证券研究报告 港股公司|公司点评|吉利汽车（00175） 新品周期开启，出海进程加速 诗券必闻读核李末页的支委声明 2024年08月03日 .报告 | 报告委总 2024 年 8 月 1 日，古利汽车发布 2024 年 7 月产领技报，公司 7 月失现汽车领圣 15.1 万辆， 网比+12.8%，环比-9.2%。2024 年 1-7 月汽车基计简查 110.7 万辆，网比+36.3%。7 月公司多 款新品陆续上市，金加送期以旧装新补贴力度装升，下半年公司简圣市望集特尚建增长态势。 | 分析师及联系人 态会 点点役 SAC: $0590523110004 请券必闻读核查未真的支卖声明 1 / 5 港宸公司点环 2024年08月03日 吉利汽车 (00175) 新品周期开启，出海进程加速 汽车/东周车达ओ 赵京评述：买入（贷村） 7. 72 毛え3 2 是 本 數 地 $1R$/文庫取名(百万取) 10, 063. 38/10, 063. 38 过境 李位 (官方考文) 77, 689. 31 永良才女户 ( 問 7. 63 定员员员员 53. 90 11. 08/7. 24 ~ ~ 內 ~ 為 / 最低 ( 冬 ...

2024年08月02日 证券研究报告 宏观经济|宏观点评 就业降温风险增加，降息预期增强 ——美联储 7 月议息会议点评 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 |报告要点 美联储 7 月维持利率不变，符合市场会前的预期。目前情况看，就业市场降温或加快，美联 储开始谈到双重风险，不仅是通胀上行的风险，还有就业市场下行的风险。我们认为年内降息 是大概率，最快可能在 9 月。鲍威尔虽然没有给出前瞻指引，但是并不否认 9 月降息，市场 理解美联储偏鸽，美股上涨，美债利率下行，美元指数走低，黄金走高。缩表 6 月已经降速， 但流动性目前仍问题不大，需关注相关小银行风险。 |分析师及联系人 樊磊 王博群 SAC：S0590521120002 SAC：S0590524010002 请务必阅读报告末页的重要声明 1 / 21 宏观经济|宏观点评 glzqdatemark2 2024年08月02日 宏观点评 就业降温风险增加，降息预期增强 ——美联储 7 月议息会议点评 相关报告 1、《逆周期调节和改革有望加力加速—— 2024 年 7 月政治局会议点评》2024.07.30 2、《特朗普的二 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [3][6]. Core Insights - The company specializes in the research, production, and sales of medium and high-pressure hydraulic cylinders, with a focus on self-dumping truck cylinders and mechanical equipment cylinders. It has recently entered the oil and gas spring sector and successfully developed electric cylinders for new energy applications, with new business revenue accounting for nearly 10% of total revenue. The company is recognized as a national "specialized and innovative" small giant and a single champion in Shandong's manufacturing sector [2][7]. Summary by Sections Company Overview - The company is a small giant in hydraulic cylinders, focusing on medium and high-pressure products. Its main products include self-dumping truck cylinders, mechanical equipment cylinders, and oil-gas springs. The company has a strong emphasis on independent research and development, mastering core technologies in hydraulic cylinders and oil-gas springs [12][17]. Market Potential - The hydraulic cylinder market in China is projected to grow from approximately 300 billion RMB in 2021 to over 500 billion RMB by 2026, with a CAGR of 13%. The engineering machinery sector is the largest downstream market, accounting for 60% of the hydraulic cylinder market in 2022 [5][30]. Business Strategy - The company is actively expanding into four key application areas: specialized vehicles, coal mining equipment, engineering machinery, and national defense equipment. This diversification helps mitigate industry cyclicality. The company is also increasing its focus on electric cylinders and oil-gas springs, aligning with the trend towards electrification [6][9]. Financial Projections - Revenue projections for 2024-2026 are 778 million RMB, 922 million RMB, and 1.093 billion RMB, with year-on-year growth rates of 16.4%, 18.5%, and 18.6%, respectively. Net profit is expected to reach 98 million RMB, 120 million RMB, and 145 million RMB during the same period, with corresponding growth rates of 23.7%, 22.5%, and 21.0% [8][9]. Competitive Landscape - The hydraulic cylinder industry in China is characterized by low concentration, with the top four companies holding only 14% of the market share. This presents significant growth opportunities for domestic companies [32].

证券研究报告 联合研究 | 联合研究点评 | 消费 国联消费研究团队 2024 年 8 月金股推 蒋 诗券必闻读核含本页的支委声明 2024年08月02日 良告 | 报告委总 国联消费研究团队 2024 年 8 月全股投弃。 | 分析师及联系人 室永永 年長 对意的 环文总 SAC: S0590523100007 SAC: S0590521070002 SAC: S0590524030005 SAC: S0590522060001 王明明 SAC: $0590524040003 诗券必闻读核李末页的支委声明 1 / 6 联合听究 | 联合听究点评 2024年08月02日 家用 电 器 国联消费研究团队 2024 年 8 月金股推荐 赵京成汉： 上达成汉： 强于大齐（疫材） 妥予大考 相对大血大学 家用七五 - :)° :K300 20% 7% -20% 2023/8 2023/12 2024/3 2024/7 相关被令 ん 国联消费研究团队 2024 年8 月全股投弃。 》 家也： 查总报荐关的集团 : 经工：查总报券券进校股: 医 药： 查总报存人辅臣药 : 食品： 查总报荐者自千酒： 而柱： 查总推荐上具 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported its 2024 H1 results, with revenue of HKD 12.7 billion, a year-on-year increase of 4% and a half-year decrease of 12%. The net profit attributable to shareholders was HKD 2 billion, up 41% year-on-year but down 30% half-yearly, slightly exceeding previous performance forecasts [5][6]. - The photovoltaic glass business showed steady revenue growth and significant profit improvement, driven by increased sales volume and a decline in key cost factors. However, the profitability of the photovoltaic power generation segment faced pressure due to power restrictions and declining electricity prices [5][6]. - The company is maintaining a strong expansion pace in its photovoltaic glass production, with plans to add new capacity in the second half of 2024 [5][6]. Summary by Sections Financial Performance - In 2024 H1, the photovoltaic glass revenue was HKD 11.1 billion, a year-on-year increase of 5% and a half-year decrease of 14%. The gross margin improved to 21.5%, up 6.3 percentage points year-on-year but down 4.9 percentage points half-yearly. The sales volume for photovoltaic glass increased by 12% year-on-year [5][6]. - The solar power generation revenue was HKD 1.5 billion, with a year-on-year increase of 4% and a half-year increase of 5%. The gross margin was 65.5%, up 4.9 percentage points year-on-year but down 1.1 percentage points half-yearly [5][6]. Capacity Expansion - The company has maintained a strong expansion pace, with plans to ignite three new furnaces totaling 3,200 tons per day in 2024 H2, including two in Anhui and one in Malaysia [5][6]. - The total installed capacity for solar power generation reached 6,244 MW by the end of 2024 H1, with 300 MW added during the period [5][6]. Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to HKD 31.1 billion, HKD 36.4 billion, and HKD 41.2 billion, representing year-on-year growth of 17%, 17%, and 13% respectively. The net profit attributable to shareholders is projected to be HKD 4.9 billion, HKD 5.9 billion, and HKD 6.9 billion for the same years [5][6].

Investment Rating - The investment rating for the company is "Buy (Initiation)" [3] Core Insights - The company, Master Kong, is a leading player in both the instant noodle and beverage industries in China, holding market shares of 45.7% and 43.4% respectively in 2021. The company has a robust product matrix and a strong distribution network, along with notable performance in R&D, pricing strategies, marketing, and cost control. It has maintained a high dividend payout ratio of no less than 98% from 2018 to 2023, indicating a commitment to returning value to shareholders. In the short term, the company has raised prices for its instant noodles and beverages while raw material costs remain stable, suggesting promising performance ahead [1][4][6]. Summary by Sections Company Overview - Master Kong is a leading enterprise in the instant noodle and beverage sectors, also serving as the exclusive manufacturer and distributor for brands like Pepsi and Starbucks in China. The company has established a strong brand presence since its inception in the 1990s and has a diverse product range including container noodles, bagged noodles, ready-to-drink tea, and carbonated beverages. Its extensive sales channels effectively cover lower-tier markets, ensuring high product circulation and turnover efficiency [4][13]. Industry Situation - The instant noodle industry in China is undergoing a transformation characterized by premiumization and a shift towards sugar-free products. The market has seen growth driven by urbanization and the pandemic, although health consciousness and the rise of food delivery services have posed challenges. The beverage sector, particularly ready-to-drink tea, is experiencing a surge in demand for sugar-free options, with significant growth potential compared to Japan's market [4][24]. Core Value - Master Kong demonstrates strong operational management across various dimensions, maintaining a stable high market share in both instant noodles and beverages with continuous revenue growth over the past seven years. The company employs flexible pricing strategies and effective cost management to sustain profit levels. Its net profit and operating cash flow are stable, with substantial cash reserves supporting its high dividend payouts, reinforcing its leadership position [4][8][9]. Earnings Forecast, Valuation, and Rating - The company is projected to achieve revenues of 850.82 billion, 889.70 billion, and 924.85 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 5.80%, 4.57%, and 3.95% respectively. The net profit attributable to shareholders is expected to be 34.71 billion, 36.41 billion, and 37.76 billion yuan, with growth rates of 11.33%, 4.92%, and 3.70%. The earnings per share (EPS) are forecasted to be 0.62, 0.65, and 0.67 yuan per share, with a three-year compound annual growth rate (CAGR) of 6.60%. Given the company's solid market position and consistent high dividends, it is rated as "Buy" [8][9].

Group 1: PMI Overview - The July PMI composite index is 49.4%, a slight decrease from 49.5% in the previous month, but better than the Wind consensus forecast of 49.3%[5] - The seasonally adjusted PMI index for July is also 49.4%, reflecting a month-on-month decline of 0.1 percentage points[16] - The supply sub-index's decline is the main drag on the PMI index, while most other sub-indices remain stable or show improvement[5] Group 2: Industrial Production Insights - July's industrial production is expected to remain stable, supported by steady high-frequency indicators such as coal consumption for power generation and steel production[7] - Infrastructure investment may see a rebound, while exports are expected to maintain resilience, and consumption data could remain stable[7] - The negative output gap in China's economy has widened in Q2, but a recovery trajectory is anticipated in the second half of the year due to new momentum from capital expenditure and policy support[8] Group 3: Sector Performance - In July, large enterprises' PMI rose to 50.5%, while medium and small enterprises saw declines to 49.7% and 46.9%, respectively, indicating a widening performance gap[21] - High-frequency data shows a mixed performance across sectors, with upstream industries like power generation showing improvement, while downstream sectors like real estate sales remain weak[35] - The construction-related high-frequency indicators have improved, suggesting potential acceleration in infrastructure investment[45] Group 4: Price Trends and Risks - The PPI is expected to decline month-on-month, with raw material and finished product price indices both showing a decrease of 1.8 percentage points in July[30] - Risks include potential inconsistencies between policy and expectations, geopolitical tensions, unexpected declines in external demand, and systemic risks in the real estate sector[60]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3]. Core Views - The company reported a significant improvement in performance due to the recovery of the breeding market, with a revenue of 7.805 billion yuan, representing a year-on-year increase of 12.16%, and a net profit attributable to shareholders of 575 million yuan, up 197.13% year-on-year [2][5]. - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares to all shareholders [5]. - The chicken segment achieved a revenue of 6.794 billion yuan in the first half of 2024, a year-on-year increase of 10.81%, with a total chicken sales volume of 235 million birds, also up 10.69% year-on-year [5][6]. Summary by Sections Financial Performance - In H1 2024, the company's gross profit margin was 14.10%, an increase of 15.56 percentage points year-on-year, and the net profit margin was 7.34%, up 15.84 percentage points year-on-year [5]. - The company's total revenue for 2024 is projected to be 17.315 billion yuan, with year-on-year growth rates of 12.77%, 12.29%, and 9.02% for 2024, 2025, and 2026 respectively [6][7]. - The net profit attributable to shareholders is expected to be 1.109 billion yuan in 2024, with a staggering growth rate of 353.61% year-on-year [6][7]. Cost Management - The complete cost of chicken per kilogram was 6.1 yuan, a decrease of 13.48% compared to the same period last year, while the cost for second-hand waste chicken dropped to 5.9 yuan [5][6]. - The average selling price of commodity chickens was 13.21 yuan per kilogram, a slight increase of 0.23% year-on-year [5]. Market Outlook - The pig segment achieved a revenue of 895 million yuan in H1 2024, a year-on-year increase of 26.87%, with a sales volume of 434,900 pigs, up 18.83% year-on-year [6]. - The company has established a pig production capacity of approximately 1.8 million heads, with the annual pig output expected to exceed 1.2 million heads [6].

证券研究报告 行业研究|行业点评研究|商用车（212806） 补贴细则力度超预期，重卡内需有望向 上 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月01日 证券研究报告 |报告要点 7 月 31 日，两部委发布关于实施老旧营运货车报废更新的通知，明确报废国三及以下排放标 准营运类柴油货车补贴标准，细则跟进迅速，补贴力度超预期。按照报废重卡且购置新车补贴 上限为 11 万元或 14 万元，补贴力度超预期，补贴细则落地快体现执行力度，有望加速国三 重卡淘汰，带动内需向上，出口与内需共振，重卡龙头有望率先受益。 |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01日 商用车 补贴细则力度超预期，重卡内需有望向上 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% 2023/7 2023/11 2024/3 2024/7 相关报告 1、《商用车：4 月重卡 ...

证券研究报告 非金融公司 | 公司点评 | 拓邦股份 (002139) 2024 年半年报点评: Q2 营收创新高，盈利能力改善 请务必阅读报告末页的重要声明 2024年08月01日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，营业收入为 50.16 亿元,同比增长 17. 85%;归母净利润为 3.89 亿元，同比增长 50.68%; 扣非归母净利润为 3.73 亿元，同比增长 46.85%。公司 Q2 营收单季 创新高，毛利率提升源于对老业务的降本增效，增加新产品提升盈利能力以及人民币小幅贬 值。海外基地布局成效凸显，四大板块业务营收均实现双位数增长。我们认为智能控制器行业 未来仍有较大发展机遇，公司为行业龙头，有望持续受益。 | 分析师及联系人 张宁 张建宇 SAC: S0590523120003 SAC: S0590524050003 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01日 拓邦股份(002139) 2024 年半年报点评: Q2 营收创新高,盈利能力改善 投资要点 A 事件: | --- | --- | |------------- ...