证 券 告 公 研 研 究 2024 年 08 月 21 日 报 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company demonstrated steady performance in Q2 2024, with revenue reaching 4.1 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 18%. The net profit attributable to shareholders was 158 million yuan, up 35% year-on-year and 1% quarter-on-quarter [3] - The overseas business showed remarkable growth, with a year-on-year increase of approximately 79% in overseas sales. The company continues to strengthen its domestic market position while expanding internationally [4] - The company holds a significant market position in both the original equipment and replacement markets for lead-acid batteries, with a current dividend yield of nearly 4%, indicating strong value [5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.527 billion yuan, a year-on-year increase of 15.24%, and a net profit of 314 million yuan, up 11.89% year-on-year [2] - The gross margin for Q2 2024 was 14.5%, and the net margin was 4.2%, with a slight decrease in gross margin attributed to increased external sales of recycled lead [3] Business Segments - The lead-acid business generated revenue of 6 billion yuan in H1 2024, with a gross margin of 20%. The recycled lead business saw a revenue decline of 10% year-on-year, while the lithium battery business experienced a significant revenue increase of 137% year-on-year [4] Market Position and Valuation - The company is well-positioned in the lead-acid battery market, with a strong domestic base and ongoing international expansion. The current valuation is considered low, enhancing its attractiveness as an investment [5] - Profit forecasts for 2024-2026 indicate net profits of 770 million, 930 million, and 1.11 billion yuan, respectively, with corresponding EPS of 0.66, 0.80, and 0.95 yuan, leading to a PE ratio of 11, 9, and 8 times [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved a revenue of 5.274 billion RMB in the first half of 2024, representing a year-on-year growth of 17.83% [2] - The net profit attributable to shareholders was a loss of 25 million RMB, which is a reduction in loss by 16 million RMB year-on-year [2] - The decline in net profit is primarily due to the decrease in fair value of non-current financial assets held by the company [2] - The revenue from IPM modules reached 1.413 billion RMB, showing a year-on-year increase of approximately 50% [2] - The company is expanding its production capacity for SiC power devices, with expected monthly production capacity to reach 12,000 pieces by the end of 2024 [3][4] Summary by Sections Financial Performance - The company reported a revenue of 5.274 billion RMB for the first half of 2024, with a year-on-year growth of 17.83% [2] - The net profit attributable to shareholders was a loss of 25 million RMB, a decrease in loss by 16 million RMB year-on-year [2] - The net profit excluding non-recurring items was 126 million RMB, down 22.39% year-on-year [2] Product Development - The company is focusing on promoting various products such as IGBT devices, IPM smart power modules, and SiC power modules in high-barrier markets [2] - The shipment volume of IPM modules has significantly increased, with over 83 million units used in domestic major home appliance manufacturers [2] - The SiC power device production line is ramping up, with current monthly production capacity at 6,000 pieces, expected to increase to 9,000 pieces by the end of Q3 2024 [3] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected to be 10.988 billion RMB, 12.840 billion RMB, and 14.336 billion RMB respectively [4] - The earnings per share (EPS) are expected to be 0.18 RMB, 0.35 RMB, and 0.51 RMB for the years 2024, 2025, and 2026 respectively [4] - The company anticipates that the growth in IPM module and SiC shipments will enhance future revenue and profit [4]

Investment Rating - The report maintains a "Buy" rating for the company Anjins Food (603345.SH) [1] Core Views - The company's main revenue is steadily growing, benefiting from scale effects [1] - The company reported a revenue of 7.544 billion yuan for H1 2024, a year-on-year increase of 9%, primarily driven by frozen prepared foods [1] - The net profit attributable to shareholders for H1 2024 was 803 million yuan, also reflecting a 9% increase year-on-year [1] - The report anticipates continued growth in the second half of the year, with a shift from B-end to C-end product growth expected [1] Summary by Sections Revenue and Profitability - In Q2 2024, the company's revenue was 3.789 billion yuan, a 2% increase year-on-year, while the net profit attributable to shareholders was 364 million yuan, a 3% decrease year-on-year [1] - The gross margin in Q2 2024 increased by 1 percentage point to 21.29%, attributed to raw material cost optimization and scale effects [1] - The report highlights that the company is adjusting its product strategy to optimize gross margins and smooth out market fluctuations [2] Distribution Channels - The company has a solid foundation in its distribution channels, with revenue from distributors in Q2 2024 reaching 3.084 billion yuan, a 4% year-on-year increase [2] - The report notes a net increase of 96 distributors, bringing the total to 2060 by the end of H1 2024 [2] - The new retail channel saw a significant increase in revenue, up 43% year-on-year, primarily due to new business development with Hema [2] Future Outlook - The report projects EPS for 2024-2026 to be 5.56, 6.57, and 7.59 yuan respectively, with the current stock price corresponding to P/E ratios of 14, 11, and 10 times [3] - The company is expected to maintain stable operations while expanding its scale, particularly in the frozen food segment [3] - The report emphasizes the potential for performance elasticity as market conditions stabilize, particularly for the new product lines [3]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has achieved rapid profit growth, driven by the increasing demand for high-speed communication cables, with a significant rise in both revenue and net profit in the first half of 2024 [1][2]. - The company reported a revenue of 3.095 billion yuan and a net profit of 419 million yuan for H1 2024, representing year-on-year increases of 22.16% and 43.04%, respectively [1]. - The gross margin and net margin for H1 2024 were 33.23% and 14.53%, showing improvements compared to the previous year [1]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 1.706 billion yuan and a net profit of 235 million yuan, with year-on-year growth of 22.61% and 24.24% [1]. - The company’s electronic products segment generated 1.203 billion yuan in revenue for H1 2024, up 16.85% year-on-year, with a gross margin of 40.61% [2]. - The power products segment reported revenue of 619 million yuan, a 17.76% increase year-on-year, with a gross margin of 40.67% [2]. - The wire products segment saw a revenue increase of 38.27% year-on-year, reaching 767 million yuan, with a gross margin of 15.09% [2]. R&D and Market Expansion - The company is deepening its R&D efforts, particularly in high-speed communication cables, with significant orders from major clients [4]. - The company has developed new products, including PCIe 6.0 and various high-speed communication cables, which are currently in trial production [4]. Financial Forecast - The company is projected to achieve revenues of 7.019 billion yuan, 9.026 billion yuan, and 12.061 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.77 yuan, 0.95 yuan, and 1.22 yuan [5][8]. - The current stock price corresponds to a PE ratio of 18.9 for 2024, 15.3 for 2025, and 11.9 for 2026, supporting the "Buy" investment rating [5].

证 2024 年 08 月 19 日 研 报 告 策 略 研 究 指数横盘量能企稳，新"国九条"后首股将申购 —北交所周报 投资要点 ▌ 北证大盘指数概览 指数点位：本周华鑫北证综指报收 667.64 点，周内下跌 0.46%，北证 50 指数报收 675.74 点，周内下跌 1.98%，同期 沪深 300 指数上涨 0.42%。成交额：本周北交所每日成交额 分别为 28.78/26.71/28.53/29.67/30.74 亿元，周内日均成 交额为 28.89 亿，相比上周日均成交额 30.51 亿减少 5.32%。估值：截至 8 月 16 日，北证 A 股在剔除负值后得到 共 222 家上市公司样本，样本的 PE 均值为 33.08 倍，PE 中 位数为 19.75 倍，PE 在 20 倍以内的上市公司占比达到 50.68%，样本整体市盈率分布呈右偏。 "920 第三股"成电光信（920008.BJ）下周申购，采用直 接定价方式，发行价为 10 元/股，发行市盈率为 14.82 倍。 值得注意的是，成电光信也是新"国九条"后北交所首家上 会公司。 成电光信是国家级专精特新"小巨人"企业，主营业务为网 络总 ...

证 2024 年 08 月 20 日 报 告 基本数据 2024-08-19 当前股价（元） 5.81 总市值（亿元） 86 总股本（百万股） 1479 流通股本（百万股） 975 52 周价格范围（元） 5.42-10.49 日均成交额（百万元） 518.6 公 司 研 究 经营性现金流改善 关注 IP+赋能主业营收新增 —奥飞娱乐（002292.SZ）公司事件点评报告 奥飞娱乐发布公告：2024 中期公司总营收 13.05 亿元 （yoy+0.36%），归母、扣非利润分别为 0.55、0.61 亿元 （yoy-9%、+22.15%）；经营性现金流净额 0.9187 亿元（改 善）。资产减值损失 0.33 亿元，主要是长期股权投资及存货 减值损失。单季度看，2024Q2 公司营收 6.5 亿元（yoy6.2%，qoq+0.64%），归母、扣非净利润分别为 0.05、0.19 亿元（yoy-89.71%、-46.99%）。 投资要点 ▌ 2024 上半年经营性现金流量净额 0.9187 亿元 主 业婴童与影视收入增长 玩具收入略降 2024 上半年公司主营玩具、婴童、动漫影视收入分别为 4.8、6、1.8 亿 ...

证 告 公 司 研 究 2024 年 08 月 19 日 究 报 | --- | --- | --- | |------------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 08 月 19 日 研 报 告 公 司 研 究 结构升级叠加控费减亏利润高增，业绩符合预期 —燕京啤酒（000729.SZ）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 | --- | --- | |----------------------|------------| | 基本数据 | 2024-08-19 | | 当前股价（元） | 9.83 | | 总市值（亿元） | 277 | | 总股本（百万股） | 2819 | | 流通股本（百万股） | 2510 | | 52 周价格范围（元） | 7.78-10.77 | | 日均成交额（百万元） | 172.91 | 市场表现 -30 -25 -20 -15 -10 -5 0 5 (%) 燕京啤酒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《燕京啤酒（000729）：结构升 级叠加提效降费，利润弹性释放》 2024-07-12 2、《燕京啤酒（000729）：提效 ...

证 2024 年 08 月 19 日 报 告 行 研 究 硫酸、二氯甲烷等涨幅居前，建议继续关注石 化板块和轮胎板块 —基础化工行业周报 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |----------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 基础化工(申万) | -6.1 | -20.5 | -23.9 | | 沪深 300 | -5.5 | -9.0 | -11.6 | 市场表现 -30 -25 -20 -15 -10 -5 0 5 10 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：TDI、苯 胺等涨幅居前，建议继续关注轮胎 板块和农化板块》2024-08-12 2、《基础化工行业周报：三聚氰 胺、赖氨酸等涨幅居前，建议继续 关注涤纶长丝、制冷剂和农化板 块》2024-07-16 3、《基础化工行业周报：炭黑、原 油等涨幅居前，建议继续关注涤纶 长丝 ...