[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 爱美客(300896)公司点评报告 2024 年 08 月 22 日 [Table_Title] 24Q2 业绩高基数下增长放缓，多赛道布局新管线 ——爱美客(300896)2024 年半年报点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 24Q2 业绩增速放缓，盈利能力稳居高位 2024H1 公司实现营业收入 16.57 亿元，同比增长 13.53%，实现归母净利 润 11.21 亿元，同比增长 16.35%，实现扣非归母净利润 10.89 亿元，同比 增长 16.58%。盈利能力方面，2024H1 毛利率为 94.91%，同比下降 0.5pct， 净利率为 67.68%，同比提升 1.82pct。费用端来看，2024H1 公司销售费用 率为 8.52%，同比下降 1.67pct，管理费用率为 4.09%，同比下降 1.4pct， 研发费用率为 7.59%，同比提升 0.44pct。单 Q2 公司实现营业收入 8.49 亿 元，同比增长 2. ...

[Table_Index] 主要数据： 上证综指： 2856.58 深圳成指： 8229.75 沪深 300： 3321.64 中小盘指： 3045.82 创业板指： 1558.51 分析师 朱定豪 执业证书编号 S0020521120002 邮箱 zhudinghao@gyzq.com.cn 电话 021-51097188 分析师 房倩倩 [Table_Title] 每日复盘 证券研究报告 2024 年 08 月 21 日 20240821 市场复盘：市场缩量震荡，锂电池概念领涨 报告要点： 2024 年 8 月 21 日市场缩量震荡，锂电池概念领涨。上证指数下跌 0.35%，深证成指下跌 0.28%，创业板指下跌 0.60%。市场成交额 5126.85 亿元，较上一交易日减少 485.04 亿元。全市场 1848 只个股上涨，3234 只 个股下跌。 风格上看，稳定、周期、金融消费和成长风格均出现下跌，其中消费风 格跌幅最显著；基金非重仓股指数表现优于基金重仓股；成长股表现优于价 值股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：有色金 属（0.96%），汽车（0.23%），电子（0.11 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Viewpoints - The company experienced a slight decline in revenue and a significant drop in net profit due to increased investments in AI technology, which has led to higher server costs [2]. - The company is enhancing its multi-modal AI capabilities, which are being integrated into various product applications, thereby improving user experience and expanding product functionalities [3]. - The government and enterprise business segment has shown significant growth, with a 46% year-on-year increase in revenue, reflecting improved service quality and customer satisfaction [4]. - The company is positioned as a leading digital creative enabler, with substantial growth potential in the AIGC (AI-Generated Content) sector [5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 705 million yuan, a year-on-year decrease of 1.80%, and a net profit of 24.49 million yuan, down 43.99% [2]. - The gross margin for the main business was 93.88%, a decline of 1.51 percentage points compared to the previous year [2]. - The company’s R&D investment reached 209 million yuan, an increase of 8.55% year-on-year, with R&D personnel accounting for approximately 54% of the total workforce [3]. - Revenue projections for 2024-2026 have been adjusted to 1.627 billion, 1.857 billion, and 2.090 billion yuan, respectively, with net profit forecasts of 95.16 million, 122.21 million, and 165.53 million yuan [5][7]. Market Position and Strategy - The company is actively exploring B-end business opportunities and has established strategic partnerships with major enterprises, enhancing its market recognition and potential [4]. - The company has successfully integrated over 100 AI algorithms into its products, significantly improving the quality and capabilities of its offerings [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a total revenue of 7.544 billion yuan in H1 2024, representing a year-on-year increase of 9.42%, with a net profit attributable to shareholders of 803 million yuan, up 9.17% [3] - The growth in revenue is primarily driven by the strong performance of frozen prepared foods, which saw a year-on-year increase of 21.86% in H1 2024 [3] - The company has a dividend payout ratio of 57.50% for H1 2024, with a proposed cash dividend of 1.38 yuan per share [3] Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: frozen prepared foods (3.833 billion yuan, +21.86%), frozen dishes (2.208 billion yuan, +0.40%), and frozen noodle products (1.291 billion yuan, +1.37%) [3] - The company experienced a decline in revenue from other categories, such as agricultural products (-27.08%) and leisure foods (-94.48%) due to a shift to ambient food business [3] Regional Performance - Revenue growth was robust in the Southwest and overseas regions, with increases of 27.04% and 37.34% respectively in H1 2024 [3] - The revenue from East China, North China, and South China also showed positive growth, while some regions like Northeast and Northwest experienced slight declines [3] Channel Performance - The company’s revenue from various sales channels in H1 2024 included: distributors (6.113 billion yuan, +12.42%), supermarkets (431 million yuan, -3.03%), and new retail channels (327 million yuan, +27.32%) [3] - The new retail channel showed significant growth, indicating a shift in consumer purchasing behavior [3] Profitability Metrics - The gross margin improved by 1.81 percentage points to 23.91% in H1 2024, driven by an increase in the proportion of high-margin frozen prepared foods [3] - The net profit margin for H1 2024 was 10.64%, slightly down by 0.02 percentage points year-on-year due to increased management expenses and reduced government subsidies [3] Financial Projections - The company is projected to achieve net profits of 1.633 billion yuan, 1.878 billion yuan, and 2.096 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.51%, 14.99%, and 11.57% [3][4] - The price-to-earnings (P/E) ratios for the company are expected to be 13, 12, and 10 times for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company's H1 2024 revenue reached 10.147 billion yuan, a year-on-year increase of 21%, while the net profit attributable to shareholders was 2.096 billion yuan, a decrease of 4.97% year-on-year [2][9] - The decline in profit margins is attributed to increased operating expenses and a decrease in the gross margin of the materials business, particularly due to the impact of domestic quartz sand demand and the influx of imported quartz sand [2][9] - The company is expected to benefit from the recognition of its fifth-generation single crystal furnace and intelligent integrated equipment, as well as the rapid growth of its materials business [3][12] Financial Performance - In H1 2024, the company's gross margin was 37%, down 5.65 percentage points year-on-year, and the net profit margin was 23.54%, down 6.46 percentage points year-on-year [2][9] - The equipment and service business generated revenue of 7.37 billion yuan, up 20.6% year-on-year, while the materials business generated revenue of 2.37 billion yuan, up 25.7% year-on-year [2][9] - The company forecasts net profits of 5.712 billion yuan and 6.869 billion yuan for 2024 and 2025, respectively, with a projected PE ratio of 5.8X for 2024, indicating a historically low valuation [3][12] Business Segments - In the semiconductor equipment sector, the company has achieved breakthroughs in the domestic production of 8-12 inch silicon wafer equipment and has a leading market share in domestic long crystal equipment [10] - The company continues to innovate in the photovoltaic equipment sector, launching highly automated products that help customers reduce costs and improve efficiency [10] - In the materials sector, the company has established a leading position in high-quality large-size quartz crucibles and is expanding its production capacity in the diamond wire sector [10]

Investment Rating - Buy | Maintain [2] Core Viewpoints - 24H1 performance exceeded expectations with a 47% YoY increase in net profit attributable to the parent company [3] - Revenue for 24H1 reached RMB 2.54 billion, a 58.21% YoY increase, with net profit attributable to the parent company at RMB 983 million, up 47.41% YoY [3] - Adjusted net profit for 24H1 was RMB 1.027 billion, a 51.77% YoY increase [3] - Gross margin for 24H1 was 82.4%, down 1.74 percentage points YoY due to product expansion and increased sales costs [3] - Sales expense ratio for 24H1 was 35.11%, up 0.54 percentage points YoY, driven by rapid expansion of online direct sales channels [3] - Management expense ratio for 24H1 was 2.58%, down 0.37 percentage points YoY, while R&D expense ratio was 1.92%, down 0.2 percentage points YoY [3] Brand and Channel Performance - Kefumei brand revenue for 24H1 was RMB 2.071 billion, a 68.6% YoY increase, driven by the star product "Collagen Stick" and new product "Focus Series" [4] - Kelijing brand revenue for 24H1 was RMB 396 million, a 23.6% YoY increase, with new products like "Collagen Eye Cream" and "Collagen Face Cream" contributing to growth [4] - Direct sales channels accounted for 72.4% of total revenue in 24H1, with DTC online direct sales contributing 63.1%, a 64.1% YoY increase [4] - Distribution channels accounted for 27.6% of total revenue, up 34.4% YoY [4] - Online sales on platforms like Tmall and Douyin grew rapidly, with Kefumei and Kelijing achieving over 60% and 100% growth respectively during the 618 shopping festival [4] - Offline channels covered approximately 1,500 public hospitals, 2,700 private hospitals and clinics (200 more than in 2023), 650 chain pharmacies, and around 6,000 CS/KA stores [4] - The company opened about 10 new stores in key cities like Xi'an, Chongqing, and Chengdu, and launched its first flagship store in June [4] Production and Expansion - The company added one new production line each for cosmetics and medical devices in 24H1 [4] - A new medical device factory is expected to be operational within the year [4] Financial Forecast - The company is expected to achieve net profit attributable to the parent company of RMB 1.951 billion, RMB 2.435 billion, and RMB 2.957 billion for 2024, 2025, and 2026 respectively [5] - The corresponding P/E ratios are 19x, 16x, and 13x for 2024, 2025, and 2026 respectively [5] Industry Position - The company is a leader in collagen-based professional skin care products in China, with a strong focus on R&D and a portfolio of eight consumer brands [5]

[Table_Index] 主要数据： 上证综指： 2866.66 深圳成指： 8252.87 沪深 300： 3332.70 中小盘指： 3057.05 创业板指： 1567.97 [Table_Author] 报告作者 分析师 朱定豪 执业证书编号 S0020521120002 邮箱 zhudinghao@gyzq.com.cn 电话 021-51097188 分析师 房倩倩 2024 年 08 月 20 日 [Table_Title] 每日复盘 证券研究报告 20240820 市场复盘：三大指数齐落，周期风格跌幅明显 报告要点： 2024 年 8 月 20 日三大指数齐落，周期风格跌幅明显。上证指数下跌 0.93%，深证成指下跌 1.24%，创业板指下跌 1.34%。市场成交额 5611.89 亿元，较上一交易日减少 120.87 亿元。全市场 668 只个股上涨，4590 只个 股下跌。 风格上看，稳定、周期、金融消费和成长风格均出现下跌，其中周期风 格跌幅最显著；基金重仓股指数表现与基金非重仓股持平；成长股表现劣于 价值股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：银行 （0.31 ...

[Table_Invest]增持|维持 [Table_TargetPrice] [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 金徽酒(603919)公司点评报告 2024 年 08 月 20 日 [Table_Title] 省内基本盘稳固，省外经销商拓展加速 ——金徽酒 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 17.54 亿元（+15.17%），归 母净利 2.95 亿元（+15.96%），扣非归母净利 3.02 亿元（+19.08%）。2024Q2， 公司实现总收入 6.78 亿元（+7.73%），归母净利 0.74 亿元（+1.88%），扣非 归母净利 0.80 亿元（+10.56%）。 省内收入增速领先，H1 末省外经销商数量同比+30.34% 1）H1 公司 300 元以上产品同比+44.71%。2024H1，公司 300 元以上、100- 300 元、100 元以下产品收入分别为 3.13、8.90、5.22 亿元，同比+44.71%、 +14.97%、+1.77%，24Q2 收 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's H1 2024 performance is impressive, with revenue reaching 12.09 billion yuan, a year-on-year increase of 36.50%, and net profit attributable to shareholders reaching 1.367 billion yuan, a year-on-year increase of 792.79% [3][7] - The company is actively expanding into high-end smartphone and automotive electronics markets, with significant growth in its image sensor business [8][9] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 12.09 billion yuan, up 36.50% year-on-year, and net profit of 1.367 billion yuan, up 792.79% year-on-year. The gross margin and net margin were 29.14% and 11.26%, respectively [3][7] - For Q2 2024, revenue was 6.448 billion yuan, a year-on-year increase of 42.55%, and net profit was 808 million yuan, a year-on-year increase of 1869.21% [7] Product Segments - The image sensor business is the core segment, with H1 2024 revenue of 9.312 billion yuan, a year-on-year increase of approximately 49.90%, accounting for about 77.15% of total revenue. The smartphone CIS segment generated 4.868 billion yuan, up 78.51% year-on-year [8] - In the automotive electronics sector, H1 2024 revenue from automotive CIS reached 2.914 billion yuan, a year-on-year increase of approximately 53.06%, accounting for about 31% of CIS revenue [9] Market Outlook - The company is well-positioned to capture market share in high-end smartphone brands and automotive electronics, driven by the increasing demand for advanced image sensors and the growth of autonomous driving applications [8][9] - The company forecasts net profits of 3.326 billion yuan and 4.506 billion yuan for 2024 and 2025, respectively, with a target price of 126 yuan per share based on a 34x valuation [3][8]

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating expected stock performance to outperform the benchmark index by more than 15% over the next six months [7]. Core Insights - Hikvision's business continues to develop steadily, with innovative business segments growing rapidly. The company reported a total revenue of 41.209 billion yuan for the first half of 2024, a year-on-year increase of 9.68%. The net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan, while the net profit excluding non-recurring items increased by 4.11% to 5.243 billion yuan [2][5]. Summary by Sections Financial Performance - In the first half of 2024, Hikvision achieved total revenue of 41.209 billion yuan, up 9.68% year-on-year. The gross profit margin remained stable at 45.05%. Domestic revenue from three business groups (BG) totaled 18.971 billion yuan, a slight decline of 0.26%. The overseas business generated revenue of 11.441 billion yuan, an increase of 15.46%, while innovative business revenue reached 10.328 billion yuan, growing by 26.13% [2][3]. Business Segments - The report highlights a shift in revenue structure within the domestic market, with the public security sector's contribution to PBG revenue declining. However, traffic management and government business revenues are increasing. The EBG business continues to grow in various sectors, while overseas revenue is primarily driven by developing countries, which now contribute approximately 70% of international sales [3][4]. Research and Development - Hikvision has increased its R&D investment to 5.698 billion yuan in the first half of 2024, a year-on-year growth of 7.81%. Innovative business now accounts for 25% of total revenue, with significant market presence in various verticals. The company aims to enhance its competitive edge in scene digitalization [4][5]. Profit Forecast and Valuation - The report forecasts Hikvision's revenue for 2024-2026 to be 98.085 billion, 107.253 billion, and 116.664 billion yuan, respectively. The adjusted net profit estimates for the same period are 15.268 billion, 16.973 billion, and 18.689 billion yuan, with corresponding EPS of 1.65, 1.84, and 2.02 yuan per share. The projected P/E ratios are 16.15, 14.53, and 13.20 times [5][10].