Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][3] Core Views - The company continues to show impressive growth, with a 40.48% year-on-year increase in net profit attributable to shareholders for the first half of 2024. Revenue reached 5.001 billion yuan, up 37.90% year-on-year, while net profit was 702 million yuan, reflecting a 40.48% increase. The company’s cash flow from operating activities decreased by 43.95% year-on-year due to increased sales expenses and changes in payment cycles [3][11]. Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% year-on-year. The quarterly breakdown shows Q1 revenue growth of 34.56% and Q2 growth of 40.59%. The net profit for Q1 increased by 45.58%, while Q2 saw a 36.84% increase [3]. Brand Strategy - The main brand, Proya, continues to upgrade its core products, focusing on the "big product strategy." The "Ruby Series" and "Source Power Series" have been enhanced, with new products targeting specific skin types. In H1 2024, Proya's revenue was 3.981 billion yuan, accounting for 79.71% of total revenue [4][11]. Sub-brands Performance - The sub-brand Caitang achieved revenue of 582 million yuan, a 40.57% increase, while OR generated 138 million yuan, up 41.91%. The brand Yuefuti also saw revenue growth of 22.35%, reaching 161 million yuan [4][11]. Market Position - Proya's flagship store on Tmall ranked first in the beauty category, with significant sales performance on other platforms like Douyin and JD. The company is optimizing its offline store structure and enhancing customer experience, with offline revenue growing by 8.85% to 314 million yuan [11]. Profitability and Forecast - The company maintains a strong profitability outlook, with projected net profits of 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 21, 17, and 14 times [11][12].

[Table_Title] 市内免税政策升级，市场规模有望增长 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——社会服务行业快评报告[Table_ReportDate] 2024 年 08 月 28 日 [事件Table_Summary] ： 8 月 27 日，财政部、商务部、文化和旅游部、海关总署、税务总局等 五部门印发《关于完善市内免税店政策的通知》，明确自 2024 年 10 月 1 日起，按照《市内免税店管理暂行办法》规范市内免税店管理工作， 促进市内免税店健康有序发展。 投资要点： 《通知》对当前的市内免税店政策进行了进一步完善，是刺激出口增长、 带动入境游行业发展、提升国家形象的重要举措。政策要点包括： ⚫ 享受对象：持出入境有效证件即将于 60 日（含）内搭乘航空运输 工具或国际邮轮出境的旅客（包括但不限于中国籍旅客）。 ⚫ 购物额度：不设购物限额，但应当符合海关关于旅客携带行李物品 进出境应当以自用、合理数量为限的规定。 ⚫ 商品种类：食品、服装服饰、箱包、鞋帽、母婴用品、首饰和工艺 品、电子产品、香化产品、酒等便于携带的消费品。鼓励市内免 ...

[Table_Title] 1-7 月消费品制造业利润保持良好增长 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——轻工制造行业快评报告[Table_ReportDate] 2024 年 08 月 28 日 [Table_Summary] 投资要点： ⚫ 规模以上工业企业利润稳步恢复，前 7 个月利润同比+3.6%。从利润端 来看，2024 年 1-7 月份，全国规模以上工业企业实现利润总额 40,991.7 亿元，同比+3.6%，相比 1-6 月加快 0.1 个 pct，工业企业利润延续恢 复态势。其中，7 月份规模以上工业企业利润同比+4.1%，环比 6 月提 升 0.5 个 pct，连续两个月加快。从收入端来看，2024 年 1-7 月份，全 国规模以上工业企业实现营业收入 759,300.0 亿元，同比+2.9%，与 1- 6 月相比持平。 ⚫ 消费品制造业利润保持两位数增长，造纸、化纤利润同比翻倍。随着近 月国内消费需求平稳恢复，叠加工业品出口持续增长，消费品制造业利 润保持较好的增长态势。2024 年 1-7 月份，消费品制造业利润同比 +10 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 28 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收跌，截止收盘，沪指收跌 0.24%，深成指收 跌 1.11%，创业板指收跌 0.94%。沪深两市成交额 5113.11 亿元。申 万行业方面，石油石化、煤炭、银行领涨，房地产、电子、农林牧渔 领跌；概念板块方面，房屋检测、猴痘概念、装配式建筑概念领涨， 华为海思概念股、电子纸、AI 眼镜概念领跌。港股方面，恒生指数收 涨 0.43%，恒生科技指数收跌 0.05%；海外方面，美国三大指数集体 收涨，道指收涨 0.02%，标普 500 收涨 0.16%，纳指收涨 0.16%。 【重要新闻】 【2024 年 1-7 月份全国规模以上工业企业利润增长 3.6%】国家统计 局公布数据显示，1-7 月份，全国规模以上工业企业实现利润总额 40991.7 亿元，同比增长 3.6%，比 1-6 月份加快 0.1 个百分点，延续 稳定恢复态势。其中，7 月份，规上工业企业利润同比增长 4.1%，增 速比 6 月份加快 ...

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a revenue of 1.352 billion yuan for H1 2024, representing a year-on-year increase of 27.65%, and a net profit attributable to shareholders of 177 million yuan, up 35.09% year-on-year. The Q2 2024 revenue was 691 million yuan, with a year-on-year growth of 18.52%, and a net profit of 66 million yuan, reflecting a year-on-year increase of 26.71% [1][2] Summary by Sections Online and Offline Channels - Online channel revenue grew rapidly, reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue. In contrast, offline channel revenue was 212 million yuan, down 1.16% year-on-year, making up 15.66% of total revenue [2] Brand Performance - The main brand, Marubi, achieved revenue of 930 million yuan in H1 2024, a growth of 25.87%. The second brand, PL, saw revenue of 417 million yuan, up 35.83%. The company is focusing on a "big product" strategy to enhance brand influence [2] Profitability Metrics - The gross margin for H1 2024 was 74.68%, an increase of 4.56 percentage points year-on-year. The net margin was 13.09%, up 0.69 percentage points year-on-year. However, the sales expense ratio increased significantly, impacting net profit growth [2][3] Financial Forecast - The company forecasts revenues of 2.786 billion yuan for 2024, with a growth rate of 25.20%. The net profit is expected to be 356 million yuan, reflecting a growth rate of 37.10% [2][6] Research and Development - The company has initiated 36 self-research innovation projects and filed 21 new patent applications in H1 2024, with a total of 531 patent applications to date. Collaborations with various research institutions have led to the establishment of new industry standards [2][3]

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company reported a significant recovery in performance for Q2 2024, with total revenue reaching 86.45 billion yuan, a year-on-year increase of 36.94% and a quarter-on-quarter increase of 26.35% [4]. - The net profit attributable to shareholders for Q2 2024 was 4.84 billion yuan, reflecting a year-on-year growth of 25.51% and a substantial quarter-on-quarter increase of approximately 258% [4]. - The company is focusing on high-value-added sectors such as automotive electronics and advanced packaging technologies, which are expected to enhance its core competitiveness [11]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 154.87 billion yuan, up 27.22% year-on-year, and a net profit of 6.19 billion yuan, up 24.96% year-on-year [3]. - The company generated a net cash flow from operating activities of 30.3 billion yuan, with a free cash flow of 11.6 billion yuan after deducting capital expenditures [4]. Cost Management - The company maintained good cost control, with selling expenses at 0.76% of revenue, management expenses at 2.79%, and R&D expenses at 5.29% [4]. - Gross margin for H1 2024 was 13.36%, and net margin was 3.98%, both showing slight year-on-year declines [4]. Market Segmentation - Revenue distribution by application sectors in H1 2024 was as follows: communication electronics (41.3%), consumer electronics (27.2%), computing electronics (15.7%), industrial and medical electronics (7.5%), and automotive electronics (8.3%) [4]. - The communication electronics sector saw revenue growth exceeding 40% year-on-year, while the consumer electronics sector also experienced significant growth [11]. Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 332.34 billion yuan, 365.83 billion yuan, and 401.03 billion yuan, representing year-on-year growth rates of 12.05%, 10.08%, and 9.62% respectively [11]. - The net profit forecasts for the same period are 18.75 billion yuan, 26.12 billion yuan, and 30.45 billion yuan, with growth rates of 27.50%, 39.27%, and 16.59% respectively [11].

[Table_RightTitle] 证券研究报告|食品饮料 [Table_Title] 盈利能力提升明显，高端产品表现亮眼 [Table_StockName] ——珠江啤酒（002461）点评报告 [Table_ReportDate] 2024 年 08 月 27 日 [Table_Summary] 报告关键要素: 8 月22日，公司发布 2024年半年度报告。报告显示，公司2024H1/2024Q2 实现营业收入 29.86/18.78 亿元（YoY+7.69%/+8.07%），实现归母净利 润 5.00/3.79 亿元（YoY+36.52%/+35.63%），实现扣非归母净利润 4.76/3.71 亿元（YoY+41.72%/+40.61%）,公司业绩表现好于此前预期。 投资要点: ⚫ 毛利率、净利率均有明显提升，销售费用率、财务费用率略有增加，管 理费用率、研发费用率略有下滑。2024H1/2024Q2 公司毛利率为 49.03%/53.11%，同比+3.57pcts/+4.87pcts；2024H1/2024Q2 公司净利 率为 17.01%/20.49%，同比+3.46pcts/+4.00pcts ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [32]. Core Insights - The report highlights the investment opportunities arising from the iteration and innovation of large AI models and their applications, particularly in the context of the recent establishment of China's first AI standardization research institution [1][29]. - The report notes a significant decline in the computer industry, with a 2.69% drop last week, underperforming the Shanghai Composite Index by 2.14 percentage points, ranking 15th among the primary industries [1][12]. - The report emphasizes the increasing market size of China's large model platform and related applications, which reached 1.765 billion RMB in 2023, with major players like Baidu, SenseTime, and Zhiyuan AI leading the market [5][6]. Summary by Sections Industry Dynamics - The IDC report indicates that the market for large model platforms in China reached 1.765 billion RMB in 2023, with Baidu leading at 19.9% market share [5]. - Inspur Information launched the Source 2.0-M32 model, claiming performance comparable to the 700 billion parameter LLaMA3 model, with a significantly reduced memory requirement of 23GB [6]. - Moore Threads released the MooER model, the first large open-source speech model trained on domestic GPUs, achieving near-industrial-level performance in speech recognition and translation [7][11]. - The KUAE 1.2 version from Moore Threads supports 64K long texts and includes a range of new models [8]. - The Beijing AI Standardization Research Institute was established, focusing on key technologies and risk governance in AI [9][11]. Market Review - The computer industry index fell by 2.69%, with a year-to-date decline of 32.19%, ranking 30th among 31 industries [12][14]. - The average daily trading volume in the computer sector increased by 26.54% to 41.565 billion RMB last week [16]. - Over 79.72% of stocks in the computer sector declined last week, with only 68 out of 355 stocks rising [12][16]. Investment Recommendations - The report suggests focusing on digitalization, intelligence, and trusted innovation (信创) investment themes, including the exploration of public data value and the development of AI models [29].

[Table_RightTitle] 证券研究报告|通信 [Table_Title] 关注绿色低碳及数据中心产业链 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——通信行业周观点(08.19-08.25) [Table_ReportDate] 2024 年 08 月 26 日 [行业核心观点： Table_Summary] 上周（8.19-8.23）沪深 300 指数下跌 0.55%，申万通信行业指数下跌 1.53%，在 31 个申万一级行业中排名第 7 位，跑输沪深 300 指数 0.98 个百分点。建议重点关注人工智能、光模块、卫星互联网等细分板块投 资机会。 投资要点： 证 券 研 究 报 告 行业周观点 行业研究 3256 产业动态：（1）政策：十部门联合印发《数字化绿色化协同转型发展实 施指南》，明确了推动数字产业绿色低碳发展、加快数字技术赋能行业 绿色化转型等双化协同两大发力方向。（2）数据中心： LightCounting 在最新的报告中介绍到，谷歌母公司Alphabet和微软在第二季度的资 本开支均创下历史新高，分别增长了91%和55%。预 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 27 日 星期二 [Table_Summary] 概览 核心观点 周一 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.04%，深成指收 涨 0.16%，创业板指收跌 0.1%。沪深两市成交额 0.53 万亿元。申万 行业方面，电力设备、有色金属、房地产领涨，美容护理、通信、食 品饮料领跌；概念板块方面，固态电池、柔性屏、钠离子电池概念领 涨，MLOps 概念、ETC、互联网保险概念领跌。港股方面，恒生指数收 涨 1.06%，恒生科技指数收涨 0.98%；海外方面，美国三大指数涨跌 不一，道指收涨 0.16%，标普 500 收跌 0.32%，纳指收跌 0.85%。 【重要新闻】 【今年前 7 个月全国一般公共预算收入 135663 亿元】财政部 26 日 公布了 2024 年 1 至 7 月财政收支数据。数据显示，1 至 7 月，全国 一般公共预算收入 135663 亿元，同比下降 2.6%，扣除去年同期中小 微企业缓税入库抬高基数、去年年中出台的减税政策翘尾减收等特殊 因素影响后，可比增长 1.2%左 ...