评级：增持(维持) 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn [基Ta本ble状_P况rofit] 轻工公司数（申万分类） 152 轻工行业总市值（亿元） 6,941 轻工行业流通市值（亿元） 2,703 纺服公司数（申万分类） 104 纺服行业总市值（亿元） 5,020 纺服行业流通市值（亿元） 1,922 、 家居补贴持续落地中，运动板块业绩符合预期 -轻工制造及纺织服装行业周报 轻工纺服 证券研究报告/行业周报 2024 年 8 月 26 日 [重Ta点ble公_F司in基an本ce状] 况 PEG 评级 百亚股份 21.62 0.55 0.76 1.00 1.28 39.31 28.45 21.62 16.89 1.2 ...

降息周期有望开启，板块上升动能将进一步提振 行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 131 | | 行业总市值(亿元) | 24,656.12 | | 行业流通市值(亿元) | 21,776.18 | -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 有色金属（申万） 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 5.00 HKD [2]. Core Insights - The company reported a revenue of 7.203 billion HKD for the first half of 2024, representing a year-on-year increase of 10.44%, and a net profit of 752 million HKD, up 13.03% year-on-year, aligning with expectations. The company plans to distribute a dividend of 15.6 HKD per share, with a payout ratio of 50%, and additionally proposes a special dividend of 44.7 HKD per share [2][3]. Financial Performance Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 12.93 billion HKD in 2022 to 16.634 billion HKD by 2026, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - **Net Profit Forecast**: Net profit is expected to increase from 922 million HKD in 2022 to 1.542 billion HKD in 2026, reflecting a CAGR of about 14.1% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.35 HKD in 2022 to 0.58 HKD in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 13.1 in 2022 to 7.8 in 2026, indicating an attractive valuation over time [2]. Business Segment Performance - **Main Brand Performance**: The main brand, Xtep, achieved a revenue of 5.789 billion HKD in the first half of 2024, growing by 6.6% year-on-year. The e-commerce segment saw a revenue increase of over 20%, contributing more than 30% to total revenue [3][4]. - **Fashion Sports Segment**: This segment reported a revenue of 821 million HKD, up 9.7%, with significant growth in the domestic market driven by brand repositioning [3]. - **Professional Sports Segment**: Revenue surged by 72.2% to 593 million HKD, attributed to strong same-store sales growth and robust online performance [3]. Profitability and Cost Management - **Gross Margin Improvement**: The gross margin increased by 3.1 percentage points to 46.0% in the first half of 2024, driven by higher e-commerce sales and improved profitability in the fashion and professional sports segments [4]. - **Net Profit Margin**: The net profit margin rose by 0.2 percentage points to 10.4% [4]. - **Inventory Management**: As of June 30, 2024, inventory stood at 2.199 billion HKD, reflecting a year-on-year increase of 22.57%, primarily due to acquisitions [4]. Strategic Outlook - The company is focusing on enhancing its brand image and operational efficiency while maintaining a strong emphasis on the running segment. The multi-brand strategy is expected to drive growth, particularly with the successful integration of Saucony and the expansion into the mid-to-high-end market [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 10.00 CNY [2]. Core Views - The company reported a revenue of 77.4 billion CNY and a net profit of 9.6 billion CNY for the first half of 2024, showing a year-on-year decline of 1.2% and 53.4% respectively [2]. - The sales volume of raw yarn reached a historical high of 152.2 million tons in 2024H1, benefiting from downstream inventory replenishment and recovering demand in sectors like wind power and home appliances [2]. - The company is expected to see a recovery in profitability as pricing for its products improves, with a projected net profit of 26 billion CNY in 2024, maintaining original profit forecasts [2][8]. Financial Forecasts - Revenue projections are as follows: - 2023A: 14,876 million CNY - 2024E: 17,152 million CNY (15% growth) - 2025E: 20,135 million CNY (17% growth) - 2026E: 23,674 million CNY (18% growth) [2]. - Net profit forecasts are: - 2023A: 3,044 million CNY - 2024E: 2,644 million CNY (-13% growth) - 2025E: 3,366 million CNY (27% growth) - 2026E: 4,158 million CNY (24% growth) [2]. - Earnings per share (EPS) estimates are: - 2023: 0.76 CNY - 2024: 0.66 CNY - 2025: 0.84 CNY - 2026: 1.04 CNY [2]. Market Position and Strategy - The company is expanding its production capacity and optimizing its product structure, with new production lines expected to come online based on market conditions [2]. - The company is actively developing products for the photovoltaic frame sector, with some already achieving bulk supply to major manufacturers [2][8]. - The report indicates that the company maintains a strong competitive position in the market, with ongoing improvements in product pricing and profitability [2][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in the first half of 2024, driven by strong demand in the automotive and data communication sectors [3][4] - The company is well-positioned in the automotive PCB market and is expanding its presence in the data communication field, which is expected to become a second growth driver [5] - The forecasted net profit for 2024, 2025, and 2026 is projected to be 681 million, 851 million, and 1,007 million yuan respectively, with a maintained "Buy" rating based on these expectations [6] Financial Performance Summary - In H1 2024, the company reported revenue of 2.396 billion yuan, a year-on-year increase of 11.38%, and a net profit of 303 million yuan, up 54.49% year-on-year [3] - The gross profit margin for H1 2024 was 22.76%, an increase of 5.15 percentage points year-on-year, while the net profit margin was 12.01%, up 3.6 percentage points year-on-year [3] - In Q2 2024, revenue reached 1.302 billion yuan, a year-on-year increase of 14.65%, and net profit was 194 million yuan, up 60.54% year-on-year [3] Business Drivers Summary - The company's revenue growth is attributed to a recovery in demand, optimization of product structure, and favorable exchange rate movements [4] - The company has established strong partnerships with major automotive brands and is a key supplier for their electric vehicle components [5] - In the data communication sector, the company has developed capabilities to produce advanced PCBs, positioning itself as a major supplier for AI server projects [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown robust performance in the first half of 2024, with revenue reaching 2.37 billion yuan, a year-on-year increase of 20.82%, and a net profit of 299 million yuan, up 19.04% year-on-year [3] - The second quarter of 2024 marked a historical high in revenue at 1.415 billion yuan, reflecting a significant year-on-year growth of 27.86% [4] - The company demonstrates strong growth potential, with projected net profits for 2024-2026 expected to be 598 million, 735 million, and 878 million yuan, respectively, indicating growth rates of 25%, 23%, and 20% [5] Financial Performance Summary - Revenue and Profit Forecast: - 2022A: Revenue of 3.68 billion yuan, net profit of 405 million yuan - 2023A: Revenue of 4.096 billion yuan, net profit of 477 million yuan - 2024E: Revenue of 4.986 billion yuan, net profit of 598 million yuan - 2025E: Revenue of 6.021 billion yuan, net profit of 735 million yuan - 2026E: Revenue of 7.199 billion yuan, net profit of 878 million yuan [1][5] - Earnings Per Share (EPS) is projected to grow from 1.02 yuan in 2023 to 1.87 yuan in 2026 [1] - The company maintains a healthy return on equity (ROE) forecasted to be 19% in 2024 and 20% in 2025 [1] Industry Insights - The injection molding and die-casting sectors are experiencing a recovery, with the company positioned to benefit from this trend due to its strong operational efficiency and product innovation [5] - The automotive sector continues to grow, providing new opportunities for the company, particularly in the high-end die-casting market [5]

新产业（300832）/医疗器械 证券研究报告/公司点评 2024 年 8 月 23 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：62.93 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 786 | | 流通股本(百万股) | 680 | | 市价(元) | 62.93 | | 市值(百万元) | 49,445 | | 流通市值(百万元) | 42,805 | [Table_QuotePic] 股价与行业-市场走势对比 新产业 沪深300 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2023-082023-092023-102023-102023- ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [1][6]. Core Insights - The company is expected to achieve rapid growth in its performance, driven by continuous expansion in high-quality automotive client projects and successful development of torque sensors [3][5]. - The projected net profit for the company from 2024 to 2026 is estimated at 0.97 billion, 1.27 billion, and 1.79 billion yuan respectively, with corresponding P/E ratios of 36, 27, and 19 times [3][5]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 747 million yuan - 2024E: 930 million yuan (growth rate of 25%) - 2025E: 1,190 million yuan (growth rate of 28%) - 2026E: 1,381 million yuan (growth rate of 16%) [1][5] - **Net Profit Forecast**: - 2023A: 80 million yuan - 2024E: 97 million yuan (growth rate of 21%) - 2025E: 127 million yuan (growth rate of 32%) - 2026E: 179 million yuan (growth rate of 41%) [1][5] - **Earnings Per Share (EPS)**: - 2024E: 0.98 yuan - 2025E: 1.29 yuan - 2026E: 1.82 yuan [1][5] - **Return on Equity (ROE)**: - 2023: 7% - 2024E: 8% - 2025E: 9% - 2026E: 12% [1][5] Business Segment Performance - **Temperature and Pressure Sensors**: - Revenue from temperature sensors in 2024H1 is expected to grow by 15%, accounting for 31.98% of total revenue, while pressure sensors are projected to contribute 44% of revenue with a growth of 14% [1][3]. - **Market Expansion**: - The overseas market revenue share has increased, with significant growth in gross margin, particularly from major clients in the automotive sector [1][3]. Cash Flow and Operational Efficiency - The company has shown strong cash flow with improved operational capabilities, emphasizing research and development [1][3]. - The operating cash flow for 2024E is projected at 281 million yuan, indicating a robust operational performance [5].

盈利能力及现金流表现靓丽，期待新产能持续爬坡释放增量 华利集团（300979.SZ）/纺服 证券研究报告/公司点评 2024 年 8 月 22 日 [Table_Industry] 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 [Table_Title] 评级：买入（维持） 市场价格：64.52 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 [Table_Profit] 基本状况 | --- | --- | |------------------|----------| | 总股本(百万股) | 1167.00 | | 流通股本(百万股) | 1166.99 | | 市价(元) | 64.52 | | 市值(百万元) | 75294.84 | | 流通市值(百万元) | 75294.35 | [Table_QuoteP ...

Investment Rating - The report assigns an "Accumulate" rating to China Nuclear Power (601985.SH) [2][12]. Core Viewpoints - China Nuclear Power is a leading player in the nuclear power sector and aims to become a world-class clean energy service provider by expanding its renewable energy business [5][6]. - The company has benefited from the resumption of nuclear power approvals since 2019, with a steady increase in installed capacity and plans for further growth in the coming years [6][10]. - The company is expected to see significant revenue and profit growth, driven by both nuclear and renewable energy operations [7][11]. Summary by Relevant Sections Company Overview - China Nuclear Power is the only nuclear power operation platform under China National Nuclear Corporation (CNNC) and has a total share capital of 18,883 million shares, with a market price of 11.42 yuan, resulting in a market capitalization of 215,647 million yuan [3][5]. Financial Performance and Forecast - Revenue is projected to grow from 80,560 million yuan in 2024 to 93,893 million yuan in 2026, with year-on-year growth rates of 7% and 8% respectively [5][11]. - Net profit attributable to shareholders is expected to increase from 11,233 million yuan in 2024 to 13,597 million yuan in 2026, with growth rates of 6% and 9% respectively [5][11]. - Earnings per share (EPS) are forecasted to rise from 0.59 yuan in 2024 to 0.72 yuan in 2026 [7][11]. Industry Dynamics - The nuclear power industry is entering a favorable phase, with a stable approval process for new projects, and the company is positioned to benefit from this trend [6][10]. - The report highlights that the average annual investment in nuclear power is expected to be around 1,860 billion yuan, indicating a robust market opportunity [6][10]. Operational Highlights - As of the end of 2023, the company operates 25 nuclear power units with a total installed capacity of 23.75 million kilowatts, and plans to add 11 more units by 2029 [5][6]. - The company has a strong focus on cost control, with stable operating costs and a significant reduction in financial expenses [24][26]. Strategic Initiatives - The company is actively expanding its renewable energy portfolio, with a target of achieving 30 million kilowatts of installed capacity by 2025 [5][10]. - Strategic investments in emerging industries and technologies are also being pursued to enhance long-term profitability [10][19].