Investment Rating - The report assigns an "Accumulate" investment rating for the company [6] Core Views - The pig farming business has emerged as the main driver of profit growth, leading to an overall increase in profits [2][4] - The company is expected to benefit from a favorable pig price environment in the second half of 2024, which will further enhance profitability [2][3] Summary by Sections Market Performance - In the first half of 2024, the company reported a net profit attributable to shareholders of between 200 million and 260 million yuan, a year-on-year decline of 79.76% to 84.43% [2] - The second quarter of 2024 saw a significant turnaround with a net profit of 146 million to 206 million yuan, representing a year-on-year increase of 124.69% to 217.10% [2] Pig Farming Business - The total cost of pig farming in the first half of 2024 was 14.84 yuan/kg, down by 1.88 yuan/kg from the second half of 2023 [3] - The average pig price rose to 18.30 yuan/kg by June 2024, a year-on-year increase of 27.79% [3] - The pig farming business achieved a cumulative output of 1.0459 million pigs in the first half of 2024, a year-on-year increase of 24.04%, with sales revenue of 1.689 billion yuan, up 38.41% [4] Real Estate Business - The real estate business's revenue contribution has decreased to 20-25%, with a significant drop in delivery quantities compared to the previous year [5] - The company is focusing on accelerating cash flow through the sale of existing projects [5] Profit Forecast - The company is projected to generate revenues of 11.041 billion, 12.908 billion, and 13.385 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.89, 2.27, and 2.10 yuan [6] - The current stock price corresponds to a PE ratio of 7.7, 6.4, and 6.9 for the years 2024, 2025, and 2026 respectively [6]

2024 年 08 月 15 日 告 行 研 究 AI+眼镜 媒介新触达有望驱动应用增强 —传媒行业动态研究报告 ▌ 从 AIPC 到 AI 手机 从 AI Pin 到 AI 眼镜 AI 赋能 媒介新触达 传媒互联网围绕内容与媒介的发展带来供给需求新探索。每 一次科技革命均有望带来硬件、内容端的新增量。AI 时代正 在赋能与重塑行业新发展。从 AIPC 角度看，AIPC 的发展标 志着我国桌面操作系统迈入智能化时代，短期内 AIPC 的发展 预计商业应用为主，消费市场为辅的趋势，AIPC 行业的市场 规模有望从 2025 年的 233.42 亿元增加至 2029 年的 1948.61 亿元（复合增速 69.98%）。从 AI 手机角度看，生成式 AI 智 能手机是专为智能手机设计的，配备了硬件与软件功能，可 以实现生成式 AI 驱动功能与应用在智能手机上的无缝集成和 高效执行，如谷歌的 Gemini Nano、百度的文心以及 OpenAI 的 GPT-4；Gartner 预计到 2024 年底，生成式 AI 智能手机和 AI PC 的出货量将分别达到 2.4 亿台和 5450 万台（分别占到 2024 年基础 ...

2024 年 08 月 15 日 告 行 研 究 AI+眼镜 媒介新触达有望驱动应用增强 —传媒行业动态研究报告 ▌ 从 AIPC 到 AI 手机 从 AI Pin 到 AI 眼镜 AI 赋能 媒介新触达 传媒互联网围绕内容与媒介的发展带来供给需求新探索。每 一次科技革命均有望带来硬件、内容端的新增量。AI 时代正 在赋能与重塑行业新发展。从 AIPC 角度看，AIPC 的发展标 志着我国桌面操作系统迈入智能化时代，短期内 AIPC 的发展 预计商业应用为主，消费市场为辅的趋势，AIPC 行业的市场 规模有望从 2025 年的 233.42 亿元增加至 2029 年的 1948.61 亿元（复合增速 69.98%）。从 AI 手机角度看，生成式 AI 智 能手机是专为智能手机设计的，配备了硬件与软件功能，可 以实现生成式 AI 驱动功能与应用在智能手机上的无缝集成和 高效执行，如谷歌的 Gemini Nano、百度的文心以及 OpenAI 的 GPT-4；Gartner 预计到 2024 年底，生成式 AI 智能手机和 AI PC 的出货量将分别达到 2.4 亿台和 5450 万台（分别占到 2024 年基础 ...

证 券 研 报 告 公 司 研 究 究 2024 年 08 月 14 日 | --- | --- | --- | |------------------------------------------------------------------------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture and Animal Husbandry (603477.SH) [2][4] Core Views - The controlling shareholder's increase in holdings demonstrates confidence in the company's long-term development and decision-making [2] - The company has achieved a turnaround in Q2 2024, with expected net profit ranging from RMB 89.05 million to RMB 106.05 million, indicating a recovery from previous losses [3][4] - The company is expected to continue reducing breeding costs, with projections indicating a decrease to below RMB 13 per kilogram by the end of 2024, thereby strengthening its competitive position in the industry [3][4] Summary by Sections Company Events - On August 12, 2024, Juxing Agriculture announced a plan for the controlling shareholder, Juxing Group, to increase its stake in the company by up to RMB 50 million within 12 months [2] - As of August 12, 2024, Juxing Group holds 29.31% of the company's shares, reflecting a commitment to the company's future [2] Financial Performance - The company reported a significant increase in pig output, with 513,000 pigs slaughtered in Q1 2024, a year-on-year increase of 36.4% [3] - Revenue projections for 2024-2026 are RMB 69.71 billion, RMB 123.73 billion, and RMB 140.04 billion, respectively, with corresponding EPS of RMB 1.13, RMB 3.36, and RMB 3.22 [4][6] Cost Management - The breeding cost decreased from RMB 13.82 per kilogram in Q1 2024 to RMB 12.88 per kilogram by June 2024, with expectations for further reductions [3][4] - The company aims to optimize its production management system to enhance efficiency and profitability [3]

证 2024 年 08 月 13 日 研 报 告 公 司 研 究 聚氨酯供需改善，新项目新产能打开成长空间 —万华化学（600309.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 | 2024-08-13 | | 当前股价（元） | 73.01 | | 总市值（亿元） | 2292 | | 总股本（百万股） | 3140 | | 流通股本（百万股） | 3140 | | 52 周价格范围（元） | 67.7-97.76 | | 日均成交额（百万元） | 908.5 | 市场表现 -35 -30 -25 -20 -15 -10 -5 0 5 (%) 万华化学 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《万华化学（600309）：23 年业 绩增长，强化落实股东回报》2024- 02-05 2、《万华化学（600309）：新产能 持续释放，聚氨酯龙头再迎布局良 机》2023-12-27 万华化学公 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's profitability is under pressure due to declining prices of potassium and lithium, while investment returns from copper mining are increasing [2] - The company reported a significant decrease in revenue and net profit for the first half of 2024, with revenue at 1.762 billion yuan, down 37% year-on-year, and net profit at 1.297 billion yuan, down 35.99% year-on-year [2][4] - Despite the current challenges, the company is expected to see long-term growth due to its cost advantages in lithium extraction and the expansion of copper production [4] Summary by Sections Production and Sales - Potassium chloride production for the first half of 2024 was 522,800 tons, a year-on-year increase of 1.47%, while sales were 540,100 tons, down 8.41% year-on-year [2] - Lithium carbonate production was 5,809 tons, up 28.89% year-on-year, and sales were 7,630 tons, up 56.83% year-on-year [2] Financial Performance - The average selling price of potassium chloride (including tax) was 2,265.41 yuan/ton, down 26.52% year-on-year, while the average cost of sales was 1,075.01 yuan/ton, up 6.27% year-on-year [2] - The company’s revenue from potassium chloride was 1.122 billion yuan, down 32.70% year-on-year, with a gross margin of 48.28%, down 15.95 percentage points [2] Future Outlook - Revenue projections for 2024-2026 are 3.515 billion yuan, 3.950 billion yuan, and 4.980 billion yuan respectively, with net profits of 2.705 billion yuan, 2.937 billion yuan, and 3.467 billion yuan [4] - The company is expected to benefit from the expansion of the Jilong copper mine, which is projected to significantly increase copper production [3][4] Project Developments - The company is advancing the construction of the Marmicuo salt lake project and the potassium salt project in Laos, with significant resources identified [3]

证 券 研 究 报 告 行业深度报告 政策东风至，车路云发展正当时 计算机行业深度报告 报告日期： 推荐 维持 投资评级： （ ） 2024年08月13日 ◼ 分析师：宝幼琛 ◼ SAC编号：S1050521110002 ◼ 分析师：任春阳 ◼ SAC编号：S1050521110006 ◼ 联系人：陶欣怡 ◼ SAC编号：S1050123100013 投 资 要 点 车路云助力自动驾驶，引领智能交通发展 车路云一体化是在单车智能自动驾驶基础上，借助C-V2X和4G/5G通信技术，将"人-车-路-云"交通要素有机地联系在一起，形成车 与路、 云、人等全方位协同配合，满足不同等级自动驾驶车辆应用需求，实现自动驾驶单车最优化和交通全局最优化发展目标。车 路云具有单车成本和边际成本低、感知能力强、智能化程度高等优势，能够弥补单车智能在感知、数据、算力等方面的短板，两者相 辅相成，共同助力自动驾驶。我国在通信技术、基础设施等方面具备优势，有望通过车路云实现弯道超车，形成自动驾驶的中国方案。 政策和产业共振，车路云发展逐步清晰 政策方面：近期我国出台了多项车路云的政策，2024年1月五部门印发《关于开展智能网联汽车"车路 ...

证 2024 年 08 月 13 日 报 公 研 业务稳扎稳打实现利润高增，下游需求回暖多点 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|-----------|-----------------------------|-------|--------------------------------------------------------------------|------- ...

证 券 研 究 报 告 金融工程深度报告 没有北向后怎么办？全球资金流向和对中国市场配置跟踪 ——海外资产研究系列之一 报告日期：2024年08月13日 ◼ 分析师：吕思江 ◼ SAC编号：S1050522030001 ◼ 分析师：马晨 ◼ SAC编号：S1050522050001 主要结论和观点 Q：没有北向后怎么办？ A：外资配置型资金可以用EPFR口径的"非对冲基金"对中国大陆，及其相应板块流入有效替代；个股 部分无法替代。交易型资金跟踪可以用主要投行的【主经纪商】数据有效替代，个股部分无法替代。 Q：个股部分有跟踪外资动向的主要方式么？ A：北向席位数据对个股的跟踪，在2021年后本身就是无效的；2021年后海外资金自上而下层面的流向 对指数有效，对个股无效；个股部分可以通过跟踪一组主要以外资共同基金月度持仓报告来得到 Q：美元流动性只看基金流向就可以么？ A：不足够。我们将美元流动性划分成政府部门流动性和私人部门流动性。私人部门流动性可以再划分 为资金流动性、市场流动性和跨境流动性。基金流向实际只解答了跨境流动性和部分市场流动性问题。 Q：本轮套息"解绑"交易是基本面和事件驱动的么？当前是否结束？ ...