行 业 研 究 房地产百强房企 1-8 月销售数据点 评：百强房企销售同比降幅略微收 窄，央国企销售情况优于民企 2024 年 9 月 2 日 看好/维持 房地产 行业报告 全口径销售额 top100： 根据克而瑞的数据，2023 年 1-8 月 top100 房企销售金额同比降幅较上月略微 收窄，分组来看，top10 房企整体销售降幅最小。 1-8 月，top100 房企实现销售金额（全口径）25868.5 亿元，同比增速为-38.6%； 1-7 月同比增速为-39.7%。 1-8 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（全口径）同比增速分别为-32.3% / -43.0% / -44.5% / -44.0% / -43.1%。 重点房企销售： 根据克而瑞的数据，2023 年 8 月，我们跟踪的 36 家重点房企中，央企+国企 (12 家)销售情况优于混合所有+民企（24 家）。 1-8 月，36 家重点房企全口径销售金额同比增速的中位值为-43.4%；其中，央 企+国企（12 家） / 混合所有+民 ...

Investment Rating - Strong Buy / Maintain [3] Core Views - The company achieved a turnaround in performance, with significant growth in both domestic and overseas markets [3] - Overseas revenue surged, driven by the rapid release of production capacity in Cambodia and improved operational efficiency in Southeast Asia [3] - Multiple product categories showed growth, with improved profitability due to increased gross margins and reduced expense ratios [3] - The domestic market saw strong performance from the company's high-end brand, Jueyan, and the successful launch of new staple food products [3] Financial Performance - Revenue for H1 2024 reached RMB 846 million, a YoY increase of 71.64%, with net profit attributable to shareholders of RMB 98 million, a YoY increase of 329.38% [3] - Overseas sales accounted for RMB 689 million, a YoY increase of 108.35%, with a gross margin of 27.06% [3] - Revenue breakdown by product: rawhide chews (RMB 263 million, +87.85%), plant-based chews (RMB 298 million, +114.62%), nutritional meat snacks (RMB 190 million, +38.39%), and wet staple food (RMB 80 million, +34.86%) [3] - Gross margins for these products increased by 11.51%, 7.86%, 16.82%, and 3.20% respectively [3] - The company's expense ratio decreased by 10.6 percentage points, with sales, management, R&D, and financial expense ratios at 6.01%, 5.89%, 1.67%, and -1.28% respectively [3] Domestic Market Strategy - The company focused on its own brand, Jueyan, which achieved a total transaction volume of over RMB 25 million during the 618 shopping festival, a YoY increase of 67% [3] - New staple food products were well-received in the market, and the company plans to expand its product line and enhance marketing efforts in the second half of the year [3] Future Projections - The company is expected to achieve net profits of RMB 158 million, RMB 203 million, and RMB 246 million for 2024-2026, with EPS of RMB 0.62, RMB 0.80, and RMB 0.97 respectively [4] - PE ratios are projected at 20x, 15x, and 13x for 2024-2026 [4] Industry Context - The company is a pioneer in China's pet food industry, with a diversified portfolio of brands both domestically and internationally [6] - The pet food market is experiencing growth, driven by increasing pet ownership and consumer demand for high-quality pet products [6]

Core Insights - The company achieved a revenue of 9.96 billion yuan in the first half of 2024, representing a year-on-year growth of 39.6% driven primarily by the construction business [1] - The company's toll revenue was 4.53 billion yuan, showing a slight increase of 0.2% year-on-year, while the net profit attributable to the parent company was 2.6 billion yuan, up 10.8% year-on-year [1] - The gross margin for the toll road business decreased by 3.8 percentage points to 60.7% due to a 10.9% increase in costs [1] - Investment income significantly increased to 1.05 billion yuan, up from 610 million yuan in the same period last year, largely due to earlier dividends from Jiangsu Bank [1] - Financial expenses decreased by 11% to 475 million yuan, benefiting from effective financing measures and a favorable interest rate environment [1] Revenue and Profitability - The company’s revenue growth was primarily attributed to the overseas market expansion, with overseas revenue reaching 1.75 billion yuan, a 96.5% increase year-on-year [7] - The overall gross margin for the company was 52.5%, slightly lower than the previous year's 56.82% [7] - The company maintained a stable sales net profit margin of 34.93%, slightly higher than the previous year's 34.5% [7] Future Outlook - The company is expected to benefit from stable growth in the commercial vehicle market and the expansion of new products, with projected net profits for 2024-2026 at 2.1 billion, 2.39 billion, and 2.72 billion yuan respectively [7] - The company is positioned well in the core area of the Yangtze River Delta, leveraging its geographical advantages [2] - The company maintains a "recommended" rating due to its strong operational capabilities and focus on its main business [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company is currently experiencing pressure on revenue and gross profit, with smart automotive becoming the primary revenue source, while the smart IoT business is expected to create a new growth curve driven by edge intelligence development [3][4]. - The company reported a revenue of 2.401 billion yuan in the first half of 2024, a decrease of 3.39% year-on-year, with a net profit attributable to shareholders of 104 million yuan, down 73.10% year-on-year [2][8]. - The smart automotive segment generated revenue of 1.102 billion yuan, accounting for 45.91% of total revenue, with a year-on-year growth of 4.34% [3][8]. - The smart software segment saw a revenue decline of 17.67% year-on-year, contributing 31.69% to total revenue [3][8]. - The smart IoT segment achieved a revenue of 538 million yuan, a year-on-year increase of 6.59%, representing 22.40% of total revenue [3][8]. Financial Performance Summary - The company’s operating cash flow was 288 million yuan, down 30.30% year-on-year, indicating better performance than net profit due to a decrease in receivables and amortization of intangible assets [8]. - The company forecasts net profits of 378 million yuan, 636 million yuan, and 900 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 42, 25, and 18 times [8][9]. - The gross profit margin is projected to be 36.74% in 2024, slightly declining from previous years [9][10]. Future Outlook - The company is expected to benefit from the integration of AI technologies and edge products, which will enhance its position in the smart IoT market [3][8]. - The report emphasizes the importance of the company's software capabilities and open ecosystem in mitigating risks and creating differentiated competitive advantages [8][10].

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics (300666.SZ) [1][2] Core Views - Jiangfeng Electronics reported a revenue of 1.627 billion yuan for the first half of 2024, representing a year-on-year growth of 35.91%. The net profit attributable to shareholders was 161 million yuan, an increase of 5.32% year-on-year [1][2] - The company's revenue growth exceeded expectations, driven by the continuous increase in sales of ultra-pure target materials and significant growth in precision component sales [1][2] - The semiconductor market is recovering, and the company is increasing inventory in response to demand, leading to a net cash flow from operating activities of -129 million yuan, a decline of 213.54% year-on-year [1][2] Financial Performance Summary - Revenue (in million yuan) for 2022A was 2,323.88, with a growth rate of 45.80%. For 2023A, it was 2,601.61, with a growth rate of 11.89%. The forecast for 2024E is 3,312.11, with a growth rate of 27.31% [2][3] - Net profit (in million yuan) for 2022A was 265.20, with a growth rate of 148.72%. For 2023A, it was 255.47, with a decline of 3.67%. The forecast for 2024E is 383.97, with a growth rate of 50.30% [2][3] - The company's EPS is projected to be 1.45 yuan for 2024E, 1.86 yuan for 2025E, and 2.36 yuan for 2026E [1][2] Strategic Developments - Jiangfeng Electronics is actively promoting its strategic layout in the semiconductor precision components sector, with multiple production bases completed and new product lines rapidly expanding [1][2] - The company is focusing on enhancing its R&D capabilities to ensure the safety of the domestic semiconductor supply chain and is expected to accelerate the localization process of precision components [1][2] Market Outlook - The global semiconductor precision component market is expected to reach 395.6 billion yuan in 2024, with the Chinese market projected to grow faster than the global market, reaching 125.3 billion yuan [1][2] - The company aims to leverage its long-term technological capabilities and customer understanding in the ultra-pure target material field to expand into the precision component sector [1][2]

公 司 研 究 周大生（002867.SZ）：金价高增抑 制消费需求，业绩短期承压 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：公司发布 2024 年中报，2024 年上半年实现营业收入 81.97 亿元，同比 增长 1.52%，实现归母净利润 6.01 亿元，同比下降 18.71%。24 年 Q2 实现 营业收入 31.26 亿元，同比下降 20.89%；实现归母净利润 2.6 亿元，同比下 降 30.51%。 金价快速上涨短期抑制消费需求，公司营业收入小幅增长。24 年上半年黄金 价格持续走高，上海黄金交易所 Au9999 黄金截至 6 月末的收盘价较年初开 盘价上涨 14.37%，消费者观望情绪加重，购买行为偏谨慎，导致黄金首饰消 费乏力，黄金销售量明显下滑。根据中国黄金协会统计，24 年上半年黄金首 饰消费量同比下降 26.68%，公司全口径黄金首饰销售量同比下降 16.6%，好 于行业整体表现。24 年上半年社零金银珠宝类销售额同比+0.2%，增速较 23 年的+13.3%显著回落，行业销售表现较弱。公司上半年营收同比+1.52%，与 行业整体变动趋势保持一致。3 月份金价 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company is currently experiencing pressure on revenue and gross profit, with smart automotive becoming the primary revenue source, while the smart IoT business is expected to create a new growth curve driven by edge intelligence development [3][4]. - The company reported a revenue of 2.401 billion yuan in the first half of 2024, a decrease of 3.39% year-on-year, with a net profit attributable to shareholders of 104 million yuan, down 73.10% year-on-year [2][3]. - The smart automotive segment generated revenue of 1.102 billion yuan, accounting for 45.91% of total revenue, showing a year-on-year growth of 4.34% [3][4]. - The smart software segment reported revenue of 761 million yuan, down 17.67% year-on-year, while the smart IoT segment achieved revenue of 538 million yuan, up 6.59% year-on-year [3][4]. Financial Performance Summary - The company’s operating cash flow was 288 million yuan, down 30.30% year-on-year, indicating better performance compared to net profit [8]. - The company’s gross margin is under pressure, with the smart automotive segment maintaining a gross margin of 44.65%, a slight decrease of 0.42 percentage points year-on-year [3][4]. - The company expects net profits for 2024, 2025, and 2026 to be 378 million yuan, 636 million yuan, and 900 million yuan respectively, with corresponding PE ratios of 42, 25, and 18 times [8][9]. Future Outlook - The company is focusing on continuous investment in sales and R&D, particularly in core technologies and innovation in edge intelligence [6][8]. - The report highlights the potential for growth in the edge intelligence sector as AI technology matures and market recognition increases [3][4].

A 股新股日历（本周网上发行新股） 名称 价格 行业 发行日 富特科技 14.00 汽车 20240826 东兴晨报 P1 16 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|----------------------------------|-----------------------------|-------------------| | 分析师推荐 \n【东兴宏观】美联储降息意愿明显，美十债利率下限下移——货币流动性跟 | 2024 \nA 股港股市场 \n指数名称 | 年 8 月 29 \n收盘价 | 日星期四 \n涨跌 % | | 踪 8.19-8.23 （ 20240827 ） | 上证指数 | 2,823.11 | -0.5 | | | 深证成指 | 8,154.44 | 0.94 | | 中国 7 月 M1 同比 -6.6%, 前值 -5% ； M2 同比 6.3% ，前值 6.2% 。 M0 ...

东兴证券研究报告 首席周观点：2024年第35周 P1 首席周观点：2024 年第 35 周2024 年 8 月 2 日 首席观点 周度观点 林瑾璐 | 东兴证券银行首席分析师 S1480519070002，010-66554130，15692169289@163.com 银行行业：信贷弱需求延续，政策有待加力 7 月社融同比多增，主要源自政府债、企业债发行。7 月社融新增 7708 亿，同比多增 2342 亿；存量社融增速 8.2%，环比小幅回升 0.1pct。社融同比多增，主要贡献源自政府债及企业 债发行。7 月政府债券新增 6911 亿，同比多增 2802 亿；企业债券新增 2028 亿，同比多增 747 亿。人民币贷款减少 767 亿，社融口径首次显现负值。展望全年，考虑到当前政府债发行提 速以及去年下半年基数不高，社融增速有望平稳于 8%。 信贷需求持续偏弱，稳增长政策有待续力。7 月是传统信贷淡季，人民币贷款新增 2600 亿， 同比少增 859 亿。分部门来看，（1）零售信贷需求持续较弱。7 月住户贷款减少 2100 亿，同 比多减 93 亿。住户短贷减少 2156 亿，同比多减 821 亿；反 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 利安隆（300596.SZ）：业绩稳步增 长，多元化发展拓宽空间 利安隆发布 2024 年中报：公司 2024 年上半年实现营业收入 28.20 亿元， YoY+12.54%，归母净利润 2.20 亿元，YoY+20.51%。 从收入端看，核心板块营收均实现增长。2024 年上半年，公司主业高分子材 料抗老化助剂业务实现增长，抗氧化剂营收同比增长 13.81%至 8.69 亿元、光 稳定剂营收同比增长 10.62%至 10.22 亿元、U-pack 业务营收同比增长 4.95% 至 2.88 亿元；润滑油添加剂业务也取得增长，营收同比增长 26.44%至 5.21 亿元。从利润端看，2024 年上半年公司综合毛利率同比提升 2.11 个百分点至 21.41%，带动公司净利润增长。 主业产品产能持续扩张，培育多元化发展曲线，拓展成长空间。①公司主业高 分子材料抗老化助剂方面，已发展成为国内抗老化行业的龙头企业，在管理团 队、技术、产品配套、品质、客户服务及营销等各个领域形成了良好的竞争优 势。目前公司在全国建有六大生产基地，夯实了单 ...