[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_TargetPrice] 泸州老窖(000568)公司点评报告 2024 年 09 月 02 日 [Table_Title] 节奏短期放缓，护城河稳固 ——泸州老窖 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 169.05 亿元（+15.84%）， 归母净利 80.28 亿元（+13.22%），扣非归母净利 79.94 亿元（+13.54%）。 2024Q2，公司实现总收入 77.16 亿元（+10.51%），归母净利 34.54 亿元 （+2.24%），扣非归母净利 34.42 亿元（+2.68%）。 H1 中高档酒收入同增 17%，境内经销商数量较年初+4% 1）中高档酒为增长主要驱动力。2024H1，公司中高档、其他酒类收入分别 为 152.13、16.25 亿元，同比+17.12%、+6.86%，分量价看，中高档、其 他酒类销量分别为 2.13、2.66 万吨，同比+25.71%、+0.56%，推算单价分 别为 357.41、 ...

[Table_Main] 公司研究|有色金属材料 证券研究报告 洛阳钼业(603993)公司点评报告 2024 年 09 月 02 日 [世界级 Table_Title铜] 钴项目达产放量，上半年业绩高速增长 ——洛阳钼业 2024 年半年度报告点评 [事件：公司 Table_Summary 8 月] 23 日发布 2024 年半年度报告，期内实现营业收入 1028.18 亿元，同比增长 18.56%；实现归母净利润 54.17 亿元，同比增长 670.43%。 点评： TFM 和 KFM 上半年保持快节奏生产，助力刚果（金）板块业绩高增 公司在刚果（金）运营两座世界级矿山 TFM 和 KFM，上半年保持快节奏生 产乃至超产，频创单月产量历史记录。2024 年上半年，刚果（金）板块实 现营业收入 243.68 亿元，同比增长 444.78%，毛利 123.16 亿元。TFM 项 目，目前主工艺全部打通，一季度顺利达产，二季度顺利达标，TFM 五条 生产线全面建成，形成 45 万吨铜、3.7 万吨钴的产能规模，成为世界第五 大铜矿山和第二大钴矿山。KFM 项目，作为世界罕有的高铜高钴矿，具备 15 万吨铜、5 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][17]. Core Viewpoints - The semiconductor sector is experiencing steady growth, while the aerospace sector is facing a temporary decline in orders. The company reported a revenue of 915 million yuan for the first half of 2024, a year-on-year decrease of 10.54%, and a net profit attributable to shareholders of 172 million yuan, down 39.94% year-on-year [2][3]. - The company is maintaining high levels of R&D investment, with R&D expenses reaching 131 million yuan, a year-on-year increase of 37.77%, reflecting a commitment to innovation and product development [4][6]. - The company has successfully developed two high-performance composite material projects and advanced its optical products, indicating strong capabilities in extending its industrial chain [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 410 million yuan, down 17.81% year-on-year, and a net profit of 77 million yuan, down 30.77% year-on-year. In Q2 2024, revenue was 505 million yuan, down 3.61%, with a net profit of 95 million yuan, down 45.80% [3][4]. - The revenue structure for the first half of 2024 shows that quartz glass materials accounted for 57.89% of total revenue, a decrease of 7.97 percentage points, while quartz glass products accounted for 41.53%, an increase of 11.25 percentage points [3][4]. R&D and Innovation - The company has increased its R&D project count and investment, with R&D expenses constituting 14.28% of total revenue, up 5.01 percentage points year-on-year [4][6]. - The company is recognized for its leading position in the domestic market for large-scale synthetic quartz glass manufacturing technology [5][6]. Profitability and Forecast - The company's gross margin for the first half of 2024 was 42.85%, down 7.28 percentage points year-on-year, and the net margin was 19.88%, down 9.63 percentage points year-on-year [4][6]. - Future profit forecasts estimate net profits of 557 million yuan, 749 million yuan, and 950 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 29.25, 21.75, and 17.15 [6][10].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported stable revenue growth and a mid-term dividend plan, with H1 2024 revenue reaching 399 million yuan, a year-on-year increase of 7.56%, while net profit attributable to shareholders decreased by 44% to 51 million yuan [1] - The audio-visual business is rapidly growing, with audio-visual sales accounting for 31.99% of total revenue, an increase of 26.83 percentage points year-on-year [1] - The company is advancing its "AI + content + scenario" strategy, providing compliant data services to AI model companies and enhancing user interaction through AI search functions [1] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 399 million yuan, a year-on-year increase of 7.56% - The net profit attributable to shareholders was 51 million yuan, down 44% year-on-year, while the net profit after deducting non-recurring gains and losses was 49 million yuan, up 11.8% year-on-year [1][2] - The company plans to distribute a cash dividend of 0.08 yuan per 10 shares [1] Business Development - The company is focusing on expanding its audio-visual content, with over 46 million audio-visual content materials and a significant increase in sales from this segment [1] - Strategic investments were made in leading 3D content manufacturing companies to enhance the copyright content library [1] - The online trading platform's sales proportion increased from 15.66% to 29.21% year-on-year, significantly improving service capabilities for small and medium enterprises [1] Strategic Initiatives - The company has established an "AI + content + scenario" strategy, leveraging its extensive compliant content data to support AI model companies [1] - The launch of AI search functions on its platforms has improved user interaction [1] - The company is collaborating with AI model trainers to provide customized AIGC content services [1] Profit Forecast - The company is expected to achieve net profits of 147 million yuan, 176 million yuan, and 202 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.21 yuan, 0.25 yuan, and 0.29 yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved stable revenue growth in H1 2024, with operating income of 878 million yuan, a year-on-year increase of 26.38%, and a net profit attributable to shareholders of 165 million yuan, up 2.12% year-on-year [2]. - The instrument business is growing rapidly, while reagent products are expected to see increased volume in the second half of the year [2]. - The company is making steady progress in R&D, with a focus on expanding overseas markets [2]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 43.10%, a decrease of 6.44 percentage points year-on-year, primarily due to a higher proportion of certain instrument sales [2]. - The sales expense ratio decreased by 0.93 percentage points to 14.03%, management expense ratio decreased by 1.78 percentage points to 2.84%, and financial expense ratio decreased by 0.43 percentage points to -0.16% [2]. Business Segments - Instrument revenue reached 617 million yuan, a year-on-year increase of 42.18%, with a gross margin of 31.20%, down 5.73 percentage points [2]. - Reagent revenue was 259 million yuan, a slight increase of 0.35%, with a gross margin of 71.66%, up 0.65 percentage points [2]. R&D and Market Expansion - The company employed 372 R&D personnel, accounting for 19% of total staff, with R&D investment nearing 70 million yuan, a year-on-year increase of over 40% [2]. - Overseas revenue in H1 2024 was 181 million yuan, a decrease of 25.11% year-on-year, attributed to regulatory issues in Indonesia and payment collection in Russia [2]. Future Outlook - The company is expected to achieve operating revenues of 1.84 billion yuan, 2.19 billion yuan, and 2.63 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 368 million yuan, 441 million yuan, and 538 million yuan [2][3]. - Corresponding EPS is projected to be 1.34 yuan, 1.61 yuan, and 1.96 yuan, with PE ratios of 11x, 9x, and 7x for the respective years [2].

Investment Rating - The report assigns a "Recommended" rating to the telecommunications and electronics industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [3]. Core Insights - The telecommunications sector is experiencing a shift, with the data communication optical module market expected to surpass the telecommunications optical module market due to the rapid growth of cloud computing and AI technologies [4]. - In the first quarter of 2024, the annualized revenue share of the data communication optical module market increased significantly from 46.1% in 2023 to 53.7% [4]. - The report highlights a notable increase in capital expenditures by major tech companies in AI infrastructure, with "BAT" (Baidu, Alibaba, Tencent) spending 50 billion yuan in the first half of 2024, a 117% increase year-on-year [16][18]. Market Overview - The overall market performance for the week of August 26 to August 30, 2024, saw the Shanghai Composite Index decline by 0.43%, while the Shenzhen Component Index and the ChiNext Index increased by 2.04% and 2.17%, respectively [3][10]. - The telecommunications sector index experienced a decline of 0.50% during the same period [10]. - Among the sub-sectors, communication cables and accessories had the highest increase of 4.35%, while communication network equipment and devices saw the largest decline of 2.71% [13][14]. Company Performance - Notable stock performances for the week included Gaohong Co., which rose by 27.59%, followed by Alade at 21.21% and Yitong Technology at 19.81% [15]. - The report lists several companies to watch, including Zhongji Xuchuang, Xinyi Sheng, and Yuanzhe Technology in the computing power sector, and Haige Communication and Fujida in satellite communications [5]. Key Announcements - The report details significant announcements from various companies, including Shanghai Hanxun's mid-year report showing a revenue decline of 27.56% year-on-year, and Zhongtian Technology reporting a revenue increase of 6.32% [20][21].

Investment Rating - The report maintains a rating of "Add" for the company [2] Core Views - The company achieved total revenue of 5.075 billion yuan in H1 2024, representing a year-on-year increase of 75.39%, with a net profit attributable to shareholders of 290 million yuan, up 88.57% year-on-year [2][3] - The growth in revenue was primarily driven by the Douyin e-commerce platform, which saw a remarkable year-on-year growth of 180.73%, contributing 1.224 billion yuan to the total revenue [3] - The company continues to expand its national snack store network, opening 209 new stores by the end of H1 2024, with a revenue contribution of 175 million yuan from these stores [3] - The three main product categories, nuts, baked goods, and mixed products, showed strong performance, with revenues of 2.760 billion yuan, 609 million yuan, and 934 million yuan respectively, reflecting year-on-year growth rates of 67.90%, 38.85%, and 164.82% [3] - The company has optimized its supply chain, leading to an increase in gross margin to 25.85%, up 0.88 percentage points year-on-year, and a significant improvement in net profit margin [3] Financial Data and Valuation - The company is projected to achieve net profits of 401 million yuan, 574 million yuan, and 768 million yuan for the years 2024, 2025, and 2026, with growth rates of 82.63%, 43.02%, and 33.75% respectively [4] - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 18, 12, and 9 times respectively, based on a market capitalization of 7.1 billion yuan as of August 30 [4] - The company's revenue is expected to reach 10.205 billion yuan in 2024, with a year-on-year growth of 43.44% [4] Key Metrics - The company reported a return on equity (ROE) of 14.06% for 2024, projected to increase to 19.67% by 2026 [4] - The earnings per share (EPS) is expected to rise from 0.55 yuan in 2023 to 1.91 yuan in 2026 [4] - The company’s total assets are projected to grow from 55.43 billion yuan in 2023 to 84.12 billion yuan in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for Berteli (603596.SH) with a target price of 45.43 CNY, indicating a potential upside from the current price of 37.20 CNY over the next six months [4]. Core Insights - Berteli's H1 2024 revenue reached 3.971 billion CNY, a year-on-year increase of 28.32%, while net profit attributable to shareholders was 457 million CNY, up 28.65% year-on-year [2]. - The company has seen significant growth in its smart electric control products and lightweight brake components, with sales increasing by 32.04% and 61.17% respectively [2]. - The company is expanding its market presence both domestically and internationally, with 196 new project approvals in H1 2024, a 35% increase from the previous year [2]. Summary by Sections Financial Performance - In H1 2024, Berteli achieved a gross margin of 21.43% and a net margin of 11.87%, showing improvement from Q1 [2]. - The company forecasts net profits of 1.152 billion CNY, 1.422 billion CNY, and 1.715 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 CNY, 2.34 CNY, and 2.83 CNY [3][4]. Business Development - The company is actively pursuing new business opportunities, with successful mass production of WCBS 1.5 and initial supply of WCBS 2.0 to clients [2]. - Berteli is also expanding its production capacity, including a new annual capacity of 300,000 units for EPS and EPS-ECU production lines [2]. Market Position - Berteli's strategy includes optimizing its customer structure and increasing the number of new clients, which has led to a robust order book [2]. - The company is well-positioned in the automotive electronics and control components sector, with key subsidiaries showing improved profitability [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a total revenue of 14.156 billion yuan in H1 2024, representing a year-on-year increase of 9.18%, with a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [3]. - The company has announced an employee stock ownership plan for 2024-2028, with a total of 800 participants and a special incentive fund of 184 million yuan, aiming for a net profit growth of no less than 10.80% in 2024 [3]. - The company experienced robust growth in its online sales, with H1 2024 online revenue increasing by 29.17% year-on-year [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 14.156 billion yuan (+9.18%) and a net profit of 3.453 billion yuan (+11.52%) [3]. - For Q2 2024, total revenue was 6.462 billion yuan (+7.98%) and net profit was 1.534 billion yuan (+11.12%) [3]. - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in H1 2024 was 7.264 billion, 1.452 billion, 2.322 billion, and 2.146 billion yuan, respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [3]. Growth Drivers - The company’s offline revenue grew by 8.26% year-on-year in H1 2024, while online revenue surged by 29.17% [3]. - The southern region showed the highest growth rate, with H1 2024 revenue of 2.657 billion yuan (+17.46%) [3]. - The number of distributors increased by 83 in H1 2024, indicating a recovery in distributor numbers [3]. Profitability and Costs - The gross profit margin for H1 2024 was 36.86%, an increase of 0.95 percentage points year-on-year, while the net profit margin was 24.39%, up 0.51 percentage points [3]. - The company’s selling, general, and administrative expenses increased, with the selling expense ratio rising due to higher labor and advertising costs [3]. - Other income contributed positively to profits, with H1 2024 other income ratio at 0.68%, up 0.46 percentage points year-on-year [3]. Future Projections - The company is projected to achieve net profits of 6.235 billion, 6.887 billion, and 7.589 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.81%, 10.46%, and 10.20% [3][4]. - The corresponding price-to-earnings ratios for these years are expected to be 33, 30, and 27 times [3].

[Table_Main] 公司研究|有色金属材料 证券研究报告 锡业股份(000960)公司点评报告 2024 年 09 月 02 日 [Table 锡产品_Title] 毛利率改善，扣非净利润大幅增长 ——锡业股份 2024 年半年度报告点评 [事件：公司 Table_Summary 8 月] 23 日发布 2024 年半年度报告，期内实现营业收入 187.75 亿元，同比下降 17.77%；归母净利润 8.00 亿元，同比增长 16.35%；扣非 归母净利润 9.98 亿元，同比增长 67.95%。 点评： 上半年锡矿供应同比明显下滑，需求维持复苏态势 价格端，受宏观情绪向好和供给紧张预期影响，2024 年上半年锡价整体偏 强运行，沪锡主力合约均价 25.12 万元/吨，同比上涨 21.19%，伦锡均价 29,324 美元/吨，同比上涨 12.56%。供给端，2024 年上半年受东南亚相关 产锡国相关政策变动影响，全球锡矿供应同比明显下滑，锡锭供应方面，国 内锡锭产量稳定，但海外部分锡锭主产国受出口审批政策调整影响一季度 产量下滑较大。需求端，上半年锡需求维持复苏的态势，其中电子焊料需求 随着半导体周期企 ...