Investment Rating - The industry investment rating is "Neutral" [25] Core Insights - The beauty and personal care sector outperformed the market, with the Shenwan Beauty Care Index rising by 4.19% while the CSI 300 Index fell by 0.17%, resulting in a 4.36 percentage point outperformance [6][11] - Key companies reported varied performance, with Proya achieving a revenue of 5.001 billion yuan, a year-on-year increase of 37.90%, and a net profit of 702 million yuan, up 40.48% [6][18] - The launch of Han's "Super Frequency X Peptide Series" marks a significant innovation in anti-aging products, utilizing a new composite peptide technology [6][17] Market Performance - The Shenwan Beauty Care Index increased by 4.19% this week, while the CSI 300 Index decreased by 0.17%, making it the fourth-best performing sector among all Shenwan primary industries [11][12] - The top five performing stocks in the sector included Proya (+12.35%), Runben (+11.30%), and Yanjing (+10.50%) [6][14] Company Announcements - Proya's half-year results showed a revenue of 5.001 billion yuan and a net profit of 702 million yuan, reflecting strong growth [6][18] - The launch of Han's "Super Frequency X Peptide Series" aims to enhance anti-aging effects by activating collagen cells and improving skin texture [6][17] Consumer Trends - The cosmetics market is experiencing a shift towards more rational consumer spending, with domestic brands like Proya gaining market share [7] - The medical beauty sector is seeing dual growth in supply and demand, with increasing compliance and domestic substitution rates [7] Data Tracking - In July 2024, the total retail sales of consumer goods in China reached 37.757 billion yuan, with cosmetic retail sales declining by 6.1% year-on-year [20]

Investment Rating - The report assigns a standard investment rating to the electric battery and energy storage industry, indicating a positive outlook for the sector [2]. Core Insights - The report highlights that the consumption peak season is approaching, with expectations for new energy vehicle (NEV) sales and penetration rates to reach new highs. It forecasts that NEV sales will reach 11.5 million units in 2024, representing a year-on-year increase of 20% [4][14]. - The supply side of the industry is undergoing orderly adjustments, leading to price stabilization across various materials, including lithium salts and battery components [15][16]. - The energy storage market is experiencing robust demand, with a cumulative installed capacity of 103.3 GW as of mid-2024, reflecting a year-on-year increase of 47%. New energy storage installations reached 13.67 GW in the first half of 2024, up 71% year-on-year [18][19]. Summary by Sections Battery Sector - The upcoming "golden September and silver October" period is expected to boost NEV sales, supported by trade-in subsidies and rapid product iterations from automakers. The overall performance in August was strong, particularly for low-cost pure electric models [4][14]. - The supply side is adjusting, with lithium carbonate prices fluctuating due to ongoing negotiations between supply and demand. The price of lithium iron phosphate remains at the breakeven point, while the prices of anode materials are stable near cost levels [15][16]. - Key companies to watch include CATL, which is projected to ship 480 GWh in 2024 with an estimated profit of approximately 46 billion yuan, and Terui, which is expected to benefit from grid investment upgrades and has turned profitable [16][19]. Energy Storage Sector - The report notes a slight decline in the energy storage bidding market, with 13 new projects and a total bidding capacity of 1.86 GW/20.71 GWh. The average winning bid prices for energy storage systems have increased [17][35]. - The energy storage market is expected to maintain rapid growth, with new installations of 48.18 GW/107.86 GWh, a year-on-year increase of 142%. The proportion of pumped storage capacity continues to decline [18][19]. - Companies like Shangneng Electric are highlighted for their comprehensive energy storage business model, which includes upstream inverters and downstream power stations, positioning them as leaders in the domestic market [19].

Investment Rating - The report rates the food and beverage industry as "Overweight" [3]. Core Views - The food and beverage sector showed resilience with a 1.62% increase last week, outperforming the CSI 300 index by 1.79 percentage points [9]. - The processed food sub-sector experienced the highest growth at 6.41% [9]. - The report highlights the performance of key companies, with Mogo Co., Jia Jia Food, and Baba Food leading in stock price increases [9]. Summary by Sections 1. Market Performance - The food and beverage sector ranked 19th among 31 primary sectors in the last week [9]. - The top five stocks in terms of growth were Mogo Co. (+31.94%), Jia Jia Food (+13.66%), Baba Food (+13.26%), New Dairy (+11.96%), and Ganyuan Food (+10.19%) [9]. - The top five decliners included Yangyuan Beverage (-12.04%), Ximai Food (-6.66%), Chengde Lulu (-6.19%), *ST Xifa (-4.79%), and Happy Home (-3.88%) [9]. 2. Key Company Updates - Wuliangye reported a 2024 H1 revenue of 50.648 billion yuan, up 11.3% year-on-year, with a net profit of 19.057 billion yuan, also up 11.86% [2]. - Qingdao Beer reported a 2024 H1 revenue of 20.068 billion yuan, down 7.06%, but net profit increased by 6.31% to 3.642 billion yuan [2]. - New Dairy achieved a revenue of 5.364 billion yuan in H1 2024, a 1.25% increase, with a net profit of 296 million yuan, up 25.26% [39]. 3. Industry Dynamics - The liquor industry is experiencing performance differentiation, with the overall growth rate slowing in Q2 2024 [2]. - The report notes that the white liquor sector is facing increased competition, but leading companies are expected to maintain strong market shares and profitability [2]. - The beer sector is benefiting from cost reductions in raw materials, which is expected to enhance profitability [2]. 4. Consumer Trends - The snack segment continues to grow rapidly, driven by new channels and product innovations [4]. - The dairy segment is seeing increased consumer demand for low-temperature fresh milk, indicating a shift towards healthier options [4].

总 量 研 究 Table_Reportdate] 2024年09月01日 宏 观 周 报 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 高旗胜 gqs@longone.com.cn [中报Table_NewTitle] 净利增速降幅收窄，8月制造业PMI 继续回落 ——宏观周观点（20240826-20240830） [table_main] 投资要点 ➢ 核心观点：A股中报披露完毕，全A净利润增速较一季度小幅回升，但二季度环比却弱于 季节性，同时双创利润增速有压力。行业上农林牧渔，社服净利润增速较快且环比一季 度改善。低波红利、中特估概念业绩相对稳定，与板块股价表现一致。经济方面，8月制 造业PMI在收缩区间内继续回落，多数分项指数环比下降且在临界点之下，经济增长动 能有所不足，稳增长政策加力的必要性或进一步上升。市场方面，本周A股震荡调整后反 弹，传媒、电力设备、美容护理、基础化工、电子等板块涨幅居前，上周领涨的银行本 周涨幅垫底 ...

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 ...