[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.17 元 天味食品（603317）食品饮料 目标价：——元（6 个月） Q2 淡季收入承压，线上高增势能延续 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营收 14.7 亿元，同比+3%，实现 归母净利润 2.5亿元，同比+18.8%，实现扣非归母净利润 2.1亿元，同比+17.7%； 其中 24Q2 实现营收 6.1 亿元，同比-6.8%，实现归母净利润 0.7 亿元，同比 -10.9%，实现扣非归母净利润 0.6 亿元，同比+6.1%。 中式复调增速稳健，食萃带动线上高增。分产品看，24Q2 火锅底料/中式调料/ 冬调/其他业务收入增速分别为-22.9%/+4.7%/-87.4%/-12.2%；中式复调实现稳 健增长，主要得益于 Q2小龙虾处于销售旺季；火锅底料及冬调增速承压，主要 系淡季叠加 C 端消费需求较为疲软。分渠道看，24Q2 线上/线下渠道实现收入 1.2/4.9 亿元，同比+57.4%/-15.3%；得益于食萃小 B ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 3.35 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 350 million yuan, a decrease of 43.8% year-on-year [2] - The second quarter showed a revenue of 1.96 billion yuan, up 22.6% year-on-year, with a net profit of 330 million yuan, an increase of 9.5% year-on-year [2] - The improvement in profitability in Q2 was attributed to increased overseas market shipments, reduced raw material costs, and lower expense ratios [2] - The company expects continued growth in inverter exports in the second half of the year due to strong demand in emerging markets [2] Summary by Sections Performance Summary - H1 2024 revenue was 3.35 billion yuan, up 3.2% year-on-year; net profit was 350 million yuan, down 43.8% year-on-year; Q2 revenue was 1.96 billion yuan, up 22.6% year-on-year; net profit was 330 million yuan, up 9.5% year-on-year [2] - The company’s gross margin in Q2 increased by 13.6 percentage points to 37.8%, and net margin increased by 15.5 percentage points to 17.0% [2] Business Segments - The household photovoltaic system segment generated 780 million yuan in revenue, a 39.6% increase year-on-year, with a gross margin of 61.2% [2] - The photovoltaic power generation business saw revenue of 300 million yuan, a 191.6% increase year-on-year, with a gross margin of 54.3% [2] - The company added 176.5 MW of operational distributed power stations in H1 2024, contributing approximately 18 million yuan in net profit [2] Market Outlook - Emerging markets are expected to drive continued growth in inverter exports, supported by rising electricity demand and favorable loan policies [2] - The company anticipates a strong demand for energy storage in overseas markets, leading to increased shipments and profitability [2] Earnings Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.11 billion yuan, 1.54 billion yuan, and 1.88 billion yuan, respectively [2][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.31 billion yuan for the first half of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 450 million yuan, down 4.6% year-on-year. The performance was below market expectations [1] - The core business of pickled vegetables showed stable growth, while revenue from radishes faced significant pressure due to reduced promotional investments. The company actively managed channel pricing and optimized its distributor network, reducing the number of distributors by 424 to 2,815 [1] - The cost benefits began to show in Q2, with a gross margin of 50.9% for H1 2024, down 2.2 percentage points year-on-year, but Q2 gross margin improved to 49.2%, up 0.3 percentage points year-on-year, attributed to the use of lower-cost raw materials [1] - The company continues its dual expansion strategy focusing on market and product category growth, with plans to enhance the distribution of its key product, pickled vegetable sauce, and expand into compound seasonings [1] Financial Summary - For H1 2024, the company achieved revenues of 1.12 billion yuan from pickled vegetables, 130 million yuan from pickled cabbage, 20 million yuan from radishes, and 30 million yuan from other products, with respective growth rates of +0.5%, -6.2%, -39.4%, and -25.9% [1] - The company expects EPS for 2024-2026 to be 0.73 yuan, 0.79 yuan, and 0.86 yuan, with corresponding dynamic PE ratios of 16x, 15x, and 14x [1][3]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of September 1, 2024 [1]. Core Insights - The automotive industry is experiencing a significant increase in the recycling rate of old vehicles, with a notable rise in the number of scrapping applications following the implementation of new policies. As of August 31, over 800,000 applications for vehicle scrapping subsidies have been received, reflecting a 37.4% year-on-year increase in scrapped vehicles from January to July [2]. - The report highlights the expected positive impact of the "Golden September" sales period, driven by supply optimization and the old-for-new vehicle replacement policy [2]. - In the smart vehicle sector, Huawei's advancements in autonomous driving technology are anticipated to accelerate the industry's shift towards smart vehicles, with commercial applications expected by 2026 [2]. Summary by Sections 1. Market Overview - The automotive sector index rose by 2.7% last week, with passenger vehicles retailing at 1.305 million units, a 5% year-on-year increase [7][21]. - The report notes a 1.4% increase in the passenger vehicle segment and a 3.5% increase in automotive parts [7]. 2. Policy Developments - The Ministry of Transport and other departments have issued guidelines to support the scrapping and replacement of old commercial vehicles, with funding shared between central and local governments [2][22]. - Local governments, such as Beijing and Hunan, have introduced additional incentives for vehicle replacement, enhancing the subsidy for scrapping old vehicles [22]. 3. Sales Data - From August 1-25, retail sales of passenger vehicles reached 1.305 million units, with a cumulative retail figure of 12.872 million units for the year, marking a 3% increase [21]. - New energy vehicle sales also showed strong growth, with retail sales of 718,000 units in August, a 48% year-on-year increase [2]. 4. Investment Opportunities - The report suggests focusing on companies benefiting from the old-for-new policy and the new vehicle cycle, particularly in the smart driving and natural gas heavy truck sectors [2][3]. - Key companies to watch include GAC Group, BYD, and various suppliers in the smart vehicle technology space [2].

Investment Rating - The report maintains a "Buy" rating for Mengniu Dairy (2319.HK) with a target price of HKD 16.25 [1][3]. Core Views - The company reported a revenue of RMB 447 billion for the first half of 2024, a decrease of 12.6% year-on-year, and an operating profit of RMB 31.2 billion, down 4.8% year-on-year. The decline in revenue is attributed to inventory digestion and controlled shipment pace [2]. - The gross margin improved to 40.3%, up 1.9 percentage points year-on-year, primarily due to lower raw milk prices. The operating profit margin also increased to 7%, up 0.6 percentage points year-on-year [2]. - The company plans to repurchase up to HKD 2 billion of its shares and increase its dividend payout, emphasizing shareholder returns [2]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was RMB 447 billion, a decline of 12.6% year-on-year. The breakdown by product categories shows liquid milk at RMB 362 billion (-12.9%), ice cream at RMB 33.7 billion (-21.8%), milk powder at RMB 16.4 billion (-13.7%), and cheese at RMB 21.1 billion (-6.3%) [2]. - The company achieved a gross margin of 40.3%, an increase of 1.9 percentage points year-on-year, and an operating profit margin of 7%, up 0.6 percentage points year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 45.0 billion, RMB 50.2 billion, and RMB 55.8 billion, respectively. The corresponding EPS is projected to be RMB 1.14, RMB 1.28, and RMB 1.42, with dynamic PE ratios of 11x, 9x, and 9x [3][4]. Strategic Initiatives - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in the liquid milk and ice cream segments. It aims to leverage online and offline channels and explore new consumption scenarios [8]. - The company is also committed to its FIRST strategy, which aims to drive high-quality development in operations and management [2].

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of September 1, 2024 [1]. Core Insights - The automotive industry is experiencing a significant increase in the growth rate of vehicle scrapping and recycling, with expectations for strong performance in September, traditionally known as the "Golden September" [2]. - The implementation of policies supporting the replacement of old commercial vehicles is expected to stimulate demand, with a notable increase in subsidy applications for vehicle scrapping [2]. - The report highlights investment opportunities arising from the acceleration of the new car cycle and the enhancement of old-for-new vehicle policies, particularly in the smart vehicle sector led by companies like Huawei [2][3]. Summary by Sections 1. Market Overview - The automotive sector index rose by 2.7% last week, with passenger vehicles retailing at 1.305 million units, a year-on-year increase of 5% [7][21]. - The wholesale of passenger vehicles reached 1.267 million units, showing a year-on-year decrease of 2% but an 11% increase month-on-month [21]. 2. Policy Developments - The Ministry of Transport and other departments issued a notice to enhance the scrapping and updating of old commercial vehicles, with central and local governments sharing the financial burden [2][22]. - Various provinces, including Beijing and Hunan, have introduced specific plans to support the replacement of old vehicles, with increased subsidy amounts for consumers [22]. 3. Sales Performance - For the period from August 1 to 25, 2024, retail sales of new energy passenger vehicles reached 718,000 units, a year-on-year increase of 48% [2][21]. - Cumulative retail sales for the year reached 5.707 million units, reflecting a 35% year-on-year growth [21]. 4. Key Companies and Investment Targets - Recommended companies include GAC Group, BYD, and others involved in the new energy vehicle sector, as well as those benefiting from the old-for-new vehicle policies [2][3]. - The report emphasizes the potential of companies involved in the smart vehicle technology space, particularly those collaborating with Huawei [2][3]. 5. New Vehicle Launches - Several new models were launched, including the Mercedes-Benz V-Class and various electric and hybrid vehicles from different manufacturers [27][28].

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：51.20 元 匠心家居（301061）轻工制造 目标价：——元（6 个月） 业绩表现亮眼，自主品牌持续拓展 [Table_Summary 事件：公司发布] 2024年中报。2024年 H1公司实现营收12.1亿元，同比+27.7%； 实现归母净利润 2.9亿元，同比+41.8%；实现扣非净利润 2.6亿元，同比+48.1%。 单季度来看，2024年 Q2公司实现营收 6.5亿元，同比+25.2％；实现归母净利 润 1.6亿元，同比+31.9%；实现扣非后归母净利润 1.4亿元，同比 28.9%。24 年 Q2 公司营收利润保持较快增长趋势。 费控良好，盈利能力保持较高水平。报告期内，公司整体毛利率为 33.2%，同 比+1.8pp；其中 2024 年 Q2 毛利率为 33.1%，同比+0.5pp；分产品看，2024 年 H1公司智能电动沙发毛利率为 33.9%（+1.7pp），智能电动床毛利率为 33.3% （+0.8pp），配件毛利率为 27.8%（+7.2pp）。分销售区 ...

Investment Rating - The report maintains a "Buy" rating for Mengniu Dairy (2319.HK) with a target price of HKD 16.25 [1][3]. Core Views - The company reported a revenue of RMB 447 billion for the first half of 2024, a decrease of 12.6% year-on-year, and an operating profit of RMB 31.2 billion, down 4.8% year-on-year [2]. - The decline in revenue is attributed to inventory digestion and controlled shipment pace to maintain reasonable inventory levels at the terminal [2]. - The gross margin improved to 40.3%, up 1.9 percentage points year-on-year, primarily due to a decrease in raw milk prices [2]. - The company plans to repurchase up to HKD 2 billion of its shares and increase the dividend payout ratio, emphasizing shareholder interests [2]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was RMB 447 billion, down 12.6% year-on-year, with operating profit at RMB 31.2 billion, a decrease of 4.8% [2]. - The revenue breakdown by product categories shows liquid milk at RMB 362 billion (-12.9%), ice cream at RMB 33.7 billion (-21.8%), milk powder at RMB 16.4 billion (-13.7%), and cheese at RMB 21.1 billion (-6.3%) [2]. - The company achieved a gross margin of 40.3%, an increase of 1.9 percentage points year-on-year, and an operating profit margin of 7%, up 0.6 percentage points year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 45.0 billion, RMB 50.2 billion, and RMB 55.8 billion, respectively, with corresponding EPS of RMB 1.14, RMB 1.28, and RMB 1.42 [3][4]. - The dynamic PE ratios for the same period are projected at 11x, 9x, and 9x [3]. Strategic Initiatives - The company is focusing on enhancing shareholder returns through share buybacks and increasing dividend payouts [2]. - The FIRST strategy will continue to drive high-quality development in operations and management [2]. - The company is addressing the supply-demand imbalance in raw milk through various support measures to stabilize dairy farming operations [2].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's short-term performance is under pressure, with expectations for future adjustments [1] - The company reported a revenue of 3.67 billion yuan for the first half of 2024, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 330 million yuan, down 23.8% year-on-year [1][2] - The decline in revenue is attributed to weak consumer demand in the frozen food sector, while the catering market showed stable growth [1][2] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.67 billion yuan, down 4.9% year-on-year, and a net profit of 330 million yuan, down 23.8% year-on-year [1] - The revenue for Q2 2024 was 1.41 billion yuan, a decrease of 4.7% year-on-year, with a net profit of 103 million yuan, down 34.6% year-on-year [1] - The gross profit margin for H1 2024 was 25.9%, down 1.7 percentage points year-on-year [2] Product and Market Analysis - Revenue from frozen rice and noodle products in H1 2024 was 3.14 billion yuan, down 5.8% year-on-year, with traditional rice and noodle products generating 2.06 billion yuan, down 7.8% [1] - The catering market revenue increased by 8.1% year-on-year to 680 million yuan, driven by new product launches targeting chain restaurants [1][2] Cost and Expense Management - The sales expense ratio increased by 0.9 percentage points year-on-year to 12.6% in H1 2024, reflecting increased investment in channel and brand promotion [2] - The net profit margin for H1 2024 was 9.1%, down 0.2 percentage points year-on-year [2] Future Outlook - The company plans to enhance profit contribution from traditional rice and noodle products while increasing the introduction of healthier and personalized new products [2] - There is a focus on expanding the hot pot ingredient segment and increasing resource allocation for hot pot meat products [2] - The company aims to improve its direct sales and distribution systems while accelerating online channel development [2] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 0.74 yuan, 0.78 yuan, and 0.83 yuan respectively, with corresponding dynamic PE ratios of 14x, 13x, and 12x [2]

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：11.27 元 中鼎股份（000887）汽车 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 13.16 流通 A 股(亿股) 13.14 52 周内股价区间(元) 8.8-13.96 总市值(亿元) 148.37 总资产(亿元) 233.34 每股净资产(元) 9.46 国内落地项目成绩亮眼，增量业务势头良好 [Table_Summary 事件：8月 30日，公司发布 ] 2024年半年报，24H1 实现营业收入 96.69亿元， 同比+18.08%；实现归母净利润 7.16 亿元，同比+34.83%，实现扣非归母净利 润 6.42 亿元，同比+41.38%。其中，2024Q2 实现营收 49.77 亿元，同环比分 别+14.96%/ +6.07%；实现归母净利润 3.55亿元，同环比分别+32.17%/ -1.56%； 实现扣非归母净利润 3.4 亿元，同环比分别+42.19%/ +12.61%。 智能底盘三大系统及密封系统营收高增长 ...