本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 29 日 兔宝宝(002043.SZ) 公司快报 板材营收增速亮眼，扣非归母业绩增长 稳健，高比例分红彰显投资价值 事件：公司发布 2024 年半年报，2024H1 实现营业收入 39.08 亿 元，yoy+19.77%；实现归母净利润 2.44 亿元，yoy-15.43%；扣非 归母净利润为 2.35 亿元，yoy+7.47%。实施 2024 年中期分红，每 10 股派息 2.8 元（含税），现金分红比例约 94.21%。 营业收入快速增长，投资收益影响归母业绩增速，扣非归母业 绩增长稳健。2024H1 实现营业收入 39.08 亿元（yoy+19.77%）， Q1、Q1 各季度公司营收分别同比+33.37%、+12.74%，Q2 公司整体 营收实现稳健增长。2024H1 公司归母净利润 2.44 亿元（yoy15.43%），期内公司非经常性损益大幅减少 6084 万元，剔除此项 影响，公司扣非归母净利润为 2.35 亿元（yoy+7.47%），公司主营 业绩增长稳健，其中 Q1、Q2 各季度公司扣非归母净利润增速分别 +38.3 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 7.8 CNY, while the current stock price is 6.68 CNY [4]. Core Views - The company has demonstrated steady profit growth and is committed to high-quality development, despite a slight decline in revenue due to fluctuations in domestic demand [2][7]. - The company’s revenue for the first half of 2024 was 49.632 billion CNY, a year-on-year decrease of 3.21%, while the net profit attributable to shareholders was 3.706 billion CNY, an increase of 3.24% [2]. - The company is focusing on optimizing its product structure and enhancing its international presence, which has helped maintain revenue stability [2][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 22.89% and a net margin of 7.52%, with slight improvements year-on-year [3][7]. - The company’s revenue breakdown by product shows varied performance: - Cranes: 10.096 billion CNY, down 15.23% - Earth-moving machinery: 13.908 billion CNY, up 6.98% - Concrete machinery: 5.156 billion CNY, down 3.45% - Aerial work machinery: 4.527 billion CNY, down 11.5% - Mining machinery: 3.54 billion CNY, down 16.43% [2]. Regional Performance - Domestic revenue was 27.731 billion CNY, down 8.72%, while overseas revenue was 21.901 billion CNY, up 4.8%, indicating a shift towards international markets [2]. Future Projections - Revenue projections for 2024-2026 are 96.6 billion CNY, 104.29 billion CNY, and 115.8 billion CNY, with corresponding net profits of 6.49 billion CNY, 7.7 billion CNY, and 9.67 billion CNY [7][9]. - The expected growth rates for revenue are 4%, 8%, and 11% for the respective years [7]. Market Position - The company maintains a strong market position in the engineering machinery sector, supported by ongoing reforms and international expansion efforts [7][9].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 109.05 CNY, maintaining the rating [4]. Core Views - The company reported a net profit of 1.1 billion CNY in Q2 2024, a year-on-year decrease of 52% but a quarter-on-quarter increase of 86%. For the first half of 2024, the net profit was 1.7 billion CNY, down 47% year-on-year [1]. - The launch of the L6 model significantly boosted Q2 delivery volumes, leading to a revenue increase of 11% year-on-year and 24% quarter-on-quarter, with total revenue reaching 31.7 billion CNY [1]. - The automotive business revenue was 30.3 billion CNY, reflecting an 8% year-on-year increase and a 25% quarter-on-quarter increase. The total vehicle deliveries in Q2 2024 were 109,000 units, up 25% year-on-year and 35% quarter-on-quarter [1]. - The gross margin for the automotive business was 18.7%, down 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to the lower selling price of the L6 model [1]. - The company has a strong cash reserve of 97.3 billion CNY, with a reduction in net cash outflow from operating activities to 430 million CNY, a decrease of 2.9 billion CNY quarter-on-quarter [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 31.7 billion CNY, with automotive revenue contributing 30.3 billion CNY. The gross margin was 18.7%, and the net profit was 1.1 billion CNY [1]. - The company expects Q3 2024 deliveries to be between 145,000 and 155,000 units, with projected revenue of 39.4 to 42.2 billion CNY, indicating a quarter-on-quarter increase of 29% [3]. Market Outlook - The L series models are expected to continue strong sales, with the L7/8/9 models anticipated to rebound in sales alongside the ongoing ramp-up of the L6 model [3]. - The company is solidifying its position in the pure electric vehicle market, with plans for four new electric SUV models to be launched by 2025 [3]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are 8.1 billion CNY, 15.4 billion CNY, and 26.5 billion CNY, respectively, with corresponding price-to-earnings ratios of 20, 11, and 6 times [8]. - The current market capitalization is approximately 157.1 billion CNY, with a circulating market value of 130.8 billion CNY [4].

2024 年 08 月 29 日 理想汽车-W(02015.HK) 公司快报 理想汽车发布 2024Q2 业绩：2024Q2 实现归母净利润 11 亿元，同比-52%、 环比+86%；2024H1 实现归母净利润 17 亿元，同比-47%。 L6 上市拉动 Q2 交付量提升，推动营收增长：24Q2 公司实现营收 317 亿 元，同比+11%，环比+24%；其中汽车业务营收为 303 亿元，同比+8%，环比 +25%。报告期内 L7/8/9 销量基本盘较为稳固（Q2 合计交付 6.7 万辆）、L6 上市放量（Q2 交付 3.9 万辆），24Q2 汽车交付量为 10.9 万辆，同比+25%， 环比+35%；单车 ASP 约为 27.9 万元，同比下滑 4.4 万元、环比下滑 2.2 万 元，我们认为主要原因系报告期内售价较低的 L6 上市交付。 销售结构变化致毛利率有所下滑，降本增效下费用率环比优化，营业利 润转正：1）24Q2 汽车业务毛利率为 18.7%，同比下滑 2.2pct，环比下滑 0.6pct，我们认为主要系售价较低的 L6 上市所致。基于公司供应链管理效 率、组织管理效率，叠加规模效应，我们预计后续 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][6]. Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 892 million yuan, a year-on-year increase of 30.10%, and a net profit of 169 million yuan, up 92.95% year-on-year [2][3]. - The core product, 0.01% atropine sulfate eye drops, has been approved and is expected to see sustained sales growth due to a large potential market among children with myopia [4][5]. - The company is actively conducting clinical trials for 0.02% and 0.04% atropine sulfate eye drops, which will help meet the treatment needs of patients with varying degrees of myopia [4]. Financial Summary - For H1 2024, the revenue breakdown includes gel/eye ointment at 176 million yuan (-0.58%), eye drops at 512 million yuan (+62.97%), and medical services at 164 million yuan (+5.44%) [3]. - The projected net profits for 2024 to 2026 are estimated at 500 million yuan, 644 million yuan, and 760 million yuan respectively, with an expected EPS of 2.86 yuan per share for 2024 [5][9]. - The company's total market capitalization is approximately 17.44 billion yuan, with a circulating market value of about 13.40 billion yuan [6]. Price Target - The report sets a 6-month target price of 114.40 yuan per share, based on a 40x PE ratio [5][6].

2024 年 08 月 29 日 比亚迪(002594.SZ) 比亚迪发布 2024 年中报：2024Q2 公司实现归母净利润 90.6 亿元、同比 +32.8%、环比+98.4%；实现扣非净利润 85.6 亿元、同比+39.7%、环比 +128.2%。2024H1 实现归母净利润 136.3 亿元、同比+24.4%，扣非后归母 净利润 123.15 亿元、同比+27.0%。 销量增长驱动收入稳定增长，销售结构变化下 ASP 和毛利率略有下滑。 2024Q2 公司实现营收 1761.8 亿元，同比+25.9%、环比+41.0%； 1）量：2024Q2 公司乘用车销售 98 万辆，同比+40%、环比+57% ; 2）价：2024Q2 单车 ASP 为 13.65 万元，同比/环比分别-2.1/-0.5 万元， 我们认为主要来自销售结构的变化：①荣耀版车型销售占比提升；②出海 销量占比下降：Q2 公司共出口乘用车 10.6 万辆、环比+8%，占比 11%/- 5pct；③高端车型占比下滑：Q2 公司方程豹+腾势+仰望三大品牌共销售 4.5 万辆、环比+16%，占比 5%/-1pct。 3）利：2024Q2 公司汽 ...

2024 年 08 月 28 日 凯莱英(002821.SZ) 事件： 剔除去年同期大订单影响，2024H1 营收实现正增长： 新签订单及时回暖，公司各板块业务稳健经营： 得益于全球创新药投融资的改善，以及多肽、ADC 等景气赛道的研发 需求提振，2024H1 公司新签订单同比增长超过 20%，在手订单总额达 9.7 亿美元。公司新签订单逐步回暖，驱动各板块业务稳步发展。其 中，小分子业务方面，2024H1 公司交付商业化项目和新增商业化项 目分别为 43 个和 9 个，商业化阶段 CDMO 收入剔除大订单影响后同 比增长 8.82%；新兴业务方面，多肽业务持续快速发展，公司获得多 个跨国制药公司的多肽临床中后期项目，且助力国内客户 GLP-1 多 肽项目动态核查顺利通过。为满足客户多肽商业化生产需求，公司积 极扩建相关产能，2024 年中多肽固相合成总产能达 14,250L。此外， 公司依托在毒素-连子领域的丰富项目经验和专业能力，快速建设一 站式 ADC 服务能力，截至 2024H1，生物大分子业务在手订单接近百 余个，ADC 项目占比总订单数量超过 50%。 投资建议： 预计 2024 年-2026 年 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 48.44 CNY for the next six months, based on a projected P/E ratio of 20 times for 2024 [4][2]. Core Views - The company is experiencing short-term operational pressure but is expected to improve in the future as it expands its product categories and continues to grow in overseas markets. The revenue is anticipated to recover rapidly [1][2]. - In the first half of 2024, the company reported a revenue of 2.13 billion CNY, a year-on-year decrease of 9.0%, and a net profit attributable to shareholders of 160 million CNY, down 32.0% year-on-year [1]. - The second quarter of 2024 saw a revenue of 940 million CNY, reflecting a year-on-year decline of 14.0%, with a net profit of 10 million CNY, down 85.9% year-on-year [1]. Financial Performance Summary - The company's revenue in 2024 is projected to be 4.71 billion CNY, with net profit expected to be 450 million CNY, and EPS forecasted at 2.42 CNY [3][9]. - The company’s overseas revenue grew by 27% year-on-year in the first half of 2024, indicating strong growth momentum in international markets [1]. - The gross profit margin decreased by 1.0 percentage points year-on-year in Q2 2024, while the net profit margin fell by 5.5 percentage points year-on-year, primarily due to increased R&D and management expenses [1][6]. Revenue and Profitability Trends - The overall retail sales of kitchen small appliances in China decreased by 5% year-on-year in the first half of 2024, contributing to the decline in the company's revenue [1]. - The average selling price of the company's products dropped by 14% year-on-year in Q2 2024, with online sales on major platforms like Taobao, JD, and Douyin experiencing declines of 9%, 29%, and 55% respectively [1]. - The company’s operating cash flow in Q2 2024 decreased by 310 million CNY year-on-year, attributed to rising raw material costs and declining sales revenue [1][6].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 157.41 CNY, while the current stock price is 123.00 CNY as of August 28, 2024 [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.267 billion CNY, a year-on-year increase of 26.22%, and net profit of 129 million CNY, a year-on-year increase of 3.64% [4][5]. - In Q2 2024, the company achieved a revenue of 795 million CNY, a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53%, with net profit reaching 119 million CNY, a year-on-year increase of 67.43% and a quarter-on-quarter increase of 1032.79% [4][5]. - The company has a strong order backlog, with contract liabilities increasing by 47% quarter-on-quarter to 2.038 billion CNY, indicating robust demand for its products [5][6]. Financial Performance Summary - For H1 2024, the company reported R&D expenses of 314 million CNY, accounting for 24.81% of revenue, reflecting a commitment to innovation and product development [6][12]. - The company expects revenue growth to continue, projecting revenues of 4.058 billion CNY, 5.275 billion CNY, and 6.593 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 826.6 million CNY, 1.0076 billion CNY, and 1.3955 billion CNY for the same years [12][15]. - The company has maintained a high level of R&D investment, focusing on new products and processes, which have been validated by clients and are contributing to industrial applications [6][11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 29 日 统联精密(688210.SH) 公司快报 行业复苏带动业绩高增，持续研发投入成 长可期 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 3.65 亿元， 同比增长75.49%；公司实现归母净利润4144万元，同比增长304.99%。 其中 24Q2 单季度，公司实现营业收入 2.36 亿元，同比增长 69.28%， 环比增长 81.39%；归母净利润 2677 万元，同比增长 103.61%，环比 增长 82.43%。公司 24Q2 实现单季度毛利率 41.19%，同比增长 7.56 个 pct，环比增长 0.80 个 pct。 平板行业需求回暖，折叠手机市场持续高增，推动业绩高增： 2024H1，受益平板行业复苏、大客户新品上量带动的销量提升以及折 叠屏手机市场持续高增，公司 MIM 产品及其他金属工艺制品业务均 取得了高速增长。其中 MIM 产品实现收入 1.73 亿元，同比增长 39.91%；其他金属工艺制品取得收入 1.78 亿元，同比增长 152.47%， 并首次超越 MIM 产品收入， ...