[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：22.63 元 伊利股份（600887）食品饮料 目标价：——元（6 个月） 渠道库存调整基本到位，期待下半年轻装上阵 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营业总收入 599 亿元，同比下滑 9.5%；实现归母净利润 75.3亿元，同比增长 19.4%。其中 24Q2实现营业总收 入 273亿元，同比下滑 16.5%；实现归母净利润 16.1亿元，同比下滑 40.2%。 液奶渠道库存调整基本到位，奶粉及奶制品增速领先。2024H1液体乳、奶粉及 奶制品、冷饮产品分别实现营业收入 369亿元（-13%）、145亿元（+7.3%）、 73.2 亿元（-20%）。1）液体乳：渠道库存调整已基本到位，终端表现好于行 业整体，零售额继续稳居行业第一。白奶表现领先，低温液奶逆势增长。2）奶 粉及奶制品：公司整体婴幼儿奶粉、成人奶粉零售额市场份额分别达到 16.9%、 24.3%；奶酪线下零售额市场份额约 18.8%（+1.2pp）。3）冷饮：受天 ...

[ 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：35.75 元 帝科股份（300842）电力设备 目标价：——元（6 个月） 扣非净利同比高增，研发有望持续赋能 [Table_Summary 业绩总结：公司发布 ] 2024 年半年度报告。24H1 公司营收 75.9 亿元，同比 +118.3%；归母净利润 2.3 亿元，同比+14.9%；扣非净利润 3.5 亿元，同比 +154.2%。其中 24Q2 营收 39.4 亿元，环比+8.2%；归母净利润 0.6 亿元，环 比-67.5%；扣非净利润 1.6亿元，环比-19.9%。24Q2公司计提资产减值+信用 减值损失 3400 万元。 N型 TOPCon 电池基本完成迭代，公司 TOPCon银浆出货同比大幅增长。24H1 下游电池环节 TOPCon成为出货主流，根据 SMM 数据至 6月 PERC 排产占比 不到 20%。TOPCon电池银耗较 PERC 更高，电池产量同比增长，因此行业对 银浆需求同比大幅增长。24H1 公司光伏导电银浆销量 1132.05 吨，同比增长 ...

Investment Rating - The report maintains a "Hold" rating for Qianhe Flavor Industry (603027) [1] Core Views - The company reported a revenue of 1.59 billion yuan in the first half of 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 2.4% year-on-year. In Q2 2024, revenue was 690 million yuan, down 2.5% year-on-year, and net profit was 96 million yuan, down 14.2% year-on-year [1][2] - The competitive intensity in the zero-additive market has increased, leading to revenue pressure in Q2 due to high base effects from the previous year. The soy sauce segment faced challenges, while other segments maintained stable growth [1][2] - The company is expected to benefit from the ongoing trend towards healthier products, with a focus on expanding its zero-additive product line and enhancing its distribution channels [2] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 35.6%, down 2.7 percentage points year-on-year. The Q2 gross margin was 35.2%, down 2.3 percentage points year-on-year, primarily due to changes in product mix and increased costs [1] - The sales expense ratio in Q2 2024 was 16%, up 2.5 percentage points year-on-year, reflecting increased marketing expenditures. The management expense ratio decreased by 0.8 percentage points to 3.4% [1] Product and Channel Strategy - The company plans to continue enriching its zero-additive product line and actively expand categories such as vinegar and cooking wine, with a focus on increasing the proportion of high-margin products [2] - The company is enhancing its distribution network and channel penetration, particularly in underdeveloped markets, which is expected to accelerate growth [2] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.56 yuan, 0.66 yuan, and 0.76 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 24x, 20x, and 18x [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a revenue of 5.36 billion yuan for the first half of 2024, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 300 million yuan, up 25.3% year-on-year [1]. - The company's "Fresh Cube Strategy" continues to drive growth, particularly in the high-end fresh milk segment, which saw a year-on-year growth of approximately 15% [1]. - The company aims to double its net profit margin over the next five years through a focus on low-temperature products, technological innovation, and strategic acquisitions [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.75 billion yuan, a decline of 0.9% year-on-year, while the net profit was 210 million yuan, an increase of 17.7% year-on-year [1]. - The gross margin for H1 2024 was 29.2%, an increase of 1.3 percentage points year-on-year, attributed to lower raw milk prices and product mix optimization [1]. - The net profit margin for H1 2024 was 5.7%, reflecting a year-on-year increase of 1 percentage point [1]. Business Strategy - The company is committed to its new five-year strategic plan, focusing on strengthening its core business and enhancing corporate value [1]. - The company has secured 60% of its raw milk supply through self-owned and equity-held sources, aligning with its Fresh Cube Strategy and reinforcing its market position in low-temperature dairy products [1]. Earnings Forecast - The forecast for net profit attributable to shareholders is 540 million yuan for 2024, 640 million yuan for 2025, and 760 million yuan for 2026, with corresponding EPS of 0.63 yuan, 0.75 yuan, and 0.88 yuan [2][3]. - The dynamic PE ratios are projected to be 14 times for 2024, 12 times for 2025, and 10 times for 2026 [2].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a net profit of 10.77 billion yuan in H1 2024, a year-on-year increase of 77.71%, with a net profit margin of 28.76% in Q2, reaching a historical high [2] - The company's semi-steel tire and export demand remain strong, with a production volume of 16.09 million tires in H1 2024, a year-on-year increase of 18.90% [2] - The Morocco factory is expected to start production in Q4 2024, which will further enhance the company's growth potential [2][8] Financial Performance - In H1 2024, the company's revenue reached 41.1 billion yuan, a year-on-year increase of 16.21%, with a gross profit margin of 35.27% in Q2, the highest since 2021 [2][3] - The company's net profit in Q2 was 5.74 billion yuan, a year-on-year increase of 61.11%, with a net profit margin of 28.76%, the highest in history [2] - The company's financial expenses decreased by 46.88% year-on-year in H1 2024, mainly due to increased interest income [3] Production and Sales - In H1 2024, the company produced 16.09 million tires, a year-on-year increase of 18.90%, with semi-steel tire production reaching 15.60 million, up 17.90% year-on-year [2] - The company sold 15.10 million tires in H1 2024, a year-on-year increase of 10.35%, with semi-steel tire sales reaching 14.61 million, up 9.06% year-on-year [2] - The operating rate of semi-steel tires remained high at 79% as of August 29, 2024 [2] Overseas Expansion - The company's Thailand plant achieved a revenue of 2.61 billion yuan in H1 2024, a year-on-year increase of 42.36%, with a net profit of 708 million yuan, up 109.73% year-on-year [8] - The Morocco factory, with an annual production capacity of 12 million high-performance passenger and light truck radial tires, is expected to start production in Q4 2024 [8] - The company is also steadily advancing the Spain project, which will further boost its performance [8] Profitability and Valuation - The company's gross profit margin in Q2 2024 was 35.27%, a year-on-year increase of 12.82 percentage points, and the net profit margin was 28.76%, a year-on-year increase of 9.81 percentage points [3] - The company's PE ratio is expected to be 10.13 in 2024, with a PB ratio of 1.78 [9] - The company's ROE is expected to be 17.55% in 2024, with a net profit margin of 24.76% [9] Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 34% in net profit from 2024 to 2026 [8] - The company's overseas base construction is progressing steadily, and future performance is expected to grow significantly [8] - The company's profit level is leading the industry, and the significant reduction in the anti-dumping tax rate for PCR in Thailand will further enhance profitability [8]

[ T able_StockInfo] 2024 年 08 月 29 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：77.24 元 洋河股份（002304）食品饮料 目标价：——元（6 个月） 中高档暂有承压，高分红彰显信心 [Table_Summary 事件：公司发布] 2024 年度半年报，2024H1实现营业总收入 228.8亿元，同比 +4.6%，实现归母净利润 79.5亿元，同比+1.1%；2024单 Q2实现营业总收入 66.2 亿元，同比-3.0%，实现归母净利润 18.9亿元，同比-9.8%。公司拟定 2024 年度-2026年度，每年度现金分红总额不低于当年实现归属于上市公司股东净利 润的 70%且不低于人民币 70 亿元（含税）。 中高档略承压，省外增长稳健。2024H1：1、分产品结构看，中高档酒、普通 酒分别实现营收 199.6 亿元(+4.8%)、25.3 亿元(+5.2%)，商务消费复苏疲软， 中高档酒增长有所承压。2、分区域看，省内、省外分别实现营收 96.0 亿元 (+1.4%)、129.0 亿元(+7.5%)，省外市场开拓已成为营收主要增长源。3、量价 拆 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 2.9 billion yuan for the first half of 2024, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 340 million yuan, up 25.9% year-on-year [1]. - In Q2 2024, the company experienced a revenue decline of 20.2% year-on-year, with a net profit of 100 million yuan, which is a 7.6% increase year-on-year [1]. - The company is adjusting channel inventory during the off-season and has introduced popular new products, which are well-received by consumers [1]. - The gross margin improved to 28.4% in H1 2024, an increase of 3.9 percentage points year-on-year, primarily due to a decrease in raw material prices [1]. - The company plans to repurchase shares worth 50 to 100 million yuan, demonstrating confidence in its long-term development [1]. Financial Performance Summary - For H1 2024, the revenue breakdown by product category shows sunflower seeds at 1.86 billion yuan (+3%), nuts at 660 million yuan (+23.9%), and other products at 350 million yuan (+10.4%) [1]. - Revenue by region for H1 2024 includes Eastern China at 870 million yuan (+21.9%), Southern China at 860 million yuan (-0.7%), Northern China at 530 million yuan (+3.3%), e-commerce at 360 million yuan (+11.6%), and overseas at 250 million yuan (+4.5%) [1]. - The company expects net profits for 2024-2026 to be 950 million yuan, 1.12 billion yuan, and 1.28 billion yuan respectively, with corresponding EPS of 1.87 yuan, 2.22 yuan, and 2.53 yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong Q2 performance with revenue of 64.6 billion yuan, up 8% year-on-year, and a net profit of 15.3 billion yuan, up 11.1% year-on-year, exceeding market expectations [2] - The employee stock ownership plan for 2024-2028 is expected to boost confidence among employees and align their interests with the company's performance [3] - The company has effectively managed channel inventory, leading to significant revenue growth despite a weak external demand environment [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 141.6 billion yuan, a year-on-year increase of 9.2%, and a net profit of 34.5 billion yuan, up 11.5% [2] - Q2 revenue breakdown: soy sauce (31.8 billion yuan, +3%), seasoning sauce (6.5 billion yuan, +11.3%), oyster sauce (10.4 billion yuan, +1.2%), and other products (10.8 billion yuan, +22.5%) [2] - The overall gross margin for H1 2024 was 36.9%, an increase of 0.9 percentage points year-on-year, with Q2 gross margin at 36.3%, up 1.6 percentage points year-on-year [2] Market Strategy - The company is focusing on expanding its product categories, including vinegar and cooking wine, while maintaining its core products like soy sauce and oyster sauce [3] - The B-end performance is expected to recover due to the resurgence of the catering channel, while the C-end is accelerating the introduction of new products with no additives [3] Earnings Forecast - EPS is projected to be 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic PE ratios of 33x, 30x, and 27x [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.20 CNY over the next six months [1][2]. Core Insights - The company reported a significant revenue increase of 61.8% year-on-year, reaching 6.76 billion CNY in the first half of 2024, with a net profit of 300 million CNY, up 11.1% year-on-year [1]. - The company's silver paste shipments for TOPCon batteries increased from 60% in Q1 to 80% in Q2, contributing to improved profitability [1]. - The company has successfully developed new technology products and expanded its product matrix, including advancements in various key technologies for photovoltaic metallization [1]. - The operating cash flow turned positive in Q2 2024, with a net cash flow of 760 million CNY, indicating strong cash management [1]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 6.76 billion CNY, with a net profit of 300 million CNY and a non-recurring net profit of 330 million CNY, reflecting a year-on-year growth of 65.9% [1]. - The gross margin improved to 12.96% in Q2, up 4.7 percentage points from Q1, while the net margin increased to 5.85%, up 3.3 percentage points [1]. - The company expects its silver paste sales to grow to 2,800 tons, 3,500 tons, and 4,000 tons from 2024 to 2026, respectively [6]. Valuation and Earnings Forecast - The report projects the company's revenue to reach 16.24 billion CNY in 2024, with a net profit of 696.64 million CNY, and estimates a PE ratio of 13 times for 2025 [2][7]. - The company is positioned as a leader in the photovoltaic silver paste market, benefiting from cost and profitability advantages [2][7].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved robust revenue growth and improved profitability in H1 2024, with revenue reaching 1.136 billion yuan, up 37.81% YoY, and net profit attributable to shareholders of 162 million yuan, up 81.71% YoY [1] - The company's gross margin in H1 2024 was 33.92%, up 3.34 percentage points YoY, and the net margin was 14.23%, up 3.47 percentage points YoY [1] - The company's differential business grew rapidly, with revenue from Luzhou Haoneng increasing by 99.11% YoY to 294 million yuan, and net profit increasing by 123.73% YoY to 4.89 million yuan [2] - The company's international competitiveness has strengthened, with export revenue reaching 136 million yuan, up 28.90% YoY, and aerospace business revenue reaching 126 million yuan, up 10.85% YoY [2] - The company is expected to achieve EPS of 0.52/0.63/0.79 yuan in 2024-2026, with a three-year CAGR of net profit attributable to shareholders of 35.95% [2] Financial Performance - Revenue in H1 2024 was 1.136 billion yuan, up 37.81% YoY, with Q2 revenue of 590 million yuan, up 32.37% YoY and 8.02% QoQ [1] - Net profit attributable to shareholders in H1 2024 was 162 million yuan, up 81.71% YoY, with Q2 net profit of 82 million yuan, up 79.36% YoY and 3.09% QoQ [1] - Gross margin in H1 2024 was 33.92%, up 3.34 percentage points YoY, and net margin was 14.23%, up 3.47 percentage points YoY [1] - Sales/management/R&D expense ratios in H1 2024 were 1.49%/4.79%/6.27%, up 0.25 percentage points, down 1.02 percentage points, and up 0.63 percentage points YoY, respectively [1] Business Highlights - The company is actively expanding its differential business, aiming to become a leading domestic differential manufacturer, with plans to build a production capacity of 10 million sets of differential assemblies in two phases [2] - The company has established partnerships with major clients such as BYD, Magna, Geely, Schaeffler, BorgWarner, and Inovance in the field of differential products for new energy vehicles [2] - The company is accelerating the construction of production lines for new energy vehicle motor shafts, stators, rotors, and planetary reducers to enhance its supporting capabilities and cultivate new profit growth points [2] - The company's aerospace business has entered a new stage, with products involving rocket structural components and partnerships with commercial aerospace companies such as iSpace and CAS Space [2] Financial Forecast - Revenue is expected to reach 2.351 billion yuan in 2024, 2.717 billion yuan in 2025, and 3.113 billion yuan in 2026, with YoY growth rates of 20.86%, 15.53%, and 14.57%, respectively [3] - Net profit attributable to shareholders is expected to reach 303.62 million yuan in 2024, 367.92 million yuan in 2025, and 457.19 million yuan in 2026, with YoY growth rates of 66.86%, 21.18%, and 24.26%, respectively [3] - EPS is expected to be 0.52 yuan in 2024, 0.63 yuan in 2025, and 0.79 yuan in 2026 [3] - ROE is expected to be 12.64% in 2024, 13.79% in 2025, and 15.23% in 2026 [3]