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建筑表饰 / 行业专题报告 / 2024.07.19 哪些转债可能受益城中村改造 ● 投资评级:未好(维持) 衰逝 12 月市场表现 � 毕 春 晖 分析师 SAC 证书编号:S0160522070001 bich@ctsec.com 地 关报告 1. 《建筑业录气桥点尚高等待,资金到 位是前提》 2024-07-14 2. 《"丰路云"试点城市落地,建设框 紫不断充善》 2024-07-07 3. 《24H1 海外工程相对亲气,H2 国内 高未支逆好特》 2024-06-30 建筑建材转债梳理报告系列 画 证券所究报告 技术网络 华阳国际:工程谈计彪头,推动数字化特型。公司始终致力于发展成为 以设计和研发为龙头,以装配式走筑构 BIM 为核心技术的全产业链布局的设 计科技企业。公司在城市更新领域深耕 16 年,组建了城市更新业务的专业部 门,是城市更新制度、设计协作制度的深度参与者。公司设计业务布局全 国,不断积累客户资源,装配式建筑业务的不断突破带动新签订单回暖向 好。以设计+科技为发展主线,华阳 BIM 研发持续投入,构建专业的 BIM 正 向设计能力。 ◇ ฉ漢集团: 责金坤厚美文发展基础,成本优势位 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The FDA recently approved seven electronic cigarette products for sale in the U.S. market, all under the Vuse Alto brand, including six tobacco-flavored products and one electronic cigarette device [2] - The approval of Vuse tobacco-flavored products is significant as it indicates the FDA's recognition of their reduced harm potential compared to traditional cigarettes, suggesting that the benefits of switching to these products may outweigh the risks to youth [2] - The company is expected to benefit from its strong partnership with BAT, which has already seen multiple products approved under the PMTA process, positioning the company to capture a larger market share as regulatory scrutiny increases [2] - The company is diversifying its business across various sectors, including electronic vaporization, heated non-combustion, and medical vaporization, and has returned to positive profit growth with a net profit of 310 million yuan in Q1 2024, a year-on-year increase of 5.6% [2] Financial Projections - The company is projected to achieve a net profit of 1.8 billion, 2.08 billion, and 2.47 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 27, 23, and 20 times [3] - Revenue is expected to grow from 12.19 billion yuan in 2024 to 15.33 billion yuan in 2026, reflecting a compound annual growth rate [4] - The company's net profit margin is projected to improve from 14.73% in 2023 to 16.08% in 2026, indicating enhanced profitability [6]

| --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-07-17 | | 收盘价 ( 元 ) | 12.14 | | 流通股本 ( 亿股 ) | 4.11 | | 每股净资产 ( 元 ) | 8.23 | | 总股本 ( 亿股 ) | 4.11 | | 最近 12 月市场表现 | | 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 相关报告 1. 《果茶战略初见成效，策略梳理谋定 长远》 2024-07-11 2. 《销售稳中有增，步入旺季，盈利弹 性有望加速释放》 2024-04-19 3. 《业绩表现超预期，冲泡稳健即饮高 增》 2024-04-19 ❖ 三个核心品类进行战略梳理和重新定位，为长期奠定坚实基础。战术方 面，公司仍处在探索和积累阶段，如何用最有效的方式将品牌定位和消费者建 立联系，将是三季度和接下来工作的重心，这些工作也将在 Q3 的广宣、流量 曝光上陆续展开。而在渠道建设上，量贩系统、山姆会员店、自动贩卖机等在 24Q2 得到丰富，餐饮也成立了单独 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a leading integrated knitted manufacturer in China, with a strong growth trajectory and solid partnerships with renowned clients such as NIKE, ADIDAS, and UNIQLO. The company has achieved a compound annual growth rate (CAGR) of 9.4% in revenue and 9.2% in net profit from 2014 to 2023 [2][7]. - The textile industry is experiencing a shift towards Southeast Asia for manufacturing, driven by labor cost advantages and tariff benefits. The global sportswear market is expected to grow significantly, with a projected CAGR of 6.6% from 2023 to 2028 [2][19]. - The company benefits from vertical integration, global capacity layout, and strong customer ties, which create high barriers to entry and ensure sustainable growth [2][19]. Summary by Sections Company Overview - The company is recognized as one of the largest vertically integrated knitted manufacturers globally, providing a range of products including sportswear, casual clothing, and undergarments. It has established stable partnerships with major clients, with a revenue increase from 11.15 billion yuan in 2014 to 24.996 billion yuan in 2023 [7][12]. Industry Analysis - The textile manufacturing industry is gradually shifting to Southeast Asia, with countries like Vietnam and Cambodia becoming key players due to favorable labor costs and government support. The sportswear market is expanding at a faster rate than other consumer goods, with a CAGR of 4.3% from 2010 to 2023 [17][27]. Competitive Advantages - The company employs a vertically integrated production model, which consolidates all manufacturing processes in one location, reducing logistics costs and improving profitability. In 2023, the company's net profit margin was 18.2%, outperforming peers [2][53]. - The company has a global production layout, with significant output from overseas factories, which accounted for 53% of total garment production in 2023. This diversification helps mitigate risks associated with reliance on a single market [19][40]. Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 5.4 billion, 6.1 billion, and 6.99 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18X, 16X, and 14X [1][56].

电力设备 / 行业投资策略周报 / 2024.07.17 降息预期拉动电新成长股,稳定成长双升 投资评级:看好(维持) 最近 12 月市场表现 -39% -31% -22% -13% -5% 4% 电力设备 沪深300 分析师 张一弛 SAC 证书编号:S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《电力设备与新能源 2024H1 业绩前 瞻》 2024-07-10 2. 《 绿 电 和 电 网 设 备 继 续 推 荐 》 2024-07-08 3. 《绿电运营商低估,电网特高压中期 规划超预期》 2024-07-04 核心观点 周观点 证券研究报告 ❖ 光伏:硅料新增供应量降幅进一步扩大,预计三季度硅料环节稼动能力将 维持低迷的市场行情。下半年市场开启,硅料价格区间将继续在底部区间 磨底。库存方面,市场整体库存水位有所缓解,主要与六月开始的减产和 积极去库存有直接关系。近期硅片分规格价格走势渐趋差异,电池片本周 价格维持平稳。组件价格下探趋势仍未止歇,海外市场七月订单逐渐跟随 跌价趋势。下半年市场开启,组件价格反弹机会仍较小,预期价格仍有小 幅下探趋势,下限将锚定成本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released a positive profit forecast, expecting a net profit of $60-65 million for the first half of 2024, representing a year-on-year growth of 22-33% compared to $49 million in the same period of 2023 [2] - Strong demand for lawn mowers has been observed, with significant growth in shipments from channel companies. The revenue growth in the first half of the year is attributed to favorable spring weather, increased brand influence of the EGO lithium battery lawn mower, and accelerated inventory replenishment by channels [2] - The company's profitability is expected to improve due to increased order volumes leading to higher capacity utilization, optimized operating expenses, and favorable external factors such as improved currency exchange rates and lower raw material costs [2] - The company is confident in achieving its annual sales growth target of 15-20%, supported by positive trends in profit, cash flow, and financial conditions in the first half of 2024 [2] - As a leading brand in lithium battery lawn mowers, the company is expected to benefit from inventory replenishment and potential interest rate cuts, leading to sustained performance recovery [2] Financial Projections - The company is projected to achieve revenues of $1.526 billion, $1.753 billion, and $1.964 billion for the years 2024, 2025, and 2026 respectively, with net profits of $90 million, $133 million, and $151 million for the same years [2][4] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 13, 9, and 8 times respectively [2] - The company's revenue growth rate is forecasted to be 11% in 2024, 14.86% in 2025, and 12.05% in 2026 [4][5] - The return on equity (ROE) is expected to improve from -3.87% in 2023 to 8.19% in 2024, and further to 10.13% in 2025 [5]

神州数码(000034) / IT 服务Ⅱ / 公司点评 / 2024.07.17 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-07-16 | | 收盘价(元) | 23.75 | | 流通股本(亿股) | 5.51 | | 每股净资产(元) | 13.15 | | 总股本(亿股) | 6.70 | 最近 12 月市场表现 -23% -12% -1% 10% 21% 33% 神州数码 沪深300 分析师 杨烨 SAC 证书编号:S0160522050001 yangye01@ctsec.com 分析师 罗云扬 SAC 证书编号:S0160522050002 luoyy@ctsec.com 相关报告 1. 《乘华为东风,勇作信创先锋》 2024-06-28 2. 《Q3 业绩高速增长,受益算力需求 与国产化共振》 2023-11-08 ❖ 事件:公司发布 2024 年上半年业绩预告,预计实现营业收入 611.62-639.42 亿 元,同比增长 10%-15%;预计实现归母净利润 4.98-5.20 亿 ...

相关报告 1. 《归母净利同比增长，静待周期上行》 2024-03-13 2. 《营收净利高增，周期拐点渐近》 2023-08-30 3. 《公司业绩逐季改善，种鸡龙头弹性 可期》 2023-04-19 ❖ 2024 H1 白羽鸡苗销售收入和数量同比均下降。受白羽鸡肉和毛鸡价格低 位运行影响，公司主营的白羽肉鸡鸡苗销售单价同比回落，销售收入同比减 少。根据公司月度销售简报，2024Q1/Q2 分别销售白羽肉鸡苗共计 1.3 亿/1.5 亿只，其中 Q2 同比-17.13%，环比+12.45%，实现销售收入 5.4/5.0 亿元，其中 Q2 同比-37.07%，环比-9.23%；2024Q1/Q2 分别销售益生 909 小型白羽肉鸡 2275.9 万/2203.8 万只，其中 Q2 同比+17.07%，环比-3.17%，实现销售收入 2917.9 万/2803.2 万元，其中 Q2 同比+1.62%，环比-3.93%；2024Q1/Q2 分别销 售种猪共计 3175/5277 头，实现销售收入 954.7 万/1326.1 万元。 请阅读最后一页的重要声明！ 信息披露 财通证券股份有限公司具备中国证券监督管理委 ...

燕京啤酒(000729) / 非白酒 / 公司点评 / 2024.07.16 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-07-15 | | 收盘价(元) | 9.73 | | 流通股本(亿股) | 25.10 | | 每股净资产(元) | 4.95 | | 总股本(亿股) | 28.19 | 最近 12 月市场表现 -32% -25% -18% -11% -3% 4% 燕京啤酒 沪深300 分析师 吴文德 SAC 证书编号:S0160523090004 wuwd01@ctsec.com 分析师 赵婕 SAC 证书编号:S0160523100002 zhaojie@ctsec.com 相关报告 1. 《业绩高增亮眼,大单品势头积极》 2024-04-16 2. 《高质量收尾,改革红利有望持续释 放》 2024-02-23 3. 《结构提升改革加速,改善逻辑持续 兑现》 2023-01-31 ❖ 事件:公司发布业绩预告,2024H1 公司预计实现归母净利润 7.19-7.97 亿元, 同比+40%-55 ...