202X`4[Table_ReportInfo] 年 08 月 17 日 证券研究报告•市场周评 北交所周报（8.12-8.16） 成电光信即将申购，科拜尔上会在即 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，北证 50指数较周一开盘市值下降 2.0%。 流动性小幅下滑，周成交额约为 144.4亿元，略低于上周水平。本周，北交所 共 8家公司发布半年报，其中 7家扣非归母净利润实现正向增长，5家增速超 过 50.0%，整体表现亮眼。北交所上市 IPO 审理进度较上月有明显提速，成 电光信将于下周发行申购，发行价 10.0 元；聚星科技于本周过会；科拜尔也 将于下周上会。我们预计随着半年报披露以及北交所公司股权激励方案发布 增加，北交所投资者信心将进一步提振，板块流动性将逐步改善。我们仍长 期持续看好北交所发展前景，建议把握净资产收益率高的北交所绩优公司以 及提交上市申请的优质公司，尤其是专精特新企业和科技成长型中小盘股， 关注核心技术能力和长期投资价值。 行情回顾：本周，北交所整体表现较弱：周五（8月 16日）收盘市值 3028.4 亿元，北证 50指数较周一 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it indicates a neutral outlook for the stock performance relative to the market index over the next six months [10][13]. Core Insights - The company reported a revenue of 3.97 billion yuan for the first half of 2024, a decrease of 3.0% year-on-year, and a net profit attributable to shareholders of 658 million yuan, down 9.0% year-on-year [3]. - The company has shown a strong performance in its main products, particularly in Guangdong and Jiangsu provinces, with significant growth in sales for key products [3]. - The gross profit margin improved to 49.93%, an increase of 3.07 percentage points, with traditional Chinese medicine products achieving a gross margin of 60.26% [3]. - The company has implemented 128 cost-reduction projects, leading to a 2.7% increase in overall equipment efficiency and a projected 13.6% decrease in energy consumption [3]. - The company is actively pursuing secondary development of existing drugs, with 25 papers published in the first half of 2024, including 7 in SCI journals [3]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was 3.97 billion yuan, a decrease of 3.0% year-on-year [3]. - Net profit attributable to shareholders was 658 million yuan, down 9.0% year-on-year, while the net profit excluding non-recurring items was 634 million yuan, a decrease of 11.0% [3]. - The company achieved a gross profit margin of 49.93%, up 3.07 percentage points, with traditional Chinese medicine products showing a gross margin of 60.26% [3]. Business Development - The commercial segment generated 1.58 billion yuan in revenue, a decline of 14.5%, influenced by the diversification of the business model post-pandemic [3]. - The industrial segment reported revenue of 2.62 billion yuan, reflecting a growth of 4.25% [3]. - The company has successfully launched 7 new products and has resumed production of 10 dormant varieties [3]. Future Outlook - The company anticipates continued profit growth, projecting net profits of 1.18 billion yuan, 1.46 billion yuan, and 1.75 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 16x, and 14x [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 50.72 CNY [1]. Core Insights - The company reported a strong performance in Q2 2024, with revenue of 1.46 billion CNY, up 19.0% year-on-year, and net profit of 470 million CNY, up 28.0% year-on-year, exceeding market expectations [2]. - The growth is attributed to the continued momentum of the "Dongcang" brand, with significant increases in both domestic and regional markets [2]. - The company's gross margin improved to 71.1%, driven by the product mix optimization as the "Dongcang" series gained market share [2]. - Future earnings per share (EPS) are projected to be 3.60 CNY, 4.38 CNY, and 5.28 CNY for 2024, 2025, and 2026 respectively, indicating strong growth potential [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 3.79 billion CNY, a 20.4% increase year-on-year, and a net profit of 1.38 billion CNY, a 29.6% increase year-on-year [2]. - Q2 2024 revenue and profit both exceeded market expectations, with significant contributions from the "Dongcang" series [2]. Product and Market Dynamics - The "Dongcang" series saw a revenue increase of 24.9% in Q2 2024, with notable growth in the "Dong 6/9/16" products [2]. - The company experienced a 22.9% revenue growth in the domestic market and a 15.3% growth in the external market in Q2 2024, showing improved performance compared to Q1 2024 [2]. Profitability and Cash Flow - The gross margin increased by 0.6 percentage points to 71.1% in Q2 2024, while the net profit margin improved by 2.2 percentage points to 32.0% [2]. - Cash flow from sales in Q2 2024 was 1.56 billion CNY, a 12.7% increase year-on-year [2]. Future Outlook - The company is expected to continue benefiting from the "Dongcang" brand's growth and regional expansion, with a clear path for product upgrades [2]. - The projected EPS growth reflects the company's strong earnings potential, with dynamic price-to-earnings (PE) ratios of 14, 12, and 10 for the next three years [2].

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132) [1] Core Views - The company reported a revenue of 8.86 billion yuan for H1 2024, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 900 million yuan, also up 4.2% year-on-year. However, Q2 performance was slightly below market expectations, with revenue of 4.57 billion yuan, a 1.5% increase year-on-year, and a net profit of 450 million yuan, down 6.1% year-on-year [2][3] - Despite a challenging consumption environment, the company achieved a slight increase in sales volume in Q2, reaching 917,000 tons, a 1.5% year-on-year growth. The premium beer segment saw a decline in revenue growth, while the mainstream and economy segments performed better [2][3] - The company's gross margin for H1 2024 was 49.2%, up 0.7 percentage points year-on-year, but Q2 gross margin fell to 50.5%, down 1.0 percentage points year-on-year due to a decline in high-end beer sales and increased depreciation costs from a new factory [2][3] Summary by Sections Financial Performance - H1 2024 revenue: 88.6 billion yuan, +4.2% YoY - H1 2024 net profit: 9 billion yuan, +4.2% YoY - Q2 2024 revenue: 45.7 billion yuan, +1.5% YoY - Q2 2024 net profit: 4.5 billion yuan, -6.1% YoY - Q2 2024 sales volume: 91.7 million tons, +1.5% YoY [2][3] Product and Market Dynamics - High-end beer revenue growth: -1.9% - Mainstream beer revenue growth: +5.1% - Economy beer revenue growth: +10.7% - Regional performance: South region continued to grow, while Northwest and Central regions faced challenges [2][3] Future Outlook - The company expects recovery in sales volume for its mid-tier products and plans to expand its brands nationally, particularly leveraging the hot pot channel for the Chongqing brand [3] - EPS forecasts for 2024-2026 are 2.88 yuan, 3.03 yuan, and 3.22 yuan, with corresponding dynamic PE ratios of 21x, 20x, and 19x [3]

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.46 元 海油工程（600583）石油石化 目标价：——元（6 个月） 利润稳健增长，在手订单维持高位 [Table_Summary 事件：公司发布] 2024 年半年报。2024H1，公司实现营业收入 134.3 亿元，同 比减少 7.0%；归母净利润 12.0亿元，同比增长 21.7%；扣非净利润 8.4亿元， 同比增长 7.4%。2024Q2，公司实现营业收入 77.6 亿元，同比减少 3.6%；归 母净利润 7.2亿元，同比增长 34.9%；扣非净利润 4.4亿元，同比减少 3.9%。 2024Q2 其他收益中确认消费税退税 2.3 亿，增厚利润。 海洋工程项目规模快速增长，在手订单高位维持。2024H1，公司实现新签订单 125.2 亿元，同比-30.0%，其中海外新签合同额 50.0亿，占比提升至 40.0%； 在手订单 388 亿，为业务持续发展提供有力支撑。分业务来看，公司海洋工程 总承包项目营收 98.6 亿元，同比+15.1%；海洋工程非总承包项目营收 ...

[ T able_StockInfo] 2024 年 08 月 18 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.46 元 海油工程（600583）石油石化 目标价：——元（6 个月） 利润稳健增长，在手订单维持高位 [Table_Summary 事件：公司发布] 2024 年半年报。2024H1，公司实现营业收入 134.3 亿元，同 比减少 7.0%；归母净利润 12.0亿元，同比增长 21.7%；扣非净利润 8.4亿元， 同比增长 7.4%。2024Q2，公司实现营业收入 77.6 亿元，同比减少 3.6%；归 母净利润 7.2亿元，同比增长 34.9%；扣非净利润 4.4亿元，同比减少 3.9%。 2024Q2 其他收益中确认消费税退税 2.3 亿，增厚利润。 海洋工程项目规模快速增长，在手订单高位维持。2024H1，公司实现新签订单 125.2 亿元，同比-30.0%，其中海外新签合同额 50.0亿，占比提升至 40.0%； 在手订单 388 亿，为业务持续发展提供有力支撑。分业务来看，公司海洋工程 总承包项目营收 98.6 亿元，同比+15.1%；海洋工程非总承包项目营收 ...

[Table_IndustryInfo] 2024 年 08 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（8.12-8.16） "以旧换新"补贴翻倍，利好汽车销量增长 投资建议： [Table_Summary] 8月 16日，商务部等 7部门发布《关于进一步做好汽车以旧换新工 作的通知》，在汽车报废更新方面，补贴标准由原来的购买新能源乘用车补贴 1 万元、购买燃油乘用车补贴 7000元，分别提高到 2万元和 1.5万元，补贴金 额增长了一倍及以上。在新车周期开启的背景下，补贴力度的大幅提升有望进 一步激活市场需求，利好后续车市销量增长。投资机会方面，建议关注以旧换 新政策加码给行业带来的向上机会；建议关注华为高阶智能驾驶 3.0 版本上市 以及享界 S9、问界新 M7 Pro给智能驾驶板块、华为产业链带来的机会；此外， 建议关注天然气重卡板块机会以及《关于实施老旧营运货车报废更新》政策持 续推进带来的重卡置换需求释放机会。 乘用车：乘联会数据，8月 1-11日乘用车零售 52.1万辆，同比增长 7%，环比 增长 16%，今年累计零售 1,208.8万辆，同比增长 3%；8月 1 ...

[Table_ReportInfo] 2024 年 08 月 18 日 证券研究报告•市场投资策略 估值周报（0812-0816） 银行股回暖，海外指数随纳指上涨 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[2024 Table_IndustryInfo 年 08 月 17 日 ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（8.12-8.16） 持续看好创新药底部个股 [行情回顾： Table_Summary 本周医药生物指数上涨 ] 0.05%，跑输沪深 300 指数 0.37 个百 分点，行业涨跌幅排名第 14。2024 年初以来至今，医药行业下跌 21.08%，跑输沪深 300 指数 18.59 个百分点，行业涨跌幅排名第 24。本 周医药行业估值水平(PE-TTM)为 24 倍，相对全部 A 股溢价率为 81.21% (-1.25pp)，相对剔除银行后全部 A 股溢价率为 36.47% (-0.18pp)，相对沪 深 300 溢价率为 114.41% (-3.18pp)。本周相对表现最好的是体外诊断， 上涨 2.9%，其次血液制品、化学制剂，分别上涨 2.0%、1.6%，年初以 来跌幅最小前三板块分别是血液制品、原料药和医药流通，跌幅分别为 4.4%、9.9%和 10.5%。 看好创新药板块后续行情。本周医药行业市场围绕高切低和中报行情演绎。 周初世卫组织警告全球新冠感染率快速提 ...

[Table_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年半年报点评 买入（维持） 当前价：18.72 元 川投能源（600674）公用事业 目标价：——元（6 个月） 来水修复延续，业绩增长稳健 [Table_Summary] 事件：公司发布 2024 年半年报，报告期内公司实现营收 6.03 亿元，同比增长 10.24%；实现归母净利润 23.02 亿元，同比增长 9.74%，实现投资收益 24.12 亿元，同比增长 4.88%。 24Q2 公司营收/归母净利润同比分别+16.41%/+7.01%。24Q2 公司控股水电发 电量达 11.38亿千瓦时，同比/环比分别+22.0%/+51.1%，光伏发电量达 0.81亿 千瓦时，同比/环比分别+40.7%/+167.7%。 24H1 控股水电/光伏发电同比+18.11%/+14.0%。报告期内公司水电发电量达 18.91 亿千瓦时，同比+18.11%，上网电价 0.241元／千瓦时，同比-2.03%；光 伏发电量达 1.14亿千瓦时，同比+14.00%，上网电价 0.517元／千瓦时，同比 -17.81%，光伏发电量增长 ...