Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved revenue of RMB 52.3 billion in the first half of 2024, a slight decrease of 0.84% YoY, but net profit attributable to shareholders surged by 93.15% YoY to RMB 2.13 billion [4] - The company's aquatic feed business grew against the market trend, with sales volume increasing by approximately 10% YoY in H1 2024, driven by strong product offerings and comprehensive service capabilities [4] - The company's pig feed sales declined by 7% YoY in H1 2024 due to reduced demand from small-scale farmers, but poultry feed sales increased by 14% YoY [5] - The company's overseas business saw significant growth, with feed sales exceeding 1 million tons, up over 30% YoY, and profitability improved [7] - The company's breeding business turned profitable in H1 2024, with 2.7 million pigs sold, and the overall breeding capacity continues to improve [7] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 116.1 billion in 2023 to RMB 152.3 billion in 2026, with a CAGR of 11.1% [6] - Net profit is projected to increase from RMB 2.74 billion in 2023 to RMB 5.82 billion in 2026, with a CAGR of 20.5% [6] - The company's gross margin is expected to improve from 8.5% in 2023 to 10.6% in 2026 [6] - EPS is forecasted to grow from RMB 1.65 in 2023 to RMB 3.50 in 2026 [6] Market and Industry Analysis - The aquatic feed industry faced pressure in H1 2024, with national production declining by 2.4% YoY, but the company outperformed with a 10% sales growth [4] - The company's market share in the aquatic feed sector is expected to further increase in H2 2024 due to favorable market conditions and strategic adjustments [4] - The company's pig feed business is expected to recover in H2 2024 as pig farming profits improve and restocking increases [5] Valuation and Recommendations - The report values the company at a PE range of 20-25x for 2024, implying a fair value range of RMB 55.0-68.8 per share [7] - The company's long-term strategy includes expanding its overseas market and leveraging its technological and operational advantages [7]

Investment Rating - The report assigns an "Outperform" rating to the company [1][28]. Core Views - The company has significantly improved its profits in 2023, with a main business revenue of 5.934 billion yuan, a year-on-year increase of 10.60%, and a net profit attributable to shareholders of 458 million yuan, a year-on-year increase of 131.85% [3][4]. - The growth in profits is attributed to an expanded market share in the acquiring business, an increase in the proportion of QR code transactions, improved payment transaction structure, and effective conversion of merchant value through "payment + technology" services [3][5]. - The company is recognized as a leading player in the digital payment industry, leveraging its brand influence, industry scale, R&D innovation, data resources, and corporate culture to maintain a competitive edge [5][28]. Financial Performance Summary - In 2023, the company achieved a main business revenue of 5.934 billion yuan, with a net profit of 458 million yuan and a significant increase in net profit margin to 7.7% [4][13]. - The company forecasts revenue growth for 2024-2026 at 60.23 billion yuan, 67.74 billion yuan, and 76.28 billion yuan, respectively, with net profits projected at 926 million yuan, 1.125 billion yuan, and 1.342 billion yuan [28][13]. - The gross profit margin is expected to improve, with projections of 31.6% in 2024, 32.9% in 2025, and 33.7% in 2026 [4][13]. Business Segmentation - The digital payment business generated 5.18 billion yuan in revenue in 2023, reflecting a year-on-year growth of 13.1% [6]. - The technology services segment achieved revenue of 347 million yuan, with a modest growth of 1.5% [6]. - The company continues to innovate its product offerings, introducing new digital payment products and enhancing its technology services to meet market demands [19][18]. Market Position and Strategy - The company is positioned as a market leader in digital payments, providing comprehensive payment solutions across various scenarios, including online and offline B2C payments, B2B payments, and cross-border payments [26][28]. - The integration of advanced technologies such as AI, cloud computing, and big data into its services is a key strategy for enhancing operational efficiency and customer engagement [18][19]. - The company has established a robust service network and maintains strong partnerships with global card organizations and major banks, enhancing its market reach [26].

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The bankruptcy application of Jiangsu Delong signals a potential industry-wide clearing in the nickel sector, indicating that persistently low nickel prices are affecting the health of industrial enterprises [2] - The market has fully priced in a September rate cut by the Fed, with gold and silver prices showing mixed performance: London spot gold and silver prices were $2,386.10/oz and $27.76/oz respectively, with weekly changes of -0.72% and -4.64% [2] - Industrial metals are expected to perform well due to favorable macro policies, with LME copper, aluminum, and tin prices down by -2.3%, -2.9%, and -4.3% respectively [2] - Energy metals saw declines, with battery-grade lithium carbonate, lithium hydroxide, LME nickel, and Yangtze cobalt prices down by -2.0%, -2.5%, -2.4%, and -1.6% respectively [2] - Rare earth and minor metals showed mixed performance, with antimony prices up by 0.6% and praseodymium-neodymium oxide prices up by 1.0% [2] Sub-Sector Performance - The Shenwan Nonferrous Metals Index fell by 7.08% from July 19 to July 26 [6][9][13][18][22][25][28] - Energy metals: Battery-grade lithium carbonate prices fell by 2.0% from July 19 to July 26 [6][9][13][18][22][25][28] - Industrial metals: LME copper prices fell by 2.3% from July 19 to July 26 [6][9][13][18][22][25][28] - Precious metals: London spot gold prices fell by 0.72% from July 19 to July 26 [6][9][13][18][22][25][28] - Rare earth and minor metals: Antimony prices rose by 0.6% from July 19 to July 26 [6][9][13][18][22][25][28] Key Company Updates - Asia-Pacific Technology reported a 6.86% YoY increase in net profit attributable to shareholders for the first half of 2024, reaching 245 million yuan [26] - Tibet Summit Resources reported a 152.28% YoY decrease in net profit attributable to shareholders for the first half of 2024, with a loss of 215 million yuan [26]

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 07 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -24.01% -18.99% -13.97% -8.95% -3.93% 1.09% 新能源板块 海通综指 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《汽车报废更新补贴标准提高，宁德时代 业务稳健增长》2024.07.29 《新兴市场持续释放积极信号，CPIA 半 年度会议成功举办》2024.07.28 《关注新兴市场机遇，持续推荐逆变器板 块》2024.07.29 新华网授权发布全面深化改革全文，福建省印 发方案激励各类主体参与电力需求响应 [Table_Summary] 投资要点： 2024 年 7 月第 3 周储能项目招标规模达 1.487GWh。根据储能与电力市场公众 号的统计分析，7月第3周（7月13日至19日），储能招标项目规模达1.487GWh， 相较 7 月第 2 周的 3. ...

[Table_MainInfo] 公司研究/有色金属/铜 证券研究报告 江西铜业（600362）公司研究报告 2024 年 07 月 30 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |------------------------------------------|-------------| | 07[Table_StockInfo 月 29 日收盘价（元）] | 21.02 | | 52 周股价波动（元） | 16.50-28.56 | | 总股本/流通 A 股（百万股） | 3463/2075 | | 总市值/流通市值（百万元） | 72787/72787 | | 相关研究 | | [Table_ReportInfo] 市场表现 [Table_QuoteInfo] 江西铜业 海通综指 -25.11% -12.11% 0.89% 13.89% 26.89% 39.89% 2023/8 2023/11 2024/2 2024/5 | --- | --- | --- | --- | |--------------------------|-------|-------|-- ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 水井坊（600779）公司半年报 2024 年 07 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------|-------------| | 07[Table_StockInfo 月 29日收盘价（元）] | 36.41 | | 52 周股价波动（元） | 34.44-75.68 | | 总股本/流通 A 股（百万股） | 488/488 | | 总市值/流通市值（百万元） | 17781/17781 | | 相关研究 | | | [Table_ReportInfo] 《经营稳中有进，业绩改善可期》 | | | 2024.05.12 | | | 《Q2 收入止跌回升，清库存蓄力新财年》 | | | 2023.07.30 | | | 市场表现 | | [Table_QuoteInfo] 水井坊 海通综指 -53.28% -42.28% -31.28% -20.28% -9.28 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [13][16]. Core Views - The company is a leading enterprise in high-end cleanroom engineering, benefiting from a favorable demand environment and experiencing significant growth in both revenue and orders [3][16]. - The company has a strong market position with a stable customer base and is actively expanding its overseas presence, which is expected to contribute to continued high growth in performance and order volume [16][19]. Financial Summary - Revenue is projected to grow from 3,201 million yuan in 2023 to 6,338 million yuan in 2024, reflecting a year-on-year growth of 98.0% [4][20]. - Net profit is expected to increase from 287 million yuan in 2023 to 579 million yuan in 2024, representing a year-on-year growth of 102.0% [4][20]. - The company’s gross margin is anticipated to remain stable at around 14% from 2024 to 2026 [6][20]. Business Performance - The company secured a significant project in Singapore worth 4.568 billion yuan, with expected revenue contributions of 2-3 billion yuan in 2024 [6]. - The company’s new orders reached 7.159 billion yuan in 2023, a year-on-year increase of 79.89%, with a backlog of approximately 5.607 billion yuan, which is 1.75 times its 2023 revenue [16][19]. - The cleanroom market in China is projected to exceed 570 billion yuan by 2029, with a compound annual growth rate (CAGR) of about 15% over the next five years [16]. Valuation - The estimated earnings per share (EPS) for 2024 and 2025 are projected to be 2.72 yuan and 2.58 yuan, respectively [16]. - The reasonable price range for the stock is estimated to be between 29.87 yuan and 32.59 yuan based on a price-to-earnings (P/E) ratio of 11-12 times for 2024 [16].

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 朗新集团（300682）公司跟踪报告 2024 年 07 月 30 日 | --- | --- | --- | |-------------------------------------------------------------|------------|-------| | 股票数据 | | | | 07 [ Table_StockInfo 月 29 日收盘价（元） ] | 8.35 | | | 52 周股价波动（元） | 7.87-22.22 | | | 总股本 / 流通 A 股（百万股） | 1086/1051 | | | 总市值 / 流通市值（百万元） | 9064/8779 | | | 相关研究 | | | | [Table_ReportInfo] 《电网数字化保持稳健，能源互联网动能强 | | | | 劲》 2024.04.21 | | | | 市场表现 | | | | --- | --- | --- | --- | |--------------------------|-------|-------|------ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [17] Core Views - The company has sold its overseas vehicle-mounted communication module business for USD 150 million to maintain stable development amid complex international circumstances. This sale is expected to avoid significant goodwill impairment risks and improve cash flow [7][8] - The domestic vehicle-mounted business is performing well, with profitability gradually improving in 2023. The company is also expanding into AI and robotics sectors, indicating a positive outlook for future growth [8][9] Financial Performance Summary - Revenue for 2023 is projected at CNY 7.716 billion, with a year-on-year growth of 36.7%. Expected revenues for 2024, 2025, and 2026 are CNY 8.292 billion, CNY 8.687 billion, and CNY 10.673 billion respectively [10][12] - Net profit for 2023 is estimated at CNY 564 million, with projections of CNY 709 million for 2024, CNY 606 million for 2025, and CNY 775 million for 2026. The net profit growth rates are 54.5% for 2023 and 25.8% for 2024, followed by a decline in 2025 [10][12] - The company’s EPS is expected to be CNY 0.74 in 2023, CNY 0.93 in 2024, CNY 0.79 in 2025, and CNY 1.01 in 2026 [10][12] Business Segmentation - The wireless communication equipment segment is projected to generate revenue of CNY 7.511 billion in 2023, with a growth rate of 35.4%. The segment is expected to continue growing, reaching CNY 9.982 billion by 2026 [11][12] - Other business segments are expected to see significant growth, with revenue projected to increase from CNY 204.76 million in 2023 to CNY 691.08 million by 2026, reflecting a growth rate of 106.99% in 2024 [11][12] Valuation Metrics - The company is assigned a PE range of 20-25 for 2025, translating to a reasonable value range of CNY 15.83 to CNY 19.78 [9][12] - The average PE for comparable companies is noted to be 30, indicating potential undervaluation of the company relative to its peers [11]

[Table_MainInfo]行业研究/交通运输 证券研究报告 行业周报 2024 年 07 月 30 日 市场表现 [Table_QuoteInfo] -15.77% -12.37% -8.97% -5.57% -2.17% 1.23% 交通运输 海通综指 2023/7 2023/10 2024/1 2024/4 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《6 月行业供给环比收紧，客座率改善》 2024.07.22 《周报：中国首个智能航运领域国际标准 正式发布》2024.07.26 《从国内道路运输角度解读三中全会精 神》2024.07.18 分析师:虞楠 Tel:(021)23219382 Email:yun@haitong.com 证书:S0850512070003 分析师:罗月江 Tel:(010)58067993 Email:lyj12399@haitong.com 证书:S0850518100001 分析师:陈宇 Tel:(021)23185610 Email:cy13115@haitong.com 证书:S0850520060002 联系人:吕春雨 Email ...