获投行看好 新东方盘前涨3.5%
格隆汇1月19日丨新东方(EDU.US)盘前涨3.5%，报42.19美元。麦格理研报指，新东方的新业务在学习中心规模上实现逾一成利润率，上半年收入按年增长262.7%至21亿元人民币；纯利录5.853亿元人民币。该行维持集团美股“跑赢大市”评级，目标价由38.3美元上调至51美元。
2022年深圳外贸进出口3.67万亿元 创历史新高深圳海关1月19日披露，据深圳海关统计，2022年，深圳市外贸进出口3.67万亿元人民币，规模创历史新高，比2021年(下同)增长3.7%。
其中，出口2.19万亿元，规模连续第30年居内地外贸城市首位，增长13.9%；进口1.48万亿元，排名全国第三。
2022年，深圳市出口机电产品1.68万亿元，增长8.7%，占同期深圳市出口总值的(下同)76.5%。其中，电工器材、手机和自动数据处理设备分别增长32.6%、28.6%和24.3%。
2022年，深圳市出口锂离子蓄电池566.1亿元，同比增长68.7%。同期，出口劳动密集型产品2350.2亿元，增长31.8%，占10.7%。其中，玩具和箱包出口增长超五成。
KWEICHOW MOUTAI(600519)：ACCELERATION IN Q4 REVENUE OF KWEICHOW MOUTAI LIQUORS PERFORMANCE BEATS FULL-YEAR TARGETCompany Profile Kweichow Moutai Co., Ltd. is a China-based company, principally engaged in the production and distribution of Moutai liquor series products. The Company's main products portfolio consists of Kweichow Moutai liquors and other liquor series, including Moutai Prince liquors, Moutai Ying Bin Chiew and Laimao liquors. The Company distributes its products within domestic market and to overseas markets.(Source: Reuters) Event Kweichow Moutai Co., Ltd. (“Kweichow Moutai"/ the company) announced its production and operation in 2022. After the preliminary calculations, Kweichow Moutai’s full-year revenue is expected to reach roughly CNY 127.2 billion (+16.20%YoY), and its net income attributable to shareholders is estimated to report roughly CNY 62.6 billion (+19.33%YoY). Its revenue in Q4 is estimated at CNY 37.4 billion (+15.44%YoY), and its net income attributable to shareholders is anticipated to hit CNY 18.2 billion (+19.79%YoY). The performance slightly overshoots market consensus. Comments Thanks to the acceleration in revenue of Kweichow Moutai liquors in Q4, Kweichow Moutai is expected to outperform its full-year target. It is expected that Kweichow Moutai liquors and other liquor series in 2022 contributed CNY 107.7 billion and CNY 15.7 billion to revenue, up 15.2%YoY and 24.7% YoY, respectively, with CNY 33.3 billion and CNY 3.16 billion in Q4, an increase of 17.0% YoY and 3.4% YoY. The decent growth of Kweichow Moutai liquors in Q4 was mainly due to 1) a rise in sales volume; 2) more non-Feitian liquors being put on the market; 3) optimized channel structures. The slowdown in growth of other liquor series in Q4 was mainly due to less other liquor series being put on the market. The net margin in Q4 stood at 48.6%, up 1.8 percentage points from a year earlier, which was mainly a result of less proportion of taxes in revenue. The production capacity of Kweichow Moutai liquors is to expand while the technology reforms of other liquor series advance smoothly. In 2022, the base liquor output of Kweichow Moutai liquors was roughly at 56,800 tons (+1% YoY) and that of other liquor series 35,000 tons (+24% YoY). The company has completed its earlier-set production capacity expansion plan, and the actual production capacity increased to 56,000 tons. The project of capacity expansion of Kweichow Moutai liquors was carried out in December, and the actual capacity will increase roughly 19,800 tons when the project is completed, bringing the output of Kweichow Moutai liquors to 76,000 tons in 2026. According to the calculation based on production capacity of Kweichow Moutai liquors and available sales volume, the CAGR of sale volume increase from 2021 to 2025 is estimated at 6%, and 8% from 2027 to 2031, showing a lift in the average of sales volume increases. In addition, other liquor series will also see investments in production capacity expansion, and the company will buy the using rights of state-owned lands as production sites, which will scale up Kweichow Moutai liquors and other liquor series. Earnings forecast and investment recommendation Since Mr. DING Xiongjun took office, the company has promoted reforms in an all-round way including production capacity expansion, product upgrading and marketing innovation, making the company back onto the faster and better trajectory. We slightly revised up our earnings forecast and estimated its revenue at CNY 127.2 billion in 2022, CNY 146.4 billion in 2023, and CNY 172.0 billion in 2024, up 16.20%YoY, 15.09%YoY, and 17.51%YoY; its net income attributable to shareholders at CNY 62.6 billion, CNY 73.5 billion, and CNY 87.3 billion, up 19.33%YoY, 17.43%YoY, and 18.75%YoY, implying a P/E ratio to 34.49x, 29.37x, and 24.74x, based on the closing price on December 29, 2022. Remain “Buy”. Potential risks slower-than-expected macroeconomic recovery; worse-than-expected blows dealt by lingering epidemic to consumer spending and consumption upgrading; uncertainties of deepening reforms【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。（责任编辑：王丹 ）
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
2月20日0—24时，31个省（自治区、直辖市）和新疆生产建设兵团报告新增确诊病例144例。其中境外输入病例73例（上海27例，广东20例，北京9例，广西5例，四川5例，福建3例，天津1例，江苏1例，重庆1例，甘肃1例），含7例由无症状感染者转为确诊病例（广东3例，四川2例，江苏1例，广西1例）；本土病例71例（内蒙古32例，其中呼和浩特市30例、包头市1例、巴彦淖尔市1例；江苏11例，其中苏州市10例、无锡市1例；辽宁7例，均在葫芦岛市；广东6例，均在深圳市；山西5例，均在晋中市；四川4例，均在成都市；云南4例，其中德宏傣族景颇族自治州3例、红河哈尼族彝族自治州1例；黑龙江2例，均在鸡西市），含5例由无症状感染者转为确诊病例（云南3例，内蒙古1例，江苏1例）。无新增死亡病例。新增疑似病例3例，均为境外输入病例（均在上海）。当日新增治愈出院病例42例，解除医学观察的密切接触者1039人，重症病例较前一日增加3例。境外输入现有确诊病例883例（其中重症病例1例），现有疑似病例3例。累计确诊病例13472例，累计治愈出院病例12589例，无死亡病例。截至2月20日24时，据31个省（自治区、直辖市）和新疆生产建设兵团报告，现有确诊病例1724例（其中重症病例10例），累计治愈出院病例101491例，累计死亡病例4636例，累计报告确诊病例107851例，现有疑似病例3例。累计追踪到密切接触者1582455人，尚在医学观察的密切接触者36791人。