评级 | 同步大市 | | | 维持 | 行业涨跌幅比较 计算机 沪深300 -38% -18% 2% 22% 2023/09 2023/12 2024/03 2024/06 2024/09 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 huangyijing@hnchasing.com | --- | --- | --- | --- | |------------|-------|--------|--------| | | | | | | % | 1M | 3M | 12M | | 计算机 | -5.39 | -14.14 | -35.38 | | 沪深 300 | -3.28 | -8.56 | -13.66 | 相关报告 1 计算机行业双周报：北美云厂商 C ...

证券研究报告 行业周度点评 计算机 计算机板块 2024 中报总结：利润显著承压，AI 算 力&工业软件&电力 IT 表现稳健 | --- | --- | |---------------------|----------| | | | | | | | | | | 2024 年 09 月 | | | 评级 | 同步大市 | | | 维持 | 行业涨跌幅比较 计算机 沪深300 -38% -18% 2% 22% 2023/09 2023/12 2024/03 2024/06 2024/09 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 huangyijing@hnchasing.com | --- | --- | --- | --- | |------------|-------|--------|--------| | | | | | | % | 1M | 3M | 12M | | 计算机 | -5.39 | -14.14 | -35.38 | | 沪深 300 | -3.28 | -8.56 | -13.66 | 相关报告 1 计算机行 ...

2024 年 09 月 04 日 评级 增持 | --- | --- | |-----------------------|-------------| | 交易数据 | | | 当前价格（元） | 19.12 | | 52 周价格区间（元） | 17.50-22.83 | | 总市值（百万） | 260802.56 | | 流通市值（百万） | 217331.00 | | 总股本（万股） | 1482054.70 | | 流通股（万股） | 1398676.10 | 涨跌幅比较 中信证券 证券Ⅱ -24% -14% -4% 6% 2023-09 2023-12 2024-03 2024-06 2024-09 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 中信证券 | 2.05 | 5.37 | -12.71 | | 证券Ⅱ | -3.07 | -5.92 | -18.46 | 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com ...

2024 年 09 月 03 日 评级 增持 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 57.05 | | 52 周价格区间（元） | 57.05-94.46 | | 总市值（百万） | 66263.40 | | 流通市值（百万） | 40450.22 | | 总股本（万股） | 136419.70 | | 流通股（万股） | 136410.10 | 涨跌幅比较 青岛啤酒 非白酒 -37% -27% -17% -7% 3% 13% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 青岛啤酒 -15.10 -24.57 -36.74 非白酒 -8.59 -16.98 -33.78 1 青岛啤酒（600600.SH）2023 年年报点评：延 续中高端化趋势 2024-04-02 证券研究报告 公司点评 青岛啤酒(600600.SH) 食品饮料｜ 非白酒 ...

证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|---------------| | 当前价格（元） | 227.94 | | 52 周价格区间（元） | 162.67-239.88 | | 总市值（百万） | 91178.30 | | 流通市值（百万） | 91178.30 | | 总股本（万股） | 40001.00 | | 流通股（万股） | 40001.00 | 涨跌幅比较 东鹏饮料 饮料乳品 -17% -7% 3% 13% 23% 33% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 东鹏饮料 -2.09 5.27 23.97 饮料乳品 -6.27 -18.67 -16.28 1 东鹏饮料（605499.SH）年报及一季报点评： 势能不减，持续高增 2024-05-09 公司点评 东鹏饮料(605499.SH) 食品饮料｜ 饮料乳品 规模效应显现，业绩 ...

策略点评 证券研究报告 需求端政策持续发力，高能级城市更具韧性 房地产市场周报（09.02-09.08） 投资要点 本周观点：受近期持续高温等因素的影响，上周（8.26-9.1）商品房销 售量略有下降，但相比 8 月中上旬仍明显改善，30 大中城市商品房成 交面积环比减少 3.87%；其中一线城市销售环比增加 11.33%，而二三 线城市分别下降 5.35%和 20.42%，各能级城市间分化明显。从政策面 来看，近期以来各地方政府在需求端持续加大政策支持力度，如广州 明确满足交房条件和过户条件的新建商品房购房者在交齐房款时，可 以实现"购房即交房、交证"；南京优化公积金相关政策，同时放松 首套房的认定标准、取消建筑面积限制；海南近日公开征求意见，拟 加大住房公积金租房提取支持力度等。在地方政府政策持续发力的同 时，公安部近日表示，将加快推行经常居住地登记户口制度，全面落 实城区常住人口 300 万以下城市取消落户限制要求，全面放宽城区常 住人口 300 万至 500 万城市落户条件，完善城区常住人口 500 万以上 超大特大城市积分落户政策，户籍制度改革有望与各地需求端政策形 成合力，促进住房需求的恢复。总体 ...

Investment Rating - The report assigns a "Buy" rating for Hisense Home Appliances (000921.SZ) [1] Core Views - The company has maintained strong export performance and stable profitability in the white goods sector, with a significant increase in revenue and net profit in the first half of 2024 [1][5] - The report highlights that the company's revenue for H1 2024 reached 48.64 billion yuan, a year-on-year increase of 13.3%, and the net profit attributable to shareholders was 2.02 billion yuan, up 34.6% year-on-year [5][6] - The report anticipates continued growth in revenue and net profit for the coming years, projecting revenues of 95.5 billion yuan in 2024, 104.5 billion yuan in 2025, and 112.9 billion yuan in 2026 [5][6] Summary by Sections Investment Rating Changes - The current price is 24.75 yuan, with a 52-week price range of 19.71 to 42.99 yuan [2] - The total market capitalization is approximately 31.57 billion yuan, and the circulating market capitalization is about 22.57 billion yuan [2] Financial Performance - The company reported a revenue of 741.15 billion yuan in 2022, which is expected to grow to 954.99 billion yuan in 2024 and reach 1,129.03 billion yuan by 2026 [5][7] - The net profit attributable to shareholders is projected to increase from 14.35 billion yuan in 2022 to 33.04 billion yuan in 2024, and further to 38.70 billion yuan in 2026 [5][7] - The earnings per share (EPS) is expected to rise from 1.03 yuan in 2022 to 2.38 yuan in 2024 and 2.79 yuan in 2026 [5][7] Business Segments - The report indicates that the export performance of the company is outperforming domestic sales, with significant growth in the refrigerator, washing machine, and air conditioning sectors [6] - The revenue from the HVAC segment in H1 2024 was 22.77 billion yuan, a year-on-year increase of 7.6%, while the ice washing segment achieved 14.69 billion yuan, up 26.8% [6] Profitability Metrics - The gross profit margin for H1 2024 was reported at 21.3%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 6.2%, an increase of 0.4 percentage points [6] - The report projects a price-to-earnings (P/E) ratio of 10.39 for 2024, indicating a favorable valuation compared to historical levels [5][7]