证 券 2024 年 08 月 28 日 研 究 报 告 基本数据 2024-08-27 当前股价（元） 10.36 总市值（亿元） 68 总股本（百万股） 658 流通股本（百万股） 658 52 周价格范围（元） 10.36-26.41 日均成交额（百万元） 189.47 公 司 研 究 二季度经营承压，毛利率同比改善趋势仍存 —金种子酒（600199.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 市场表现 0 20 (%) 金种子酒 沪深300 -80 -60 -40 -20 资料来源：Wind，华鑫证券研究 相关研究 1、《金种子酒（600199）：经营状 态逐步改善，金种子扬帆起航》 2024-06-03 2、《金种子酒（600199）：一季报 扭亏为盈，经营稳步改善》2024- 04-30 3、《金种子酒（600199）：一季报 同、环比扭亏，经营稳步改善》 2024-04-16 2024 年 8 月 27 日，金种子酒发布 2024 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486.SH) [2][4] Core Views - The pesticide industry is experiencing a downturn, but the company demonstrates resilience against risks [2] - In H1 2024, the company reported revenue of 5.699 billion yuan, a year-on-year decrease of 19.36%, and a net profit attributable to shareholders of 763 million yuan, down 32.10% [2] - The company is advancing its projects, with the Huludao project entering trial production [3] Summary by Sections Industry Overview - The pesticide industry is facing increased competition and market differentiation due to global oversupply [2] - Factors such as geopolitical issues, shipping disruptions, extreme weather, and adverse market conditions have led to a decline in product prices and sales volume [2] Financial Performance - In H1 2024, the average sales price for raw materials and formulations was 66,500 yuan and 42,900 yuan, respectively, down 23.91% and 8.39% year-on-year [2] - The company achieved production of 49,300 tons of raw materials and 24,000 tons of formulations, with sales of 50,000 tons and 28,100 tons, reflecting a decline in revenue of 26.4% and 9.95% respectively [2] Cost Management - The company benefited from a decrease in raw material prices, with liquid alkali, liquid potassium, potassium carbonate, and hydrobromic acid prices dropping by 14.8%, 27.9%, 22.9%, and 40.1% respectively [2] - Cost control measures led to savings of 226 million yuan in H1 2024, mitigating the impact of price declines [2] Project Development - The company is focused on deep integration within the industry, with significant investment in the Huludao project, totaling 520 million yuan in fixed asset investment in H1 2024 [3] - The first phase of the large-scale fine chemical project has entered trial production, with the second phase's infrastructure nearing completion [3] Earnings Forecast - The forecasted EPS for 2024, 2025, and 2026 is 4.12 yuan, 4.86 yuan, and 5.67 yuan respectively, with corresponding PE ratios of 11.8, 10.0, and 8.6 [4]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Insights - The company achieved a revenue of 362 million yuan in the first half of 2024, representing a year-on-year growth of 46.15%. The net profit attributable to shareholders was 38 million yuan, up 10.57% year-on-year, with a net profit excluding non-recurring gains and losses of 31 million yuan, increasing by 45.34% [1][3] - The second quarter of 2024 saw a revenue of 279 million yuan, a year-on-year increase of 41.96%, and a net profit of 53 million yuan, up 46.88% year-on-year. The gross margin reached 43.21%, a significant increase of nearly 10 percentage points quarter-on-quarter, indicating high-quality growth in overall operational scale and profitability [1][3] - The company is a core manufacturer of new display detection equipment, with growth driven by increased demand for displays. The launch of two domestic G8.6 AMOLED production lines is expected to stimulate a new round of equipment demand [1][3] - The company is actively developing testing equipment suitable for G8.6 AMOLED and is making rapid progress in the front-end Array detection equipment segment. It is also expanding into micro-display fields such as Micro LED and Micro OLED [1][3] Financial Forecast - The company is projected to achieve revenues of 903 million yuan, 1.203 billion yuan, and 1.582 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.63 yuan, 2.16 yuan, and 2.69 yuan. The current stock price corresponds to PE ratios of 24.7, 18.6, and 15.0 times for the respective years [3][5] - Revenue growth rates are forecasted at 39.2% for 2024, 33.3% for 2025, and 31.5% for 2026, while net profit growth rates are expected to be 32.5%, 32.6%, and 24.3% for the same years [5][3]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company has experienced stable growth driven by new AI demands in the consumer electronics sector, with significant growth in its automotive and telecommunications segments [5][6] - In the first half of 2024, the company achieved a revenue of 103.598 billion yuan, a year-on-year increase of 5.74%, and a net profit of 5.396 billion yuan, up 23.89% year-on-year [4] - The automotive business saw a remarkable revenue growth of 48.30% year-on-year, reaching 4.756 billion yuan, while the telecommunications segment's revenue grew by 21.65% to 7.465 billion yuan [6] Summary by Sections Financial Performance - The company reported a revenue of 1035.98 billion yuan in the first half of 2024, with a net profit of 53.96 billion yuan, indicating strong performance in the consumer electronics market [4][5] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 49.60 billion yuan, reflecting a 19.38% year-on-year growth [4] Business Segments - The consumer electronics sector is benefiting from the AI era, leading to increased product shipments and market demand [5] - The automotive segment has diversified its product matrix, including components for smart driving and intelligent cockpits, contributing to its rapid growth [6] - The telecommunications segment has exceeded expectations in its electrical connection business, driven by increased demand for 224G products [6] Future Outlook - Revenue forecasts for 2024-2026 are projected at 2692.89 billion yuan, 3144.75 billion yuan, and 3633.76 billion yuan, respectively, with corresponding EPS estimates of 1.88 yuan, 2.26 yuan, and 2.62 yuan [9] - The current stock price corresponds to a PE ratio of 19.4 for 2024, 16.1 for 2025, and 13.9 for 2026, indicating potential for growth as the company continues to strengthen its core competitiveness [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance in H1 2024 showed a total revenue of 1.179 billion yuan, a year-on-year increase of 0.75%, with a net profit of -30 million yuan, an improvement from -44 million yuan in the same period last year [2][3] - The gross margin improved to 30.58% in H1 2024, up by 2.69 percentage points year-on-year, primarily due to a decrease in raw material costs and transportation expenses [2][3] - The company is focusing on new product positioning and has received positive feedback on its "handmade oat milk tea" trial, aiming to expand its consumer base [3][4] Summary by Sections Performance Overview - H1 2024 total revenue was 1.179 billion yuan, with a net profit of -30 million yuan, and a gross margin of 30.58% [2][3] - Q2 2024 revenue was 454 million yuan, a decrease of 7.54% year-on-year, with a net profit of -55 million yuan [2][3] Product Segmentation - Revenue from brewed products and ready-to-drink products in H1 2024 was 614 million yuan and 547 million yuan, respectively, with a year-on-year decrease of 2.13% for brewed products and an increase of 3.83% for ready-to-drink products [3][4] - The company is rebranding its Meco fresh fruit tea products and has launched seasonal limited editions, receiving positive market feedback [3][4] Channel Development - In H1 2024, revenue from various channels included 1.02 billion yuan from distribution, 90 million yuan from e-commerce, and 40 million yuan from direct sales, with a year-on-year increase of 3% for distribution [4] - The company has expanded its reach into snack wholesale channels and high-end restaurants, increasing its distributor count to 1,775 by the end of H1 2024 [4] Profit Forecast - The company has adjusted its EPS forecasts for 2024-2026 to 0.70, 0.80, and 0.92 yuan, respectively, maintaining a "Buy" rating [5][7]

券 研 究 2024 年 08 月 28 日 | --- | --- | --- | |----------------------------------------------------------------|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 铜钴产品销量大增，降本增效有成果 | | | | —洛阳钼业（603993.SH）公司事件点评报告 | | 买入(维持) | | 事件 | | 分析师：傅鸿浩 | S1050521120004 | 洛阳钼业发布 2024 ...

证 2024 年 08 月 27 日 告 基本数据 2024-08-27 当前股价（元） 6.6 总市值（亿元） 136 总股本（百万股） 2060 流通股本（百万股） 2060 52 周价格范围（元） 5.13-7.51 日均成交额（百万元） 102.05 公 研 究 究 报 海内外电表订单充足，储能加速交付 —林洋能源（601222.SH）公司事件点评报告 买入(维持) 事件 分析师：张涵 S1050521110008 zhanghan3@cfsc.com.cn 联系人：罗笛箫 S1050122110005 luodx@cfsc.com.cn 市场表现 -10 0 10 20 (%) 林洋能源 沪深300 -30 -20 资料来源：Wind，华鑫证券研究 相关研究 1、《林洋能源（601222）：业绩稳 步增长，持续分红回馈股东》2024- 05-06 2、《林洋能源（601222）：储能快 速放量，TOPCon 有望贡献业绩新增 长》2023-09-26 3、《林洋能源（601222）：智能电 表根基稳固，储能+N 型电池高速成 长》2023-04-28 司 林洋能源发布 2024 年半年度报告：202 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company continues to experience high growth despite a 7.52% year-on-year decline in revenue for H1 2024, with net profit attributable to shareholders increasing by 108.29% [1]. - The company's operational efficiency is improving, particularly in the raw material drug business, which has shown significant profit elasticity [1]. - The report forecasts revenue growth for 2024-2026, with expected revenues of 112.85 billion, 117.35 billion, and 122.62 billion respectively, and net profits of 11.61 billion, 13.76 billion, and 15.50 billion [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 59.60 billion, a decrease of 7.52% year-on-year, while net profit attributable to shareholders reached 6.83 billion, reflecting a growth of 108.29% [1]. - The raw material drug segment saw a revenue increase of 5.54% year-on-year, with net profit rising to 4.3 billion from 0.26 billion in the previous year [1]. - The overall gross margin for the raw material and intermediate drug segment was 32.29%, an increase of 10.97 percentage points compared to the previous year [1]. Segment Analysis - The formulation segment faced pressure with a revenue decline of 14.88% year-on-year, attributed to price reductions from centralized procurement [1]. - The narcotic platform showed stable growth, with revenue of 3.39 billion, a year-on-year increase of 20.48% [1]. Profitability Forecast - The report predicts a significant increase in net profit for 2024, with a growth rate of 67.8%, followed by 18.6% in 2025 and 12.6% in 2026 [4]. - The earnings per share (EPS) are projected to be 0.87, 1.03, and 1.16 for the years 2024, 2025, and 2026 respectively [2][4]. Market Position - The company is positioned as a core platform for the development of chemical pharmaceuticals under the China National Pharmaceutical Group, focusing on internal R&D and external collaborations to enhance its product line [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue met expectations, but profits declined significantly due to multiple factors, with a notable decrease in profit margins and increased expense ratios [1][4] - The company is focusing on expanding its product matrix in the coconut juice segment and enhancing sales in high-tier cities, while also aiming to stabilize its core canned fruit business [4] Summary by Sections Financial Performance - For H1 2024, total revenue was 945 million yuan, a year-on-year increase of 3.64%, while net profit attributable to shareholders was 82 million yuan, a decrease of 36.44% [1] - The gross profit margin for H1 2024 was 35.85%, down 1.38 percentage points year-on-year, indicating a decline in profitability [1] - In Q2 2024, total revenue was 394 million yuan, a decrease of 0.24% year-on-year, with net profit attributable to shareholders dropping to 367,900 yuan, down 99.17% [1] Revenue Breakdown - H1 2024 revenue from beverages and canned goods was 535 million yuan and 380 million yuan, respectively, with year-on-year growth of 11.32% for beverages but a decline of 9.00% for canned goods [3] - The company has seen a significant increase in revenue from the snack channel, contributing 35 million yuan, as it expands its distribution network [3] Cost and Expense Analysis - The cost of goods sold has been impacted by fluctuating raw material prices, with the procurement price of oranges decreasing by over 30% while the prices for fresh coconut juice and coconut water increased by over 30% [1] - Selling and administrative expense ratios increased significantly, with H1 2024 rates at 16.29% and 6.39%, respectively, reflecting the company's investment in channel expansion and marketing [1] Future Outlook - The company is expected to face short-term challenges due to external demand factors, but it aims to leverage its product advantages in the coconut milk segment to enter new markets [4] - EPS forecasts for 2024-2026 are adjusted to 0.60, 0.69, and 0.79 yuan, respectively, with corresponding PE ratios of 17, 15, and 13 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for the first half of 2024 reached 220 million yuan, representing a year-over-year increase of 22.76%. The net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses were 13.7 million and 12 million yuan, respectively, with year-over-year increases of 15.6% and 22.54% [1] - The report highlights the potential for commercialization of event IP, indicating a positive outlook for the company's main business [1][2] - The company is expected to benefit from the growth of its international motorsport events and the establishment of a new electric vehicle experience center in Hainan, which is projected to enhance annual profits by over 50 million yuan [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue increased by 22.76%, with operating costs rising by 39.74% and sales expenses increasing by 18.9%. Management expenses decreased by 17.33% [1] - The company reported a net operating cash flow of 103 million yuan, indicating an improvement in cash flow [1] - For Q2 2024, the company achieved a revenue of 118 million yuan, a year-over-year increase of 32.46%, with net profits of 2 million and 1 million yuan, reflecting year-over-year growth of 18.63% and 44.93% respectively [1] Revenue Breakdown - The revenue from venue operations, event operations, equipment, and marketing for the first half of 2024 was 55 million, 147 million, 5.7 million, and 10 million yuan, respectively, all showing double-digit growth [1] - Event revenue accounted for 66% of total revenue, with significant contributions from international events [1][2] Future Projections - Revenue forecasts for 2024-2026 are projected at 508 million, 585 million, and 660 million yuan, with net profits of 55 million, 102 million, and 130 million yuan respectively [3] - The report anticipates continued growth in the company's sports event IP matrix and the potential for new technological applications in the sports industry [3]