Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 151.25 CNY, compared to the last closing price of 112.50 CNY [1][6]. Core Insights - In Q2 2024, Luzhou Laojiao reported a revenue of 77.16 billion CNY, a year-on-year increase of 10.51%, and a net profit of 34.54 billion CNY, up 2.24% year-on-year. For the first half of 2024, the company achieved a total revenue of 169.05 billion CNY, representing a 15.84% increase, and a net profit of 80.28 billion CNY, which is a 13.22% increase year-on-year [1][4]. - The company actively adjusted its inventory levels, leading to a decrease in stock levels by double digits expected by the end of August 2024. The revenue from liquor products in Q2 grew by 16.0% year-on-year, although there was a deceleration in growth due to external pressures [1][4]. - The gross profit margin for H1 2024 was 88.6%, with a slight increase of 0.2 percentage points year-on-year. However, the net profit margin in Q2 decreased by 3.6 percentage points to 44.8% due to increased tax burdens and changes in product structure [1][4]. Financial Summary - The company forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 10.09 CNY, 11.37 CNY, and 12.74 CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [1][7]. - The projected revenue for 2024 is 34.736 billion CNY, with a growth rate of 14.89%, and a net profit of 14.854 billion CNY, reflecting a growth rate of 12.14% [7][8].

行 业 研 究 2024 年 09 月 03 日 行业周报 看好/维持 医药 医药 礼来肾病 1 类新药在中国获批临床 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 医药 沪深300 ◼ 子行业评级 | --- | --- | |-------|-------| | | | | | | | | | ◼ 推荐公司及评级 市场表现： 2024年9月3日，医药板块涨跌幅+0.64%，跑赢沪深300指数0.38pct， 涨跌幅居申万 31 个子行业第 19 名。各医药子行业中，线下药店(+4.55%)、 医疗研发外包(+1.37%)、血液制品（+0.68%）表现居前，体外诊断(+0.06%)、 医疗耗材(+0.21%)、医疗设备(+0.28%)表现居后。个股方面，日涨幅榜前 3 位分别为老百姓(+9.97%)、赛伦生物(+8.95%)、复旦复华(+6.32%)；跌 幅榜前 3 位为冠昊生物(-11.09%)、香雪制药(-8.37%)、南华生物（- 5.75%）。 行业要闻： 近日，CDE 官网公 ...

2024 年 09 月 03 日 公司点评 买入/维持 迈瑞医疗(300760) 收盘:247.49 迈瑞医疗点评报告：IVD 和国际业务增长强劲，"三瑞"数智化 建设稳步推进 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 迈瑞医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 12.12/12.12 总市值/流通(亿元) 3,000.67/3,00 0.67 12 个月内最高/最低价 (元) 316.1/224.71 相关研究报告 <<迈瑞医疗点评报告：业绩符合预 期，各产线均实现重大突破>>-- 2024-04-28 <<迈瑞医疗点评报告："质量回报双 提升"，迈瑞医疗在行动>>--2024- 02-18 <<迈瑞医疗点评报告：收购惠泰控制 权，巨头开启心血管业务新篇章>>-- 2024-01-30 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 30 日，公司发布 2024 半年度报 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has successfully upgraded its organization from L6 to an end-to-end + VLM model, achieving initial commercial success [1][4] - In Q2, the company reported revenues of 31.7 billion yuan, a year-on-year increase of 10.6% and a quarter-on-quarter increase of 23.6% [1] - The automotive sales revenue for Q2 was 30.3 billion yuan, with year-on-year growth of 8.4% and quarter-on-quarter growth of 25.0% [1] - The gross margin for Q2 was 18.7%, slightly down due to price reductions and increased L6 sales [1] - The company expects Q3 automotive deliveries to reach 145,000 to 155,000 units, representing a year-on-year growth of 38% to 47.5% [2][4] Financial Summary - The company reported total revenue of 57.3 billion yuan for the first half of 2024, a year-on-year increase of 20.8% [1] - The net profit attributable to shareholders for the same period was 1.6 billion yuan, a decrease of 47.4% year-on-year [1] - Non-GAAP net profit for the first half was 2.8 billion yuan, down 32.9% year-on-year [1] - The company forecasts revenues of 147.1 billion yuan, 192.9 billion yuan, and 246.3 billion yuan for 2024, 2025, and 2026 respectively [4][5] - The projected net profits for the same years are 8.5 billion yuan, 13.2 billion yuan, and 19.5 billion yuan respectively [4][5] Market Position - The company has achieved a market share of 14.4% in the new energy vehicle segment priced above 200,000 yuan, up from 13.6% in Q1 [2] - The L6 model has been a standout performer, with over 20,000 units delivered monthly since June [2] - The company has established a strong presence with 748 charging stations and 3,506 charging piles across the country [4]

Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [1][6]. Core Insights - The pharmaceutical sector experienced a decline of 1.92% on September 2, 2024, underperforming the CSI 300 index by 0.22 percentage points, ranking 19th among 31 sub-industries in the Shenwan classification [4]. - Among the sub-industries, blood products (-1.33%), pharmaceutical distribution (-1.53%), and medical consumables (-1.60%) performed relatively well, while offline pharmacies (-7.27%), hospitals (-3.70%), and medical research outsourcing (-3.38%) lagged behind [4]. - Notable individual stock performances included Guanhao Biological (+20.02%), Nanhua Biological (+10.07%), and Zhongyuan Xiehe (+10.00%) on the gainers' list, while Lixin Medical (-13.98%), Chunli Medical (-10.15%), and Laobaixing (-9.33%) were among the biggest losers [4]. Industry Summary - Accuredit announced that its self-developed in vivo gene editing drug ART001 received clinical trial approval from the FDA, aimed at treating transthyretin amyloidosis (ATTR) [5]. - Zhongsheng Pharmaceutical's subsidiary received acceptance for a clinical trial application for a new indication of the innovative polypeptide drug RAY1225 [5]. - Yuandong Bio's subsidiary received a drug registration certificate for a new oral solution [5]. - Sailong Pharmaceutical's subsidiary obtained approval for omeprazole sodium [5]. - Chengda Bio's subsidiary received acceptance for a rabies vaccine registration application [5].

公 司 研 究 2024 年 09 月 03 日 公司点评 买入/上调 古井贡酒(000596) 目标价: 256.22 昨收盘:165.20 古井贡酒：业绩符合预期，产品结构持续提升 ◼ 走势比较 (50%) (40%) (30%) (20%) (10%) 0% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 古井贡酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.29/4.09 总市值/流通(亿元) 873.25/675.67 12 个月内最高/最低价 (元) 298.88/156.64 相关研究报告 <<双百亿目标顺利达成，净利率稳步 上升>>--2024-04-30 <<古井贡酒：Q3 利润超预期，产品结 构持续提升>>--2023-10-30 <<古井贡酒：经营效率延续改善，业 绩弹性持续释放>>--2023-09-03 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S11901240300 ...

| --- | |-------| | | | | 君实生物(688180) 目标价: 60.26 昨收盘:24.70 拓益销售收入 24H1 同比增长 50%，公司运营效率显著提升 | --- | --- | --- | --- | --- | |-------------|---------------------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company, as a leading domestic automotive trim manufacturer, is accelerating its growth to become an international Tier 1 supplier, supported by strong revenue growth and strategic international expansion [1][3]. - The company reported a revenue of 6.164 billion yuan for the first half of 2024, representing a year-on-year increase of 33.07%, with a net profit of 411 million yuan, up 9.46% year-on-year [1][3]. - The company is actively expanding its international presence, with investments in Slovakia and the establishment of subsidiaries in the United States to enhance its market reach [1][3]. Financial Performance Summary - The company achieved a gross margin of 19.98% in H1 2024, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 6.62% due to foreign exchange losses impacting profitability [1][3]. - For Q2 2024, the company reported a revenue of 3.117 billion yuan, a year-on-year increase of 26.74%, and a net profit of 206 million yuan, down 7.66% year-on-year [1][3]. - The company is expected to generate revenues of 13.809 billion yuan, 17.866 billion yuan, and 21.942 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.070 billion yuan, 1.451 billion yuan, and 1.848 billion yuan [3][5]. Business Segment Performance - The interior trim business continues to grow significantly, with revenue from dashboard assemblies, top cabinets, door panels, and interior accessories increasing by 35.48%, 54.71%, 18.70%, and 13.38% year-on-year, respectively [1][3]. - The exterior trim segment also saw substantial growth, with bumper assembly sales increasing by 410% and revenue rising by 387% to 142 million yuan [1][3]. Strategic Initiatives - The company is focusing on enhancing its production capacity in Slovakia and expanding its manufacturing base in Mexico to better serve existing and potential customers [1][3]. - The internationalization strategy is being actively pursued, with significant investments aimed at establishing a competitive edge in the global automotive trim market [1][3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 41.8, up from the last closing price of 37.00 [1]. Core Insights - The company demonstrated resilient growth in Q2 2024, with revenue reaching 64.62 billion yuan, a year-on-year increase of 7.98%, and a net profit of 15.34 billion yuan, up 11.12% year-on-year [2][4]. - The company has effectively adjusted its channels, leading to improved revenue performance despite industry challenges [2][4]. - The gross margin increased to 36.33% in Q2, driven by lower raw material costs, contributing to a stable rise in profitability [2][4]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 141.56 billion yuan, a 9.18% increase year-on-year, and a net profit of 34.53 billion yuan, up 11.52% year-on-year [2][4]. - Q2 revenue breakdown includes soy sauce at 31.8 billion yuan (+3.0%), seasoning sauce at 6.5 billion yuan (+11.4%), oyster sauce at 10.4 billion yuan (+1.2%), and other products at 10.8 billion yuan (+22.5%) [2][4]. - The company’s gross margin for H1 2024 was 36.86%, reflecting a 0.95 percentage point increase year-on-year [2][4]. Market Strategy - The company is focusing on channel diversification and product innovation to adapt to market trends, with a new employee stock ownership plan aimed at stabilizing growth [2][4]. - The number of distributors decreased by 1.21% year-on-year to 6,674, but there was a net increase of 168 distributors since the beginning of the year [2][4]. Future Projections - Revenue forecasts for 2024-2026 are 270.2 billion yuan, 297.8 billion yuan, and 329.0 billion yuan, with expected year-on-year growth rates of 10.0%, 10.2%, and 10.5% respectively [2][4]. - Projected net profits for the same period are 61.2 billion yuan, 66.7 billion yuan, and 72.9 billion yuan, with growth rates of 8.7%, 9.0%, and 9.4% respectively [2][4].

公 司 研 究 2024 年 买入/维持 09月03日 公司点评 炬华科技(300360) 目标价: 昨收盘:13.98 炬华科技 2024 年半年报点评：电表收入稳健增长，毛利率大幅 提升 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 炬华科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.14/5.14 总市值/流通(亿元) 71.82/71.82 12 个月内最高/最低价 (元) 18.84/12.27 相关研究报告 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 研究助理：万伟 电话： E-MAIL： 一般证券业务登记编号：S1190122090006 事件：公司发布 2024 年半年报，业绩实现快速增长。 1）2024H1 实现收入 10.15 亿元，同比+18.78%；归母净利润 3.41 亿 元，同比+10.94%；扣非净利润 3.67 亿元，同比+42.56%； 2）对应 Q2 收入 5.47 亿元，同比 ...