Investment Rating - The report maintains a "Hold" rating for Taoli Bread (603866) with a target price of —— yuan for the next 6 months [1] Core Views - Revenue pressure persists, but profitability improved in Q2 2024 [1] - The company achieved revenue of 3.02 billion yuan in H1 2024, a year-on-year decrease of 5.8%, and net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year [1] - In Q2 2024, revenue was 1.62 billion yuan, down 6.3% year-on-year, while net profit attributable to shareholders increased by 14.2% year-on-year to 170 million yuan [1] Revenue Breakdown - Bread products contributed 2.99 billion yuan in H1 2024, down 5.4% year-on-year [1] - Regional revenue performance: North China (700 million yuan, -6.7%), Northeast China (1.15 billion yuan, -12.3%), East China (990 million yuan, -3.4%), Central China (100 million yuan, -2.9%), Southwest China (370 million yuan, +0.2%), Northwest China (210 million yuan, -3.5%), South China (220 million yuan, -14.4%) [1] Profitability Analysis - Gross margin improved to 24.2% in H1 2024, up 0.7 percentage points year-on-year [1] - Q2 2024 gross margin reached 25.1%, an increase of 2 percentage points year-on-year [1] - Net profit margin for H1 2024 was 9.6%, up 0.5 percentage points year-on-year, with Q2 2024 net profit margin at 10.8%, an increase of 1.9 percentage points year-on-year [1] Capacity and Expansion - The company has production bases in 22 regions with a total capacity of 237,000 tons as of H1 2024 [1] - New production bases under construction in Guangxi, Changchun, Henan, Shanghai, and Foshan are expected to add 224,000 tons of capacity [1] Financial Forecast - Projected net profit attributable to shareholders for 2024-2026: 600 million yuan, 660 million yuan, and 740 million yuan respectively [2] - Estimated EPS for 2024-2026: 0.37 yuan, 0.42 yuan, and 0.46 yuan respectively [2] - Forecasted PE ratios for 2024-2026: 15x, 14x, and 13x respectively [2] Historical Performance - 2023 revenue growth: 1.08% [3] - 2023 net profit growth: -10.31% [3] - 2023 ROE: 11.28% [3] Future Projections - Expected revenue growth for 2024-2026: 2.36%, 6.56%, and 6.13% respectively [3] - Projected net profit growth for 2024-2026: 4.25%, 11.09%, and 10.78% respectively [3] - Forecasted ROE for 2024-2026: 11.33%, 12.02%, and 12.70% respectively [3]

[Table_StockInfo] 2024 年 08 月 09 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：38.60 元 盐津铺子（002847）食品饮料 目标价：——元（6 个月） Q2 淡季经营稳健，切实提升股东回报 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营业收入 24.6 亿元，同比增长 29.8%；实现归母净利润 3.2 亿元，同比增长 30%。其中 24Q2 实现营业收入 12.4 亿元，同比增长 23.4%；实现归母净利润 1.6 亿元，同比增长 19.1%。 新品表现亮眼，电商渠道高增。1、分品类看，辣卤零食、休闲烘焙、深海零食 分别实现收入 9 亿元（+25.8%）、3.4 亿元（+12.6%）、3.2 亿元（+11.8%）。 2024 年"蛋皇"鹌鹑蛋、"大魔王"麻酱味素毛肚获得消费者及渠道商的广泛 认可，新品表现亮眼。2、分渠道看，直营、经销、电商分别实现收入 1.1亿元 （-43.6%）、17.7亿元（+35.1%）、5.8亿元（+48.4%）。经销商数量略有下降， 主要由于公司策略性优化经销商；电商渠道快速增长，已在抖音 ...

Investment Rating - The report maintains a "Hold" rating for the company [1][2]. Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2024, a year-on-year decline of 5.8%, with a net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, a decline of 6.3%, but net profit increased by 14.2% year-on-year to 170 million yuan [1]. - The revenue from bread products in the first half of 2024 was 2.99 billion yuan, down 5.4% year-on-year, although new products showed strong growth [1]. - The company plans to further explore market potential in North and Northeast China while actively expanding in Southwest and Xinjiang markets [1]. - The gross margin improved to 24.2% in the first half of 2024, up 0.7 percentage points year-on-year, with Q2 gross margin at 25.1%, an increase of 2 percentage points [1]. - The company has established production bases in 22 regions across the country, with a total capacity of 237,000 tons as of the end of H1 2024, and is expanding capacity with new bases under construction [1]. Financial Summary - The projected net profits for 2024-2026 are 600 million yuan, 660 million yuan, and 740 million yuan, respectively, with corresponding EPS of 0.37 yuan, 0.42 yuan, and 0.46 yuan, leading to dynamic PE ratios of 15x, 14x, and 13x [2][3]. - The company’s revenue is expected to grow at rates of 2.36% in 2024, 6.56% in 2025, and 6.13% in 2026 [3]. - The net profit margin is projected to improve gradually, with a net profit margin of 9.6% in the first half of 2024, up 0.5 percentage points year-on-year [1].

[Table_ReportInfo] 2024 年 08 月 15 日 证券研究报告•宏观简评报告 数据点评 消费向左投资向右，后续走势如何？ ——2024 年 7 月经济数据点评 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockInfo] 2024 年 08 月 12 日 证券研究报告•公司研究报告 持有 （首次） 当前价：8.85 元 东方通信（600776）通信 目标价：——元（6 个月） 中电科旗下通信老兵，三大产业释放价值 [Table_Summary 推荐逻辑：1）公司深耕通信行业，协议覆盖全面，是我国 ] PDT协议核心起草单 位之一，在多个行业市占率居前列。23 年国务院增发 1 万亿专项国债，支援国 内应急网络建设，公司专网集群产品有望受益。2）公司开拓卫星互联网网络维 护项目，随着我国多个星座进入建设期，公司卫星通信领域订单或将贡献新增量。 3）公司先进制造覆盖下游多领域，全球通信设备和智能安防市场 23年增速分别 为 11.4%和 9%，均保持增长态势，制造产业将稳定贡献业绩。 专网通信领军企业，应急市场贡献增量。公司深耕移动通信领域三十余载，专网 产品覆盖频段与协议全面，是我国自主知识产权的数字集群标准 PDT 标准的八 家核心起草单位之一。产品覆盖公安、政府、应急、轨交、机场、港口和石化等 行业，市场占有率位居行业前列。2023 年国务院增发 1 万亿元国债用于灾后重 建和防灾减灾建设 ...

[Table_StockInfo] 2024 年 08 月 07 日 证券研究报告•公司研究报告 买入 （维持） 当前价：22.16 元 立华股份（300761）农林牧渔 目标价：27.04 元（6 个月） 猪鸡共振，业绩高增 [Table_Summary 推荐逻辑：1）生猪产能去化持续兑现，鸡猪共振，高景气度具有可持续性。 ] 2024 年 6月末能繁母猪存栏 4038万头较 22年年末下降 8%。2）公司斤鸡完全成本 下降至 5.9 元，为全行业最低。成本优势构筑盈利壁垒，盈利持续性强。3）公 司维持较高增速，公司是我国第二大黄羽鸡养殖企业，黄鸡年出栏量维持 8-10% 的增速。 生猪产能去化持续兑现，高景气度具有可持续性。从供给端看，能繁母猪自 2023 年 1月开启逐步去化过程。截至 2024年 6月末能繁母猪存栏 4038万头，较 2022 年 12 月末 4390 万头能繁母猪存栏下降 8.02%左右，预期下半年供给或将进一 步减少。生猪价格在 2024 年 2 月以来开启上行通道。2024 年以来，养殖业公 司普遍在稳健经营的基础上，不断降低整体负债规模及杠杆水平，优化财务结构， 生猪产能增长缓 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.19 billion RMB in H1 2024, representing a year-on-year increase of 27.7%. Gross profit reached 2.08 billion RMB, up 29.8%, while Non-IFRS net profit was 700 million RMB, an increase of 16.4%. The profit attributable to equity holders was 500 million RMB, up 33.9% [2]. - The revenue growth was primarily driven by the release of popular TV series. The revenue from New Classics Media surged to 1.05 billion RMB in H1 2024, a 93.2% increase compared to H1 2023, supported by the concentrated airing of several series [2]. - The company faced some profit pressure due to impairment losses on certain film and television projects amounting to 190 million RMB in H1 2024, which was not present in the same period of 2023 [2]. - The reading business saw a slight decline in revenue by 2.2% year-on-year, while copyright operations revenue increased by 73.3% [2]. - The company has a rich pipeline of TV series for 2025-2026, with over 10 series planned, including titles like "The Drug Storm" and "The Independent Woman" [2]. Financial Summary - The company is projected to achieve Non-IFRS net profits of 1.4 billion RMB, 1.5 billion RMB, and 1.6 billion RMB for the years 2024, 2025, and 2026 respectively, with growth rates of 23.97%, 7.45%, and 6.30% [3]. - The expected revenue for 2024 is 7.01 billion RMB, with a growth rate of 17.03% [3]. - The company's gross margin is expected to improve to 50.73% in 2024, with a net margin of 12.18% [3]. Business Developments - The company has seen a rise in paid user numbers from 7.9 million in 2022 to 8.8 million in H1 2024, with the payment rate increasing from 3.2% in 2022 to 5.0% in H1 2024 [2]. - The company is actively expanding its overseas web literature offerings, with approximately 5,000 Chinese translated works and 650,000 local original works available as of June 2024 [2]. - The integration of AI in translation has significantly improved efficiency, reducing costs by 90% and increasing output by 100 times compared to manual translation efforts [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, based on a 18X target PE for 2024 [2][9]. Core Insights - The company reported a revenue of 2.113 billion CNY for H1 2024, a year-on-year decline of 4.17%, and a net profit attributable to shareholders of 109 million CNY, down 50.92% year-on-year [1]. - The industrial automation business showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines due to industry downturns [1]. - The gross margin for H1 2024 was 31.34%, a slight decrease of 0.1 percentage points year-on-year, with varying margins across different business segments [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.113 billion CNY, with Q2 revenue at 1.164 billion CNY, reflecting a 2.35% decline year-on-year [1]. - The net profit for H1 2024 was 109 million CNY, with Q2 net profit at 62 million CNY, both showing significant declines of 50.92% and 51.26% respectively [1]. - The company’s gross margin for H1 2024 was 31.34%, with a Q2 margin of 30.81%, indicating a year-on-year decrease of 1.0 percentage points [1]. Business Segment Performance - Industrial automation revenue for Q1 was 560 million CNY (up 1.4% YoY) and Q2 was 710 million CNY (up 6% YoY) [1]. - The network energy business saw Q1 revenue of 180 million CNY (up 7.5% YoY) and Q2 revenue of 200 million CNY (down 6.3% YoY) [1]. - The new energy vehicle segment reported Q1 revenue of 150 million CNY (up 18.3% YoY) and Q2 revenue of 160 million CNY (up 12.6% YoY) [1]. - The photovoltaic energy storage business faced a significant decline, with Q1 revenue of 35 million CNY (down 70% YoY) and Q2 revenue of 67 million CNY (down 33% YoY) [1]. Cost and Profitability - The company’s expense ratio increased to 25.80% in H1 2024, up 3.66 percentage points year-on-year, impacting the net profit margin, which fell to 4.19% [1]. - The gross margins for various segments in H1 2024 were: industrial automation at 37.7% (up 0.8 pp), network energy at 30.5% (down 3.3 pp), new energy vehicles at 17.9% (down 4.3 pp), and photovoltaic energy storage at 5.7% (down 16.7 pp) [1].

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：27.40 元 九丰能源（605090）公用事业 目标价：——元（6 个月） 三大业务协同发展，推进核心资产优化 [Table_Summary 事件：公司发布] 2024 年半年报，报告期内公司实现营收 112.67 亿元，同比 +1.99%；实现归母净利润 11.06亿元，同比+55.23%；实现扣非归母净利润 7.88 亿元，同比增长 1.79%；此外，公司制定了 2024-2026 年现金分红规划，固定 现金分红金额分别为 7.5/8.5/10.0亿元，且当连续三年净利润增长超过 18%时， 启动当年度特别分红计划，现金分红下限为 0.2亿元。 海陆双气源保障优势，顺价能力突出。（1）LNG：24H1 公司提升海气现货资源 采购，优化资源综合成本，公司天然气回收处理配套服务项目及传统 LNG液化 工厂项目 LNG 产量超 33 万吨，发挥陆气资源压舱石作用；客户端方面，公司 存增量并进，工业终端和燃气电厂用户销量同比大幅增长。（2）LPG：公司积 极推动惠州液化烃码头项目（ ...

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：25.80 元 杰克股份（603337）机械设备 目标价：——元（6 个月） H1 业绩超预期，爆品热销拉动利润率提升 [Table_Summary 事件：公司发布] 2024年半年报，2024年上半年营收 32.3亿，同比增长 20.2%； 归母净利润 4.2 亿，同比增长 54.0%。单二季度实现营收 16.1 亿，同比增长 29.2%，环比下降 1.4%，二季度归母净利润 2.3 亿，同比增长 44.4%，环比增 长 21.7%。 产品结构优化、爆品热销拉动毛利率提升。分产品看，2024年上半年公司工业 缝纫机业务实现营收 28.0 亿，同比增长 19.1%，毛利率增加 3.3 个百分点至 30.2%；衬衫及牛仔自动缝制设备实现营收 1.0亿，同比增长 32.8%，毛利率同 比下降 1.3 个百分点至 37.9%，主要系销售区域结构变动影响所致；裁床及铺 布机业务实现营收 3.2亿，同比增长 25.3%，毛利率增加 3.8个百分点至 42.4%。 上半年公司综合毛利率 31 ...