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中国中免线上交流会内容分享 20240712 1、公司近期经营表现 上半年,中国中免在出入境免税方面表现出色,多个机场与公司签署了补充协议,进一步 保障了利润空间。北京、上海在今年第一季度收入分别增长了 3 到 4 倍,首都机场的麒麟 店、Gucci 店以及爱马仕店销售收入表现良好,五一期间首都机场和大兴机场的客单价分 别达到 1300 元和 1000 元左右,上海机场的客单价恢复至 2019 年水平。海南市场在二 季度进入传统淡季,但公司与海南省政府共同努力,6 月在海口国际免税城开设 Gucci 店, 带动新海港店的转化率和客单价提升。去年年底三亚国际免税城二期核心岛焕新升级,引 入杰尼亚、Loro Piana 等高端品牌。LV 和迪奥店销售情况乐观,LV 门店在春节期间一度 登顶全球单店销售额,平日也稳居全国前五。四月份调研时,LV 门店仍稳居全国第一,全 球第三。迪奥门店位居全国第二。 2、海外布局与扩展 今年 2 月,公司在新疆和江西机场的麒麟珠宝店顺利开业。5 月,相继中标香港机场店和 新加坡樟宜机场店的精品店,进一步巩固亚太地区的市场地位。此外,公司在斯里兰卡科 伦坡筹备室内店的开业。公司计划持 ...

全年增长有望前低后高，估值底部守望柳暗花明 [Table_Industry] 医药生物行业-2024 年中期策略报告 [Tab2l0e_2Re4po年rtDa0t7e]月 09 日 [Table_Title] 证券研究报告 全年增长有望前低后高，估值底部守望柳暗花明 行业研究 [Table_ReportDate] 2024年07月09日 本期内容提要: [Table_ReportType] 行业投资策略 [Ta[Tb复laeb_盘lSeu_m2S0um2m3amr年ya]r 及y] 2024下半年展望：因新冠高基数及院内医疗整顿扰乱销售 [医Ta药bl生e_物Sto ckAndRank] 节奏、院外医疗消费复苏较弱、美国“生物安全法案”等不利的国际环境影 响下，sw生物医药上市公司总收入规模在2024Q1同比仅增长0.7%，利润总 投资评级 看好 额同比增0.5%。医药板块二级市场表现跌幅显著，2023年年初至2024年06 月15日板块跌15.33%，相对沪深300收益率-19.50%，板块当期估值PE(ttm) 上次评级 看好 为 25.86 倍，低于 8 年历史平均值 33.84 倍。我们认为国内集采降 ...

证券研究报告 行业报告：行 业深度研究 2024年07月09日 有色金属 有色资源品的投资逻辑发生了哪些变化？ 作者： 分析师 刘奕町 SAC执业证书编号：S1110523050001 ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20240706 极致分化——2024 年上半年 A 股深度复盘 2024年 07月 06日 [ [T Ta ab bl le e_ _T Sa ug m] mary] ◼ 2024上半年全球大类资产表现：股票市场：全球股市普涨，A股市场表 证券分析师 陈刚 现靠后，红利板块涨幅靠前。债券市场：中美利差走扩，海外主要国家 进入降息周期。外汇：“强美元”格局延续，人民币汇率波动性降低。大 执业证书：S0600523040001 宗商品：全球定价品种上涨，黑色系商品下跌 cheng@dwzq.com.cn 证券分析师 陈李 ◼ 2024 上半年 A 股市场整体走势：2024 上半年大盘深 V 反弹至关键点 执业证书：S0600518120001 位，指数阶段性盘整后再度上行至阶段高点，但此后向上动能稍显不足， 021-60197988 指数开启回调，6月末市场呈现出企稳特征。年初市场延续去年下跌走 yjs_chenl@dwzq.com.cn 势，期间尝试修复但均未果，指数于2月初来到低点后变盘向上，场内 流动性和风险偏好改善，板块轮动补涨，主题充分演绎。指数反弹 ...

Financial Data and Key Metrics Changes - The company expects a revenue growth of 17% to 27% year-on-year for Q2 2024, with net profit growth anticipated between 12% to 27% [2] - The non-deductible net profit growth is expected to be weaker compared to revenue growth, with a decline in net profit margin noted [3][4] - The second quarter's stock option incentive costs were approximately 25.1 million, compared to over 7 million in the same period last year, impacting net profit growth [5] Business Line Data and Key Metrics Changes - Sales expenses increased by over 10 million quarter-on-quarter, attributed to promotional activities and events [7][8] - The company has implemented a total cost leadership strategy, which is expected to offset any price declines in certain channels [10] Market Data and Key Metrics Changes - The company has adjusted the retail price of certain products, such as quail eggs, by approximately 12% to 15% to remain competitive [24][25] - The company is focusing on both mid-range and high-end market segments to capture different consumer demographics [24] Company Strategy and Development Direction - The company is committed to a total cost leadership strategy, aiming to provide consumers with safe, delicious, and healthy snacks at competitive prices [24] - The company is enhancing its brand building efforts while maintaining a focus on cost efficiency and market competitiveness [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain stable growth in the e-commerce sector, particularly on platforms like Douyin [76][77] - The company plans to continue investing in brand building and marketing to prepare for future growth [91] Other Important Information - The company announced a mid-term dividend plan and a share buyback plan to boost investor confidence [2] - The company has a robust cash flow and plans to maintain a high dividend payout ratio in the future [80][82] Q&A Session All Questions and Answers Question: Can you elaborate on the weaker growth in non-deductible net profit compared to revenue? - Management explained that the increase in stock option incentive costs significantly impacted the net profit growth, but adjusting for this would show a healthier growth rate [5][51] Question: What are the plans for brand building and marketing expenses in the second half of the year? - Management indicated that brand investment will continue, with potential increases in spending if performance exceeds expectations [91] Question: How does the company plan to maintain its competitive edge in the market? - Management emphasized the importance of organizational efficiency and continuous talent acquisition to enhance operational capabilities [86][89]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 江苏金租 原文 20240712_ 2024年07月14日11:40 发言人 00:00 出现了一些重要的点。我们在这个因为是深入的汇报，然后我们分别在一种框架性，从行业到 这个公司的一些基本面，然后再再到优势等等，做了一个比较系统的深入的汇报。这个也是在 七月份，给大家我们做了一个系列，就是各个系列的工作汇报，然后希望大家能够支持。 发言人 00:30 首先，这家公司，从今年以来的业绩表现来看，在首先是一季度的业绩，首先较去年的高低数 据下，其实增速是略有放缓。这个其实是一个，非常正常的现象。因为在整体银行业信用下沉 以及实体经济恢复可能较慢的一个背景之下，这个公司这个业绩的增速有一定的放缓，这个是 比较正常。但是公司也是一个维持稳定的一个态度。因为整体上像我们这种类银行的这样一个 商业模式，其实本质上就是一个放贷款，只不过租赁行业的这个贷款物抵押物，它是这个设备。 整体上这个公司今年以来的这个状态维持一个谨慎的这样一个原则。整体上这个资产投放就是 相较于以往的工作有所下行，其实反映了公司管理层对这个投放的一个谨慎的一个态度。 发言人 01:38 ...

Financial Data and Key Metrics Changes - In Q2, the smartphone shipment volume was 8 million units per month, totaling 24 million units for the quarter, slightly below the previous expectation of 25 million units and down 11% from Q1's 27 million units [1] - The annual smartphone shipment forecast has been revised down to 110 million units, compared to a more optimistic market expectation of 120 million units [1] Business Line Data and Key Metrics Changes - The gross margin in Q2 decreased compared to Q1, primarily due to rising upstream storage costs, which account for approximately 17% of operating costs and about 12% of revenue [1] - The impact of Qualcomm's patent fees is relatively minor compared to raw material price increases and currency exchange, with expected liabilities of 3.323 billion yuan [1] Market Data and Key Metrics Changes - Market share in emerging markets is stabilizing, with Africa at over 40%, Pakistan at over 40%, and Bangladesh at around 30%. India has a growth potential of 7-8%, while South America is still in the early stages of market development [1] - The gross margin in Africa is the highest at 27%-30%, while margins in South Asia (Bangladesh and Pakistan) have improved to around 25% [2] Company Strategy and Development Direction - The company is focusing on expanding its product categories, with a strategic emphasis on household storage solutions in Africa, leveraging local conditions such as abundant sunlight and low electricity coverage [3] - The company is also exploring partnerships for overseas factory setups while maintaining a relatively asset-light model [3] Management Comments on Operating Environment and Future Outlook - Management noted that the overall operating environment remains challenging, with potential price wars in H2 if competitors like Samsung and Xiaomi do not lower prices [1] - The company is maintaining a stable dividend payout ratio of around 80% due to the absence of major capital expenditure plans [2] Other Important Information - The company has maintained a healthy level of raw material inventory, with inventory turnover days increasing from 63 days in Q4 2023 to 73 days in Q1 2024 due to stockpiling in response to rising raw material prices [2] - The company plans to keep R&D expenses at around 3% of revenue while managing sales and administrative expenses effectively [2] Q&A Session Summary Question: Current raw material inventory levels? - The company maintains normal levels of raw material inventory, with a slight increase in turnover days due to stockpiling [2] Question: Progress on AI initiatives? - The company is likely to adopt a hybrid model for AI, focusing on localized applications rather than significant hardware upgrades [2] Question: What is the expected dividend payout ratio? - The company aims to maintain the dividend payout ratio at around 80% [2] Question: Outlook for expense growth? - Sales expenses are expected to remain stable, while management expenses will benefit from scale advantages [2] Question: Gross margin by market? - The gross margin in Africa is the highest, while margins in South Asia are improving [2] Question: Channel inventory levels? - Channel inventory levels are normal, with a slight increase expected due to new product launches [3] Question: Status of expanding product categories? - The company is prioritizing the expansion of product categories and has hired professionals for this initiative [3] Question: Sales personnel count? - The company has a total of 16,000 employees, with half in overseas sales roles [3] Question: Competitors' channel strategies in Africa? - The company has a strong presence in lower-tier cities, which is a competitive advantage over Samsung and others [3]

全文摘要 海光信息公司是一家专注于高性能计算解决方案的企业,成功获得 AMD 授权并推出了一系列服务器和工作站 CPU 产品。该公司 DCU 产品基于国际主流 GPU 架构,已成功应用于多个项目,展示了高度的兼容性、生态扩展能力和 高性能。凭借与 Arm 的授权合作,海光的 DCU 能够全面兼容 RollCOM GPU 计算生态,并支持广泛的国际主流软 件,适合大规模模型训练和预测任务。此外,海光 CPU 产品线涵盖了 3000、5000、7000 系列,尤其在高端 7000 系列方面具有显著的毛利率优势。公司自 2016 年以来,经历了五代产品的迭代开发,实现了营业收入和净 利润的大幅增长。在面对供应链挑战时,海光公司维持了较高的研发投入,并通过国内信创市场的快速发展占领了 一席之地。展望未来,海光公司预计将继续扩大其在服务器市场及 CPU 应用领域的市场份额,特别是在移动工作 站和 DCU 领域显示出强劲的增长潜力。 海光信息公司技术进展与市场表现汇报 海光信息公司已获得 AMD 授权,在服务器市场取得一定份额,并推出工作站 CPU 产品。其 DCU 产品采用国际主 流 GPU 路线,已有深算一号和二号商 ...

Financial Data and Key Metrics Changes - The company expects a net profit of 400 to 450 million yuan for the first half of 2024, representing a year-on-year growth rate of 125.45% to 153.64% [2] - The expected non-net profit is projected to be 380 to 420 million yuan, with a year-on-year growth rate of 240% to 279.62% [2] - Basic earnings per share are anticipated to be between 0.29 to 0.32 yuan, an increase of 0.16 to 0.19 yuan per share compared to the previous year [2] Business Line Data and Key Metrics Changes - The core growth drivers are identified as the gentle lens and film optical panel, contributing approximately 70% to the revenue increase in the second quarter [4] - The company has seen a significant increase in non-net profit growth compared to net profit growth, indicating improved internal competitiveness and cost management [10] Market Data and Key Metrics Changes - The company has established a strong presence in the North American market, with a market share of about 10% in the IRCF segment [24] - The company has maintained over 50% market share in the high-end camera market in Japan [24] Company Strategy and Development Direction - The company's strategy focuses on globalization, technology-driven development, and open cooperation, aiming to serve top-tier international clients [23][24] - The company is transitioning from a diversified strategy to a focused strategy, concentrating on semiconductor optics and metaverse optics [48] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the recent investigation into a major shareholder will not affect the company's normal operations [7] - The management expressed confidence in maintaining steady growth and highlighted the importance of internal efficiency improvements and product competitiveness [10][49] Other Important Information - The company has invested approximately 1.5 billion yuan in R&D over the past five years, with R&D expenses accounting for about 6% of revenue [28] - The management team has undergone significant restructuring to enhance operational efficiency and governance [16][49] Q&A Session All Questions and Answers Question: Future upgrades with North American major clients - The company anticipates continued upgrades in products with North American clients, particularly in traditional filters and reflective prisms, which are expected to contribute to revenue growth [54] Question: AI and AR market developments - Management acknowledged the potential of AI to drive demand for optical products and emphasized the company's commitment to capturing opportunities in the AR market [62][64] Question: Automotive business and overseas market positioning - The company is optimistic about its automotive business growth, particularly with upcoming orders from overseas clients like Jaguar Land Rover [78]