公 司 研 究 2024 年 09 月 03 日 公司点评 买入/维持 立高食品(300973) 目标价: 32.6 昨收盘:23.31 立高食品：奶油新品延续高增，Q2 盈利水平保持稳定 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report upgrades the investment rating of Xiangcai Co., Ltd. to "Buy" [1][5][6] Core Views - The company reported a decline in revenue and net profit for H1 2024, with revenue at CNY 1.093 billion, down 15.19% year-on-year, and net profit at CNY 73 million, down 46.30% year-on-year [3] - The decline in net profit is primarily attributed to losses from investments in Dazhihui, which resulted in a significant decrease in investment income [3] - The self-operated business showed strong growth, with revenue increasing by 31.88% year-on-year to CNY 243 million, supported by the growth in FICC business [3] - The asset management scale of Xiangcai Securities increased significantly, with a 53.85% growth in asset management scale to CNY 7.774 billion [3] - The introduction of state-owned shareholders is expected to enhance the company's governance structure and business resource acquisition [3] Summary by Sections Financial Performance - H1 2024 revenue: CNY 1.093 billion, down 15.19% year-on-year [3] - H1 2024 net profit: CNY 73 million, down 46.30% year-on-year [3] - Xiangcai Securities total revenue: CNY 725 million, down 9.23% year-on-year [3] - Investment income decreased by CNY 60.96 million due to losses from Dazhihui [3] Business Segments - Self-operated business revenue: CNY 243 million, up 31.88% year-on-year [3] - Brokerage business revenue: CNY 306 million, down 16.08% year-on-year [3] - Investment banking fees: CNY 30 million, down 50% year-on-year [3] - Asset management scale: Increased from CNY 5.053 billion to CNY 7.774 billion, a growth of 53.85% [3] Future Outlook - Projected revenue growth for 2024-2026: +13.35%, +11.56%, +10.63% [3] - Projected net profit for 2024-2026: CNY 150 million, CNY 220 million, CNY 283 million [3] - Projected EPS for 2024-2026: CNY 0.06, CNY 0.08, CNY 0.10 [3]

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|----------------------------|---------------------------------|--------------------------| | | | | | | | | | | | | | —8月 | 产需持续走弱，景气继续回落 PM I | 数据点评 | | | | | | | | | | | | | | 2 0 2 4年9月2 日 | 报告日期： | | | | | | | | | | | | | | | 证券分析师：徐超 | | 证券分析师：万琦 | | | | | | 电话： 18311057693 | | 电话： 18702133638 | | | | | | E-MALL ： xuchao@tpyzq.com | | E-MALL ： wanq@tpyzq.com | | | | | | | | | 执业资格证书编码：S1190521050001 执业资格证书编码：S ...

行 业 研 究 2024 年 09 月 02 日 行业周报 看好/维持 汽车 汽车 聚焦比亚迪+华为 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 汽车 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 报告摘要 成都车展,聚焦比亚迪+华为。车展首发车型 73 款，其中全球首发车 型共 27 款，国内首发新车 38 款，包括比亚迪夏、海豹 06GT、方程豹豹 8；智界 R7、享界 S9、问界新 M7 Pro；阿维塔 07、深蓝 S05；小鹏 MONA M03，乐道 L60，极氪 7X 等全新车型亮相。 比亚迪携手华为赋能方程豹豹 8，首发海豹 06GT 集合多项全球首创 技术，全新推出的 MPV 车型"夏"。比亚迪首次以专馆形式展出，携比 亚迪乘用车王朝系列、海洋系列、仰望、方程豹、腾势全品牌亮相。王 朝系列"夏"是比亚迪王朝首款采用第五代 D ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the next six months [44]. Core Viewpoints - The company is recognized as a leading integrated operator in the grain industry chain, with a mature operational system covering various segments including seed processing, grain planting, rice processing, and agricultural oil trading [2][5]. - The company has significant resource and cost advantages, which are expected to support the long-term development of its core business [2][19]. - Domestic grain prices are currently at a three-year low, but there is potential for a rebound, which could enhance the company's performance [2][19]. - The company has a strong dividend history, with a cumulative cash dividend of 2.29 billion yuan since its listing in 2017, reflecting a dividend yield of 3.28% in the past year [2][44]. Summary by Sections 1. Integrated Grain Industry Leader - The company operates a comprehensive grain industry chain, with products including raw grains, seeds, rice, and agricultural services. It has a well-established operational framework and has expanded its business through acquisitions [2][5][19]. - As of summer 2024, the company manages approximately 1.316 million acres of farmland, an increase of 34,000 acres from the previous year, primarily through long-term leases [2][7]. 2. Resource and Cost Advantages - The company benefits from a stable land lease agreement, with a rental price adjusted every five years, which was reduced to 361.64 yuan per acre per year in November 2021 [2][19]. - The company’s planting operations have shown strong yields, with wheat and barley yields significantly exceeding national averages [7][19]. 3. Market Conditions and Price Trends - Domestic grain prices are expected to stabilize and potentially rise due to tightening supply-demand dynamics, influenced by adverse weather conditions affecting crop production [2][19]. - The report anticipates that as grain prices recover, the company's margins in raw grain planting and processing will improve [2][19]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 11.535 billion yuan and 11.674 billion yuan in 2024 and 2025, respectively, with net profits of 871 million yuan and 969 million yuan [2][44]. - The earnings per share (EPS) are expected to be 0.63 yuan and 0.70 yuan for 2024 and 2025, respectively, indicating a positive growth trajectory [44].

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 珀莱雅(603605) 目标价: 昨收盘:95.50 2024H1 财报点评：业绩超预期，多品牌多渠道高质量增长 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 珀莱雅 沪深300 ◼ 股票数据 总股本/流通(亿股) 3.97/3.97 总市值/流通(亿元) 378.9/378.9 12 个月内最高/最低价 (元) 117.5/75.01 相关研究报告 <<23 年及 24Q1 财报点评：23 年业绩 超预期，24Q1 延续高增，多品牌运营 能力持续验证>>--2024-04-23 <<珀莱雅三季报点评：逆势增速亮 眼，强α持续凸显>>--2023-10-25 <<珀莱雅 23H1 业绩预告点评：表现 超预期，6N 战略赋能品牌势能释 放>>--2023-07-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tp ...

2024 年 08 月 31 日 昨收盘:169.29 厚积薄发的 ADC 和多抗龙头，携手 BMS 掘金全球市场 走势比较 (20%) 10% 40% 70% 100% 130% 23/8/31 23/11/1224/1/2424/4/624/6/1824/8/30 股票数据 总股本/流通(亿股) 4.01/0.90 总市值/流通(亿元) 678.85/153.12 12 个月内最高/最低价 (元) 215.71/76.32 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：戎晓婕 E-MAIL：rongxj@tpyzq.com 一般证券业务登记编号：S1190123070050 报告摘要 创新转型的典范，成功打造行业领先的 ADC 和多抗平台。 1） 百利天恒（688506）是国内第一批转型创新的制药企业。公司于 2010 年涉足生物药研发并于 2014 年在美国设立研发子公司 SystImmune，搭建工程化抗体技术 ...

行 业 研 究 电力设备及新能源 2024 年 09 月 02 日 行业周报 看好/维持 电力设备及新能源 新能源周报（第 102 期）：产能加速海外落地，光伏价格上涨 （2024/8/26-2024/9/1） ◼ 走势比较 报告摘要 (40%) (30%) (20%) (10%) 0% 10% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 电力设备及新能源 沪深300 ◼ 子行业评级 | --- | --- | |-------|-------| | | | | | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源周报（第 101 期）：中报压力逐步释放，重视龙 头底部>>--2024-09-01 <<【太平洋新能源】光伏穿越周期系 列：TCL 中环 2024 年中报业绩点评： 硅片保持领先，积极推进全球化战 略>>--2024-08-29 <<阳光电源 2024 年中报点评：光储 盈利提升，业绩行稳致远>>--2024- 08-28 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S11905220800 ...

2024 年 09 月 01 日 行业周报 看好/维持 基础化工 基础化工 三氯蔗糖价格调涨，聚合 MDI、天然橡胶价格持续上行 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 基础化工 沪深300 相关研究报告 <<维 A 价格持续上行，聚合 MDI 价格 小幅上涨>>--2024-08-25 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 研究助理：周冰莹 E-MAIL：zhoubingying@tpyzq.com 一般证券业务登记编号：S1190123020025 报告摘要 1.重点行业和产品情况跟踪 三氯蔗糖：主流企业发布涨价函，三氯蔗糖价格上涨。8 月 28 日， 国内三氯蔗糖主流企业金禾实业、科宏生物、山东康宝、新琪安发布 调价函，大幅上调三氯蔗糖价格，从 10 万元/吨上调至 15 万元/吨。 三氯蔗糖行业长期 ...

2024 年 09 月 02 日 行业周报 看好/维持 有色金属 有色金属 9 月降息愈发明确，贵金属价格维持强势（20240826-20240830） ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/9/1 23/11/1224/1/2324/4/424/6/1524/8/26 有色金属 沪深300 相关研究报告 <<【太平洋有色】有色金属行业周报 （20240825）：软着陆预期增强，商品 价格继续回升>>--2024-08-26 <<【太平洋有色】洛阳钼业 2024 年 中报业绩预告点评：五年目标取得开 门红，向全球一流矿企迈进>>-- 2024-08-21 <<【太平洋有色】有色金属行业周报 （20240818）：宏观数据温和回落，商 品价格企稳回升>>--2024-08-19 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 研究助理：钟欣材 电话： E-MAIL：zhong ...