沪电股份(002463) / 元件 / 公司点评 / 2024.07.13 业绩持续高增,AI 训练侧+网络侧前景可观 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-07-12 | | 收盘价(元) | 40.25 | | 流通股本(亿股) | 19.12 | | 每股净资产(元) | 5.41 | | 总股本(亿股) | 19.14 | 最近 12 月市场表现 -35% -12% 11% 34% 57% 80% 沪电股份 沪深300 元件 分析师 张益敏 SAC 证书编号:S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号:S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩符合预期,算力需求支持高端 PCB 增长》 2024-03-28 2. 《保持强劲成长势头,高壁垒塑造优 秀盈利能力》 2024-02-02 3. 《净利润创历史新高,数通拉货展现 成长动能》 2023-10-26 ❖ 事件:公司发布公告,预计 ...

24Q2 业绩预增，产销量持续稳健增长 相关报告 ❖ 上半年产销量持续回暖，预计 24Q2 单吨盈利同环比提升。产销量来看， | --- | --- | --- | --- | --- | --- | --- | --- | |------------|------------|-----------------------------------|-----------|--------|-------|-------|-------| | | | | | | | | | | 幅净流入》 | 2023-08-31 | 盈利预测： [ Table_FinchinaSimple | ] 2022A | 2023A | 2024E | 2025E | 2026E | | | | 营业收入 ( 百万元 ) | 27781 | 26442 | 32170 | 36972 | 41501 | | | | 收入增长率 (%) | 12.87 | -4.82 | 21.66 | 14.93 | 12.25 | | | | 归母净利润 ( 百万元 ) | 1599 | 1347 | 1855 | 2189 | 2520 | ...

| --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------|---------------------------|-------|-------| | | | | | | 夏日用工偏紧 分析师:陈兴 博士 财通宏观首席分析师 S0160523030002 分析师:马骏 博士 S0160523080004 | 实体经济图谱 2024年第26期 | | | · 暑期已至,夏日经济开始有所抬头,一方面,出行、娱乐和文旅等相关行业呈现李节他回暖趋势,其中商圈人流 在已达到同期新高的基础上再度上行,她铁容运和航班量也有提升。另一方面,制造业用工也呈现出一定的回升 态势,虽然用工量在同期中处于偏低水平,但工价指数在历年同期偏高水平运行,反映出用工荒情况或较突出。 除服务消费外,房地产也在持续回暖,二手房以量换价,销量增速好于新房，但价格可能还未见底。车市销售平 淡，而纺服出口有所走弱。海外关注美联储降息,推动美元指数下跌,支撑金属价 ...

医药生物 / 行业投资策略周报 / 2024.07.11 投资评级:看好(维持) 最近 12 月市场表现 -24% -18% -13% -7% -1% 4% 医药生物 沪深300 分析师 张文录 SAC 证书编号:S0160517100001 zhangwenlu@ctsec.com 联系人 华挺 huating@ctsec.com 相关报告 1. 《2024 年 6 月原料药相关价格情况》 2024-07-09 2. 《持续看好创新药、医疗设备和泛红 利资产》 2024-06-24 3. 《2024 年 5 月原料药相关价格情况》 2024-06-12 ❖ 投资建议: 市场大的向好趋势未变,忽略市场波动,坚守创新、医械制造全球布局和消费 泛红利的α,寻找底部 CXO、医疗服务等超跌资产。创新药产业链:坚守 GLP- 1、ADC 等大赛道,关注福瑞股份、诺泰生物、科伦药业、信达生物、康方生 物、和黄医药、亚盛药业、特宝生物、迈威生物、微芯生物、迪哲医药、百奥 泰和东诚药业等;中端制造:消费型与出海型器械,海尔生物、微创医疗、乐 普医疗、新产业、亚辉龙、微电生理、澳华内镜、鱼跃医疗、三诺生物和美好 医疗等;泛红 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company reported a significant increase in net profit for Q2 2024, with an estimated net profit of approximately 0.92 billion to 1.07 billion yuan, representing a year-on-year growth of 70% to 98% [4][9] - The growth in net profit is attributed to the rapid improvement in the downstream demand for both software and equipment businesses [10] - The company is expected to achieve operating revenues of 1.371 billion, 1.610 billion, and 1.855 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 0.332 billion, 0.430 billion, and 0.546 billion yuan [16] Financial Performance - For the year 2024, the company is projected to have an operating income of 1.371 billion yuan, with a growth rate of 25.15% [17] - The net profit for 2024 is expected to be 0.332 billion yuan, reflecting a growth rate of 35.12% [17] - The earnings per share (EPS) for 2024 is estimated at 0.88 yuan, with a price-to-earnings (PE) ratio of 17.78 [17] Business Segments - The software segment is performing well, with ongoing sales of key software products contributing to stable net profits [10] - The instrumentation segment is focusing on high-value products and expanding its market presence, particularly in the high-voltage sector [10]

投资评级:增持(维持) 核心观点 -38% -30% -21% -13% -4% 5% 香飘飘 沪深300 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 香飘飘(603711) / 饮料乳品 / 公司点评 / 2024.07.10 证券研究报告 ❖ 冲泡以消化库存为主，即饮板块果茶战略初见成效。分板块看，冲泡板 块下滑较多，主要系公司进行库存消化；即饮板块收入预计持平，其中 1）预 计果汁茶增长良好，战略初见成效；2）冻柠茶有所承压，主要系渠道结构调 整，电商销售占比下降较多，对冻柠茶单价有所影响。3）且公司今年产品重 点调整，大红袍牛乳茶暂未重点销售，预计同比有所缺失。利润方面，主因淡 季冲泡拖累，亏损幅度增大。 ❖ 24Q3 进入公司战略重要检验阶段，待成效显现。一方面即饮旺季验证新 战略可行性，另一方面冲泡有望迎来升级，带来新增量。我们认为在外部环境 有所承压的背景下，企业维持自身的战略定力，为后续放量积聚势能，静待公 司改革和二次曲线成效显现。 ❖ 风险提示：食品安全风险，原材料价格波动，季节性风险波动。 请阅读最后一页的重要声明！ | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a consolidated revenue of RMB 2.117 billion for June 2024, representing a year-on-year increase of 24.11% and a slight decrease of 0.23% month-on-month. The second quarter of 2024 showed stable performance with a consolidated revenue of RMB 6.440 billion, up 32.27% year-on-year but down 3.69% quarter-on-quarter. For the first half of 2024, the total revenue reached RMB 13.126 billion, reflecting a year-on-year growth of 13.79% [3] - The growth in revenue is attributed to the demand for new products such as iPads and promotional activities for iPhones. The upcoming traditional peak season for consumer electronics in the second half of the year is expected to boost sales, particularly with the anticipated release of the iPhone 16 series [3] - The long-term outlook is positive due to the trend of AI integration in mobile devices, which is expected to drive upgrades in PCB (Printed Circuit Board) components. The company is well-positioned to benefit from this trend, given its close collaboration with major clients and its comprehensive hardware and software ecosystem [3] Financial Projections - The company is projected to achieve revenues of RMB 35.38 billion, RMB 38.90 billion, and RMB 42.60 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be RMB 3.96 billion, RMB 4.52 billion, and RMB 5.25 billion for the same years. The corresponding price-to-earnings (PE) ratios are forecasted to be 24.30, 21.28, and 18.33 [3][4]

| --- | --- | |------------------------|------------| | 基本数据 | 2024-07-09 | | 收盘价 ( 元 ) | 22.08 | | 流通股本 ( 亿股 ) | 5.41 | | 每股净资产 ( 元 ) | 9.40 | | 总股本 ( 亿股 ) | 6.59 | | 最近 12 月市场表现 | | 证券研究报告 ❖ 投资建议：我们预计公司 2024-2026 年实现营业收入 54.34/62.74/72.00 亿元， 归母净利润 6.52/7.57/8.61 亿元。对应 PE 分别为 22.31/19.21/16.88 倍，维持 "增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|---------|---------|---------|---------|---------|--------- ...

Investment Rating - The report maintains a "Positive" rating for the pharmaceutical and biotechnology industry [1] Core Views - The report provides an update on the price trends of active pharmaceutical ingredients (APIs) and related intermediates in June 2024 [2] Hormone Category Price Trends - In June 2024, the prices of saponin and diene in the hormone category increased by 3.45% and 2.00% month-on-month respectively, while prices of progesterone, medroxyprogesterone acetate, dexamethasone sodium phosphate, and hydrocortisone remained stable [5] - Year-on-year, saponin, dexamethasone sodium phosphate, and diene prices increased by 20.00%, 361.54%, and 13.33% respectively, while progesterone, hydrocortisone, and hydrocortisone acetate prices decreased by 7.32%, 1.72%, and 2.73% respectively [5][6] Antibiotic Intermediates Price Trends - In June 2024, 7-ACA, 6-APA, and penicillin industrial salt prices increased by 2.08%, 9.38%, and 36.36% month-on-month respectively, while 4-AA price decreased by 9.84% [7][8] - Year-on-year, 7-ADCA and 7-ACA prices increased by 4.00% and 8.89% respectively, while 6-APA, 4-AA, and penicillin industrial salt prices decreased by 5.41%, 36.05%, and 11.76% respectively [7][8] β-Lactam Antibiotics Price Trends - In June 2024, prices of cephalosporins and amoxicillin remained stable month-on-month [9] - Year-on-year, prices of ceftriaxone sodium, cefoperazone sodium, cefixime, cefaclor, and amoxicillin decreased by 4.76%, 10.91%, 12.50%, 9.52%, and 7.81% respectively [9][10] Cardiovascular Category Price Trends - In June 2024, prices of cardiovascular APIs such as valsartan, irbesartan, telmisartan, lisinopril, enalapril maleate, and atorvastatin calcium remained stable month-on-month [11] - Year-on-year, prices of valsartan, irbesartan, telmisartan, lisinopril, and atorvastatin calcium decreased by 11.56%, 2.34%, 4.55%, 10.42%, and 3.85% respectively, while enalapril maleate price remained stable [11][12]

中国国贸(600007) / 房地产开发 / 公司深度研究报告 / 2024.07.09 投资评级:增持(维持) 核心观点 | | | |----------------|------------| | 基本数据 | 2024-07-08 | | 收盘价(元) | 21.95 | | 流通股本(亿股) | 10.07 | | 每股净资产(元) | 9.96 | | 总股本(亿股) | 10.07 | 最近 12 月市场表现 中国国贸 沪深300 上证指数 房地产开发 -34% -20% -7% 7% 20% 33% 分析师 毕春晖 SAC 证书编号:S0160522070001 bich@ctsec.com 联系人 欧阳之光 oyzg@ctsec.com 联系人 吴梦茹 wumr@ctsec.com 相关报告 1. 《利润双位数增长,持续回报股东》 2024-04-01 2. 《核心资产质量较优,分红稳定吸引 力强》 2023-08-24 ❖ 持有难以复制的稀缺核心资产:公司拥有北京 CBD 区域中心位置的 TOD 项目,CBD 区域为成熟商圈,综合表现位列北京第一。同时公司资产包括写 字楼、商场、酒店、公寓 ...