2024 年 7 月 12 日 朱吉翔 C0044@capital.com.tw 目标价 370 元 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 电子 | | A 股价(2024/7/11) | 313.27 | | 深证成指(2024/7/11) | 8870.36 | | 股价 12 个月高/低 | 336.96/212.9 | | 总发行股数(百万) | 531.02 | | A 股数(百万) | 530.56 | | A 市值(亿元) | 1662.08 | | 主要股东 | 北京七星华电 | | | 科技集团有限 | | | 责任公司 | | | (33.56%) | | 每股净值(元) | 47.41 | | 股价/账面净值 | 6.61 | | | 三个月 一年 | | 股价涨跌(%) | -4.3 1.1 7.1 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4][5]. Core Insights - The company is expected to achieve a net profit of RMB 6.5-7.3 billion for the first half of 2024, representing a year-over-year increase of 377%-436%. The adjusted net profit is projected to be RMB 5-6 billion, with a year-over-year growth of 567%-700% [4][5]. - The company is accelerating its product introduction in overseas markets, with significant growth in sales expected due to an expanding sales network and increased market share [4]. - The company is also focusing on smart transformation, launching new intelligent driving systems and collaborating with Huawei for advancements in smart cockpit technology [4][5]. Financial Performance - The company reported a 7.8% year-over-year increase in vehicle sales for the first half of 2024, with total sales reaching 559,700 units. Export sales saw a remarkable growth of 63% during the same period [5]. - The Tank brand has shown exceptional performance, with sales increasing by 99% year-over-year, making it the top-selling SUV in the off-road vehicle segment [5]. - The projected net profits for 2024, 2025, and 2026 are RMB 12.6 billion, RMB 15.5 billion, and RMB 18.6 billion, respectively, with year-over-year growth rates of 79%, 23%, and 20% [6][10]. Valuation Metrics - The current price-to-earnings (P/E) ratios for A-shares are projected to be 18, 14, and 12 for 2024, 2025, and 2026, respectively. For H-shares, the P/E ratios are expected to be 7.6, 6.1, and 5.1 for the same years [4][6]. - The earnings per share (EPS) estimates for the next three years are RMB 1.47, RMB 1.81, and RMB 2.18, reflecting strong growth potential [6][10].

m 2024 年 07 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 26.5 公司基本资讯 | | | |---------------------|--------| | 产业别 | | | A 股价(2024/7/10) | | | 上证指数(2024/7/10) | | | 股价 12 个月高/低 | | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | 股价/账面净值 | | | | 一个月 | | 股价涨跌(%) | | 近期评等 | | | | |----------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | -- | -- | -- | 产品组合 | | | |----------|-------| | 高压板块 | 55.6% | | 配网板块 | 26.3% | | 运维服务 | 10.6% | | | | |------------------|--------| | 机构投资者占流通 ...

2024 年 07 月 10 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 公司基本资讯 | | | | |--------------------|--------|----------------| | 产业别 | | 化工 | | A 股价(2024/7/9) | | 19.82 | | 上证指数(2024/7/9) | | 2959.37 | | 股价 12 个月高/低 | | 22/13.44 | | 总发行股数(百万) | | 1834.33 | | A 股数(百万) | | 1834.33 | | A 市值(亿元) | | 363.56 | | 主要股东 | | 云天化集团有 | | | | 限责任公司 | | | | (38.12%) | | 每股净值(元) | | 10.04 | | 股价/账面净值 | | 1.97 | | | 一个月 | 一年 | | 股价涨跌(%) | | -3.3 -0.8 22.4 | 近期评等 | | | | |------------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | 2024. ...

Investment Rating - The report assigns a "Strong Buy" rating with a potential upside of at least 35% [6]. Core Views - The Internet of Things (IoT) industry is showing significant recovery, with the inventory destocking phase over and global downstream demand gradually recovering, particularly in automotive and AIoT scenarios. The company, as a leading IoT module provider, is expected to benefit significantly from this recovery [4]. - The company's net profit forecasts for 2024-2026 are projected at 598 million, 721 million, and 878 million RMB, representing year-over-year growth rates of +560%, +20%, and +22% respectively. The earnings per share (EPS) are expected to be 2.26, 2.72, and 3.2 RMB, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 13 [5][17]. - The company has secured significant overseas orders in the automotive sector, which are expected to enhance performance starting in 2026, with total sales estimated between 742 million and 1.309 billion USD over the project's lifecycle [10]. Summary by Sections Company Overview - The company operates in the telecommunications sector, with a current A-share price of 44.26 RMB and a market capitalization of 11.71 billion RMB. The stock has seen a 12-month high of 63.39 RMB and a low of 29.71 RMB [1]. Financial Performance - In Q2, the company achieved a record revenue of 4.284 billion RMB, a 27% year-over-year increase, and a net profit of approximately 145 million RMB, reflecting a 640% increase year-over-year and a 165% increase quarter-over-quarter. The net profit margin improved to 3.4%, up 2.8 percentage points year-over-year [9]. Market Trends - The global IoT module shipment volume declined by 2% in 2023 due to reduced demand, but is expected to recover in the second half of 2024 as inventory levels normalize and demand from sectors like smart meters, POS systems, and automotive increases. A significant market growth is anticipated by 2025 with the application of 5G technologies [4]. Product Portfolio - The company's product mix is heavily weighted towards wireless communication modules, accounting for 98.67% of its offerings, with the remaining 1.33% from other products [1]. Future Outlook - The company is well-positioned to leverage advancements in AIoT technology, with ongoing developments in edge computing and AI applications, which are expected to drive new growth opportunities [16].

| | | |-----------------------|------| | 2024 年 07 月 08 日 | | | 费倩然 | | | H70507@capital.com.tw | | | 目标价(元) | 14.4 | | | | | | |--------------------|--------|--------|--------------| | 公司基本资讯 | | | | | 产业别 | | | 化工 | | A 股价(2024/7/5) | | | 11.59 | | 深证成指(2024/7/5) | | | 8695.55 | | 股价 12 个月高/低 | | | 12.58/8.6 | | 总发行股数(百万) | | | 1916.48 | | A 股数(百万) | | | 1903.60 | | A 市值(亿元) | | | 220.63 | | 主要股东 | | | 鲁西集团有限 | | | | 公司 | (25.69%) | | 每股净值(元) | | | 8.99 | | 股价/账面净值 | | | 1.29 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 ...

| | | |---------------------|----| | 2024 年 7 月 8 日 | | | 朱吉翔 | | | C0044@capitalcom.tw | | | 目标价(元) | 72 | | | |--------------------| | 公司基本资讯 | | 产业别 | | A 股价(2024/7/5) | | 上证指数(2024/7/5) | | 股价 12 个月高/低 | | 总发行股数(百万) | | A 股数(百万) | | A 市值(亿元) | | 主要股东 | | | | | | 每股净值(元) | | 股价/账面净值 | | | | 股价涨跌(%) | 近期评等 出刊日期 前日收盘 评等 | | | |----------------|-----| | 产品组合 | | | 互联类芯片 | 96% | | 津逮服务器平台 | 4% | 机构投资者占流通 A 股比例 基金 19.7% 一般法人 25.8% 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 澜起科技(688 ...

| 2024 年 06 月 28 赵旭东 | 日 | | 太阳纸业 | (002078.SZ) | 区间操作 | | (Trading Buy) | |-------------------------------------|-----------------|--------------------------------|----------------|-----------------------------------------------------------|----------------------------|--------------------------------------------------------|---------------------| | H70556@capital.com.tw | | | | | | | | | 目标价(元 ) | | 15.8 | | 浆强纸弱格局下,公司林浆纸一体化韧性凸显 | | | | | 公司基本信息 | | | 结论与建议: | | | | | | 产业别 | | 轻工制造 | | | | | | | A 股价(202 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7]. Core Insights - The company is experiencing steady growth in the sales of the 9-valent HPV vaccine, with a year-over-year increase of 14% in batch approvals from January to May [5]. - The company has entered into an agreement with GSK for the distribution of the shingles vaccine, which has shown a remarkable growth of 117% in batch approvals during the same period [5]. - The sales team is described as industry-leading, with a workforce of 3,990 professionals covering all provinces and over 30,000 grassroots health service points, which is expected to drive the sales of both HPV and shingles vaccines [5]. Financial Projections - The company is projected to achieve net profits of RMB 85.4 billion, RMB 97.5 billion, and RMB 100.7 billion for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 5.8%, 14.2%, and 3.3% [5]. - Earnings per share (EPS) are expected to be RMB 3.6, RMB 4.1, and RMB 4.2 for the same years, corresponding to price-to-earnings (P/E) ratios of 7.9X, 6.9X, and 6.7X [5]. - The company anticipates significant revenue contributions from the shingles vaccine, estimated at RMB 52.7 billion, RMB 105.4 billion, and RMB 158.1 billion from 2024 to 2026 [5]. Product Composition - The product mix consists of 91.4% agency products (second-class vaccines) and 8.6% self-developed products [2]. Shareholder Information - Major shareholder, Jiang Rensheng, holds 48.32% of the company [1]. - Institutional investors hold 10.8% of the circulating A-shares, with general corporations holding 3.2% [3]. Market Performance - As of June 28, 2024, the company's A-share price is RMB 28.03, with a target price set at RMB 34, indicating a potential upside [1]. - The stock has experienced a decline of 15.0% over the past month and 39.9% over the past three months [1]. Revenue and Profitability - The company’s projected operating revenue for 2024 is RMB 60.83 billion, with operating costs estimated at RMB 44.35 billion [8]. - The total profit for 2024 is expected to be RMB 10.04 billion, with a net profit of RMB 8.54 billion [8]. Dividend Information - The company is expected to provide dividends of RMB 1.18, RMB 1.34, and RMB 1.39 for the years 2024 to 2026, with a dividend yield of 4.18% [6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for potential price appreciation [11]. Core Insights - The company maintains a high dividend payout ratio, with a 50% dividend ratio for the year, showcasing its strong dividend yield of 4.54% for A-shares and 6.37% for H-shares [2]. - The company demonstrated robust performance in Q1 2024, achieving a revenue of 812.18 billion RMB, a year-on-year increase of 10.88%, and a net profit attributable to shareholders of 45.68 billion RMB, up 4.7% year-on-year [6]. - The report highlights the stability of the company's operations and its strong earnings certainty, supported by rich upstream resources and a commitment to shareholder returns through consistent dividends [16]. Financial Summary - The company is projected to achieve net profits of 171 billion RMB in 2024, 179 billion RMB in 2025, and 182 billion RMB in 2026, with year-on-year growth rates of 6%, 4%, and 2% respectively [17]. - The earnings per share (EPS) are expected to be 0.94 RMB in 2024, 0.98 RMB in 2025, and 0.99 RMB in 2026, reflecting a steady growth trajectory [17]. - The report provides a detailed financial outlook, including revenue and profit forecasts, indicating a stable growth pattern in the coming years [4][7]. Market Context - The report notes an increase in refined oil prices, which is expected to enhance the profitability of the company's sales segment, with gasoline and diesel prices rising significantly compared to previous periods [12]. - The company is well-positioned to benefit from the ongoing demand for oil and gas, particularly with the anticipated increase in downstream demand during the summer travel season [16][20].