m 2024 年 07 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 26.5 公司基本资讯 | | | |---------------------|--------| | 产业别 | | | A 股价(2024/7/10) | | | 上证指数(2024/7/10) | | | 股价 12 个月高/低 | | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | 股价/账面净值 | | | | 一个月 | | 股价涨跌(%) | | 近期评等 | | | | |----------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | -- | -- | -- | 产品组合 | | | |----------|-------| | 高压板块 | 55.6% | | 配网板块 | 26.3% | | 运维服务 | 10.6% | | | | |------------------|--------| | 机构投资者占流通 ...

2024 年 07 月 10 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 公司基本资讯 | | | | |--------------------|--------|----------------| | 产业别 | | 化工 | | A 股价(2024/7/9) | | 19.82 | | 上证指数(2024/7/9) | | 2959.37 | | 股价 12 个月高/低 | | 22/13.44 | | 总发行股数(百万) | | 1834.33 | | A 股数(百万) | | 1834.33 | | A 市值(亿元) | | 363.56 | | 主要股东 | | 云天化集团有 | | | | 限责任公司 | | | | (38.12%) | | 每股净值(元) | | 10.04 | | 股价/账面净值 | | 1.97 | | | 一个月 | 一年 | | 股价涨跌(%) | | -3.3 -0.8 22.4 | 近期评等 | | | | |------------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | 2024. ...

Investment Rating - The report assigns a "Strong Buy" rating with a potential upside of at least 35% [6]. Core Views - The Internet of Things (IoT) industry is showing significant recovery, with the inventory destocking phase over and global downstream demand gradually recovering, particularly in automotive and AIoT scenarios. The company, as a leading IoT module provider, is expected to benefit significantly from this recovery [4]. - The company's net profit forecasts for 2024-2026 are projected at 598 million, 721 million, and 878 million RMB, representing year-over-year growth rates of +560%, +20%, and +22% respectively. The earnings per share (EPS) are expected to be 2.26, 2.72, and 3.2 RMB, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 13 [5][17]. - The company has secured significant overseas orders in the automotive sector, which are expected to enhance performance starting in 2026, with total sales estimated between 742 million and 1.309 billion USD over the project's lifecycle [10]. Summary by Sections Company Overview - The company operates in the telecommunications sector, with a current A-share price of 44.26 RMB and a market capitalization of 11.71 billion RMB. The stock has seen a 12-month high of 63.39 RMB and a low of 29.71 RMB [1]. Financial Performance - In Q2, the company achieved a record revenue of 4.284 billion RMB, a 27% year-over-year increase, and a net profit of approximately 145 million RMB, reflecting a 640% increase year-over-year and a 165% increase quarter-over-quarter. The net profit margin improved to 3.4%, up 2.8 percentage points year-over-year [9]. Market Trends - The global IoT module shipment volume declined by 2% in 2023 due to reduced demand, but is expected to recover in the second half of 2024 as inventory levels normalize and demand from sectors like smart meters, POS systems, and automotive increases. A significant market growth is anticipated by 2025 with the application of 5G technologies [4]. Product Portfolio - The company's product mix is heavily weighted towards wireless communication modules, accounting for 98.67% of its offerings, with the remaining 1.33% from other products [1]. Future Outlook - The company is well-positioned to leverage advancements in AIoT technology, with ongoing developments in edge computing and AI applications, which are expected to drive new growth opportunities [16].

| | | |-----------------------|------| | 2024 年 07 月 08 日 | | | 费倩然 | | | H70507@capital.com.tw | | | 目标价(元) | 14.4 | | | | | | |--------------------|--------|--------|--------------| | 公司基本资讯 | | | | | 产业别 | | | 化工 | | A 股价(2024/7/5) | | | 11.59 | | 深证成指(2024/7/5) | | | 8695.55 | | 股价 12 个月高/低 | | | 12.58/8.6 | | 总发行股数(百万) | | | 1916.48 | | A 股数(百万) | | | 1903.60 | | A 市值(亿元) | | | 220.63 | | 主要股东 | | | 鲁西集团有限 | | | | 公司 | (25.69%) | | 每股净值(元) | | | 8.99 | | 股价/账面净值 | | | 1.29 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 ...

| | | |---------------------|----| | 2024 年 7 月 8 日 | | | 朱吉翔 | | | C0044@capitalcom.tw | | | 目标价(元) | 72 | | | |--------------------| | 公司基本资讯 | | 产业别 | | A 股价(2024/7/5) | | 上证指数(2024/7/5) | | 股价 12 个月高/低 | | 总发行股数(百万) | | A 股数(百万) | | A 市值(亿元) | | 主要股东 | | | | | | 每股净值(元) | | 股价/账面净值 | | | | 股价涨跌(%) | 近期评等 出刊日期 前日收盘 评等 | | | |----------------|-----| | 产品组合 | | | 互联类芯片 | 96% | | 津逮服务器平台 | 4% | 机构投资者占流通 A 股比例 基金 19.7% 一般法人 25.8% 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 澜起科技(688 ...

| 2024 年 06 月 28 赵旭东 | 日 | | 太阳纸业 | (002078.SZ) | 区间操作 | | (Trading Buy) | |-------------------------------------|-----------------|--------------------------------|----------------|-----------------------------------------------------------|----------------------------|--------------------------------------------------------|---------------------| | H70556@capital.com.tw | | | | | | | | | 目标价(元 ) | | 15.8 | | 浆强纸弱格局下,公司林浆纸一体化韧性凸显 | | | | | 公司基本信息 | | | 结论与建议: | | | | | | 产业别 | | 轻工制造 | | | | | | | A 股价(202 ...

2024 年 06 月 28 日 | 王睿哲 | | | |------------------------|--------|-------------| | C0062@capital.com.tw | | | | 目标价 ( 元 ) | | 34 | | 公司基本资讯 | | | | 产业别 | | 医药生物 | | A 股价 (2024/6/28) | | 28.03 | | 深证成指 (2024/6/28) | | 8849.70 | | 股价 12 个月高 /低 | | 70.27/27.51 | | 总发行股数(百万 ) | | 2393.79 | | A 股数(百万) | | 1414.31 | | A 市值(亿元 ) | | 396.43 | | 主要股东 | 蒋仁生 | (48.32%) | | 每股净值(元 ) | | 13.65 | | 股价/账面净值 | | 2.05 | | | 三个月 | 一年 | | 股价涨跌 (%) | | | | 近期评等 | | | | 出刊日期 | 评等 | | | 2023-10-27 | 买进 | | | 产品组合 | | | | 代理产品 - 二类 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for potential price appreciation [11]. Core Insights - The company maintains a high dividend payout ratio, with a 50% dividend ratio for the year, showcasing its strong dividend yield of 4.54% for A-shares and 6.37% for H-shares [2]. - The company demonstrated robust performance in Q1 2024, achieving a revenue of 812.18 billion RMB, a year-on-year increase of 10.88%, and a net profit attributable to shareholders of 45.68 billion RMB, up 4.7% year-on-year [6]. - The report highlights the stability of the company's operations and its strong earnings certainty, supported by rich upstream resources and a commitment to shareholder returns through consistent dividends [16]. Financial Summary - The company is projected to achieve net profits of 171 billion RMB in 2024, 179 billion RMB in 2025, and 182 billion RMB in 2026, with year-on-year growth rates of 6%, 4%, and 2% respectively [17]. - The earnings per share (EPS) are expected to be 0.94 RMB in 2024, 0.98 RMB in 2025, and 0.99 RMB in 2026, reflecting a steady growth trajectory [17]. - The report provides a detailed financial outlook, including revenue and profit forecasts, indicating a stable growth pattern in the coming years [4][7]. Market Context - The report notes an increase in refined oil prices, which is expected to enhance the profitability of the company's sales segment, with gasoline and diesel prices rising significantly compared to previous periods [12]. - The company is well-positioned to benefit from the ongoing demand for oil and gas, particularly with the anticipated increase in downstream demand during the summer travel season [16][20].

Investment Rating - The report maintains a "Buy" rating for Guanghe Tong (300638) with a target price of 20.00 CNY [2]. Core Views - The company is expected to benefit significantly from the recovery in the IoT industry, with a notable increase in downstream demand [2]. - The company showcased multiple edge AI module products at the MWC Shanghai event, indicating a strong product portfolio and technological capabilities [2]. - The report highlights the company's leadership in the IoT module sector, projecting a robust growth trajectory due to the industry's recovery [2]. Financial Summary - The company's net profit is projected to grow from 364.46 million CNY in 2022 to 754.39 million CNY in 2024, reflecting a year-on-year growth of 33.86% [4]. - Earnings per share (EPS) are expected to increase from 0.48 CNY in 2022 to 0.99 CNY in 2024, with a similar growth rate of 33.86% [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34 in 2023 to 16 in 2024, indicating a more attractive valuation as earnings grow [4]. Revenue and Cost Projections - Revenue is expected to rise from 5.646 billion CNY in 2022 to 9.239 billion CNY in 2024, with a compound annual growth rate (CAGR) reflecting the recovery in the IoT market [6]. - Operating costs are projected to increase in line with revenue, from 4.507 billion CNY in 2022 to 7.071 billion CNY in 2024, maintaining a healthy operating margin [6]. Market Position and Growth Drivers - The company is positioned to capture significant market share in the automotive sector, leveraging partnerships with major automotive manufacturers [2]. - The report emphasizes the potential for the company's edge computing solutions to integrate with AI technologies, enhancing application scenarios and data analysis efficiency [2]. - The anticipated recovery in the global IoT module shipments is expected to drive demand for the company's products, particularly in smart home, robotics, and industrial applications [2].

Investment Rating - The report maintains a "Buy" rating for China Petroleum (601857.SH/00857.HK) with a target price of 12 RMB/8.3 HKD [4][6]. Core Views - The energy oil and gas market remains favorable, with expectations of increased downstream demand for crude oil due to the upcoming summer travel season. The company has stable operations and abundant upstream resources, leading to strong earnings certainty. The company emphasizes shareholder rights with a long-term commitment to high dividend ratios, making the dividend configuration value still significant [4][6]. - The company has successfully increased the proportion of direct supply and sales to customers, enhancing sales volume efficiency. The decline in natural gas costs has led to a noticeable increase in profits, with the NYMEX natural gas average price for H1 2024 at 2.19 USD/million BTU, down 14% year-on-year [5][6]. - The company is expected to achieve net profits of 171 billion, 179 billion, and 182 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of +6%, +4%, and +2%. The corresponding P/E ratios for A-shares are 10.4, 9.9, and 9.8, while for H-shares they are 7.4, 7.1, and 6.9 [6][12]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 812.184 billion RMB, a year-on-year increase of 10.88%, and a net profit attributable to the parent company of 45.681 billion RMB, up 4.7% year-on-year. The Q2 average crude oil prices are expected to rise, with Brent crude averaging 85.0 USD/barrel and WTI averaging 80.6 USD/barrel, indicating continued revenue and profit growth [12][22]. Dividend Policy - The company maintains a high dividend payout ratio, reaching 50% for the year. The mid-year dividend for 2023 was 0.21 RMB/share, and the year-end dividend was 0.23 RMB/share, resulting in an A-share dividend yield of 4.54% and a Hong Kong share yield of 6.37% [13][14]. Market Dynamics - The increase in refined oil prices is expected to enhance the profitability of the sales segment. As of June 28, 2024, the domestic gasoline supply price is 9,220 RMB/ton, up 390 RMB/ton from the beginning of the year, and the diesel supply price is 8,175 RMB/ton, up 380 RMB/ton [22].