[Table_Page] 行业专题研究|农林牧渔 2024 年 8 月 21 日 证券研究报告 [Table_Title] 农林牧渔行业 宠物行业专题五：国产宠粮品牌力正在崛起，探析国产赶超路径 | --- | --- | --- | --- | |----------------|----------------------------|----------|----------------------------| | 分析师： [Tabl | 钱浩 | 分析师： | 周舒玥 | | e_Author] | SAC 执证号：S0260517080014 | | SAC 执证号：S0260523050002 | | | SFC CE.no: BND274 | | | | | 021-38003634 | | 021-38003537 | | | shqianhao@gf.com.cn | | zhoushuyue@gf.com.cn | 请注意，周舒玥并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点： 我国宠粮市场高度分散，国产品牌力正在崛起 ...

[Table_Title] 【 广 发 传 媒 & 海 外 】 满 帮 集 团 （YMM） 交易抽佣持续高增，履约订单数&货主 MAU 创新高 [Table_Summary] 核心观点： ⚫ 事件：满帮集团发布 24Q2 业绩。24Q2，公司实现营收 27.64 亿元， YoY+34.1%，高于业绩指引 26.5~27.2 亿元的上沿，主要由于交易交 易服务收入的显著增长。分业务看：（1）货运匹配服务收入 23.29 亿 元，同增 34.4%。其中：货运经纪收入 11.65 亿元，YoY+22.7%；信 息发布收入 2.12 亿元，YoY+5.6%；交易服务收入 9.52 亿元， YoY+63.4%，继续保持高增速，主要由订单量、抽佣覆盖率及单均抽 佣的增长驱动。（2）增值服务收入 4.36 亿元，同增 32%。 ⚫ 利润端，24Q2 毛利率 52.5%，同比下降 0.2pct，环比下降 2.0pct。费 用率优化带来净利率提升。24Q2，销售费用 3.7 亿元，销售费用率 13.5%，同比下降 0.2pct，环比下降 1.5pct；管理费用率及研发费用率 同比环比都明显优化。24Q2，归母净利 8.2 亿元 ...

牌和产品持续创新，盈利能 力明显提升 [Table_Contacts] [Table_Title] 上海家化（600315.SH） Q2 业绩承压蓄力后续发展，组织架构积极 改革 [Table_Summary] 核心观点： ⚫ 事件：公司发布 2024 半年报，24H1 收入 33.2 亿元/yoy-8.51%，归母 净利 2.38 亿元/yoy-20.93%，扣非归母净利 2.35 亿元/yoy-10.36%，公 司还原口径后扣非归母净利 yoy+9.06%；24Q2 收入 14.15 亿元/yoy -14.21%，归母净利-1820.47 万元/yoy-125.8%，扣非归母净利-5819.9 万元/yoy-265.08%，公司还原口径后扣非归母净亏损 yoy+406.8%。 ⚫ 收入端：24H1 美妆板块营收 5.66 亿元，占比 17%；个护板块营收 15.88 亿元，占比 47.8%；创新板块营收 4.47 亿元，占比 13.5%；海外业务 板块营收 7.14 亿元，占比 21.5%；其他业务营收 585.5 万元，占比 0.2%。 ⚫ 利润端：产品销售结构优化，毛利率、费用率基本稳定。公司 24H ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 11.33 CNY and a target value of 17.70 CNY [2]. Core Insights - The company reported a slight increase in net profit in Q2 2024, with a year-on-year revenue decrease of 6% but a quarter-on-quarter increase of 0.5%. The net profit for Q2 was 1.366 billion CNY, down 12% year-on-year but up 0.4% quarter-on-quarter. The basic earnings per share (EPS) was 0.27 CNY, and the operating cash flow was 7.1 billion CNY, reflecting a 15% year-on-year increase and a significant recovery from a negative cash flow in the previous quarter [1][2]. Financial Performance Summary - In H1 2024, the company's net profit reached 2.7 billion CNY, a decrease of 10% year-on-year but an increase of 2% quarter-on-quarter. The company benefited from a VAT input tax deduction of 6.92 billion CNY [1]. - The sales volume of special steel in H1 2024 was stable at 9.52 million tons, with notable increases in automotive steel (up 13%) and bearing steel (up 13%). The sales of "two high and one special" products increased by 24%, and "small giants" sales rose by 15% [1]. - The gross profit per ton of steel was 737 CNY, down 13% year-on-year and stable quarter-on-quarter. Domestic gross profit per ton improved significantly, while export margins were negatively impacted [1]. Earnings Forecast and Investment Recommendations - The company is expected to have EPS of 1.18 CNY, 1.26 CNY, and 1.36 CNY for 2024, 2025, and 2026, respectively. Based on historical valuations and comparable company valuations, a PE ratio of 15 times for 2024 is suggested, leading to a target price of 17.70 CNY per share, thus maintaining a "Buy" rating [1].

[Table_Contacts] [Table_Page] 中报点评|环保 证券研究报告 [Table_Title] 城发环境（000885.SZ） 运营业务稳健增长，资本开支明显收窄 [Table_Summary] 核心观点： ⚫ 建造业务收缩、高速车流量减少等因素导致 24H1 业绩下滑。公司发 布 24 年中报：24H1 实现营收 28.91 亿元（同比-10.66%），归母净利 润 4.90 亿元（同比-17.44%）。营收业绩下滑主要系：（1）环保方案集 成业务 24H1 营收同比-63%至 3.46 亿元；（2）高速公路 24H1 由于极 端天气、限免等因素，营收同比-10.28%至 6.41 亿元、毛利率同比-1pct 至 54.8%；（3）期间费用率同比+3.3pct 至 18.6%，主要系新项目转入 运营期导致财务费用率同比+1.6pct 以及管理费用率同比提升 1.0pct。 ⚫ 垃圾焚烧、水务稳健增长，供热、绿证业务推进中。24H1 固废及环卫 实现营收16.09亿元（同比+24.65%），水处理营收同比+33.18%至1.87 亿元。截至 24H1 公司在手固废项目全部投运，总产能为 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 47.93 CNY per share, compared to the current price of 34.17 CNY [4]. Core Insights - The company reported a significant increase in gross margin in Q2 2024, with a gross margin of 38.83%, up by 4.97 percentage points from the previous quarter. For the first half of 2024, the company achieved a revenue of 54.24 billion CNY, a year-on-year growth of 44.13%, and a net profit attributable to shareholders of 11.41 billion CNY, representing a year-on-year increase of 131.59% [2][3]. - The company's enterprise communication market revenue reached approximately 38.28 billion CNY in the first half of 2024, a year-on-year increase of about 75.49%. The proportion of AI servers and HPC-related PCB products increased to approximately 31.48%, with the communication board gross margin rising to 41.59%, an increase of 8.44 percentage points year-on-year [2]. - The company is advancing its technological upgrades and capacity expansion, with plans for HDI technological upgrades and the transfer of PCB production to a new facility. The first phase of the Thailand factory is expected to begin trial production in Q4 2024 [2]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 26.23 billion CNY in 2024, 32.56 billion CNY in 2025, and 41.90 billion CNY in 2026, reflecting strong growth potential driven by the AI wave [2][3]. Financial Summary - For the first half of 2024, the company achieved a revenue of 54.24 billion CNY, with a net profit of 11.41 billion CNY. The Q2 2024 revenue was 28.40 billion CNY, with a net profit of 6.26 billion CNY [2]. - The company’s revenue is projected to grow from 11,847 million CNY in 2024 to 16,070 million CNY in 2026, with corresponding net profits expected to rise from 26,230 million CNY to 41,900 million CNY during the same period [3][9]. - The report highlights a significant increase in gross margin from 30.3% in 2022 to an expected 37.7% in 2026, indicating improved profitability [9].

[Table_Page] 中报点评|生物制品 证券研究报告 [Table_Title] 荣昌生物(688331.SH/09995.HK) 商业化产品快速放量，核心管线高效推进 [Table_Summary] 核心观点：*如无特别说明，报告使用货币均为人民币。 ⚫ 公司发布 2024 半年报：公司 24H1 实现收入 7.42 亿元(yoy +75.6%)， 归母净利润净亏损 7.80 亿元(同比扩大 0.77 亿元)，经营性现金流净流 出 8.20 亿元(yoy +15.9%)；Q2 单季度实现收入 4.11 亿元(yoy +61.8%)，归母净利润净亏损 4.32 亿元(同比扩大 0.52 亿元)，经营性 现金流净流出 3.94 亿元(yoy +10.1%)。公司两款商业化核心产品泰它 西普和维迪西妥单抗销售快速放量，利润端亏损扩大主要由于公司加 大研发投入推进在研管线，上半年研发费用 8.06 亿元(yoy +49.2%)。 ⚫ 高效拓展营销网络，销售快速放量带动费用率改善。公司持续提升商 业化能力，提高营销效率，24H1 销售费用 3.90 亿元，费用率 52.5%(yoy -30.4pct)；管理费用 ...

[Table_Title] 核电行业研究框架 成长性与稳定性兼备，看好核电中长期价值 [Table_Summary] 核心观点： ⚫ 装机审批夯实成长性预期。核电行业呈现寡头垄断格局，目前国内仅 有四家发电企业拥有核电运营资质。核电的商业模式和资产质量类似 水电，即重资产、长久期、可分红、低β的特征，同时电力消纳刚性， 经营受经济周期波动影响较小。与此同时，在双碳目标和能源安全的背 景下，核电清洁高效、出力稳定，为我国电力系统中重要的基荷电源。 当前核电审批已常态化，2022-2024 年分别核准 10 台及以上机组，截 至 2024 年 8 月，我国在运核电装机 58.22GW，在建+核准装机达 57GW，当前核电发电量占比仅 5%，预期 2035 年比例可达 10%。 ⚫ 实质市场化比例较低，核电电价窄幅波动。核电主要分为计划电价和 市场化电价，近几年核电市场化比例逐渐提高，但实质按市场化电价结 算的省份较少（江苏省按市场化电价结算），部分省份（如广东、广西） 存在溢价回收机制，整体来看，核电平均电价受火电市场化电价影响窄 幅波动。在此次煤价大涨之前，19-21 年中国核电和中国广核平均电价 均为 0.4 ...

[Table_Page] 中报点评|保险Ⅱ | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|------------------------------------------|-----------------------|-------------------------------------------------------------------|----------------------|----------------|--------------------------------------------------------|-----------------------| | | | | | | | | | | | | | | | | | 证券研究报告 | | [Table_Title] 【 广 发 非 银 | | & | 海 外 】 友 邦 保 险 | | | [ 公司评级 Table_Invest] | 买入 | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 303.4 HKD per share, reflecting a potential upside based on expected market recovery and valuation adjustments [3][13]. Core Insights - The company reported stable overall performance for the first half of 2024, with total revenue of 10.621 billion HKD, remaining flat compared to the same period last year. The core average daily turnover (ADT) was 1,104 billion HKD, down 3% year-on-year, indicating a stagnation in trading activity [6][8]. - The report highlights a significant increase in trading volumes for LME contracts, which offset declines in spot market revenues. The investment income continued to provide a hedge against market fluctuations, with net returns from margin and settlement funds rising to 1.64% [6][13]. - The ETF and benchmark derivatives segments showed continued growth, with average daily trading volumes for ETPs reaching a new high of 144 billion HKD, up 4% year-on-year. The report also notes the introduction of new ETPs, including the first covered call options ETF and the first virtual asset spot ETF in Asia [6][9]. Financial Summary - Revenue (million HKD): - 2022: 18,456 - 2023: 20,516 - 2024E: 22,177 - 2025E: 23,682 - 2026E: 25,452 - Growth Rate (%): - 2023: 11.2% - 2024E: 8.1% - 2025E: 6.8% - 2026E: 7.5% [2][6]. - Net Profit (million HKD): - 2022: 10,078 - 2023: 11,862 - 2024E: 12,798 - 2025E: 13,669 - 2026E: 14,694 - EPS (HKD/share): - 2022: 7.96 - 2023: 9.37 - 2024E: 10.11 - 2025E: 10.80 - 2026E: 11.61 [2][6]. Business Segment Performance - The report indicates a decline in trading fees and listing revenues, with trading fees from stock products at 1.424 billion HKD, down 7% year-on-year. However, LME trading fees increased significantly, with a 30% rise in trading volumes for fee-based metal contracts [8][10]. - The derivatives segment saw a 16% decrease in trading fees, but the average daily contract volume for key products like the Hang Seng Tech Index futures increased by 15% [10][12]. - The investment income from the company's projects rose from 4.80% in 2023H1 to 5.33% in 2024H1, contributing positively to overall financial performance despite a decline in margin levels [13][14].