Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in net profit when excluding GDR exchange losses, with a 49.80% year-on-year growth in net profit to 5.19 billion yuan in H1 2024 [2] - The company launched two major new products: the Universal Control System (UCS) and the AI Time Series Model (TPT), which are expected to enhance its competitive edge in automation and industrial AI [2] - The company anticipates a compound annual growth rate (CAGR) of 26% in net profit from 2024 to 2026, with projected net profits of 13.60 billion yuan, 17.47 billion yuan, and 22.27 billion yuan for the respective years [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 42.52 billion yuan, a year-on-year increase of 16.78%, and a net profit of 5.17 billion yuan, up 1.16% year-on-year [2] - The revenue for Q2 2024 was 25.14 billion yuan, reflecting a 14.49% year-on-year increase and a 44.59% quarter-on-quarter increase [2] - The gross margin improved to 33.23% in H1 2024, an increase of 0.76 percentage points year-on-year, while the net margin decreased to 12.32%, down 1.96 percentage points year-on-year [2] Business Segments - The control systems business generated revenue of 17.25 billion yuan in H1 2024, a 17.65% year-on-year increase, while the instrumentation segment saw a remarkable growth of 72.18% year-on-year, reaching 3.53 billion yuan [2] - The company noted strong growth in the petrochemical and chemical industries, with revenue growth rates of 26.95% and 26.03%, respectively, and an impressive 117.32% growth in the oil and gas sector [2] Product Development - The UCS product represents a significant technological advancement, moving away from traditional DCS architectures, while the TPT model has achieved over 95% self-control rates in various applications [2] - The company has initiated an equity incentive plan targeting the teams behind UCS and TPT, with performance targets set for net profit growth over the next three years [2]

[Table_StockInfo] 2024 年 08 月 15 日 证券研究报告•新股分析报告 太湖远大（920118）基础化工 本次发行情况 [发行前总股本 Tabel_PublishInfo] (万股) 4359.60 本次发行(万股) 730.00 发行后总股本(万股) 5089.60 2023 年扣除非经常性损益后的 每股收益(摊薄后)(元)1.69 环保型线缆材料"小巨人"，募投项目助力产能再升级 [Table_Summary 推荐逻辑：1）]环保型线缆材料行业领先企业，国内大型知名电缆企业的主要供 应商，公司入选《2018 年中国线缆原材料（非金属）行业最具竞争力企业 10 强》，2023 年入选中国电线电缆行业最具竞争力企业前 20 强中有 19 家是公司 的合作客户；2）下游电线电缆行业稳步增长，带动线缆材料行业发展，根据《中 国电线电缆市场 2023 白皮书》预测，2026 年电线电缆总体市场规模预计将达 到 1.5万亿元，2023-2026 年 CAGR达 5.1%；3）募投扩产打破产能瓶颈，公 司募投项目达成后每年将新增 500kV 及以下过氧化物可交联电缆料 2 万吨， 35kV 及 ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry as of August 19, 2024 [1]. Core Insights - The media sector showed strong performance this week, with an increase of 1.79%, outperforming the ChiNext by approximately 2.06 percentage points and the broader market by about 1.37 percentage points [7]. - The gaming index outperformed the market, with the CITIC Gaming Index rising by 2.53% compared to a 0.42% increase in the CSI 300 [9]. - The advertising index also outperformed, with the CITIC Advertising Index increasing by 0.96% [11]. - The sports index rose by 0.64%, outperforming the CSI 300 by 0.22% [12]. - The education sector underperformed, with the CITIC Education Index declining by 5.83%, lagging behind the CSI 300 by 6.25% [14]. Summary by Sections 1. Market Review - The media sector's performance was highlighted, with a notable increase in various indices, indicating a positive market sentiment [7]. 2. Gaming Industry - The CITIC Gaming Index rose by 2.53%, with top-performing A-share companies including Fuchun Co., Caesar Culture, and Dazheng Culture [9]. - Tencent reported a 9% increase in gaming revenue for Q2 2024, with total revenue reaching 161.12 billion yuan [35]. - The game "Little Soldiers" officially launched its public beta on August 15, 2024, and achieved the top position on the iOS free chart [34]. 3. Sports Industry - The CITIC Sports Index increased by 0.64%, with various partnerships and sponsorships announced, including TECNO becoming the official global supporter of the AFC Champions League [12]. 4. Education Industry - The CITIC Education Index fell by 5.83%, with A-share education companies underperforming compared to the CSI 300 [14][16]. 5. Investment Recommendations - The report suggests focusing on companies such as Mango Super Media (300413) and Shenzhou Taiyue (300002) for potential investment opportunities [27].

Investment Rating - The report maintains an investment rating of "Market Perform" for the media industry [1]. Core Insights - The media sector showed strong performance this week, with an increase of 1.79%, outperforming the ChiNext by approximately 2.06 percentage points and the broader market by about 1.37 percentage points [7]. - The gaming index outperformed the market, with the CITIC Gaming Index rising by 2.53% compared to a 0.42% increase in the CSI 300 [9]. - The advertising index also outperformed, with the CITIC Advertising Index increasing by 0.96% [11]. - The sports index rose by 0.64%, outperforming the CSI 300 by 0.22% [12]. - The education sector underperformed, with the CITIC Education Index declining by 5.83%, lagging behind the CSI 300 by 6.25% [14]. Summary by Sections 1. Market Review - The media sector's performance was highlighted, with a notable increase in indices across gaming, advertising, and sports, while education faced declines [7][12][14]. 2. Gaming Industry - The CITIC Gaming Index rose by 2.53%, with top-performing A-share gaming companies including Fuchun Co., Caesar Culture, and Dazheng Culture [9]. - Tencent reported a 9% increase in gaming revenue for Q2 2024, with total revenue reaching 161.12 billion yuan [35]. - The game "Black Myth: Wukong" received a perfect score from IGN China, indicating strong anticipation and potential success in the global market [35]. 3. Sports Industry - The CITIC Sports Index increased by 0.64%, with various partnerships and sponsorships announced, enhancing the visibility and engagement of sports events [12]. 4. Education Industry - The CITIC Education Index fell by 5.83%, with A-share education companies underperforming compared to the broader market [14][16]. 5. Investment Recommendations - The report suggests focusing on companies such as Mango Super Media and Shenzhou Taiyue for potential investment opportunities [27].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 42.99 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a total revenue of 7.31 billion CNY for H1 2024, representing a year-on-year increase of 22.4%. The net profit attributable to the parent company was 2.46 billion CNY, up 20.1% year-on-year, with Q2 2024 revenue at 2.63 billion CNY, a 21.5% increase, and net profit at 930 million CNY, a 16.9% increase, aligning with market expectations [2]. - The product structure continues to upgrade, with significant growth in high-priced products. The revenue from different product categories in Q2 2024 was 1.68 billion CNY (+21.1%) for Special A+ products, 810 million CNY (+25.3%) for Special A products, and 80 million CNY (+10.0%) for A products. The company also saw a remarkable 36.8% growth in revenue from outside the province [2]. - The comprehensive expense ratio decreased, with a gross margin increase of 0.15 percentage points to 70.02%. The sales expense ratio fell by 0.91 percentage points to 12.23%, while the management expense ratio slightly increased by 0.07 percentage points to 3.94%. The overall expense ratio decreased by 0.46 percentage points to 14.96% [2]. Financial Forecast and Valuation - The company is expected to achieve earnings per share (EPS) of 3.04 CNY, 3.70 CNY, and 4.51 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14x, 12x, and 10x. The company benefits from a strong competitive advantage in the domestic market and a nationwide expansion strategy, indicating a positive long-term growth outlook [3][4].

[ T able_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：47.34 元 健民集团（600976）医药生物 目标价：——元（6 个月） 营销改革持续推进，新药研发成效显著 [Table_Summary 事件：公司发布] 2024年半年报，实现营业收入 20.1亿元（-7.0%），归母净利 润为 2.4 亿元（-5.2%），扣非归母净利润为 1.9 亿元（-16.7%）。 营收遭遇改革阵痛，利润端短期承压。2024 年上半年公司实现营业收入 20.1 亿元，同比下降 7.02%，实现归属于上市公司股东的净利润 2.39亿元，同比下 降 5.2%。上半年医药商业收入 10.93亿元，较上年同期略有增长；医药工业实 现收入 9.06 亿元，较上年同期下降 19.40%。医药工业收入下降主要是公司全 面启动营销体系改革所致，但公司 OTC 渠道重点产品市占率提升，渠道价值链 持续优化，库存基本降至合理水平，数字化建设持续推进，终端调控能力提升。 主要单品龙牡壮骨颗粒销量相较去年同期下降 33.3%，系公司上半年梳理渠道 经销商，清理库存导致 ...

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]