.1 公 司 研 究 证券研究报告 ＃industryId＃ 宠物食品 ＃investSuggestion＃ ＃dyCompany 中宠股份＃ （ 002891 ） 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 000009 ＃title＃ 盈利能力持续向好，自主品牌营收或将加速提升 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|--------------------------------------| | | | | ＃市场数据 市场数据日期 | 2024-08-21 | | 收盘价（元） | 42.83 | | | | | 总股本（百万股） | 232.67 | | 流通股本（百万股） | 135.28 | | 净资产（百万元） | 3759.81 | | 总资产（百万元） | 4994.02 | | 每股净资产 ( 元 ) 来源： WIND | 16.16 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证电子】艾为电子 2023 年 报点评：基本面持续改善，24 年 业绩稳健增长可期》2024-04-11 《【兴证电子】艾为电子 2023 年 三季报点评：Q3 收入超预期， 毛利率短期承压》2023-1 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Views - The company reported a revenue of 3.271 billion yuan and a net profit attributable to shareholders of 591 million yuan for the first half of 2024, reflecting a year-on-year decline of 7.28% and 35.73% respectively. In Q2 2024, the revenue was 1.165 billion yuan, with a net profit of 41 million yuan, showing a significant decline of 88.70% year-on-year [3][4]. - The company is currently in an adjustment phase within the liquor industry, focusing on "stabilizing prices, controlling inventory, and enhancing sales" as core principles. It aims to strengthen its market presence in key regions while exploring growth opportunities in its product lines [5][6]. Financial Summary - For 2024, the company expects revenues of 6.733 billion yuan, with a year-on-year decline of 4.9%. The net profit attributable to shareholders is projected to be 1.416 billion yuan, down 20.1% year-on-year. The gross margin is expected to be 72.5% [7][8]. - The company anticipates a gradual recovery in sales rhythm, with projected revenues for 2025 and 2026 at 7.502 billion yuan and 8.281 billion yuan respectively, alongside net profits of 1.564 billion yuan and 1.705 billion yuan [5][7].

公 司 研 究 公 司 点 评 报 告 ＃市场ma数rk据etData＃ 日期 2024-8-21 收盘价（元） 13.99 总股本（百万股） 1408.70 流通股本（百万股） 1368.08 净资产（百万元） 13509.05 总资产（百万元） 56777.53 每股净资产（元） 9.59 来源：WIND，兴业证券经济与金融研究院整理 dongxiaobin@xyzq.com.cn S0190520080001 证券研究报告 ＃industryId＃ 汽车 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 均胜电子 （ 600699 ） 000009 ＃title＃ 24Q2 业绩符合预期，盈利能力稳步提升 ＃createTime1＃ 2024 年 8 月 22 日 于鹏亮 yupengliang@xyzq.com.cn ＃S0 a1 s9 s0A5 u2 t4 h0 o3 r＃0006 投资要点 ＃summary＃ 事件：公司发布 2024 年中报。2024 上半年公司年营收 270.79 亿元，同比+0.24%， ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a high revenue growth of 40.74% year-on-year in H1 2024, with total revenue reaching 3.721 billion yuan, while net profit attributable to shareholders decreased by 7.73% to 172 million yuan [1] - The company is expanding its product offerings and leveraging new platforms like Temu and TikTok to drive revenue growth [1] - The company is experiencing short-term profit pressure due to rising shipping costs and increased advertising expenses, but margins are expected to improve gradually as operational efficiencies are realized [1][2] Financial Performance Summary - For H1 2024, the company achieved revenue of 3.721 billion yuan, a year-on-year increase of 40.74%, while net profit attributable to shareholders was 172 million yuan, down 7.73% [1] - In Q2 2024, revenue was 1.879 billion yuan, reflecting a year-on-year growth of 36.55%, but net profit dropped significantly by 50.40% [1] - The company’s gross margin for H1 2024 was 34.92%, a decrease of 1.47 percentage points year-on-year, while the net profit margin was 4.61%, down 2.42 percentage points [1] Market Data Summary - The company’s revenue growth is driven by strong performance in the furniture and home goods segments, with year-on-year increases of 39.42% and 50.21% respectively [1] - The European and North American markets contributed significantly to revenue growth, with year-on-year increases of 41.22% and 41.12% respectively [1] - The B2C channel remains a key revenue driver, with Amazon accounting for 69.10% of total revenue in H1 2024, showing a year-on-year growth of 42.68% [1] Future Earnings Forecast - The company is projected to achieve revenues of 6.074 billion yuan in 2024, with a year-on-year growth of 24.3%, and net profit is expected to reach 413 million yuan, reflecting a growth of 6.7% [2] - For 2025, revenue is forecasted to be 7.550 billion yuan, with a net profit of 440 million yuan, indicating a growth of 29.5% [2] - The gross margin is expected to improve slightly to 36.9% in 2024 and stabilize at 37.0% in subsequent years [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][3]. Core Views - The company shows a significant upward trend in market share and new business volume, leading to high growth in performance for the first half of 2024. Revenue reached 1.03 billion yuan, a year-on-year increase of 41.5%, while net profit attributable to shareholders was 210 million yuan, up 30.6% year-on-year [4][3]. - The revenue structure has improved, and the scale effect is evident, with a gross margin of 32.9% for the first half of 2024, an increase of 2.3 percentage points year-on-year [4][3]. - The company is well-positioned in the domestic market for product substitution, with ample new orders and a strong growth outlook for its electronic wiper systems and nitrogen-oxygen sensors [5][3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.03 billion yuan, a 41.5% increase year-on-year, and a net profit of 210 million yuan, a 30.6% increase year-on-year. The second quarter revenue was 550 million yuan, with a year-on-year increase of 41.9% and a quarter-on-quarter increase of 17.1% [4][3]. - The gross margin for the first half of 2024 was 32.9%, up 2.3 percentage points year-on-year, with the second quarter gross margin at 33.4%, reflecting a positive scale effect [4][3]. Product Segmentation - The revenue contribution from various product lines in the first half of 2024 was as follows: power controllers (66.4%), wiper systems (10.6%), sensors (8.4%), and semiconductor power devices (7.6%). The power controller business saw a year-on-year growth rate of 36.1%, significantly outpacing the downstream industry growth [4][3]. Future Outlook - The company is expected to achieve net profits of 395 million yuan, 508 million yuan, and 596 million yuan for the years 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [5][3].

Investment Rating - The report maintains an "Accumulate" rating for Nanshan Aluminum [2] Core Views - The company's performance in the first half of 2024 showed significant growth, with a net profit of 2.189 billion yuan, a year-on-year increase of 66.68% [2] - The Indonesian alumina project has seen both volume and price increases, contributing to the company's substantial profit growth [2] - The company is focusing on high-end aluminum products, which accounted for approximately 25% of total aluminum product gross profit in the first half of 2024 [2] Financial Summary - In the first half of 2024, the company achieved operating revenue of 15.667 billion yuan, a decrease of 8.05% year-on-year, while net profit attributable to shareholders was 2.189 billion yuan, an increase of 66.68% [2] - The average spot price of aluminum in the first half of 2024 was 19,801 yuan per ton, up 7.1% year-on-year, while the domestic alumina spot price was 3,493 yuan per ton, up 20% year-on-year [2] - The company expects steady growth in net profit for 2024-2026, with projections of 4.471 billion yuan, 4.973 billion yuan, and 5.268 billion yuan respectively [4][5] Business Development - The company is actively expanding its high-end aluminum product lines, including automotive plates, aerospace plates, and power battery foils, which are expected to enhance profitability [2] - The Indonesian alumina project has been fully operational since October 2022, with plans for further expansion to increase production capacity [5] - The company is committed to green development and is advancing its recycling aluminum projects, which will contribute to energy savings and cleaner production [2]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 黄金 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 山金国际 （ 000975 ） 000975 ＃title＃ 金价上行叠加成本下降，Q2 业绩环比稳健增长 ＃createTime1＃ 2024 年 08 月 22 日 投资要点 ＃summary＃ 业绩概要：公司发布 2024 年半年报，2024 年上半年实现营业收入 65.05 亿 元，同比+42.27%；实现归母净利润 10.75 亿元，同比+46.35%，对应基本每 股收益 0.39 元。 金价上行叠加成本下降，公司业绩同比增长。2024 年上半年公司业绩实现较 大幅度增长，主要受益于矿产金销量增长、金价提升以及克金成本下滑。从 价格来看，2024 年上半年上海黄金交易所 Au9999 收盘价均价为 521 元/克， 同比+20%；Ag(T+D)收盘价均价为 6.79 元/克，同比+28%。从成本来看，2024 银产销量为 82.24/74.13 吨。 年上半年矿产金平均成本为 146.53 元/ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.36 CNY as of August 19, 2024 [1][3] Core Views - The company demonstrated strong operational resilience in H1 2024, with total revenue reaching 218.12 billion CNY, a YoY increase of 10.3%, and net profit attributable to shareholders of 20.8 billion CNY, up 14.1% YoY [1] - Domestic sales showed steady growth despite market pressures, while overseas sales continued rapid expansion, with a 13.1% YoY increase in international revenue [1] - The company's dual high-end brand strategy in the domestic market proved successful, with Colmo + Toshiba retail sales growing over 20% YoY in H1 2024 [1] Financial Performance Revenue Breakdown - HVAC business contributed 101.46 billion CNY, up 10.3% YoY [1] - Consumer appliances generated 75.14 billion CNY, a 10.3% YoY increase [1] - Robotics and automation sector reported 18.3 billion CNY, growing 6.0% YoY [1] Profitability Metrics - Gross margin improved to 27.1% in H1 2024, up 1.9 percentage points YoY [1] - Net profit margin reached 9.5%, a 0.3 percentage point increase YoY [1] - ROE stood at 20.7% in 2023, with projections of 21.2% for 2024E [3] Business Segments - Smart home business grew 11% YoY to 147.6 billion CNY [1] - New energy and industrial technology segment surged 26% YoY to 17.1 billion CNY [1] - Smart building technology revenue reached 15.7 billion CNY, with 18% growth excluding heat pumps [1] Future Projections - Revenue is expected to grow to 465.66 billion CNY by 2026E, with a CAGR of 6.9% [3] - EPS is projected to increase from 5.41 CNY in 2024E to 6.38 CNY in 2026E [3] - PE ratio is forecasted to decline from 11.5x in 2024E to 9.8x in 2026E [3] Market Position - The company maintains a leading position in the home appliance industry with a total market capitalization of 435.6 billion CNY [1] - Its strong brand portfolio and technological capabilities continue to drive market share gains both domestically and internationally [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market conditions [4][8]. Core Insights - The company's net profit for H1 2024 decreased by 19.87% year-on-year, primarily due to a significant drop in lithium battery material prices, with the average price of ternary materials falling by 49.29% [1][3]. - Despite the decline in profitability, the company achieved stable growth in production and sales volumes, particularly in nickel products, which saw a year-on-year increase of over 40% [1][3]. - The report highlights the successful ramp-up of production capacity in Indonesia, with several nickel projects reaching or exceeding their production targets [2][4]. Financial Performance Summary - For H1 2024, the company reported revenue of 30.05 billion yuan, a decrease of 9.88% year-on-year, and a net profit of 1.671 billion yuan [3][4]. - The projected net profits for 2024-2026 are 3.583 billion, 4.581 billion, and 4.983 billion yuan, respectively, with corresponding EPS of 2.10, 2.68, and 2.91 yuan [4][5]. - The company's gross margin is expected to improve gradually, with forecasts of 15.1% in 2024 and 16.1% in 2025 [5][6]. Production and Capacity Developments - The company is advancing its integrated layout in lithium battery materials, with several projects in Indonesia and domestic regions progressing well [2][4]. - The report notes that the company has successfully achieved production capacity for various nickel and lithium projects, which is expected to enhance its market position [2][4]. Market Conditions and Price Trends - The report indicates that the prices of lithium battery materials have experienced significant volatility, impacting the company's profitability [1][4]. - Nickel prices have shown a notable increase, contributing to improved profitability in Q2 2024, with the average price of electrolytic nickel rising by 7.84% [3][4].