证券研究报告 北交所投资策略 | 专题报告 公募基金 2024Q2 点评：环比减仓，持 股往大市值个股集中 请务必阅读报告末页的重要声明 2024年08月04日 证券研究报告 |报告要点 公募基金发布 2024 年二季报，北证变仓个股数量为 48 只，环比减少 13 只，更仓个股总市值 27.6 亿元，环比下滑 10%。北证重仓股在单只基金中配置仍较低。分投资方向看，202402 计 算机、交运、食饮行业重仓增持环比领先，10 亿-20 亿市值个股 202402 重仓额大幅下滑。从 业绩表现来看，北证主题基金中北交所主动型基金在净值表现和最大回搬控制方面均好于北 证 50 指数基金，前者 2024Q2 单位净值环比变化和最大回撤均为-12%。 | 分析师及联系人 刘建伟 SAC: S0590524050005 请务必阅读报告末页的重要声明 1 / 11 北交所投资策略 | 专题报告 | --- | --- | |---------------------------------------------------------------------------------------------------- ...

证券研究报告 行业研究|行业深度研究|电力（214101） 铀矿需求向好，关注核燃料产业稀缺性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月31日 证券研究报告 |报告要点 全球加速核电建设，带动铀矿需求持续向好，预计 2024 年天然铀矿需求有望达 6.8 万吨，到 2040 年需求或将突破 10 万吨。近几年铀矿厂商为应对铀矿市场持续低迷，相继关停或减少铀 矿生产，铀供需缺口再次拉大，现阶段铀矿产量小于需求。据中国核能行业协会，2035 年铀 矿现货价格有望达 95 美元/磅。目前核燃料制造环节产能紧平衡，核燃料价格上涨对核电毛 利率影响相对可控。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 33 行业研究|行业深度研究 glzqdatemark2 2024年07月31日 电力 铀矿需求向好，关注核燃料产业稀缺性 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力 沪深300 -30% -13% 3% 20% 2023/7 2023/11 2024/3 2024/7 相关报告 1、《电力：核电电价市 ...

证券研究报告 行业研究|行业点评研究|商用车（212806） 单车补贴力度大，公交客车有望触底回 升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月03日 证券研究报告 |报告要点 7 月 31 日，两部委发布《新能源城市公交车及动力电池更新补贴实施细则》，对城市公交企业 更换符合条件的新能源公交车平均单车补贴 8 万元；对更换整套动力电池平均单车补贴 4.2 万元，补贴力度大，有望拉动公交客车内需向上。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年08月03日 商用车 单车补贴力度大，公交客车有望触底回升 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 商用车 沪深300 -30% -13% 3% 20% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《商用车：补贴细则力度超预期，重卡内 需有望向上》2024.08.01 2、《商用车：4 月重卡销量略超预期，出口+ 天然 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - In July 2024, the company delivered 51,000 vehicles, marking a year-on-year increase of 49.4%, achieving a record high for monthly deliveries. The L6 model has become a popular product in the 200,000 to 300,000 price range, with monthly deliveries exceeding 20,000 [11][12] - The company is benefiting from its leading data and computing power, which is accelerating the development of its intelligent driving features. The NOA (No-Map) function has seen a significant increase in trial usage, and orders for models equipped with this feature have surged [11][12] - The company has established over 700 charging stations nationwide, with plans to collaborate with other operators to enhance its charging network [11][12] - Revenue projections for 2024-2026 are estimated at 147.3 billion, 205.4 billion, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. The net profit for the same period is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan, with growth rates of -27.1%, 67.0%, and 66.6% respectively [11][12] Summary by Sections Delivery Performance - In July 2024, the company achieved a record delivery of 51,000 vehicles, a 49.4% increase year-on-year and a 6.8% increase month-on-month. Cumulative deliveries for 2024 reached 240,000 vehicles, up 38.5% year-on-year [11][12] Intelligent Driving Development - The company leads in data and computing power, with 1400 PFLOPS of training computing power and over 1.9 billion kilometers of accumulated mileage. This positions the company to accelerate the iteration of its intelligent driving models [11][12] Charging Infrastructure - As of July 28, 2024, the company has over 700 charging stations in operation, including 488 high-speed charging stations and 212 urban charging stations, with plans for further expansion [11][12] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 147.3 billion, 205.4 billion, and 280 billion yuan, with corresponding net profits of 8.53 billion, 14.24 billion, and 23.72 billion yuan. The projected EPS for these years is 4.02, 6.71, and 11.18 yuan per share [12][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - In July 2024, the company delivered 51,000 vehicles, marking a year-on-year increase of 49.4%, achieving a record high for monthly deliveries. The L6 model has become a popular product in the 200,000 to 300,000 price range, with monthly deliveries exceeding 20,000 units [10][11]. - The company's smart electric strategy is accelerating, supported by a leading data and computing power scale, enhancing its intelligent driving capabilities [10][11]. - As of July 28, 2024, the company has established over 700 charging stations nationwide, with plans to collaborate with other operators to enhance its charging network [10][11]. Summary by Sections Sales Performance - In July 2024, the company achieved a delivery of 51,000 vehicles, a 49.4% increase year-on-year and a 6.8% increase month-on-month. Cumulatively, 240,000 vehicles were delivered in 2024, reflecting a 38.5% year-on-year growth [10][11]. - The L6 model's successful launch has significantly contributed to the sales growth, with a robust product matrix and competitive offerings in various segments [10][11]. Intelligent Driving and Technology - The company benefits from its leading data scale and computing power, which have accelerated the development of its intelligent driving features. The NOA (Navigation on Autopilot) function has seen a doubling in trial usage at stores, leading to a substantial increase in orders for models equipped with this feature [10][11]. - The company possesses a training computing power of 1,400 PFL0PS and has accumulated over 1.9 billion kilometers of driving data, positioning it as a leader in intelligent driving technology in China [10][11]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 147.3 billion, 205.4 billion, and 280.0 billion yuan, respectively, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% [10][11]. - The net profit attributable to shareholders is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan for the same years, with growth rates of -27.1%, 67.0%, and 66.6% respectively [10][11].

证券研究报告 行业研究 | 行业点评研究 | 非级金融 (2149) 保险产品预定利率再次下调影响解析 诗券必闻读核含本页的支委声明 2024年08月03日 报告 | 报告委总 会会会会总局向保护行业下发《关于徒在人身保护产品交价机制的通勤》, 美术各保护公司新 条定的普通型、分类型、方能型保护产品的损交利率上限分別降至 2.5%、2.0%、1.5%。盆豪 北寧的目的孟子孟降保控公司的資後底本。 | 分析师及联系人 対商及 SAC: $0590522100001 水 哥 岑 请券必闻读核查未真的支卖声明 1 / 4 行业务党 | 行业点环环究 2024-4,08 JI 03 日 非银金缺 保险产品预定利率再次下调影向解析 经济成设: 上达成汉： 强予大亨（疫材） 强予大齐 相对大血大分 北低金金 - - 3 ° 3 0 0 10% -17% -30% 2023/12 2024/4 2024/8 2023/8 相关报告 1、《非总全系：202402 全级视频导色,这样： 保险 和 铁 针 数 增 此， 证 务 装 减 此 》 2024. 07. 22 2、《非禁全系：关于注意会《依法共政督导 岭总系生亲进一乡长 ...

证券研究报告 非金融公司|公司点评|水羊股份 (300740) 品牌建设投入加大，阶段性影响利润实 现 请务必阅读报告末页的重要声明 2024年08月03日 证券研究报告 |报告要点 公司聚焦品牌资产建设，力求实现品牌势能放大与品牌长期发展，加大了主要品牌的品牌种 草、市场投放等相关费用支出，导致 2024H1 归母净利润与扣非归泰净利润同比下滑。2024H1 毛利率 61.5% （同比+4.57pct） 销售费率 46.8%（同比+6.35pct）,归母净利率 4.61%（同比- 1.61pct)。 | 分析师及联系人 邓文慧 李英 SAC: S0590522060001 SAC: S0590522110002 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 2024年08月03日 水羊股份（300740） 品牌建设投入加大，阶段性影响利润实现 | --- | --- | |-------------------------|-----------------------------| | | | | 业: 授资评级: | 美容护理/化妆品 买入 (维持) | | 当前价格: | 12. ...

证券研究报告 行业研究 | 行业点评研究 | 商用 争（212305） 单车补贴力度大，公交客车有望触底回 外 诗券必闻读核李某页的支委声明 2024年08月03日 .报告 | 报告委总 7 月 31 日，两年未发布《新能逐城市公交车发动力屯池支新补贴失抵抑剂》,对城市公交企业 是装好个条件的新能逐公文本不均年本补贴 8 万元：对是装装装装动力也也不均年本补贴 4.2 方无，补贴力度大，有坚持动公交客车内宽向上。 | 分析师及联系人 态会 陈希竹 SAC: $0590523110004 SAC: $0590523100009 请券必闻读核查未真的支卖声明 1 / 4 行业务党 | 行业点环环究 2024-4,08 JI 03 日 商 用 车 单车补贴力度大，公交客车有望触底回升 赵京难汉： 上达成汉： 至于大齐（始村） 这予大方 相对大血大分 近 风 本 20% -30% 2023/12 2024/4 2024/8 2023/8 相关设备 1、《 斉周本：朴临仲则力度姓纸物，变于 斉 客车受向上》 2024. 08. 01 2、《奇周车：4月支干货至修建旅司，监司+ 关总 毛材块高增》 2024. 05. 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company reported a revenue of 1.279 billion yuan in the first half of 2024, a year-on-year decline of 7.37%. However, the net profit attributable to shareholders increased by 15.38% to 202 million yuan, and the net profit after deducting non-recurring items grew by 11.49% to 199 million yuan [2][6]. - The decline in revenue is primarily due to the gradual divestment of agency business, which has put short-term pressure on performance. In contrast, revenue from self-produced reagents increased by 5.9% to 859 million yuan, with sales volume rising by 23.4% [7]. - The company has seen a significant increase in the installation of production lines, with 109 biological immune production lines and 110 blood production lines installed in the first half of 2024, which is expected to continue driving reagent sales [7][9]. - The gross profit margin improved to 57.00%, up by 3.62 percentage points, attributed to effective cost control. The net profit margin also increased to 15.83%, up by 3.39 percentage points [9]. - The company is focusing on research and development, with a slight increase in R&D expenses and marketing efforts. New products, including the i6000 chemiluminescence analyzer and C2000 fully automated biochemical analyzer, have been registered, enhancing the product matrix [9]. Financial Summary - The company expects revenues for 2024, 2025, and 2026 to be 3.007 billion, 3.321 billion, and 3.767 billion yuan, respectively, with year-on-year growth rates of 3.85%, 10.43%, and 13.44% [10]. - The net profit attributable to shareholders is projected to be 370 million, 494 million, and 680 million yuan for the same years, with growth rates of 18.36%, 33.49%, and 37.66% [10]. - Earnings per share (EPS) are expected to be 0.60, 0.81, and 1.11 yuan for 2024, 2025, and 2026, respectively [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [23]. Core Insights - The company reported a total vehicle sales of 91,000 units in July, a year-on-year decrease of 16.3% and a month-on-month decrease of 6.9%. However, cumulative sales from January to July reached 651,000 units, reflecting a year-on-year growth of 3.6% [4][11]. - The company is optimistic about achieving its annual export target of 400,000 to 500,000 units, supported by the successful launch of key models in various international markets [4][11]. - The company’s overseas sales reached a record high in July, with net foreign sales of 38,000 units, a year-on-year increase of 41.4% and a month-on-month increase of 0.2%. Cumulative overseas sales from January to July totaled 240,000 units, marking a year-on-year growth of 58.8% [11]. - The company is focusing on high-level intelligent driving features, which are expected to enhance sales of its Wei brand and new energy vehicles [11]. Financial Projections - The company is projected to achieve revenues of 218.1 billion, 266.4 billion, and 314.9 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26%, 22%, and 18% [11][14][20]. - The net profit attributable to shareholders is expected to be 11.9 billion, 14.5 billion, and 16.4 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 70%, 22%, and 13% [11][14][20]. - Earnings per share (EPS) are projected to be 1.39, 1.70, and 1.92 yuan for the years 2024, 2025, and 2026, respectively, indicating a compound annual growth rate (CAGR) of 33% [11][14][20].