Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company benefited from the sales growth of Chery, with a significant increase in the proportion of its parts business [2]. - The manufacturing equipment business has seen a continuous increase in orders, with a backlog of 3.93 billion yuan, up 14.95% from the previous year [2]. - The lightweight parts business is entering a rapid growth phase, contributing 22.97% to total revenue in the first half of 2024, an increase of 14.28 percentage points year-on-year [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.121 billion yuan, a year-on-year increase of 30.45%, and a net profit attributable to shareholders of 162 million yuan, up 79.35% [1]. - For Q2 2024, revenue reached 615 million yuan, a year-on-year increase of 29.46% and a quarter-on-quarter increase of 21.70% [1]. Business Segments - The manufacturing equipment segment has improved in technical development, delivery capability, market expansion, and customer service, leading to a strong order intake [2]. - The lightweight parts segment has ramped up production capacity significantly in 2024, with revenue from automotive parts reaching 257 million yuan in the first half of 2024 [2]. Market Outlook - Chery's vehicle sales from January to July 2024 reached 1,296,380 units, a year-on-year increase of 45.4%, with electric vehicle sales growing by 193.7% [2]. - The company is expected to continue benefiting from Chery's sales growth, with increasing revenue from major clients [2]. Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 2.667 billion yuan, 3.405 billion yuan, and 4.164 billion yuan, respectively, with net profits of 325 million yuan, 391 million yuan, and 489 million yuan [3]. - The estimated earnings per share for the same years are 1.55 yuan, 1.87 yuan, and 2.34 yuan, with corresponding P/E ratios of 17.17, 14.30, and 11.42 [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a total revenue of 1.663 billion yuan in H1 2024, a decrease of 4.59% year-on-year, while the net profit attributable to the parent company was 198 million yuan, an increase of 10.28% [2]. - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of 62.74% [2]. - The company added 103 new stores in H1 2024, with positive revenue growth in Central China, Southwest, North China, and South China regions [2]. Financial Performance - In H1 2024, the company's revenue from fresh goods, pre-packaged and other products, packaging materials, franchise fees, store management fees, and information system usage fees were 1.386 billion, 176 million, 42 million, and 33 million yuan respectively, with year-on-year changes of -6.48%, +4.11%, +5.47%, and +7.32% [2]. - The gross profit margin increased by 3.66 percentage points year-on-year to 24.79% in H1 2024, primarily due to declining costs [2]. - The company expects net profits attributable to the parent company to be 362 million, 408 million, and 456 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 9.04%, 12.94%, and 11.58% [2][3]. Store Performance - The company had a total of 6,308 stores by the end of H1 2024, with 6,279 being franchise stores and 29 being direct stores, reflecting a year-on-year increase of 2.79% in total store count [2]. - The revenue from direct stores and franchise stores in H1 2024 was 138.7 million and 3.2 million yuan respectively, with year-on-year changes of -8.42% and +3.64% [2]. Regional Performance - Revenue growth was positive in Central China, Southwest, North China, and South China, with year-on-year increases of 0.54%, 3.63%, 13.33%, and 7.23% respectively in H1 2024 [2].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 迎驾贡酒(603198)公司点评报告 2024 年 08 月 20 日 [Table_Title] Q2 业绩增 28%，产品结构继续升级 ——迎驾贡酒 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 37.85 亿元，同比+20.44%， 归母净利 13.79 亿元，同比+29.59%，扣非归母净利 13.66 亿元，同比 +32.65%。24Q2，公司实现总营收 14.61 亿元，同比+19.04%，归母净利 4.66 亿元，同比+27.96%，扣非归母净利 4.64 亿元，同比+32.53%。 产品结构持续升级，省内外稳健增长 1）中高档白酒收入占比持续提升。24Q2，公司中高档白酒/普通白酒分别 实现收入 10.69/3.13 亿元，同比分别+24.95%/+6.50%，中高档白酒收入占 主营业务收入的比重同比+2.92pct 至 77.35%。 2）省内外均稳健增长。24Q2，公司省内/省外分别实现收入 9.16/4.65 亿 元，同比分别+22.88%/+ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has achieved steady growth in performance, driven by strong demand in the mining industry and favorable national policies [2][3] - The company is actively expanding its mining business, with revenue from this segment reaching 225 million yuan, a year-on-year increase of 15.56% [2] - The company plans to issue shares to specific investors, which will increase the controlling shareholder's stake from 15.42% to 21.43%, signaling confidence in future development [4] Financial Performance - In the first half of 2024, the company reported operating revenue of 232 million yuan, a year-on-year increase of 15.15%, and a net profit attributable to shareholders of 32.21 million yuan, up 13.62% [2] - The company's net profit forecast for 2024-2026 is projected to be 66.83 million yuan, 88.11 million yuan, and 113.12 million yuan, respectively, with corresponding EPS of 0.22, 0.29, and 0.37 yuan per share [5][7] Industry Outlook - National policies are increasingly focused on promoting intelligent mining, with goals set for 2026 and 2030 to enhance safety and efficiency in the mining sector [3] - The company is positioned to benefit from these trends, leveraging its capabilities in smart mining products and services [5] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 47.71, 35.65, and 27.77, respectively, indicating a favorable growth outlook [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company demonstrated strong operational resilience with continued growth both domestically and externally, achieving a total revenue of 7.305 billion yuan in H1 2024, representing a year-on-year increase of 22.35% [2]. - The growth was primarily driven by products priced over 100 yuan, which accounted for 94.67% of the main business revenue, showing a slight increase of 0.76 percentage points year-on-year [2]. - The company’s net profit for H1 2024 reached 2.461 billion yuan, up 20.08% year-on-year, with a net profit margin of 33.70% [3]. Summary by Sections Revenue and Growth - In H1 2024, the company achieved total revenue of 73.05 billion yuan, with a net profit of 24.61 billion yuan. In Q2 2024, revenue was 26.34 billion yuan, reflecting a growth of 21.52% year-on-year [2]. - Revenue from various product categories in H1 2024 was as follows: Special A+ category: 4.654 billion yuan (+21.91%), Special A category: 2.216 billion yuan (+26.05%), A category: 258 million yuan (+14.32%), B category: 82 million yuan (-2.32%), C category: 44 million yuan (-8.14%) [2]. - Revenue growth was consistent across regions, with notable increases in the Suzhong region (32.91%) and the province outside (36.39%) [2]. Profitability and Cost Management - The company maintained stable profitability with a slight decrease in gross margin to 73.79% in H1 2024, down 0.69 percentage points year-on-year. The net profit margin was 33.70%, down 0.63 percentage points [3]. - The expense ratios for sales, management, R&D, and financial costs were optimized, with the sales expense ratio decreasing by 1.44 percentage points year-on-year [3]. Financial Forecast - The company is projected to achieve net profits of 3.824 billion yuan, 4.633 billion yuan, and 5.604 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 21.94%, 21.16%, and 20.96% [4][5]. - The corresponding price-to-earnings ratios (P/E) for these years are estimated at 14, 11, and 9 times, respectively, based on a market capitalization of 51.7 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved steady revenue growth with a 17.14% year-on-year increase, reaching 497 million yuan in the first half of 2024. However, the net profit attributable to shareholders decreased by 16.81% to 83 million yuan [2] - The smart mining monitoring system showed significant performance, generating 225 million yuan in revenue, a 58.31% increase year-on-year [2] - The report highlights the ongoing development of the smart mining industry driven by supportive government policies, aiming for a substantial increase in intelligent mining capacity by 2026 [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 497 million yuan, a 17.14% increase year-on-year, while the net profit attributable to shareholders was 83 million yuan, down 16.81% [2] - The overall gross margin was 42.80%, a decrease of 4.25 percentage points year-on-year [2] - Revenue breakdown: - Smart mining monitoring system: 225 million yuan, up 58.31% - Smart mining communication system: 176 million yuan, up 6.90% - Smart mining equipment: 58 million yuan, down 16.10% - Smart mining centralized control system: 38 million yuan, down 21.43% [2] Industry Development - The report notes that multiple industry policies have been released in 2024, providing clear guidelines for intelligent mining construction [3] - By 2026, the goal is for intelligent mining capacity to account for no less than 60% of total capacity, with a significant increase in the number of intelligent working faces [3] Research and Development - The company invested 68.33 million yuan in R&D in the first half of 2024, representing 13.73% of its revenue, with 340 R&D personnel making up 35.71% of the total workforce [4] - Progress in the unmanned driving project for mining areas is noted, with successful bids for key projects [4] Earnings Forecast - The revenue forecasts for 2024-2026 have been adjusted to 1.218 billion, 1.498 billion, and 1.815 billion yuan, respectively, with net profit forecasts of 245 million, 287 million, and 329 million yuan [5] - The report projects an EPS of 1.86, 2.18, and 2.50 yuan per share for the same period, with corresponding P/E ratios of 14.64, 12.51, and 10.93 [5]

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2024 年 08 月 19 日 [Table_Title] 华为全联接大会将于 9 月召开，鸿海：GB200 预计 于 Q4 开始出货 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.08.12-2024.08.16）上证综指上涨 0.60%，深 证成指回调0.52%，创业板回调0.26%。本周申万通信上涨 2.42%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（（2024.08.12-2024.08.16）通信板块三级子行业 中，通信工程及服务上涨幅度最高，涨幅为 3.63%，通信线缆及配套 回调幅度最高，跌幅为 1.78%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.08.12-2024.08.16）涨幅板块分析方面，世 纪鼎利（ 60.53% ） 、 亿 通 科 技 、 （ 37.25% ） 、 天 邑 股 份 （32.82%）涨幅分列前三。 鸿海：英伟 ...

[Table_Title] 宏观研究报告 证券研究报告 波动抬升环境下的交易线索 本周关注： 我国 7 月工业增加值同比 5.1%，较上月回落 0.2pct。固投同比 3.9%； 其中制造业投资同比 9.3%，增速延续回落态势。经济在纠偏，随着设备更新 速度的回落，经济基本面也在逐步往潜在增长率的位置走，全年经济能否完 成目标，现在的关键点在地产上 今年 6 月始我国地产销售跌幅收窄，5-7 月累计同比分别为-20.3%、- 19%、-18.6%。新开工面积 7 月累计同比-23.2%，前值为-23.7%。从新开工 数据表现来看，预计后续地产销售和投资继续改善的动能有限。 流动性梗阻问题依然存在。7 月社融存量增速 8.2%，较上月回升 0.1pct， 主要系政府信用的扩张拉动，政府债增速 15.4%，较上月提高 0.4pct。但这 个扩张对基建的积极效果有限。 考虑到政策的强定力以及现实环境，利率债的上涨不会太迅速，但在因 措施升级造成的债市下跌后，债市的反弹意味着市场久期调整的完毕，后续 若无力度加码，利率债也不太会继续下跌。 近期市场在讨论降准的可能性。我们认为短期内降准的概率不大，央行 最近的几次降准 ...

[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 08 月 19 日 [Table_Title] 智能电动加力，关注海外电动化趋势 [Table_Summary] 报告要点： 国内智能电动持续加力发展 本周行业端智能电动化仍呈持续加力发展态势。8 月 11 日，中共中央国 务院印发关于加快经济社会发展全面绿色转型的意见。意见提出，推广 低碳交通运输工具。到 2030 年，营运交通工具单位换算周转量碳排放强 度比 2020 年下降 9.5%左右。到 2035 年，新能源汽车成为新销售车辆的 主流。上海市政府印发《上海市交通领域大规模设施设备更新专项工作 方案（2024-2027 年）》，计划到 2027 年底前上海市公交车、出租汽车 全面实现新能源化。同时智能化方面，全球首个面向智慧交通场景应用 的 RISC-V 车路云协同验证示范系统于在上海临港发布，上海 RISC-V 数字基础设施生态创新中心一并成立；中汽中心与华为签署合作协议， 推动在政策标准等领域全方位合作。而企业端智能化是主要发力方向， 埃安旗下高端品牌昊铂发布了智慧数字底盘 ...

2024 年 08 月 16 日 [Table_Title] 每日复盘 证券研究报告 20240816 市场复盘：指数窄幅整理，AI 题材持续发酵 报告要点： 2024 年 8 月 16 日三大指数窄幅整理，AI 穿戴题材持续发酵，病毒防 治概念股走俏。上证指数上涨 0.07%，深证成指下跌 0.24%，创业板指下跌 0.08%。市场成交额 5941.35 亿元，较上一交易日减少 2.09 亿元。全市场 1668 只个股上涨，3529 只个股下跌。 风格上看，稳定、消费、周期和成长风格有所下跌，金融风格有所上 涨；非基金重仓股指数表现优于基金重仓股；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：通信 （1.58%），银行（1.17%），家电（0.63%）；表现相对靠后的是：农林牧渔 （-1.79%），国防军工（-1.72%），建材（-1.58%）。概念板块方面，多数概 念板块下跌，体外诊断、新冠肺炎检测、仿制药等大幅上涨；鸡产业、 EDA、猪产业等大幅走低。 资金筹码方面，主力资金 8 月 16 日净流出 85.74 亿元。其中超大单净 流出 7.03 亿元，大单净流出 7 ...