公 司 研 究 2024 年 08 月 21 日 公司点评 买入/维持 海兴电力(603556) 目标价: 昨收盘:42.31 海兴电力 2024 年半年报点评：国内业务恢复快速增长，全球化 本地化持续推进 | --- | --- | --- | --- | --- | |---------------|-------------------------------------------------------------------------------------------------------------------|---------|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024 年 08 月 22 日 公司点评 增持/下调 舍得酒业(600702) 目标价: 61.12 昨收盘:45.50 舍得酒业：Q2 业绩仍有承压，主动调整蓄力 走势比较 (70%) (52%) (34%) (16%) 2% 20% 23/8/2223/11/324/1/1524/3/2824/6/924/8/21 舍得酒业 沪深300 股票数据 总股本/流通(亿股) 3.33/3.33 总市值/流通(亿元) 151.59/151.59 12 个月内最高/最低价 (元) 151.2/45.04 相关研究报告 <<舍得酒业：短期盈利承压，继续夯 实进取>>--2024-04-29 <<全年业绩符合预期，战略清晰具备 长期潜力>>--2024-03-26 <<舍得酒业：业绩符合预期，坚持良 性发展主动控速>>--2023-10-26 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.com 分析师登记编号：S1190523100003 事件：公司发布 2024 年半年度报 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14, compared to the last closing price of 9.32 [1][10]. Core Insights - The company has shown a stable growth in its main business, with an expansion of land resource advantages. The summer grain production reached a new high, with a total output of 137 million jin (6.85 million tons), an increase of 12.4 million jin (0.62 million tons) year-on-year. However, revenue has slightly decreased due to falling grain prices, which are now stabilizing and expected to rise [2][3]. - The company's gross profit margin improved to 13.11%, up 1.22 percentage points year-on-year, with significant increases in gross margins for its subsidiaries [2][3]. - The company has been expanding its self-operated farmland, reaching approximately 1.316 million mu, an increase of 34,000 mu year-on-year, enhancing its land resource advantages [2][3]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 5.056 billion yuan, a decrease of 4.37% year-on-year, while net profit attributable to shareholders was 294 million yuan, an increase of 4.84% year-on-year. The basic earnings per share were 0.21 yuan, with a weighted average ROE of 4.4% [2][3]. - The company forecasts net profits of 871 million yuan and 968 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 15 and 13 [3][5].

2024 年 08 月 22 日 公司点评 买入/维持 诺诚健华(688428) 目标价: 17.13 昨收盘:9.74 奥布替尼 24Q2 同比增长 49%，MZL 医保独家助力快速放量 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/8/2223/11/324/1/1524/3/2824/6/924/8/21 诺诚健华 沪深300 事件： 近日，公司发布 2024 年半年度报告。公司 2024 年上半年营业收 入为 4.20 亿元（同比+11.17%），研发费用为 4.21 亿元（同比+16.67%）， 销售费用为 1.57 亿元（同比-17.81%），管理费用为 0.85 亿元（同比 +2.15%），归母净利润-2.62 亿元，扣非归母净利润为-2.53 亿元。截 止 2024 年 6 月 30 日，公司现金和其它金融资产为 79.9 亿元。 观点： 2024Q2 奥布替尼销售收入实现同比 49%的大幅增长。2024 年上 半年公司营收 4.20 亿元，同比增长 11.17%，产品销售收入 4.18 亿元， 同比增长 29.97%。奥布替尼 2024H1 收入 4.17 亿元， ...

2024 年 08 月 20 日 公司点评 买入/首次 豪迈科技(002595) 目标价: 47.46 昨收盘:36.95 轮胎磨具全球龙头，机床业务成为新的增长点 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 豪迈科技 沪深300 ◼ 股票数据 总股本/流通(亿股) 8/8 总市值/流通(亿元) 295.6/295.6 12 个月内最高/最低价 (元) 41.75/26.27 相关研究报告 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 事件：公司发布 2024 半年报，上半年实现收入 41.38 亿元，同比增长 16.97%，实现归母净利润 9.60 亿元，同比增长 23.93%。其中 Q2 单季 度实现收入 23.72 亿元，同比增长 25.36%，实现归母净利润 5.60 亿 元，同比增长 20.74%。 轮胎磨具全球龙头，公司营收稳健增长。公司成立于 1995 年，于 2011 年 6 月在 A 股上市 ...

2024 年 08 月 21 日 公司点评 买入/维持 赛诺医疗(688108) 昨收盘:7.58 赛诺医疗点评报告：冠脉集采迅速放量，业绩持续恢复 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 赛诺医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.13/4.13 总市值/流通(亿元) 31.34/31.34 12 个月内最高/最低价 (元) 14.85/7.44 相关研究报告 <<赛诺医疗深度报告：集采助力冠脉 支架业绩回升，神经介入开启新发展 曲线>>--2024-07-01 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 20 日，公司公布 2024 半年度报告，2024 年上半年实 现营业收入 2.14 亿元，同比增长 32.49%；归母净利润 0.08 亿元，同 比增长 125.88%，实现扭亏为盈；扣非归母净利润-0.13 亿元，同比扭 亏 0.22 亿元。 其中，2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][8]. Core Insights - The company achieved a revenue of 1.38 billion yuan in H1 2024, representing a year-on-year growth of 16.05%, and a net profit of 220 million yuan, up 26.24% [1]. - In Q2 2024, the company reported a revenue of 701 million yuan, an increase of 8.47%, and a net profit of 111 million yuan, reflecting a growth of 12.88% [1]. - The gross margin for Q2 2024 reached 42.36%, a year-on-year increase of 4.68 percentage points, attributed to lower raw material costs and product structure optimization [1][3]. - The company is expected to benefit from the growth opportunities in the AI-enabled headphone market and the expansion of the OWS headphone industry [3]. Financial Summary - For 2024, the company is projected to generate a revenue of 3.105 billion yuan, with a growth rate of 15.27% [4]. - The net profit for 2024 is estimated at 501 million yuan, reflecting a growth rate of 19.52% [4]. - The earnings per share (EPS) for 2024 is forecasted to be 0.56 yuan, with a corresponding price-to-earnings (PE) ratio of 18.60 [4]. Product and Market Development - The company has expanded its product matrix with new OWS headphone models and multimedia speakers, enhancing its market presence [1][3]. - The domestic sales strategy includes a regional exclusive distributor model, while online sales through major e-commerce platforms are leading in market share [1][3]. - Internationally, the company is rapidly expanding its presence on platforms like Amazon and Lazada [1].

2024 年 08 月 22 日 公司点评 买入/维持 恺英网络(002517) 目标价:12.00 昨收盘:8.74 传媒互联网 24H1 业绩平稳增长，关注下半年多款新游上线表现 | --- | --- | --- | --- | --- | |-----------|-----------------------------------------------------|-------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 走势比较 | | | 事件： | | ...

2024 年 08 月 21 日 公司点评 买入/维持 东方电缆(603606) 目标价: 昨收盘:46.45 东方电缆 2024 年半年报点评：海缆盈利依然稳健，国际订单占 比显著增加 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 东方电缆 沪深300 ◼ 股票数据 总股本/流通(亿股) 6.88/6.88 总市值/流通(亿元) 319.44/319.44 12 个月内最高/最低价 (元) 53.91/32.57 相关研究报告 <<东方电缆 2024 年一季报点评：海 陆业务均稳健发展，盈利保持较高水 平>>--2024-05-09 <<【太平洋新能源】东方电缆 2023 年 报点评：海缆盈利水平依旧亮眼，中 长期 成长空间 充足 _20240321>>-- 2024-03-22 <<【太平洋新能源】东方电缆 2023 年 半年报点评：业绩符合预期，海风获 单突破地域限制 _20230807>>-- 2023-08-08 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.80, compared to the last closing price of 10.57 [1]. Core Insights - The company's performance in H1 2024 met expectations, with revenue reaching 1.13 billion, a year-on-year increase of 22.17%. The net profit attributable to shareholders was 143 million, up 72.41% year-on-year [1]. - The growth in revenue was driven by strong performance in quail eggs, which saw significant growth, contributing to the overall positive results [1]. - The company achieved a gross margin of 30.4% in H1 2024, an increase of 4.1 percentage points year-on-year, primarily due to cost reductions in key products [1]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023A Revenue: 2,065 million; 2024E Revenue: 2,512 million; 2025E Revenue: 3,165 million; 2026E Revenue: 3,948 million [2]. - 2023A Net Profit: 210 million; 2024E Net Profit: 312 million; 2025E Net Profit: 402 million; 2026E Net Profit: 494 million [2]. - **Growth Rates**: - Revenue growth rates are projected at 41.26% for 2023, 21.63% for 2024, 26.02% for 2025, and 24.72% for 2026 [2]. - Net profit growth rates are expected to be 68.17% for 2023, 48.83% for 2024, 28.94% for 2025, and 22.71% for 2026 [2]. - **Earnings Per Share (EPS)**: - EPS is projected to be 0.48 for 2023, 0.69 for 2024, 0.89 for 2025, and 1.09 for 2026 [2]. Market Position and Strategy - The company is focusing on expanding its product offerings and enhancing brand promotion, which has led to increased sales expenses by 80.30% [1]. - The growth in the quail egg segment is attributed to a diversified flavor matrix and increased market penetration [1].