2024 年 08 月 11 日 公司点评 买入/维持 中炬高新(600872) 目标价: 23 昨收盘:19.20 中炬高新：盈利短期承压，重振旗鼓再出发 走势比较 (50%) (38%) (26%) (14%) (2%) 10% 23/8/11 23/10/2224/1/224/3/1424/5/2524/8/5 中炬高新 沪深300 股票数据 总股本/流通(亿股) 7.83/7.83 总市值/流通(亿元) 150.38/150.38 12 个月内最高/最低价 (元) 36.2/17.75 相关研究报告 <<中炬高新：2024Q1 利润超预期，供 应链优化红利逐步释放>>--2024- 04-26 <<全年业绩符合预期，三年规划及股 权激励目标展望积极>>--2024-04- 02 <<中炬高新：新管理层变更落地，改 善在途>>--2023-10-24 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：公司公布 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 37.26, compared to the last closing price of 30.51 [1]. Core Insights - The company's Q2 performance met expectations, with a year-on-year improvement in gross margin. In H1 2024, the company achieved revenue of 7.175 billion, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 691 million, up 3.4% year-on-year [2][4]. - Q2 revenue reached 3.692 billion, reflecting an 11.3% year-on-year growth, while net profit attributable to shareholders was 372 million, a 17.7% increase year-on-year [2][4]. - The company experienced a recovery in domestic sales of its main yeast products, with Q2 yeast revenue growing by 12.2% year-on-year, and other products (including enzyme preparations and food raw materials) growing by 46.3% year-on-year, driven by rapid growth in emerging overseas markets [2][4]. Financial Summary - For H1 2024, the gross margin was stable, with a slight year-on-year decrease of 0.3 percentage points, while Q2 gross margin improved by 0.3 percentage points to 23.9% due to lower costs of molasses and raw materials, particularly overseas [2][5]. - The company forecasts revenues of 14.983 billion, 16.764 billion, and 18.709 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 10.32%, 11.89%, and 11.60% [4][5]. - The net profit attributable to shareholders is projected to be 1.407 billion, 1.568 billion, and 1.739 billion for the same years, with growth rates of 10.79%, 11.42%, and 10.95% respectively [4][5].

Investment Rating - Buy/Maintain rating for Xianle Health (300791) with a target price of 50 CNY, compared to the previous closing price of 24.61 CNY [2] Core Views - Xianle Health's Q2 2024 performance met expectations, with strong internal profitability maintained [2] - The company achieved revenue of 1.99 billion CNY in H1 2024, a 28.9% YoY increase, and net profit attributable to shareholders of 154 million CNY, up 52.7% YoY [4] - Q2 2024 revenue was 1.039 billion CNY, a 23.3% YoY increase, with net profit attributable to shareholders of 91 million CNY, up 27.4% YoY [4] Regional Performance - In H1 2024, China/Europe/America/Emerging markets achieved revenues of 830/290/730/450 million CNY, with YoY growth of 4.2%/13.8%/65.4%/185.7% respectively [4] - Americas region showed strong growth due to synergy with BF, with soft candy customers and new projects progressing smoothly [4] - Europe maintained stable growth through increased market share with key clients and expansion in Eastern and Southern Europe [4] Product and Profitability - Gross margin improved by 2.6 percentage points to 32.1% in H1 2024, driven by higher-margin soft candy products and better pricing strategies [4] - Internal gross margin increased by 2.8 percentage points, with cost compression through global procurement strategies [4] - BF's gross margin improved gradually as production capacity increased and cost efficiency improved [4] Financial Projections - Expected revenue for 2024-2026 is 4.35/4.99/5.67 billion CNY, with YoY growth of 22%/15%/15% [4] - Net profit attributable to shareholders is projected to be 390/480/590 million CNY for 2024-2026, with YoY growth of 40%/23%/22% [4] - PE ratios for 2024-2026 are estimated at 15/12/10X [4] Strategic Focus - Domestic strategy focuses on deepening high-value customer relationships and capturing structural opportunities in the industry [4] - Europe will continue to leverage key clients and expand in emerging markets like Southern and Eastern Europe [4] - Americas region is expected to see strong performance as BF's production lines become operational and synergies with US operations strengthen [4]

公 司 研 究 贵州茅台(600519) 目标价: 1713.5 昨收盘:1,436.80 | --- | --- | --- | --- | --- | |----------------|-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·行业深度研究报告 中上游底部或将到来，下游新周期有望开启 新能源汽车行业2024年中期投资策略报告 太平洋证券研究院 新能源团队 首席 刘强 执业资格证书登记编号： S1190522080001 研究助理 谭甘露 一般证券业务登记编号：S1190122100017 2024年8月8日 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 证券研究报告·行业深度研究报告 报告摘要 1、上半年国内电动车销量保持高增、欧美市场增速较低，我们认为全球需求增速已到达底部区间，后续全球市场有望迎来共振向上。 1）2024年H1全球新能源汽车销量同比增长约24%，我们估计2024年是全球需求增速低点，2025年全球市场有望迎来共振向上，2024/2025/2026年全球销量同比增速将达到20%/24%/27% 。 2）2024年H1我国新能源汽车销量同比+32%，我们维持2024年国内销量1100-1200万辆的预期，智能化升级有望持续驱动销量高增。 3） 2024年H1欧洲主要国家新能源汽车销量同比+1%，我们预计全年销量同比持平，2025年政策+供给驱动下需求增速有望拐点向上；2024H1美国新能源汽 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 26.1, based on the closing price of 17.72 on August 6, 2024 [1][4]. Core Viewpoints - The company is a leading player in the bag manufacturing industry, leveraging both B2B and B2C business models for growth. It has a strong foundation in bag manufacturing and is expanding into apparel manufacturing, which is expected to drive future growth [2][4]. - The company reported a revenue of 310.5 million and a net profit of 11.6 million in 2023, with year-on-year growth of 13.3% and 110.7% respectively. The first quarter of 2024 showed further growth with revenues of 91 million and net profits of 7.1 million, reflecting a year-on-year increase of 22.9% and 116.4% [2][17]. - The bag industry has significant growth potential, with the luggage market growing by 17% to 31 billion and the bag market by 12% to 203.9 billion in 2023. The projected CAGR for the next five years is 8.9% for luggage and 7.8% for bags [2][27]. Summary by Sections Company Overview - The company has evolved from a bag manufacturing leader to a dual-driven model of bag and apparel manufacturing, supported by a partnership with Xiaomi and the development of its own brands [9]. - The management team has extensive experience in the internet and manufacturing sectors, with significant employee ownership and incentive plans to align interests [9][12]. Bag Industry - The domestic bag market is large and fragmented, with high-end segments dominated by foreign brands. The top 10 brands in the bag sector are all foreign, while the luggage sector has five domestic brands in the top 10 [27][28]. - The retail sector is expected to grow steadily, with the luggage market projected to reach 31 billion and the bag market 203.9 billion by 2023, indicating a healthy growth trajectory [27][28]. B2B Business - The company is focusing on optimizing its customer structure and expanding its overseas production capacity, which is expected to enhance its growth in the bag manufacturing sector [4][9]. - The acquisition of Shanghai Jiale, a key supplier for Uniqlo, is expected to bolster the company's apparel manufacturing capabilities and create synergies with its existing operations [4][9]. B2C Business - The company has established a strong presence in the B2C market through its partnership with Xiaomi and the development of its own brand, 90 Fen, which targets the mid-range market [4][9]. - The B2C segment has shown rapid growth, with a year-on-year increase of 22% in 2023, driven by post-pandemic recovery and increased travel demand [17][22].

2024 年 08 月 13 日 行业周报 看好/维持 医药 行 业 研 究 医药 默沙东将以 13 亿美元收购同润生物在研双抗 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 医药 沪深300 市场表现： 2024 年 8 月 12 日，医药板块涨跌幅+1.34%，跑赢沪深 300 指数 1.51pct，涨跌幅居申万 31 个子行业第 2 名。各医药子行业中，体外诊断 (+3.29%)、疫苗(+2.27%)、医药流通（+1.49%）表现居前，医院(-0.40%)、 医疗研发外包(-0.03%)、医疗耗材(+0.21%)表现居后。个股方面，日涨幅 榜前 3 位分别为凯普生物(+20.04%)、香雪制药(+20.02%)、广生堂 (+19.98%)；跌幅榜前 3 位为正海生物(-14.68%)、民生健康(-11.79%)、 奥精医疗（-10.75%）。 行业要闻： 近日，默沙东宣布，与同润生物达成最终协议，默沙东将通过子公司 收购用于治疗 B 细胞相关疾病的新型在研临床阶段双特异性抗体 CN ...

电力设备及新能源 2024 年 08 月 13 日 行业周报 看好/维持 电力设备及新能源 新能源周报（第 99 期）：出清和创新有望加快，重视反转机会 ◼ 走势比较 报告摘要 (40%) (32%) (24%) (16%) (8%) 0% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 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 <<【太平洋新能源】光伏行业 2024 年 中期投资策略：光储平价加速展开， 新市场 + 新 技 术 开 启 新 周 期 >>-- 2024-08-08 <<【太平洋新能源】新能源周报（第 98 期）：重视龙头海外拓展，光伏底 部出清加快>>--2024-08-08 <<宁德时代2024年半年报业绩点评： 锂电王者加快逆势扩展，新市场和新 技术放量 >>--2024-08-04 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：出清和 ...

FIC SECURITIES 基础化工 维生素、纯 MDI 价格上涨，氏爆行业整合办速 大并比較 通单物官 四个强制中国教育 相关研究报告 くく维生素价格大幅上涨，麦茅酚新一 轮操价>>--2024-08-04 证券分析师： 王无 E-MAIL: wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师： 王诗诗 E-MAIL： wanght@tpyzq.com 分析师登记编号：S1190523010001 研究助理：周水奎 E-MAIL: zhoubingying@tpyzq.com 一般证券业务登记编号：S1190123020025 歼充助理： 陈枝迪 E-MAIL： chenad@tpyzq.com 一般证券业务登记编号：S1190124010006 2024 年 08 月 11 日 行业周报 看好 / 维持 基础化工 报告摘要 1. 查点行业杂产品情况凝踪 維生本： 曼尼斯夫工厂組期无法查启的不可抗力影响，維 A、維 E 价格特埃發券上行。7 月 29 日，巴斯夫化学路 德维希港工厂发生了 爆炸，受影响的装置主要用于生产香精香料和维生素前体。8 月 7 日， 尼斯夫及其 ...

行 业 研 究 医药 2024 年 08 月 09 日 行业深度研究 看好/维持 生物医药Ⅱ CNS 创新药系列报告（三）：多款 DMT 进入 3 期阶段，PD 药物 市场有望快速成长 | --- | --- | --- | |-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...