Investment Rating - The report assigns a "Buy" rating to Tianyin Holdings (000829 SZ) with a target price of 9 55 yuan per share [4] Core Views - Tianyin Holdings is a leading omnichannel smart terminal service provider with a strong presence in both online and offline retail and distribution channels [2] - The company benefits from the recovery in consumer electronics demand particularly in foldable and AI smartphones and its dominant position as a distributor for major brands like Apple Huawei and Samsung [2] - The acquisition of WIKO allows Tianyin to extend its reach into the upstream smartphone supply chain leveraging WIKO s low-end market positioning and shared sales channels with Huawei [2][124] - The company s retail e-commerce business has grown rapidly with revenue growth exceeding 80% in the past two years reaching 183 billion yuan in 2023 [60] Company Overview - Tianyin Holdings started as a mobile phone distributor and has evolved into a comprehensive smart terminal service provider covering distribution retail and e-commerce [2] - The company operates over 1 800 Apple authorized stores and more than 1 000 Apple authorized specialty stores making it the largest supplier of Apple products on JD com [2] - It also manages over 1 400 Huawei authorized experience stores and 2 311 Samsung stores holding more than 50% of the domestic market share for Samsung [2] - The company s retail e-commerce business has expanded to 242 stores across various platforms by the end of 2023 [2] Industry Analysis - The smartphone market is recovering with foldable and AI phones expected to drive further demand benefiting Tianyin s distribution business [2] - The smartphone market is experiencing further price segmentation with opportunities in both high-end and low-end segments [2] - The stable competitive landscape and high entry barriers in the smartphone distribution industry favor established players like Tianyin [2] Financial Projections - The report forecasts net profits of 280 million 510 million and 750 million yuan for 2024 2025 and 2026 respectively representing year-on-year growth of 234% 83% and 46% [7] - Revenue is expected to grow from 117 8 billion yuan in 2024 to 158 3 billion yuan in 2026 driven by channel expansion and upstream integration [200] Strategic Initiatives - Tianyin has completed the acquisition of WIKO a French smartphone brand which allows it to enter the upstream smartphone supply chain and leverage Huawei s sales channels [124] - The company is expanding its retail e-commerce business with 242 stores across major platforms and a digital team that doubled in size in 2023 [118] - Tianyin is also developing its own brand "Yixiuge" for mobile phone repair services with plans to open 500 self-operated stores and 1 500 franchise stores in the next three years [199]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 210.48 CNY and a target value of 253 CNY, reflecting a potential upside of over 20% [2][4]. Core Insights - The company is expected to achieve revenue of 78.6-80.8 billion CNY in the first half of 2024, representing a year-on-year growth of 44.0%-48.0%. The net profit attributable to shareholders is projected to be 16.0-17.3 billion CNY, also showing a year-on-year increase of 44.4%-56.1% [1][4]. - The second quarter of 2024 is anticipated to see accelerated growth, with revenue expected to reach 43.8-46.0 billion CNY, marking a year-on-year increase of 47.4%-54.8%. This growth is attributed to the strong performance of the core product, Dongpeng Special Drink, and the expansion of its national distribution [1][4]. - The company is expected to maintain a high net profit margin, with the net profit margin projected to increase by 2.0-6.0 percentage points to 20.1%-24.1% in Q2 2024, driven by significant scale effects and a recovery in gross margins [1][4]. Financial Projections - Revenue projections for 2024-2026 are 153.8 billion CNY, 193.3 billion CNY, and 235.5 billion CNY, reflecting year-on-year growth rates of 36.5%, 25.7%, and 21.9% respectively. Net profit is expected to reach 28.9 billion CNY, 37.0 billion CNY, and 47.3 billion CNY during the same period, with growth rates of 41.8%, 27.9%, and 27.9% respectively [1][4]. - The estimated price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 29, 23, and 18 times, respectively, indicating a favorable valuation compared to peers [1][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 28.15 CNY per share [8][9]. Core Insights - The company is transitioning from its predecessor, Dagu Chemical, to an international player, Aurite, focusing on the development and production of complex raw materials and formulations. The company has achieved significant milestones, including the approval of its first formulation product, Dydrogesterone tablets, which began mass production in Q3 2023 [10][14]. - The company has a strong pipeline of new products and is expanding its production capacity, particularly in high-demand areas such as cardiovascular and oncology drugs. The expected net profits for 2024-2026 are projected to be 381 million CNY, 498 million CNY, and 654 million CNY, respectively [10][17]. - The company is actively pursuing an integrated strategy of raw materials and formulations, aiming to enhance its market position and profitability through innovative product offerings and increased production capacity [10][14]. Summary by Sections Company Overview - Aurite specializes in the research, production, and sales of complex raw materials and formulations, with a focus on high-quality pharmaceutical chemicals. The company has been in operation for over 20 years and has established a global sales network [21][126]. Financial Performance - In 2023, the company achieved a revenue of 1.263 billion CNY, a year-on-year increase of 25.24%, and a net profit of 289 million CNY, up 37.19% from the previous year. The earnings per share (EPS) for 2023 was 0.71 CNY [10][142]. Product Development - The company has received regulatory approval for Dydrogesterone tablets, which are expected to significantly contribute to revenue growth. The sales volume for this product in 2023 was approximately 38.34 million tablets, generating revenue of 89.85 million CNY [10][61]. - The company is also advancing its product pipeline in areas such as peptide and oligonucleotide drugs, which are anticipated to become new growth drivers for the company [10][55]. Market Position - Aurite has a competitive advantage in high-end raw materials, with a strong market presence in cardiovascular and oncology products. The company is expected to benefit from increased production capacity and market demand for its products [10][17]. - The company is actively participating in centralized procurement to enhance its market share and profitability [10][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.77 CNY, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [6][15][23]. Core Insights - The company has announced a significant increase in expected net profit for the first half of 2024, projecting a range of 746 to 796 million CNY, which represents a year-on-year growth of 48% to 58% [13][14]. - The growth is supported by robust trade between China and Mongolia, with bilateral trade reaching 51.9 billion CNY in the first five months of 2024, a 14.9% increase year-on-year [14]. - The company is expanding its logistics network in Africa, enhancing its operational capabilities and brand influence, which is expected to contribute to a second growth curve for the business [14]. Financial Summary - The company’s revenue is projected to grow from 6,995 million CNY in 2023 to 9,897 million CNY in 2024, reflecting a growth rate of 41.5% [23]. - The net profit attributable to the parent company is expected to increase from 1,039 million CNY in 2023 to 1,399 million CNY in 2024, marking a growth rate of 34.7% [23]. - Earnings per share (EPS) are forecasted to be 1.43 CNY in 2024, with a price-to-earnings (P/E) ratio of 13.22 [23].

[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 | | | | | | | |---------------|---------------------------|---------|---------------------------|---------|---------------------------| | 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.com.cn | 请注意,倪军,文雪阳并 ...

[Table_Page] 公告点评|养殖业 证券研究报告 [Table_Title] 牧原股份(002714.SZ) 24Q2 业绩表现超预期,养殖成本下降趋势明显 [Table_Summary] 核心观点: ⚫ 2 季度成功实现扭亏为盈,业绩表现略超预期。公司发布 2024 年半年 度业绩预告,上半年公司实现归母净利润 7.0-9.0 亿元,同比增长 125.2%-132.38%;扣非后净利润为 9.0-11.0 亿元,同比增长 132.2%- 139.4%。单 2 季度,公司归母净利润为 30.8-32.8 亿元,同比增长 294.8%-307.4%,公司成功实现扭亏为盈主要由于 2 季度猪价明显上 行以及养殖成本持续改善。 ⚫ 上半年生猪出栏量同比增长,2 季度养殖成本下降明显。根据公司销售 简报披露,2024 年上半年,公司生猪累计出栏量为 3238.8 万头,同 比增长 7.02%;其中商品猪/仔猪/种猪出栏量分别为 2898/309/31 万 头。单 2 季度,公司生猪出栏量为 1637.8 万头,同比减少 0.3%;根 据公司净利润情况,我们估算 2 季度公司养殖完全成本约 14.2-14.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.70 CNY per share, compared to the current price of 19.68 CNY [3]. Core Views - The company has announced a pre-profit notice for the first half of 2024, projecting revenue of 2.62 billion CNY, a year-on-year decrease of 1.32%. The net profit attributable to shareholders is expected to be between 315 million and 378 million CNY, recovering from a loss of 1.44 billion CNY in the same period last year [1]. - The adjusted net profit for the first half of 2024 is forecasted to be between 306 million and 368 million CNY, reflecting a year-on-year increase of 3.38% to 24.32% [1]. - For the second quarter of 2024, revenue is expected to be 1.14 billion CNY, down 11.88% year-on-year, with a net profit of 76 million to 139 million CNY, indicating a return to profitability [1]. - The company is facing short-term pressure on performance due to weak industry demand and ongoing reforms within its subsidiary, Meiwai Xian, which is expected to see a revenue decline of approximately 10% year-on-year in Q2 [1]. - The report projects revenue growth for 2024-2026 at 5.55 billion CNY, 6.23 billion CNY, and 7.11 billion CNY, respectively, with year-on-year growth rates of 6.55%, 13.72%, and 14.19% [2]. - The net profit forecast for the same period is 725 million CNY, 919 million CNY, and 1.11 billion CNY, with year-on-year changes of -57.30%, +26.85%, and +21.18% [2]. Financial Summary - The company reported a revenue of 5.34 billion CNY in 2022, which decreased to 5.14 billion CNY in 2023, with an expected recovery to 5.48 billion CNY in 2024 [2]. - The EBITDA is projected to increase from 795 million CNY in 2023 to 1.03 billion CNY in 2024 [2]. - The net profit attributable to shareholders is expected to recover from a loss of 592 million CNY in 2022 to a profit of 725 million CNY in 2024 [2]. - The report indicates a decrease in the net profit margin from -10.4% in 2023 to 13.5% in 2024, reflecting improved profitability [9].

[Table_Page] 公告点评|计算机 证券研究报告 [Table_Title] 浪潮信息(000977.SZ) 24H1 营收高增长,验证服务器下游需求改善 [Table_Summary] 核心观点: 公司发布 24 年半年度业绩预告:预计 24H1 营收同比增长 60%以上; 预计 24H1 实现归母净利 5.5 亿元-6.5 亿元,同比增长 75.6%-107.5%; 预计 24H1 实现扣非归母净利 3.7-4.7 亿元,23H1 扣非归母净利润为 -117 万元。业绩大幅增长主要原因在于下游市场需求逐步改善,公司大 力拓展国内外客户,实现业务快速成长。 营收高增长反映下游旺盛需求。根据业绩预告的数据测算,24H1 营收 有望超过 396 亿元,24Q2 营收有望超过 220 亿元,24Q2 营收增速有 望超过 43.3%。在 ARM 架构服务器快速放量对于 X86 体系有一定影 响的情况下,公司 24H1 营收依然高增长,这侧面反映了以互联网厂商 为代表的下游对于通用计算和 AI 大模型训练及应用探索所需算力的旺 盛情况。 24H1、24Q2 利润率同比上升。根据业绩预告的数据,按照 24H1 ...

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 云铝股份(000807.SZ) Q2 预告归母净利环增 6%-23%,符合预期 [Table_Summary] 核心观点: 24Q2 预告归母净利环增 6%-23%,符合预期。公司发布业绩预告, 24Q2 公司预计实现归母净利润 12.36-14.36 亿元,同比+96%-128%, 环比+6%-23%。24Q2 业绩环比增长的主因是:1、公司加快电解铝产 能的复产进度,实现电解铝产能负荷率的大幅提升,铝产品的产销量环 比增长。2、铝价环比上涨带动电解铝利润改善。据 Wind、iFind,24Q2, SHFE 铝均价环比上涨 8%至 20647 元/吨,广西氧化铝、西南阳极均 价分别环比上涨 9%、1%,估测电解铝环节吨成本环比上升 318 元/吨, 吨毛利环比上升 1274 元/吨。 公司围绕铝土矿资源获取等发展方向,进一步优化产业及用能结构。 据公司 2024 年 5 月 20 日发布的投资者关系活动记录表,公司深入贯 彻落实"科技创新特强、矿产资源特强、高端材料特强,绿色低碳低成 本数智化特强"四个特强战略,以建设具 ...

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 云铝股份(000807.SZ) Q2 预告归母净利环增 6%-23%,符合预期 [Table_Summary] 核心观点: 24Q2 预告归母净利环增 6%-23%,符合预期。公司发布业绩预告, 24Q2 公司预计实现归母净利润 12.36-14.36 亿元,同比+96%-128%, 环比+6%-23%。24Q2 业绩环比增长的主因是:1、公司加快电解铝产 能的复产进度,实现电解铝产能负荷率的大幅提升,铝产品的产销量环 比增长。2、铝价环比上涨带动电解铝利润改善。据 Wind、iFind,24Q2, SHFE 铝均价环比上涨 8%至 20647 元/吨,广西氧化铝、西南阳极均 价分别环比上涨 9%、1%,估测电解铝环节吨成本环比上升 318 元/吨, 吨毛利环比上升 1274 元/吨。 公司围绕铝土矿资源获取等发展方向,进一步优化产业及用能结构。 据公司 2024 年 5 月 20 日发布的投资者关系活动记录表,公司深入贯 彻落实"科技创新特强、矿产资源特强、高端材料特强,绿色低碳低成 本数智化特强"四个特强战略,以建设具 ...