证券研究报告 行业研究|行业深度研究|美容护理 从毛戈平看国货彩妆品牌高端化路径 ——美护深度系列三 2024年08月26日 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 彩妆品类情感消费与潮流属性较强，相较唇部/眼部等色彩类彩妆，面部彩妆品类大/壁垒更高 /需求韧性强/个性化程度较低，生意模式更优。中国彩妆市场龙头品牌潮起潮落，2017 年至今 国货品牌份额总体提升，以彩棠/毛戈平/花西子为代表的彩妆品牌不以"外资平替"而是"东方 美学"突围的文化型彩妆品牌崛起。参考美日韩成熟市场格局，本土品牌在本土文化背景及审 美标准的理解、消费者心理的把握、渠道变革嗅觉灵敏等维度更具优势，未来中国彩妆尤其是 高端彩妆市场国货份额有望持续提升。 |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 / 32 行业研究|行业深度研究 glzqdatemark2 2024年08月26日 美容护理 从毛戈平看国货彩妆品牌高端化路径 ——美护深度系列三 上次建议： 强于大市 投资建议： 强于大市（维持） ...

证券研究报告 行业研究|行业专题研究|房地产（2143） 新加坡"居者有其屋"与我国保障房制 度的比较 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 新加坡的住房政策通过供应端和需求端两侧制，实现了"居者有其屋"的社会目标。政府主导 的建屋发展局（HDB）以低于市场价的成本建设大量保障性住房，并通过多种购房计划和优先 分配政策，确保大部分居民能够负担得起房屋。土地管理方面，政府通过强制征地逐步提升国 有土地比例，并严格规划土地使用权，以优化土地资源。新加坡还通过购房津贴、中央公积金 制度和 HDB 贷款降低购房成本，同时以卖家印花税、买家印花税等税收政策抑制投机行为， 保持市场稳定。这些政策为我国发展完善保障房制度提供了宝贵的经验，值得借鉴。 |分析师及联系人 杜昊旻 姜好幸 SAC：S0590524070006 SAC：S0590524070008 请务必阅读报告末页的重要声明 1 / 26 行业研究|行业专题研究 glzqdatemark2 2024年08月24日 房地产 新加坡"居者有其屋"与我国保障房制度的 比较 投资建议： 强于大市（维持 ...

Investment Rating - The report recommends focusing on advantageous domestic brands actively expanding in the European market, such as BYD, Geely, Changan, Great Wall, and SAIC [5][6]. Core Insights - The European automotive market capacity is projected between 17 million and 21 million vehicles, with significant growth potential, particularly in the new energy vehicle (NEV) sector [5][10]. - Major automotive consumption countries in Europe include Germany, the UK, France, Italy, and Turkey, characterized by high market concentration [5][6]. - The report highlights the increasing market share of Chinese brands in Europe, which rose from 0.23% in 2016 to 4.62% in 2023, with further growth expected [6][15]. Summary by Sections 1. European Market Overview - The European automotive market is recovering, with 2023 sales reaching 16.882 million vehicles, a 17.70% increase year-on-year [5][10]. - The market favors small cars, with the main price range being 100,000 to 400,000 RMB, accounting for 88.2% of total sales [5][13]. 2. Market Characteristics - The market is highly concentrated, with CR5 at 62.76% and CR10 at 83.34% [5][6]. - The report categorizes the European market into four quadrants based on market size and NEV penetration, identifying strategic opportunities for entry [5][6]. 3. Domestic Brand Expansion - In 2023, China exported 1.759 million vehicles to Europe, a 123.53% increase year-on-year, contributing significantly to overall exports [5][6]. - Chinese brands are enhancing their local production capabilities in Europe to better serve the market [5][6]. 4. Investment Recommendations - The report emphasizes the rapid growth of the European NEV market and recommends investing in Chinese brands that have established sales in Europe and are expanding production capacity [5][6].

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 29.86 CNY [4]. Core Insights - The company reported a net profit attributable to shareholders of 79.51 million CNY for the first half of 2024, representing a year-on-year increase of 10.96%. In Q2 2024, the net profit was 47.77 million CNY, up 11.06% year-on-year and 50.45% quarter-on-quarter [2][6]. - The gross margin for H1 2024 reached 31.83%, an increase of 2.22 percentage points year-on-year. In Q2 2024, the gross margin was 32.55%, up 5.26 percentage points year-on-year and 1.65 percentage points quarter-on-quarter [2][6]. - The company is focusing on in-depth research and development in passive products, active products, and optical sensing products, gradually enriching and upgrading its product line [2][6]. - The construction of the production base in Vietnam is actively progressing, with the wholly-owned subsidiary, Sait Communication Co., Ltd., completing the business registration process [2][6]. Financial Performance Summary - For H1 2024, the company achieved an operating income of 510 million CNY, a year-on-year increase of 30.60%. In Q2 2024, the operating income was 287 million CNY, up 42.99% year-on-year and 28.34% quarter-on-quarter [6]. - The R&D expenses for H1 2024 amounted to 36.86 million CNY, a year-on-year increase of 31.65%. In Q2 2024, R&D expenses were 20.27 million CNY, up 31.44% year-on-year and 22.13% quarter-on-quarter [6]. - The company expects operating revenues for 2024-2026 to be 1.304 billion CNY, 1.694 billion CNY, and 2.200 billion CNY, with year-on-year growth rates of 47.34%, 29.92%, and 29.89%, respectively [6][7]. Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 1.04 CNY, with a price-to-earnings (P/E) ratio of 28.5 [7]. - The projected net profit for 2024 is 237 million CNY, with a year-on-year growth rate of 52.88% [7].

证券研究报告 非金融公司|公司点评|亿纬锂能（300014） 2024 年半年报点评： 市占率稳步提升，大圆柱电池放量在即 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 实现营收 216.59 亿元，同比-5.73%；实现归母净利润 21.37 亿元，同比-0.64%；实现扣非归母净利润 14.99 亿元，同比+19.32%。第二季度实现营 收 123.42 亿元，同比+4.68%，环比+32.46%；实现归母净利润 10.72 亿元，同比+5.97%，环比 +0.55%；实现扣非归母净利润 7.98 亿元，同比+23.76%，环比+13.77%。2024H1 公司财务费用 为 1.65 亿元，同比+411.53%，主要系汇兑损益增加导致。 |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 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月23日 亿纬锂能(300014) 2024 年半年报点评： 市占率稳步提升，大圆柱电池放量在 ...

证券研究报告 非金融公司|公司点评|东阿阿胶（000423） 阿胶系列产品表现亮眼，盈利能力持续 提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司披露 2024 年半年报，实现营收 27.48 亿元，同比增长 26.80%;归母净利润 7.38 亿元，同 比增长 39.03%;扣非归母净利润 7.00 亿元，同比增长 42.79%;单 Q2 实现营收 12.95 亿元，同 比增长 17.89%;归母净利润 3.85 亿元，同比增长 28.01%;扣非归母净利润 3.71 亿元，同比增 长 33.61%。业绩符合预期。 |分析师及联系人 郑薇 SAC：S0590521070002 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24日 东阿阿胶(000423) 阿胶系列产品表现亮眼，盈利能力持续提升 | --- | --- | |------------|----------------| | 行 业： | 医药生物/中药Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [6] Core Views - The company reported a stable operation, awaiting the conversion of BD and self-research projects [10] - In the first half of 2024, the company achieved revenue of 6.282 billion yuan, a year-on-year decrease of 6.09%, and a net profit attributable to the parent company of 1.171 billion yuan, a year-on-year increase of 3.21% [10][11] - The company expects revenue growth driven by biological products and chemical preparations in the future [10] Financial Performance Summary - In the first half of 2024, the chemical preparation business generated revenue of 3.224 billion yuan, down 7.37% year-on-year, while the raw material drug business generated revenue of 1.761 billion yuan, down 1.16% year-on-year [10] - The company anticipates revenue for 2024-2026 to be 13.163 billion, 13.947 billion, and 14.875 billion yuan, with year-on-year growth rates of 5.90%, 5.95%, and 6.66% respectively [11] - The net profit attributable to the parent company is projected to be 2.196 billion, 2.456 billion, and 2.700 billion yuan for 2024-2026, with year-on-year growth rates of 12.41%, 11.84%, and 9.95% respectively [11] Business Development - The company has introduced the PCAB drug JP-1366, which is expected to supplement its gastrointestinal products [10] - The company is preparing for Phase III clinical trials for the semaglutide weight loss indication and has completed patient enrollment for the Phase III clinical study of the IL-17 antibody drug for psoriasis [10]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure due to lower market trading activity, but its customer resource advantage remains significant [1][4] - Revenue and net profit declined in H1 2024, with revenue at 1.389 billion yuan (-5.51% YoY) and net profit at 363 million yuan (-20.99% YoY) [2][6] - The company's gross margin slightly decreased to 84.85% in H1 2024, down by 4.23 percentage points compared to 2023 [6] - R&D investment continues to increase, with R&D expenses up by 5.12% YoY in H1 2024, driven by investments in AI and computing power [6] - The company has a strong customer base, covering over 90% of domestic securities firms and serving 625 million registered users as of H1 2024 [6] Financial Performance - H1 2024 revenue: 1.389 billion yuan (-5.51% YoY) [2][6] - H1 2024 net profit: 363 million yuan (-20.99% YoY) [2][6] - H1 2024 ROE: 5.25%, down by 1.48 percentage points YoY [2][6] - Gross margin in H1 2024: 84.85%, down by 4.23 percentage points compared to 2023 [6] - R&D expenses in H1 2024: 5.12% increase YoY [6] Customer Resources - The company's products and services cover over 90% of domestic securities firms, as well as numerous mutual funds, private funds, banks, and insurance companies [6] - As of H1 2024, the company has 625 million registered users, with 14.39 million daily active users and 19.21 million weekly active users [6] - Advertising and internet promotion services revenue in H1 2024: 350 million yuan (+9.45% YoY) [6] Future Projections - Expected revenue for 2024-2026: 3.3/3.5/3.7 billion yuan, with a 3-year CAGR of 1.37% [6] - Expected net profit for 2024-2026: 1.3/1.4/1.5 billion yuan, with a 3-year CAGR of 1.90% [6] - The company's strong customer base is expected to provide significant future growth potential [6]

证券研究报告 非金融公司|公司点评|南微医学（688029） 海外业务高速增长，盈利能力有望提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1 公司实现营业收入 13.34 亿元，同比增长 16.28%；归母净 利润 3.10 亿元，同比增长 17.47%；扣非归母净利润 3.06 亿元，同比增长 18.25%。2024Q2 公 司实现收入 7.14 亿元，同比增长 19.55%；归母净利润 1.67 亿元，同比增长 2.57%；扣非归 母净利润 1.65 亿元，同比增长 3.35%。拟向全体股东每 10 股派发现金红利 5.00 元（含税）， 拟派发现金红利 9358 万元（含税）。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 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24日 南微医学(688029) 海外业务高速增长，盈利能力有望提升 | --- | --- | |---- ...

证券研究报告 非金融公司|公司点评|爱博医疗（688050） 人工晶体和隐形眼镜表现亮眼 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司披露 2024 年半年报，实现营收 6.86 亿元，同比增长 68.54%；归母净利润 2.08 亿元，同 比增长 27.49%；扣非归母净利润 1.99 亿元，同比增长 29.95%；单 Q2 实现营收 3.75 亿元， 同比增长 72.91%；归母净利润 1.05 亿元，同比增长 24.01%；扣非归母净利润 1.00 亿元，同 比增长 28.26%，主要由于人工晶体和隐形眼镜放量驱动业绩高增长。 |分析师及联系人 郑薇 SAC：S0590521070002 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24日 爱博医疗(688050) 人工晶体和隐形眼镜表现亮眼 | --- | --- | --- | |--------------------|-----------------|-------------------------------- ...