Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a 9.42% year-on-year increase in revenue for H1 2024, reaching 7.544 billion yuan, and a 9.17% increase in net profit attributable to shareholders, totaling 803 million yuan [6] - The main business operations remain stable, although the crayfish segment has been a drag on performance [6] - The company plans to distribute a cash dividend of 1.38 yuan per share to all shareholders [6] Summary by Sections Financial Performance - In H1 2024, the revenue from prepared foods was 3.833 billion yuan, up 21.86%, while the revenue from dish products was 2.208 billion yuan, up 0.40%. The revenue from noodle and rice products was 1.291 billion yuan, up 1.37% [6] - Q2 2024 saw a revenue of 3.789 billion yuan, a 2.31% increase, with net profit of 364 million yuan, down 2.51% [6] - The company experienced a decline in direct sales and supermarket revenue, while new retail channels showed significant growth [6] Profitability and Cash Flow - The gross margin improved to 23.91% in H1 2024, up 1.81 percentage points, while the net profit margin slightly decreased to 10.64% [7] - Operating cash flow for H1 2024 was 509 million yuan, a 91.53% increase, indicating stable cash flow despite a decline in sales collection [7] Investment Recommendations - The company is expected to achieve double-digit revenue growth in 2023 H2, driven by new products and a low base effect [7] - Revised profit forecasts for 2024-2026 predict net profits of 1.650 billion yuan, 1.904 billion yuan, and 2.104 billion yuan, with corresponding EPS of 5.63, 6.49, and 7.17 yuan [7]

Key Recommendations - Changan Automobile (000625) is set to acquire a 10% stake in Avita Technology from Huawei for RMB 11.5 billion, enhancing its strategic partnership with Huawei in areas such as brand development, cloud and AI technology, and green energy [6][7] - The partnership is expected to elevate Changan's brand image and accelerate its transition to smart electric vehicles, with new models set to launch in H2 2024 [6][7] Industry Insights Photovoltaic Sector - The price of silicon materials has stabilized at the bottom, with an expected production of approximately 135,000 tons of polysilicon in August, indicating a slight easing of supply constraints [9] - The price of silicon wafers remains stable, with an anticipated production of around 54GW in August, supported by the recent price increases in upstream silicon materials [9] - Battery cell production is projected to be below expectations, with a total output of 58.54GW, while module prices are under pressure due to demand not significantly rebounding [9] Wind Power Sector - The bidding scale for onshore wind power continues to grow, with approximately 1,678.4MW of bids and 800MW of awards reported, indicating a stable average bidding price of around RMB 1,840 per kW [11] - Offshore wind projects are also ramping up, with several projects in provinces like Zhejiang and Guangdong set to commence construction, contributing to a positive outlook for the sector [11]

Investment Rating - The report maintains a "Buy" rating for the company [3][10] Core Insights - The company experienced rapid revenue growth, achieving 742 million yuan in revenue for H1 2024, a 75.59% increase year-on-year, while the net profit attributable to the parent company was -780 million yuan, widening from -703 million yuan in the same period last year [9] - The company’s two core commercialized products, Taihexisip and Vidisizumab, continue to see increasing sales, aligning with expectations, although significant R&D expenditures have led to further losses [9] - The approval of new indications for Taihexisip and the active development of combination therapies for Vidisizumab are expected to enhance market opportunities [9] Financial Summary - The company reported a total revenue of 1,083 million yuan in 2023, with projections of 1,586 million yuan in 2024, 2,175 million yuan in 2025, and 2,952 million yuan in 2026, reflecting a growth rate of 46.4% in 2024 [11][12] - The net profit attributable to the parent company is projected to be -989 million yuan in 2025 and -358 million yuan in 2026, indicating a gradual improvement in profitability [11][12] - The company’s R&D expense ratio was 108.69% in H1 2024, reflecting a significant investment in product development [9]

行 业 研 究 [Table_Reportdate] 2024年08月21日 行 业 简 评 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -27% -21% -15% -9% -3% 3% 9% 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.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） 2.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） 3.预定利率持续下调，强化资负匹配 助推三差均衡——非银金融行业简 评 [table_invest] 超配 [Table_NewTitle 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 [table_main] 投资要点： ➢ 事件：A股上市险企披露2024年前7月保费数据。寿险原保费累计同比增速排序为：平安 ...

行 业 研 究 [Table_Reportdate] 2024年08月21日 [table_invest] 标配 [Table_NewTitle 海工景气上行，看好我国 ] FPSO建造商业 绩兑现 ——原油系列研究（十九） 行 业 深 度 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [相关研究 table_product] 1.国际油服公司加入并购大潮，看好 行业整合下油服公司投资价值—— 原油系列研究（十八） 2.原油需求或将走弱，聚酯及下游等 待旺季修复——原油及聚酯产业链 月报（2024年8月） 3.原油紧张或触及年内高点，龙头主 导的下游周期属性或将弱化——原 油及聚酯产业链月报（2024年7月） [table_main] 投资要点： [table_stockTrend] -22% -15% - ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月20日 [晨会纪要 Table_NewTitle] 20240820 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.部分区域酒业绩亮眼，茅台批价回升——食品饮料行业周报（2024/8/12-2024/8/16） ➢ 2.存储板块二季度业绩表现亮眼，谷歌发布Pixel9系列加码端侧AI——电子行业周报 （2024/8/12-2024/8/18） ➢ 3.充电板块量利齐升，V2G带动运营市场快速发展——电力设备与新能源行业深度报告 ➢ 4.电动车需求稳步提升，储能行业低价竞争现象短期仍将延续——电池及储能行业周报 （2024/08/12-2024/08/18） 财经要闻 ➢ 1.国务院总理李强主持召开国务院常务会议。 ➢ 2.中美金融工作组举行第五次会议。 ➢ 3.全国社会保障基金理事会党组书记丁学东撰文称，要持续加大对国内资本市场的投资力 度。 证券研究报告 HTTP://WWW.LONGONE. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a robust performance with a revenue of 525 million yuan, representing a year-on-year increase of 23.88%, and a net profit of 134 million yuan, up 12.35% year-on-year [7] - The gross margin reached a new high of 68.75%, primarily due to the increased contribution from high-margin technology transfer business [7] - The company is experiencing short-term pressure in its front-end business due to intensified competition, while its clinical business is benefiting from the advancement of high-end projects [7][8] - The company has a strong project pipeline and is accelerating the development of innovative and difficult-to-generate drugs, laying a foundation for long-term growth and performance resilience [8] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 525 million yuan (YoY +23.88%) and a net profit of 134 million yuan (YoY +12.35%) [7] - The gross margin was 68.75% (+2.19 percentage points), while the net profit margin was 25.56% (-2.62 percentage points) [7] - The company’s R&D expense ratio increased to 28.32%, reflecting ongoing investments in innovative and generic drug development [7] Business Segments - The preclinical business revenue was 113 million yuan (YoY -9.09%), impacted by increased competition leading to price declines [7] - The clinical business revenue grew to 93 million yuan (YoY +32.22%), driven by an increase in the number of second and third-class drug development projects [7] - CDMO revenue from the subsidiary was 62 million yuan (YoY +3.21%), with external CDMO orders contributing 5.12 million yuan [8] Future Outlook - The company expects a recovery in client drug production and sales, which will likely lead to a return to rapid growth in CDMO and revenue-sharing income [8] - The projected net profits for 2024-2026 are 376 million, 508 million, and 668 million yuan, respectively, with corresponding EPS of 3.45, 4.66, and 6.13 yuan [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to significant developments [2]. Core Insights - The report highlights that Changan Automobile's fuel vehicle business remains solid, and the company is expected to accelerate its electric and intelligent transformation driven by multiple factors, including the launch of new energy products, steady progress in overseas capacity construction, and deepening cooperation with Huawei in smart technology [5][8]. - The forecasted net profits for 2024-2026 are projected to be 9.817 billion, 11.679 billion, and 14.185 billion yuan respectively, with corresponding EPS of 0.99, 1.18, and 1.43 yuan, and PE ratios of 13, 11, and 9 times [5][9]. Summary by Sections Company Overview - Changan Automobile is actively engaging in strategic partnerships, including a significant investment by its subsidiary Avita Technology in Huawei, acquiring a 10% stake in a joint venture for 11.5 billion yuan [8]. - This transaction is expected to enhance the high-end image of the Avita brand and deepen the strategic collaboration with Huawei, facilitating Changan's brand elevation and intelligent transformation [8]. Financial Performance - The company's main revenue is projected to grow from 151.3 billion yuan in 2023 to 267.1 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 25% [9]. - The net profit is expected to experience fluctuations, with a decrease of 13% in 2024, followed by a recovery of 19% and 21% in 2025 and 2026 respectively [9]. Product Development - Avita is set to launch several new models in the second half of 2024, including the Avita 11 & 12 extended range versions and the Avita 07 dual-power version, aimed at meeting diverse consumer needs [8]. - The collaboration with Huawei is anticipated to enhance Avita's smart vehicle capabilities, thereby improving product competitiveness and driving sales growth in the latter half of 2024 [8].

行 业 研 究 [Table_Reportdate] 2024年08月20日 行 业 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -27% -21% -15% -9% -3% 3% 9% 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.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） 2.预定利率持续下调，强化资负匹配 助推三差均衡——非银金融行业简 评 3.把握二十届三中全会指引下的资 本市场和多层次保障体系改革脉络 ——非银金融行业周报（20240715- 20240721） [table_invest] 超配 [Table_NewTitle 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） [table_main] 投资要点： ➢ 行情回顾：上周非银指数上涨1.1%，相较沪深30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.193 billion yuan, up 46% year-on-year, and net profit attributable to shareholders at 287 million yuan, up 58% year-on-year [8] - The automotive electronics and precision die-casting businesses continue to drive growth, with automotive electronics revenue growing by 65% year-on-year in H1 2024 [8] - The company is benefiting from the trend of increasing intelligent configurations in domestic brands and new energy vehicle manufacturers, expanding its customer base to include joint ventures and international car companies [8] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.193 billion yuan, a 46% increase year-on-year, and a net profit of 287 million yuan, a 58% increase year-on-year [8] - Q2 2024 revenue was 2.203 billion yuan, up 42% year-on-year, with net profit of 145 million yuan, up 39% year-on-year [8] Business Segments - Automotive electronics business generated 3.071 billion yuan in revenue in H1 2024, a 65% increase year-on-year, with significant growth in new products entering mass production [8] - Precision die-casting business revenue reached 914 million yuan in H1 2024, a 24% increase year-on-year, driven by components related to automotive intelligence and optical communication modules [8] Profitability and Efficiency - The company's gross margin for H1 2024 was 21.76%, a decrease of 0.46 percentage points year-on-year, with automotive electronics and precision die-casting gross margins at 20.71% and 25.73%, respectively [8] - The company improved its expense ratio, with a total expense ratio of 14.00%, down 1.97 percentage points year-on-year [8] Market Expansion - The company has seen rapid revenue growth from clients such as Chery, Geely, and Li Auto, and has successfully expanded its client base to include new projects with SAIC Audi and Stellantis [8] - The introduction of new products, including cockpit domain controllers and HUDs, is expected to enhance competitiveness [8] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 649 million yuan, 860 million yuan, and 1.099 billion yuan, respectively [9] - Corresponding EPS for the same period is projected to be 1.24 yuan, 1.64 yuan, and 2.09 yuan, with PE ratios of 20X, 15X, and 12X [9]