迎驾贡酒(603198) /白酒Ⅱ /公司深度研究报告 / 2024.06.13 徽酒拾级而上，洞藏趁势启航 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 安徽白酒消费稳步升级，徽酒竞争错位竞合。近年来，安徽产业结构升 基本数据 2024-06-12 级卓有成效，经济提升为消费升级带来持续动能。2020-2023 年安徽省 GDP 收盘价(元) 61.99 流通股本(亿股) 8.00 CAGR 为 5.4%，固定资产投资增速为 9.2%，皆位于全国各省前列。良好的 每股净资产(元) 11.56 经济动能为安徽省白酒消费升级提供核心动力。一方面安徽省人口基数稳 总股本(亿股) 8.00 定，另一方面省内消费能力稳步提升。2023 年安徽省白酒市场规模约 最近12月市场表现 350~400 亿元，价格带升级来看，安徽省各价格带白酒市场规模呈现稳定增 长趋势。其中，100-300 元价位带市场规模增长尤为显著，消费升级趋势明 迎驾贡酒 沪深300 显。省内分地区来看，徽酒呈现出显著的区域性消费特征和价格带分布。从 33% 省内品牌区域覆盖来看，地产酒势力割据，一超两强格局明显。 23% ❖ 渠道利润优势仍存， ...

无论是收购的这些数量已经远超于Facebook和Google它布局它愿意在这方面花大力气它一定要是让AI成为它整个的所有产品的一个护身盒最终就是它卖给用户的硬件产品 那在上面它是用的是AI这样的服务来吸引大家愿意为这样的硬件去掏钱然后还有就是它会建立自己的生态变得更加丰富包括推出最新的这些Wacom ProWacom Pro还有很多的一些功能是需要结合iPhone手机来去运行的另外就是Apple的AI智能商店我们看到它叫Intent 将来Intent上面会开放更多的AI的能力的叫做API或者叫Interface会给到第三方的应用让第三方的应用去接入这样的能力最终也是它的一个很好的一个营收通道然后你们也看到对于App Store上很多一些这些访问通过链接访问AI的一些应用有些已经被下架了 大家如果说你多动一下脑筋就能想到他的本质意图是一定要是自己建立整个完整的AI生态那他现在就是说我们看到发布会上说是有各种各样的这些端特的long device的模型也有这个private cloud上的这个推理的云云台 然后另外还有就是集成了这个CellGPT-4O那本质原因就是说目前在这些小的模型上面当然也不太小比如说一个7 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [36]. Core Insights - The company is a leader in the power online monitoring system sector and is actively expanding into power informationization and environmental protection businesses [14][19]. - The company has shown stable growth in net profit and revenue, with a projected increase in revenue and net profit over the next few years [12][5]. - The company has a strong cash flow performance, with a high dividend payout ratio, indicating financial stability [6][38]. Revenue and Profitability - In 2023, the company achieved a revenue of 1.07 billion yuan from power monitoring, with a gross margin of 45.94% [3]. - The software sales segment generated 5.53 billion yuan in revenue in 2023, with a gross margin exceeding 90% [15]. - The company’s net profit for 2023 was 246 million yuan, with a net profit margin of 22.44%, showing a slight year-on-year increase [5]. Business Segments - The company’s revenue breakdown for 2023 includes software sales (50.47%), environmental monitoring (39.48%), and power monitoring equipment (9.75%) [4]. - The environmental monitoring business is expected to grow at a rate of 10%, 7%, and 5% over the next three years [29]. - The software sales segment is projected to grow at a rate of 15% annually from 2024 to 2026 [30]. Financial Metrics - The company’s earnings per share (EPS) for 2023 was 0.65 yuan, with a projected increase to 0.88 yuan in 2024 [12]. - The price-to-earnings (PE) ratio is expected to decrease from 19.69 in 2023 to 10.24 by 2026, indicating potential undervaluation [12]. - The return on equity (ROE) is projected to improve from 7.37% in 2023 to 12.36% by 2026 [12]. Market Position and Strategy - The company is positioned as a leading player in the digital transformation of power distribution networks, leveraging its subsidiary Jiangxi Bowei for software solutions [39]. - The company is actively pursuing opportunities in ecological and environmental governance through information technology [47]. - The report highlights the importance of online monitoring equipment in the power industry, driven by regulatory support and market demand [23][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total sales volume of 332,000 units in May 2024, representing a year-on-year increase of 38.1%. The sales of pure electric passenger vehicles reached 146,000 units, up 22.4%, while plug-in hybrid vehicles saw sales of 184,000 units, a growth of 54.1%. The overseas sales of new energy passenger vehicles surged by 267.5% [3][4] - The launch of the DM5.0 and new models is expected to boost sales further. The company has expanded its global presence, particularly in Brazil and Saudi Arabia, with plans to increase its dealership network significantly [3][4] Financial Performance Summary - The company is projected to achieve net profits of 36.985 billion, 45.307 billion, and 54.342 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 19.24, 15.71, and 13.10 [4][5] - Revenue is forecasted to grow from 602.315 billion yuan in 2023 to 765.146 billion yuan in 2024, reflecting a growth rate of 27.03% [5][6] - The company's return on equity (ROE) is projected to be 22.51%, 23.11%, and 23.22% for the years 2024, 2025, and 2026, respectively [5][6]

零跑汽车(09863) /乘用车 /公司点评 /2024.06.13 5 月销量再创新高，新车型将于 6 月上市 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司微信公众号发布 2024 年 5 月销量数据。5 月零跑汽车交付量达 基本数据 2024-06-12 18165台，同比增长50.6%。其中SUV车型C11、C10交付量达到11992台。 收盘价(港元) 26.35 流通股本(亿股) 11.16 每股净资产(港元) 5.53 ❖ 智能6座SUV C16将于6月正式上市，有望带动销量持续增长： C16 总股本(亿股) 13.37 车型是零跑的首款中大型六座SUV，是LEAP 3.0技术架构的旗舰。C16 具备 最近12月市场表现 多项前沿技术，如中央域控、800V 高压动总、8295 智能座舱、21 扬杜比音 响、激光雷达等。智能驾驶层面，C16搭载了融合128线程激光雷达的30 个 零跑汽车 恒生指数 高精感知硬件，在硬件能力上具备 L3 级智能驾驶水平；可以实现包括 NAP 乘用车 16% 高速智能领航辅助、NAC 导航辅助巡航等25项智驾辅助功能。动力路线上， 3% 零跑C16延续 ...

Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625) [1] Core Views - Changan Automobile's total sales in May 2024 reached 207,000 units, a year-on-year increase of 3.3% [2] - Cumulative sales from January to May 2024 totaled 1.109 million units, up 12.03% year-on-year [2] - Sales of self-owned brands in May 2024 were 171,000 units, a 4.7% increase year-on-year [2] - Overseas sales of self-owned brands in May 2024 surged 72.9% year-on-year to 33,000 units [2] - Changan Automobile became one of the first pilot units for L3-level intelligent connected vehicles, with its SL03i model equipped with a Traffic Jam Pilot (TJP) system [2] - The company is expanding its overseas market, with a new factory in Thailand expected to start operations in Q1 2025, with an initial production capacity of 100,000 units [2] Financial Projections - The company is expected to achieve net profits of 8.434 billion yuan, 11.381 billion yuan, and 15.180 billion yuan in 2024, 2025, and 2026, respectively [2] - The corresponding P/E ratios are projected to be 15.73x, 11.66x, and 8.74x for 2024, 2025, and 2026 [2] - Revenue growth rates are forecasted at 29.56%, 28.92%, and 21.02% for 2024, 2025, and 2026, respectively [3] - Net profit growth rates are expected to be -25.54%, 34.93%, and 33.38% for the same periods [3] Operational Highlights - Changan Automobile's "Beidou Tianshu" intelligent strategy continues to advance, with the company being a pioneer in L3-level autonomous driving technology [2] - The company is deepening its localization strategy in Thailand, with plans to introduce at least 15 new products by 2030 [2] - Localization rate in Thailand is expected to exceed 80% in 2024 and reach 90% by 2026 [2]

谨请参阅尾页重要声明及财通证券股票和行业评级标准 10 2021年 2022年 2023年 2024年 数据来源：FHS，财通证券研究所 数据来源：FHS，财通证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|---------|----------------|--------|-----------|--------|---------|---------|---------|---------|--------|---------|-----------| | 日期 | 全球 | 中国 香港地 区 | 美国 | 中国 大陆 | 日本 | 意大利 | 德国 | 新加坡 | 法国 | 阿联酋 | 英国 | 其他 市场 | | 2023.1 | 8.9% | 10.3% | 26.4% | (17.3%) | (0.8%) | 43.6% | 20.2% | 19.8% | 16.9% | 21.8% | 5.2% | 3.4% | | 2023.2 | 12.3% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company aims to become the largest provider of imaging and video productivity software and subscription services globally, focusing on its subscription business with rapid improvement in payment rates [4] - The MiracleVision model has been upgraded to V5, enhancing creative design workflows and enabling commercial applications [3][4] - As of June 11, 2024, the company has reached a historical high of 10.63 million global VIP members, with a paid penetration rate of 4.27%, up from 3.7% at the end of 2023 [3] Financial Performance Summary - The company is projected to achieve revenue of 34.24 billion, 43.29 billion, and 54.47 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 5.09 billion, 6.86 billion, and 9.09 billion RMB [4] - Revenue growth rates are expected to be 27.03%, 26.41%, and 25.84% for the years 2024, 2025, and 2026 respectively [5] - The company's earnings per share (EPS) is projected to increase from 0.11 RMB in 2024 to 0.20 RMB in 2026 [5]

汽车 /行业投资策略周报 / 2024.06.13 汽车行业周报 证券研究报告 投资评级:看好(维持) 乘用车期待政策发力，LNG 重卡终端实销较好 最近12月市场表现 核心观点 ❖ 板块表现： 汽车 沪深300 上证指数 6月3日-6月7日沪深300指数涨幅-0.41%，申万行业指数中，一级行业汽车 11% 相对收益为-1.79%，二级行业中，汽车零部件相对收益为-2.00%，汽车服务相 5% 对收益为-5.57%，摩托车及其他相对收益为-4.07%，乘用车相对收益为-1.36%， -1% 商用车相对收益为0.33%。 -8% -14% ❖ 子行业观点： -20% 乘用车：据乘联会数据，5月1-31日，乘用车市场零售168.5万辆，同比下降 3%，环比增长10%，今年以来累计零售805.2万辆，同比增长5%；5月1-31 日，全国乘用车厂商批发201.0万辆，同比增长0%，环比增长3%，今年以来 分析师 邢重阳 SAC证书编号：S0160522110003 累计批发956万辆，同比增长8%。5月1-31日，新能源车市场零售79万辆， xingcy01@ctsec.com 同比增长36%，环比增长17%，今年 ...

作者具有中国证券业协会授予的证券投资咨询执业资格,并注册为证券分析师,具备专业胜任能力,保证报告所采用的数 据均来自合规渠道,分析逻辑甚于作者的职业理解。本报告济晰地反映了作者的研究观点,力求独立、客观和公正，结论 不受任何第三方的授意或影响,作者也不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 ● 资质声明 ● 行业评级 7 财通证券股份有限公司具备中国证券监督管理委员会许可的证券投资咨询业务资格。 ● 公司评级 ● 免责声明 核心通胀稳步回落。5月美国 CPI 同比增速录得 3.3%,较上月回落 0.1 个百分点。 5 月核心 CPI 同比增速进一步降至 3.4%,已连续 14个月下行。美国通胀压力持 续缓解,其中食品、核心商品和核心服务项通胀均有回落,仅能源项对同比增速 贡献仍然较大。 首先,商品通胀稳步下行。5月服装价格环比转负,此前已三个月连续上涨,新车 价格下降,而二手车价格涨幅不及去年同期。随着工资增速放缓、超额储蓄正在 下降,美国居民消费活动有所放缓,未来商品通胀或延续回落。 其次,住房继续带动核心服务项回落。核心服务中权重较大的业主等价租金增速 仍在下行,从房价和市场租金 ...