国联消费研究团队2024年11月金股推荐

Key Points - The report recommends several stocks across different sectors for November 2024, including Boss Electric in home appliances, Sophia in light industry, Kelun-Botai Biopharmaceutical in pharmaceuticals, Luzhou Laojiao in food, Shangmei Co. in trading, and Zhongchong Co. in agriculture [2][4][6][7][8][10][11]. Home Appliances - Boss Electric is highlighted for its strong retail demand driven by the "old-for-new" policy, with retail sales growth rates for traditional products like range hoods and gas stoves at +43% and +37% respectively since the policy's implementation in September [6]. - The company is positioned as a leading player in the kitchen appliance sector, adopting proactive competition strategies to develop mid-range sub-brands and capture market share [6]. - The stock is currently valued at historical lows, with projected earnings growth of 1% in 2024, 13% in 2025, and 8% in 2026, and a dividend payout ratio of 54% for 2023, leading to a "buy" rating [6]. Light Industry - Sophia is recommended due to government subsidies boosting home consumption, with a reported 106% increase in orders during the National Day holiday [7]. - The company is expanding its market presence through a multi-brand, full-category, and full-channel strategy, with a 26.34% year-on-year growth in integrated decoration channels [7]. - Expected revenue growth rates for 2024-2026 are +0.87%, +11.40%, and +10.78%, with net profit growth of +4.87%, +10.11%, and +6.06%, leading to a "buy" rating [7]. Pharmaceuticals - Kelun-Botai Biopharmaceutical is noted for its flagship product SKB-264, which is expected to receive approval by the end of 2024, potentially becoming the first domestically approved Trop2 ADC in China [8]. - The company has a robust pipeline of innovative products set to launch, with 2025 anticipated to be a significant year for commercialization, resulting in a "buy" rating [8]. Food - Luzhou Laojiao faces short-term pressure due to declining business demand but is expected to see a recovery in 2025, providing performance elasticity [9]. - The stock is considered undervalued in the high-end liquor market, with projected EPS of 9.45 and 9.64 for 2024 and 2025 respectively, leading to a "buy" rating [9]. Trading - Shangmei Co. is recognized for its agile marketing strategies, particularly in leveraging Douyin (TikTok) for live streaming sales, which has driven significant growth in 2023-2024 [10]. - The company is expected to maintain high growth rates through its competitive pricing and flexible channel operations, with projected EPS of 2.29 and 2.96 for 2024 and 2025 respectively, resulting in a "buy" rating [10]. Agriculture - Zhongchong Co. reported Q3 2024 revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% [11]. - The company is expanding its overseas business successfully, with strong performance from its overseas factories and domestic brands, leading to a "buy" rating with projected EPS of 1.25 and 1.42 for 2024 and 2025 respectively [11].