建筑材料 / 行业专题报告 / 2024.08.14 B 端消费建材减值计提专题研究之防水行业 投资评级:看好(维持) 最近 12 月市场表现 -32% -25% -18% -11% -4% 3% 建筑材料 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 | --- | --- | |-------------------------|------------| | 1. 《建材行业策略周报》 | 2024-08-12 | | 2. 《建材行业策略周报》 | 2024-08-06 | | 3. 《建材行业策略周报》 | 2024-07-29 | 企业情况各异，地产余波仍存在 证券研究报告 核心观点 ❖ 背景：地产开启下行周期，B 端企业计提压力大。2020 年 7 月开始，为 了调整房企高杠杆、高周转、高负债现象以及一二线城市高房价的情况，政府 开始明确"房住不炒"以及出台"三条红线"等政策限制地产企业进一步提高经 营风险。此背景下，地产企业融资困难，在现金流压力不断加大下，民营地产 企业出清加速，加之人口老龄化、负增长等因素，居民对于房价以 ...

Group 1: Foreign Capital Trends - Over the past three years, foreign capital holdings have decreased by approximately 800 billion CNY, primarily due to stock price adjustments, but there has still been a net inflow of about 130 billion CNY[2] - Northbound capital's market value has decreased by about 830 billion CNY from its peak of approximately 2.7 trillion CNY in 2021, largely due to a 34% decline since December 2021[3] - The main sectors attracting foreign capital over the past three years include new energy and TMT (Technology, Media, and Telecommunications), with about 40% of inflows aligning with the top 100 stocks held by actively managed equity funds[2] Group 2: Changes in Foreign Capital Structure - The structure of foreign capital holdings has shifted, with new energy surpassing food and beverage as the largest sector, while the shares of banking and electronics have increased by 3 percentage points and 1 percentage point, respectively[7] - In the past year, foreign capital has seen an outflow of approximately 140 billion CNY, influenced by a strong US dollar, with active foreign capital adjusting global asset allocations while passive funds remain stable[9] - In the last year, foreign capital has increased its holdings in sectors such as AI-related semiconductors, power, and banking, with significant increases in the allocation to electronics, power, public utilities, and banks[9] Group 3: Fund Holdings and Market Dynamics - The scale of fund holdings has decreased by about 2 trillion CNY, primarily due to price impacts, with active equity funds seeing a decline of 2.1 trillion CNY from Q4 2021 to Q2 2024[14] - The largest sector for actively managed equity funds has shifted from banking to electronics, with increased allocations to Hong Kong stocks and TMT sectors over the past three years[14] - The top 30 newly added stocks in northbound trading are predominantly AI and dividend-related stocks, indicating a strategic focus on these sectors[13]

美容护理 / 行业深度分析报告 / 2024.08.13 投资评级:看好(维持) 最近 12 月市场表现 -38% -30% -22% -14% -6% 2% 美容护理 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《行业平稳复苏，国货分化中崛起超 车》 2024-07-27 2. 《医美中期策略：关注高景气细分赛 道及新品催化》 2024-07-25 3. 《诺和诺德减重司美获批，医美迈入 减法时代》 2024-06-28 胶原蛋白系列之二：当核心成分从中国崛起 证券研究报告 核心观点 系列报告背景：随巨子生物、锦波生物上市以及爱美客、华熙生物、丸美股份、 福瑞达等企业陆续布局胶原蛋白，胶原赛道关注度持续升温，但市场对于胶原 材料仍有许多问题有待明晰。因此我们推出胶原蛋白专题系列报告，着重分析 以下问题：胶原蛋白未来究竟还有多少空间？如何看待动物源/重组胶原蛋白 的成长潜力？如何看待产业链头部企业的成长性对比？本篇为该系列中的第 二篇，主要回答以下两部分疑问：1、重组胶原蛋白如何 ...

基础化工 / 行业投资策略周报 / 2024.08.13 投资评级:看好(维持) 最近 12 月市场表现 基础化工 沪深300 上证指数 -29% -23% -17% -11% -6% 0% 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 梅宇鑫 SAC 证书编号：S0160524070002 meiyx@ctsec.com 相关报告 | --- | --- | --- | |-------|------------------|------------| | 1. | 《化工行业周报》 | 2024-08-05 | | 2. | 《化工行业周报》 | 2024-07-30 | | 3. | 《化工行业周报》 | 2024-07-23 | 维生素价格持续大涨，原油价格下跌 证券研究报告 核心观点 ❖ 本周行情：本周市场综合指数整体下行，上证综指报收 2862.19，本周下跌 1.48%，深证指数本周下跌 1.87%，A 股指数下跌 1.49%；其中化工板块下跌 1.31%。 ❖ 化工公司行情：本周涨幅前五的股票为：泉为科技（+12.88%）、高争民爆 （+ ...

顺络电子(002138) / 无件 / 公司总评 / 2024.08.13 AI 终端及汽车需求向好 单季营收创建 ● 投资评级:培持(维持) | --- | |------------| | 未未教据 | | 收盘价(无) | | | 等殷冷資产(无)7.34 总股本(亿股)8.06 衰逝 12 月市场表现 189 -119 张 益敦 分析师 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 白 子 分析师 SAC 证书编号：S0160523100001 baiyu@ctsec.com 相关报考 1. 《季度登妆创历史新高，新兴业务领 2023-12-08 境持续拓展》 2. 《 聚焦汽车无储美等高端产品, 电感 龙头再腾で 》 2022-10-11 多地域, 总 ■ 证券研究报告 � 事件：公司二季度营收创历史新高，首次交级 14 亿元人民币，环比提升 13.78%，归恭净利润失现 1.98 亿元，环比找升 16.27%。 汽车及服务器等新兴领域装送，助力平台型企业初具成效：公司不仅在 传统安辛系电感份领持续找升，同时汽车领域收入接近翻倍，铜碳共烧千台电 感凭借领先的 ...

顺络电子(002138) / 元件 / 公司点评 / 2024.08.13 AI 终端及汽车需求向好 单季营收创历史新高 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-12 | | 收盘价(元) | 24.55 | | 流通股本(亿股) | 7.56 | | 每股净资产(元) | 7.34 | | 总股本(亿股) | 8.06 | 最近 12 月市场表现 顺络电子 沪深300 上证指数 元件 -30% -20% -11% -1% 8% 18% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 白宇 SAC 证书编号：S0160523100001 baiyu@ctsec.com 相关报告 1. 《季度营收创历史新高，新兴业务领 域持续拓展》 2023-12-08 2. 《 聚焦汽车光储类等高端产品，电感 龙头再腾飞 》 2022-10-11 证券研究报告 ❖ 事件：公司二季度营收创历史新高，首次突破 14 亿元人民币，环比提升 13.78 ...

汽车 / 行业点评报告 / 2024.08.13 ● 搜索评级:未好(维持) 菜近 12 月市场表现 所 分析师 SAC 证书编号：S0160522110003 xingcy01 @ctsec.com 李 办 分析师 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报考 1. 《 7 月 新 能 源 汽 丰 行 业 河 祭 》 2024-08-08 2. 《 Robotaxi 行 业 专 题 报 各 》 2024-08-06 3. 《7 月变卡行业闲系》 2024-08-02 汽车销量永压，出口维持高增速 ■ 证券研究报告 苏格网, 首 � 汽车销量承压，海外需求特续强劲： 7 月份汽车行业整体产销分别完成 228.6 万辆称 226.2 万辆，环比分别下降 8.8%称 11.4%，同比分别下降 4.8% 构 5.2%。1-7 月汽车行业整体产锛分别完成 1617.9 万辆构 1631 万辆，阿比分 别增长 3.4%秒 4.4%。分市场未看，7 月份汽丰国内销查 179.3 万辆，环比下 降 13.3%，汽车出口 46.9 万辆，阿比增长 19.6%；1-7 月汽车国内领查 ...

投资评级:增持(首次) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-12 | | 收盘价(元) | 72.63 | | 流通股本(亿股) | 1.93 | | 每股净资产(元) | 39.22 | | 总股本(亿股) | 2.71 | 最近 12 月市场表现 -54% -43% -32% -21% -11% 0% 科达利 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 分析师 张磊 SAC 证书编号：S0160522120001 zhanglei02@ctsec.com 相关报告 科达利(002850) / 电池 / 公司深度研究报告 / 2024.08.12 结构件全球布局，进军机器人拓宽赛道 证券研究报告 ❖ 深耕结构件业务 28 年，营收稳步提升。公司专注于锂电池精密结构件和 汽车结构件的研发制造，具备 28 年的生产经验。营业收入从 2016 年 14.55 亿 元提升至 2023 年 105.11 亿元，CAGR 达 33%，其中 2023 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is a leading player in the domestic automotive aftermarket, actively expanding into the new energy sector [2] - The automotive service market in China is projected to grow significantly, with an expected market size of 1.93 trillion yuan by 2027, driven by increasing vehicle ownership and aging vehicles [2][18] - The company has established an integrated online and offline service platform, leading the industry in store count with 5,909 stores as of December 31, 2023 [2][7] - The company aims to expand its presence in lower-tier cities, with a target of reaching 8,909 stores by 2026 [2][34] - The company is expected to achieve net profits of 700 million, 1.09 billion, and 1.56 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.26, 11.08, and 7.75 [2] Summary by Sections 1. Integrated Automotive Service Platform - The company has developed a comprehensive online and offline automotive service platform, expanding its product and service offerings since its inception in 2011 [7] - The platform connects vehicle owners, suppliers, and service stores, enhancing user experience and operational efficiency [7][21] 2. Automotive Service Market Potential - The automotive service market in China reached 1.24 trillion yuan in 2022, with a CAGR of 10.1% from 2018 to 2022, and is expected to grow to 1.93 trillion yuan by 2027 [18] - The increase in vehicle ownership and average vehicle age is driving demand for automotive services, with the average age of vehicles projected to reach 8 years by 2027 [15][16] 3. Business Model and Growth - The company’s business model creates a positive feedback loop, enhancing user experience and driving growth through increased customer traffic and store expansion [30] - The number of registered users reached 115 million by the end of 2023, with a transaction user base of over 19.3 million, reflecting a 17% year-on-year growth [31] - The company plans to continue expanding its store network, particularly in lower-tier cities, to capture a larger market share [34] 4. Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of 14.64 billion, 16.20 billion, and 17.95 billion yuan for 2024, 2025, and 2026 respectively [3] - The company’s gross margin has been improving, reaching 24.7% in 2023, driven by a higher proportion of automotive maintenance services [12][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue resilience with a multi-brand strategy gradually improving [2][3] - In H1 2024, the company achieved revenue of 2.459 billion yuan, a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 319 million yuan, up 30.01% year-on-year [2] - The company is expected to generate revenues of 5.135 billion yuan, 6.199 billion yuan, and 7.233 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 24.8%, 20.7%, and 16.7% [3] Financial Performance - In Q2 2024, the company reported revenue of 1.239 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.12% year-on-year [2] - The gross profit margin for Q2 2024 was 33.0%, a decrease of 3.1 percentage points year-on-year, while the net profit margin was 13.0%, down 1.1 percentage points year-on-year [2] - The company’s sales channels showed robust growth, with revenue from distribution, direct sales, and e-commerce reaching 1.77 billion yuan, 110 million yuan, and 580 million yuan respectively in H1 2024 [2] Brand Strategy - The company is actively enhancing its brand strategy, with its strategic sub-brand "Da Mo Wang" receiving multiple awards and the launch of a new sub-brand "Dan Huang" in collaboration with a packaging design master [3] - The multi-brand operation layout is gradually being perfected, contributing to the company's overall stability [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 655 million yuan, 866 million yuan, and 1.098 billion yuan respectively, with corresponding year-on-year growth rates of 29.5%, 32.3%, and 26.7% [3][4] - The company’s PE ratios for the next three years are projected to be 16, 12, and 9 times [3]