[Table_MainInfo]行业研究/汽车与零配件 证券研究报告 行业周报 2024 年 09 月 09 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -20.32% -14.83% -9.35% -3.87% 1.61% 7.09% 汽车与零配件 海通综指 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《新车密集上市，经济型乘用车中报盈 利整体走强》2024.09.02 《欧盟披露对华电动汽车反补贴最终调 查结果草案，新款魏牌蓝山正式上市》 2024.08.26 《7 月重卡销量同环比下滑，新能源重 卡表现亮眼》2024.08.19 分析师:刘一鸣 Tel:(021)23154145 Email:lym15114@haitong.com 证书:S0850522120003 分析师:张觉尹 Tel:(021)23185705 Email:zjy15229@haitong.com 证书:S0850523020001 分 ...

[Table_MainInfo]行业研究/机械工业/航空航天与国防 证券研究报告 行业信息点评 2024 年 09 月 09 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -29.68% -22.73% -15.77% -8.82% -1.87% 5.08% | --- | --- | |-------------------------------------------------------------------------|-----------------------------| | | | | | | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《国航、南航首架 C919 关注国产大飞机成长提速》 | 飞机正式入列， 2024.09.04 | | 《中报业绩期，关注积极变化》 | | | 2024.08.26 《国防军工 | 2024 中期策略：看好军技民 | 分析师:张恒晅 Tel:(021)23183943 Email:zhx1 ...

证券研究报告 （优于大市，维持） 海通通信一周谈：政策推动新型信息基础设施协 调发展；AI需求长期向好 余伟民（通信行业分析师） SAC号码：S0850517090006 徐卓（通信行业分析师） SAC号码：S0850524080001 2024年9月9日 网络赋能、AI驱动，天地一体构筑数字经济底座 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

[Table_MainInfo] 公司研究/农业 证券研究报告 巨星农牧（603477）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 17.52 | | | 52 周股价波动（元） | 16.51-39.39 | | | 总股本 / 流通 A 股（百万股） | 510/510 | | | 总市值 流通市值（百万元） | | | | / 相关研究 | 8936/8936 | | | [Table_ReportInfo] 《猪价拖累业绩亏损，出栏有望继续高增》 | | | | | | | | 2024.04.05 市场表现 | | | [Table_QuoteInfo] -35.93% -19.93% -3.93% 12.07% 28 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7][8] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.391 billion yuan, up 77.23% year-on-year, and net profit of 182 million yuan, up 35.36% year-on-year [4][7] - The company is experiencing strong growth in electric golf carts, with revenue of 371 million yuan, a year-on-year increase of 1200.82% [5][7] - The company is expanding its overseas production capacity and sales, with overseas revenue for the first half of 2024 reaching 1.391 billion yuan, up 77.23% year-on-year, driven by significant growth in the US and other regions [7][8] Summary by Sections Financial Performance - For the first half of 2024, the company's operating income was 1.391 billion yuan, with a net profit of 182 million yuan. The second quarter alone saw revenue of 871 million yuan, a 99.76% increase year-on-year [4][7] - The gross margin and net margin for the first half of 2024 were 35.92% and 13.09%, respectively, showing a decline compared to the previous year [4][7] - Operating cash flow improved to 288 million yuan, a 32.71% increase year-on-year [4] Business Segments - Electric golf carts: Revenue of 371 million yuan, up 1200.82% year-on-year, with over 120 dealers established in the US [5][7] - All-terrain vehicles: Revenue of 369 million yuan, up 47.25% year-on-year [5][7] - Electric scooters: Revenue of 296 million yuan, up 15.24% year-on-year [5][7] - Electric bicycles: Revenue of 126 million yuan, up 110.02% year-on-year [5][7] Future Projections - The company is projected to achieve revenues of 2.942 billion yuan in 2024, 3.787 billion yuan in 2025, and 4.522 billion yuan in 2026, with year-on-year growth rates of 37.2%, 28.7%, and 19.4%, respectively [6][8] - The expected net profit for 2024 is 362 million yuan, with a growth rate of 29.1% [6][8] - The company is focusing on expanding its product lines and enhancing its market presence, particularly in North America [7][8]

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 14.37 | | 52 周股价波动（元） | 14.37-20.74 | | 总股本 / 流通 A 股（百万股） | 8360/133 | | 总市值 / 流通市值（百万元） | 120131/49594 | | 相关研究 | | | [Table_ReportInfo] 《风电运营资深龙头，"以大代小"先行者》 | | | 2024.04.28 | | 市场表现 [Table_QuoteInfo] 龙源电力 海通综指 -24.25% -15.25% -6.25% 2.75% 11.75% 20.75% | --- | - ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is a leading player in China's marketing and sales SaaS market, with a strong platform and AI integration [4] - The marketing and sales SaaS market in China has significant growth potential, with a TAM of RMB 4.3 trillion by 2027 [4] - The company is well-positioned to expand its customer base and market share through its dual-drive strategy targeting both SMBs and large enterprises [4] - The global marketing technology sector is experiencing rapid growth, with China's marketing SaaS market entering a phase of consolidation and potential for market leaders to strengthen their competitive moats [4] Financial Projections - Revenue is projected to grow from RMB 1.508 billion in 2024 to RMB 2.702 billion in 2026, with a CAGR of 35.8% [5] - Adjusted net profit is expected to turn positive in 2025, reaching RMB 38 million, and further increase to RMB 124 million in 2026 [5] - The company's gross margin is forecasted to improve from 58.8% in 2024 to 63.1% in 2026 [6] Business Model and Market Position - The company operates two main business segments: SaaS solutions and precision marketing services, with SaaS revenue contributing 57% of total revenue in 2023 [4] - The company's SaaS products, such as T Cloud and Zhenke, cater to both SMBs and large enterprises, offering a comprehensive suite of marketing and sales tools [10][19][21] - The company has a strong presence in the Yangtze River Delta and Pearl River Delta regions, with plans to expand its sales network and partner ecosystem [31][33] Industry Trends - The global marketing technology sector has seen a CAGR of 41.8% over the past 13 years, with 14,106 marketing technology products available in 2024 [55] - China's marketing and sales SaaS market is expected to grow from RMB 20.6 billion in 2022 to RMB 74.5 billion by 2027, with a CAGR of 29.3% [45] - The integration of AI and SaaS in marketing is creating significant value, with generative AI expected to contribute USD 760 billion to USD 1.2 trillion in market revenue [49][52] Strategic Development - The company is following a platform and ecosystem strategy, similar to global leaders like HubSpot and Salesforce, with a focus on AI-driven marketing solutions [62] - The company plans to use IPO proceeds to enhance its platform capabilities, expand its product portfolio, and improve AI and big data technologies [63][64]

Investment Rating - The report assigns an "Outperform" rating to the company [1][7]. Core Views - The company reported a total revenue of 11.379 billion yuan for the first half of 2024, a year-over-year decline of 8.9%, with a net profit of 565 million yuan, down 5.89% year-over-year [2][3]. - Weak demand and rising aluminum prices have pressured revenue and gross profit, but active cost optimization measures have helped maintain profitability [2][3]. - The company is focusing on product brand restructuring and optimizing its product mix to enhance customer experience and operational efficiency [3][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's main business revenue decreased by 9.00% to 11.335 billion yuan, with a sales volume drop of 15.7% [2][3]. - The gross margin fell by 0.91 percentage points to 34.56%, resulting in a gross profit decline of 11.33% to 3.918 billion yuan [2][3]. - The company implemented cost optimization strategies, reducing the expense ratio by 1.84 percentage points [2][3]. Product Performance - The company's market share in the soda category remains above 50%, despite a revenue decline of 7.83% to 8.577 billion yuan [3][5]. - Juice category revenue fell by 14.00% to 1.661 billion yuan, reflecting overall industry pressure [3][5]. - Water category revenue saw a significant drop of 32.3% to 532 million yuan, attributed to intense price competition in the bottled water market [5]. - Other products, including ready-to-drink coffee, grew by 30.55% to 564 million yuan, indicating strong performance in this segment [5]. Future Outlook - The company expects to maintain stable growth in its soda business, projecting a revenue decline of 4% for 2024, with a recovery anticipated in the second half of the year [6]. - The juice business is also expected to improve, with a projected revenue decline of 5% for 2024 [6]. - The water category is forecasted to face challenges, with revenue predictions of -30% for 2024 [6]. - Other business segments are expected to grow significantly, with revenue growth forecasts of 30% for 2024 [6]. Valuation - The company is projected to achieve total revenues of 20.584 billion yuan in 2024, with net profits of 838 million yuan, corresponding to an EPS of 0.30 yuan [7][10]. - The report suggests a PE valuation range of 11-14 times for 2024, translating to a share price range of 3.30-4.20 HKD [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights a significant increase in Q2 performance, with a year-on-year revenue growth of 5.29% to 37.951 billion yuan and a net profit of 1 billion yuan, showing a slight decline of 2.13% [6][7] - The acquisition of the remaining 30% stake in Xinhua San has been completed, increasing the company's ownership from 51% to 81%, which is expected to enhance Xinhua San's growth potential and profitability [7] - Revenue projections for 2024-2026 are estimated at 86.484 billion yuan, 98.077 billion yuan, and 111.459 billion yuan respectively, with net profits expected to reach 2.526 billion yuan, 3.622 billion yuan, and 4.349 billion yuan [7][8] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 37.951 billion yuan, with a Q2 revenue of 20.945 billion yuan, reflecting a quarter-on-quarter increase of 23.16% [6] - The gross profit margin for Q2 was 18.28%, down 1.47 percentage points from the previous year [6] - The company’s inventory increased by 53.75% year-on-year to 30.473 billion yuan, indicating rapid growth in stock levels [6] Business Segments - The ICT infrastructure and services segment generated 26.154 billion yuan in revenue, up 5.43% year-on-year, with a gross margin of 24.37% [6][10] - The IT product distribution and supply chain services segment saw a revenue of 13.616 billion yuan, with a year-on-year growth of 6.26% [10] Valuation and Forecast - The report provides a valuation range for 2024 based on a PE ratio of 30-35 times, suggesting a fair value range of 26.50 yuan to 30.91 yuan per share [7][8] - The projected EPS for 2024, 2025, and 2026 are 0.88 yuan, 1.27 yuan, and 1.52 yuan respectively [8][11]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 9.7 billion yuan for the first half of 2024, representing a year-on-year increase of 18%. The net profit attributable to shareholders was 720 million yuan, up 35% year-on-year. The gross margin was 22.2%, an increase of 1.1 percentage points, and the net margin was 7.4%, also up by 1.1 percentage points [3][4] - The air suspension business is progressing well, with AMK China securing orders from several new energy vehicle manufacturers and traditional leading brands. The company’s subsidiary, Dingyu Technology, focuses on the research and production of air springs and has achieved project designations for its products [3][4] - The company is actively expanding its lightweight manufacturing capabilities overseas, with factories in Slovakia and Mexico under construction. The lightweight business has accumulated orders worth approximately 4.6 billion yuan in the first half of 2024 [4] - The company is also advancing its thermal management system business for new energy vehicles, with orders totaling around 5.6 billion yuan in the first half of 2024 [4] Financial Summary - For the first half of 2024, the company achieved a revenue of 9.7 billion yuan, with a net profit of 720 million yuan. The second quarter alone saw a revenue of 5 billion yuan, a 15% increase year-on-year [3] - The company forecasts revenues of 19.9 billion yuan, 23.1 billion yuan, and 26.5 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.45 billion yuan, 1.73 billion yuan, and 2.04 billion yuan for the same years [4][5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.10 yuan, 1.32 yuan, and 1.55 yuan respectively [5][6] - The company’s gross margin is expected to remain stable around 21.9% for the next few years, with a net profit margin projected to increase gradually [6][7]