本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 华利集团(300979.SZ) 24Q2 稳健增长，产能利用率高位预示 订单增长趋势良好 事件： 华利集团公布 2024 半年度业绩报告。经折算公司 2024Q2 实现收 入 67.1 亿元，YoY+20.8%，归母净利润 10.9 亿元，YoY+11.9%。 公司 2024Q2 收入业绩实现稳健增长，主要因为：1）华利集团在 耐克供应链中的占比得以保持，同时其余客户订单表现亮眼。2） 上游皮革原材料价格进入下行区间、人民币及越南盾汇率低位， 均带动公司毛利率提升。 收入保持稳健增长，量价齐升： 华利集团 2024Q2 收入 YoY+20.8%,其中均价 108.2 元 YoY+1.3%， 销量 6200 万双，YoY+19.2%，保持量价齐升的态势。我们认为， 此收入水平反映了华利集团在耐克整体供应链中的地位保持稳 定，同时如 HOKA，昂跑等其他品牌的订单保持较快增长。考虑到 公司产能利用率重回 97.3%的高位，表明公司订单已非常饱满， 将有望带动全年收入保持稳健增长。 原材料成本下降推高毛利率表现： 华利集团 20 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 22 日 特宝生物(688278.SH) 股权激励表明业绩增长信心，长效干扰 素+长效升白药+长效生长激素有望保 证增长持续性 事件：公司发布 2024 年中报，报告期内实现营业收入 11.90 亿 元，同比增长 31.68%；实现归母净利润 3.04 亿元，同比增长 50.53%；实现扣非归母净利润 3.30 亿元，同比增长 41.67%。 股权激励表明业绩增长信心。公司发布《2024 年限制性股票激 励计划实施考核管理办法》，本激励计划首次授予的限制性股票的 业绩考核目标如下：以 2023 年度净利润为基数，2024 年度净利 润增长率不低于 30%；以 2023 年度净利润为基数，2025 年度 净利润增长率不低于 70%；以 2023 年度净利润为基数，2026 年 度净利润增长率不低于 120%。上述业绩考核目标表明了公司对 于业绩长期增长的信心。 长效干扰素新增适应症上市申请已获受理，乙肝临床治愈门诊 有望助力长效干扰素放量。公司长效干扰素派格宾联合核苷（酸） 类似物针对成人慢乙肝增加适应症的上市许可申请已于 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 22 日 小米集团-W(01810.HK) 2024Q2 创单季度营收记录，汽车毛利 率亮眼 事件： 公司披露 2024Q2 业绩，2024Q2 实现收入 889 亿元，同增 32%；经调 整净利润为 62 亿元，同增 20.1%。 2024Q2 收入创单季度记录，利润端快速增长。得益于汽车新业 务收入贡献增量，2024Q2 实现收入 889 亿元，同增 32%，创单季 度营收最高记录；毛利率为 20.7%，同比下降 0.3pct，IoT 及互 联网服务毛利率提升抵消智能手机毛利率下滑；2024Q2 整体营业 费用为 126 亿元，其中手机 x AIoT 分部营业费用为 96 亿元，对 应营业费用率为 11.7%，同比下降 1.1pct。2024Q2 研发费用为 55 亿元，同增 20.7%。经调整净利润为 62 亿元，同增 20.1%。 人车家三大终端进入增长周期，经营表现亮眼。2024Q2 公司突 出的经营表现得益于三大核心终端出货量均进入增长周期，进而 推动互联网服务变现效率提升： ➢ 智能电动汽车：毛利率超预期，全 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 55.75 CNY [5][8]. Core Views - The company's core products are experiencing healthy growth through multiple sales channels, and it has initiated mid-term dividend payments to reward investors [3][7]. - The performance for the first half of 2024 met expectations, with significant year-on-year growth in revenue and net profit [3][4]. - The company has shown continuous improvement in profitability, with substantial increases in gross and net profit margins [4]. Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 2.748 billion CNY, a year-on-year increase of 26.80%, and a net profit attributable to shareholders of 738 million CNY, up 39.03% [2]. - The revenue from the core product, Ejiao and its series, reached 2.551 billion CNY, growing 32.52% year-on-year, while other pharmaceutical and health products saw a decline of 11.91% [3]. - The overall gross margin for the first half of 2024 was 73.54%, an increase of 3.20 percentage points year-on-year, with the gross margin for Ejiao products at 75.36% [4]. Dividend Policy - The company announced its first mid-term dividend, planning to distribute 11.44 CNY per 10 shares, with an expected total cash dividend amounting to 737 million CNY, representing 99.77% of the net profit for the first half of 2024 [7]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 5.586 billion CNY, 6.573 billion CNY, and 7.553 billion CNY, respectively, with net profits expected to be 1.437 billion CNY, 1.699 billion CNY, and 1.957 billion CNY [8][9].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 爱美客(300896.SZ) 24H1 业绩保持增长，盈利能力不断提 升 爱美客发布 2024 年半年度报告： 1）2024 年上半年，公司实现营业收入 16.57 亿元/同比+13.53%，归 母净利润 11.21 亿元/同比+16.35%，归母扣非净利润 10.89 亿元/同 比+16.58%。经营性现金流量净额 11.50 亿元/同比+17.76%。 2）单二季度，公司实现营业收入 8.49 亿元/同比+2.35%/环比+5.04%， 归母净利润 5.93 亿元/同比+8.03%/环比+12.52%，扣非归母净利润 5.60 亿元/同比+2.46%/环比+6.02%。 盈利能力持续提升，研发费用投入加大： 1）2024 年上半年，公司归母净利率 67.65%/+1.64pcts，毛利率 94.91%/-0.50pct，销售费用率 8.52%/-1.67pcts，管理费用率 4.09%/-1.40pcts，研发费用率 7.59%/+0.44pct。公司盈利能力提升 主要得益于费用管控得当。 2）单二季度，公司归母净利率 ...

Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 55.09 CNY per share, maintaining the rating [3][7]. Core Views - The company's overseas expansion is beginning to contribute to revenue growth, with multiple new products entering the monetization phase. The reported revenue for the first half of 2024 was 13.601 billion CNY, a year-on-year increase of 21.78%, and the net profit attributable to shareholders was 3.432 billion CNY, up 48.67% [1][2]. - The company has received significant upfront payments from overseas licensing agreements, which are expected to be a major source of revenue growth in the future. For instance, the company recognized a 160 million Euro upfront payment from Merck Healthcare, translating to approximately 1.24 billion CNY [1][2]. - The innovative drug segment is expected to further enhance revenue contributions, with innovative drug revenue reaching 6.612 billion CNY in the first half of 2024, a 33% increase year-on-year. The company has several first-class new drugs approved and others in the NDA stage, which are anticipated to boost revenue further [2]. Summary by Sections Financial Performance - The company achieved a revenue of 13.601 billion CNY in the first half of 2024, a 21.78% increase year-on-year. The net profit attributable to shareholders was 3.432 billion CNY, reflecting a 48.67% increase [1]. - The innovative drug revenue for the first half of 2024 was 6.612 billion CNY, a 33% increase compared to the previous year [2]. Future Projections - Revenue growth rates are projected at 17.0%, 14.7%, and 15.7% for 2024, 2025, and 2026, respectively. Net profit growth rates are expected to be 36.1%, 14.2%, and 15.9% for the same periods [2]. Licensing Agreements - The company has entered into several overseas licensing agreements, including: 1. Licensing of EZH2 inhibitor SHR2554 to Treeline Biosciences in February 2023. 2. Licensing of TSLP monoclonal antibody SHR-1905 to One Bio in August 2023. 3. Licensing of TKI pyrotinib to Dr. Reddy's in October 2023. 4. Licensing of PD-1 inhibitor camrelizumab for liver cancer treatment to Elevar Therapeutics in October 2023. 5. Licensing of PARP1 inhibitor HRS-1167 to Merck in October 2023, with a 160 million Euro upfront payment. 6. Licensing of GLP-1 product portfolio to Hercules in May 2024 [1][10].

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 日用化学品 投资评级 增持-A 维持评级 6 个月目标价 17.19 元 股价 (2024-08-21) 16.67 元 交易数据 总市值(百万元) 11,256.51 流通市值(百万元) 11,206.01 总股本(百万股) 675.26 流通股本(百万股) 672.23 12 个月价格区间 16.32/27.12 元 升幅% 1M 3M 12M 相对收益 -1.6 -11.6 -27.6 绝对收益 -7.7 -21.3 -38.5 王朔 分析师 相关报告 24Q1 减收而增利，降本增效 成果显著 2024-04-23 2023 年业绩承压，组织调整 全面变革 2024-03-18 组织架构调整落地，品牌推 广逐渐加码 2023-10-26 23H1 业绩恢复，护肤表现优 异 2023-08-28 2022 年业绩受疫情影响较 2023-04-26 公司快报 2024 年 08 月 22 日 上海家化(600315.SH) 二季度业绩承压，未来战略升级引领渠 道变革 公司发布 2024 年半年度报告： （1）2024 年上半年，公司实现营收 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY [4][7]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, representing a year-on-year growth of 3.77%. The net profit attributable to shareholders was 221 million CNY, showing a significant increase of 83.69% year-on-year [1]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, up 15.51% year-on-year, while domestic revenue faced challenges, declining by 18.98% to 385 million CNY [2]. - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. Financial Performance Summary - For H1 2024, the company achieved a gross profit margin of 35.34%, with a net profit margin of 15.28% [3]. - The company’s revenue projections for 2024-2026 are 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with corresponding net profits of 458 million CNY, 549 million CNY, and 635 million CNY [7][8]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 14.7x, 12.2x, and 10.6x, respectively [7][8].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY, maintaining the rating [4][8]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, a year-on-year increase of 3.77%, and a net profit of 221 million CNY, up 83.69% year-on-year [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, a 15.51% increase year-on-year, while domestic revenue faced pressure, declining by 18.98% to 385 million CNY [2]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. Financial Performance - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. - The company’s operating expenses decreased significantly due to the divestiture of its home furnishings segment, leading to a notable reduction in sales expenses [3]. - The projected revenue for 2024-2026 is expected to grow to 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with net profits forecasted at 458 million CNY, 549 million CNY, and 635 million CNY [8][9].

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 10.9 RMB per share, implying a 25x PE multiple for 2025 [5][10] Core Views - The company's gross margin improvement highlights its profitability, with a focus on the growth potential of emerging businesses [1] - The company's revenue and net profit showed steady growth in H1 2024, with revenue reaching 624 million RMB (+11.48% YoY) and net profit at 56 million RMB (+6.28% YoY) [1] - The company is actively investing in new projects, including the construction of a liquid rocket engine thrust chamber materials and components production facility, with a total investment of 1.33 billion RMB [4][9] Financial Performance - Gross margin in H1 2024 was 23.80%, up 3.5 percentage points YoY, with Q2 gross margin reaching 24.33%, up 1.16 percentage points QoQ and 5.58 percentage points YoY [2] - R&D expenses in H1 2024 were 32.44 million RMB, up 30.61% YoY, accounting for 5.20% of revenue, an increase of 0.76 percentage points YoY [2] - Export revenue in H1 2024 was 173 million RMB, up 27.79% YoY, driven by growth in high-conductivity and high-strength copper alloy materials and components in the semiconductor and generator industries [2] Business Development - The company is expanding its presence in key markets such as the US, Europe, and Japan, particularly in the semiconductor and generator industries [2] - The company has made breakthroughs in new technology and product applications with major clients like Siemens and Schneider in the medium and high-voltage electrical contact materials sector [2] - The company is deepening its cooperation with industry leaders like Siemens and Varex in the CT and DR tube materials and components sector [2] Future Outlook - The company is expected to achieve revenue of 1.619 billion RMB, 2.071 billion RMB, and 2.693 billion RMB in 2024, 2025, and 2026, respectively, with net profits of 133 million RMB, 179 million RMB, and 250 million RMB [10] - The company's EPS is projected to be 0.18 RMB, 0.25 RMB, and 0.34 RMB for 2024, 2025, and 2026, respectively, with corresponding PE multiples of 39.2x, 29.2x, and 20.9x [10]