2024 年 07 月 15 日 顾向君 H70420@capital.com.tw 目标价(元) 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|----------------| | 产业别 | | 休闲服务 | | A 股价(2024/7/12) | | 22.98 | | 上证指数(2024/7/12) | | 2971.30 | | 股价 12 个月高/低 | | 50.37/21.01 | | 总发行股数(百万) | | 1070.04 | | A 股数(百万) | | 914.04 | | A 市值(亿元) | | 210.05 | | 主要股东 | | 上海锦江资本有 | | | 限公司 | (45.05%) | | 每股净值(元) | | 15.28 | | 股价/账面净值 | | 1.50 | | | 三个月 | 一年 | | 股价涨跌(%) | | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2023-12-27 | | 2023-09-01 | | 2023-05- ...

Investment Rating - The investment rating for China Duty Free Group (601888.SH/1880.HK) is "Trading Buy" [1][6]. Core Insights - The report highlights that the airport duty-free business and gross profit margins are continuously improving. Despite a decline in overall revenue, the company has seen significant growth in airport duty-free store revenues due to the recovery of international flights and inbound/outbound passenger flow [1][4]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of RMB 6.28 billion, RMB 7.47 billion, and RMB 8.49 billion respectively, reflecting a decrease of 6.5% in 2024, followed by growth in subsequent years [4]. Summary by Sections Company Basic Information - Industry: Leisure Services - A-share price as of July 12, 2024: RMB 67.75 - Market capitalization: RMB 132.28 billion - Major shareholder: China Tourism Group Co., Ltd. (50.30%) [2]. Financial Performance - Net profit for 2023 was RMB 6.71 billion, with a year-on-year increase of 33.46%. The forecast for 2024 is a net profit of RMB 6.28 billion, a decrease of 6.5% [3][4]. - Earnings per share (EPS) for 2023 was RMB 3.25, with a forecast of RMB 3.03 for 2024 [3][4]. - The company’s gross profit margin improved by 2.62 percentage points to 32.94% in H1 2024 [4]. Revenue Insights - H1 2024 revenue was RMB 31.26 billion, a year-on-year decrease of 12.8%. The second quarter revenue was RMB 12.46 billion, down 17.4% year-on-year [4]. - The decline in revenue was primarily due to challenges in the Hainan offshore duty-free market, which faced competition from outbound shopping and e-commerce promotions [4]. Future Outlook - The report anticipates a recovery in duty-free sales in H2 2024, driven by the summer peak season and improved shopping experiences [4]. - The current stock price reflects the operational pressures faced in Q2, suggesting a safety margin in valuation [4].

2024 年 07 月 12 日 王睿哲 C0062@capital.com.tw 目标价(元) 66.4 公司基本信息 | --- | --- | |---------------------|--------------| | 產業別 | 医药生物 | | A 股价(2024/7/11) | 56.32 | | 深证成指(2024/7/11) | 8870.36 | | 股價 12 個月高/低 | 71.05/43.39 | | 總發行股數(百萬) | 643.98 | | A 股數(百萬) | 643.98 | | A 市值(億元) | 362.69 | | 主要股東 | 华润东阿阿胶 | | | 有限公司 | | | (23.50%) | | 每股淨值(元) | 15.30 | | 股價/賬面淨值 | 3.68 | | | 一年 | | 股价涨跌(%) | | 近期评等 | --- | --- | --- | |-------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024/03/022 | 58.99 | 买进 | | 2024/01/02 ...

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 ...