Investment Rating - Buy (Maintained) [1] Core Views - Profitability improvement and condensed milk growth momentum continuation [1] - Revenue under pressure but gross margin optimization continues [1] - Condensed milk growth momentum continues with active expansion of distribution channels [1] Revenue and Profit Analysis - 2024H1 total revenue: 360 million yuan (YoY -19%), net profit attributable to parent company: 47 million yuan (YoY +0.4%), non-GAAP net profit: 39 million yuan (YoY -3%) [1] - 2024Q2 total revenue: 175 million yuan (YoY -25%), net profit attributable to parent company: 21 million yuan (YoY -26%), non-GAAP net profit: 17 million yuan (YoY -30%) [1] - 2024H1 gross margin increased by 4pct to 27.46%, mainly due to lower raw material costs and product structure optimization [1] - 2024H1 net profit margin increased by 3pct to 13.15% [1] Product and Channel Performance - 2024H1 revenue breakdown: condensed dairy products (259 million yuan, YoY -13%), dairy trade (80 million yuan, YoY -29%), coconut products (19 million yuan, YoY -39%), others (3 million yuan, YoY -52%) [1] - 2024H1 channel breakdown: direct sales (59 million yuan, YoY -14%), distribution (220 million yuan, YoY -17%), trade (80 million yuan, YoY -29%), others (1 million yuan, YoY +45%) [1] - As of 2024H1, number of distributors: East China (158, +3 from beginning of year), South China (77, -1), other regions (137, +3) [1] Financial Forecast - 2024-2026 EPS forecast adjusted to 0.93/0.98/1.06 yuan (previous: 0.98/1.14/1.32 yuan) [1] - Current P/E ratio: 18/17/15x for 2024-2026 [1] - 2024-2026 revenue forecast: 900/905/931 million yuan [3] - 2024-2026 net profit forecast: 115/121/132 million yuan [3] - 2024-2026 ROE forecast: 11.2%/10.9%/10.9% [3] Balance Sheet and Cash Flow - 2024E cash and equivalents: 300 million yuan [4] - 2024E total assets: 1,261 million yuan [4] - 2024E operating cash flow: 61 million yuan [4] - 2024E net cash flow: 53 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has significantly increased its profits in Q2, benefiting from a recovery in downstream market demand, product structure upgrades, and growth in customer needs. The overall capacity utilization has improved, leading to a substantial year-on-year increase in sales revenue and net profit [1][2] - The company plans to further acquire a controlling stake in its subsidiary, enhancing its profitability and control over the high-end power semiconductor device industrialization project [1][3] - The power device prices are showing signs of recovery, with several companies in the semiconductor industry announcing price increases of 10% to 25%. The company has also raised prices for its Trench MOSFET product line by 5% to 10% [2][3] Financial Summary - In the first half of 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 40.12%. The net profit attributable to shareholders was 214 million yuan, up 122.76% year-on-year [1] - The company forecasts revenues of 2.683 billion yuan, 3.349 billion yuan, and 4.163 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.45 yuan, 0.61 yuan, and 0.83 yuan [3][5] - The report indicates a significant improvement in profitability, with the net profit for 2024 expected to grow by 50.7% compared to 2023 [5]

券 研 2024 年 08 月 19 日 告 行 业 研 究 国家能源局再提配电网建设，配网投资有望加速 —电力设备行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：臧天律 S1050522120001 zangtl@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |----------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 电力设备(申万) | -4.7 | -16.0 | -33.0 | | 沪深 300 | -5.5 | -9.0 | -11.6 | 市场表现 -40 -30 -20 -10 0 10 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业深度报告：从终 端电价说起看电改》2024-08-05 2、《电力设备行业周报：国内外海 风需求共振，国网投资首次超 6000 亿》2024-07-29 3、《电力设备行业周报：电网投资 稳健高增，持续看好电力改革推 进》2024 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting potential investment opportunities in the Tesla supply chain and related companies [9][30]. Core Insights - The report emphasizes the importance of investing in the Tesla supply chain during periods of low interest, as the sector is poised for valuation expansion driven by new model cycles and macroeconomic factors [2][3]. - It identifies the Model Y's sales ceiling and suggests that compact SUVs will be the next growth area, with Tesla needing to lower prices to remain competitive [2][3]. - The report notes a favorable policy environment for Tesla in China, which includes government procurement and compliance with data security requirements [2][3]. Summary by Sections Market Performance and Valuation Levels - The automotive sector's performance is lagging behind the broader market, with the CITIC Automotive Index rising by 0.1% compared to a 0.4% increase in the CSI 300 [15]. - The automotive industry's PE ratio is at 24.2, indicating a low valuation compared to historical levels [19]. Investment Strategy - The report suggests focusing on companies with strong ties to Tesla, such as Top Group, New Spring, and Aikodi, as well as those in the lightweight and intelligent vehicle segments [29][30]. - It highlights the potential for growth in the domestic auto parts sector due to technological changes and export opportunities [30]. Company Announcements and Industry News - The report includes updates on various companies, such as Easy Precision's significant revenue growth and Aikodi's share buyback plan [32][35]. - It also mentions the launch of new charging stations by the State Grid and regulatory developments in the electric vehicle sector [37][39].

证 券 研 究 报 告 行业周报 新冠流行增加，关注检测端的机会 医药行业周报 报告日期： 推荐 （ 维持 ） 投资评级： 2024年08月19日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 新冠阳性率增加，推动检测需求增加 根据广东省疾病预防控制局数据，7月全省新冠病毒感染发病数为18384，对比6月份增加了1万余病例，全国新冠阳性率 也上升至18.7%（7月22日-7月28日）。随着人口的流动，预计8月份阳性率还可能再增加。目前北半球仍处于流感的低 流行阶段，新冠和流感叠加较少，但呼吸道感染筛查需求增加，继续推动检测需求增长。7月31日，国家卫健委发布《关 于加快推进村卫生室纳入医保定点管理的通知》。明确提出，加大医保基金对乡村医疗卫生体系支持力度，规范村卫生室 医保服务协议管理，推动更多村卫生室纳入医保定点管理。感冒发热和呼吸道感染为基层常发病，加强规范化管理，离不 开诊断作为临床处方的依据，抗原抗体快检自然适合基层村卫生室的诊断需求，未来医保覆盖面增加，将带动呼吸道快检 向基层渗透。 海外市场方面，国 ...

证 券 2024 年 08 月 19 日 报 告 S 行 研 究 大厂加速布局 AI 智能眼镜，星闪联盟启动跨品 牌互联互通测试 —电子行业周报 推荐(维持) 投资要点 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) -9.4 -0.9 -9.2 沪深 300 -4.4 -8.1 -12.4 市场表现 -30 -20 -10 0 10 20 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：三星否认其 HBM3E 通过英伟达所有测试，第三代 半导体 8 英寸时代加速》2024-08- 11 2、《电子行业专题报告：3DDRAM 时 代或将到来，国产 DRAM 有望迎来变 革契机》2024-08-08 3、《电子行业周报：苹果公布季 报，AI 浪潮助推 HBM 景气度持续飙 升》2024-08-05 业 ▌ 上周回顾 8 月 12 日-8 月 16 日当周，申万一级行业普遍处于分化的状 态。其中电子行业 ...

证 2024 年 08 月 18 日 告 行 研 究 究 报 铜下游开工持续回升，铜价维持偏强走势 —有色金属行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |----------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 有色金属(申万) | -10.2 | -17.6 | -9.2 | | 沪深 300 | -5.0 | -9.0 | -11.6 | 市场表现 -30 -20 -10 0 10 20 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《有色金属行业周报：铜杆-线 缆链条需求好转，铜价有支撑》 2024-08-12 2、《有色金属行业周报：美国各项 经济数据均低于预期，黄金价格或 将进入下一轮上涨》2024-08-05 3、《有色金属行业周报：美国 CPI 同比回落，降息预期提升支撑贵 ...

证 券 研 究 报 告 公 司 研 究 2024 年 08 月 19 日 | --- | --- | --- | |------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 延续高增长趋势 | —圣湘生物（ 68 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [3]. Core Viewpoints - The food and beverage sector is currently experiencing structural opportunities, with a focus on the recovery of consumer confidence and economic revival as key growth drivers for 2024 [2][3]. - The report highlights the resilience of demand in the liquor segment, particularly for high-end brands like Moutai and Wuliangye, despite recent market corrections [2][3]. - The report emphasizes the importance of monitoring mid-autumn festival sales and subsequent performance as catalysts for stock movements in the sector [2]. Summary by Sections Industry News - Hebei's regulated liquor industry reported a revenue of 3.948 billion yuan in the first half of the year, with profits increasing by 61.3% [11]. - In July, Sichuan's liquor production reached 102,000 kiloliters, and prices for food and tobacco products have risen [11]. - The liquor segment accounted for 83.95% of sales in the Kuaishou platform's liquor category [11]. Company News - Moutai's sales on Douyin surpassed one million yuan during its first live broadcast, and the company is making progress on its new projects [12]. - Wuliangye established a liquor sales company with an investment of 550 million yuan [12]. - Luzhou Laojiao reported a dividend exceeding 7.9 billion yuan for the 2023 fiscal year [12]. Key Company Feedback - The report indicates that Moutai and Wuliangye are expected to maintain strong performance, with Moutai's pricing stabilizing and Wuliangye's market penetration improving [2]. - The report suggests that companies like Jiangsu Yanghe and Shanxi Fenjiu are also worth monitoring for their stable performance and market strategies [2]. Industry Performance - The food and beverage sector has seen a decline of 25.9% over the past 12 months, while the Shanghai and Shenzhen 300 index has decreased by 11.6% [2]. - The report ranks sub-sectors in the following order: liquor > beer > snacks = soft drinks > frozen foods > condiments > dairy products [2]. Recommended Stocks - The report recommends focusing on stocks such as Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others for potential investment opportunities [2][3].

2024 年 08 月 18 日 告 究 Akeana 推出新的 RISC-V 芯片设计，xAI 发布 Grok-2 大模型 报 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |--------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 计算机(申万) | -2.9 | -16.7 | -34.3 | | 沪深 300 | -5.0 | -9.0 | -11.6 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业深度报告：政策东 风至，车路云发展正当时》2024- 08-13 2、《计算机行业周报：Nvidia 推迟 芯片出货但预计影响有限，GPT-4o 新版本上线》2024-08-11 3、《计算机行业周报：AI 研发军备 赛紧锣密鼓，Midjourney 发布最强 版本 V6.1》2024-08-04 ▌算力：算力租赁价格平稳，Akeana 推出新的 RISCV 芯片设计 ...