证券研究报告 | 公司动态点评 2024 年 09 月 02 日 亿纬锂能（300014.SZ） 公司储能出货实现翻倍增长，CLS 模式落地美国市场 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 36,304 | 48,784 | 55,379 | 69,407 | 84,329 | | 增长率 yoy （ % ） | 114.8 | 34.4 | 13.5 | 25.3 | 21.5 | | 归母净利润（百万元） | 3,509 | 4,050 | 4,795 | 6,013 | 7,664 | | 增长率 yoy （ % ） | 20.8 | 15.4 | 18.4 | 25.4 | 27.4 | | ROE （ % ） | 11.1 | 11.9 | 12. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [12]. Core Views - The company has experienced a slowdown in store expansion and pressure on single-store revenue, with a focus on improving store quality [2]. - In H1 2024, the company reported revenue of 1.06 billion yuan, a year-on-year decrease of 7.53%, and a net profit attributable to shareholders of 61 million yuan, down 26.59% year-on-year [2]. - The company is optimizing its store structure through closures and relocations, indicating a potential short-term slowdown in store expansion [2]. - The gross margin has improved due to a decrease in raw material prices, with the overall gross margin reaching 32.43%, an increase of 4.71 percentage points year-on-year [2]. Financial Summary - For the fiscal year 2024E, the company is expected to achieve revenue of 1.922 billion yuan, with a slight growth of 0.1% year-on-year, and a net profit of 910 million yuan, representing a 29% increase year-on-year [2]. - The company's financial metrics show a projected P/E ratio of 50.4 for 2024E, decreasing to 32.1 by 2026E [7]. - The company has reduced its number of specialty stores to 4,052, with a net decrease of 445 stores since the beginning of the year [2].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's main apparel business remains stable, with a gross margin increase of nearly 4 percentage points year-on-year [2] - In the first half of 2024, the company achieved operating revenue of 1.081 billion yuan, a year-on-year decrease of 1.33%, while the net profit attributable to the parent company was 44 million yuan, down 5.77% year-on-year [1][2] - The company is focusing on a classic comfortable menswear strategy and enhancing product development to meet consumer demand [4] Financial Summary - **Revenue and Profitability**: - 2022A revenue was 2,341 million yuan, with a slight decline in 2023A to 2,330 million yuan, but expected to grow to 2,394 million yuan in 2024E [1][5] - The net profit attributable to the parent company is projected to increase from 30 million yuan in 2023A to 60 million yuan in 2024E, reflecting a 100% year-on-year growth [1][7] - **Gross Margin and Expenses**: - The gross margin for the first half of 2024 was 41.05%, an increase of 3.85 percentage points year-on-year [2] - The expense ratio for the same period was 39.27%, up 2.35 percentage points, leading to a net profit margin of 4.15%, down 0.29 percentage points year-on-year [2] - **Earnings Per Share (EPS)**: - The latest diluted EPS is projected to be 0.03 yuan in 2024E, with further growth to 0.04 yuan in 2026E [1][4] Business Performance - **Main Business Segments**: - The apparel segment generated 1.019 billion yuan in revenue in the first half of 2024, a year-on-year increase of 0.64% [2] - Retail store revenue grew by 6.77% year-on-year to 556 million yuan [1][2] - **Brand and Marketing Strategy**: - The company is enhancing its multi-channel marketing strategy and leveraging social media platforms for brand promotion [2] - It is also focusing on developing core products and a flexible supply chain to improve profitability [2][4]

水星家纺（603365.SH） 上半年业绩有所承压，毛利率维持较高水平 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 3,664 | 4,211 | 4,367 | 4,791 | 5,240 | 股票信息 | | | 增长率 yoy （ % ） | -3.6 | 14.9 | 3.7 | 9.7 | 9.4 | | | | 归母净利润（百万元） | 278 | 379 | 376 | 428 | 476 | 行业 | 纺织服装 | | 增长率 yoy （ % ...

证券研究报告 | 行业周报 2024 年 09 月 02 日 中小市值 中药行业周报（2024.08.26-2024.09.01） 行情回顾：2024/08/26-2024/08/30，上证综指下跌 0.43%，沪深 300 下跌 0.17%，申万医药生物行业上涨 2.02%，申万中药行业上涨 0.82%。估值方 面，2023 年以来，申万中药行业 PE（TTM）中位数为 30.44X，当前行业 PE （TTM）为 25.57X；从 PE 比值来看（中药行业 PE/沪深 300PE），区间 PE 比 值中位数为 2.60，当前 PE 比值为 2.24，行业估值仍处于区间内较低水平。 行业动态：1）8 月 26 日，国家卫生健康委员会党组成员、国家中医药管理局 党组书记、局长余艳红与新加坡卫生部卫生总司长麦锡威在京共同主持召开第 14 次中新中医药合作委员会会议。2）国家卫生健康委发布《2023 年我国卫 生健康事业发展统计公报》，我国卫生资源总量持续稳步增长，医疗服务提供 量和效率同步提升，次均医疗费用控制略有成效。3）根据米内网，24 年 Q1， 28 款儿科中成药表现亮眼，儿科中成药近年在中国零售药店终端 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company's profitability is improving, with overseas orders contributing to performance momentum. The company has signed new orders worth 7.179 billion yuan, an increase of 18.92% year-on-year, and has a backlog of 9.191 billion yuan as of June [1][2]. - The company is actively pursuing a globalization strategy, enhancing its market competitiveness through various initiatives, including significant investments in high-end oil and gas equipment manufacturing bases in the Middle East and partnerships in energy projects [2][6]. - The oil and gas industry is experiencing a recovery, supported by national policies encouraging exploration efforts, which bodes well for the company's product demand [2][6]. Financial Summary - For the first half of 2024, the company reported revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%, while net profit attributable to shareholders was 1.088 billion yuan, an increase of 4.33% [1]. - The company’s revenue is projected to grow from 13.912 billion yuan in 2023 to 14.538 billion yuan in 2024, with a compound annual growth rate of 4.5% [1][7]. - The net profit attributable to shareholders is expected to increase from 2.454 billion yuan in 2023 to 2.704 billion yuan in 2024, reflecting a year-on-year growth of 10.2% [1][7]. Research and Development - The company invested 203 million yuan in R&D in the first half of 2024, a year-on-year increase of 15.68%, focusing on innovative products that enhance its competitive edge [6]. - New product developments include a next-generation integrated fracturing truck and advanced hazardous waste treatment equipment, which significantly improve operational efficiency and environmental sustainability [6]. Market Position - The company achieved overseas revenue of 2.381 billion yuan in the first half of 2024, accounting for 48.04% of total revenue, with a gross margin of 37.19% [2][6]. - The average price of Brent crude oil was 83.42 USD per barrel in the first half of 2024, indicating a year-on-year increase of 4.56%, which supports the overall recovery of the oil and gas sector [2].

证券研究报告 | 行业周报 2024 年 09 月 01 日 非银行金融 继续聚焦中美利差收窄对券商板块的催化效应，保险中报提振效应 显著-非银周观点 本周市场受汇率企稳、美国降息乐观预期、北向资金波动等影响，市场风偏 有所提升，成交量低位回升，市场振幅有所加大，仍建议持续聚焦并购重组 线。交易节奏层面而言，我们认为，中美利差压力有望减缓，或对证券行情 等板块形成一定程度触发，具备并购重组预期对板块的潜在影响可能胜率高 些，重点关注以首创证券、浙商证券、国联证券、中国银河等为代表个股； 同时从赔率角度，建议关注金融 IT 板块，建议重点关注财富趋势、同花顺等； 互金平台建议关注东方财富、指南针等。 保险业持续降本，关注寿险改革及基本面改善情况，保险板块受 2024 中报 业绩提振而有所走强，市场对于保险板块的担忧聚焦在长端利率。十年期国 债收益率持续跌破 2.40%，本周回升到 2.17%附近，美联储降息预期波动、 房地产从政策预期松绑走向了聚焦销售变化，保险板块受 2024 中报业绩提 振而有所走强，后续走势需密切关注寿险改革、基本面修复及房地产销售情 况。市场对于保险板块的担忧聚焦在长端利率。 风险提示： ...

证券研究报告 | 行业周报 2024 年 09 月 01 日 非银行金融 继续聚焦中美利差收窄对券商板块的催化效应，保险中报提振效应 显著-非银周观点 本周市场受汇率企稳、美国降息乐观预期、北向资金波动等影响，市场风偏 有所提升，成交量低位回升，市场振幅有所加大，仍建议持续聚焦并购重组 线。交易节奏层面而言，我们认为，中美利差压力有望减缓，或对证券行情 等板块形成一定程度触发，具备并购重组预期对板块的潜在影响可能胜率高 些，重点关注以首创证券、浙商证券、国联证券、中国银河等为代表个股； 同时从赔率角度，建议关注金融 IT 板块，建议重点关注财富趋势、同花顺等； 互金平台建议关注东方财富、指南针等。 保险业持续降本，关注寿险改革及基本面改善情况，保险板块受 2024 中报 业绩提振而有所走强，市场对于保险板块的担忧聚焦在长端利率。十年期国 债收益率持续跌破 2.40%，本周回升到 2.17%附近，美联储降息预期波动、 房地产从政策预期松绑走向了聚焦销售变化，保险板块受 2024 中报业绩提 振而有所走强，后续走势需密切关注寿险改革、基本面修复及房地产销售情 况。市场对于保险板块的担忧聚焦在长端利率。 风险提示： ...

证券研究报告 | 公司动态点评 2024 年 08 月 30 日 新亚电子（605277.SH） 积极进行产业资源协同整合，24H1 公司营收稳步增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,686 | 3,186 | 3,632 | 4,220 | 5,049 | 股票信息 | | | 增长率 yoy （ % ） | 14.4 | 88.9 | 14.0 | 16.2 | 19.6 | | | | 归母净利润（百万元） | 143 | 144 | ...

买入（维持评级） 股票信息 行业 通信 2024 年 8 月 30 日收盘价（元） 18.72 总市值（百万元） 2,065.56 流通市值（百万元） 2,059.15 总股本（百万股） 110.34 流通股本（百万股） 110.00 近 3 月日均成交额（百万元） 20.02 股价走势 证券研究报告 | 公司动态点评 2024 年 09 月 01 日 三旺通信（688618.SH） 24H1 业绩短暂承压，持续深耕工业通信领域，坚持研发创新助力 长期发展 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 336 | 439 | 569 | 740 | 954 | | 增长率 yoy （ % ） | 32.2 | 30.9 | 29.6 | 30.0 | 28.9 | | 归母净利润（百万元） | 96 | 109 | 125 | ...