盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明： HTIRL 分析师认证 Analyst Certification: 我， 王沈昱，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表 达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研 究报告发布后的 3 个工作日内交易此研究报告所讨论目标公司的证券。I, Oscar Wang, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my ...

面对日本较为不确定的金融政策环境，6 月份的日本股票市场整体延续了上个月的区 间震荡的走势。法国等国的政局不稳导致欧州的货币和股市承压，也部分影响到了日 本股市的情绪。但临近月末，在日元贬值和长期利率上升的背景下，日本股市重拾上 涨动力，6 月日经指数收于 39583.1 点，比上月上涨 2.85%，而 Topix 指数收于 2809.63， 较上月上涨了 1.34%。 Chart 2. 东证市场上不同投资者的周度资金流向 Sources: JPX, HTI 市场对日本两国央行的货币政策的预期仍是短期内市场波动的主要因素。6 月 FOMC 的点阵图意味着今年降息次数的共识预期已经下调为 1 次，但美国进入 6 月份之后发 布的经济数据有所走弱，通胀，失业人数，零售和房地产数据均低于预期。10 年期美 债利率稳中有降，月底下行至 4.26%的水平，美国股市坚挺。 2 Jul 2024 2 [Table_header1] 日本策略 日本央行在 6 月份的例会上正式宣布要减少购买国债，但具体方案推迟到下次 7 月份 的例会公布。央行的鸽派倾向令日本 10 年期国债收益率一度出现了短暂的回调。但 其后公布的 5 月日 ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expectation that the stock's total return will exceed the relevant broad market benchmark over the next 12-18 months [8][9]. Core Insights - The company primarily engages in the production, research, and sales of life nutrition products, pharmaceutical manufacturing, and pharmaceutical commerce. Key products include synthetic vitamins E, A, D3, and various pharmaceutical formulations [33][36]. - In 2023, the company reported total revenue of RMB 7.794 billion, a decrease of 3.96% year-on-year, with a net profit attributable to shareholders of RMB 430 million, down 20.37% from the previous year [19][36]. - The life nutrition segment remains the main revenue source, contributing RMB 3.273 billion, which accounts for 41.99% of total revenue, despite a year-on-year decline of 14.80% [28][36]. - The pharmaceutical manufacturing segment achieved sales of RMB 2.192 billion, representing 28.13% of total revenue, with an increase of 8.74% year-on-year [28][36]. - The pharmaceutical commerce segment generated RMB 2.244 billion in sales, accounting for 28.79% of total revenue, marking a year-on-year increase of 5.03% [28][36]. Summary by Sections Financial Performance - The company’s revenue for 2021-2023 was RMB 9.129 billion, RMB 8.116 billion, and RMB 7.794 billion, with year-on-year growth rates of 24.60%, -11.10%, and -3.96% respectively. Gross profit margins were 40.85%, 34.47%, and 32.39%, while net profit margins were 9.69%, 4.47%, and 3.55% [19][36]. Product Development and Market Strategy - The company is actively promoting the registration of its leading products and advancing construction projects. Notable achievements include the consistency evaluation of progesterone soft capsules and ongoing technological advancements and product optimizations [29][50]. - The company is expanding its market presence in "Belt and Road" countries to offset challenges in traditional markets [28][50]. Market Trends and Pricing - Recent price increases for vitamins such as VE and VD3 are attributed to improved profitability in the farming industry and stable supply-demand dynamics. For instance, the domestic market price for VA rose from RMB 70.29 to RMB 86.86 per kg, a 23.57% increase [30][51]. - The main application for these vitamins is in animal feed, which constitutes over two-thirds of the demand [30][51]. Segment Performance - The life nutrition segment's revenue decreased due to a decline in the sales of vitamin products amid complex international conditions. However, the pharmaceutical manufacturing and commerce segments showed resilience with positive growth [28][36].

海外重点公司 INDITEX & lululemon 披露 24Q1 业绩。INDITEX 24Q1 录得营收 82 亿 欧元/同比+7.1%，净利润 13 亿欧元/同比+10.8%，呈现稳健增长态势。公司春夏产品 销售良好有望延续至 Q2，Q2 开始至今线上线下销售同比+12%。lululemon 24Q1 录得 营收 22 亿美元/yoy+10%（此前指引为 9-10%），摊薄 EPS2.54 美元/yoy+11.4%（略超此 前 指 引 2.35-2.40 美 元 ）。 公 司 在 美 国/加 拿 大/中国大 陆/其 他 地 区 营 收 同 比 +2%/+11%/+45%/+27%，美国市场较为疲软，增长主要由中国与其他地区驱动。 低利率背景下，白电龙头高股息稳增长低估值优势依旧突出。行业成长方面，白 电行业内销表现稳健，外销规模持续扩张。白电一线龙头经营稳健，整体规模稳中保 增，二线龙头自身 alpha 催化下弹性更佳，持续建议关注白电龙头美的集团、海尔智 家、海信家电、格力电器、TCL 智家等。产业链方面关注制冷技术协同下布局新能源 汽车、涉足机器人领域的三花智控、以及受益冰箱能效+高端化推动下的隔 ...

公司研究/食品 证券研究报告 卫龙美味(9985.HK)公司研究报告 首次覆盖:中国辣味休食龙头, 盈利能力优异,第二曲线快速成长 投资要点: 中国领先辣味休食企业,盈利能力优异。公司是中国领先的辣味休闲食品企 业,根据招股说明书援引弗若斯特沙利文的资料,按 2021 年零售额计,公司 在中国所有辣味休闲食品企业中排名第一,市场份额达到 6.2%,且在调味面 制品及辣味休闲蔬菜制品细分品类的市场份额均排名第一。此外公司是中国 倍受年轻消费者喜爱的休闲食品品牌。公司营收从 2018 年的 27.52 亿元增长 至 2023 年的 48.72 亿元(CAGR=12.10%),保持稳健成长。 辣卤休食行业前景广阔,公司单品仍有较大提升空间。辣味休闲食品的零售 额由 2016 年的 1139 亿元增长至 2021 年的 1729 亿元(CAGR=8.7%),高于中 国整体休闲食品行业年复合增长率。此外辣味休闲食品在整体休闲食品行业 中的份额从 2016 年的 18.6%扩张至 2021 年的 21.0%,呈现较高景气度。公司 是中国休闲食品行业内增长最快、盈利能力最强的企业之一。对比三只松鼠 坚果 41.07 亿元、 ...

海通家电周报(24W25):一线白电龙头性价比愈发突出 Haitong Household Appliances Weekly (24W25): Leading White Appliances Brands Becoming More Cost-effective 陈子仪Ziyi Chen ziyi.chen@htisec.com 朱默辰Mochen Zhu mc.zhu@htisec.com 28 Jun 2024 板块核心观点 经过近期调整,高股息稳增长低估值的一线白电龙头性价比愈发突出,预计中报业绩仍将维持较好的收入利润增长。 出海成长方向,石头科技渠道持续快速拓展,份额稳步走高,行业成长性和自身α突出,近期调整后PE估值已回落至 不足20倍,性价比极高。另外,TCL电子长期逻辑好,短期业绩佳,估值对比同行折价明显,积极关注。 白电:收入端稳健增长,估值低位提供充分安全垫。关注估值底部的白电龙头:美的集团、格力电器、海尔智家、海 信家电。 小家电:行业出口持续回暖,内销表现平稳,新品类新渠道贡献增长点,推荐小熊电器、飞科电器、新宝股份。 清洁电器:扫地机器人全基站产品持续研发降本降价打开国内市场空间, ...

27 Jun 2024 Global New Energy & ESG 国际能源与 ESG 周报 (6/17-6/23): 欧美天然气期价下跌,全球电网投资维持高景气度 Global Energy and ESG Updates: Natural Gas Futures Prices Decline in Europe and the United States, Global Power Grid Investments Maintain High Prosperity 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com 热点速评 Flash Analysis (Please see APPENDIX 1 for English summary) 核心观点: 中国:1)天然气:本周中国 LNG 到岸价较上周有所下跌,市场价继续小幅上涨。2)电力:5 月规上工业发电量增 速放缓,火电、核电由增转降,水电、太阳能发电增速加快,风电降幅收窄。3)储能锂电:工信部修订《锂离子电 池行业规范条件》和《锂离子电池行业规范公告管理 ...

HAI Vietnam Banks MSCI China 80 90 100 110 120 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 资料来源: Factset, HTI Related Reports 28 Jun 2024 越南银行行业 Vietnam Banks 越南银行研究系列之一:市值占比不断提升,国有行借助杠杆 ROE 最高 Vietnam Banks Series I: Increasing Portion in Stock Market, State-owned Banks ROE Highest from Leverage 观点聚焦 Investment Focus (Please see APPENDIX 1 for English summary) 目前越南银行板块市值占比超过 A 股港股,2016-2023 年市值涨幅 超过 500%。2016 年起,越南胡志明交易所银行板块市值占比稳步 逐年提升,从 19%提升至 2023 年的 38%,银行板块市值从 284 万亿 越南盾提升至 1720 万亿越南盾,7 年间涨幅超过 500%。可见银行 板块在越南股市 ...

Revenue Insights - In the first five months of 2024, the national general public budget revenue decreased by 2.8% year-on-year, with May's revenue growth at -3.2%, a slight improvement from April's -3.7%[29] - Non-tax revenue showed a significant increase of 10.3% year-on-year, with May's monthly growth at 15.8%, up from April's 5.8%[59] Expenditure Trends - General public budget expenditure grew by 3.4% year-on-year in the first five months of 2024, with May's monthly growth at 2.6%, down from April's 6.1%[40] - The expenditure completion rate for the first five months was 39.4%, higher than the average of the past three years[40] Government Fund Performance - Government fund budget revenue fell by 10.8% year-on-year in the first five months, with May's monthly decline at 22.2%, worsening from April's -18.2%[67] - Government fund expenditure decreased by 19.3% year-on-year, with May's monthly decline at 14.2%, an improvement from April's -35.9%[68] Real Estate Impact - Land transfer income in May saw a year-on-year decline of 27.4%, indicating ongoing pressure in the real estate sector[67] - Recent real estate support policies have been introduced, but sales remain below historical levels, necessitating ongoing monitoring of recovery[44]

Investment Rating - The report assigns an "OUTPERFORM" rating to Samsonite International (1910 HK) with a target price of HK$37.21 [1]. Core Insights - Samsonite announced a share repurchase plan of up to USD 200 million (approximately HKD 1.56 billion), marking its first repurchase since its Hong Kong listing. This represents 4.34% of equity and 4.4% of market capitalization based on the closing price on June 6 [2][9]. - The board expresses long-term confidence in the company, believing the current stock price is below its intrinsic value, which reflects confidence in the company's long-term business and growth prospects [2][9]. - The repurchase plan aims to offset the dilution effect from previous stock option grants made in 2012 and 2022 [2][9]. - Global travel is expected to continue its recovery, with passenger travel in 2024 projected to reach 106% of 2019 levels, and a CAGR of 9.1% from 2023 to 2026 [2][9]. - The company maintains a solid position as the world's largest luggage leader, with ongoing Tumi store openings and long-term growth potential in the Asia-Pacific region [2][9]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at USD 3.96 billion and USD 4.30 billion, respectively, with year-on-year growth rates of 7.6% and 8.45% [4][6]. - Net profit is forecasted to be USD 463.22 million in 2024 and USD 511.89 million in 2025, reflecting year-on-year growth rates of 11.08% and 10.51% [4][6]. - The report anticipates a diluted EPS of USD 0.32 for 2024 and USD 0.35 for 2025, with a gross margin projected to improve from 59.28% in 2023 to 60.00% by 2026 [4][6].