[Table_Summary] [Table_Title] 经营节奏良好，龙头稳中有进 [Table_ReportDate] 五粮液(000858)公司简评报告 | 2024.09.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 6-Sep18-Nov30-Jan12-Apr24-Jun5-Sep 五粮液 沪深300 -0.4 资料来源：聚源数据 [Table_BaseData] 公司基本数据 资料来源：聚源数据 | --- | --- | |---------------------------|---------------| | 最新收盘价（元） | 119.55 | | 一年内最高 / 最低价（元） | 162.61/112.92 | | 市盈率（当前） | 14.40 | | 市净率（当前） | 3.56 | | 总股本（亿股） | 38.82 | | 总市值（亿元） | 4,640.46 ...

Group 1 - Investment Rating: Buy [2] - The company reported a revenue of 405 million yuan, a decrease of 10.16%, and a net profit attributable to shareholders of 79.2 million yuan, down 14.73% [3] - The core products experienced sales fluctuations due to a marketing transformation initiated in 2024, with "Suling" generating 275 million yuan in revenue, down 11.01%, and "Mige Xi" generating 130 million yuan, down 3.05% [3][4] Group 2 - The company's innovative drug development is progressing steadily, with KC1036 for advanced esophageal squamous cell carcinoma in Phase III clinical trials and ZY5301 in orderly progress towards market application [4] - Revenue forecasts for 2024 to 2026 are adjusted to 952 million yuan, 1.068 billion yuan, and 1.230 billion yuan, with year-on-year growth rates of 3.5%, 12.1%, and 15.2% respectively [4][5] - Net profit forecasts for the same period are 158 million yuan, 189 million yuan, and 220 million yuan, with growth rates of 4.9%, 19.6%, and 16.6% respectively [5]

[Table_Summary] [Table_Title] 养殖成本持续优化，生猪出栏稳健增长 [Table_ReportDate] 温氏股份(300498)公司简评报告 | 2024.09.05 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 温氏股份 沪深300 5-Sep17-Nov 29-Jan 11-Apr 23-Jun 4-Sep 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.66 | | 一年内最高 / 最低价（元） | 22.40/16.28 | | 市盈率（当前） | -296.72 | | 市净率（当前） | 3.30 | | 总股本（亿股） | 66.53 | | 总市值（亿元 ...

Investment Rating - The industry investment rating is "Positive" indicating that the industry is expected to outperform the overall market performance [5]. Core Viewpoints - In the first half of 2024, the basic chemical industry experienced a year-on-year decline in net profit attributable to shareholders, but there was a quarter-on-quarter improvement in performance in the second quarter [1]. - The total operating revenue for the basic chemical industry reached 1,061.187 billion yuan, a year-on-year increase of 1.74%, while the net profit attributable to shareholders was 63.264 billion yuan, a year-on-year decrease of 4.86% [1]. - The industry maintained growth in construction projects, with ongoing projects amounting to 367.988 billion yuan as of the end of the second quarter of 2024, an increase of 28.1 billion yuan compared to the end of 2023 [1]. - Capital expenditure in the industry saw a year-on-year decline of 13.62%, totaling 114.051 billion yuan in the first half of 2024 [1]. - The report suggests focusing on leading companies with strong competitive advantages and sectors with supply constraints, such as refrigerants and phosphorus chemicals [1]. Summary by Sections Revenue and Profit Performance - The basic chemical industry achieved total operating revenue of 566.197 billion yuan in the second quarter of 2024, a year-on-year increase of 5.91% and a quarter-on-quarter increase of 14.39% [1]. - The net profit for the second quarter was 34.324 billion yuan, reflecting a year-on-year increase of 4.01% and a quarter-on-quarter increase of 18.60% [1]. Construction Projects and Capital Expenditure - The ongoing construction projects in the industry continued to grow, with a total of 367.988 billion yuan in projects as of the second quarter of 2024, marking a growth of 28.1 billion yuan from the end of 2023 [1]. - Capital expenditure in the industry decreased by 13.62% year-on-year, totaling 114.051 billion yuan in the first half of 2024 [1]. Investment Recommendations - The report recommends focusing on leading companies such as Wanhua Chemical, Hualu Hengsheng, Baofeng Energy, and Satellite Chemical, which are expected to maintain strong profitability and investment value [1]. - It also highlights the potential of the refrigerant sector due to supply constraints and the phosphorus chemical sector driven by policy support and demand [1].

[Table_Title] 1 毛鸡近一周价格窄幅震荡，生猪股处于历史估值低位 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.09.04 [Table_Rank] 评级： 看好 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 0.1 农林牧渔 沪深300 4-Sep15-Nov 26-Jan 7-Apr18-Jun 29-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 7 月上市公司出栏量稳健，近一周猪 价呈震荡态势 猪价再创年内新高，7 月规模场出栏稳 健 短期猪价预计窄幅震荡，建议逢低布 局 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 30 日全国生猪出栏均价 19.43 元/公斤。复盘历史来看，2022 年 6-8 月份生猪价格冲高回落后平 稳运行；2023 年同期猪价涨势趋缓，猪价企稳；2024 年 6-8 月份 猪价冲 ...

[Table_Summary] [Table_Title] 汽车行业周报：24H1 申万汽车板块约八成公司盈利 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.09.04 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） | --- | --- | --- | |----------|-------|----------| | | | | | 0.2 汽车 | | 沪深 300 | 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：新一轮以旧换新政策 出台，中央资金支持力度强 汽车行业周报：七月新能源乘用车渗 透率再创新高 汽车行业周报： 新能源公交补贴细则 出台，有望提振客车板块 ⚫ 24H1 中报总结，申万汽车板块约八成公司盈利 截止 8 月 31 日，申万汽车板块所有公司皆公布完中报 ： 2024 年 上半年汽车（申万）累计实现营业总收入 17525.91 亿元，同比增长 2. ...

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 4-Sep16-Nov28-Jan10-Apr22-Jun3-Sep 食品饮料 沪深300 -0.4 资料来源：聚源数据 相关研究 [Table_OtherReport] 中报业绩分化，聚焦优质龙头 酒企龙头经营韧性较强，食品新品类 打开成长空间 酒企龙头发力三季度，大众品重视成 长赛道 [Table_Title] 龙头保持经营韧性，关注细分景气赛道 [Table_ReportDate] 食品饮料 | 行业简评报告 | 2024.09.04 核心观点 ⚫ 白酒市场：从白酒上市公司中报来看，业绩分化表现较为明显。其中， 茅五头部酒企品牌优势显著，业绩延续高质量增长；部分地产酒龙头 经营表现稳健，延续良好增长势能；次高端品牌受到商务需求疲软影 响，二季度业绩普遍面临一定承压，但品牌通过阶段性加大中低档产 品投放，较为丰富的产品矩阵有效提升了 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and is enhancing shareholder returns through a robust dividend policy [1][2] - The company reported a revenue of 22.876 billion yuan for the first half of 2024, reflecting a year-on-year growth of 4.58%, while the net profit attributable to shareholders was 7.947 billion yuan, up 1.08% year-on-year [2] - The company is focusing on a multi-brand strategy and aims to strengthen its market presence both domestically and nationally [2] Summary by Sections Financial Performance - For the first half of 2024, the company's revenue from high-end and regular liquor was 19.961 billion yuan and 2.530 billion yuan, respectively, with growth rates of 4.78% and 5.16% year-on-year [2] - The second quarter of 2024 saw a revenue of 6.621 billion yuan, a decrease of 3.02% year-on-year, and a net profit of 1.892 billion yuan, down 9.75% year-on-year [2] - The gross margin for Q2 2024 was 73.67%, a decline of 1.40 percentage points year-on-year, attributed to a slight downturn in product structure [2] Market Strategy - The company is implementing a strategy of "deepening the home market and nationwide expansion," focusing on enhancing its market position and optimizing sales strategies [2] - The number of distributors increased to 8,833 by the end of H1 2024, with a net addition of 44 distributors compared to the end of 2023 [2] Dividend Policy - The company has announced a cash dividend plan, committing to distribute no less than 70% of the net profit attributable to shareholders annually from 2024 to 2026, with a minimum of 7 billion yuan (before tax) [2] - The estimated dividend yield for 2024 is over 6%, indicating a high allocation value at the current stock price [2] Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 10.26 billion yuan, 10.95 billion yuan, and 11.71 billion yuan, respectively, with year-on-year growth rates of 2.4%, 6.8%, and 7.0% [3] - The corresponding price-to-earnings ratios for these years are projected to be 12, 11, and 10 times [3]

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Views - The company reported a robust revenue growth with a 15.84% year-on-year increase in operating income for the first half of 2024, reaching 16.905 billion yuan, and a 13.22% increase in net profit attributable to shareholders, amounting to 8.028 billion yuan [2]. - The mid-range liquor segment is experiencing rapid growth, with significant performance in emerging channels. The revenue for mid-to-high-end liquor and other liquor for the first half of 2024 was 15.213 billion yuan and 1.625 billion yuan, respectively, reflecting year-on-year growth of 17.12% and 6.86% [2]. - The gross margin remained relatively stable, while the net profit margin saw a decline. The gross margin for Q2 2024 was 88.81%, a slight increase of 0.17 percentage points year-on-year, while the net profit margin decreased by 3.62 percentage points to 44.76% [2]. - The company is advancing its dual-brand strategy and steadily expanding its national presence, focusing on the "Guojiao 1573" and "Luzhou Laojiao" brands, with plans to enhance marketing efforts and implement a comprehensive city plan [2]. - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 15.21 billion yuan, 17.30 billion yuan, and 19.66 billion yuan, representing year-on-year growth of 15%, 14%, and 14%, respectively [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved an operating income of 16.905 billion yuan, a 15.84% increase year-on-year, and a net profit of 8.028 billion yuan, up 13.22% [2]. - In Q2 2024, the operating income was 7.716 billion yuan, with a year-on-year growth of 10.51%, and the net profit was 3.454 billion yuan, reflecting a 2.24% increase [2]. - The revenue from mid-to-high-end liquor and other liquor segments for the first half of 2024 was 15.213 billion yuan and 1.625 billion yuan, with respective growth rates of 17.12% and 6.86% [2]. Cost and Margin Analysis - The gross margin for Q2 2024 was 88.81%, showing a year-on-year increase of 0.17 percentage points, while the net profit margin decreased to 44.76%, down 3.62 percentage points [2]. - The sales expense ratio increased due to higher advertising expenditures, while the overall expense ratios for sales, management, R&D, and financial costs showed mixed trends [2]. Strategic Initiatives - The company is focusing on its dual-brand strategy, promoting "Guojiao 1573" and "Luzhou Laojiao," with plans for national expansion and enhanced marketing strategies [2]. - The company aims to implement a comprehensive city plan and strengthen its market presence through targeted strategies in key regions [2]. Profit Forecast - The adjusted profit forecast indicates net profits of 15.21 billion yuan for 2024, 17.30 billion yuan for 2025, and 19.66 billion yuan for 2026, with growth rates of 15%, 14%, and 14% respectively [2].

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue of 22.746 billion yuan, a year-on-year increase of 19.65%, and a net profit of 8.410 billion yuan, up 24.27% year-on-year [3]. - The company is adjusting its product rhythm and continuing its national expansion, with a focus on controlling inventory and optimizing product structure [3]. - The gross profit margin has slightly decreased, reflecting a temporary adjustment in product rhythm, but the overall brand strength and market expansion remain robust [3]. - The company is expected to achieve net profits of 12.81 billion yuan, 15.21 billion yuan, and 17.89 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 23%, 19%, and 18% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 7.408 billion yuan, a year-on-year increase of 17.06%, and a net profit of 2.147 billion yuan, up 10.23% year-on-year [3]. - The revenue from high-end liquor and other liquor categories in Q2 2024 was 4.567 billion yuan and 2.796 billion yuan, respectively, with year-on-year growth rates of 1.51% and 58.33% [3]. - The company’s gross profit margin for Q2 2024 was 75.09%, down 2.70 percentage points year-on-year [3]. Market Expansion - The company has increased its number of distributors to 4,196, a net increase of 256 compared to the end of 2023 [3]. - Revenue from the domestic market in Q2 2024 was 2.797 billion yuan, up 11.20% year-on-year, while revenue from the external market was 4.566 billion yuan, up 21.78% year-on-year [3]. Future Projections - The company forecasts revenue growth rates of 21.8%, 19.8%, 18.5%, and 17.2% for the years 2024, 2025, 2026, and beyond [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 10.50 yuan, 12.47 yuan, and 14.67 yuan, respectively [4].