Investment Rating - The report assigns a "Neutral" investment rating to the company [1]. Core Views - The company experienced significant changes in customer structure, leading to profit performance falling short of expectations. Despite a recovery in feed demand contributing to revenue growth, the profit margins were adversely affected due to changes in customer composition and promotional activities [1][2]. - The company reported a revenue of 895 million yuan for the first half of 2024, representing a year-on-year increase of 21.40%. However, the net profit attributable to shareholders was only 23 million yuan, a decline of 47.36% year-on-year [1]. - The report anticipates that the company will focus on revenue expansion in the second half of 2024, with projected revenues of 2.253 billion, 3.127 billion, and 4.251 billion yuan for 2024, 2025, and 2026 respectively [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 895 million yuan, a year-on-year increase of 21.40%. The net profit attributable to shareholders was 23 million yuan, down 47.36% year-on-year, and the net profit after deducting non-recurring gains and losses was 21 million yuan, down 52.45% [1]. - The second quarter of 2024 saw a revenue of 483 million yuan, a year-on-year increase of 38.79%, but the net profit attributable to shareholders was only 3 million yuan, a decline of 86.36% year-on-year [1]. Customer Structure and Profitability - The decline in profit margins was attributed to three main factors: an increase in cooperation with large-scale farming customers, a decrease in the proportion of smallholder customers, and a lack of enthusiasm for restocking among family farms, which led to promotional activities that reduced unit sales prices [1]. - The gross profit margin for the first half of 2024 was 10.78%, a decrease of 3.54 percentage points year-on-year, while the net profit margin was 2.62%, down 3.42 percentage points year-on-year [1]. Future Outlook - The report predicts that the company will prioritize revenue growth in the competitive feed industry, with expectations of increased sales volume and revenue in the second half of 2024. However, profit margins are expected to decline due to intensified competition [2][4]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.50, 0.61, and 0.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.3, 16.0, and 13.4 times [2][4].

证 券 研 报 告 公 司 研 究 2024 年 08 月 18 日 究 | --- | --- | --- | |-------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company's revenue is under pressure due to a decline in prices despite an increase in volume, but profit margins are showing signs of improvement [4] - The company reported a total revenue of 1094.78 billion yuan for H1 2024, a decrease of 8% year-on-year, while the net profit attributable to shareholders increased by 14% to 10.97 billion yuan [4] - The report anticipates continued profit margin optimization in the second half of 2024, driven by cost reductions in raw materials and improved sales performance [5] Summary by Sections Financial Performance - In Q2 2024, total revenue was 522.05 billion yuan, down 9% year-on-year, with a net profit of 2.14 billion yuan, up 92% [4] - The company's gross margin increased by 1 percentage point to 4.90% in H1 2024, with a net profit margin of 0.94%, reflecting stable profitability [4] Product Segments - The kitchen food segment saw revenue of 696.74 billion yuan in H1 2024, a decrease of 5%, but with a volume increase of 3% [5] - The feed raw materials and oil technology segment reported revenue of 389.66 billion yuan, down 12%, but with a gross margin increase of 1 percentage point to 1.01% [5] Earnings Forecast - The report adjusts the EPS forecast for 2024-2026 to 0.57, 0.71, and 0.84 yuan respectively, with corresponding PE ratios of 45, 37, and 31 times [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's performance aligns with expectations, and its market strategy is steadily advancing [2] - The company reported a revenue of 7.305 billion yuan for H1 2024, representing a 22% year-on-year increase, driven by solidifying its domestic market while implementing regional and sectoral strategies [2] - The net profit attributable to shareholders for H1 2024 was 2.461 billion yuan, up 20% year-on-year, with a non-recurring net profit of 2.446 billion yuan, reflecting a 19% increase [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.634 billion yuan, a 22% increase year-on-year, with a net profit of 929 million yuan, up 17% year-on-year [2] - The gross margin for Q2 2024 increased by 0.2 percentage points to 73.02%, attributed to a higher proportion of premium liquor sales [2] - The company’s sales expense ratio decreased by 1 percentage point to 12.23%, due to optimized budget allocation for channel expenses [2] Product and Market Strategy - The company’s revenue from different product categories in H1 2024 was 4.654 billion yuan for A+ class, 2.216 billion yuan for special A class, and 258 million yuan for A class, with respective year-on-year growth rates of 22%, 26%, and 14% [2] - The company is focusing on normal distribution for mainstream products while strategically promoting tactical products [2] - The company’s direct sales and wholesale revenue reached 95 million yuan and 7.163 billion yuan respectively, with year-on-year growth of 31% and 22% [2] Market Expansion - The company’s revenue from domestic and foreign markets in H1 2024 was 6.658 billion yuan and 599 million yuan, reflecting year-on-year growth of 21% and 36% respectively [2] - The company is enhancing its market presence in key provinces and replicating successful strategies from pilot markets to accelerate its expansion [3]

证 2024 年 08 月 17 日 报 告 公 司 研 究 收入高增态势延续，费用管控得当释放利润弹性 —迎驾贡酒（603198.SH）公司事件点评报告 买入(维持) 事件 2024 年 08 月 16 日，迎驾贡酒发布 2024 年中期业绩报告。 投资要点 ▌ 销售结构持续升级，盈利水平稳步提升 公司发布 2024 年中期业绩报告，2024H1 总营业收入 37.85 亿 元 （ 同 比 +20.44% ） ， 毛 利 率 实 现 73.57% （ 同 增 2.63pcts），销售费率 7.99%（同降 0.60pct），管理费率 2.76% （同降 0.40pct ），净利率 36.53% （同增 2.55pcts），归母净利润 13.79 亿元（同比+29.59%），扣非 净利润 13.66 亿元（同比+32.65%）。 ▌ 费用控制得当，释放利润弹性 2024 单 二 季 度 实 现 总营业收入 14.61 亿元（同比 +19.04%），毛利率 71.15%（同增 0.58pct），销售费率 10.00% （同降 1.99pcts ） ， 管 理 费 率 3.42% （同降 0.60pct），带动净 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Insights - The company experienced a decline in total operating revenue by 4.59% year-on-year, amounting to 1.663 billion yuan, while achieving a net profit of 198 million yuan, reflecting a growth of 10.28% year-on-year [2][3]. - The decrease in raw material costs has positively impacted the company's profitability, with a gross margin increase of 3.66 percentage points to 24.79% [2][3]. - The company is expanding its store count, reaching 6,308 stores nationwide, with a focus on long-term strategic positioning despite external pressures [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a net profit margin of 11.95%, an increase of 1.79 percentage points year-on-year, and a net profit of 198 million yuan [2][3]. - The second quarter of 2024 saw total operating revenue of 969 million yuan, a year-on-year decrease of 1.98%, but with a gross margin of 27.59%, up 4.59 percentage points [3]. Revenue Breakdown - Revenue from the distribution model accounted for approximately 85% of total revenue, while direct sales contributed about 2%, and other models made up 13% [2]. Profitability Forecast - The report slightly adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.83, 0.93, and 1.04 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 13 times [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company's lithium salt sales from its own mines reached 16,798.67 tons in the first half of 2024, surpassing the total sales for the entire previous year [2] - The self-sufficiency rate of lithium ore has significantly improved, and the copper mining projects are promising for future growth [2][9] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 2.422 billion yuan, a year-on-year decrease of 32.76% [4] - The net profit attributable to shareholders was 473 million yuan, down 68.52% year-on-year [4] - The first and second quarter revenues were 1.127 billion yuan and 1.295 billion yuan, respectively, with Q2 showing a year-on-year decline of 15.36% but a quarter-on-quarter increase of 14.91% [4] Lithium Supply and Projects - The Bikita mine in Zimbabwe has a lithium ore resource of 113.35 million tons, with a lithium carbonate equivalent of 2.8847 million tons [5] - The company is advancing projects to increase lithium production, including a 200,000 tons/year lithium spodumene project and a 100,000 tons/year beneficiation project at the Tanco mine in Canada [5][6] Rare Metals Business - The rare light metal (cesium and rubidium) segment generated 471 million yuan in revenue in the first half of 2024, with a gross profit of 341 million yuan [7] - The sales volume of cesium and rubidium salts increased by 25.92% year-on-year [7] Copper Mining Projects - The company has acquired a 65% stake in the Kitumba copper mine project in Zambia, which has a total copper resource of 27.9 million tons [8] - The development of the Kitumba copper mine is expected to provide a new profit growth point for the company in the medium to long term [8] Earnings Forecast - The company is projected to achieve operating revenues of 5.691 billion yuan, 6.581 billion yuan, and 9.727 billion yuan for 2024, 2025, and 2026, respectively [9] - The net profit attributable to shareholders is forecasted to be 1.098 billion yuan, 1.274 billion yuan, and 2.283 billion yuan for the same years [9]

2024 年 08 月 17 日 研 告 研 究 究 2024H1 业绩增长稳定，LED 业务迅速成长 报 —兆驰股份（002429.SZ）公司事件点评报告 增持(首次) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 基本数据 2024-08-16 | --- | --- | |----------------------|-----------| | 当前股价（元） | 4.71 | | 总市值（亿元） | 213 | | 总股本（百万股） | 4527 | | 流通股本（百万股） | 4524 | | 52 周价格范围（元） | 4.22-5.96 | | 日均成交额（百万元） | 148.86 | 资料来源：Wind，华鑫证券研究 司 兆驰股份发布 2024 半年度业绩报告：2024 年 1 月 1 日至 2024 年 6 月 30 日，公司实现营收 95.2 亿元，同比增长 23.07%；实现归母净利润 9.1 亿元，同比增长 24.04%。 投资要点 ▌ 积极采取措施应对海外 ...

证 2024 年 08 月 18 日 研 报 告 行 业 研 究 养殖公司产业链议价越来越强，行业补栏逐步升 温 —农林牧渔行业周报 推荐(维持) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |----------------|-------|-------|-------| | 表现 | 1M | 3M | 12M | | 农林牧渔(申万) | -4.4 | -15.9 | -17.2 | | 沪深 300 | -5.0 | -9.0 | -11.6 | 市场表现 -20 -15 -10 -5 0 5 (%) 农林牧渔 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《农林牧渔行业周报：猪价有望 维持高位，生猪养殖成本仍有下降 空间》2024-08-11 2、《农林牧渔行业周报：盈利好， 补栏弱，养殖盈利周期拉长》2024- 08-03 3、《农林牧渔行业周报：生猪养殖 存量博弈，强者恒强》2024-07-28 ▌ 本周观点 规模场产业链竞争力和议价能力稳步提升，补栏积极性相对 散 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Views - The company reported a revenue of 13.79% year-on-year growth in the first half of 2024, reaching 13.126 billion yuan, while the net profit attributable to shareholders decreased by 3.4% to 784 million yuan [2][5]. - The PCB industry is expected to benefit from the rise of AI smartphones, with the total market value projected to reach 73.026 billion USD in 2024, growing by 5.0% [2][4]. - The company is enhancing its R&D efforts in AI-related fields, with R&D expenditure increasing by 20.43% to 1.079 billion yuan in the first half of 2024 [2][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.440 billion yuan, a year-on-year increase of 32.28%, while the net profit attributable to shareholders was 287 million yuan, down 27.03% [2]. - The revenue structure indicates that communication boards account for 66.51% of total production, with consumer electronics boards showing a recovery with a 36.57% increase in revenue [2][4]. Market Trends - The report highlights 2024 as the year of AI smartphones, with the upcoming release of the iPhone 16 expected to solidify the upward trend in the PCB industry [2][4]. - The company is positioned to meet the increasing demand for high-end PCBs driven by the performance requirements of AI smartphones [3][4]. Production Capacity and R&D - The company is expanding its production capacity with significant investments in new facilities, including a 4.2 billion yuan investment in the Huai'an third park, which focuses on high-end HDI and SLP products [4]. - The company’s production capabilities include advanced PCB products with minimum hole diameters of 0.025mm and minimum line widths of 0.020mm, catering to high-end applications [4]. Earnings Forecast - The forecast for the company's revenue from 2024 to 2026 is 38.088 billion yuan, 45.012 billion yuan, and 51.017 billion yuan, respectively, with corresponding EPS of 1.72, 2.16, and 2.59 yuan [5][7].