公 司 研 究 医 药 生 物 老百姓 沪深300 [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 举措提升盈利能力 [老百姓（ Table_NewTitle] 603883）：收入端保持稳健，多 ——公司简评报告 公 司 简 评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |-----------------------------|-------------| | | | | [ 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 13.46 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.36% | | 市净率 ( 倍 ) | 1.37 | | 净资产收益率 ( 加权 ) | 7.22 | | 12 ...

公 司 研 究 医 药 生 物 益丰药房 沪深300 [Table_Reportdate] 2024年09月04日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [益丰药房（ Table_NewTitle] 603939）：业绩稳健增长，门 店稳步扩张 ——公司简评报告 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [table_main] 投资要点 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 19.13 | | 总股本 ( 万股 ) | 121,245 | | 流通 A 股 /B 股 ( 万股 ) | 120,974/0 | | 资产负债率 (%) | 58.74% | | 市净率 ( 倍 ) | 2.13 | | 净资产收益率 ( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's profit is under short-term pressure, with H1 2024 revenue of 299 million yuan (up 11.55% year-on-year) and a net profit of 56.7 million yuan (down 38.13% year-on-year) [6][7] - The company is actively expanding its overseas presence, with foreign revenue growth of 17.30% year-on-year in H1 2024, and conventional business revenue growth of 18.86% year-on-year [6][7] - R&D investment has increased by 29.07% year-on-year, with a focus on the CGT field, and the company has developed nearly 40 high-quality GMP-grade products [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 299 million yuan, with a gross margin of 91.46% and a net margin of 17.94% [6] - The company’s expenses in H1 2024 included sales, management, R&D, and financial expenses, with respective rates of 32.29%, 16.06%, 26.13%, and -8.97% [6] Business Growth - Domestic revenue in H1 2024 was 90 million yuan (up 0.07% year-on-year), while international revenue was 210 million yuan (up 17.30% year-on-year) [6] - Excluding specific acute respiratory disease-related products, conventional business revenue reached 285 million yuan, with overseas conventional business revenue growing over 20% [6] R&D and Future Outlook - R&D expenses in H1 2024 were 78 million yuan, with 260 R&D personnel, accounting for 31% of total employees [7] - The company expects revenues of 658 million yuan, 816 million yuan, and 1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 180 million yuan, 220 million yuan, and 272 million yuan [7][8]

Investment Rating - The report maintains a standard rating for the semiconductor sector, indicating a cautious outlook due to ongoing price declines and weak demand recovery [3][4]. Core Insights - The semiconductor industry is experiencing a weak balance between supply and demand, with storage module prices showing a downward trend while AI chip demand continues to grow unexpectedly [3][4]. - In August, the semiconductor sector saw a decline of 8.95%, with the overall electronic sector down by 5.28%, underperforming the CSI 300 index, which fell by 3.51% [3][12]. - The report highlights the strong performance of AIOT-related companies and suggests that the upcoming product launches from major brands like Apple, Huawei, and Xiaomi could act as catalysts for market recovery [3][5]. Monthly Market Review - The semiconductor sector's performance in August was marked by a decline of 8.95%, with a notable increase in the inventory levels of companies, indicating a potential oversupply situation [3][12]. - Global semiconductor sales showed a year-on-year increase of 18.35% in June, suggesting a gradual recovery in the market [4]. - The report notes that the demand for smartphones and AI servers is recovering, with the third quarter expected to see a slight uptick in demand due to the consumer electronics peak season [4][5]. Semiconductor Supply and Demand Tracking - The semiconductor supply remains relatively abundant, with prices experiencing slight declines. The report anticipates that this weak balance will continue into September [4][5]. - The report cites that the global smartphone shipments in Q2 2024 increased by 7.6% year-on-year, indicating a modest recovery in the mobile sector [4][5]. - The demand for AI servers is projected to grow by over 25% annually for the next three years, driven by increasing investments in AI technologies [4][5]. Fund Holdings Distribution - As of Q2 2024, the electronic sector accounted for the largest share of public fund holdings, amounting to 352.94 billion yuan, with semiconductor stocks making up approximately 8.40% of the total public fund stock market value [3][22]. - The report highlights that public funds have consistently allocated around 60% of their investments to the semiconductor sector within the electronic industry [3][22].

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月03日 [晨会纪要 Table_NewTitle] 20240903 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.英伟达二季度业绩持续超预期，IDC调高全年手机交付同比增幅——电子行业周报 （2024/8/26-2024/9/1） ➢ 2.中报披露收官，关注旺季量价表现——食品饮料行业周报（2024/8/26-2024/8/30） 财经要闻 ➢ 1.国务院办公厅印发《关于以高水平开放推动服务贸易高质量发展的意见》。 ➢ 2.国家发展改革委组织召开新型城镇化战略五年行动计划落实动员部署会。 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 1. 重点推荐 1.1. 英伟达二季度业绩持续超预期，IDC 调高全年手机交付同比增幅——电子行 业周报（2024/8/26-2024/9/1 ） . 1.2. 中报披露收官，关注旺季量价表现― ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 7.587 billion yuan in H1 2024, a year-on-year increase of 118.30%, with net profit attributable to the parent company of 233 million yuan, up 14.89% year-on-year [4] - Non-recurring losses impacted short-term profitability, with a total of -117 million yuan in H1 2024, mainly due to fluctuations in silver prices and exchange rates affecting financial assets and liabilities [4] - The company's TOPCon silver paste shipments reached 1,132.05 tons in H1 2024, a year-on-year increase of 76.09%, with TOPCon paste accounting for 87.28% of total shipments [4] - The company's operating cash flow turned positive in H1 2024, reaching 638 million yuan, with expectations of continued improvement in cash flow [4] - The company is expected to achieve revenue of 15.336 billion yuan in 2024, a year-on-year increase of 59.70%, with net profit attributable to the parent company of 549 million yuan [5] Financial Performance - In Q2 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58%, with net profit attributable to the parent company of 57 million yuan, down 50.89% year-on-year [4] - The company's gross margin in Q2 2024 was 10.99%, an increase of 0.34 percentage points quarter-on-quarter [4] - The company's R&D expenses in 2024 are expected to be 491 million yuan, accounting for 3% of revenue [7] - The company's net profit attributable to the parent company is expected to grow at a compound annual growth rate of 42.34% from 2024 to 2026 [6] Industry and Technology - The company maintains a leading position in the photovoltaic conductive silver paste market, with a focus on N-type TOPCon battery metalization solutions [4] - The company's HJT and IBC paste products are in the stage of mass production, with product performance leading the industry [4] - The company's technological advantages in TOPCon silver paste are expected to be maintained due to ongoing technological iterations [4] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 15.336 billion yuan, 17.517 billion yuan, and 19.448 billion yuan, respectively [5] - The company's 2024-2026 net profit attributable to the parent company is expected to be 549 million yuan, 645 million yuan, and 741 million yuan, respectively [5] - The company's current P/E ratio is 9.03x for 2024, 7.67x for 2025, and 6.68x for 2026 [5] - The company's ROE is expected to be 25% in 2024, 23% in 2025, and 21% in 2026 [6]

公 司 研 究 食 品 饮 料 新乳业 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 9.32 | | 总股本 ( 万股 ) | 86,067 | | 流通 A 股 /B 股 ( 万股 ) | 85,158/0 | | 资产负债率 (%) | 69.59% | | 市净率 ( 倍 ) | 2.90 | | 净资产收益率 ( 加权 ) | 11.13 | | 12 个月内最高 / 最低价 | 15.49/7.88 | [Table_QuotePic] -57% -47% -38% -28% -19% -9% 0% 9% 23-09 23-12 24-03 24-06 [相关研究 Tabl ...

公 司 研 究 [Table_Reportdate] 2024年09月02日 公 司 简 评 汽 车 [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 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |------------------------------------|------------------| | | | | 数据日期 Table_cominfo] 收盘价 | 2024/09/02 | | | 11.70 | | 总股本 ( 万股 ) | 991,729 | | 流通 A 股 /B 股 ( 万股 ) | 821,258/164,1 61 | | 资产负债率 (%) | 60.49% | | 市净率 ( 倍 ) | 1.57 | | 净资产收益率 ( 加权 ) | 3.94 | | 12 个月内最高 / 最低价 | 21.48/11.43 | [Table_QuotePic] -33% -17% -2% 14% 30% 45% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved significant growth in revenue and is positioned as a leader in the RF front-end market, with a focus on self-sufficiency and strong core capabilities [6][8] - The company reported a revenue of 1.095 billion yuan in Q2 2024, reflecting a year-over-year increase of 14.84%, but a quarter-over-quarter decrease of 7.95% [8] - The gross profit margin for the first half of 2024 was 42.12%, down 6.94 percentage points year-over-year, attributed to increased competition and a higher proportion of lower-margin RF module sales [8] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.285 billion yuan, a year-over-year increase of 37.20%, with a net profit of 354 million yuan, down 3.32% year-over-year [8] - The gross profit margin for the first half of 2024 was 42.12%, down from the previous year [8] Product Development and Market Position - The company is enhancing its Fab-Lite production model, with 6-inch and 12-inch production lines ramping up capacity [9] - The proportion of self-produced filters in products has reached a high level, contributing to a competitive edge [9] - The L-PAMiD module series has passed validation with several brand clients, showcasing the company's capability for high-end product development [9] Future Outlook - The company is expected to benefit from scale effects as production lines mature, leading to cost reductions for mature products and breakthroughs in high-end product localization [9] - Revenue forecasts for 2024, 2025, and 2026 are set at 5.259 billion, 6.254 billion, and 7.333 billion yuan respectively, with net profits projected at 839 million, 1.083 billion, and 1.455 billion yuan [9][11]

公 司 研 究 医 药 生 物 康龙化成 沪深300 2024年09月03日 买入（维持） 报告原因：业绩点评 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/09/02 19.50 | | 总股本 ( 万股 ) | 178,673 | | 流通 A 股 /B 股 ( 万股 ) | 142,094/0 | | 资产负债率 (%) | 40.55% | | 市净率 ( 倍 ) | 2.55 | | 净资产收益率 ( 加权 ) | 8.54 | | 12 个月内最高 / 最低价 | 37.00/17.70 | -50% -38% -26% -14% -2% 10% 22% 35% 23-09 23-12 24-03 24-06 相关研究 《康龙化成（300759）：一体化龙头 彰显韧性，业务间导流贡献增长动力 —公司简 ...