证券研究报告 非金融公司|公司点评|安井食品（603345） 2024Q2 主业收入超预期，竞争抵消大 部分成本红利 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司公告 2024 年上半年收入/净利润 75.44/8.03 亿元，同比增长 9.42%/9.17%。其中，单二 季度收入/净利润/扣非净利润 37.89/3.64/3.52 亿元，同比变动+2.31%/-2.51%/+0.79%。收 入整体符合预期，利润不及预期。 |分析师及联系人 SAC：S0590524030005 刘景瑜 陆冀为 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 安井食品(603345) 2024Q2 主业收入超预期，竞争抵消大部分成 本红利 | --- | --- | |------------|-------------------| | 行 业： | 食品饮料/食品加工 | | 投资评级： | 买入（维持） | | 当前价格： | 73.65 元 | 基本数据 总股本/流通股本(百万股) 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.32 CNY [6] Core Viewpoints - The company's performance is under short-term pressure due to declining product prices and increased operating costs, but its fluorochemical and overseas expansion strategies are progressing steadily [5][9] - The company achieved revenue of 3.582 billion CNY in H1 2024, a year-on-year increase of 4.35%, but net profit attributable to shareholders decreased by 19.54% to 416 million CNY [8] - The lithium battery electrolyte business saw a slight revenue increase of 4.44% to 2.293 billion CNY, but gross margin dropped by 2.08 percentage points to 13.65% due to price declines [9] - The organic fluorine business is expected to see both volume and profit growth in H2 2024, supported by stable terminal demand and the gradual production of the Haidefu Phase I project [10] - The company's overseas expansion, including the 40,000-ton/year electrolyte project in Poland, is expected to enhance its global market share and profitability [11] Financial Performance Summary - H1 2024 revenue: 3.582 billion CNY (+4.35% YoY), net profit: 416 million CNY (-19.54% YoY) [8] - Q2 2024 revenue: 2.067 billion CNY (+15.75% YoY, +36.41% QoQ), net profit: 251 million CNY (-7.54% YoY, +51.97% QoQ) [8] - Forecasted revenue for 2024-2026: 8.196 billion CNY (+9.5%), 9.733 billion CNY (+18.8%), and 13.380 billion CNY (+37.5%) respectively [12] - Forecasted net profit for 2024-2026: 1.096 billion CNY (+8.4%), 1.644 billion CNY (+49.9%), and 2.227 billion CNY (+35.5%) respectively [12] Business Segment Analysis - **Lithium Battery Electrolyte**: Revenue of 2.293 billion CNY in H1 2024 (+4.44% YoY), with gross margin declining to 13.65% due to price pressures [9] - **Organic Fluorine**: Revenue of 712 million CNY in H1 2024 (-4.72% YoY), with gross margin at 62.22%, expected to grow in H2 2024 [10] - **Overseas Expansion**: The Poland plant's 40,000-ton/year electrolyte project is operational, with plans to add another 50,000-ton/year capacity [11] Valuation and Forecast - EPS forecast for 2024-2026: 1.45 CNY, 2.18 CNY, and 2.95 CNY respectively [12] - P/E ratios for 2024-2026: 21x, 14x, and 10x respectively [12] - The report expects a three-year CAGR of 30.1% for net profit [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.193 billion yuan, a year-on-year growth of 46.23%, and a net profit of 287 million yuan, up 57.89% year-on-year [2][6] - The growth is attributed to the dual increase in automotive electronics and precision die-casting, with a notable improvement in cost efficiency [6] - The company is expected to enter a rapid growth phase due to its advantageous market position, product expansion, and continuous customer order development [6] Summary by Sections Financial Performance - In Q1 and Q2 of 2024, the company achieved revenues of 1.991 billion yuan and 2.203 billion yuan respectively, with Q2 revenue growing 41.89% year-on-year and 10.64% quarter-on-quarter [6] - The net profit for Q1 and Q2 was 142 million yuan and 145 million yuan respectively, with Q2 net profit increasing 38.83% year-on-year and 1.66% quarter-on-quarter [6] - The overall net profit margin for the first half of 2024 was 6.84%, an increase of 0.51 percentage points year-on-year [6] Business Segments - The automotive electronics segment generated 3.071 billion yuan in revenue, a year-on-year increase of 65.41%, driven by both existing and new product launches [6] - The precision die-casting segment saw revenue of 914 million yuan, up 23.55% year-on-year, benefiting from sales of lightweight structural components related to laser radar and central control screens [6] Cost Management - The company improved its expense ratios, with sales, management, R&D, and financial expense ratios at 3.45%, 2.12%, 8.09%, and 0.34% respectively, showing a year-on-year decrease in most categories [6] - The total expense ratio decreased by 1.97 percentage points to 14.00% [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 9.227 billion yuan, 11.495 billion yuan, and 14.305 billion yuan, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% respectively [6][7] - Net profit projections for the same years are 640 million yuan, 879 million yuan, and 1.142 billion yuan, with growth rates of 37.78%, 37.29%, and 29.84% respectively [6][7] - The expected EPS for 2024, 2025, and 2026 are 1.22 yuan, 1.68 yuan, and 2.18 yuan per share, with a three-year CAGR of 34.92% [6][7]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 18.446 billion yuan for H1 2024, representing a year-on-year growth of 17.54%, and a net profit attributable to shareholders of 333 million yuan, which is a 37.08% increase year-on-year [2][6] - In Q2 2024, the company achieved a revenue of 9.151 billion yuan, with a year-on-year growth of 10.58%, and a net profit of 240 million yuan, reflecting a 41.07% increase year-on-year [2][6] - The company has seen a 7.67% increase in cargo volume and a 21.13% increase in express revenue in H1 2024, driven by continuous product innovation and operational model transformation [6] - The company has optimized costs and improved service quality, with a 19.16% increase in operating costs, while the proportion of labor costs decreased by 6.44 percentage points [6] - The company’s period expense ratio decreased by 1.34 percentage points year-on-year, indicating effective lean management [6] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 41.853 billion yuan, 47.895 billion yuan, and 53.535 billion yuan, with year-on-year growth rates of 15.36%, 14.44%, and 11.78% respectively [6][7] - The net profit attributable to shareholders is projected to be 1.054 billion yuan, 1.390 billion yuan, and 1.650 billion yuan for the same period, with growth rates of 41.28%, 31.90%, and 18.78% respectively [6][7] - The company’s earnings per share (EPS) are expected to be 1.03 yuan, 1.35 yuan, and 1.61 yuan for 2024, 2025, and 2026 respectively [6][7] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 21.2 in 2022 to 13.1 in 2024, indicating improved valuation [7]

证券研究报告 非金融公司|公司点评|美的集团（000333） 2024H1 业绩点评： 业绩超预期，经营势能强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 美的集团发布 2024 年中报：2024Q2 实现营业收入 1111.72 亿元，同比增长 10.37%，归属净 利润 118.04 亿元，同比增长 15.84%，扣非净利润 109.44 亿元，同比增长 9.67%；2024H1 实 现营业收入 2172.74 亿元，同比增长 10.30%，归属净利润 208.04 亿元，同比增长 14.11%， 扣非净利润 201.81 亿元，同比增长 14.33%。收入端，C 端外销高增，B 端增速改善；盈利端， 结构优化提振毛利率，净利润率持续改善；报表质量优异，返利大增，合同负债继续新高，后 续支撑强劲，H 股上市进入最终阶段，有望给转型注入新动力。 |分析师及联系人 管泉森 孙珊 贺本东 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110005 请务必阅读报告末页的重要声明 1 / ...

证券研究报告 非金融公司|公司点评|禾丰股份（603609） 饲料及家禽板块阶段性承压，生猪业务 盈利 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司披露 2024 半年度报告，实现营收 149.71 亿元，同比下降 10.40%：归母净利-0.34 亿元， 同比下降 34.26%。2024 年上半年，公司控股企业饲料外销量 181.5 万吨（同比-8.29%），其 中，预混料 4.9 万吨，浓缩料 33.9 万吨，配合料 142.7 万吨；猪饲料 59.9 万吨，禽饲料 83.8 万吨，反刍饲料 31.9 万吨，其他饲料 5.9 万吨。展望后市，随生猪存栏逐步恢复，公司饲料 销量跌幅有望逐步收窄。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 禾丰股份(603609) 饲料及家禽板块阶段性承压，生猪业务盈利 | --- | --- | |--------------- ...

Investment Rating - The investment rating for Hikvision (002415) is "Buy" (maintained) [4] Core Views - Hikvision reported a stable revenue growth with a revenue of 41.209 billion yuan in the first half of 2024, representing a year-on-year increase of 9.68%. However, the net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan, influenced by non-recurring gains and losses [2][6] - The company's gross profit margin was 45.05%, a slight decline of 0.13 percentage points year-on-year. In Q2 2024, revenue reached 23.392 billion yuan, with a year-on-year growth of 9.46%, but net profit fell by 10.73% to 3.148 billion yuan [2][6] - The stable revenue growth was supported by overseas and innovative businesses, with significant growth in automotive electronics and storage businesses [6] Summary by Sections Financial Performance - In H1 2024, Hikvision achieved a revenue of 41.209 billion yuan, up 9.68% year-on-year, and a net profit of 5.064 billion yuan, down 5.13%. The non-recurring net profit was 5.243 billion yuan, up 4.11% [2][6] - The gross profit margin for H1 2024 was 45.05%, down 0.13 percentage points year-on-year. In Q2 2024, revenue was 23.392 billion yuan, with a net profit of 3.148 billion yuan, down 10.73% [2][6] Business Segments - The Public Service Business Group (PBG) revenue was 5.693 billion yuan, down 9.25% year-on-year. The Enterprise Business Group (EBG) revenue was 7.489 billion yuan, up 7.05%. The Overseas Business revenue was 11.441 billion yuan, up 15.46%, and the Innovative Business revenue was 10.328 billion yuan, up 26.13% [6] - Notably, the automotive electronics business revenue grew by 60.35% to 1.606 billion yuan, and the storage business revenue increased by 65.51% to 1.312 billion yuan [6] Profitability and Valuation - The forecast for 2024-2026 includes projected revenues of 97.866 billion yuan, 109.311 billion yuan, and 122.878 billion yuan, with year-on-year growth rates of 9.54%, 11.69%, and 12.41% respectively. The net profit for the same period is expected to be 15.119 billion yuan, 17.102 billion yuan, and 19.458 billion yuan, with growth rates of 7.17%, 13.12%, and 13.77% respectively [6][7] - The earnings per share (EPS) are projected to be 1.64 yuan, 1.85 yuan, and 2.11 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 11.31% [6][7]

Investment Rating - The report provides a "Buy" rating for the nuclear power industry, indicating a positive outlook for the sector's performance over the next 6 to 12 months [13]. Core Insights - The approval of five nuclear power projects, totaling 11 units, by the State Council on August 19, signifies a heightened focus and construction intensity in the nuclear sector, which is expected to enhance industry prosperity [3][9]. - The nuclear power sector is projected to see a completion investment of 407 billion yuan in the first half of 2024, reflecting a year-on-year increase of 13.5%, indicating a robust growth trajectory [3][9]. - The report highlights a significant increase in capital expenditure for China Nuclear Power in 2024, raised to 121.5 billion yuan, a year-on-year growth of approximately 52%, with two-thirds allocated to nuclear investments [9]. Summary by Sections Industry Events - The recent approval of 11 nuclear units, the highest in recent years, underscores the government's commitment to nuclear power development, which is expected to drive industry growth [9]. - The approved projects include various technologies, such as the high-temperature gas-cooled reactor, marking a breakthrough in nuclear technology diversity [9]. - The emphasis on nuclear power as a key component of green energy transition aligns with national policies aimed at promoting clean energy sources [9]. Investment Recommendations - The report suggests that the high volume of project approvals will lead to sustained growth for equipment manufacturers in the nuclear sector, recommending companies like Dongfang Electric and Jiangsu Shentong for investment [9]. - For nuclear power operators, the increase in approved units is expected to enhance long-term growth potential, with companies like China Nuclear Power and China General Nuclear Power being highlighted for their promising outlook [9].

证券研究报告 联合研究|联合研究专题|汽车（2128） 智能驾驶将驶向何方？ 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 本篇报告深度拆解了智能驾驶，充分剖析智能驾驶当下百花齐放的原因，以及未来在何时、何 种方式实现大规模的功能迭代以及商业模式如何成立。以全产业链视角充分回答了智能驾驶 未来进展，以及各个环节中所带来的投资机会。 |分析师及联系人 高登 张宁 SAC：S0590523110004 SAC：S0590523120003 请务必阅读报告末页的重要声明 1 / 45 联合研究|联合研究专题 glzqdatemark2 2024年08月20日 汽车 智能驾驶将驶向何方？ 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 汽车 沪深300 -20% -7% 7% 20% 2023/8 2023/12 2024/4 2024/8 扫码查看更多 ➢ 从何而来：技术完善，智驾进入百花齐放阶段 共享出行或成为未来主要方向，高阶智能驾驶与共享出行相互促进，未来保持融 合进化，高阶智驾或带来安全和效率的提升。落地来看，受益于政策支持力度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The report indicates that the company's revenue for H1 2024 has slightly increased, with a year-on-year growth of 3.74%, reaching 8.554 billion yuan, while the net profit attributable to the parent company grew by 29.29% to 1.007 billion yuan [11] - The domestic forklift industry is experiencing stable growth, with total sales in China reaching 662,118 units in H1 2024, a year-on-year increase of 13.09%. The company has established over 60 regional marketing service centers to strengthen its domestic market position [11] - The export demand for forklifts is increasing, with China's forklift exports growing by 19.64% in H1 2024. The company has expanded its overseas sales network, achieving full coverage in key markets [12] - The company’s gross margin and net margin for H1 2024 were 21.41% and 12.53%, respectively, both showing improvements year-on-year. The introduction of new high-capacity lithium battery forklifts has enhanced the company's profitability [12] - The report forecasts the company's revenue for 2024-2026 to be 187.3 billion yuan, 209.8 billion yuan, and 235.1 billion yuan, respectively, with a compound annual growth rate (CAGR) of 19.25% [3][11] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 85.54 billion yuan, with a net profit of 10.07 billion yuan. The Q2 revenue was 43.82 billion yuan, with a net profit of 6.28 billion yuan [11] - The company’s gross profit margin and net profit margin improved by 2.32 and 2.46 percentage points year-on-year, respectively [12] Market Position - The company has solidified its domestic market presence and is leading in the fields of new energy products and smart logistics [11] - The company has established over 10 overseas sales companies and service centers, enhancing its competitive edge in the global market [12] Future Outlook - The report anticipates a gradual recovery in the domestic manufacturing environment, which, combined with the increasing demand for electric products, is expected to drive the company's overseas business growth [3][11]