证 2024 年 08 月 24 日 研 报 告 公 司 研 究 究 氟化工龙头业绩随制冷剂景气度上行 —巨化股份（600160.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn | --- | --- | |----------------------|------------| | 基本数据 | 2024-08-23 | | 当前股价（元） | 17.68 | | 总市值（亿元） | 477 | | 总股本（百万股） | 2700 | | 流通股本（百万股） | 2700 | | 52 周价格范围（元） | 13.9-25.83 | | 日均成交额（百万元） | 477.06 | 市场表现 -20 0 20 40 60 80 (%) 巨化股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《巨化股份（600160）：2024H1 业绩大幅增长，看好制冷剂景气度 提升》2024-07-10 2、《巨化股份（600160）：氟化工 一体化龙头，受益行业景气度提 升》2024-06-28 巨化股份发布半年度报告：202 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company reported a revenue of 1.581 billion yuan for H1 2024, a decrease of 15% year-on-year, primarily due to external environmental pressures [1] - The net profit attributable to shareholders for H1 2024 was 234 million yuan, down 9% year-on-year, while the net profit after deducting non-recurring gains and losses was 226 million yuan, also down 9% [1] - In Q2 2024, the company's revenue was 1.374 billion yuan, a decrease of 17% year-on-year, with a net profit of 303 million yuan, down 5% year-on-year [1] - The company is focusing on inventory reduction and cautious planning to navigate the challenging market environment [1] Summary by Sections Financial Performance - The company achieved a gross margin of 46.41% in Q2 2024, an increase of 4 percentage points, attributed to product structure optimization and cost reduction [1] - The net profit margin in Q2 2024 increased by 3 percentage points to 22.06% due to operational efficiency improvements [1] - The company’s revenue from zongzi (sticky rice dumplings) and other products saw declines of 17% and 14% respectively, indicating a challenging consumption environment [1][2] Strategic Initiatives - The company is actively adjusting its product pricing to maintain profitability while enhancing its brand positioning in the high-end market [1] - Plans are in place to penetrate weaker regional markets and leverage brand advantages to integrate capital and talent for new channel and product development [1] - The company is exploring channel transformations, including a shift towards interest-based e-commerce platforms and new retail business models [2] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.84, 0.88, and 0.94 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 17, and 16 times [3] - The company is expected to maintain its leadership in the zongzi market, driven by a dual focus on food and dining sectors [3]

证 2024 年 08 月 23 日 研 究 报 告 公 司 研 究 半导体测试机高速增长，新型产品线不断开拓 —长川科技（300604.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-22 | | 当前股价（元） | 29.29 | | 总市值（亿元） | 184 | | 总股本（百万股） | 627 | | 流通股本（百万股） | 471 | | 52 周价格范围（元） | 20.79-42.33 | | 日均成交额（百万元） | 483.61 | 市场表现 -60 -40 -20 0 20 40 (%) 长川科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《长川科技（300604）：2024Q1 业绩修复明显，高端测试设备市场 开拓加速》2024-04-26 2、《长川科技（3006 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][3]. Core Insights - The company achieved a revenue of 122.05 million yuan, representing a year-on-year growth of 42.39%, and a net profit attributable to shareholders of 32.39 million yuan, which is a 172.38% increase compared to the previous year [1]. - The report highlights the increasing market penetration of the company's products due to successful bidding in various regional procurement initiatives, leading to a significant sales revenue growth of 36.68% for its meninges products in the first half of 2024 [1]. - The potential for PEEK materials to replace titanium alloys in craniofacial repair and fixation systems is noted, with the company reporting a 32.79% increase in sales revenue for these products [1]. - The company has developed absorbable regenerated hemostatic gauze, breaking the long-standing import monopoly in the domestic market, with over 80,000 pieces used in clinical settings in the first half of 2024 [1]. - The international sales revenue reached 25.41 million yuan in the first half of 2024, a 25.71% increase year-on-year, accounting for 20.82% of total revenue, providing a buffer against domestic market price fluctuations [2]. Summary by Sections Financial Performance - The company reported a significant increase in revenue and net profit, with projections for 2024-2026 indicating revenues of 304 million, 382 million, and 461 million yuan respectively, and net profits of 62 million, 92 million, and 124 million yuan [3][5]. - The earnings per share (EPS) are forecasted to be 0.93, 1.39, and 1.87 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 43.5, 29.3, and 21.7 [3][5]. Market Position and Strategy - The company has established a strong international presence, having obtained CE certification for its absorbable dura (spinal) membrane patches in March 2011, and has been actively expanding into overseas markets [1]. - The report emphasizes the company's robust digital design and precision processing capabilities, which are expected to support its growth in the PEEK materials market [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant cost reductions in gold mining and is initiating overseas acquisitions [2] - In the first half of 2024, the company's operating revenue reached 6.505 billion yuan, a year-on-year increase of 42.27%, while the net profit attributable to shareholders was 1.075 billion yuan, up 46.35% year-on-year [2][4] - The company has successfully reduced costs across its main mining operations, with the average cost of gold production dropping to 146.53 yuan per gram in H1 2024, down from 176.42 yuan per gram in 2023 [2][4] Summary by Sections Financial Performance - In Q1 and Q2 of 2024, the company's revenue was 2.773 billion yuan and 3.732 billion yuan respectively, with Q2 revenue increasing by 34.58% quarter-on-quarter and 56.81% year-on-year [2] - The net profit attributable to shareholders for Q1 and Q2 was 503 million yuan and 572 million yuan respectively, with Q2 net profit increasing by 13.72% quarter-on-quarter and 30.30% year-on-year [2] - The company produced 4.16 tons of gold and sold 4.41 tons in the first half of 2024, achieving 52% of its annual production target [2] Cost Management - The company has reported a significant decrease in production costs, with the cost of gold production after amortization dropping to 146.53 yuan per gram in H1 2024 [2] - The company has successfully reduced costs at its major mines, including Jilin Banmiaozi and Heihe Luoke, achieving varying degrees of cost reduction [2] Strategic Initiatives - The company is expanding its overseas presence by acquiring Osino Resources Corp., which includes the Twin Hills gold project in Namibia, estimated to have reserves of 64.5 million tons of ore with a gold grade of 1.04 grams per ton [3] - The acquisition is expected to enhance the company's production capacity and is set to be completed on August 29, 2024 [2][3] Earnings Forecast - The forecast for the company's operating revenue for 2024-2026 is 9.677 billion yuan, 10.719 billion yuan, and 11.245 billion yuan respectively, with net profits projected at 2.146 billion yuan, 2.565 billion yuan, and 2.761 billion yuan [4] - The current stock price corresponds to a PE ratio of 22.9, 19.1, and 17.8 for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company has shown continuous revenue growth and improved profitability, with a total revenue of 1.13 billion yuan in H1 2024, representing a 22% year-on-year increase. The net profit attributable to shareholders reached 143 million yuan, up 72% year-on-year [1]. - The company is focusing on the rapid growth of its quail egg product line and the performance of its snack channels, with significant growth in both online and offline sales channels [1][2]. Summary by Sections Financial Performance - In H1 2024, the company's total revenue was 1.13 billion yuan, with a net profit of 143 million yuan, reflecting a 72% increase year-on-year. The gross profit margin improved by 4 percentage points to 30.40% due to a decrease in raw material prices [1]. - The company expects a reduction in expenses in the second half of the year, with a net profit margin increase of 4 percentage points to 12.84% [1]. Product Performance - Revenue from fish products and bean products in H1 2024 was 703 million yuan and 111 million yuan, respectively, with year-on-year growth of 17% and 10%. The company is innovating its fish products and expanding its market presence [1]. - The quail egg product line has seen significant growth, with revenue reaching 258 million yuan, a 51% increase year-on-year. The company is also focusing on developing new products to enhance brand recognition [1]. Channel Performance - In H1 2024, online and offline channel revenues were 199 million yuan and 931 million yuan, respectively, with year-on-year changes of -3% and +29%. The snack channel has shown growth exceeding 100% [1]. - The company has expanded its distributor network, with the number of distributors increasing by 24% to 3,166 by the end of H1 2024 [1]. Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.70 yuan, 0.86 yuan, and 1.05 yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to PE ratios of 15, 12, and 10 times for the respective years [2].

证 2024 年 08 月 22 日 报 告 公 司 研 究 究 结构升级趋势明显，利润弹性释放 买入(维持) 事件 —珠江啤酒（002461.SZ）公司事件点评报告 2024 年 08 月 22 日，珠江啤酒发布 2024 年中期业绩报告。 投资要点 ▌量价齐升，高端化趋势明显 公司 2024 年中期营收实现 29.86 亿元（同比+7.69%），归母 净利润实现 5.00 亿元（同比+36.52%），扣非归母净利润实 现 4.76 亿元（同比+41.72%）。2024 单二季度看，公司营收 实现 18.78 亿元（同比+8.07%），增速环比 2024 年一季度有 所提升，归母净利润实现 3.79 亿元（同比+35.63%）。拆分 量价来看，公司 2024 年上半年实现啤酒总销量为 69.85 万千 升（同比+1.41%），保持平稳增长态势，其中高档产品销量 同比增长 14.30%，销售结构持续升级，带动公司 2024 上半 年吨价同增 6.19%至约 4275 元/千升。 ▌毛利率稳步增长，释放利润弹性 得益于结构升级等因素提振，公司 2024 年中期毛利率稳步增 长至 49.03%（同增 3.58pc ...

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company has demonstrated steady revenue growth, with a 5.28% year-on-year increase in revenue for H1 2024, reaching 1.052 billion yuan, and a 14.53% increase in net profit, amounting to 144 million yuan [2][4]. - The approval of new nuclear power projects has reached a historical high, with the company positioned to benefit significantly as a leading supplier of nuclear valves [3]. - The company has diversified its downstream business, achieving a notable increase in new orders in the nuclear sector, which rose by 92% year-on-year [4]. - The company's profitability has improved, with a gross margin of 31.58%, reflecting a favorable shift in the revenue mix towards higher-margin nuclear and energy-saving businesses [4]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.052 billion yuan, with a net profit of 144 million yuan, and a gross margin of 31.58% [2][4]. - The company forecasts revenues of 2.435 billion yuan, 2.858 billion yuan, and 3.295 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68 yuan, 0.85 yuan, and 1.04 yuan [5][7]. Market Position and Opportunities - The approval of five nuclear power projects, totaling 11 new nuclear units, is expected to enhance the industry's outlook, creating a market opportunity of approximately 110 billion yuan for nuclear valves annually [3]. - The company has secured over 90% of the orders for nuclear-grade valves since entering the market in 2008, positioning it as a key player in the nuclear valve sector [3]. Business Segments - The nuclear sector generated 354 million yuan in revenue, a 1% increase year-on-year, while the energy equipment sector saw a decline of 34% due to low demand from petrochemical companies [4]. - The metallurgical sector achieved a 32% revenue increase, driven by enhanced promotion of the "valve steward" service and improved product pricing [4]. - The energy-saving and environmental protection sector experienced a significant growth of 118%, attributed to increased demand for gas recovery and energy-saving modifications in steel enterprises [4].

证 券 2024 年 08 月 22 日 研 究 报 告 公 司 研 究 手机&汽车双轮驱动，盈利能力显著提升 —韦尔股份（603501.SH）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | --- | --- | |----------------------|--------------| | 基本数据 | 2024-08-21 | | 当前股价（元） | 92.96 | | 总市值（亿元） | 1129 | | 总股本（百万股） | 1214 | | 流通股本（百万股） | 1214 | | 52 周价格范围（元） | 79.22-112.76 | | 日均成交额（百万元） | 930.42 | 市场表现 -20 -10 0 10 20 30 (%) 韦尔股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《韦尔股份（603501）：CIS "手机+车载"双驱动,24Q1 营收利 润大幅增长》2024-05-06 2、《韦尔股 ...

证 2024 年 08 月 22 日 报 告 公 司 研 究 利润不及预期，短期去库释放压力 —舍得酒业（600702.SH）公司事件点评报告 买入(维持) 事件 2024 年 8 月 21 日，舍得酒业发布 2024 年中报。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn | --- | --- | |----------------------|------------| | 基本数据 | 2024-08-21 | | 当前股价（元） | 50 | | 总市值（亿元） | 167 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 332 | | 52 周价格范围（元） | 50-149.85 | | 日均成交额（百万元） | 636.85 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《舍得酒业（600702）：收入符 合预期，利润略承压》2024-04-27 2、《舍得酒业（600702）：业绩符 合预期，多因素致利润承压》2024- 03-21 3 ...