行 业 研 究 汽 车 [Table_Reportdate] 2024年09月02日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] -30% -22% -15% -7% 0% 8% 15% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1. 以旧换新政策促进零售端企稳， 新能源汽车渗透率延续环比提升趋 势——汽车行业周报（2024/08/19- 2024/08/25） [table_invest] 标配 [Table_NewTitle 小鹏MONA M03 ] 正式上市，推动AI智驾 向主流大众市场下沉 ——汽车行业周报（2024/08/26-2024/09/01） [table_main] 投资要点： ➢ 本周汽车板块行情表现：本周沪深300环比下跌0.17%；汽车板块整体上涨2.67%，涨幅在 31个行业中排第10。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 块分别变动-2 ...

Group 1: Manufacturing Industry Insights - The manufacturing PMI for August 2024 continued to decline, indicating a need for stronger growth policies as both supply and demand are slowing down. The new orders index has been in contraction for five consecutive months, with a decrease in most indices month-on-month, suggesting insufficient market demand remains a significant constraint. However, the new export orders index has stabilized for two months, indicating a potential stabilization in manufacturing exports [6][7][9]. - In August, the manufacturing PMI fell to 49.1%, down 0.3 percentage points from the previous month, which is significantly below the 10-year average of 50.4% for the same period. This reflects a continued decline in economic activity and highlights the necessity for enhanced counter-cyclical policy measures [6][7][9]. - The high-tech manufacturing PMI rose to 51.7%, an increase of 2.3 percentage points, while the equipment manufacturing PMI increased to 51.2%, up 1.7 percentage points. This indicates a rapid recovery of new momentum in the manufacturing sector, particularly in high-tech and equipment manufacturing [7][11]. Group 2: Company-Specific Analysis - Yangjie Technology - Yangjie Technology (300373.SZ) reported a revenue of 1.537 billion yuan for Q2 2024, representing a year-on-year increase of 16.96% and a quarter-on-quarter increase of 15.75%. The net profit attributable to shareholders was 244 million yuan, up 6.75% year-on-year and 35.36% quarter-on-quarter [12][13]. - The company is increasing its investment in automotive electronics and expanding its overseas presence. The construction of its automotive-grade wafer and packaging factory in Yangzhou is progressing well, and the company has developed a vehicle-mounted silicon carbide module that has garnered interest from several Tier 1 and end vehicle manufacturers [13][14]. - Yangjie Technology's revenue for the first half of 2024 reached 2.865 billion yuan, a year-on-year increase of 9.16%. The company is expected to see steady growth in performance as domestic and overseas demand recovers, with projected revenues of 6.456 billion yuan, 7.916 billion yuan, and 9.688 billion yuan for 2024, 2025, and 2026 respectively [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 6.765 billion yuan in H1 2024, representing a year-on-year increase of 61.79%, and a net profit attributable to shareholders of 299 million yuan, up 11.08% year-on-year [5][6] - The performance met expectations, with impairment provisions impacting short-term profitability. The company recognized impairment losses totaling 117 million yuan in H1 2024, including credit impairment losses of 82 million yuan [5][6] - Profitability improvement was driven by rising silver prices and an increase in N-type product shipments, with a gross margin of 12.96% in Q2 2024, up 4.71 percentage points quarter-on-quarter [5][6] - New business segments are gradually ramping up, potentially opening up future revenue streams, with silver paste production capacity exceeding 40 tons per month [5][6] - The company is focusing on cash flow management, with a positive operating cash flow of 756 million yuan in Q2 2024, indicating a trend towards improved cash flow [6] Financial Summary - Revenue projections for 2024-2026 are 14.717 billion yuan, 17.019 billion yuan, and 19.192 billion yuan, with year-on-year growth rates of 43.02%, 15.64%, and 12.77% respectively [6][7] - Net profit attributable to shareholders for the same period is forecasted at 641 million yuan, 815 million yuan, and 924 million yuan, with corresponding year-on-year growth rates of 44.89%, 27.17%, and 13.46% [6][7] - The company maintains a net asset return (ROE) of 12% in 2024, increasing to 14% and 15% in 2025 and 2026 respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a strong performance in the next six months [11]. Core Insights - The company achieved a revenue of 2.583 billion yuan in H1 2024, representing a year-on-year increase of 13.05%, with a net profit attributable to shareholders of 282 million yuan, up 8.88% year-on-year [7]. - The company continues to innovate with new product launches, including a smart wearable product line, and has seen significant growth in its smart home segment, with smart home revenue increasing by 68.97% to 328 million yuan [7]. - The cloud platform business is performing well, with revenue growth of 29.97% to 495 million yuan, and an overall gross margin improvement to 43.34% in H1 2024 [7][8]. - The company is expanding its domestic and international sales channels, with overseas revenue reaching 850 million yuan, contributing to a diversified revenue structure [8]. - The financial metrics indicate a stable asset management approach, with a debt-to-asset ratio of 33.99% and a return on equity of 5.25% [7]. Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 2.583 billion yuan, with a net profit of 282 million yuan, reflecting a growth of 13.05% and 8.88% respectively [7]. - The second quarter of 2024 saw a revenue of 1.347 billion yuan, a year-on-year increase of 11.64%, but a decline in net profit by 6.64% [7]. Product Development - The company launched multiple new products in the spring of 2024, including a smart wearable line, contributing to a significant increase in smart home product sales [7]. - Revenue from smart cameras was 1.444 billion yuan with a gross margin of 39.41%, while smart home products saw a gross margin increase to 41.46% [7]. Cloud Business - The IoT cloud platform generated 495 million yuan in revenue, with a gross margin of 76.13%, indicating a strong performance and improvement in revenue structure [7][8]. Market Expansion - The company has enhanced its sales channels, with over 40% of domestic sales coming from e-commerce, and has established a presence in over 130 countries, with overseas revenue contributing significantly to total sales [8]. Financial Stability - As of mid-2024, the company had total assets of 7.983 billion yuan, with a debt-to-asset ratio of 33.99%, indicating a solid financial position [8].

总 量 研 究 [Table_Reportdate] 2024年08月31日 | --- | --- | --- | |----------|---------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月29日 [晨会纪要 Table_NewTitle] 20240829 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.佩蒂股份（300673）：海外业务恢复较好，自有品牌持续开拓——公司简评报告 ➢ 2.乖宝宠物（301498）：产品结构持续升级，线上直销快速增长——公司简评报告 ➢ 3.宏微科技（688711）：2024Q2业绩边际修复显著，中长期成长力量稳健——公司简评报 告 财经要闻 ➢ 1.最高法：依法保障中小企业公平参与市场竞争 ➢ 2.王毅同美国总统国家安全事务助理沙利文举行战略沟通 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | |---------------------------------------------------------------------------| | | | | | 正文目录 ...

Industry Overview - The 2024 Asian Pet Show was successfully held in Shanghai from August 21 to 25, covering an exhibition area of over 300,000 square meters across 17 exhibition halls and 7 supply chain pavilions, attracting more than 2,500 domestic and international exhibitors and brands [1] - The show attracted 124,000 professional visitors and 386,000 pet enthusiasts, with overseas visitors from 91 countries and regions accounting for about 10% of the total, a 41.8% increase compared to the previous year [1] - The exhibition featured over 40 summit forums, 30+ brand launches, and 50+ influencers sharing new products, technologies, and trends [1] - Four new themed exhibition areas were introduced: "Human-Pet Life Pavilion," "Big Health & Elderly Care," "YA! Pet Super Host & Influencer Life Collection," and "Pet TA Asia" [1] Key Companies and Products - **Guibao Pet**: Launched its high-end dog food brand "Wang Zhen Chun" at the show, featuring limited-ingredient formulas and baking technology [2] - The company's core brand "Myfoodie" showcased a comprehensive product matrix including dry food, wet food, freeze-dried food, dried snacks, dental chews, and health products [2] - The exhibition replicated a "miniature super factory" to enhance brand awareness and customer engagement [2] - The high-end cat food brand "Fleigart" introduced new formulas with probiotics and krill oil, with a meat content of up to 85% [2] - **Zhongchong Co**: Showcased new products such as 100% fresh meat cat food, fish oil cat sticks, and freeze-dried goat milk sticks under its core brand "Wanpy" [2] - The brand "Leading" collaborated with the popular TV series "Empresses in the Palace" and set up an elaborate stage at the exhibition, attracting significant attention [2] - The brand included character cards in its baked cat food packages, offering consumers a chance to win gold prizes [2] - **Pettee Co**: Highlighted its high-end air-dried food series "Jueyan," which uses low-temperature air-drying technology and includes ingredients like New Zealand green-lipped mussels and salmon oil [2] - The brand also launched freeze-dried series and pet ice cream, with total online sales exceeding 25 million yuan, a 67% year-on-year increase [2] - The brand "Hosjoy" focuses on pet oral health and showcased a variety of products at the exhibition [2] Investment Recommendations - The domestic pet food industry is benefiting from the trend of import substitution, with the number of pets and pet consumption continuing to grow [3] - High-end and differentiated products are becoming the industry trend, and companies with first-mover advantages and economies of scale are expected to benefit directly [3] - Key companies to watch include Guibao Pet, Zhongchong Co, and Pettee Co [3]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in the first half of 2024 showed significant recovery, with Q2 revenue stabilizing. H1 2024 revenue reached 48.215 billion yuan, up 30.67% YoY, and net profit attributable to shareholders was 1.065 billion yuan, up 911.35% YoY. Q2 revenue was 27.103 billion yuan, up 28.38% QoQ, while net profit attributable to shareholders was 485 million yuan, down 16.31% QoQ, mainly due to a decline in investment income from Zhejiang Petrochemical [4] - The company's polyester filament products experienced both volume and price increases, with production and sales continuing to rise. H1 2024 production of polyester filament reached 6.36 million tons, with sales of 5.87 million tons and a sales-to-production ratio of 92.4%. The average selling prices of POY/FDY/DTY increased by 1.69%/2.03%/2.06% YoY, respectively [4] - The company is further enhancing its integrated industrial chain layout, with several key projects progressing smoothly. Current PTA/polyester filament production capacity stands at 10.2/13.5 million tons, and the company is expanding its capacity and market share during the industry's cyclical upturn [4] - The price difference for polyester filament remained strong, and the industry structure is improving under the leadership of major players. In H1 2024, there were no new capacity additions in the polyester filament industry, and the price difference for POY/FDY/DTY was 1,230/1,780/2,730 yuan/ton as of July, with industry profitability expected to gradually improve [4] Financial Performance - The company's revenue growth is expected to slow down, with projected revenue growth rates of 12.61%, 7.02%, and 6.03% for 2024E, 2025E, and 2026E, respectively. Net profit attributable to shareholders is expected to grow by 203.91%, 46.19%, and 21.78% for the same periods [5] - The company's profitability is improving, with gross margins expected to rise from 5.06% in 2023A to 6.86%, 7.22%, and 7.39% in 2024E, 2025E, and 2026E, respectively. Net margins are also expected to increase from 0.99% in 2023A to 2.67%, 3.65%, and 4.19% in the same periods [6] - ROE is projected to increase from 2.25% in 2023A to 6.44%, 8.68%, and 9.65% in 2024E, 2025E, and 2026E, respectively, indicating improving returns on equity [6] Valuation - The company's P/E ratio is expected to decrease from 35.97 in 2023A to 11.84, 8.10, and 6.65 in 2024E, 2025E, and 2026E, respectively, reflecting a more attractive valuation [5] - The P/B ratio is also expected to decline from 0.81 in 2023A to 0.76, 0.70, and 0.64 in 2024E, 2025E, and 2026E, respectively, indicating a lower valuation relative to book value [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance exceeded expectations with a 9.52% year-on-year increase in revenue for H1 2024, reaching 11.827 billion yuan, and a 28.24% increase in net profit attributable to shareholders, amounting to 1.800 billion yuan [4] - The infusion product structure continues to optimize, with a 3.11 percentage point increase in the proportion of closed infusion products in H1 2024, despite a 7.15% decline in revenue from the large infusion segment [4] - The raw material drug intermediates experienced rapid growth, with a 38.09% increase in revenue to 3.273 billion yuan in H1 2024, driven by strong market demand and increased production [4] - The company is on track for innovation with expected launches of four new products in the coming year, contributing to future revenue growth [5] - Revenue projections for 2024-2026 are estimated at 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan respectively, with net profits of 2.917 billion yuan, 3.440 billion yuan, and 4.018 billion yuan [5] Summary by Sections Financial Performance - H1 2024 revenue was 11.827 billion yuan, up 9.52% year-on-year, with net profit of 1.800 billion yuan, up 28.24% [4] - Q2 2024 revenue reached 5.608 billion yuan, a growth of 8.66%, and net profit was 0.774 billion yuan, increasing by 31.33% [4] Product Segments - The large infusion segment generated 4.667 billion yuan in revenue, down 7.15%, while non-infusion drug sales reached 2.020 billion yuan, up 6.38% [4] - The antibiotic intermediates and raw materials segment saw a revenue increase of 38.09% to 3.273 billion yuan, with significant growth in key products [4] Innovation and Future Outlook - The company anticipates the launch of four innovative products within the next year, which are expected to enhance revenue [5] - The report forecasts steady growth in revenue and net profit for the next three years, indicating a positive outlook for the company's financial health [5]

Investment Rating - The industry rating is "Bullish" indicating a positive outlook for the next six months [74]. Core Insights - The report highlights a trend of declining raw material prices and shipping costs, suggesting a potential easing of cost pressures for the industry [68][70]. - The production of semi-steel tires remains robust, with high operating rates, while full-steel tire production is experiencing a slight decline [23][15]. - Demand for semi-steel tires is improving, particularly in overseas markets, while full-steel tire demand is still in a recovery phase [69][70]. Cost Side - Raw material prices are showing signs of a downward trend, with July 2024 prices for key materials such as butadiene at 12,998.91 CNY/ton, down 0.38% month-on-month but up 97.31% year-on-year [5][6]. - Shipping costs have peaked and are expected to decline further, with the Baltic Freight Index averaging 5,081.74 points in July, up 18.69% month-on-month and 292.94% year-on-year [9][11]. Production Side - In July 2024, the production of rubber tires in China reached 91.08 million units, a year-on-year increase of 7.42% [15]. - Semi-steel tire production was 56.95 million units, showing a slight month-on-month increase of 0.04% [15]. - The operating rate for semi-steel tires was 79.21%, indicating strong production activity, while full-steel tires saw a decrease to 54.80% [23]. Demand Side - The demand for semi-steel tires is on the rise, particularly in overseas markets, while full-steel tire demand is still recovering [69][70]. - In July 2024, China exported 60.60 million new inflatable rubber tires, a year-on-year increase of 6.52% [20]. - The report notes that the overall demand for tires is stabilizing, with expectations for continued growth in the semi-steel segment [69]. Industry News - Major tire manufacturers such as Sailun and Linglong have reported significant revenue growth in their 2024 semi-annual reports, indicating a positive trend in the industry [59][60]. - The global tire market is seeing increased competition, with Chinese manufacturers gaining market share [61][62]. Monthly Summary and Outlook - The report anticipates that as the traditional sales peak season approaches in Q3, both domestic and international demand will remain at historically high levels [69].