汽车 / 行业点评报告 / 2024.08.02 7 月重卡行业洞路 ● 投资计划:方对(定封) 衰逝 12 月李场表現 -21N 合林早 河 SAC 证书简予：S0160522110003 xingcy01@ctsec.com 各州方 子 श SAC 证书编号：S0160521050001 libo@ctsec.com 油关报告 1. 《汽车行业周报》2024-07-29 2. 《6 月份中国幸市连行回原》2024- 07-26 3. 《汽车以旧换新政策点评》2024- 07-26 � : 被靠难谈：建议关注查卡签车必失中国查汽，查卡产业链和智能物流行业的 彪头亲亲幼力以及全球半挂羊彪头中果羊椅。 & 1: 女孩公司友友 开始: EPS (天)MetafyPE 8577 有人公司851 27 年 ( 6929)(08.01)2023A2024E2025E2023A2024E2025E 000338海紫动力1,177.2113.491.031.5313.0610.35境持1.308.81 000951中国重流0.92境持183.0415.581.331.5216.9411.7310.24 境持301039中 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported its 2024 semi-annual results, with revenues of 1.63 billion yuan for H1 and 830 million yuan for Q2, reflecting year-on-year changes of -1.4% and -7.3% respectively. The net profit attributable to shareholders was 402 million yuan for H1 and 233 million yuan for Q2, with year-on-year changes of -8.4% and -7.3% respectively [4][5] - The company continues to develop its "358" product matrix, with expectations for strong growth in its flagship products under marketing support. The whisky project is anticipated to contribute additional revenue in the second half of the year [5] Revenue Analysis - For H1 2024, the pre-mixed cocktails (including sparkling water) and food flavoring segments generated revenues of 1.431 billion yuan and 176 million yuan, with year-on-year changes of -1.42% and +7.51% respectively. In Q2 2024, the pre-mixed cocktails segment achieved revenues of 719 million yuan, down by 7.56% year-on-year [4] - The company has launched new products and marketing campaigns to expand its consumer base and enhance brand positioning, including the introduction of a new large packaging for its refreshing drinks and a new advertising campaign [4] Profitability Metrics - The company achieved gross margins of 70.08% for H1 and 71.79% for Q2, with year-on-year increases of 4.19 and 5.53 percentage points respectively. The net profit margins were 24.72% for H1 and 28.20% for Q2, showing slight declines of 1.88 and 0.01 percentage points year-on-year [4] - The company has maintained a reasonable control over its sales expenses, with a forecast for stable spending throughout the year [4] Financial Projections - The company is expected to achieve revenues of 3.61 billion yuan, 4.31 billion yuan, and 5.05 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 10.5%, 19.5%, and 17.2% [5] - The projected net profit attributable to shareholders is 889 million yuan, 1.03 billion yuan, and 1.23 billion yuan for the same years, with growth rates of 9.5%, 15.7%, and 19.6% respectively [5]

计算机 / 行业深度分析报告 / 2024.08.01 扫地机后商竞争激烈，积极探寻第二增长曲线 0 这年开放送(点击) 衰逝 12 月本场表現 合新开 杨祥 SAC 证书简予：S0160522050001 yangye01@ctsec.com 眾人 추 大 zhengyh03@ctsec.com 海关报考 1. 《AMD 教授中心 GPU 宽本旺盛，全 力逃赶笑你达》 2024-08-01 2. 《政治局：教好空中文通答理，促进 株空经济发展》 2024-07-31 3. 《税制土壤息界, 僅生全球財税 SaaS 丘 头 Intuit》 2024-07-28 : � 中海海海 ■ 证券所究报告 � 2Q2024 国内お地狱重价齐什，有头种被位居靠一： 标标 AVC 蔡振， 2Q2024 永国线上招地杭市场领巷颍 35.1 亿元，网比增长 17.9%，怎头/科沃斯 / 途 竞 / 云 竞 / 小 未 / 美 的 残 上 简 鲁 领 占 比 分 分 分 27.0%/23.9%/16.9%/17.3%/ 8.9%/2.8%，网比增达分分为+9.4%/-18.5%/+59.6%/+88.9% /+24.5%/+24 ...

屯力设备 / 行业投资紧密周报 / 2024.08.01 8 月光伏排 产乐观，电新各板块底部 ● 投美养品:大好(点点) 衰达 12 月市场表现 茶一夜 Adhy SAC 证书简予：S0160522110002 zhangyc02@ctsec.com 治关报告 1. 《24Q2 新能源持仓下滑，屯月较为 發布》 2024-07-25 2. 《玉非拉克率拉纳无储奇塔，周屯圣 予久》 2024-07-24 3. 《降息预算拉舟屯新及长殷，稳定成 长戈升》 2024-07-17 � 年 � � 完使：本周主产业链价格基本企稳，摘材价格有所下跌，产业价格正在就 底阶段：多品硅库存维持在 23 万吨左右，条条文付寄非非查办原材料价 格处于统位，使得 8 月组件种产有望环比很增。今年上半年国内新增的 102.48GW 无伏紫杭中，地商屯站、工商业分布式、户用分别占比 48%、 36%、16%。 着电：宁总时代虽利持续稳定，辭董坚岑下半年至利可期：宁总时代虽利稳 定，预计未未许许场份颁持续拨升，跟随全球储能增长以及玉非拉等地区持 线增长：蔚盖型芯预计排产 8-9 月达清，绿坊年进一步提升，海外客户比例也 转裝奇，公司有望 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully transitioned its management, with Joseph Galli Jr. retiring and Steven Richman taking over as CEO, which is expected to positively impact the Milwaukee brand [3] - The company has repurchased a total of 2.6 billion HKD worth of shares, indicating confidence in its future performance and suggesting that the stock may be undervalued [3] - The company is anticipated to benefit from a potential interest rate cut by the Federal Reserve, which could stimulate demand in the real estate sector and positively affect the company's stock price [3] - Revenue projections for 2024-2026 are estimated at 14.91 billion, 16.47 billion, and 18.36 billion USD, with corresponding net profits of 1.16 billion, 1.32 billion, and 1.49 billion USD, reflecting a positive growth outlook [3] Financial Data Summary - The company reported a revenue of 13.73 billion HKD in 2023, with an expected growth rate of 8.59% in 2024 [4] - The projected net profit for 2024 is 1.16 billion HKD, with a net profit growth rate of 18.49% [4] - The earnings per share (EPS) is expected to increase from 0.53 HKD in 2023 to 0.63 HKD in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 36.66 in 2023 to 20.30 in 2024, indicating improved valuation [4] - The return on equity (ROE) is expected to remain stable around 16.97% in 2024 [4]

计算机 / 行业专题报告 / 2024.07.31 AMD 数据中心 GPU 高水旺盛。全力追赶英伟 ● 投美养品:大好(点点) 衰逝 12 月李场表現 務掉 SAC 证书简予：S0160522050001 yangye01@ctsec.com 岁云场 SAC 证书简予：S0160522050002 luoyy@ctsec.com 相关报告 1. 《税制土壤息界，修生全球财税 SaaS 丘头 Intuit》 2024-07-28 2. 《24Q2 基金持仓 找高安全边际爱产》 2024-07-21 3. 《岁卜扶跑出面，Robotaxi 进入高业 化か達阶段》 2024-07-14 美食物物 ■ 证券好欢报告 .. AMD 射積基蘋此好她券, MI300X 是主奏增长动力。北京时间 2024 年 7 月 31 日，AMD 发布共 2024 年 Q2 时报。2024Q2 AMD 实现状入 58 亿 关元，同比增长 9%。AMD 发布乐观密收招引，2024Q3 收入预计为 67 亿 上下。AMD 二季度 姜揚中心收入为 28 亿美元，占收入比查约 50%，变益 手 MI300 系列 AI 芯片，MI300X 在显 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [15] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with revenue reaching 920 million yuan, a year-on-year increase of 37.96%, and net profit attributable to shareholders reaching 152 million yuan, a year-on-year increase of 134.85% [1] - The company's gross margin improved to 44.11% in Q2 2024, up 3.14 percentage points year-on-year, driven by lower upstream supply chain costs and increased demand from module solution customers [9] - The company is experiencing strong demand driven by new product launches and customer expansion, particularly in the AIoT sector, with new products like ESP32-S3, C3, and C2 showing rapid growth [16] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 2.053 billion yuan and net profits of 329 million yuan, with corresponding PE ratios of 36.13 [23] - The company’s revenue growth rate is projected to be 43.27% for 2024, followed by 29.78% in 2025 and 28.68% in 2026 [24] - The net profit growth rate is expected to be 141.24% for 2024, 37.75% for 2025, and 39.84% for 2026 [24] Product and Market Development - The company is enhancing its product matrix through the acquisition of M5 Stack, which will strengthen its hardware application solutions in the IoT market [21] - The introduction of new products such as low-power Bluetooth and dual-band WiFi 6 is anticipated to further drive growth in 2024 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a recovery in industry export data and the launch of new products, with a significant number of new tools and equipment introduced [3][4] - The company has launched 230 new products, including enhancements in battery technology and high-power tools, which are anticipated to drive revenue growth [3] - The company is positioned as an industry leader, with its brand Milwaukee ranking second in global sales of power tools and Ryobi being the leading brand in outdoor power equipment [3] Summary by Relevant Sections Industry Performance - In the first half of 2024, China's power tool exports reached $5.11 billion, a year-on-year increase of 14.3%, while lawn mower exports were $1.35 billion, up 27.0% [3] - The second quarter of 2024 saw a significant increase in exports, with power tools reaching $2.75 billion (up 17.1% year-on-year) and lawn mowers at $590 million (up 55.0% year-on-year) [3] Financial Projections - The company is projected to achieve revenues of $14.91 billion, $16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with net profits of $1.16 billion, $1.32 billion, and $1.49 billion [4][5] - The expected growth rates for revenue are 8.59%, 10.48%, and 11.46% for the years 2024, 2025, and 2026 respectively [5] Market Position - The company’s Milwaukee brand has a market share of 6% in the professional power tool segment, while Ryobi holds an 8% share in the DIY segment [3] - The company is expected to benefit from the anticipated recovery in consumer demand and channel restocking due to the strengthening of U.S. interest rate cut expectations [4]

● 故美洋集-洋林(文林) | --- | |------------| | 技术教育 | | 状食价(无) | | | 等庭冲炎产(无)18.79 必聚本(化酸)29.12 蒸逝 12 月市场表现 茶丈 水 SAC 证书简予：S0160517100001 zhangwenlu@ctsec.com • 相关报告 1.《业绩符合预期,24 午级特稳健增长》 2024-03-21 2. 《妆入增长稳健，利润减表现优于找 入流》 2023-11-01 3. 《Q2 制除新经收入增长至劲，利润 及現金流持续改革》 2023-08-01 . � 苏明康德(603259)/ 医疗服务 / 公司总计 / 2024.07.30 在手订单增速報快 . 重业绩相对 ■ 证券好文报告 2019年 • 事件：24H1 失现警戒 172.41 亿元 (-8.64%)，曾非非利润 42.40 亿元 (-20.20%)，经 调娄 Non-IFRS 甘亭本村河 43.7 亿元 (-14.2%)；单 Q2 实现营收 92.59 亿元 (-6.55%). 均享 22.98 亿元（-26.94%） 经调梦 Non-IFRS 均享冷利润为 24.6 ...

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [1]. Core Viewpoints - The overall market index has declined, with the Shanghai Composite Index closing at 2890.90, down 3.07% for the week, and the chemical sector specifically down 3.70% [3][8]. - Key stocks in the chemical sector showed significant fluctuations, with top gainers including Fengguo Co. (+26.98%) and Lekai Film (+13.41%), while major losers included Shuangle Co. (-17.19%) and Tongyi Co. (-15.35%) [13][15]. - The report highlights a notable increase in the prices of Vitamin D3, formic acid, and anionic surfactants, while significant declines were observed in liquid gas and isobutanol prices [18][19]. Summary by Sections Recent Market Performance - The chemical sector has experienced a decline of 3.70% this week, with the overall market indices also showing downward trends [8][9]. - The top-performing sub-sectors included textile chemical products (+0.69%) and inorganic salts (+0.05%), while coal chemical (-9.70%) and nitrogen fertilizers (-8.14%) faced the largest declines [10]. Chemical Product Price Changes - The report notes that Vitamin D3 prices increased by 18.92% to 220 CNY/kg, driven by supply tightness [18][21]. - Formic acid prices rose by 9.52% to 2300 CNY/ton due to reduced supply [18][21]. - Conversely, liquid gas prices plummeted by 78.03% to 29 CNY/ton, attributed to weak downstream demand [19][22]. Key Industry and Company News - The report emphasizes the importance of domestic substitution in high-end optical materials, suggesting a focus on companies like Stik and Dongcai Technology [4]. - It also highlights the animal nutrition sector, where the demand for amino acids is expected to grow, particularly for leading companies like Meihua Biological [4]. - The report suggests monitoring leading chemical companies that benefit from lower natural gas prices and recovering downstream demand, such as Wanhua Chemical [4].