Summary of Conference Call Notes Company and Industry Involved - The discussion involves a company in the traditional leather goods industry, specifically focusing on a leading company known as "星越" (Xingyue) [1] Core Points and Arguments - The company has invited a representative, 阿亚亮 (A Ya Liang), to provide an update on the semi-annual report [1] - The company has established significant barriers and protective measures within the traditional leather goods sector, indicating a strong competitive position [1] Other Important but Possibly Overlooked Content - The atmosphere of the discussion suggests a positive outlook on the company's performance and its role as a leader in the industry [1]

Investment Rating - The report maintains an "Overweight" rating for the company [3][7]. Core Views - The company reported a revenue of 8.861 billion yuan for the first half of 2024, representing a year-on-year increase of 4.18%, with a net profit attributable to shareholders of 900 million yuan, also up by 4.19% [4]. - In Q2 2024, the revenue was 4.568 billion yuan, showing a year-on-year growth of 1.54%, while the net profit decreased by 5.99% to 449 million yuan [4]. - The beer business generated 4.446 billion yuan in revenue in Q2 2024, a slight increase of 0.86% year-on-year, with sales volume reaching 917,000 tons, up by 1.53% [5]. - The company expects to achieve mid-single-digit revenue growth in 2024, supported by resilient growth in its brands and strategic initiatives [7]. Financial Summary - The company’s projected revenues for 2024-2026 are 15.490 billion, 16.297 billion, and 17.098 billion yuan, respectively, with net profits of 1.407 billion, 1.520 billion, and 1.640 billion yuan [9]. - The gross margin for Q2 2024 was 50.45%, down by 1.00 percentage points year-on-year, primarily due to increased depreciation and amortization costs [6]. - The company’s return on equity (ROE) is projected to increase from 62.5% in 2023 to 66.4% by 2026 [9].

行 业 研 究 证券研究报告 ＃industryId＃ 非银金融 investSuggestio n＃ 推荐 ＃ investSuggestionChang e＃ （维持） ＃ ＃相关报告 relatedReport＃ 《资产管理产业链跟踪六：多 元资产配置，买方投顾的解 药》2024-08-06 《资产管理产业链跟踪三：细 说各类红利指数构成和风险特 征》2024-01-11 《资产管理产业链跟踪二：红 利资产，未来的权益配置大底 仓》2023-12-23 ＃emailAuthor＃ ＃分析师： emailAuthor＃ 徐一洲 S0190521060001 ＃assAuthor＃ 研究助理： 李思倩 lisiqian@xyzq.com.cn 行 业 跟 踪 报 告 ＃title＃ 资产管理产业链跟踪七： 红利低波，多元资产组合的权益拼图 ＃createTime1＃ 2024 年 8 月 14 日 投资要点 ＃summary＃ ⚫ 红利资产配置价值源于底层资产稳健的盈利能力和分红回报。我们将红利低 波全收益指数的利源拆解为股息回报、盈利增长和估值波动三部分，从 2014-2023 年表现来看，指数收益更多源 ...

证券研究报告 ＃industryId＃ 通信 行 业 研 究 AI 浪潮下奇点已至，国内外龙头爆发在即 ＃createTime1＃ 2024 年 8 月 2 日 行 业 深 度 研 究 报 告 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证通信】英维克 2023 年三 季报点评：业绩超预期，液冷龙 头强者恒强》2023-10-23 《【兴证通信】英维克 2023 年年 报点评：商誉减值拖累 Q4 业绩， 液冷时代大有可为》2024-4-17 《【兴证通信】英维克 2023 年三 季报点评：业绩超预期，液冷龙 头强者恒强》2023-10-23 ＃分析师： emailAuthor ＃ 章林 zhanglin20@xyzq.com.cn S0190520070002 代小笛 daixiaodi@xyzq.com.cn S0190521090001 仇新宇 qiuxinyu@xyzq.com.cn S0190523070005 朱锟旭 zhukunxu@xyzq.com.cn S0190524040001 许梓豪 xuzihao@xyzq.com.cn S0190524070002 ...

＃industryId＃ 钢铁 证券研究报告 ＃ investSug gestion＃ 推荐 （ ＃ investSuggesti onChange＃ 维持 ） 需求持续疲弱，黑色商品价格承压下行 ＃createTime1＃ 2024 年 08 月 11 日 投资要点 ＃summary＃ 成材需求明显下降，恐慌情绪再度袭扰推动钢价延续下跌 此前钢市价格虽有反弹，但受到周初日元加息带来的流动性风险事件冲击影响，大宗商品 价格普跌。而周内成材数据显示终端需求进一步走弱，螺纹钢和热轧表需分别为 190.76 万 吨和 298.51 万吨，环比分别下滑 25 万吨和 23 万吨，下游仍多以按需采购为主。螺纹钢方 面，受到此前新旧国标切换的影响，产量下滑明显，本期仅为 168.5 万吨，环比下降 29 万 吨。根据 Mysteel 统计，当前旧标螺纹存量占比尚存 72.31%，抛售压力仍然较大，螺纹钢 价格或有进一步下行压力；热轧方面，前期受东南亚等地区相继增加关税，对热轧需求抑 制的影响加速显现，叠加热轧社库水位处于历史高位，本轮热轧价格下跌幅度相较螺纹价 格更大。短期来看，当前正值高温酷暑，下游工地开工进度放缓，且 ...

行 业 研 究 证券研究报告 ＃industryId＃ 模拟芯片设计 模拟芯片行业拐点已至，收并购有望优化格局加速成长 ＃createTime1＃ 2024 年 07 月 26 日 ＃investSuggestion 推荐 ＃ ( ＃ investSuggesti onChange＃ (维持) 行 业 深 度 研 究 报 告 | --- | |----------| | 重点公司 | | 重点公司 | | 南芯科技 | | 艾为电子 | | 纳芯微 | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 ＃assAuthor＃ 研究助理： 刘珂瑞 liukerui@xyzq.com.cn 投资要点 | --- | |------------------------------------------------------------------------------| | summary＃全球模拟芯片市场超过 800 亿美元，且具有产品品类多，下游应用广泛等特 | | 点 ...

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证券研究报告 ＃industryId＃ 电力 caiyi@xyzq.com.cn S0190518030002 zhulixian@xyzq.com.cn ＃title＃ 新型电力体系电价篇（2）： 从长协到现货，电价演绎怎么看？ ＃ investSuggestio n＃ 推荐 ＃ investSuggestionChang e＃ （维持） ＃createTime1＃ 2024 年 8 月 9 日 投资要点 ＃summary＃ 我国电力交易体系回顾：国内交易架构以市场为主、计划为辅；发电侧煤电 （全部入市）及风光水核等电源（部分入市）配套工商业用户交易，上网电 价竞价形成；小部分计划电源（低价）配套居民及农业用户交易，执行目录 电价。其中上网竞价为核心环节，其以长协电价为主、现货电价为辅。本文 主要探讨长协与现货合同衔接机制、现货定价因素及后续电价趋势展望。 ＃分e析m师ail：Author＃ 蔡屹 ＃研a究ss助Au理th：or＃ 长协与现货合同如何衔接：长协合同需按照典型负荷曲线分解至每日每时（按 统一或分时价格结算），现货市场弥补其与实际发用电曲线的电量偏差（按日 前及实时现货价格结算）；发电企业收益= ...

Investment Rating - The report maintains a positive investment suggestion for the textile manufacturing sector, particularly focusing on opportunities in Indonesia [1]. Core Insights - The textile industry is shifting towards Indonesia, which, despite being a developing country, offers abundant and low-cost labor, making it a significant manufacturing base after Vietnam. The stable political environment and increasing openness to foreign investment enhance its attractiveness [1][9]. - Indonesia's GDP reached $1.37 trillion in 2023, with a compound annual growth rate (CAGR) of 6.0% from 2015 to 2023, and is projected to grow at a CAGR of 7.6% from 2023 to 2029 [9]. - The country has a large population of 276 million, with a labor force of 149 million expected by February 2024, contributing to low manufacturing wages, which were approximately 1,402 RMB in 2022 [12][11]. - The textile and garment industry in Indonesia is recognized as a priority sector for foreign investment, benefiting from tax incentives and investment allowances [31][32]. Summary by Sections 1. Basic Situation of Indonesia - Indonesia's GDP per capita is relatively low at $4,941 in 2023, comparable to China's levels in 2010-2011 [9]. - The country has a favorable demographic structure with a high birth rate, supporting a growing labor force [11][12]. 2. Foreign Investment Environment - Indonesia's foreign direct investment (FDI) restrictions were historically high but have been relaxed, with significant improvements in the investment climate since 2020 [28]. - The government has introduced policies to simplify business registration and licensing, making the textile sector a focus for foreign investment [31]. 3. Domestic Analysis - The textile manufacturing sector is primarily located on Java Island, with Central and West Java being popular investment destinations [28]. - Indonesia is a major exporter of garments and footwear, ranking 13th globally in garment exports, with a total export value of $10.076 billion in 2022 [1][4]. 4. Textile Industry Overview - The textile industry in Indonesia is characterized by a small export scale compared to its potential, with garment exports showing stable growth [4]. - The country is positioned as a significant player in the global footwear market, with exports contributing to its economic development [4].

Investment Rating - The report assigns an "Accumulate" rating to Qilu Bank [2] Core Views - Qilu Bank has a strong local presence and is actively expanding its branch network, focusing on county-level financial services to drive growth [2][3] - The bank's asset quality is improving, with a declining non-performing loan ratio and increasing provision coverage [3][4] - The bank's performance has been robust, with revenue and net profit growth outpacing industry averages, and it is expected to maintain this trend in the coming years [3][4] Summary by Sections Historical Development - Qilu Bank, established in 1996, has evolved into a partner bank for small and medium-sized enterprises, focusing on serving local economies and adapting to national strategic initiatives [7][8] Regional Distribution - The bank has a comprehensive coverage in Shandong province with 188 branches, and it is expanding its presence in other regions, including Tianjin [9][12] - As of 2023, 44% of its loans are directed towards Jinan, with a growing market share in the province [9][11] Economic Context - Shandong province's GDP reached 9.2 trillion yuan in 2023, maintaining its position as the third-largest in China, with a growth rate of 6% [15][16] - The province is undergoing a transformation towards new economic drivers, which is beneficial for local banks like Qilu [15][20] Growth Strategy - Qilu Bank is focusing on expanding its loan portfolio, particularly in public infrastructure and retail sectors, while enhancing its county-level financial services [3][4] - The bank's strategy aligns with local government initiatives, supporting infrastructure and manufacturing upgrades [3][4] Asset Quality - The bank's non-performing loan ratio has decreased to 1.25% as of Q1 2024, with a provision coverage ratio of 305%, indicating strong asset quality management [3][4] Performance Outlook - The bank's revenue and net profit growth rates are projected to be 5.2% and 15.2% respectively from 2024 to 2026, with earnings per share expected to rise steadily [3][4]