Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 1.615 billion yuan for the first half of 2024, a decrease of 11.29%, while the net profit attributable to shareholders was 623 million yuan, an increase of 4.57% [3][4] - The core product, Xinhuasuan, experienced a sales volume of 4.1837 million units, generating revenue of 1.45 billion yuan, down 13.93% due to a 4.5% reduction in medical insurance prices effective January 1, 2024 [4] - The company is expected to maintain stable growth throughout the year despite the challenges faced in the first half [4] - The expansion of production capacity is progressing steadily, with an expected annual capacity of 15 million units post-expansion [4] - The sales revenue from other products increased by 50.93% in the first half of 2024, indicating strong performance from secondary products [4] - Revenue projections for 2024-2026 are estimated at 3.443 billion yuan, 3.942 billion yuan, and 4.258 billion yuan, with corresponding growth rates of 9.8%, 14.5%, and 8.0% [4][5] Financial Summary - The company's revenue for 2023 was 3.134 billion yuan, with a projected revenue of 3.443 billion yuan for 2024, reflecting a growth rate of 9.8% [5] - The net profit attributable to shareholders for 2023 was 801 million yuan, with projections of 1.055 billion yuan for 2024, indicating a growth rate of 31.8% [5] - The price-to-earnings (P/E) ratio is projected to be 8.3 times for 2024, 7.1 times for 2025, and 6.5 times for 2026 [4][5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [1] - In Q2 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 8.97%, while the net profit attributable to shareholders decreased by 2.18% year-on-year [1] - The company's gross margin slightly decreased due to product structure adjustments, with a Q2 gross margin of 34.18%, down 1.80 percentage points year-on-year [1] - The company is optimizing its product structure and expanding production capacity, with plans for overseas expansion, including a factory in Thailand established in May 2024 [1] - The company is focusing on high-precision ball screw assemblies as a new growth area, leveraging its technology in tooling and intelligent equipment [1] - The investment recommendation anticipates revenue growth from 1.56 billion yuan in 2024 to 2.51 billion yuan in 2026, with corresponding net profits of 310 million yuan and 524 million yuan respectively [1] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 697 million yuan and a net profit of 144 million yuan, with significant growth in the non-recurring net profit [1][2] - The revenue for 2023 was 1.34 billion yuan, with projections of 1.56 billion yuan for 2024, 1.93 billion yuan for 2025, and 2.51 billion yuan for 2026 [2] Business Segments - The automotive parts business generated 629 million yuan in revenue for the first half of 2024, growing by 8.14% year-on-year, while the intelligent equipment and tooling business saw a revenue increase of 32.06% [1] - The company is enhancing its product structure by focusing on core components like turbochargers and expanding its product offerings through acquisitions and new subsidiaries [1] Future Outlook - The company is expected to maintain steady growth in its turbocharger business while successfully transitioning to new energy products [1] - The anticipated revenue and profit growth from 2024 to 2026 indicates a positive outlook for the company's financial performance [1][2]

[Table_Summary] [Table_Title] 产品渠道积极变革，品牌势能持续向上 [Table_ReportDate] 盐津铺子(002847)公司简评报告 | 2024.08.15 [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 ⚫ 事件：公司发布 2024 年半年报，24H1 公司营业收入 24.59 亿元，同比 增长 29.84%；归母净利润 3.19 亿元，同比增长 30.00%；扣非归母净利 润 2.73 亿元，同比增长 17.96%。对应 24Q2 公司营业收入 12.36 亿元， 同比增长 23.44%；归母净利润 1.60 亿元，同比增长 19.11%；扣非归母 净利润 1.35 亿元，同比增长 1.58%。 ⚫ 两大战略子品牌引领增长，全渠道布局持续推进。1）分产品：24H1 辣 卤零食/休闲烘焙/深海零食/蛋类零食/薯类零食/果干坚果/蒟蒻果冻布丁 营 业 收 入 分 别 为 8.98/3.42/3.24/2.39/2.21/2.10/1.8 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of 2024, representing a year-on-year growth of 29.84%. The net profit attributable to shareholders was 319 million yuan, up 30.00% year-on-year [2] - The company is transitioning from a channel-oriented to a product-oriented model, which is expected to enhance long-term profitability [2] - The company has seen significant growth in its strategic sub-brands and continues to expand its multi-channel layout [2] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 2.459 billion yuan, with a net profit of 319 million yuan and a non-recurring net profit of 273 million yuan, showing year-on-year increases of 29.84%, 30.00%, and 17.96% respectively [2] - For Q2 2024, the revenue was 1.236 billion yuan, with a net profit of 160 million yuan, reflecting year-on-year growth of 23.44% and 19.11% respectively [2] Product and Channel Strategy - Revenue from various product categories in H1 2024 showed significant growth, with spicy snacks, baked goods, and deep-sea snacks generating revenues of 898 million, 342 million, and 324 million yuan, respectively [2] - The company is actively adjusting its channel structure, with direct supermarket revenue declining by 43.59% while e-commerce and distribution channels grew by 48.40% and 35.07% respectively [2] Profitability Metrics - The gross margin for H1 2024 was 32.53%, a decrease of 2.81 percentage points year-on-year, attributed to changes in channel structure [2] - The net profit margin remained stable at 12.99%, with a slight increase of 0.02 percentage points year-on-year [2] Future Outlook - The company is expected to achieve net profits of 640 million, 820 million, and 1.03 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 27%, and 26% [4] - The current stock price corresponds to a price-to-earnings ratio of 16, 13, and 10 for the years 2024, 2025, and 2026 [4]

[Table_Rank] 评级： 看好 [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） -0.4 -0.2 0 0.2 汽车 沪深300 14-Aug 26-Oct 7-Jan20-Mar 1-Jun13-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 政治局会议推进，低空经济有望加速 汽车行业周报： 以旧换新政策加码， 有望开启板块行情 [Table_Title] 汽车行业周报：七月新能源乘用车渗透率再创新高 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.08.14 核心观点 ⚫ HUAWEI ADS 3.0 首发，享界 S9 上市三天大定破 4800 辆 8 月 6 日，华为与北汽合作的享界 S9 正式发布，定位鸿蒙智行首 款行政级豪华旗舰轿车。新车共推出 2 款车型，其中享界 S9 Max 售价 39.98 万元；享界 S9 U ...

Investment Rating - The industry investment rating is "Positive" [2][5]. Core Viewpoints - The Ministry of Industry and Information Technology issued a plan to enhance supply-demand matching efficiency for industrial mother machines, starting from July 2024 and lasting until the end of 2027 [2]. - The plan includes organizing precise supply-demand matching activities and establishing a "1+3+N" activity system to support various regions and industries [2]. - The China Machine Tool & Tool Industry Association reported a rapid increase in new orders for metal cutting machine tools, with a year-on-year growth of 8.1% in new orders for metal cutting machine tools in the first half of 2024 [2]. - The report suggests that the industrial mother machine industry is expected to benefit from favorable policies and the industry's own renewal cycle, recommending attention to companies like Huazhong CNC, Kede CNC, Niuwai CNC, and Haitian Precision [2]. Summary by Sections Policy Impact - The plan aims to create supply and demand lists to support the activities and improve efficiency between industrial mother machine companies and user enterprises [2]. - Key regions for the activities include Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, Northeast, Central and Western regions, and major industrial provinces [2]. Market Performance - In the first half of 2024, the revenue of key enterprises in the machine tool industry decreased by 3.0% year-on-year, while the total profit fell by 9.2% [2]. - New orders for metal processing machine tools increased by 4.1% year-on-year, with a notable growth in metal cutting machine tools [2]. Investment Recommendations - The report anticipates further favorable policies for the industrial mother machine industry and suggests focusing on specific companies that are likely to benefit from these developments [2].

[Table_ReportDate] 贵州茅台(600519)公司简评报告 | 2024.08.14 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.6 -0.4 -0.2 0 0.2 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 贵州茅台 沪深300 [Table_Title] 业绩高质量增长，龙头长期价值显著 核心观点 [Table_BaseData] 公司基本数据 资料来源：聚源数据 相关研究 [Table_OtherReport] 巨擘行稳致远，新财年发展可期 年初业绩目标顺利完成，2024 年发展 势能依旧充足 三季度业绩稳健，阶段性回调迎来中 长期布局机遇 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|--------|--------|--------|------ ...

[Table_Rank] 评级： 看好 [Table_Authors] 王建会 互联网首席分析师 SAC 执证编号：S0110522050001 wangjianhui2@sczq.com.cn [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 传媒 沪深300 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] AI 行情持续，后续关注业绩及应用落 地的确定性 优质供给叠加技术驱动，继续看好游 戏、影视板块 AI 应用层投资价值凸现，继续看好全 行业反弹机会 ⚫ 投资建议：行业政策回暖趋势+游戏公司重点产品上线周期进一步明 朗，我们看好供给驱动下游戏行业景气度持续回暖，建议把握"精品 内容+格局集中+出海"的中长期主线，关注兼具技术优势的头部游戏 公司新产品储备丰富的精品游戏公司，相关标的：腾讯控股、网易、 三七互娱、完美世界、吉比特、恺英网络、神州泰岳、心动公司、祖 龙娱乐等。 ⚫ 风险提示：新游上线延期，游戏行业监管风险，技术进步不及预期 ...

[Table_Title] 1 [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 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 猪价持续上涨，建议关注低估值高成 长标的 近期猪价震荡上行，建议关注生猪养 殖龙头 零食龙头向上势能持续，猪价近期淡 季不淡 短期猪价预计窄幅震荡，建议逢低布局生猪龙头 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.08.14 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 9 日全国生猪出栏均价 20.66 元 /公斤，日环比上涨了 0.04 元/公斤，较去年同期上涨了 3.20 元/公 斤，涨幅为 18.33%。自 2024 年 8 月 8 日起，涨幅相较于之前收窄。 分区 ...

行业评级：看好 制药行业出海深度报告：新起点，新突破 王斌 医药行业首席分析师 SAC执证编号：S0110522030002 Email：wangbin3@sczq.com.cn 电话：010-81152643 2024年8月13日 sczq.com.cn 核心观点 行业深度报告 证券研究报告 创新药出海：新模式，新突破。 2023年以来中国本土创新药出海实现质的突破，一方面多款创新药获得美国FDA批准，进入商业化兑现阶段，另一方面国内创 新药企业实现了多笔license-out交易，且合作方包括了多家国际头部大药企，创新药出海迎来质的飞跃。目前中国创新药进入海 外市场有以下模式，（1）自主进行临床研究，并自行搭建销售团队，负责海外市场推广；（2）自主进行临床研究，但将海外 市场销售权益对外出让，获取销售分成；（3）在创新药研究早期就进行对外授权，与合作方联合开展临床研究，并由合作方负 责销售。从业绩兑现概率和经营风险控制的角度考虑，我们认为通过合作的方式开拓海外市场是现阶段中国制药企业较为理想 的选择。对于创新药出海，我们认为应当重点关注以下因素：（1）药物的潜在销售峰值，适应症患者数量较多的创新药有望获 ...