Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company is expected to achieve a revenue of 24.00-25.00 billion yuan in H1 2024, representing a year-on-year growth of 27%-32%. The net profit attributable to shareholders is projected to be 3.10-3.30 billion yuan, with a growth of 26%-34% [4]. - The company is focusing on product innovation and optimizing its product matrix, which includes the introduction of new products like "Egg Emperor" quail eggs and "Big Devil" sesame-flavored products. This strategy aims to enhance brand strength and expand market share [5]. - The company plans to distribute a cash dividend of 6 yuan for every 10 shares and intends to repurchase shares at a price not exceeding 68 yuan per share, reflecting confidence in its growth prospects [5]. Financial Summary - The company forecasts its revenue for Q2 2024 to be between 11.77-12.77 billion yuan, with a year-on-year increase of 18%-28%. The net profit for the same period is expected to be 1.50-1.70 billion yuan, showing a growth of 12%-27% [4]. - The earnings per share (EPS) for 2024-2026 are projected to be 2.62, 3.58, and 4.73 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 9 times [5]. - The company’s total market value is reported at 112 billion yuan, with a circulating share capital of 246 million shares [2].

2024 年 07 月 11 日 究 结构升级叠加提效降费,利润弹性释放 —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 2024-07-11 当前股价(元) 8.92 总市值(亿元) 251 总股本(百万股) 2819 流通股本(百万股) 2510 52 周价格范围(元) 7.78-11.95 日均成交额(百万元) 176.14 市场表现 -40 -30 -20 -10 0 10 (%) 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):提效控 费,释放利润弹性》2024-04-25 2、《燕京啤酒(000729):结构升 级趋势显著,业绩落于预告区间上 沿》2024-04-16 3、《燕京啤酒(000729):改革如 期推进, ...

2024 年 07 月 11 日 究 结构升级叠加提效降费,利润弹性释放 —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 2024-07-11 当前股价(元) 8.92 总市值(亿元) 251 总股本(百万股) 2819 流通股本(百万股) 2510 52 周价格范围(元) 7.78-11.95 日均成交额(百万元) 176.14 市场表现 -40 -30 -20 -10 0 10 (%) 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):提效控 费,释放利润弹性》2024-04-25 2、《燕京啤酒(000729):结构升 级趋势显著,业绩落于预告区间上 沿》2024-04-16 3、《燕京啤酒(000729):改革如 期推进, ...

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Investment Rating - The report maintains a "Buy" investment rating for the company [3][16]. Core Views - The company is undergoing a strategic adjustment phase, which has led to a decline in gross profit due to pricing strategies aimed at market penetration. Despite this, there has been a noticeable increase in customer transaction volume [14][15]. - The company is expected to gradually release the effects of its adjustments as it continues to implement cost reduction and efficiency improvement measures across its supply chain [14][15]. - Long-term prospects remain positive due to ongoing store expansion and product innovation, with a new brand proposition for "natural and healthy snacks" expected to drive sales growth and profit improvement [16]. Financial Summary - The company's projected revenue for 2023 is 8,046 million, with expected growth rates of -14.8% for 2023, 13.2% for 2024, 12.0% for 2025, and 10.6% for 2026 [5]. - The forecasted net profit attributable to shareholders for 2023 is 180 million, with growth rates of -46.3% for 2023, 10.5% for 2024, 19.4% for 2025, and 17.0% for 2026 [5]. - The diluted earnings per share (EPS) are projected to be 0.45 for 2023, increasing to 0.50 in 2024, 0.59 in 2025, and 0.69 in 2026 [5][16]. - The return on equity (ROE) is expected to improve from 7.2% in 2023 to 9.3% by 2026 [5].

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][3] Core Views - Dongpeng Beverage's performance exceeded expectations with strong growth in sales, particularly in the hydration segment [2] - The company is expected to achieve revenue of 7.86-8.08 billion yuan for H1 2024, representing a year-on-year increase of 43.95%-47.98% [2] - The net profit attributable to shareholders is projected to be 1.6-1.73 billion yuan, an increase of 44.39%-56.12% year-on-year [2] - The company continues to push its national strategy, enhancing channel management and product exposure to drive sales [2] - New product launches are expected to contribute significantly to growth, with a target of reaching 2 million distribution points [2] Financial Performance Summary - For Q2 2024, the company anticipates revenue of 4.378-4.598 billion yuan, a year-on-year increase of 47.44%-54.84% [2] - The net profit for Q2 is expected to be 936-1.066 billion yuan, reflecting a growth of 53.24%-74.53% [2] - The net profit margin is projected to be 21.41%, an increase of 1.12 percentage points year-on-year [2] - The company is expanding its production bases, with significant investments planned for new facilities [2] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 6.99, 9.02, and 11.49 yuan respectively [3] - The company is expected to maintain strong growth in its core energy drink segment while also seeing rapid growth in new electrolyte water products [2][3]

2024 年 07 月 11 日 策 研 分析师：严凯文 S1050516080001 yankw@cfsc.com.cn 最近一年大盘走势 -20 -15 -10 -5 0 5 10 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 30 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 今日热点主题：卫星通信、维生素、自动驾驶 告 略 究 市场情绪：30 分（较冷） 资料来源：Wind，华鑫证券研究 1、《双融日报》2024-07-10 2、《双融日报》2024-07-09 3、《双融日报》2024-07-08 ▌ 热点主题追踪 1、卫星通信主题：近日中国移动联合中兴通讯、紫光展 锐完成了全球首个手机直连高轨卫星基于运营商网络 IOTNTN IMS(卫星物联网 IP 多媒体子系统)语音通话实验室验 证，标志着高轨卫星通信技术在实时语音通信领域取得了重 要突破。高轨卫星通信覆盖广、产业成熟度较高，实现高轨 卫星场景下的实时语音通信可满足人们生活中在海洋、森林 等偏远环境下的语音通信需求，并为应急通信提供更加坚实 的 保 障 。 ...

2024 年 07 月 10 日 究 结构升级态势延续,业绩超预期 —珠江啤酒(002461.SZ)公司事件点评报告 2024 年 07 月 10 日,珠江啤酒发布 2024 年中报业绩快告。 投资要点 ▌结构升级态势延续,利润增速亮眼 公司预计 2024H1 实现归母净利润 4.76-5.31 亿元(同比增长 30%-45%),其中 24Q2 对应归母净利润 3.55-4.10 亿元(同比 增长约 27%-47%)。预计 2024H1 实现扣非归母净利润 4.36- 4.87 亿元(同比增长 30%-45%),其中 24Q2 对应扣非归母净利 润 3.32-3.82 亿元(同比增长约 26%-45%)。公司结构升级态 势延续,中报利润维持 2024 年一季度高增态势。 ▌量价齐升,叠加成本改善,盈利能力同比提升 公司以实现高质量发展为主线,持续优化产品结构,我们预 计公司 2024 年二季度延续了一季度量价齐升态势,销量预计 同比稳中有升,吨价实现中单位数增长。同时得益于公司积 极开展降本增效工作,大麦成本同比下降,毛利率同比提 升,带动盈利水平同比改善。 ▌ 盈利预测 我们看好公司的产品力与在优势市场的品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][10]. Core Insights - The company's profitability continues to improve, with a significant enhancement in its product matrix. The cost side is being optimized, leading to a noticeable increase in profitability. The company is actively launching new cheese snack products while solidifying its core cheese stick offerings. It is expected that revenue will show steady growth in Q2 2024, supported by an expansion of distribution channels and consumer cultivation efforts [4][5][10]. - The company is set to consolidate with Mengniu Dairy's cheese business, which has a solid B-end operation and strong channel resources. This integration is anticipated to enhance operational efficiency and achieve a turnaround to profitability by the end of the year [5][10][29]. Summary by Relevant Sections Financial Performance - The company forecasts a significant increase in net profit for H1 2024, estimated between 65 to 90 million yuan, representing a year-on-year growth of 128% to 215%. The net profit for Q2 2024 is expected to be between 24 to 49 million yuan, marking a substantial turnaround from a loss in the same period last year [29]. - Revenue projections for the upcoming years are as follows: 2023A at 4,049 million yuan, 2024E at 4,804 million yuan (growth rate of 18.7%), 2025E at 5,611 million yuan (growth rate of 16.8%), and 2026E at 6,408 million yuan (growth rate of 14.2%) [12]. Earnings Forecast - The expected earnings per share (EPS) for the years 2024 to 2026 are projected at 0.24 yuan, 0.36 yuan, and 0.51 yuan respectively, with corresponding price-to-earnings (PE) ratios of 53, 35, and 25 times [10][12]. Market Position - The company is recognized as a leading player in the cheese sector, focusing on expanding its range of ambient cheese stick products to capture new market segments. The integration with Mengniu Dairy is expected to enhance business synergy and operational efficiency, further improving profitability as production capacity ramps up and cost control measures take effect [10][29].

Company Overview - The company has a total market capitalization of 6.6 billion yuan and an average daily trading volume of 232.97 million yuan [8] - The current stock price is 32.68 yuan, with a 52-week price range of 11.99-42.65 yuan [14] - The company has 202 million shares outstanding [1][64] Investment Rating and Core Views - The report maintains a "Buy" rating for the company, citing strong growth potential in its N business and self-developed chips [9] - The company is expected to achieve net profits of 142 million, 274 million, and 395 million yuan in 2024, 2025, and 2026 respectively, with EPS of 0.70, 1.36, and 1.96 yuan [9] - The current PE ratios are 46x, 24x, and 17x for 2024, 2025, and 2026 respectively [9] Financial Performance and Projections - The company is expected to achieve a significant turnaround in 2024, with net profit growth of 712.6% YoY, followed by 92.6% and 44.3% growth in 2025 and 2026 [60] - Revenue is projected to grow from 499 million yuan in 2023 to 2.429 billion yuan in 2026, with growth rates of 90.6%, 71.6%, and 48.8% in the next three years [60] - ROE is expected to improve significantly from 1.6% in 2023 to 24.1% in 2026 [16] Business Developments - The company has launched three self-developed chips: Hanshuo, Zeus, and Thor, which are expected to enhance its market position and boost performance [20] - The company has achieved a breakthrough in its N business, with Purchase Orders steadily increasing and expected to significantly contribute to future earnings [26][32] - The company has obtained Vendor Code from N company, enabling direct supply and opening up opportunities for new product development [32] Market Position and Competitive Advantages - The company's self-developed chips, particularly Hanshuo, could disrupt the LED display control industry and potentially capture market share from competitors with over 1.8 billion yuan in revenue [20] - The Zeus chip addresses the need for domestic alternatives in professional audio-video processing, reducing procurement costs and enhancing competitiveness [20] - The Thor chip expands the company's presence in various industries, including industrial control, medical devices, and smart home applications [20] Recent Performance - The company expects H1 2024 net profit to reach 37-40.7 million yuan, representing a YoY growth of 460.15%-516.16% [19] - The strong performance is attributed to new product launches, overseas business expansion, and improved operational efficiency [37]