Investment Rating - The investment rating for the company is "Buy" [1][19]. Core Views - The company reported a revenue increase of 16.74% year-on-year, achieving a total revenue of 7.945 billion yuan in the first half of 2024, with a net profit of 276 million yuan, reflecting a growth of 16.52% year-on-year [4][7]. - The company is experiencing strong sales growth in its cable and electromagnetic products, particularly in the ultra-high voltage and electric vehicle sectors, with significant increases in sales volume and revenue [4][6]. - The company is optimizing production efficiency and expanding capacity, with capital expenditures of 109 million yuan in the first half of 2024, a 84% increase compared to the same period last year [4][6]. - The company is expanding its overseas business and product categories, with a focus on meeting the growing demand for transformers and related products in international markets [6][4]. Summary by Sections Financial Performance - The company achieved a total revenue of 7.945 billion yuan in the first half of 2024, up 16.74% year-on-year, and a net profit of 276 million yuan, up 16.52% year-on-year [4][7]. - The gross margin for the first half of 2024 was 11.0%, a decrease of 0.5 percentage points year-on-year, while the net margin was 3.87%, a decrease of 0.07 percentage points year-on-year [4][7]. Product Segments - Revenue from cable products increased by 9.54%, while revenue from electromagnetic products surged by 32.40%, with a sales volume increase of approximately 24.56% [4][6]. - The company has successfully developed new clients in the electric vehicle sector, with sales of flat electromagnetic wires for new energy vehicles increasing by 199% [4][6]. Capacity Expansion - The company is investing in capacity expansion, with a focus on new projects for electric vehicle motor-specific flat electromagnetic wires and smart workshop projects [4][6]. - The company has increased its production capacity for transformer electromagnetic wires by 10,000 tons through leasing and technical upgrades [4][6]. Market Position - The company is actively participating in international exhibitions to enhance its brand presence and has reported overseas sales revenue of 189 million yuan, a 4.3% increase [4][6]. - The company has established a wholly-owned subsidiary to enhance its international trade capabilities and has acquired a 100% stake in a foreign company to complement its product line [6][4].

证券研究报告 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 12 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n37.75 | | 52 周价格区间（元） | | 35.78-83.50 | | 总市值（百万） | | 10358.22 | | 流通市值（百万） | | 9278.94 | | 总股本（万股） | | 27439.00 | | 流通股（万股） | | 24580.00 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|----------|---------| | | | | | | 7% -3% | 盐津铺子 | 休闲食品 | | | -13% -23% -33% | | | | | | | | | | -43% 2023-08 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------|-----------------|----------|--------|------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 08 月 | 14 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 2867.95 | 0.34 | | 【市场策略】市场全天探底回升，三大股指全线翻红 | | 深证成指 | | 8409.22 | 0.43 | | | | 创业板指 | | 1607.19 | 0.93 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 710.75 | 0.48 | | 【债券研究】债券市场综述 | | ...

策略点评 证券研究报告 楼市销售季节性回调，地方政策持续优化 房地产市场周报（08.05-08.11） 投资要点 本周观点：由于购房需求季节性回调，叠加高基数效应，本周（8.5-8.11） 商品房市场销售走弱，30 大中城市商品房成交面积环比减少 25.76%， 同比减少 16.84%，但年内累计成交面积同比降幅仍呈持续收窄态势。 另一方面，据券商中国报道，8 月 7 日拍卖的上海徐汇区地块成交楼 面价达 13.1 万元/平方米，刷新全国楼面价纪录，这表明核心城市的 优质土地仍具热度。从政策面来看，央行报告提出，下阶段货币政策 将聚焦完善住房租赁金融支持体系、支持存量商品房去库存等；此外， 自三中全会明确"充分赋予各城市政府房地产市场调控自主权"以来， 各地方政府持续优化房地产政策，特别是一线城市正在加大支持力 度，如深圳正式启动收购商品房用作保障房、广州正在就配售型保障 性住房征求意见等。总体而言，近期中央和各地政策部署预示后续收 储力度将进一步加大，随着存量商品房去库存带动房价企稳，房地产 市场基本面有望加快改善。考虑到目前商品房销售的绝对量仍处于历 史低位，整体市场修复可能仍需时间，宏观经济复苏以及政策 ...

证券研究报告 | --- | --- | --- | --- | --- | |-----------------------------|--------------------------|-------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 5 | 宏观定期策略 | | | | | | | | | 国内物价温和上涨，美国服务业 PMI 回暖 | | | | | | 宏观经济研究周报（ 08.02-08.09 | | 2024 年 08 月 11 | 日 | | | 投资要点 | | | | | | 本周观点：国内方面， 7 月份， CPI 环比和同比均上涨 0.5% ，同比涨 | | 上 ...

证券研究报告 晨会纪要 晨会纪要 2024 年 08 月 13 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|-------|-------|-------|-------|--------| | | | | | | | | | | | | 市场数据 | | | | | | | | | | | 指数名称 | | | 收盘 | | | | | | 涨跌 % | | 上证指数 | | | 2858.20 | | | | | | -0.14 | | 深证成指 | | | 8373.47 | | | | | | -0.24 | | 创业板指 | | | 1592.39 | | | | | | -0.20 | | 科创 50 | | | 707.33 | | | | | | 0.25 | | 北证 50 | | | 685.69 | | | | | | -0.54 | | 沪深 300 | | | 3325.86 | | | | | | -0. ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |-------------------------------------------|----------|-----------------|---------|--------|--------------------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 | 年 08 月 | 12 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 2862.19 | -0.27 | | 【市场策略】海外市场波动加剧，关注 A 股高景气方向 | | 深证成指 | | 8393.70 | -0.62 | | | | 创业板指 | | 1595.64 | -0.98 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 705.55 | -0.4 ...

证券研究报告 展会纪念 2024 年 08 月 12 日 市 与教授 | --- | --- | |------------|---------| | 格 数名# | 收 查 | | 上 正指数 | 2862.19 | | 溪 正成 指 | 8393.70 | 创业板指1595.64-0.98 科创 50705.55-0.48 北 iE 50689.400.14 沪深 3003331.63-0.34 A 股 市 场 桃 龙 总市住 沈通市 市县县 市市县 美 残 (化 无 ) 位 (化 无 )PEPB 上证指数 54704341881410.721.09 深证成指 17611515052017.431.80 创业板指 429403498622.573.10 科创 50237501437028.212.84 北 江 502.27135985118.12 沪 深 30049007536569010.201.10 何 从 分析师 挟业证书编予:S0530513080001 hechen @hnchasing.com 系 文件 块业证书编予:S0530524030002 zhangwent ing30 @hnchas ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5] Core Views - The company is expected to see a gradual improvement in performance due to the realization of cost benefits and a recovery in domestic demand, alongside successful expansion into international markets [2][3][4] - The company achieved a revenue of 7.175 billion yuan in H1 2024, representing a year-on-year growth of 6.86%, with a net profit attributable to shareholders of 691 million yuan, up 3.21% year-on-year [2][3] - The report forecasts revenue growth of 10.73%, 10.20%, and 10.37% for the years 2024, 2025, and 2026, respectively, with net profit growth of 8.23%, 11.11%, and 23.06% for the same years [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 71.75 billion yuan, with a net profit of 6.91 billion yuan. Q2 2024 saw revenue of 36.92 billion yuan, a 11.30% increase year-on-year, and a net profit of 3.72 billion yuan, up 17.26% year-on-year [2][3] - The company's main products, yeast and deep processing products, showed double-digit growth, while trade sugar business accelerated its performance [3][4] - The gross margin for Q1, Q2, and H1 2024 was 24.7%, 23.9%, and 24.3%, respectively, with net margins of 9.47%, 10.26%, and 9.88% [4][5] Market Dynamics - Domestic demand is recovering, and international customer expansion is progressing well, contributing to accelerated revenue growth in Q2 [3][4] - The company has successfully increased its dealer network, with domestic and international dealer numbers growing by 8% and 12%, respectively [3][4] Cost Structure and Profitability - The improvement in profitability is attributed to lower raw material costs and increased government subsidies, with sugar molasses prices decreasing significantly [4][5] - The report anticipates a steady increase in profitability due to continued cost reductions and a favorable business structure [5][6]