Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - In the first half of 2024, the company experienced significant profit growth, benefiting from rising prices of electrolytic aluminum and alumina [1] - The company's operating revenue for H1 2024 was CNY 110.718 billion, a year-on-year decrease of 17.41%, while the net profit attributable to shareholders was CNY 7.016 billion, an increase of 105.36% year-on-year [1][2] - The company is optimizing its industrial layout and advancing key projects, including the 420,000-ton electrolytic aluminum project in Inner Mongolia [3][7] Summary by Sections Financial Performance - In H1 2024, the company achieved alumina production of 10.27 million tons, a year-on-year increase of 1.58%, and electrolytic aluminum production of 3.63 million tons, a year-on-year increase of 18.63% [2] - The average price of A00 aluminum in the Chinese market was CNY 19,781 per ton, up 6.99% year-on-year, and the average price of alumina was CNY 3,505 per ton, up 12.76% year-on-year [2] Cash Flow and Dividends - The company reported a net cash flow from operating activities of CNY 13.549 billion, an increase of 31.45% year-on-year, and proposed a mid-year dividend of CNY 0.82 per share, totaling approximately CNY 1.407 billion [3] Future Outlook - The company plans to continue optimizing its industrial layout, focusing on acquiring bauxite resources in Guinea and Indonesia, and enhancing its alumina production capacity along the coast [7] - Revenue forecasts for 2024-2026 are CNY 230.462 billion, CNY 236.887 billion, and CNY 243.021 billion, with net profits of CNY 14.107 billion, CNY 14.665 billion, and CNY 15.608 billion respectively [8][12]

证 券 研 究 报 告 金融工程周报 红利微观交易拥挤， 推荐关注恒生科技ETF ——指数基金投资+ 报告日期：2024年09月01日 | --- | --- | --- | --- | |-----------------------------|-------|-------|-------| | | | | | | n 分析师：吕思江 | | | | | n SAC编号：S1050522030001 | | | | | n 联系人：武文静 | | | | | n SAC编号：S1050123070007 | | | | 1. ETF投顾策略跟踪 2. 指数基金新发市场追踪 目 录 3. ETF资金流向 CONTENTS 4. 市场表现复盘 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 2 0 1 ETF投顾策略跟踪 用 到 的值 1.1 鑫选ETF绝对收益策略 p 在前期报告《基于技术面量化的指数基金绝对收益策略：指数基金投资+系列报告之一》中，我们通过"抽屉法"，在场 内权益ETF池中进行测试。组合过去三年年化收益 14.23%，最大回撤仅为8.6%，夏普比率达到 1.44，样本内表现 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][4]. Core Insights - The company, Xingye Yinxin (000426.SZ), reported significant growth in its H1 2024 financials, with revenue reaching 2.198 billion yuan, a year-on-year increase of 76.42%, and a net profit attributable to shareholders of 883 million yuan, up 566.43% [2][4]. - The substantial revenue growth is attributed to the successful completion of technical upgrades at the main mining operation, Yinman Mining, which led to increased production and sales of mineral products [2][4]. - The report highlights that the main subsidiary, Yinman Mining, achieved a net profit of 709 million yuan in H1 2024, reflecting a 410.64% increase year-on-year, driven by orderly mining operations and improved processing capacity [2][4]. Summary by Sections Financial Performance - H1 2024 revenue was 2.198 billion yuan, a 76.42% increase year-on-year; net profit was 883 million yuan, up 566.43% [2]. - Q2 2024 revenue reached 1.434 billion yuan, a year-on-year increase of 82.20% and a quarter-on-quarter increase of 87.63% [2]. - The company forecasts revenues of 5.504 billion yuan, 6.274 billion yuan, and 7.086 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.853 billion yuan, 2.278 billion yuan, and 2.827 billion yuan [4][6]. Production and Operations - The main mining operation, Yinman Mining, completed technical upgrades, resulting in increased production and sales of tin and silver concentrates [2][4]. - The subsidiary, Baosheng Mining, resumed full production in April 2024, with a processing capacity of 480 tons per day [3]. Market Outlook - The report anticipates that tin prices will remain high, and silver prices are expected to continue their upward trend, which, combined with increased production, supports the positive outlook for the company [4].

Investment Rating - The report maintains a "Buy" investment rating for Luzhou Laojiao [1] Core Views - The company's profit slightly missed expectations, with tax burden impacting performance [1] - Revenue growth remains stable, but profit margins are under pressure due to increased tax burden [6] - The company is expected to leverage its brand strength and strategic planning to maintain market share [8] Financial Performance Summary - For H1 2024, total revenue reached 16.905 billion yuan, a year-on-year increase of 15.84%, while net profit attributable to shareholders was 8.028 billion yuan, up 13.22% [6] - The gross margin for H1 2024 was 88.57%, with a net margin of 47.60%, reflecting a slight decrease in net margin compared to the previous year [6] - The company reported a revenue of 16.839 billion yuan from liquor sales, accounting for 99.61% of total revenue, with a gross margin of 88.65% [5] Product and Market Analysis - The product structure has slightly adjusted, with mid-to-high-end liquor revenue reaching 15.213 billion yuan, a year-on-year increase of 17.12% [5] - The average price per ton for mid-to-high-end liquor decreased by 6.84% to 71.48 thousand yuan/ton, while sales volume increased by 25.71% [5] - The company experienced rapid revenue growth in overseas markets, with emerging channels showing significant improvement in profitability [7] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 10.07, 11.76, and 13.81 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 10, and 9 times [8] - The company is projected to achieve a revenue growth rate of 15.0% in 2024 and 15.5% in 2025 [10]

Investment Rating - The report maintains a recommendation rating for the media industry [3][17]. Core Insights - The 2024 mid-year reports have set new expectations, focusing on the recovery of core business performance and external events such as AI, AR, and MR to boost sector sentiment [2][15]. - The success of the AAA game "Black Myth: Wukong" highlights the potential of quality content IP to drive new demand and commercial value, suggesting that IP can leverage new commercial boundaries [2][12]. - The media and internet sectors are expected to recover in the second half of 2024, driven by policy support and companies' proactive measures to address macroeconomic fluctuations [15][16]. Summary by Sections 1. Industry Overview and Dynamics - The media industry has seen a significant decline, with the total profit of the media internet sector dropping by 44% year-on-year, marking a six-year low [15]. - The gaming market in China reached a size of 27.8 billion yuan in July 2024, showing a month-on-month growth of 4.26% [16]. - The card game market in China has grown from 700 million yuan in 2017 to 12.2 billion yuan in 2022, with a projected CAGR of 20.6% from 2022 to 2027 [13][14]. 2. Key Recommended Stocks and Logic - Recommended stocks include: - Yaoji Technology (002605) - benefiting from developments in the card game sector [3]. - CITIC Publishing (300788) - maintaining strong performance in mass reading [3]. - Aofei Entertainment (002292) - showing improvement in operating cash flow [3]. - Mango Super Media (300413) - expected to see a resurgence in content product popularity and advertising revenue [3][15]. 3. Market Performance - The media sector has underperformed, with a 1-month performance of -10.4% and a 12-month performance of -32.8% compared to the Shanghai Composite Index [1][3]. - The report highlights the importance of quality content and IP in driving market recovery and new business opportunities [2][12].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company continues to demonstrate strong performance with significant revenue growth and enhanced profitability, driven by effective channel expansion and product diversification [2][5] - The company is successfully implementing a multi-category strategy, aiming to become a comprehensive beverage group, with a focus on increasing market share in the energy drink sector and rapid growth in new products like electrolyte water [5] Summary by Sections Financial Performance - For H1 2024, total revenue reached 78.73 billion yuan, a year-on-year increase of 44.19%, with net profit attributable to shareholders at 17.31 billion yuan, up 56.17% [2] - The gross margin for H1 2024 was 44.60%, an increase of 1.50 percentage points year-on-year, while the net margin was 21.98%, up 1.69 percentage points [2] - Operating cash flow for H1 2024 was 22.67 billion yuan, a 74.68% increase year-on-year [2] Product and Market Expansion - The company reported strong sales growth across its main products, with revenue from Dongpeng Special Drink, Dongpeng Water, and other beverages reaching 68.55 billion yuan, 4.76 billion yuan, and 5.31 billion yuan respectively, reflecting year-on-year increases of 33.5%, 281.1%, and 172.2% [2][3] - The company is expanding its consumer base through product diversification, including new flavors and packaging for its water products, and targeting younger demographics with new brand initiatives [3][4] Channel Development - The company is successfully advancing its national strategy, with revenue from various regions showing significant growth, particularly in the Southwest and North China regions, with increases of 75.6% and 99.1% respectively in H1 2024 [4] - The company has strengthened its distribution network, with a total of 2,982 distributors and coverage of over 3.6 million effective terminals, reaching over 210 million unique consumers [4] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 7.37 yuan, 9.56 yuan, and 12.23 yuan respectively, with corresponding price-to-earnings (PE) ratios of 31, 24, and 19 [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced pressure on performance in the second quarter, but optimized raw material costs led to an increase in gross profit margin [1] - The company's total revenue for H1 2024 was 1.452 billion yuan, a decrease of 1% year-on-year, while the net profit attributable to shareholders was 62 million yuan, down 12% year-on-year [1] - The report highlights the stable growth of the fragrance business, while the food ingredient segment faced significant market-related challenges [1] Summary by Relevant Sections Performance Overview - In Q2 2024, the company's total revenue was 705 million yuan, a decrease of 5% year-on-year, with a net profit of 27 million yuan, down 11% year-on-year [1] - The gross profit margin increased by 2 percentage points to 17.35%, primarily due to effective cost control in fragrance raw materials [1] Business Segments - Revenue from the fragrance, flavor, and food ingredient segments in Q2 2024 was 148 million, 39 million, and 512 million yuan respectively, showing year-on-year changes of +11%, -26%, and -7% [1] - The company aims to enhance customer service and optimize the product mix in the food ingredient business to drive high-quality development [1] Profit Forecast - The company expects EPS for 2024-2026 to be 0.36, 0.42, and 0.47 yuan, with corresponding PE ratios of 18, 15, and 14 times [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][5]. Core Views - The company has optimized store quality, leading to a stabilization in average store revenue contribution despite a decrease in the total number of stores [3][5]. - The company reported a revenue of 3.34 billion yuan for the first half of 2024, reflecting a year-on-year decrease of 9.73%, with a total of 14,969 stores, a net decrease of 1,193 stores or 7.38% [3]. - The average revenue contribution per store is 223,100 yuan, showing a year-on-year increase of 2.54% [3]. - The gross profit margin for the first half of 2024 reached 30.29%, an increase of 6.13 percentage points year-on-year, while the net profit margin was 8.51%, up by 1.94 percentage points [3]. - The net profit attributable to shareholders was 296 million yuan, representing a year-on-year increase of 22.20% [3]. Revenue and Profitability - In Q2 2024, the company achieved a revenue of 1.644 billion yuan, down 12.35% year-on-year, but the gross profit margin improved to 30.55%, up 4.78 percentage points [4]. - The net profit for Q2 2024 was 131 million yuan, reflecting a year-on-year increase of 25.08%, with the non-recurring net profit at 125 million yuan, up 36.63% year-on-year [4]. - The report anticipates that the company's operational performance will return to a positive trajectory due to improved store quality and management, although it has adjusted future earnings forecasts downward due to weak terminal demand [5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 1.00 yuan, 1.19 yuan, and 1.41 yuan respectively, with corresponding price-to-earnings (PE) ratios of 13, 11, and 9 times [5].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Views - The company achieved a revenue of 13.806 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, with a net profit of 3.573 billion yuan, up 28.54% year-on-year [2] - The second quarter of 2024 saw revenue of 5.519 billion yuan, an increase of 16.79%, and a net profit of 1.507 billion yuan, up 24.57% year-on-year [2] - The gross profit margin for the first half of 2024 was 80.41%, an increase of 1.53 percentage points year-on-year, attributed to product mix improvement [2] - The company plans to achieve revenue and total profit of 24.45 billion yuan and 7.95 billion yuan respectively in 2024, with expected year-on-year growth of 20.72% and 25.55% [4] Revenue Growth and Profitability - The company’s revenue from different product lines in the first half of 2024 was as follows: Year-round raw liquor 10.787 billion yuan (+23.12%), Gujing Gongjiu 1.238 billion yuan (+11.47%), and Huanghelou and others 1.403 billion yuan (+26.58%) [3] - Online and offline revenue for the first half of 2024 was 408 million yuan (+18.88%) and 13.397 billion yuan (+22.17%) respectively [3] - The number of distributors increased to 4,782, a net increase of 141 year-on-year [3] Financial Forecasts - The company’s earnings per share (EPS) for 2024-2026 are projected to be 10.91, 13.64, and 16.78 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 10 times [4][6] - The company’s revenue growth rates are forecasted at 21.5% for 2024, 18.6% for 2025, and 18.2% for 2026 [6][8] - The net profit growth rates are expected to be 25.6% for 2024, 25.0% for 2025, and 23.0% for 2026 [6][8]

Investment Rating - The report maintains a "Buy" rating for Longda Food (002726.SZ) [1] Core Views - Longda Food has turned profitable in H1 2024, with a net profit of 0.58 billion yuan compared to a loss of 6.24 billion yuan in the same period last year. The revenue for H1 2024 was 5.044 billion yuan, a decrease of 25% year-on-year, primarily due to weak terminal demand [1][3] - The company is optimizing its business structure across various segments, focusing on high-margin black pig breeding to meet customer demands and enhance profitability [1][3] - The report highlights a recovery in pig prices, which has positively impacted the breeding segment, leading to improved gross margins and profitability in the frozen products business [1][3] Summary by Sections Financial Performance - H1 2024 revenue was 5.044 billion yuan, down 25% year-on-year, with a net profit of 0.58 billion yuan, a significant recovery from a loss of 6.24 billion yuan in H1 2023 [1] - Q2 2024 revenue was 2.521 billion yuan, a decrease of 22% year-on-year, with a net profit of 0.28 billion yuan [1] - The gross margin for Q2 2024 increased by 11 percentage points to 3.84%, driven by rising pig sales prices and cost reduction measures [1] Business Segments - The slaughtering segment generated 3.901 billion yuan in revenue, down 17% year-on-year, while the food segment saw revenue of 1.082 billion yuan, a slight increase of 0.4% [1][2] - The company plans to enhance its processed food offerings, focusing on high-value products and expanding its customer base in the catering sector [1][3] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.09, 0.17, and 0.24 yuan respectively, with corresponding price-to-earnings (PE) ratios of 72, 39, and 28 times [3][5]