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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 6.332 billion yuan in H1 2024, representing a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 193 million yuan, up 105.26% year-on-year [4] - The company's "Smart Manufacturing + Integrated Services" business generated revenue of 3.674 billion yuan in H1 2024, a 13.37% increase year-on-year, with a net profit of 213 million yuan, up 44.64% year-on-year [4] - The electric vehicle charging network business reported revenue of 2.658 billion yuan in H1 2024, with a reduction in losses, operating 595,000 public charging terminals, the highest in the industry [4] Summary by Sections Financial Performance - In Q2 2024, the company recorded revenue of 3.763 billion yuan, a 3.67% increase year-on-year and a 46.49% increase quarter-on-quarter, with a net profit of 132 million yuan, up 78.29% year-on-year [4] - The company expects revenues of 18.75 billion yuan, 23.33 billion yuan, and 28.88 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.41%, 24.42%, and 23.81% [5] Business Expansion - The company has successfully expanded its overseas market, winning large-scale projects in Zimbabwe and Indonesia, and its products are now present in over 50 countries [4] - The company is actively participating in the electric vehicle charging network and has developed a virtual power plant with a dispatchable capacity of over 4.7 million kW [4] Investment Recommendations - The report suggests that the company, as a leading national charging operator, has advantages in funding and technology, and anticipates a peak in the delivery of power equipment products in the second half of the year [5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.75 yuan, 1.11 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23x, 15x, and 13x [5]

行 业 研 究 行 业 深 度 汽 车 [table_invest] 标配 [Table_NewTitle] 汽车出海系列（一）：梦启暹罗，观中国 整车厂如何越日系之界、塑电动未来 （下） ——汽车行业深度报告 | --- | --- | --- | --- | |--------------------|-------|-------------------------|--------| | | | | | | | | cxn@longone.com.cn | | | [table_stockTrend] | | | | | | | | | | | | | | | 23-08 | 23-11 | 24-02 | 24-05 | | | 沪深 | 申万行业指数 : 汽车 300 | (0728) | -27% -19% -11% -3% 5% 13% 21% [table_product] 相关研究 1.科博达（603786）：客户结构优化， 新产品加速全球化拓展——公司简 评报告 2.赛轮轮胎（601058.SH）：业绩稳进 增效，出海前景广阔——公司简评报 告 3.以旧换新政策促进零售端企稳，新 能源汽 ...

公 司 研 究 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn [Table_QuotePic] -25% -16% -7% 2% 11% 20% 29% 38% 23-08 23-11 24-02 24-05 扬杰科技 沪深300 [相关研究 Table_Report] 1.扬杰科技（300373）：2023Q4业绩 向好，产品结构优化及产能扩张并行 ——公司简评报告 2.扬杰科技（300373）：功率半导体 IDM国内领先，业务聚焦新能源高启 在即——公司深度报告 3.新能源打开IGBT天花板，新产能蓄 力国产企业新台阶——半导体行业 深度报告（三） 公 司 简 评 电 子 [数据日期 Table_cominfo] 2024/08/28 收盘价 34.75 总股本(万股) 54,301 流通A股/B股(万股) 54,189/0 资产负债率(%) 34.03% 市净率(倍) 2.16 净资产收益率(加权) 5.03 12个月内最高/最低价 45.00/32.48 [扬杰 ...

行 业 深 度 [Table_Authors] 证券分析师 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn [table_stockTrend] -27% -19% -11% -3% 5% 13% 21% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [table_product] 相关研究 1.科博达（603786）：客户结构优化， 新产品加速全球化拓展——公司简 评报告 2.赛轮轮胎（601058.SH）：业绩稳进 增效，出海前景广阔——公司简评报 告 3.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] 汽车出海系列（一）：梦启暹罗，观中国 整车厂如何越日系之界、塑电动未来 （上） ——汽车行业深度报告 [table_main] 投资要点： ➢ 泰国为中国自主车企低风险、高潜力的出海优选地。自上而下分析，我们判断泰国的出海 潜力主 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][7]. Core Insights - The company achieved revenue of 1.806 billion yuan and a net profit attributable to shareholders of 146 million yuan for the first half of 2024, reflecting a year-on-year revenue growth of 0.52% but a decline in net profit by 13.89% [2]. - The second quarter of 2024 saw a revenue drop to 891 million yuan, with net profit decreasing by 38.64% compared to the same period last year [2]. - The company's gross margin improved to 41.87% in the first half of 2024, up by 1.95 percentage points year-on-year, indicating effective cost control and pricing strategies [6]. - Strategic initiatives include the orderly advancement of silk inventory and smart warehousing projects, with inventory increasing to 1.082 billion yuan [6]. Financial Performance Summary - The company’s total revenue is projected to grow from 4.21 billion yuan in 2023 to 5.72 billion yuan by 2026, with annual growth rates of 14.93%, 7.67%, 11.80%, and 12.94% respectively [8]. - Net profit attributable to shareholders is expected to rise from 379 million yuan in 2023 to 520 million yuan in 2026, with growth rates of 36.23%, 7.86%, 12.12%, and 13.46% respectively [8]. - The company’s earnings per share (EPS) is forecasted to increase from 1.44 yuan in 2023 to 1.98 yuan in 2026, reflecting a positive trend in profitability [9]. Market Position and Valuation - The company is characterized by low valuation and high dividend features, with a projected price-to-earnings (P/E) ratio of 7 for 2024, decreasing to 6 by 2026 [3][8]. - The company’s price-to-book (P/B) ratio is expected to remain stable around 0.93 to 0.97 over the forecast period [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 met expectations, with revenue of 896 million yuan (down 41.87%) and net profit of 316 million yuan (down 3.05%). The second quarter alone saw revenue of 447 million yuan (down 39.14%) and net profit of 164 million yuan (up 5.36%) [6] - The blood products business showed steady growth, achieving revenue of 790 million yuan (up 3.64%) in H1 2024, despite a decline in net profit due to last year's high dividend income and decreased investment returns [6] - The company is actively expanding its plasma collection resources, with a 14.63% increase in plasma collection volume to 246.89 tons in H1 2024. New licenses for plasma collection stations are expected to contribute additional revenue [6] - The R&D pipeline is progressing, with increased investment in innovation and several products nearing market readiness, including high-concentration immunoglobulin and other therapeutic agents [7] - The company forecasts revenues of 2.108 billion yuan, 2.387 billion yuan, and 2.679 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 661 million yuan, 780 million yuan, and 910 million yuan [7] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 896 million yuan, a decrease of 41.87%, and a net profit of 316 million yuan, down 3.05%. The gross margin improved to 67.03%, up 17.14 percentage points, while the net profit margin reached 35.25%, up 13.66 percentage points [6] - The blood products segment generated 790 million yuan in revenue, with specific products like human albumin and immunoglobulin showing varied performance [6] Business Expansion - The company has 14 operational plasma collection stations, with plans to expand further through new licenses and acquisitions, enhancing its competitive edge in raw plasma supply [6] Research and Development - R&D investment in H1 2024 was 43.78 million yuan, representing a 3.39% R&D expense ratio. The company is advancing its product pipeline with several candidates in clinical trials [7] Earnings Forecast - The company projects significant revenue growth from 2024 to 2026, with expected EPS of 1.31, 1.55, and 1.81 yuan, and corresponding P/E ratios of 24.48, 20.75, and 17.78 [8]