2024 年 08 月 28 日 贝泰妮(300957.SZ) 公司发布 2024 年半年度报告： 毛利率有所下降，费用管控良好： 彩妆品类增长迅速，线下渠道占比提升： 1）分品类看，彩妆增长迅猛。上半年公司医疗器械营收 2.62 亿元/- 5.88%，护肤品营收 22.73 亿元/+10.90%，彩妆 2.57 亿元/+743.73%。 2）分渠道看，线下渠道占比提升。上半年公司线上渠道营收 18.52 亿元/+16.83%，占比 66.35%/-1.32pcts；线下渠道 7.27 亿元 /+20.99%，占比 26.06%/+0.57pct；OMO 渠道销售 2.12 亿元/+23.64%， 占比 7.59%/+0.32pct。合计来看，自营营收 16.21 亿元/+15.57%， 经销、代销营收 11.70 亿元/+22.52%。 品牌矩阵逐渐丰富，薇诺娜 2.0 时代战略升级： 998345865 | --- | --- | |-------------------------------------|----------------------| | | 公司快报 | | | | | | 证券研究 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 20.42 CNY for the next six months [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 9.630 billion CNY, a year-on-year increase of 22.19%, and net profit of 932.5 million CNY, up 68.04% [2]. - The electronics industry is showing signs of recovery, with a projected global market value of 2.55 trillion USD in 2024, driven by demand in consumer electronics and AI technologies [3]. - The company's products are widely used in high-speed applications, AI servers, 5G antennas, and various high-end electronic products, contributing to a 26.22% year-on-year revenue growth in Q2 [3]. Financial Performance Summary - The company’s revenue projections for 2024 to 2026 are 19.572 billion CNY, 22.703 billion CNY, and 25.950 billion CNY, respectively, with net profits expected to be 1.984 billion CNY, 2.392 billion CNY, and 2.765 billion CNY [4]. - The company achieved a gross margin of 21.78% in Q2, compared to 18.88% in the same period last year [3]. - The production and sales of various products, including copper-clad laminates and printed circuit boards, have shown strong growth, with production increasing by 23.25% and sales by 14.83% in the first half of 2024 [4].

2024 年 08 月 28 日 第一创业(002797.SZ) | --- | |------------------| | [Table_Finance1] | | 营业收入 | | 归母净利润 | | 每股净资产(元 | | 每股收益(元 | | 估值水平 | | | | | | 数据来源：Wind | 哈滢 联系人 | --- | |-----------------------| | S1450123060044 | | haying@essence.com.cn | | | | 2024-04-30 | | | | 2023-05-10 | | | | 2022-09-02 | 务短期承压 公司快报 | --- | --- | |------------------------|--------------| | | 证券研究报告 | | 投资评级 | 证券Ⅲ买入-A | | | 维持评级 | | 1 2 个月目标价 | 6.43 元 | | 股价 (2024-08-28) 5.18 | 元 | | | | | 交易数据 | | | 总市值(百万元 | ) 21,768.43 | | 流通市值(百 ...

2024 年 08 月 28 日 鱼跃医疗(002223.SZ) 步伐加快打开长期空间 事件：公司发布 2024 年中报。 各业务条线中新产业板块增长亮眼，产品端与客户端持续突破。 （1）呼吸治疗解决方案：上半年实现收入 16.42 亿元，同比降低 28.88%，下降原因主要系上年同期高基数。其中，制氧机产品营收较 上年同期虽有一定下滑，但相较 2022 年同期实现双位数的复合增长 率；雾化产品销售业绩继续保持了良好增速，较上年同期实现了双位 数的增幅；家用呼吸机产品亦在优秀的产品品质及品牌力的加持下， 业务规模获得了较好增长。 （2）糖尿病护理解决方案：上半年实现收入 5.62 亿元，同比增长 54.94%。公司 BGM 相关产品市场占有率持续攀升，客群规模进一步扩 大，CGM 产品的研发工作稳步推进，新品销售实现快速拓展。糖尿病 护理板块产品的市场地位不断提高，公司正全力推进该板块产品在院 内外市场的深度渗透，同时，强化研发、制造、销售团队的人才体系 建设，为关键业务领域筑造更坚实的战略后盾。 （3）感控解决方案：上半年实现收入 3.1 亿元，同比降低 26.79%， 业务规模相比过往需求波动年份有所缩减 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 31.56 CNY over the next six months [1][6]. Core Views - The company experienced a temporary decline in performance due to short-term factors, but new industries continue to grow rapidly [2][3]. - The life sciences segment showed a revenue increase of 2.28% year-on-year, while the new industries segment saw a significant growth of 22.69% year-on-year, contributing to 42.63% of total revenue [3][4]. - The company is expanding its overseas competitiveness, with project business opportunities exceeding 1 billion CNY [4][6]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 1.223 billion CNY, a decrease of 3.71% year-on-year, and a net profit of 234 million CNY, down 15.84% year-on-year [2]. - The gross margin for the first half of 2024 was 46.57%, a decrease of 5.91 percentage points year-on-year, but adjusted figures show a gross margin of 50.11% [2]. - The company expects revenue growth rates of 10.0%, 25.5%, and 23.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 23.6%, 21.0%, and 20.4% [6][8]. Business Segment Performance - The life sciences segment's revenue was 607 million CNY in the first half of 2024, with low-temperature storage business facing challenges due to delayed orders [3]. - The new industries segment's revenue growth was driven by automation in medication, laboratory consumables, and digital public health services, with service revenue increasing by 26% year-on-year [3][4]. - The medical innovation segment reported a revenue of 612 million CNY, down 8.97% year-on-year, primarily due to delays in overseas public health project orders [3]. Market Position and Outlook - The company achieved a domestic revenue of 892 million CNY, up 6.93% year-on-year, while overseas revenue was 328 million CNY, down 24.17% due to order delays [4][6]. - The company has established localized teams in over 150 countries, enhancing its competitive edge in overseas markets [6]. - The company has introduced 21 new product models and achieved over 400 certifications, further strengthening its market position [6].

Production Insights - The average daily coal consumption of the six major power generation groups was 933,000 tons on August 27, a decrease of 0.6% from August 20[14] - The national blast furnace operating rate was 77.5% on August 23, down 1.4 percentage points from August 16[20] - The national freight flow index increased by 2.8% compared to the week of August 20, with significant increases in Guangdong (3.8%) and Beijing (2.9%)[25] Demand Insights - The average daily sales area of commercial housing in 30 major cities from August 1-27 was 222,000 square meters, a decrease of 9.9% from July and 20.4% year-on-year[27] - The retail sales of passenger cars in August showed a year-on-year growth of 5%, but the wholesale volume decreased by 2%[3] - Steel prices rebounded on August 27, with rebar prices increasing by 2.8% compared to August 20[3] Market Trends - The inventory of five major steel products decreased to 11.941 million tons on August 23, down 410,000 tons from August 16, indicating a faster destocking process[4] - Cement prices fell by 1.4% nationwide on August 27, with the East China region seeing a decline of 2.3%[4] - The glass futures price dropped to 1,256.0 yuan/ton on August 27, down 2.4% from August 20, reflecting a continued downward trend[4]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 8.45 CNY, maintaining the rating [4][7]. Core Views - The company reported a slight decline in revenue for H1 2024, with total revenue of 5.004 billion CNY, down 3.51% year-on-year, and a net profit of 458 million CNY, down 13.33% year-on-year. The second quarter showed a smaller revenue decline of 0.45% compared to the previous year [2]. - The company is experiencing pressure in the metallurgy sector due to weak downstream demand, but it is making progress in expanding into new markets such as petrochemicals and energy, which is stabilizing revenue [2][3]. - The gas segment has shown stable growth, with revenue of 1.867 billion CNY in H1 2024, up 17.43% year-on-year, contributing to 37.31% of total revenue [3]. - The company maintains a high dividend level, with a proposed cash dividend of 0.18 CNY per share, reflecting a distribution ratio of approximately 67% [6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 5.004 billion CNY, a decrease of 3.51% year-on-year, and a net profit of 458 million CNY, down 13.33% year-on-year. The Q2 revenue was 2.512 billion CNY, a decrease of 0.45% year-on-year, with a net profit of 224 million CNY, down 16.04% year-on-year [2]. - The sales gross margin was approximately 23.38%, a decrease of 0.57 percentage points year-on-year, while the net profit margin was about 9.16%, down 1.04 percentage points year-on-year [2]. Business Segments - The equipment segment generated revenue of 2.650 billion CNY in H1 2024, down 12.31% year-on-year, accounting for 52.95% of total revenue [2]. - The gas segment's revenue reached 1.867 billion CNY, up 17.43% year-on-year, contributing 37.31% to total revenue [3]. - The industrial services segment reported revenue of 487 million CNY, down 15.20% year-on-year, accounting for 9.74% of total revenue [3]. Market Outlook - The company is focusing on expanding its market share in the petrochemical and energy sectors, achieving significant breakthroughs in various projects, including the largest nitric acid unit in China [2][3]. - The company is expected to maintain stable profit growth due to its competitive position in the equipment sector and the steady growth of its gas business [6][7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 lusc@essence.com.cn 2024 年 08 月 28 日 真爱美家(003041.SZ) 短期阵痛不改长期成长 事件： 真爱美家公布 2024 半年度报告。公司 2024 上半年收入 3.2 亿元， YoY-11.5%；实现归母净利润 3368.5 万元，YoY+1.0%；实现扣非净利 润 2263.1 万元，YoY-44.9%。我们认为，外部环境的短期波动，以及 新工厂收尾调试带来的费用提升，是造成收入和利润下滑的主要原 因，不影响长期具备较大成长性的判断。 海运受阻是收入下滑的主要原因： 真爱美家 2024 上半年收入有所下滑，我们认为并非因为订单下滑， 而是因为海运受阻导致的发货迟滞。我们作出如此判断，主要因为： 1）公司上半年披露总产能不变，但利用率 YoY+3pct，表明订单量仍 有增长；2）公司上半年库存相比去年底有所提升，其中库存商品相 较去年底增长 71.2%；3）根据海关总署数据，我国上半年毛毯出口量 YoY+4.7%,总体有所提升，但中东和非洲地区的出口量分别 YoY9.5%/-16.9%。 价格下降以及原材料价格上升下 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of HKD 17.37 [5][8]. Core Insights - The company achieved a revenue of RMB 1.138 billion in the first half of 2024, representing a year-on-year increase of 9.7%, and a net profit of RMB 115 million, up by 2.7% [1]. - The company is expanding its market presence through the acquisition of a 70% stake in the second-largest beauty brand, Nairui'er, which is expected to enhance its market share and brand synergy [4][8]. - The company has transitioned to a "dual beauty + dual health" business model, focusing on both beauty and health services [4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 47.0%, an increase of 0.9 percentage points, driven by a higher proportion of high-margin businesses [2]. - The adjusted net profit for the first half of 2024 was RMB 132 million, reflecting a modest increase of 0.5% [1]. - Cash and cash-equivalent assets rose significantly by 137.1% to RMB 196 million [1]. Membership and Store Expansion - The number of active direct members reached 81,500, a growth of 10.3%, while the average annual spending per member decreased by 2.1% to RMB 12,600 [3]. - The total number of stores increased to 409, with a net addition of 14 stores in the first half of 2024 [3]. Business Segmentation - Revenue from beauty and health services was RMB 622 million, up 13.6%, accounting for 54.7% of total revenue, with a gross margin of 40.3% [4]. - Medical beauty services generated RMB 441 million, representing a slight increase of 0.33%, while health assessment and intervention services saw a significant growth of 50.0% to RMB 74 million [4].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 28 日 盾安环境(002011.SZ) 热管理收入持续高增，冷配业务快速增长 事件：盾安环境公布 2024 年半年报。公司上半年实现收入 63.5 亿元，YoY+13.9%，实现归母净利润 4.7 亿元，YoY+44.0%，实现 扣非归母净利润 4.7 亿元，YoY+10.2%；经折算，公司 Q2 单季度 实现收入 37.2 亿元，YoY+19.0%，实现归母净利润 2.7 亿元， YoY+58.7%,实现扣非归母净利润 2.7 亿元，YoY+7.6%。我们认为， Q2 盾安汽车热管理收入延续高增，冷配业务受益于下游空调生产 积极，单季经营表现稳步提升。 冷配收入快速增长，制冷设备业务表现平稳：分产品来看，1） 2024H1 盾安冷配业务收入 YoY+15.7%，我们推断 Q2 公司冷配业 务收入同比延续快速增长态势。据产业在线数据，Q2 盾安截止阀、 四通阀、电子膨胀阀销量 YoY+22.5%、+3.5%、+22.4%。下游空调 生产较为积极，带动制冷配件需求提升，Q2 空调行业生产量 YoY+12.5%。2）2024 ...