更多资料加入知识星球:水木调研纪委 关注公众号:水木纪委 挖掘新兴产业中的投资机会可以采用自上而下和自下而上的方法: #播加V: shuinu987 #2 政策环境与法律法规:政策变化会对行业产生重大影响。例如,新型烟草在2017年至 1. 2021 年间快速发展,但由于国家烟草总局出台监管政策,其市场规模为 200 亿迅速下 降到十几亿。这种变化提升了行业集中度和经营合规水采。有些企业因此受益。 2. 宏观经济环境:经济发展水平和宏观经济政策的或变也会带来机会。例如,人均收入提 升促进了宠物产业的发展，社会结构变迁w如入口老龄化，也推动了养老经济和宠物经济的发展。 技术创新与应用:新的技术应用可以催生新的领域。例如,滴滴打车、抖音等平台通过 3. 技术创新实现了快速增长。AI 也是一个典型的新技术应用领域,各行各业都在探索其 潜力。爽罗 家提示！ 家派办！ http://www.blogs.com/t.com/t/2018/08/2019-08-24 12:43:00 来源:http://www. 性增长。例如,路德环境原本专注环保业务,但后来将技术应用于生物饲料,实现了显 著增长。此外,一些动物疫苗企业转 ...

首先非常荣幸借助这个平台给大家一起分享一下我们对新兴产业的研究框架的分享新兴产业也是托研原来我们团队研究一些中小市值的领域后来我们就开始扩展到一些新兴的 新科技新消费的一些产业的研究为主那么今天我就把我们整个我们团队研究的整个框架给大家做一个分享包括我们也看到了我们在过去的几年挖掘出了一些新的领域引领过投资的一些浪潮给大家今天做一个整体的分享 首先我们今天分享的主要有三个方面第一个就是什么是基因产业第二个是如何从哪些思路哪些角度给大家挖掘这些领域第三个就是我们过去刚才主持人也说了过去应该八年的时间我们也挖出来发现了一些新的领域 一些新的标的每年都会有一些这种基于未来的战略性新营产业的一些主题性大的主题影投的机会我们也把我们把握住这些机会包括一些思路给大家做一个分享首先就是什么是新营产业其实我们对于定义的这个新营产业就是我们这张图应该是显示的相对比较明确就是伴随着企业 这个的一些新产品新服务或者新技术而出现但是还处于一个产业的角度随时发展出去因为一般一个产业基本上分为这么四个方面首先是导入期第二个是成长期第三个是成熟期第四个是衰退期那么随着时间的变迁其实很多行业都是在这样一种经历比如在这个一百年前那么铁路就属于 ...

Investment Rating - The report does not explicitly mention an investment rating for Nine West Holdings [1] Core Viewpoints - Nine West Holdings has shown resilience in a challenging market, with its market cap surpassing $1 billion in 2023 despite overall market downturn [1] - The company has managed to increase its non-GAAP net profit by 23.3% in 2023 despite an 8.5% decline in revenue, indicating improved profitability [4] - The company has successfully completed one of its three-year plan targets ahead of schedule, achieving a 10% operating margin by the end of 2025 [6] - The stock price has risen by 17.9% since the announcement of the Q1 2024 results, reflecting strong investor confidence [7] Revenue and Profitability - Nine West Holdings' revenue has been stagnant over the past 12 years (2012-2023), with a CAGR of 0%, which is a common trend in the industry [4] - The company's revenue in 2023 was $1.49 billion, down 8.5% YoY, but non-GAAP net profit increased by 23.3% to $150 million [4] - The company has shifted its production to higher-end footwear categories, particularly luxury and high-end fashion, which has improved profitability [5] - Nine West Holdings has reduced its workforce by 6.1% and cut employee benefits by 10.2% in 2023 to improve operational efficiency [5] - The company's Q1 2024 revenue increased by 17.6% YoY, with a 21.9% increase in sales volume, reaching 11.7 million pairs of shoes [5] Geographic and Market Focus - Nine West Holdings primarily serves international brand clients, with over 70% of its revenue coming from Europe and North America between 2014 and 2023 [2] - The company has shifted its production capacity to Southeast Asia to take advantage of lower labor costs, which has helped improve profitability [8] - By 2023, 40-50% of the production capacity for international sports brands like Adidas and Nike was already in Vietnam, reflecting a broader industry trend [12] Historical Context and Industry Trends - Nine West Holdings was founded in 1982 during the rise of Taiwan's OEM industry and benefited from the opening up of China's economy [10] - The company's profitability peaked in 2007-2008, with gross margin, operating margin, and net margin reaching 23.6%, 12.8%, and 12.2%, respectively [10] - Rising labor costs in China and stagnant order prices from luxury brands have eroded profitability over the years, leading to a shift in production to Southeast Asia [11] - The COVID-19 pandemic in 2020 accelerated the company's decision to close most of its factories in China and relocate to Southeast Asia [8] Shareholder Returns and Financial Health - Nine West Holdings has a high dividend payout ratio, averaging 75.6% since its IPO, with a 74.4% payout ratio in 2023 [16] - The company's PB ratio has increased from 0.8 in 2023 to 1.4 in June 2024, reflecting improved market valuation [15] - The company has maintained a conservative approach to capital expenditure, with free cash flow of $160 million in 2023 and cumulative free cash flow of $1.16 billion since its IPO [18] - Nine West Holdings has a low debt-to-asset ratio of 24% and a negligible interest-bearing debt ratio of 0.5% as of the end of 2023 [17] Industry Challenges and Risks - The OEM model is inherently risky, as European luxury brands often work with multiple suppliers to avoid dependency on a single manufacturer [19] - Despite strong management, the company is still subject to industry cyclicality and external market forces [19]

哦豁!香港四大珠宝商也热衷"卖吊牌"?六福集团:加盟费拉高 盈利,难掩增长乏力 导语:加盟费太香了。 作者:市值风云 App:布偶 2023-2024 年,随着黄金价格的持续上涨,大家对黄金关注明显增加了。 2024 年 5 月,国际黄金价格再创新高,国内的"淘金热"也早已从一线城市蔓 延至二三四线城市。黄金零售商也因此都想努力抓住机会,甚至有新闻报道, 山东滨州某购物中心的周大福和老凤祥的员工为抢生意大打出手。 (动图) 一、中国内地市场贡献过半营业利润,加盟模式功不可没 今天风云君也和大家聊聊一个和黄金相关的香港上市公司——六福集团 (00590.HK),一家主要从事珠宝首饰设计、制造和销售的珠宝零售商。 因 其 在 珠 宝 零 售 市 场 占 据 重 要 地 位 , 与 周 大 福 ( 01929.HK ) , 周 生 生 (00116.HK),谢瑞麟(00417.HK)一起被称为是香港四大珠宝品牌。 截至 2023 年 9 月 30 日,创始人黄伟常是公司的实际控制人,通过直接持股和 间接持股的方式(包括通过六福(控股)有限公司),共计持有公司 42.5%的 股份。 2024 财年(注:2023 年 ...

Investment Rating - The report does not explicitly state an investment rating for 大唐新能源 (Datang New Energy) Core Viewpoints - Datang New Energy has missed opportunities in wind power installations due to its decision to deleverage while competitors were aggressively expanding their capacities [1][10] - The company has a significant reliance on the Sanbei region for wind resources, but has not effectively converted this advantage into superior profitability compared to peers [6][12] - The company's financial performance has been impacted by high wind abandonment rates in the Sanbei region, leading to lower revenue and profitability [7][10] Summary by Sections Company Overview - Datang New Energy, a subsidiary of Datang Group, primarily invests in, constructs, and operates wind power plants, with a total installed capacity of 15,419 MW as of the end of 2023 [1][2] - The company ranks seventh among Hong Kong and A-share listed new energy power companies, with wind power accounting for over 80% of its installed capacity [1] Financial Performance - In 2023, the company's revenue was 12.8 billion, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.35 billion, a decrease of 17.5% [3][4] - The gross profit margin for 2023 was 49.6%, down from 53.3% in the previous year [3][4] - The company has faced challenges in generating free cash flow, with cumulative free cash flow reaching -16.33 billion since its listing [16][17] Operational Challenges - The company has been significantly affected by wind abandonment and curtailment issues in the Sanbei region, with abandonment rates historically higher than the industry average [7][10] - Despite early investments in wind resources, the company has not achieved substantial growth in installed capacity since 2013, with a growth rate of only 2% as of 2023 [4][12] Strategic Focus - Datang New Energy has shifted its focus towards deleveraging to improve net profit margins, having previously operated with a high debt ratio compared to peers [10][14] - The company has been criticized for its slow revenue growth and low profitability, which has led to a lower return on equity (ROE) compared to competitors [15][18] Shareholder Returns - The company's dividend yield was only 1.8% in 2023, the lowest among Hong Kong-listed new energy companies, with no stock buyback plans in place [17][18] - The price-to-book (PB) ratio is also low at approximately 0.7, reflecting the company's poor profitability and shareholder returns [18]

业绩反转,一季度净利润增长超一倍,受益于暑期和免签政策,业绩确定性高 摘要:一季度利润增长超一倍 作者:市值风云 App:赤道以北 近期看点: 1、暑期到来开启旅游旺季,机票价格上涨; 2、中国对多国实行免签政策,入境和境外游增加。 一、公司简介及业绩变动 春秋航空主营业务为国内、国际及港澳航空客货运输业务及与航空运输业务相关的服务。主要产品及服务包括航空客运、航空货运。 春秋航空是国内首家低成本航空公司,截至 2023 年末,公司运营 121 架空客 A320 系列机型客机,在中国民航市场的市占率为 3.9%。 虹桥机场、兰州机场、石家庄机场、宁波机场、扬州机场和揭阳机场运送旅客人次市场份额均位居全国前三位。 目前公司在飞国际航线涉及泰国、日本、韩国、柬埔寨和新加坡共 5 个目的地国家。地区航线,已恢复了上海往返香港、澳门、台湾 台北的航线。 最新 5 月运营数据显示,旅客周转量 40.5 亿人公里,同比增长 17.5%,货邮周转量 1234.1 万吨公里,同比增长 26.5%。 之间� 、阿勒洛哥 s c t e 西方 ne ——— ———大连、沈阳、高安国内航线 1000000 ——— 我阳、扬州高内就 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3] Core Viewpoints - The company, PCCW, has experienced significant market value erosion since the dot-com bubble burst, with its market cap dropping from a peak of HKD 580 billion to around HKD 30 billion [2] - PCCW's revenue growth has been stagnant, with a 10-year CAGR of only 1% from 2014 to 2023 [6] - The company has undergone significant business restructuring, focusing primarily on telecom and media, with telecom contributing 94% of revenue in 2023 [11] - PCCW's core telecom business, Hong Kong Telecom, is heavily reliant on fixed-line services, which are in a mature-to-decline phase, while mobile services are still in the early stages of 5G adoption [16][25][28] - The company has a strong dividend history, paying out HKD 27 billion in dividends over the past 5 years, representing 65% of its free cash flow [37][38] Business Overview - PCCW was founded in 1993 and became a major player in Hong Kong's telecom market after acquiring Hong Kong Telecom in 2000 for USD 35.9 billion [2] - The company's major shareholders include Li Ka-shing's son, Richard Li, who holds 24.92%, and China Unicom, which holds 18.41% [3][5] - PCCW's business segments have been streamlined, with telecom and media now accounting for 94% and 9% of revenue, respectively [11] - The company has divested several non-core assets, including Now TV and its property business, to focus on its core telecom operations [11] Financial Performance - PCCW's revenue in 2023 was HKD 36.3 billion, with Hong Kong Telecom contributing HKD 34.3 billion [15] - The company's EBITDA improved to HKD 12.8 billion in 2023, with an EBITDA margin of 35.3%, the highest in 5 years [33] - Capital expenditures have decreased significantly, from HKD 5 billion in 2019 to HKD 2.3 billion in 2023, contributing to improved free cash flow [34][36] - Free cash flow increased from HKD 6.1 billion in 2019 to HKD 11 billion in 2023 [36] Industry Analysis - Hong Kong's telecom market is highly competitive, with 28 licensed fixed-line operators and 4 major mobile operators [22][25] - Fixed-line penetration in Hong Kong remains high at 66.8%, compared to 13% in mainland China and 29% in the US [20] - The mobile market is saturated, with a penetration rate of 282%, and 5G adoption is still in its early stages, with 68.2% of mobile users on 5G as of March 2023 [26][28] - Hong Kong Telecom's mobile business is heavily reliant on hardware sales, with 26% of its mobile revenue coming from device sales in 2023 [30] Dividend and Shareholder Returns - PCCW has a strong track record of paying dividends, with HKD 27 billion paid out over the past 5 years [37] - The company's dividend payout ratio is 65% of its free cash flow, indicating a strong commitment to returning capital to shareholders [37] - For long-term investors, dividends have been a significant source of returns, with an annualized return of 15.75% from 2014 to 2023, assuming reinvestment of dividends [38]

Investment Rating - The report does not explicitly state an investment rating for 中广核新能源 (CGN New Energy) Core Viewpoints - CGN New Energy is positioned as a leading player in the wind power sector, leveraging group resources for rapid growth, but faces challenges with limited new quality projects and shareholder returns [1][10] - The company has shown a significant increase in installed capacity, particularly in wind and solar energy, but the growth rate has slowed down recently [2][11] - The average profit per kilowatt-hour for CGN New Energy is competitive within the industry, indicating strong operational efficiency [9] Summary by Sections Company Overview - CGN New Energy is the only non-nuclear clean energy listed platform under CGN Group, which primarily focuses on nuclear power [1] - The company has diversified operations in wind, solar, and gas energy projects across China and South Korea [1] Financial Performance - In 2023, CGN New Energy reported revenue of $2.19 billion, a 9.8% decrease year-on-year due to falling electricity prices in South Korea, but adjusted net profit increased by 9.4% to $280 million [2][3] - The company's gross margin improved from 48.7% to 55.2% in 2023, driven by lower natural gas costs in South Korea [2][12] Revenue Structure - The main revenue sources include electricity sales, electricity price income, and capacity fees, contributing approximately 90% of total revenue [4] - As of the end of 2023, the company had receivables from government subsidies amounting to $370 million [4] Installed Capacity and Growth - CGN New Energy's installed capacity for wind and solar energy reached 4,438 MW and 1,759 MW respectively by the end of 2023, ranking fifth and sixth among listed companies in Hong Kong and A-shares [11][12] - The company experienced a 102% increase in wind power capacity from 2019 to 2021, but growth has slowed since then [7][10] Profitability and Leverage - The company maintains a high return on equity (ROE) of 17.8% in 2023, outperforming peers [15] - However, CGN New Energy's debt levels are high, with a debt-to-asset ratio of 79.8% and a significant portion of loans from affiliated companies [16][17] Cash Flow and Shareholder Returns - Free cash flow improved to $40 million in 2023, but the company has a negative cumulative free cash flow of $2.43 billion since its listing [18] - The dividend payout ratio is relatively low at 25%, ranking among the lowest in the Hong Kong market for similar companies [19][20]

尊敬的各位现场的嘉宾,大家下午好欢迎来到股权纪律领导品牌、汽车管理创新专家荣正集团的现场直播间以及露脸中必前往的直播平台我是荣正集团合伙人、品牌总监李福嘉很荣幸主持今天的线上发布会 本次发布会由龙正集团、路演中并且网联合发布首先我仅代表联合发布方对线上参会的嘉宾和观众表示热烈的欢迎欢迎各位参加A股上市公司市值管理分析报告2024线上发布会 A股上市公司市值管理分析报告呢又称为市值管理的蓝皮书是荣正集团于2023年首次发布关于A股上市公司市值管理的综合分析报告当然23年也就是去年哈我们仅仅发布了报告没有举办像今年这样的线上的发布会所以今年呢是我们首次举办线上分享 熟悉融政的朋友可能知道每年的5月28号是融政固定发布股权激励报告的也就是白皮书的大日子那么自此呢以后我们就多了一个大日子每年的6月28日我们会按时发布市值管理白皮书也敬请大家关注 那这个市局管理蓝皮书啊不仅系统的分析了上市公司的整体市值情况和排名以及上市公司市局管理活动的一个综述那么除此之外呢我们还特别的邀约了融证的非常紧密的合作伙伴中国领先的精准录演平台录演中撰写了上市公司投资者关系专题以及国内领先的面对金融市场风险的综合服务平台碧咸网 这样写了好奇 ...

Good day and welcome to the NVIDIA 2024 Annual Meeting of Stockholders. I would now like to turn the conference over to Simona Jankowski. Please go ahead. Good morning and welcome to NVIDIA's 2024 Annual Meeting of Stockholders. I'm Simona Jankowski, Vice President of Investor Relations. We're hosting a fully virtual annual meeting again this year. As a reminder, the rules of conduct for the meeting are posted on our virtual meeting website. We ask that you follow them to help the meeting run smoothly. Othe ...