Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company achieved revenue of 11.762 billion yuan (+9.86%) and a net profit of 786 million yuan (+15.77%) in H1 2024, with Q2 revenue at 5.791 billion yuan (+6.45%) and net profit at 386 million yuan (+8.12%), meeting expectations [3][4] - Due to increased industry competition, the company may slow its store opening pace in the next 1-2 years, leading to a downward revision of EPS forecasts for 2024-2026 to 1.36/1.62/1.95 yuan from 1.45/1.79/2.21 yuan, with a target price adjustment to 24.48 yuan based on a PE of 18x [3][5] - Revenue growth has slowed, but gross margin remains stable, with Q2 gross margin at 40.87% (+0.56/+1.62pp YoY/QoQ), indicating limited impact from price competition on leading pharmacies [3][4] Summary by Sections Revenue and Profitability - H1 2024 revenue was 11.762 billion yuan, with a growth rate of 9.86%, while net profit increased by 15.77% to 786 million yuan [3] - Q2 revenue was 5.791 billion yuan (+6.45%), and net profit was 386 million yuan (+8.12%) [3] - The average daily revenue per square meter decreased to 51 yuan in H1 2024 from 55 yuan in H1 2023, attributed to declining demand for cold medicines and a challenging consumer environment [3] Business Segmentation - In Q2, retail and wholesale revenue growth rates were +6.2% and +7.8%, respectively, while growth rates for traditional Chinese medicine, Western medicine, and non-medicinal products were +5.1%, +13.0%, and +9.0% [3] - Online sales grew rapidly, with H1 2024 internet channel revenue reaching 1.096 billion yuan (+20.18%), including O2O revenue of 878 million yuan (+26.33%) [3] Store Expansion and Market Position - The company opened 1,575 new stores in H1 2024, reaching a total of 14,736 stores, with a growth rate of 27% [3] - The company continues to expand in advantageous regions, increasing market share and enhancing profitability [3]

股 票 研 究 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 13.51 登记编号 S0880514030001 S0880523090003 公 司 更 新 报 告 52 周内股价区间（元） 12.10-26.82 总市值（百万元） 15,386 总股本/流通A股（百万股） 1,139/1,139 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 7,295 每股净资产（元） 6.41 市净率（现价） 2.1 净负债率 -18.53% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -31% -49% 相对指数 10% -23% -39% 收入增速放缓，毛利率阶段性承压 大参林(603233) [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 上 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 85.20 CNY, down from the previous forecast of 88.29 CNY [2]. Core Views - The profitability of airport duty-free operations has significantly improved, while the Hainan offshore duty-free market remains under pressure. The new city duty-free policy is expected to bring performance elasticity in the medium to long term [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.265 billion CNY, a year-on-year decrease of 12.81%, and a net profit attributable to shareholders of 3.283 billion CNY, down 15.07% year-on-year. The second quarter of 2024 saw revenue of 12.558 billion CNY, a decline of 17.44% year-on-year, and a net profit of 976 million CNY, down 37.60% year-on-year [7]. - The gross profit margin for Q2 2024 was 33.87%, an increase of 1.03 percentage points year-on-year and 0.55 percentage points quarter-on-quarter. However, the profit margin was pressured by rising costs, particularly in Hainan [7]. - The company’s international passenger flow recovery and reduced commission rates have led to a substantial improvement in airport duty-free profitability, with a 3178% year-on-year increase in operating profit for the Shanghai airport duty-free operations in H1 2024 [7]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.84 CNY, 3.20 CNY, and 3.58 CNY respectively, reflecting downward adjustments from previous estimates [7]. - The financial summary indicates a projected revenue increase from 69.45 billion CNY in 2024 to 83.25 billion CNY in 2026, with net profit expected to rise from 5.885 billion CNY in 2024 to 7.404 billion CNY in 2026 [8][10].

股 票 研 究 [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com [当前价格： Table_CurPrice] 12.58 登记编号 S0880515050001 S0880123070151 S0880524070001 公 司 更 新 报 告 52 周内股价区间（元） 11.88-16.80 总市值（百万元） 113,590 总股本/流通A股（百万股） 9,029/7,294 流通 B 股/H 股（百万股） 0/1,719 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 181,509 每股净资产（元） 20.10 市净率（现价） 0.6 净负债率 -170.31% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 2% -4% -19% 相对指数 3% 4% -10% 股票研究 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure, but the cataract and eye disease segments are experiencing growth, supporting future expansion [2] - With improvements in the consumer environment and new hospitals moving past their cultivation period, revenue is expected to rebound [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 1.42 billion yuan, a 3.08% increase, but net profit attributable to shareholders dropped by 81.56% to 43 million yuan [3] - Q2 2024 revenue was 745 million yuan, up 2.24%, with net profit down 63.59% to 26 million yuan [3] - H1 gross margin was 41.29%, down 4.09 percentage points, and net margin was 3.37%, down 14.08 percentage points, primarily due to revenue pressure and costs associated with new hospital operations [3] Business Segments - The company is optimizing its business structure to avoid over-reliance on refractive surgery revenue, with refractive income at 692 million yuan, down 2.50% [3] - Cataract revenue increased by 13.22% to 311 million yuan, while comprehensive eye disease revenue rose by 14.87% to 226 million yuan [3] Expansion Strategy - The company is advancing its expansion strategy with a focus on "national chain + regional integration," having opened six new hospitals in H1 2024 [3] - As of H1 2024, the company has established 33 specialized eye hospitals across over 20 municipalities and provincial capitals, with more in the pipeline [3] Valuation - The target price is adjusted to 43.03 yuan, based on a 2024 price-to-sales ratio of 2.24x, reflecting a lower valuation compared to industry peers [3][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 66.50 yuan from the previous 87.85 yuan, based on a 35x PE for 2024 [1][4]. Core Views - The company's earnings per share (EPS) for 2024 is revised down to 1.90 yuan from 2.46 yuan, while the EPS for 2025 and 2026 is slightly increased to 3.29 yuan and 4.22 yuan respectively [1]. - The company is facing short-term pressure due to a decline in 3C and lithium battery sectors, with revenues for these segments dropping by 8.75% and 37.37% respectively in the first half of 2024 [1]. - Despite the challenges, the company is focusing on enhancing its product matrix and increasing self-production ratios to improve operational efficiency [1]. Financial Summary - For the first half of 2024, the company reported revenues of 522 million yuan, a decrease of 15.65%, and a net profit of 113 million yuan, down 34.73% [1][3]. - The gross margin for the first half of 2024 was 66.01%, slightly down by 1.25 percentage points, while the net profit margin was 21.70%, an increase of 6.35 percentage points [1]. - R&D expenses for the first half of 2024 amounted to 110 million yuan, representing 21.05% of revenue, indicating a strong commitment to innovation [1]. Market Position and Strategy - The company is recognized as a leader in core components for machine vision and is actively expanding into new markets [1]. - The company has established a presence in overseas markets, including setting up a company in Vietnam and increasing resources in India [1]. - The report highlights the company's proactive approach in product standardization and collaboration with downstream industries to identify new growth opportunities [1].

Investment Rating - The report rates the media industry as "Overweight" [2] Core Insights - The media industry maintained revenue growth in H1 2024, with total operating revenue increasing by 2.44% year-on-year, ranking 14th among 31 industries. However, net profit attributable to shareholders and net profit excluding non-recurring items decreased by 30.55% and 25.80% respectively, primarily due to rising channel costs and corporate income tax payments by state-owned cultural enterprises [3][10][19] - The summer box office for 2024 was approximately 11.6 billion yuan, significantly lower than the 20.6 billion yuan in 2023, marking the lowest box office in a normal operating year over the past decade. This decline is attributed to a lack of major film releases, with only two films surpassing 1 billion yuan in box office revenue [20][25] Summary by Sections 1. Media Industry Performance - The media sector's revenue growth remains resilient, with a 2.44% increase in H1 2024. However, profit margins have declined, with net profits down by over 30% due to increased costs and tax obligations [10][19] - Sub-sectors such as advertising, gaming, and publishing showed positive revenue growth, with advertising revenue up by 9.95%, gaming by 4.80%, and publishing by 0.33% [19][18] 2. Box Office Analysis - The 2024 summer box office totalled around 11.6 billion yuan, a significant drop from 20.6 billion yuan in 2023, attributed to insufficient major film releases [20][25] - The number of moviegoers during the summer season was approximately 280 million, which is considerably lower than previous years, despite a record number of screenings [25] 3. Company Performance Highlights - Companies like Baotong Technology, Shenzhou Taiyue, and Shunwang Technology achieved over 50% year-on-year growth in net profit in H1 2024 [19][18] - Advertising firm Fen Zhong Media maintained a double-digit growth rate, achieving a net profit of 2.23 billion yuan in H1 2024, up from 2.23 billion yuan in the same period last year [19][18] 4. Investment Opportunities - The report suggests focusing on vertical segments within the media industry that are expected to continue high growth, recommending stocks such as Kaiying Network, Sanqi Interactive, and Shanghai Film [9][19]

Investment Rating - The report maintains an "Overweight" rating for the industrial metals sector, consistent with the previous rating [2][4]. Core Viewpoints - Domestic real estate policies are expected to boost market sentiment, while overseas interest rate cuts may provide support for industrial metal prices. The upcoming peak season in September and October shows signs of improved downstream demand, which could further support prices, although the extent of price rebounds will depend on inventory reduction rates [4][8]. - The report highlights the performance of aluminum and copper markets, indicating that aluminum prices may be supported by rising alumina prices and policy expectations, while copper prices are bolstered by expectations of reduced smelting output as the peak season approaches [4][8]. Summary by Sections 1. Cycle Assessment - Recent domestic real estate policies, such as extending loan terms and optimizing first-home recognition standards, have heightened expectations for market support. The U.S. services PMI for August was reported at 55.2, exceeding expectations, indicating continued economic expansion [4][8]. - The report notes that while downstream demand shows signs of recovery, high prices may still suppress demand, and the actual price rebound will depend on the realization of peak season expectations [4][8]. 2. Industry and Stock Performance - The report indicates that the industrial metals sector has shown resilience, with specific stocks like Yinbang Co. experiencing a weekly increase of 33.15%, while Zhongjin Gold saw a decline of 12.02% [10]. 3. Industrial Metal Prices and Inventory - As of August 30, 2024, LME copper prices decreased by 0.58% to $9,235 per ton, while SHFE copper prices increased by 0.98% to ¥74,220 per ton. Aluminum prices on LME fell by 3.74% to $2,447 per ton, while SHFE aluminum rose by 0.28% to ¥19,850 per ton [14][15]. - The report highlights that copper and aluminum inventories are primarily in a state of reduction, with copper inventory at 24.2 million tons, showing a decrease of 3.71% week-on-week [15][22]. 4. Copper Market Insights - The report notes that the domestic peak season is approaching, with expectations of reduced smelting output supporting copper prices. The copper processing plant operating rate is reported at 79.26%, with a slight decrease of 1.29 percentage points [4][22]. - The report also mentions that domestic social copper inventory has decreased by 0.44 million tons to 279,000 tons, while global visible inventory has increased slightly to 714,000 tons [4][22]. 5. Aluminum Market Insights - The report indicates that alumina prices are holding firm, which, along with policy expectations, may support aluminum prices. The operating rate for aluminum processing enterprises has increased by 0.1 percentage points to 62.4% [4][28]. - The report also notes that the profitability of aluminum has slightly decreased, with profit per ton of aluminum dropping to approximately ¥1,246 [4][28].

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [4][9]. Core Insights - The lithium sector is experiencing a cautious market sentiment with average transaction volumes. The futures prices for lithium carbonate have shown a slight rebound, while the spot market remains subdued. The report indicates that the reduction in carbon lithium inventory is a potential signal for price stabilization [3][4][9]. - The cobalt market continues to face significant cost pressures, leading to a persistent downturn in cobalt salt prices. Companies in the cobalt sector are extending their operations into the electric new energy downstream manufacturing, creating a cost advantage through integration [4][10]. Summary by Sections 1. Cycle Assessment: Initial Inventory Reduction and Price Stabilization - The report notes a slight rebound in lithium carbonate prices, with a cautious market sentiment prevailing. The weekly production of battery-grade lithium carbonate increased by 0.07%, while inventory decreased by 0.95% [4][9]. - The average price for battery-grade lithium carbonate was reported at 73,000-76,200 CNY/ton, reflecting a 0.47% increase from the previous week [4][9]. 2. Company and Industry Dynamics Tracking - Pilbara Minerals reported a 17% increase in lithium spodumene production to approximately 730,000 tons, despite a 74% drop in average selling price [12]. - Galan Lithium signed a non-binding memorandum of understanding worth 40 million USD for lithium chloride sales, expected to start in 2025 [12]. - The report highlights that domestic supply of cobalt is excessive, with weak demand leading to a subdued market atmosphere [10]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - The report provides data on the production and pricing of various lithium and cobalt products, indicating a mixed performance across different materials. For instance, the average price of lithium hydroxide decreased by 1.64% [10][60]. - The report also notes a 36% decrease in lithium hydroxide export volume, while lithium carbonate imports increased by 23% [23][28]. 4. Listed Company Profit Forecasts - The report includes financial performance forecasts for several companies, indicating significant revenue declines for major players like Ganfeng Lithium and Yongxing Materials, with year-on-year revenue drops of 47.2% and 32.5%, respectively [12].

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, specifically for the pig farming segment [2][27]. Core Insights - The industry has turned profitable in Q2, with a significant increase in both output and prices, leading to a total net profit of 996 million yuan in the first half of the year, a year-on-year turnaround [4][7]. - The decline in breeding costs and stable reproductive stock levels have contributed to improved profitability, with costs dropping to approximately 14 yuan/kg [12][14]. - The industry has seen a decrease in debt levels and an increase in cash flow, with net cash flow from operating activities rising by 15.8 billion yuan in Q2 [17][19]. - Capital expenditures have decreased, reflecting a cautious approach to expansion due to uncertainties in future pricing [21][26]. Summary by Sections 1. Volume and Price Increase, Profitability Turnaround in Q2 - The industry reported a total revenue of 196.99 billion yuan in the first half of the year, a year-on-year decrease of 8.29%, but a net profit of 996 million yuan, marking a return to profitability [7][10]. 2. Declining Breeding Costs and Stable Reproductive Stock - Breeding costs have decreased significantly, with major companies reporting costs around 14 yuan/kg, and as of July 2024, costs have further declined to a range of 13.5 to 14 yuan/kg [12][14]. 3. Ample Cash Flow and Decreased Debt Ratios - The average debt ratio for the industry fell to 64.51% in Q2, a decrease of 0.75 percentage points, with a notable increase in net cash flow from operating activities [17][19]. 4. Decreased Capital Expenditures and Cautious Expansion - Capital expenditures in Q2 decreased by 4.6 billion yuan, reflecting a cautious stance on expansion due to uncertainties in market conditions [21][26]. 5. Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods and Wens Foodstuffs, with additional beneficiaries including New Hope Liuhe and Tian Kang Biological [27].