Xm l [Table_Page] 投资策略周报|计算机 证券研究报告 | --- | --- | --- | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|---------------------------------------------------------------------|----------- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 56.33 CNY per share, based on a 30x PE multiple for 2025 [1][3] Core Views - The company is a leading domestic pet food manufacturer with strong brand positioning and profitability driven by its premiumization strategy [1] - Its overseas OEM experience and global supply chain layout provide competitive advantages [1] - The company is a pioneer in domestic pet food brands, leveraging diversified marketing to drive brand awareness and online sales growth [1] Financial Performance - In H1 2024, the company achieved revenue of 2.427 billion CNY, up 17.48% YoY, with pet food gross margin reaching 44.70%, up 12.78 percentage points YoY [1] - In 2023, the company's revenue reached 4.327 billion CNY, up 27.36% YoY, with net profit attributable to shareholders of 429 million CNY, up 60.69% YoY [19] - The company's own brand revenue reached 2.745 billion CNY in 2023, up 34.15% YoY, accounting for 63.44% of total revenue [19] Business Segments Domestic Market - The domestic business focuses on own-brand sales, with brands like "Myfoodie", "Fleigart", and "Wangzhenchun" covering the full range of pet food categories [19] - In 2023, domestic revenue reached 2.863 billion CNY, up 39.38% YoY, accounting for 66.17% of total revenue [19] Overseas Market - The overseas business started with OEM and expanded through acquisitions like "Waggin' Train" [19] - In 2023, overseas revenue reached 1.464 billion CNY, up 8.96% YoY, accounting for 33.83% of total revenue [19] Growth Drivers Product Innovation - The company has a comprehensive product matrix with over 1,300 SKUs, covering snacks, wet food, and dry food [26] - Premium products like "Fleigart" and "BARF" series have driven significant margin improvement [26] Marketing Strategy - The company employs celebrity endorsements, entertainment marketing, and co-branding to enhance brand awareness [55][56] - Online direct sales reached 866 million CNY in H1 2024, up 61.24% YoY, accounting for 35.85% of total revenue [59] Capacity Expansion - The company is expanding production capacity with new projects expected to increase total dry food capacity to over 200,000 tons [64][66] Financial Projections - Revenue is expected to grow at a CAGR of 21.3% from 2024 to 2026, reaching 7.723 billion CNY in 2026 [2] - Net profit attributable to shareholders is projected to grow at a CAGR of 31.9% from 2024 to 2026, reaching 984 million CNY in 2026 [2] Valuation - The company is valued at 30x 2025 PE, higher than peers, reflecting its leading position in the domestic pet food market and strong growth potential [69]

Investment Rating - The report maintains a "Buy" rating for XianDai Intelligent with a target price of 18.77 CNY per share, based on a 15x PE valuation for 2024 [1][3] Core Views - XianDai Intelligent is a key player in China's new energy industry, particularly in lithium battery equipment, benefiting from the rapid growth of the new energy vehicle (NEV) sector [1] - The company's success is attributed to its focus on R&D, customer-centric approach, and strategic partnerships, particularly with CATL (Contemporary Amperex Technology Co. Limited) [1] - XianDai Intelligent has evolved from a single-product company to a platform-based enterprise, expanding its product lines and global presence [1] - The company's growth is closely tied to the development of the global new energy industry, with significant opportunities in both domestic and international markets [1] Company Overview - XianDai Intelligent was founded in 2002 and has grown into a global leader in new energy equipment, offering solutions in lithium battery, photovoltaic, 3C, and hydrogen energy equipment [12] - In 2023, the company reported revenue of 16.628 billion CNY, with lithium battery equipment accounting for 76% of total revenue [12] - The company has a strong R&D focus, with R&D expenses consistently around 10% of revenue, higher than industry peers by 4-5 percentage points [1] Industry Context - China's NEV industry has experienced rapid growth, with sales increasing from 4,884 units in 2010 to 9.5 million units in 2023, and penetration rates rising from 0.03% to 31.60% [10] - The global NEV market is also expanding, with sales growing from 38,000 units in 2011 to 13.76 million units in 2023, driven by advancements in battery technology and infrastructure [50][51] - The lithium battery industry has seen significant consolidation, with the number of battery manufacturers in China decreasing from 240 in 2015 to less than 100 in 2018, and leading companies like CATL dominating the market [54] Strategic Partnerships - XianDai Intelligent has a deep strategic relationship with CATL, which holds a 7.14% stake in the company as of Q1 2024 [42] - The partnership with CATL has enabled XianDai Intelligent to secure significant orders and participate in joint R&D projects, giving it a competitive edge in the lithium battery equipment market [42][44] Financial Projections - The report forecasts XianDai Intelligent's net profit to reach 1.96 billion CNY in 2024, 2.387 billion CNY in 2025, and 2.652 billion CNY in 2026, with revenue growth expected to stabilize around 10% annually [1][2] - The company's EBITDA is projected to grow from 3.037 billion CNY in 2022 to 3.609 billion CNY in 2026, with a corresponding improvement in ROE from 20.8% in 2022 to 16.1% in 2026 [2] Key Risks (Excluded as per instructions) - Risks such as macroeconomic fluctuations, inventory depreciation, and management risks are mentioned but not detailed in this summary [2]

Xm l [Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产及物管行业 24 年第 36 周周报 网签低迷来访改善，房企盈利能力仍在下行 [Table_Summary] 核心观点： 本周政策情况：存量房贷利率下调预期再起，试点保障房货币化配建。 中央政策方面，9 月 5 日，央行负责人在国新办新闻发布会上表示：目 前金融机构的平均法定存款准备金率大约为 7%，还有一定的降准空 间；而存贷款利率进一步下行面临一定的约束。9 月 6 日，根据中国房 地产报，存量房贷利率仍有下调的可能性。地方政策方面，本周上海开 启保障房货币化配建（根据上海住建委）；深圳公共资源交易中心一宗 宅地要求全部实行现房销售；重庆住建局取消二手房 2 年限售。 本周基本面情况：新房成交热度季节性回落，二手房成交维稳。据 Wind 及克尔瑞，本周 51 城新房成交面积 369.9 万方，环比下降 5.2%，同 比下降 25.7%，新房成交热度低于去年同期，当前新房成交热度季节 性回落。二手房方面，本周 13 城网签口径成交 133.4 万方，环比下降 11.6%，同比上升 4.3%，74 城认购口径 ...

Xml [Table_Page] 投资策略周报|国防军工 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|----------------- ...

[Table_ 相关研究： DocReport] 银行行业:如果转按揭放开， 影响与意义如何？ 2024-09-08 银行资负跟踪 20240901:央 2024-09-02 行公开市场买债，票据利率 回升 情绪冲击结束，配置价值提升 ——银行投资观察 20240908 [Table_Summary] 核心观点： 板块表现方面：本期（2024/9/2-2024/9/6），Wind 全 A 下跌 2.5%，银 行板块整体（中信一级行业）下跌 1.8%，排在所有行业第 12 位，跑 赢万得全 A。国有行、股份行、城商行、农商行变动幅度分别为-3.28%、 -1.20%、-0.93%、-0.95%。恒生综合指数下跌 2.6%，H 股银行跌幅 2.7%，跑输恒生综合指数，跑输 A 股银行。 个股表现方面：Wind 数据显示 A 股银行涨幅前三为华夏银行上涨 8.31%、南京银行上涨 2.32%、苏州银行上涨 2.14%，跌幅前三为厦门 银行下跌 6.15%、工商银行下跌 5.69%、青岛银行下跌 4.85%。H 股 银行涨幅靠前为广州农商银行上涨 11.84%、农业银行上涨 0.87%，跌 幅靠前为江西银行下跌 6. ...

Industry Investment Rating - The industry is rated as "Buy" [3] Core Views - The industry faces weak demand during the off-season, but leading companies show stronger resilience [2] - Revenue growth slowed in Q2 2024, with leading companies like Haitian Flavoring maintaining steady growth [2] - Profitability is under pressure due to increased market expenses, but leading companies demonstrate resilience [2] Revenue Analysis - **Base Seasonings**: - Q2 2024 saw a slowdown in demand, with leading companies like Haitian Flavoring showing resilience [2] - Haitian Flavoring, Meiji, and Qianhe Flavoring reported Q2 revenue growth of +7.98%, -12.12%, and -2.53% respectively [2] - Anqi Yeast and Hengshun Vinegar showed improvement, with Q2 revenue growth of +11.30% and +3.36% respectively [2] - **Compound Seasonings**: - Weak demand in Q2 2024, but lobster seasoning saw rapid growth due to strong terminal demand [2] - Tianwei Food's internal revenue declined, but its subsidiary Shicui continued high growth [2] Profitability Analysis - **Gross Margin**: - Raw material costs declined in Q2 2024, improving costs for most companies [2] - Haitian Flavoring's gross margin improved by +1.60%, while Qianhe Flavoring's declined by -2.28% due to adjustments in shipment schedules [2] - **Expense Ratio**: - Sales expense ratios increased for most companies due to intensified competition [2] - Haitian Flavoring, Meiji, and Qianhe Flavoring saw sales expense ratios increase by +1.03, +6.86, and +2.48 percentage points respectively [2] - **Net Profit Margin**: - Net profit margins were under pressure in Q2 2024, but leading companies like Haitian Flavoring and Anqi Yeast showed resilience [2] - Haitian Flavoring's net profit margin increased by +0.73 percentage points, while Meiji's declined by -2.71 percentage points [2] Future Outlook - **Base Seasonings**: - Leading companies like Haitian Flavoring and Anqi Yeast are expected to maintain resilience, with potential for improvement in other companies [2] - Haitian Flavoring's channel reforms and Anqi Yeast's overseas expansion are key drivers [2] - **Compound Seasonings**: - Small B channels are expected to contribute incremental growth, with new product launches accelerating [2] - Tianwei Food's offline small B channel expansion and Shicui's high growth are key areas to watch [2] Investment Recommendations - Core recommendations include Anqi Yeast, Haitian Flavoring, and Qianhe Flavoring [2] - Other companies to watch include Tianwei Food, Meiji, Fuling Zhacai, and Hengshun Vinegar [2]

[Table_Contacts] [Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Title] 传媒行业：AI 行业周报 阶跃星辰发布图像生成大模型，Luma 发布最新 AI 视频生成工 具 [Table_Summary] 核心观点： ⚫ 国内 AI 动态跟踪：根据 SimilarWeb，上周（2024/8/26 - 2024/9/1） 国内主要 AI 大模型产品网页端访问量分别为：kimi 541.67 万次，环比 上升 7.35%；文心一言 431.40 万次，环比上升 5.16%；通义千问 199.01 万次，环比上升 11.69%；豆包 254.09 万次，环比上升 9.39%； 智谱清言 73.45 万次，环比下降 0.50%；讯飞星火 50.81 万次，环 比下降 6.45%；天工 AI 39.51 万次，环比下降 18.27%；腾讯元宝 25.58 万次，环比上升 17.62%。App 下载量看，根据七麦数据，kimi 11.75 万次，环比上升 21.86%；文心一言 13.51 万次，环比上升 22.22%； 通义千问 5.72 万次，环比下降 9.52%；豆包 160 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a target price of 12.86 CNY per share for A shares and 7.83 HKD per share for H shares [5][14]. Core Views - The company reported a revenue of 16.237 billion CNY in the first half of 2024, a year-on-year increase of 2.56%, while the net profit attributable to shareholders was 731 million CNY, a decrease of 38.74% [2][9]. - The profitability from overseas cement operations offsets losses from domestic operations, with a slight increase in overseas average prices [2][9]. - Aggregate and concrete sales showed strong growth, with aggregates contributing significantly to profit margins [3][9]. Financial Performance Summary - **Revenue and Profit**: In H1 2024, the company achieved a revenue of 16.237 billion CNY, with a net profit of 731 million CNY, reflecting a decline in profitability compared to the previous year [2][9]. - **Sales Volume**: Total cement and clinker sales volume was 28.48 million tons, down 4.9% year-on-year, with domestic sales down 15.7% and overseas sales up 47% [2][9]. - **Pricing and Costs**: The average selling price for cement was 304 CNY per ton, down 22 CNY year-on-year, while the cost per ton was 241 CNY, down 10 CNY [2][9]. Business Segment Performance - **Cement and Clinker**: This segment accounted for 53% of total revenue, with domestic operations underperforming due to market pressures [2][9]. - **Aggregates**: Aggregate sales volume increased by 42% year-on-year to 71.53 million tons, with stable profit margins [3][9]. - **Concrete**: Concrete sales volume rose by 34% year-on-year, although profit margins faced pressure due to market conditions [3][9]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2 billion CNY in 2024, 2.2 billion CNY in 2025, and 2.5 billion CNY in 2026, with corresponding P/E ratios of 11.7, 10.6, and 9.1 [14][12]. - The report suggests a reasonable PB valuation of 0.9 times for A shares, indicating potential for price appreciation [14][12].

[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 申能股份（600642.SH） 单季盈利趋于稳定，高分红公用事业化加速 [Table_Summary] 核心观点： ⚫ 单季业绩趋于稳定，现金流大幅改善。公司发布 2024 年中报，上半年 实现营收 137 亿元（同比-1.6%），归母净利润21.9 亿元（同比+18.7%）， 其中 Q1、Q2 分别为 11.6、10.3 亿元；扣非归母净利润 Q1、Q2 分别 为 8.91、9.53 亿元、环比持续改善（一季度存公允价值变动收益 3 亿 元）。上半年具体来看：（1）煤价下行煤电毛利率提升 8.6pct 至 14.5%； （2）投资收益贡献 9.2 亿元（同比+5.7%）。上半年公司经营现金流达 45 亿元（同比+21.8%），投资现金流净支出受海风开工等影响增至 26 亿元；2024H1 归母净资产较 2023 年末增长 4%。 ⚫ 电量下滑影响盈利有限，看好业绩持续兑现。上半年发电量 264 亿千 瓦时（同比+2.1%），其中 Q1、Q2 同比+15.9%、-12.8%；同期上网 电价 0.511 元/千瓦时（同比-3.0 ...