公 司 研 究 2024 年 08 月 09 日 公司点评 买入/上调 容百科技(688005) 目标价: 昨收盘:22.20 容百科技 2024 年半年报业绩点评：Q2 业绩环比大幅改善，新业 务及海外布局持续推进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|---------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|------------------------------------------|------- ...

2024 年 08 月 21 日 行业周报 看好/维持 汽车 汽车 华为车 BU，自主新引望 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/7 23/10/1923/12/3124/3/1324/5/2524/8/6 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 | --- | |----------------------------------------------------------------------| | 华为车 BU，自主新引望。近日，阿维塔科技与华为签署《股权转让协 | | 议》，约定阿维塔科技购买华为持有的引望 10%股权，交易金额为人民币 | | 亿元，同时阿维塔科技拟与华为、引望签署《股东协议》。本次交易后，阿 | | 维塔科技对引望持股比例为 10%，华为对引望持股比例为 90%。 | | 阿维塔科技是华为及引望的重要战略合作伙伴，本次交易有助于阿维塔 | | 科技获 ...

Investment Rating - The report maintains a "Buy" rating for Hangcha Group (603298) with a target price of 23.28, compared to the last closing price of 16.98 [1]. Core Views - The mid-year performance is impressive, with a revenue of 8.554 billion and a net profit of 1.007 billion, showing year-on-year growth of 3.74% and 29.29% respectively. The second quarter alone saw a revenue of 4.382 billion, up 1.53%, and a net profit of 628 million, up 28.19% [4]. - The company benefits from improved gross and net profit margins, with Q2 gross margin at 22.21%, up 2.27 percentage points year-on-year, and net margin at 15.28%, up 3.10 percentage points year-on-year [4]. - The growth is attributed to several factors: a shift in product mix towards lithium battery products, strong export growth, and lower raw material costs [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 8.554 billion, a 3.74% increase year-on-year, and a net profit of 1.007 billion, a 29.29% increase year-on-year. Q2 revenue was 4.382 billion, up 1.53%, and net profit was 628 million, up 28.19% [4]. - The gross margin for Q2 was 22.21%, with year-on-year increases of 2.27 percentage points, while the net margin was 15.28%, with year-on-year increases of 3.10 percentage points [4]. Market Position and Strategy - The company is focusing on lithium battery electrification and international expansion. In the first half of 2024, electric forklifts accounted for 70.77% of sales, up 6.32 percentage points year-on-year [4]. - The company has established over 10 overseas sales companies and service centers, enhancing its international market presence and rental business [4]. Future Outlook - Revenue projections for 2024 to 2026 are 17.443 billion, 19.388 billion, and 22.313 billion respectively, with net profits expected to be 2.032 billion, 2.317 billion, and 2.718 billion [5]. - The report anticipates a target price of 23.28, corresponding to a 15 times PE for 2024, maintaining a "Buy" rating [4][5].

2024 年 08 月 21 日 公司点评 增持/下调 百诚医药(301096) 目标价: 昨收盘:36.84 受托研发有所承压，自研转化开始提速 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 百诚医药 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.09/1.09 总市值/流通(亿元) 40.13/40.13 12 个月内最高/最低价 (元) 77.78/36.66 相关研究报告 <<业绩维持高速增长，自研转化成果 不断展现>>--2024-04-24 <<业务多点开花，CRO 新星高成长>>- -2023-11-09 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 事件： 8 月 14 日，公司发布 2024 年半年报，2024H1 实现营业收入 5.25 亿 元，同比增长 23.88%，归母净利润为 1.34 亿元，同比增长 12.35%，扣 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group, with a target price based on the last closing price of 23.63 [1][7]. Core Views - Huayang Group has achieved significant growth in its dual main businesses, automotive electronics and precision die-casting, with a notable increase in revenue and net profit in the first half of 2024 [1]. - The company reported a revenue of 4.193 billion yuan in H1 2024, a year-on-year increase of 46.23%, and a net profit of 287 million yuan, up 57.89% year-on-year [1]. - The automotive electronics segment saw a revenue of 3.071 billion yuan, growing 65.41% year-on-year, while precision die-casting revenue reached 914 million yuan, up 23.55% year-on-year [1]. Financial Performance - The report forecasts revenue growth for Huayang Group, estimating revenues of 9.107 billion yuan in 2024, 11.282 billion yuan in 2025, and 13.730 billion yuan in 2026, with respective growth rates of 27.60%, 23.88%, and 21.70% [3]. - The net profit is projected to reach 643 million yuan in 2024, 849 million yuan in 2025, and 1.041 billion yuan in 2026, with growth rates of 38.42%, 31.94%, and 22.63% respectively [3]. - The report indicates a gross margin of 21.94% for Q2 2024, with effective cost control reflected in the expense ratio [1]. Product Development and Market Position - Huayang Group is accelerating the iteration and mass production of new products, focusing on automotive electronics and precision die-casting [1]. - The company has successfully launched new product lines such as cockpit domain controllers and digital acoustics, which have entered large-scale production [1]. - The report highlights the company's commitment to R&D, with an investment of 373 million yuan in H1 2024, representing a 25.57% increase year-on-year [1].

公 司 研 究 2024 年 08 月 20 日 公司点评 买入/维持 华润啤酒(00291) 目标价: 31.70 昨收盘:24.00 华润啤酒：啤酒业务高端化延续，白酒业务稳步发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 华润啤酒 恒生指数 ◼ 股票数据 总股本(亿股) 32.4 总市值(亿港元) 778.6 12 个月内最高/最低价 (港元) 48.6/22.9 相关研究报告 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：S1190124030019 事件：公司公布中报业绩，2024H1 实现收入 237.44 亿元，同比-0.5%， 实现归母净利润 47.05 亿元，同比增长 1.2%。还原 1900 万元固定资产减 值亏损和一次性员工补偿及安置费用，2024H1 核心净利润 47.2 亿元，同 比持平。 上半年销量略有 ...

2024 年 08 月 20 日 公司点评 买入/维持 燕京啤酒(000729) 目标价: 11.55 昨收盘:9.83 燕京啤酒：量价逆势齐升，改革红利持续兑现 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 燕京啤酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 28.19/28.19 总市值/流通(亿元) 277.06/277.06 12 个月内最高/最低价 (元) 10.77/7.59 相关研究报告 <<改革提效成果显著，利润端实现高 弹性增长>>--2024-04-26 <>--2024-04-17 <<燕京啤酒：U8 势能强劲，业绩表现 亮眼>>--2022-09-03 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：S1190124030019 事件：燕京啤酒发布 2024 半年报，2024H1 实现营收 80.46 亿元 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group, with a target price based on the last closing price of 63.02 [1][11]. Core Insights - Midea Group's performance in Q2 2024 shows rapid growth, with total revenue reaching 218.12 billion yuan, a year-on-year increase of 10.28%, and net profit attributable to shareholders at 20.80 billion yuan, up 14.11% year-on-year [4][5]. - The company experienced strong growth in its new energy and industrial technology segments, with overseas performance also showing significant improvement [4][5]. - The report highlights the company's dual high-end brands, COLMO and TOSHIBA, achieving over 20% growth in retail sales, and a robust global manufacturing and e-commerce expansion [5][4]. Revenue Summary - In H1 2024, Midea Group's revenue from smart home, new energy and industrial technology, smart building technology, and robotics and automation were 147.6 billion, 17.1 billion, 15.7 billion, and 13.9 billion yuan respectively, with year-on-year growth rates of +11%, +26%, +6%, and -9% [4]. - Domestic revenue was 126.20 billion yuan, up 8.37%, while international revenue reached 91.08 billion yuan, reflecting a 13.09% increase [4]. Profitability Summary - The gross margin for Q2 2024 was 26.88%, an increase of 0.50 percentage points year-on-year, attributed to business structure optimization and growth in overseas self-owned brands [5]. - The net profit margin for Q2 2024 was 10.89%, up 0.52 percentage points year-on-year, indicating stable profitability [5]. Financial Forecast - The report projects Midea Group's net profit attributable to shareholders for 2024-2026 to be 38.03 billion, 42.15 billion, and 46.16 billion yuan respectively, with corresponding EPS of 5.44, 6.03, and 6.61 yuan [5][8]. - The expected PE ratios for the same period are 11.57, 10.44, and 9.54 times [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's new orders have reversed the downward trend, with a significant breakthrough in potential industries [1][2] - The company achieved revenue of 1.649 billion yuan in the first half of 2024, a year-on-year increase of 5.6%, and net profit attributable to the parent company of 242 million yuan, a year-on-year increase of 12.87% [2] - The net profit margin improved to 14.68%, up 0.91 percentage points year-on-year [2] - New orders in the first half of 2024 reached 1.065 billion yuan, a quarter-on-quarter increase of 45.29%, with new orders in potential industries reaching 340 million yuan, 20 times that of the same period last year [2] - The company has unconfirmed revenue orders of 3.572 billion yuan as of the end of the first half of 2024 [2] - The equipment renewal policy is expected to boost the prosperity of the smart logistics industry [2] - The company's equity relationship has been streamlined through a management buyout [2] Financial Performance - The company's gross profit margin in the first half of 2024 was 28.87%, a year-on-year decrease of 3.08 percentage points [2] - Sales, management, and R&D expense ratios were 1.88%, 4.61%, and 4.43%, respectively, with changes of -4.01, -0.13, and 0.01 percentage points [2] - Revenue is expected to reach 3.142 billion yuan, 3.436 billion yuan, and 3.959 billion yuan in 2024, 2025, and 2026, respectively [3][4] - Net profit attributable to the parent company is expected to be 442 million yuan, 520 million yuan, and 628 million yuan in 2024, 2025, and 2026, respectively [3][4] - The diluted earnings per share are expected to be 1.43 yuan, 1.68 yuan, and 2.02 yuan in 2024, 2025, and 2026, respectively [4] - The price-to-earnings ratio (PE) is expected to be 9.82, 8.35, and 6.92 in 2024, 2025, and 2026, respectively [4] Industry Outlook - The smart logistics and intelligent manufacturing industries are expected to benefit from a series of policy supports, potentially triggering a construction boom in smart logistics systems and intelligent manufacturing systems [2] - The Ministry of Industry and Information Technology and six other departments jointly issued the "Implementation Plan for Promoting Equipment Renewal in the Industrial Field," aiming for a 25% increase in industrial equipment investment by 2027 compared to 2023 [2] Management Changes - The company's controlling shareholder and actual controller, Shao Jianwei, signed a share transfer agreement and property share transfer agreement on July 31, 2024, after which Shao Jianwei will no longer have any equity in the listed company, and the controlling shareholder and actual controller will change [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with a forecasted net profit attributable to shareholders ranging from 5.19 to 5.74 billion yuan, representing a year-on-year increase of 638% to 716% [4]. - The company has set ambitious five-year development goals, aiming for annual production of 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, and 25,000 to 30,000 tons of molybdenum, marking its entry into the ranks of global leading mining companies [5]. - The report highlights strong operational performance in the TFM and KFM mines, with significant increases in copper and cobalt production in the first half of 2024 [5]. Summary by Sections Financial Performance - The company forecasts a net profit of 11.67 billion yuan for 2024, with an expected growth rate of 41.54% [6]. - The diluted earnings per share (EPS) are projected to be 0.54 yuan in 2024, increasing to 0.68 yuan by 2026 [6]. Production and Operational Highlights - In the first half of 2024, the company achieved copper production of 313,800 tons, a year-on-year increase of 101%, and cobalt production of 54,000 tons, a year-on-year increase of 178% [5]. - The second quarter saw copper production of 166,000 tons, up 85% year-on-year, and cobalt production of 29,000 tons, up 102% year-on-year [5]. Market Outlook - The report anticipates continued high growth in the sales of copper and cobalt, supported by a long-term upward trend in the prices of base metals [5].