Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Views - The company has experienced a significant recovery in profitability, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching 896 million yuan. Net profit attributable to shareholders surged by 273.78% to 136 million yuan [3][4]. - The demand for storage chips is on the rise, with the company's storage product revenue increasing by 70.81% to 724 million yuan in the first half of 2024, driven by a strong global semiconductor market [4][5]. - The "Storage+" series has shown remarkable growth, with revenue increasing by 284.61% to 172 million yuan, indicating successful product launches and market acceptance [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 491 million yuan, a year-on-year increase of 85.60%, and a net profit of 86 million yuan, up 271.75% [3]. - The company forecasts revenues of 2.002 billion yuan, 2.509 billion yuan, and 3.015 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.82 yuan, 3.39 yuan, and 3.96 yuan [6][8]. Market Trends - The global semiconductor revenue is expected to rebound to 630.2 billion USD in 2024, with the storage market projected to grow by 52.5% [4]. - The company is positioned well within the storage chip market, leveraging advanced manufacturing processes and a diverse product range [4][5]. Product Development - The company has successfully launched its NOR Flash and EEPROM products, achieving industry-leading technology levels with a 40nm SONOS process [4]. - The MCU products based on ARM architecture have also begun mass production, targeting various applications in consumer electronics [5].

证 2024 年 09 月 03 日 告 券 研 究 报 2024 年半年报点评：业绩符合预期，与华为深 度合作有望带动公司乘用车品牌向上 —江淮汽车（600418.SH）公司动态研究报告 买入(维持) 投资要点 ▌2024 年 Q2 扣非归母净利润转正，轻中型货车及新 能源乘用车表现较好 业绩符合预期，24Q2 扣非归母净利润转正：8 月 28 日，公司 发布 2024 年半年报。24Q2 公司实现总营收 100.57 亿 元 ， 同比-13.5%，环比-10.9%；24Q2 单季度归母净利润 1.95 亿 元，同比+2616.5%，环比+85.2%；24Q2 单季度扣非归母净利 润 1.03 亿元，对比 23Q2 为-1.42 亿元，2024Q1 为 -0.11 亿元，实现单季度扣非归母净利润转正。 期间费用率保持平稳：24Q2 期间费用率为 10.8%，环比 +0.3pct。其中销售费用率环比+0.5pct 至 4.4%，研发费用 率环比+1.4pct 至 4.4%，管理费用率环比+0.1pct 至 3.7%， 由于汇兑损益增加，财务费用率环比-1.5pct 至-1.6%。 轻中型货车及新能源乘用车表现 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company has experienced significant growth in H1 2024, with total revenue reaching 4.196 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 710 million yuan, up 127.75% year-on-year [3][4] - The report highlights the successful implementation of key projects and cost reduction measures in overseas mining operations, leading to improved production efficiency and lower costs [4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a gold production of 7.55 tons, a 9.72% increase year-on-year, and sales of 7.59 tons, up 5.14% year-on-year [4] - The company reported a net cash flow from operating activities of 1.435 billion yuan, an increase of 64.46% year-on-year [3] Production and Cost Management - The report indicates a decrease in the sales cost and all-in sustaining cost for gold in H1 2024 compared to the previous year, with specific costs reported as 1,489.75 USD/oz and 1,225.85 USD/oz respectively [4] - The company has optimized production processes and supply chains, resulting in improved production efficiency and reduced costs [5][6] Project Development - Key mining projects are progressing as planned, with the Jilong Mining's new 180,000 tons per year gold ore processing expansion project completed and trial production started in July [6] - The report notes that the Saipan mine is advancing six major growth projects, with significant progress in land acquisition for new mining areas [6] Earnings Forecast - The company is projected to generate revenues of 8.699 billion yuan, 9.229 billion yuan, and 9.229 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.678 billion yuan, 1.766 billion yuan, and 1.866 billion yuan for the same years [7]

Investment Rating - The report maintains a "Buy" rating for Zhengbang Technology (002157 SZ) [2] Core Views - Zhengbang Technology's performance has significantly improved, with losses narrowing substantially in H1 2024, driven by the support of Twins Group and the recovery of the domestic pig farming market [2] - The company's cost control measures have shown effectiveness, with Twins Group assisting in resuming production and operations, leading to a positive turnaround in gross profit margin [2] - Despite short-term pressure on pig sales, strategic adjustments are expected to capitalize on the market recovery, with pig prices entering an upward cycle [2] - The company's financial health has improved significantly, with a reduction in debt crisis and a return to a healthy development track [3] Financial Performance - In H1 2024, Zhengbang Technology reported a net loss attributable to shareholders of RMB 127 million, a significant narrowing from the previous year [2] - The company achieved a net profit of RMB 47 million in Q2 2024, marking a turnaround from losses [2] - The operating cost in H1 2024 was RMB 2.888 billion, with Q1 and Q2 costs at RMB 1.236 billion and RMB 1.652 billion, respectively [2] - The company's asset-liability ratio decreased to 50.67% in H1 2024, the lowest in recent years, indicating improved financial health [3] Sales and Market Performance - In H1 2024, Zhengbang Technology sold 1.5892 million pigs, a 46.83% YoY decrease, with sales revenue of RMB 1.738 billion, down 39.36% YoY [2] - In July 2024, the company sold 229,900 pigs, a 29.31% YoY decrease, but sales revenue increased by 20.55% YoY to RMB 387 million [2] - The number of breeding sows at the end of Q2 2024 was approximately 216,300, with expectations of further strategic adjustments to increase pig production [2] Future Projections - Revenue for 2024-2026 is projected to be RMB 10.288 billion, RMB 13.548 billion, and RMB 15.076 billion, respectively [4] - EPS for 2024-2026 is forecasted to be RMB 0.11, RMB 0.17, and RMB 0.15, with corresponding P/E ratios of 23.9x, 15.2x, and 17.3x [4] - The company is expected to achieve a net profit of RMB 1.021 billion in 2024, with a growth rate of -88.0% YoY, followed by a 56.9% increase in 2025 [6] Industry and Market Context - The domestic pig farming market has seen improved supply-demand dynamics, with market conditions gradually recovering in 2024 [2] - Twins Group's involvement as an industrial investor has provided significant support, helping Zhengbang Technology to resume production and improve cost control [2] - The pig price cycle is currently in an upward trend, with expectations of further market recovery and strategic adjustments by Zhengbang Technology to increase pig production [2]

证 券 研 告 行 研 究 2024 年 09 月 03 日 究 报 2024Q2 多家新势力车企表现亮眼，小米汽车盈利 超预期 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------|-------|-------|-------|-------| | | | | | | | | | | 表现 | | | 1M | 3M | 12M | | | 汽车(申万 | ) | | -5.1 | -9.9 | -11.7 | | | 300 | | | -3.5 | -9.0 | -13.9 | 市场表现 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：引望引入外部 投资者进程加速，WRC2024 于北京召 开》2024-08-26 2、《汽车行业周报：买在无人问津 时，看好特斯拉产业链左侧布局机 会》2024-08- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company reported a significant quarter-on-quarter increase in performance for Q2, with emerging markets showing strong growth [2]. - In H1 2024, the company achieved operating revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%, and a net profit attributable to shareholders of 1.236 billion yuan, down 2.21% year-on-year [2]. - The company's inverter business saw a revenue of 2.32 billion yuan in H1 2024, a year-on-year decline of 26.06%, but the total shipment reached 711,700 units, an increase of 8% year-on-year [2]. - The energy storage battery pack business experienced a revenue growth of 74.82% year-on-year, reaching 765 million yuan, benefiting from the rising global demand for household energy storage products [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06%, with a net profit of 803 million yuan, up 18.97% year-on-year and 85.44% quarter-on-quarter [2]. - The gross margin for Q2 was 37.69%, and the net margin was 28.03% [2]. Business Segments - The inverter segment's revenue decreased, but shipments to emerging markets like Pakistan, Germany, Brazil, India, and South Africa showed strong performance [2]. - The energy storage inverter maintained a gross margin of 52.00%, slightly down from 54.96% in 2023 [2]. - The heat exchanger product revenue grew by 16.73% year-on-year, and dehumidifier product revenue increased by 31.98% year-on-year, driven by high temperature and humidity conditions [2]. Earnings Forecast - The company is projected to achieve revenues of 11.271 billion yuan, 15.561 billion yuan, and 19.586 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.49 yuan, 5.88 yuan, and 7.06 yuan [3]. - The current stock price corresponds to PE ratios of 19.8, 15.1, and 12.6 for the years 2024, 2025, and 2026 respectively, indicating a favorable outlook for the company's growth in the global solar storage market, particularly in emerging markets [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company has demonstrated steady operational growth, with a significant increase in R&D investment aimed at low-power edge computing [1]. - In the first half of 2024, the company achieved operating revenue of 280 million yuan, representing a year-on-year growth of 27.90%, and a net profit attributable to shareholders of 41 million yuan, up 65.73% year-on-year [1]. - The company is focusing on a multi-matrix product layout to meet diverse market demands and continuously optimizing its product structure [1]. Financial Performance - The company reported a comprehensive gross margin of 46.43%, an increase of 5.17 percentage points year-on-year, and a main business gross profit growth of 43.96% [1]. - R&D expenses reached approximately 100 million yuan, a year-on-year increase of 35.37%, accounting for 35.73% of the company's operating revenue [1]. - The company forecasts revenues of 690 million yuan, 866 million yuan, and 1.153 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 1.01 yuan, and 1.33 yuan [3][5]. Market Position and Product Development - The company has successfully developed a tri-core heterogeneous architecture based on CPU, DSP, and NPU, which will be applied in high-end audio SoC chips and low-latency high-quality wireless audio SoC chips [1]. - The company’s Bluetooth audio chips are characterized by low latency and high sound quality, and have been adopted by brands such as Harman, SONY, and Razer [1]. - The second-generation smart watch chip is also gaining traction with brands like TITAN and realme [2].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Insights - The company has shown steady revenue growth, with a 9% year-on-year increase in H1 2024 revenue, reaching 1.781 billion yuan, and a 25% increase in net profit attributable to shareholders, amounting to 135 million yuan [1][3]. - The introduction of cream products has led to a reduction in gross margin, with a decrease of 1 percentage point to 32.61% in Q2 2024 [1]. - The company is focusing on streamlining product categories and enhancing operational efficiency, with a significant increase in cream sales by 69% year-on-year [1][3]. Revenue Performance - H1 2024 revenue breakdown includes frozen baked goods, cream, fruit products, sauces, and other baking materials, with respective revenues of 1.061 billion, 0.433 billion, 0.077 billion, 0.104 billion, and 0.092 billion yuan, showing varied growth rates [1][2]. - The company has adjusted its channel strategy, leading to a 5% decline in supermarket revenue, while other channels have shown growth [2]. Profitability Forecast - The company has revised its earnings per share (EPS) forecasts for 2024-2026 to 1.48, 1.90, and 2.45 yuan respectively, reflecting a significant increase from previous estimates [3][5]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 16, 12, and 10 times for the respective years [3]. Market Strategy - The company is prioritizing high-quality distributors and reducing the number of distributors to enhance profitability [2]. - The company plans to launch new products in September and October 2024 to optimize its supermarket revenue structure [2].

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The company achieved a record high revenue of 4.30 billion yuan in the first half of 2024, representing a year-on-year growth of 37.85%. However, the net profit decreased by 84.66% year-on-year due to various factors including increased stock payment expenses and higher R&D investments [4][6] - The company has implemented a proactive counter-cyclical expansion strategy, with the new production capacity being effectively utilized, particularly in the testing bases located in Shanghai and Wuxi [4][6] - The company has established a complete R&D system, enabling it to maintain a leading position in the industry with over 200 clients, including well-known firms such as ZTE Microelectronics and SMIC [5][6] Financial Performance Summary - In Q2 2024, the company reported a single-quarter revenue of 2.46 billion yuan, marking a historical high [4] - The company forecasts revenues of 11.20 billion yuan, 13.27 billion yuan, and 16.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 2.15 yuan, and 2.76 yuan [6][8] - The projected growth rates for revenue are 52.0% in 2024, 18.6% in 2025, and 21.5% in 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture (603477.SH) [2][4]. Core Insights - The company has a leading cost advantage in the industry and is expanding capacity to drive future growth in output [2]. - In Q2 2024, the company turned a profit, achieving a revenue of 1.284 billion yuan, a year-on-year increase of 18.89%, and a net profit attributable to shareholders of 93 million yuan [2]. - The controlling shareholder, Juxing Group, plans to increase its stake in the company within 12 months, focusing on the development of pig farming [2]. - The company’s breeding costs are among the lowest in the industry, with projections indicating further reductions in the second half of 2024 [2][3]. Summary by Sections Financial Performance - In H1 2024, Juxing Agriculture reported a revenue of 2.233 billion yuan, a year-on-year increase of 13.13%, and a net profit attributable to shareholders of -45 million yuan, with a significant narrowing of losses compared to H1 2023 [2]. - The company’s breeding costs decreased to approximately 14 yuan per kilogram in Q2 2024, with expectations for further reductions in H2 2024 [2][3]. Production and Capacity - The company achieved a significant increase in pig output, with 1.0945 million pigs sold in H1 2024, including 1.0618 million commercial pigs, representing a year-on-year growth of 24.69% [2]. - The company’s biological assets reached 468 million yuan, a 24.14% increase from Q1 2024, supported by an increase in breeding stock [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.971 billion yuan, 12.373 billion yuan, and 14.004 billion yuan, respectively, with corresponding EPS of 1.13 yuan, 3.36 yuan, and 3.22 yuan [4][6]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 72.5% in 2024 and 77.5% in 2025 [6].