2024 年 08 月 19 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 100 期）：重视光伏积极信号、电动车新周期 ◼ 走势比较 报告摘要 (40%) (30%) (20%) (10%) 0% 10% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 电力设备及新能源 沪深300 ◼ 子行业评级 电站设备Ⅱ 无评级 电气设备 无评级 电源设备 无评级 新 能 源 动 力 系统 无评级 ◼ 推荐公司及评级 相关研究报告 <<华明装备 2024 年半年报点评：变 压器分接开关增长与盈利态势较好， 海外值得期待>>--2024-08-16 <<风电 2024 年中期投资策略报告： "两海"依然是主线，整机盈利有望 反转>>--2024-08-16 <<【太平洋新能源】新能源周报（第 99 期）：出清和创新有望加快，重视 反转机会>>--2024-08-14 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 行业整体策略：关注光伏积极信号，重视电动车新周期 从近期海外市场看 ...

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | |-------|------------------------------|--------------------------|--------------------------| | | | | | | | | | | | | | | | | | | 边际积极变化不改总量压力 | | | | | | | | | | | ——7月经济数据点评 | | | | | | | | 报告日期： 2 0 2 4年8月1 9日 | | | | | | | | | | 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：S1190524070001 证券研究报告 | --- | --- | --- | --- | |-------|-------- ...

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | |-------|------------|--------------------|------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | 社融口径下信贷少见负增 | | | | | | | | | | | | | ——7月金融数据点评 | | | | | | | | | 报告日期： | 2 0 2 4年8 月1 9日 | | | | | | | | | | | | | 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：S1190524070001 证券研究报告 Contents 1 ...

2024 年 08 月 18 日 行业周报 看好/维持 基础化工 基础化工 西南水电建设提升民爆行业关注度，供应偏紧纯 MDI 价格上涨 ◼ 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 <<维生素、纯 MDI 价格上涨，民爆行 业整合加速>>--2024-08-11 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 研究助理：陈桉迪 E-MAIL：chenad@tpyzq.com 一般证券业务登记编号：S1190124010006 报告摘要 1.重点行业和产品情况跟踪 民爆：政策提出加快西南水电建设，建议关注民爆行业。8 月 11 日，中共中央和国务院印发《关于加 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 8.32 HKD, compared to the last closing price of 6.85 HKD [1][3]. Core Insights - The company reported better-than-expected performance for H1 2024, achieving a revenue of 2.936 billion CNY, a year-on-year increase of 26.3%, and a net profit of 621 million CNY, up 38.93% year-on-year [3]. - The growth in revenue was driven by a significant increase in the vegetable product segment, which saw a 56.6% year-on-year increase, surpassing the traditional noodle product segment for the first time [3]. - The company has successfully expanded its distribution channels, with a total of 1,822 offline distributors by the end of June, and has seen substantial growth in e-commerce and new retail channels [3]. - The gross margin improved to 49.8%, up 2.3 percentage points year-on-year, due to declining raw material prices and an increased proportion of high-margin vegetable products [3]. Financial Summary - For H1 2024, the company achieved revenues of 1.354 billion CNY from noodle products, 1.461 billion CNY from vegetable products, and 124 million CNY from bean products, with respective year-on-year growth rates of 5%, 56.6%, and 17.5% [3]. - The company expects revenue growth rates of 24.14%, 15.58%, and 13.16% for 2024, 2025, and 2026, respectively, with net profit growth rates of 37.23%, 15.55%, and 15.22% for the same years [4][3]. - The earnings per share (EPS) are projected to be 0.51 CNY, 0.59 CNY, and 0.68 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 11x, and 9x [4][3].

医药 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/17 23/10/2924/1/1024/3/2324/6/424/8/16 医药 沪深300 子行业评级 推荐公司及评级 | --- | --- | |-----------------|-------| | 君实生物 买入 | | | 华领医药-B | 买入 | | 加科思-B 买入 | | | 来凯医药 | | | 奥锐特 买入 | | | 同和药业 | | | 百诚医药 买入 | | | 阳光诺和 | | | 泓博医药 买入 | | | 福元医药 | | | 三生制药 买入 | | | 京新药业 | | | 共同药业 增持 | | | 亿帆医药 | | | 诺诚健华 买入 | | | 泰格医药 | | | 诺思格 买入 | | | 奥翔药业 买入 | | | 乐普生物-B 买入 | | | 科伦药业 买入 | | 相关研究报告 <>--2024-08-16 <<医药自有产品快速增长，期待创新 药全球商业化进展>>--2024-08-16 2024 年 08 月 18 日 行业周报 看好/维持 医药 进入中报季，Q2 ...

2024 年 08 月 18 日 行业周报 看好/维持 有色金属 有色金属 宏观数据温和回落，商品价格企稳回升 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/8/18 23/10/2924/1/924/3/2124/6/124/8/12 有色金属 沪深300 相关研究报告 <<【太平洋有色】行业深度报告：当 金铜遇上降息，观一叶而知深秋>>-- 2024-08-15 <<【太平洋有色】有色金属行业周报 （20240811）：联储降息箭在弦上，商 品价格有望触底>>--2024-08-13 <<【太平洋有色】有色金属行业周报 （20240804）：衰退与降息预期提升， 黄金价格再创新高>>--2024-08-05 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：zhongxc@tpyzq.com 一般证券业务登记编号：S119012209000 ...

2024 年 08 月 18 日 公司点评 买入/维持 迎驾贡酒(603198) 目标价: 83.03 昨收盘:50.72 迎驾贡酒：产品周期向上势能正强，利润端弹性持续兑现 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/17 23/10/2924/1/1024/3/2324/6/424/8/16 迎驾贡酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 8/8 总市值/流通(亿元) 405.76/405.76 12 个月内最高/最低价 (元) 82.99/48.26 相关研究报告 <<洞藏放量产品结构优化明显， 2024Q1 顺利实现开门红>>--2024- 04-28 <<迎驾贡酒：春节动销超预期，安徽 返乡潮带动大众价格带爆发>>-- 2024-02-21 <<迎驾贡酒：Q3 净利率创新高，洞藏 结构延续提升>>--2023-10-30 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：S1190124 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.15, compared to the last closing price of 42.99 [1][3] Core Views - The company's performance aligns with expectations, indicating steady progress in the post-100 billion era [1][3] - Revenue for H1 2024 reached 7.305 billion, a year-on-year increase of 22.35%, while net profit attributable to shareholders was 2.461 billion, up 20.08% year-on-year [2][3] - The company aims for total revenue of approximately 12.2 billion in 2024, representing a 21% year-on-year growth, and a net profit of around 3.7 billion, reflecting an 18% increase [2][3] Financial Summary - For H1 2024, the company reported a gross margin of 73.79%, with a slight decrease of 0.68 percentage points year-on-year, while the net profit margin was 33.70%, down 0.64 percentage points year-on-year [2][5] - The company expects revenue growth rates of 23%, 21%, and 19% for 2024, 2025, and 2026 respectively, with corresponding net profit growth rates of 22%, 21%, and 19% [3][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.05, 3.69, and 4.40 respectively, with price-to-earnings (PE) ratios of 14x, 12x, and 10x [3][4] Market Performance - The company has seen strong growth in high-end products, with significant revenue contributions from various product categories [2][3] - The company is expanding its market presence, particularly in key regions outside its home province, with notable growth in areas such as Anhui and Shandong [2][3]

公 司 研 究 2024 年 08 月 18 日 公司点评 买入/首次 信测标准(300938) 昨收盘:18.41 销售规模增长持续，不断开拓新市场 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/18 23/10/2924/1/924/3/2124/6/124/8/12 信测标准 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.61/1.61 总市值/流通(亿元) 29.68/29.68 12 个月内最高/最低价 (元) 42.3/17.66 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 3.67 亿元，同比增长 11.30%，实现归母净利润 0.93 亿元，同比增长 13.08%。其中 Q2 单季 度实现收入 1.87 亿元，同比增长 3.92%，实现归母净利润 0.52 亿元， 同比增长 2.32%。 聚焦检测业务和试验设备制造两大板块，H1 各业务收入均实现稳健增 长。公司业务分为检测业务和试验设备 ...