Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's overall performance remains stable, with steady growth in new orders [2] - Revenue from self-developed technology transformation and clinical services grew significantly by 52.43% and 32.22% respectively in H1 2024 [2] - The company's gross margin improved to 68.75% in H1 2024, up 2.19 percentage points year-on-year [2] - The company has a rich pipeline of nearly 300 R&D projects awaiting transformation as of H1 2024 [2] Financial Performance - H1 2024 revenue reached 525 million yuan (+23.88% YoY), with net profit of 134 million yuan (+12.35% YoY) [2] - Q2 2024 revenue was 309 million yuan (+17.65% YoY), with net profit of 84 million yuan (flat YoY) [2] - New orders in H1 2024 totaled 711 million yuan, up 13.38% YoY [2] Financial Projections - Revenue is projected to grow from 1.203 billion yuan in 2024E to 1.872 billion yuan in 2026E [3][4] - Net profit is expected to increase from 315 million yuan in 2024E to 519 million yuan in 2026E [3][4] - EPS is forecasted to rise from 2.89 yuan in 2024E to 4.77 yuan in 2026E [4] - PE ratio is expected to decline from 24.91x in 2024E to 15.10x in 2026E [3][4] Business Segments - Clinical pre-pharmacy services/CDMO/equity sharing revenue declined by 9.09%/70.36%/72.60% respectively in H1 2024 [2] - Self-developed technology transformation revenue reached 290 million yuan in H1 2024, with a gross margin of 87.28% [2] - Clinical service revenue was 93 million yuan in H1 2024, with a gross margin of 37.38% [2]

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision is actively expanding its overseas market presence through strategic acquisitions, particularly in the automotive sector [3] - The acquisition of Leoni AG and its subsidiaries is seen as a reasonable deal, with potential for long-term growth despite short-term profitability challenges [4] - The company is well-positioned to benefit from the automotive electrification and intelligence trends, with expected revenue growth and improved profitability [4] Financial Performance and Projections - Revenue is projected to grow from RMB 214.03 billion in 2022 to RMB 331.29 billion in 2026, with a CAGR of 11.56% [5] - Net profit attributable to shareholders is expected to increase from RMB 9.16 billion in 2022 to RMB 19.96 billion in 2026, with a CAGR of 24.33% [5] - EPS is forecasted to rise from RMB 1.29 in 2022 to RMB 2.77 in 2026 [5] - ROE is expected to remain stable around 19.5%-20.2% from 2022 to 2026 [5] Operational Efficiency - The company's asset turnover days are expected to improve, with fixed asset turnover days decreasing from 66 days in 2022 to 38 days in 2026 [6] - Inventory turnover days are projected to decrease from 56 days in 2022 to 47 days in 2026, indicating improved inventory management [6] - Accounts receivable turnover days are expected to remain stable around 36-38 days from 2024 to 2026 [6] Valuation Metrics - The PE ratio is expected to decline from 24.61x in 2022 to 13.67x in 2026, reflecting improved earnings growth [5] - The PB ratio is projected to decrease from 4.98x in 2022 to 2.67x in 2026, indicating potential undervaluation [5] - EV/EBITDA is forecasted to decrease from 12.3x in 2022 to 5.8x in 2026, suggesting improved valuation attractiveness [6] Growth Drivers - The company's growth is driven by its strategic focus on automotive electrification and intelligence, as well as its expansion into overseas markets [4] - The acquisition of Leoni AG is expected to provide Luxshare Precision with access to new markets and customer resources, enhancing its long-term growth potential [4]

农林牧渔 / 行业投资策略周报 / 2024.09.14 9 月 USDA 上调全球大豆产量，供应短期承压猪价调整 投资评级:看好(维持) 最近 12 月市场表现 -25% -19% -14% -8% -3% 3% 农林牧渔 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《8 月能繁增速放缓，补栏谨慎看好 养殖景气延续》 2024-09-08 2. 《猪价高位调整，补栏谨慎看好养殖 景气延续》 2024-09-01 3. 《8 月 USDA 上调全球小麦、大豆产 量预测》 2024-08-27 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价震荡下行，价格周期反转。市场出栏心态积极，供应相对宽 松；二次育肥出栏整体积极，猪价震荡下行。中长期，产业情绪谨慎，产能回补 较慢，价格周期反转，持续推荐配置生猪养殖。1）数量端：8 月能繁母猪存栏 增速放缓。根据钢联统计，8 月能繁母猪存栏量月环比+0.32%（7 月+1.11%）。 2）价格端：震荡下行。根据涌益咨询，9 月 12 日，商品猪出栏价为 19.68 元 /kg ...

Demand Side Analysis - In August, exports rebounded, but domestic consumption and production declined, indicating a mixed economic outlook[1] - Investment improved slightly due to real estate and equipment upgrades, but manufacturing investment continued to decline, affected by extreme weather and low infrastructure investment, reaching a new low since 2022[1] - Social retail sales growth fell by 0.6 percentage points to 2.1% in August, with retail sales of limited above units declining by 0.6%[2] Supply Side Analysis - Industrial production weakened due to overall weak domestic demand and extreme weather conditions, with industrial added value growth falling to 4.5%, down 0.6 percentage points from the previous month[5] - High-tech manufacturing maintained rapid growth, with added value increasing by 8.6%, outperforming overall industrial growth by 4.1 percentage points[5] Investment Insights - Fixed asset investment growth slightly increased to 2% in August, with real estate investment improving to -10.2%[8] - Equipment investment from January to August grew by 16.8%, contributing 64.2% to total investment growth, an increase of 3.5 percentage points from July[2] Real Estate Market Trends - Real estate sales area growth recorded -12.6% in August, but the decline narrowed by 2.8 percentage points from July, indicating marginal recovery[10] - Construction area growth improved significantly, turning positive at 1.2%, while new construction area decline narrowed to -16.7%[10] Consumer Behavior - The consumption of essential goods increased to 4.3%, while discretionary goods saw a decline of -3.4%, indicating a divergence in consumer spending patterns[9] - The rural market continued to outperform urban areas in sales growth, supported by policies promoting consumption[2] Employment and Economic Stability - The urban survey unemployment rate in August was 5.3%, slightly up by 0.1 percentage points from the previous month, reflecting stable employment conditions amid economic fluctuations[11]

策略专题报告 / 2024.09.14 冰火两重天行情 ——"美"周市场复盘（9 月第 2 周） 证券研究报告 分析师 李美岑 SAC 证书编号：S0160521120002 limc@ctsec.com 分析师 王亦奕 SAC 证书编号：S0160522030002 wangyy01@ctsec.com 分析师 熊宇翔 SAC 证书编号：S0160524070003 xiongyx@ctsec.com 相关报告 1. 《科创 100 营收利润增速改善——科 创板 24Q2 业绩分析》 2024-09-09 2. 《海外中国资产走强有望带动 A 股回 暖——A 股策略专题报告(20240908)》 2024-09-08 3. 《美债结束长达 26 个月"倒挂"— —"美"周市场复盘（9 月第 1 周）》 2024-09-07 核心观点 ❖ 本周 A 股市场主要指数呈现震荡态势，部分指数表现分化。上证指数在 本周多次下探，特别是在 9 月 13 日盘中最低触及 2703.37 点，逼近 2700 点的 心理关口。相比之下，创业板指数表现出较强的韧性，9 月 11 日逆势上涨 1.19%，显示出市场对某些板块如新 ...

商贸零售 / 行业点评报告 / 2024.09.14 8 月社零同比+2.1%，必选优于可选 投资评级:看好(维持) 最近 12 月市场表现 -33% -25% -18% -11% -4% 3% 商贸零售 沪深300 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《7 月社零同比+2.7%，百货降幅扩 大》 2024-08-15 2. 《6 月社零同比+2.0%，可选品类有所 承压》 2024-07-15 3. 《超市持续改善，跨境电商 Q2 业绩 可期》 2024-07-03 8 月社零数据点评 核心观点 证券研究报告 ❖ 事件：统计局发布 8 月社零数据，8 月社零总额 3.87 万亿元，同比+2.1%，1- 8 月社零总额 31.25 万亿元，同比+3.4%。 ❖ 必选好于可选，珠宝降幅扩大。分消费类型看，8 月商品零售 3.44 万亿元， 同比+1.9%；餐饮收入 4351 亿元，同比+3.3%。商品零售增速环比回落，餐饮 环比略有上行。分品类看，必选韧性较强，粮油食品/饮料/烟酒/ ...

宏观月报 / 2024.09.14 政府债继续支撑社融 ——2024 年 8 月金融数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 谢钰 SAC 证书编号：S0160523080003 xieyu01@ctsec.com 相关报告 1. 《"细"节定成败——美国大选辩论及 8 月通胀数据解读》 2024-09-12 2. 《出口为何仍能上行？——8 月外贸 数据解读》 2024-09-10 3. 《核心物价创新低——8 月物价数据 解读》 2024-09-09 核心观点 ❖ 信贷总量仍弱结构不佳。8 月新增人民币贷款同比少增额扩大，信贷余额增 速进一步回落至 8.5%，一方面有防空转和挤水分因素的扰动，另一方面企业 和居民的加杠杆意愿仍低。信贷结构也印证了实体部门融资需求较弱，8 月居 民和企业部门新增短贷、中长贷同比均呈现少增态势，仅票据融资保持高增 长，同比持续多增，反映银行仍在以票冲贷。 ❖ 货币政策发力必要性提升。8 月以来，政府债发行大幅放量，在地方债供给 高峰整体后移的背景下，9 月、10 月的地方债供给规模或仍较 ...

汽车 / 行业专题报告 / 2024.09.13 汽车及零部件行业 2024 年中报总结 投资评级:看好(维持) 最近 12 月市场表现 -23% -17% -11% -5% 1% 7% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《理想汽车公布 2024Q2 财报》 2024-09-11 2. 《汽车行业周报》 2024-09-11 3. 《上海市电动自行车以旧换新补贴政 策点评》 2024-09-05 证券研究报告 24Q2 整体业绩同比高增，以旧换新政策持续发力 核心观点 ❖ 板块 24Q2 业绩同比高增，行业景气度有望进一步提升：汽车行业 24Q2 实现销量 732.8 万辆，同比+2.3%。24Q2 汽车及零部件行业营收 9491.78 亿元， 同比+6.23%，归母净利润 433.21 亿元，同比+25.92%。展望 24Q3，我们认为 汽车板块景气度有望进一步提升：1）以旧换新政策翻倍落地，将显著促进存 ...

建筑材料 / 行业投资策略报告 / 2024.09.13 下游需求未见起色，盈利能力亦有承压 投资评级:看好(维持) 最近 12 月市场表现 -37% -30% -22% -14% -6% 2% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com | --- | --- | |--------------------------|-----------------------------| | | | | 相关报告 | | | 1. 《 B | 端消费建材减值计提专题研究— | | —涂料篇》 2024-09-11 | | | 2. 《建材行业策略周报》 | 2024-09-02 | | 3. 《建材行业策略周报》 | 2024-08-26 | 消费建材 2024 半年报总结 核心观点 证券研究报告 ❖ 2024 年以来地产需求底部调整，消费建材企业业绩分化：2024H1 房地 产政策持续宽松，730 政治局会议强调"支持收购存量房用作保障房"、央行 下调 1 年期和 5 年期 LPR 各 10bp，同时各地优化政策持续跟进下，上半年二 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [1][2] Core Views - The report is optimistic about the company's long-term market share growth and product competitiveness [1] - The company's domestic revenue grew by 16.7% YoY in the first half of the year, while overseas revenue slightly declined by 7.89% [2] - The company's OBM (Own Brand Manufacturing) revenue, both domestic and international, reached 430 million yuan in 2023, a 2.3% increase YoY [2] - The company is advancing its capacity construction to enhance supply capabilities, with the first phase of its production base expansion project already operational [2] Financial Performance - The company reported revenue of 669 million yuan in the first half of 2024, a 5.68% YoY decrease, and a net profit of 203 million yuan, a 9.1% YoY decrease [2] - In Q2 2024, the company achieved a gross margin of 51.13%, up 1.38 percentage points YoY, while the net margin was 29.15%, down 3.7 percentage points YoY [2] - The company's revenue is expected to grow from 1.503 billion yuan in 2024E to 2.048 billion yuan in 2026E, with a CAGR of 15.22% to 16.27% [4][5] - Net profit is projected to increase from 416 million yuan in 2024E to 586 million yuan in 2026E, with a CAGR of 13.49% to 18.26% [4][5] Valuation Metrics - The company's PE ratio is expected to decrease from 11.08x in 2024E to 7.86x in 2026E, indicating improving valuation attractiveness [4][5] - The PB ratio is forecasted to decline from 1.81x in 2024E to 1.44x in 2026E, reflecting potential undervaluation [4][5] - ROE is projected to increase from 16.33% in 2024E to 18.28% in 2026E, signaling improving profitability [4][5] Operational Efficiency - The company's gross margin is expected to remain stable at around 50.3% to 50.8% from 2024E to 2026E [5] - Operating margin is forecasted to improve slightly from 33.3% in 2024E to 34.5% in 2026E [5] - The company's asset turnover efficiency is expected to improve, with total asset turnover days decreasing from 653 days in 2024E to 597 days in 2026E [5] Growth Prospects - The company's revenue growth is driven by both domestic and international markets, with a focus on expanding its OBM business [2] - The company's capacity expansion is expected to support future revenue growth, with new production lines enhancing its ability to meet market demand [2] - The company's EPS is projected to grow from 3.29 yuan in 2024E to 4.63 yuan in 2026E, reflecting strong earnings growth potential [4][5]