[Table_Summary] [Table_Title] 打造人工智能时代的"机器人与 AI 视觉产业中台" [Table_ReportDate] 奥比中光(688322)公司简评报告 | 2024.08.28 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 28-Aug 9-Nov21-Jan 3-Apr15-Jun 27-Aug 奥比中光 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 24.03 | | 一年内最高 / 最低价（元） | 36.33/18.83 | | 市盈率（当前） | -50.85 | | 市净率（当前） | 3.25 | | ...

[Table_Summary] [Table_Rank] 评级： 买入 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 29-Aug 10-Nov 22-Jan 4-Apr16-Jun 28-Aug 艾迪药业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 7.96 | | 一年内最高 / 最低价（元） | 17.40/7.41 | | 市盈率（当前） | -29.93 | | 市净率（当前） | 3.09 | | 总股本（亿股） | 4.21 | | 总市值（亿元） | 33.49 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 艾迪药业：创新药销售持续改善，进 入快速 ...

[Table_Summary] [Table_Title] 布局多应用场景，丰富产品矩阵 [Table_ReportDate] 南芯科技(688484)公司简评报告 | 2024.08.29 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 29-Aug 10-Nov 22-Jan 4-Apr16-Jun 28-Aug 南芯科技 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 27.08 | | 一年内最高 / 最低价（元） | 49.47/21.82 | | 市盈率（当前） | 31.35 | | 市净率（当前） | 2.99 | | 总股本（亿股） | ...

[Table_Title] 1 7 月上市公司出栏量稳健，近一周猪价呈震荡态势 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.08.28 核心观点 [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） -0.3 -0.2 -0.1 0 0.1 农林牧渔 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 猪价持续上涨，建议关注低估值高成 长标的 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 26 日全国生猪出栏均价 20.10 元/公斤，周环比下降 2.24%。根据统计的 17 家生猪养殖上市公司 7 月份出栏情况来看，与 6 月份出栏数据相比，其中牧原、大北农、 立华股份、金新农出 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The white liquor market shows a divergence in performance among listed companies, with leading brands demonstrating strong brand advantages and sustained high-quality growth. Some mid-tier brands, like Shede Liquor, faced significant revenue and net profit declines in the first half of 2024 due to weaker business demand, prompting a strategy to control volume and stabilize prices [4][25] - In the mass consumer goods market, Jin Zai Food reported a 22% revenue increase and a 72% net profit increase in the first half of 2024, driven by falling raw material costs and scale effects. The company is focusing on product innovation and expansion into new markets [4][25] - Recommended stocks include leading white liquor brands such as Kweichow Moutai and Wuliangye, as well as beer companies like Qingdao Beer and Yanjing Beer, and snack food companies like Jin Zai Food and Yan Jin Pu Zi [4][25] Summary by Sections Market Performance Review - The food and beverage sector declined by 2.81%, underperforming the CSI 300 index by 2.26 percentage points. The weekly performance of various segments includes declines in seasoning and fermentation products, white liquor, food processing, and leisure foods [7][8] Industry Data Tracking - As of August 25, 2024, the wholesale prices for Feitian Moutai (original box) and Feitian Moutai (loose bottle) were 2730 RMB and 2415 RMB, respectively, both showing a slight week-on-week decrease of 35 RMB [10][12] Industry Information and Key Company Announcements - From January to July 2024, the production of white liquor by large-scale enterprises reached 2.346 million kiloliters, a year-on-year increase of 1.4%. However, July production saw a decline of 5.1% year-on-year [22] - Yanjing Beer reported a 5.52% increase in revenue for the first half of 2024, reaching 8.046 billion RMB, with a net profit increase of 47.54% [26]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was 2.841 billion yuan, an increase of 6.1% year-on-year. In Q2 2024, revenue was 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year but down 5.32% quarter-on-quarter [2][4] - The main products, including ammonium phosphate, compound fertilizer, urea, and others, showed stable production and sales, with ammonium phosphate prices remaining at a high level. The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products [2][4] - The company has good financial control, maintaining low rates for sales, management, and finance at 1.14%, 1.89%, and 0.87% respectively, with a decrease in financial costs and optimized debt structure [3][4] - The phosphate rock market remains strong, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has significant phosphate reserves of nearly 800 million tons and a self-sufficiency rate in phosphate rock production, benefiting from its integrated mining and fertilizer operations [4] - The company is expected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a favorable outlook for the company as a leading player in the domestic phosphate chemical industry [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 31.993 billion yuan, a decrease of 9.16% year-on-year, and a net profit of 2.841 billion yuan, an increase of 6.1% year-on-year. Q2 2024 saw a revenue of 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year [2][4] Product Pricing and Sales - The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products. The company’s core product, ammonium phosphate, maintained a relatively high price level, and sales increased as demand is expected to rise with the upcoming autumn fertilization season [2][4] Financial Management - The company maintained low sales, management, and financial expense ratios at 1.14%, 1.89%, and 0.87% respectively, with a focus on controlling financial costs and optimizing the debt structure [3][4] Market Outlook - The phosphate rock market continues to be robust, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has substantial phosphate reserves and a high self-sufficiency rate in phosphate rock production, positioning it well to benefit from the industry's high-quality development initiatives [4] Profit Forecast - The company is projected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a positive growth trajectory [4][5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance with a slight decrease in revenue of 0.46% to 4.372 billion yuan and a net profit decline of 6.33% to 662 million yuan for the first half of 2024. However, the net profit after excluding non-recurring items increased by 6.31% to 735 million yuan [5] - The traditional Chinese medicine segment showed steady performance, while the negative impact from the centralized procurement of chemical drugs has been fully reflected. The approval of new indications for biological drugs is expected to bring a turning point [5] - The company’s modern Chinese medicine R&D pipeline is rich, with two products in the production application stage and 19 products in clinical II and III phases, which are expected to become new growth points for revenue [5] - The revenue forecasts for 2024 to 2026 are 8.78 billion yuan, 9.43 billion yuan, and 10.11 billion yuan, with year-on-year growth rates of 1.2%, 7.4%, and 7.3% respectively. The net profit forecasts are 1.14 billion yuan, 1.36 billion yuan, and 1.64 billion yuan, with growth rates of 6.4%, 19.5%, and 20.2% respectively [5] Summary by Sections Company Basic Data - Latest closing price: 13.76 yuan - One-year high/low price: 17.67/12.24 yuan - Current P/E ratio: 20.03 - Current P/B ratio: 1.64 - Total shares: 1.494 billion - Total market value: 20.557 billion yuan [3] Performance Analysis - The company achieved a revenue of 4.372 billion yuan in H1 2024, with a slight decline of 0.46%. The net profit attributable to shareholders was 662 million yuan, down 6.33%, while the net profit after excluding non-recurring items was 735 million yuan, up 6.31% [5] - Traditional Chinese medicine revenue was 3.121 billion yuan, an increase of 3.53%. Chemical drug revenue was 631 million yuan, up 12.57%, while biological drug revenue was 107 million yuan, down 7.75% [5] Profit Forecast - The company’s revenue and net profit forecasts for 2024 to 2026 are as follows: - Revenue: 87.80 billion yuan (2024), 94.26 billion yuan (2025), 101.10 billion yuan (2026) - Net profit: 11.40 billion yuan (2024), 13.62 billion yuan (2025), 16.37 billion yuan (2026) [7]

[Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 商贸零售 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：7 月社零有所恢复，阿里 京东业绩、指引靓丽 商社周报：食品带动 7 月 CPI 上行， 资生堂业绩受核污水拖累 周报： 亚马逊财报显示海外需求回 落，餐饮盈利多承压 [Table_Title] 商社周报：中报密集发布，关注结构性机会 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.27 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.8.19-2024.8.25）主要宽基指数下跌。上证综 指数下跌 0.87%，深证成指下跌 2.01%，创业板指下跌 2.80%。商贸 零售子板块方面， 细分行业均下跌。其中专 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 基础化工 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 液氯涨幅居前，凯赛生物上半年利润 同比增长 维生素 A 涨幅居前，金石资源半年利 润同比增长 维生素继续领涨，龙佰集团与四川资 源集团签订合作协议 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 维生素 A 涨幅居前，华鲁恒升上半年利润同比增长 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.08. ...

[Table_Rank] 评级： 买入 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 燕京啤酒 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|------------| | 最新收盘价（元） | 9.46 | | 一年内最高/最低价（元） | 10.67/7.49 | | 市盈率（当前） | 29.99 | | 市净率（当前） | 1.83 | | 总股本（亿股） | 28.19 | | 总市值（亿元） | 266.63 | 资料来源：聚源数据 相关研究 [Table_OtherReport] 高端化稳步推进，经营效率持续提升 [Table_Title] 产品结构升级持续，利润弹性有望释放 [Table_Rep ...