Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 total revenue reached 1.13 billion yuan, representing a year-on-year increase of 22.17%, while the net profit attributable to the parent company was 143 million yuan, up 72.41% year-on-year [1][2] - The gross margin for H1 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, and the net margin was 12.84%, up 3.76 percentage points year-on-year [2][3] - The company is expected to continue improving its profitability due to the low prices of raw materials and the scale effect [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 1.13 billion yuan, with a net profit of 143 million yuan and a non-recurring net profit of 122 million yuan, showing significant growth compared to the previous year [1] - The Q2 2024 revenue was 590 million yuan, with a net profit of 70 million yuan, indicating a year-on-year increase of 20.90% and 58.74% respectively [1] Product Performance - Revenue from fish products, poultry products, bean products, and vegetable products in H1 2024 was 703 million yuan, 258 million yuan, 111 million yuan, and 38 million yuan, reflecting year-on-year growth of 16.64%, 51.10%, 9.53%, and 15.61% respectively [3] - The second key product, quail eggs, performed exceptionally well, contributing to the overall growth of the company [3] Cost and Efficiency - The company’s selling, administrative, research and development, and financial expense ratios for H1 2024 were 12.58%, 3.64%, 1.94%, and -0.98% respectively, indicating a slight improvement in management efficiency [2][3] - The gross margin and net margin are expected to continue to improve due to the ongoing low prices of raw materials and the company's scale effect [2] Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 292 million yuan, 379 million yuan, and 482 million yuan, representing year-on-year growth rates of 39.15%, 29.83%, and 27.29% respectively [2][4] - The projected P/E ratios for the next three years are 16X, 12X, and 10X, indicating a favorable valuation outlook [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 21.66 billion yuan in H1 2024, a year-on-year decrease of 5.73% and a quarter-on-quarter decrease of 16.07%. The net profit attributable to shareholders was 2.14 billion yuan, a year-on-year decrease of 0.64% but a quarter-on-quarter increase of 12.53% [4] - The energy storage segment showed strong performance with revenue of approximately 7.77 billion yuan in H1 2024, a year-on-year increase of 9.93%. The company ranked second globally in energy storage cell shipments in the first half of 2024 [4] - The commercial power battery segment also performed well, with revenue of approximately 8.99 billion yuan in H1 2024, despite a year-on-year decrease of 25.79%. The company launched the Omnicell large cylindrical battery, enhancing its product offerings [4] - The consumer battery segment saw significant growth, with revenue of approximately 4.85 billion yuan in H1 2024, a year-on-year increase of 29.75% and a gross margin of 28.31% [5] - The company is expected to achieve battery shipments exceeding 80 GWh in 2024, with projected revenues of 56.36 billion yuan, 75.23 billion yuan, and 95.65 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 15.53%, 33.49%, and 27.14% [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 21.66 billion yuan, with a net profit of 2.14 billion yuan and a non-recurring net profit of 1.50 billion yuan [4] - The company’s revenue for Q2 2024 was 12.34 billion yuan, showing a year-on-year increase of 4.68% and a quarter-on-quarter increase of 32.46% [4] Product Segments - The energy storage segment's revenue was approximately 7.77 billion yuan in H1 2024, with a shipment volume of 20.95 GWh, a year-on-year increase of 133.18% [4] - The commercial power battery segment generated approximately 8.99 billion yuan in revenue, with a shipment volume of 13.54 GWh, a year-on-year increase of 7.03% [4] - The consumer battery segment achieved approximately 4.85 billion yuan in revenue, with a gross margin of 28.31% [5] Future Projections - The company is projected to achieve revenues of 56.36 billion yuan in 2024, 75.23 billion yuan in 2025, and 95.65 billion yuan in 2026, with corresponding net profits of 4.71 billion yuan, 6.10 billion yuan, and 7.55 billion yuan [6][7]

[Table_Reportdate] 2024年08月27日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 44.66 | | 总股本(万股) | 40,389 | | 流通A股/B股(万股) | 40,239/0 | | 资产负债率(%) | 26.88% | | 市净率(倍) | 3.67 | | 净资产收益率(加权) | 7.72 | | 12个月内最高/最低价 | 81.90/44.58 | [Table_QuotePic] -49% -39% -30% -21% -11% -2% 7% 17% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《科博达（603786）：域控产品持续 放量，加速海外基地建设扩大全球市 场业务 — ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月26日 [晨会纪要 Table_NewTitle] 20240826 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.从中越铁路合作看基建出海——宏观周观点（202408019-20240823） ➢ 2.巨化股份（600160）：制冷剂价格上行，公司业绩有望持续提升——公司简评报告 财经要闻 ➢ 1.中共中央政治局召开会议 审议《进一步推动西部大开发形成新格局的若干政策措施》 ➢ 2.美联储鲍威尔：政策调整的时候到了 ➢ 3.工信部：8月23日起暂停公示、公告新的钢铁产能置换方案将加快研究修订钢铁产能置 换办法 ➢ 4.央行行长潘功胜：研究储备增量政策举措，增强宏观政策协调配合 ➢ 5.商务部等4部门办公厅发布关于进一步做好家电以旧换新工作的通知 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 | --- | |-------------- ...

总 量 研 究 Table_Reportdate] 2024年08月25日 | --- | --- | --- | |----------|------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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行 业 研 究 [Table_Reportdate] 2024年08月26日 行 业 简 评 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -27% -20% -14% -8% -2% 4% 10% 23-08 23-11 24-02 24-05 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.高基数压力逐渐缓释，关注产品与 渠道优化后的价值提升——上市险 企2024年7月保费点评 2.市场活跃度再触低位，关注保险负 债端需求释放——非银金融行业周 报（20240812-20240818） 3.券商分类评价结果出炉，互联网财 险监管升级——非银金融行业周报 （20240805-20240811） [table_invest] 超配 [Table_NewTitle 从国信收购万和，看券商并购趋势从业 ] 务互补迈向国资整合 ——非银金融行业简评 [table_main] 投资要点： ➢ 事件：国信证券于8月21日公告称正筹划发行股份购买深圳市资本运营集团持 ...

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