Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.64 CNY per share, compared to the current price of 19.35 CNY [3]. Core Insights - The artificial turf industry is experiencing steady growth, with the company holding the leading global market share of 18% as of 2021. The company's strong R&D capabilities and product innovation contribute to its solid market position, supported by certifications from FIFA, FIH, and World Rugby [2]. - The industry landscape is improving, with stable pricing expected. The company is expanding its production capacity, including a new facility in Vietnam set to begin construction in Q2 2024 and plans for further expansion in Mexico, enhancing its competitive edge [2]. - The company is projected to increase its market share and maintain its leadership position, with expected EPS of 1.26, 1.47, and 1.72 CNY per share for 2024-2026. A reasonable valuation of 18x PE for 2024 suggests a target price of 22.64 CNY per share [2]. Financial Summary - Revenue is forecasted to grow from 2,461 million CNY in 2023 to 4,261 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.6% [6]. - Net profit is expected to increase from 431 million CNY in 2023 to 686 million CNY in 2026, with a projected growth rate of 16.7% [6]. - The company's EPS is anticipated to rise from 1.08 CNY in 2023 to 1.72 CNY in 2026, indicating a positive trend in profitability [6].

Investment Rating - The industry investment rating is "Buy" [5] Core Insights - The report highlights the continuous development of AI audio and video models in China, with significant product functionality upgrades and a decrease in barriers for AI application development overseas [3][4] - Domestic AI model products show varied web traffic performance, with Kimi leading in visits, while Wenxin Yiyan and Tongyi Qianwen experienced declines [20][21] - The report emphasizes the potential for AI to empower various sectors such as gaming, marketing, education, and film, recommending specific companies for investment [4] Summary by Sections Domestic AI Dynamics Tracking - Web traffic data indicates that Kimi had 5.4623 million visits, a 0.46% increase; Wenxin Yiyan had 3.3165 million visits, a 13.97% decrease; Tongyi Qianwen had 2.0420 million visits, a 0.50% decrease; Doubao had 1.8890 million visits, a 20.25% increase; and Xunfei Xinghuo had 890,900 visits, a 22.51% increase [20][22] - App download data shows Kimi with 101,300 downloads, a 4.52% decrease; Wenxin Yiyan with 158,900 downloads, an 8.15% decrease; and Doubao with 206,200 downloads, a 1.00% decrease [21][22] Overseas AI Dynamics Tracking - ChatGPT maintains the highest web traffic, while Claude shows an upward trend in visits and engagement time, with ChatGPT averaging over 6 minutes per user per day [3][4] Investment Recommendations - The report suggests focusing on the following sectors: - **Gaming**: Companies like Tencent Holdings, NetEase, and Perfect World are expected to enhance game content quality [4] - **Marketing**: Companies with AI tool products such as BlueFocus and Focus Media are highlighted [4] - **Education**: Companies like Visionox and Century Tianhong are noted for their potential in AI applications [4] - **Film**: Companies such as Huace Film & TV and Bona Film Group are expected to benefit from AI advancements [4]

Investment Rating - The investment rating for the company is "Buy" with a current price of 29.95 CNY and a fair value of 39.96 CNY [1]. Core Insights - The company, Haishike (002653.SZ), has released its 2024 H1 earnings forecast, indicating a significant increase in net profit attributable to shareholders, expected to be between 150 million to 165 million CNY, representing a year-on-year growth of 99.80% to 119.78% [2]. - The revenue growth is steady, with a projected increase of approximately 20% in H1 2024, driven by the rapid growth of products like环泊酚 [2]. - The company has received government subsidies of about 73 million CNY in the first half of the year, which was not present in the same period last year [2]. - The company has successfully launched two innovative drug products in H1 2024, enhancing its product portfolio [2]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.39 CNY, 0.59 CNY, and 0.94 CNY respectively, with a DCF-derived fair value of 39.96 CNY per share [2]. Financial Summary - The company's revenue for 2022 was 3,015 million CNY, with projections of 3,355 million CNY for 2023, 4,170 million CNY for 2024, 5,239 million CNY for 2025, and 6,766 million CNY for 2026, reflecting growth rates of 8.7%, 11.3%, 24.3%, 25.6%, and 29.1% respectively [1][4]. - The EBITDA for 2022 was 368 million CNY, expected to rise to 632 million CNY in 2023 and reach 1,458 million CNY by 2026 [1][4]. - The net profit attributable to shareholders for 2022 was 277 million CNY, with forecasts of 295 million CNY for 2023, 436 million CNY for 2024, 654 million CNY for 2025, and 1,048 million CNY for 2026, showing growth rates of -19.7%, 6.5%, 47.8%, 50.0%, and 60.3% respectively [1][4]. - The company’s return on equity (ROE) is projected to improve from 9.1% in 2022 to 20.6% in 2026 [1][4].

[Table_Page] 公告点评|非白酒 证券研究报告 [Table_Title] 燕京啤酒(000729.SZ) 改革加速兑现,业绩超预期 [Table_Summary] 核心观点: ⚫ 事件:公司发布 2024 年半年度业绩预告。24H1 公司预计实现归母净 利润 7.2-8.0 亿元,同比+40%-55%,实现扣非归母净利润 7.0-7.8 亿 685627 元,同比+60%-77%,业绩超预期。 ⚫ 24Q2 表现亮眼,扣非归母净利润大幅增长。24Q2 单季度公司归母/扣 非归母净利润预告中值为 6.6/6.3 亿元,分别同比+45.9%/66.4%,其 中以预告中值计算 24Q2 非经常损益为 2055 万元、同比-69.7%,主要 系 23Q2 公司土地收储获得政府补助 6091 万元,24Q2 扣非归母净利 润同比+56.6%-76.2%更能反映实际经营过程中的业绩弹性。 ⚫ 持续高增,改革兑现。24Q2 延续了 24Q1 公司归母/扣非归母净利润 同比+58.9%/81.7%的高增态势,24Q2 是公司上市以来最高归母净利 润的单二季度,我们认为主要系公司近年持续深化改革,收入端燕京 U8 ...

[Table_Title] 赤峰黄金(600988.SH) Q2 盈利超预期 [Table_Summary] 核心观点: Q2 归母净利润环比增 149%至 169%,盈利超预期。公司发布半年度 业绩预告,公司 24Q2 预计实现归母净利润 4.99 亿元至 5.39 亿元, 685627 同比增 111%至 128%,环比增 149%至 169%;预计实现扣非归母净 利润 4.25 亿元至 4.65 亿元,同比增 77%至 93%,环比增 108%至 127%。业绩超出我们预期,主要系:(1)公司降本控费发挥效力,生 产成本得到控制;(2)子公司赤金(香港)转让铁拓相应股权对本期损 益影响约 7843.93 万元(人民币);(3)矿产金产量增加,同时金价环 比上涨,据 Wind,24Q2 COMEX 黄金均价 2350.1 美元/盎司,同比 增 18.2%,环比增 13.0%,SHFE 黄金均价 555.33 元/克,同比增 23.8%,环比增 13.3%。 受益高金价,看好高弹性 α 标的业绩释放。据我们 7 月 5 日发布的《金 属及金属新材料 24 年中期策略:百花齐放仍可期》,在美联储降息预 期下, ...

[Table_Page] 深度分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 浅谈乳品现金流——月度聚焦 202407 [Table_Summary] 核心观点: ⚫ 6 月市场回顾:6 月食品饮料板块跑输大盘 8.5pct。(1)行情回顾:根 据 Wind 数据,2024 年 6 月申万食品饮料板块跑输沪深 300 指数 8.5 个百分点。6 月食品饮料子板块普遍回调,调味发酵品/饮料乳品/非白 酒/食品加工/白酒/休闲食品分别-8.3%/-9.1%/-10.2%/-11.6%/-12.6%/ -12.6%。(2)陆港通:6 月食品饮料行业北向资金净流出 186.8 亿元 位居第一。6 月港股食品饮料公司中获得南向资金增持比例较多为蒙牛 乳业/青岛啤酒股份。(3)板块估值:截止 6 月 28 日,申万食品饮料 板块 PE(TTM)估值为 19.6X,处于 2010 年以来 10%分位;PB(LF) 估值为 4.0X,处于 2010 年以来 17%分位。 ⚫ 板块基本面跟踪:高端白酒价盘承压,大众品景气偏弱。白酒:6 月以 来白酒需求仍然较淡,根据今日酒价,散装飞天茅台批价一度下滑,当 ...

[Table_Page] 行业专题研究|银行 2024 年 7 月 11 日 证券研究报告 [Table_Title] 银行行业 | | | | | | | |---------------|---------------------------|---------|---------------------------|---------|---------------------------| | | 2024 | | | | | | 分析师: [Tabl | 倪军 | 分析师: | 王先爽 | 分析师: | 文雪阳 | | e_Author] | SAC 执证号:S0260518020004 | | SAC 执证号:S0260520040002 | | SAC 执证号:S0260524070004 | | | | | SFC CE.no: BQV910 | | | | | 021-38003646 | | 021-38003645 | | 010-59136613 | | | nijun@gf.com.cn | | wangxianshuang@gf.com.cn | | wenxueyang@gf.c ...

[Table_Title] 光储行业 2024 年度中期策略 平价渐行渐近,电改与消纳引领新一轮超预期 [Table_Summary] 核心观点: ⚫ 以消纳定需求,光储平价比例持续突破推动新一轮需求超预期。光伏 装机快速增长导致电网消纳形势加剧,从而限制光伏成长空间。光储平 价,即光伏+储能实现近乎火电的功率可控性,将驱动光伏需求新一轮 超预期,其核心在于光伏配储比例。以中国目前光伏 EPC 造价 3.1 元 /W、储能 1.1 元/Wh 测算,光伏与储能度电成本为 0.23/0.54 元/kWh, 意味着光伏配储比例达到 26.4%时光储度电成本等于燃煤标杆电价, 考虑到用户侧电价较发电侧高 0.2-0.3 元/kWh,海外差距更大,故用户 侧全面平价在即,驱动分布式光储放量;而发电侧光储平价在现行电 价体系下难完全实现,海外高成本实现难度更大,但随技术效率提升与 成本下降,光伏配储比例提升仍将成为新一轮需求超预期的关键因素。 ⚫ 用电负荷增长叠加调节性资源建设,光伏装机空间逐步打开。基于电 力平衡、消纳能力与光储平价测算,我们创新性搭建光伏装机上限测算 框架,将光伏新增装机拆分为午间负荷增长+传统调节能 ...

[Table_Page] 公告点评|半导体 证券研究报告 [Table_Title] 北方华创(002371.SZ) 24H1 业绩预告超市场预期,持续夯实平台化竞争优势 [Table_Summary] 核心观点: ⚫ 规模效应持续显现,24H1 业绩预告超市场预期。公司发布 24 年半年 度业绩预告。24H1,公司营收 114.1-131.4 亿元,YoY+35.4%-55.93%, 公司持续精研客户需求,丰富产品矩阵,不断提升核心竞争力。公司应 用于集成电路领域的刻蚀、薄膜沉积、清洗、炉管和快速退火等工艺装 备工艺覆盖度及市场占有率持续稳步攀升,收入同比稳健增长。公司 24H1 归母净利润 25.7-26.9 亿元,YoY+42.84%-64.51%,随着公司营 收规模持续扩大,规模效应逐渐显现;智能制造助力运营水平有效提 升;成本费用率稳定下降,使得归属于上市公司股东的净利润同比持续 增长。公司 24H1 扣非归母净利润 24.4-28.1 亿元,YoY+51.64%- 74.63%。24Q2,公司营收 55.51-72.81 亿元,YoY+21.85%-59.83%; 归母净利润 14.43-18.3 ...

Industry Rating - The industry is rated as **Buy** [1] Core Views - **CTI and GRG's Q2 performance exceeded expectations**: CTI's Q2 revenue was 1.568-1.628 billion CNY, up 8.97%-13.14% YoY, with a central growth rate of 11%. Net profit was 300-307 million CNY, up 5.83%-8.29% YoY, with a central growth rate of 7%. GRG's Q2 revenue was 710-810 million CNY, up 3.85%-18.44% YoY, with a central growth rate of 11%. Net profit was 74-84 million CNY, up 17.56%-33.48% YoY, with a central growth rate of 26% [2] - **Lean management improved operational efficiency**: Both companies benefited from stable order growth in key sectors such as special industries, automotive, integrated circuits, and data science. GRG also reduced losses by cutting unprofitable businesses and promoting cost efficiency. CTI improved its gross margin through high-quality growth and lean management [2] - **The testing industry is expanding overseas**: CTI has been accelerating its overseas laboratory and testing capabilities, leading to rapid growth in overseas revenue [2] - **The testing industry reflects macroeconomic trends**: The industry's downstream demand is fragmented, covering various sectors such as construction, environmental protection, healthcare, and agriculture. The performance of testing companies like CTI and GRG can indicate macroeconomic turning points [3] Company Performance and Outlook - **CTI and GRG's H1 performance**: CTI's H1 revenue was 2.76-2.82 billion CNY, up 8%-10% YoY, with net profit of 433-440 million CNY, up 1%-3% YoY. GRG's H1 revenue was 1.3-1.4 billion CNY, with net profit of 75-85 million CNY, up 24.66%-41.29% YoY [9] - **CTI's overseas expansion**: CTI has been actively expanding overseas, with overseas revenue growing from 68 million CNY in 2018 to 345 million CNY in 2023, a CAGR of 38.38%. This expansion is expected to reduce the impact of domestic economic fluctuations [12] - **GRG's diversified business**: GRG has a wide range of downstream applications, with physical testing being its main revenue driver. It has established influence in industries such as automotive, aerospace, and telecommunications [18] Investment Recommendations - **CTI and GRG are recommended for investment**: CTI's valuation is lower than that of overseas peers, and its valuation is expected to recover as macroeconomic conditions improve. GRG's valuation is also at a historical low, with significant potential for net profit improvement [23] - **Overseas testing companies' valuation**: Overseas testing giants like SGS, BV, and Intertek have stable valuations, typically in the 20x-30x PE range. CTI and GRG, being in the growth phase, have significant expansion potential [23]