——2024 年 7 月能繁母猪存栏数据 股票研究 /[Table_Date] 2024.08.28 | --- | |-------------------------------------| | | | [table_Authors] 王艳君 ( 分析师 ) | | 021-38674633 | | | | wangyanjun022998@gtjas.com | | 登记编号 S0880520100002 | [细分行业评级 Table_subIndustry] 本报告导读： 7 月份全国能繁母猪存栏量 4041 万头，环比上升 0.7%，同比下降 5.4%。价格高位 而产能增长速度较慢，看好周期持续性。 投资要点： [Table_Summary] 投资建议：当前猪价高位，养殖利润同比明显改善，二季度养殖利 润同比由亏转盈，预计三季度养殖利润环比继续增长。从当前估值 来看，板块经过调整，估值低位，持续推荐。推荐标的牧原股份、 温氏股份、受益标的巨星农牧、天康生物、神农集团、华统股份、 唐人神、东瑞股份。 事件：据农业农村部数据监测显示，7 月份全国能繁母猪存栏量 4041 万头，环比上升 0.7%，同 ...

股 票 研 究 ——苏农银行 2024 中报业绩点评 | --- | |---------------------------------| | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | | --- | --- | |--------------------------------|-------| | | | | | | | 钟昌静 ( 研究助理 ) | | | 010-83939787 | | | zhongchangjing028678@gtjas.com | | | S0880123070141 | | 本报告导读： 苏农银行 2024 中报业绩表现符合预期，其他非息同比高增提振营收，经营成本和税 费下降增厚利润，资产质量边际承压。 投资要点： [Table_Summary] 投资建议:考虑到营业成本改善及资本内生补充的需要，调整苏农银 行 2024-2026 年净利润增速预测为 14.5%/10.4%/10.8%，对应 EPS 为 1.10 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——开润股份 2024H1 业绩点评 Q2 归母靓丽高增，扣非符合预期 开润股份(300577) 纺织服装业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|------------------------------|-------| | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 曹冬青 ( 分析师 ) | | | | 021-38038184 | 0755-23976666 | | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.co m | | | 登记编号 | S0880524040004 | S0880524080001 | | | --- | --- | - ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——宇信科技 2024 年半年报点评 | --- | |-------------------------------------| | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | 登记编号 S0880520020004 | 本报告导读： 主动放弃低毛利业务使得收入端承压，盈利质量显著提升 投资要点： [Table_Summary] 下调目标价至 16.08 元，维持"增持"评级。软件业务收入下滑幅 度略超预期，下调 2024-2026 年盈利预测。预计公司 2024-2026 年 EPS 分别为 0.47（-0.06）、0.57（-0.13）、0.66（-0.15）元。参考可比 公司 2024 年平均 PE，下调目标价至 16.08 元，维持"增持"评级。 收入低于预期，下游行业需求不及预期。2024 年上半年公司实现营 业收入 14.90 亿元，同比下滑 23.09%，其中 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.02 CNY, based on an industry-average PE of 16 times for 2024 [4][5]. Core Insights - The demand for mid-to-high-end women's clothing continues to weaken, putting pressure on the company's short-term profitability. However, the company is expected to operate steadily in the second half of the year due to ongoing optimization of offline channels. A recent share buyback announcement reflects the company's confidence in its development [3][4]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 1.13 billion CNY, a year-on-year decrease of 9.5%, and a net profit attributable to shareholders of 220 million CNY, down 27.5% year-on-year. The second quarter alone saw revenue of 590 million CNY, a decline of 7.1% year-on-year, with a net profit of 110 million CNY, down 21.0% year-on-year [4][5]. - The company's gross margin decreased by 0.4 percentage points year-on-year in the first half of 2024. Revenue by brand showed declines across DA, DM, DZ, and RA, with respective revenues of 570 million CNY, 70 million CNY, 470 million CNY, and 20 million CNY, reflecting year-on-year decreases of 13.5%, 7.6%, 4.7%, and 0.9% [4]. - Online, direct, and distribution channel revenues were 190 million CNY, 450 million CNY, and 480 million CNY, with year-on-year changes of -3.1%, -19.0%, and -1.0% respectively. The company continues to close stores, with a net reduction of 5 direct stores and 55 franchise stores in the first half of 2024 [4][5]. Future Outlook - The company announced a share buyback plan of 100 to 200 million CNY, intended for employee stock ownership or equity incentives, indicating confidence in future performance. The company is expected to maintain a high dividend payout ratio in 2024, similar to previous years [4][5].

Investment Rating - Maintains an "Overweight" rating [1][3] Core Views - The company faces pressure on single-store revenue due to intense competition in the ready-to-drink tea market [2] - The company continues to expand in lower-tier cities and overseas markets, but single-store revenue is under pressure [3] - The company is expected to optimize its products and supply chain to improve performance [2] Financial Performance - 2024H1 revenue: RMB 2.396 billion, down 10.0% YoY [3] - Adjusted net profit for 2024H1: RMB 395 million, down 34% YoY [3] - Adjusted net profit margin: 16.5%, down 6 percentage points YoY [3] - Net profit attributable to shareholders: RMB 237 million, down 59.7% YoY [3] - Gross profit: RMB 760 million, down 18.6% YoY, with a gross margin of 31.7%, down 3.4 percentage points YoY [3] - Sales expense ratio: 4.4%, up 2.7 percentage points YoY [3] - Management expense ratio: 9.1%, up 2.1 percentage points YoY [3] - R&D expense ratio: 0.6%, up 0.4 percentage points YoY [3] Store Expansion and Performance - Total stores as of 2024H1: 8,385, up 20.6% YoY [3] - New stores opened in 2024H1: 826, with 245 closures [3] - Annualized closure rate: 6.2% in 2024H1, up from 3% in 2023H1 [3] - Stores in fourth-tier and below cities account for 24% of total stores [3] - Overseas expansion: 4 stores in South Korea, 2 in Thailand, and 1 in Australia as of 2024H1 [3] - Single-store revenue declined by 26% YoY, mainly due to a decrease in average cup volume per store [3] - Cup prices are expected to decline slightly [3] Future Projections - Adjusted net profit for 2024-2026 is projected to be RMB 965 million (-23% YoY), RMB 1.044 billion (+8% YoY), and RMB 1.101 billion (+6% YoY) respectively [3] - PE ratios for 2024-2026 are projected at 9x, 8x, and 8x respectively [3] Market Data - Current stock price: HKD 6.30 [2] - 52-week price range: HKD 6.10 to HKD 13.00 [6] - Current market capitalization: HKD 9.309 billion [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has turned profitable in H1 2024 due to stabilized rare earth prices and profitable subsidiaries in recycled rare earth and magnetic materials [3][4]. - The target price has been adjusted down to 7.53 yuan from the previous 13.35 yuan, reflecting a revised profit forecast for 2024-2026 [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.696 billion yuan, a 24% year-on-year decline, but reported a net profit of 2.224 million yuan, marking a turnaround from losses [4]. - The net profit forecast for 2024-2025 has been revised to 184 million yuan (previously 378 million yuan) and 266 million yuan (previously 412 million yuan) respectively, with an EPS of 0.32 yuan for 2024 and 0.46 yuan for 2025 [4][10]. Business Development - The company plans to expand its magnetic materials production capacity by 10,000 tons per year and is focusing on upstream recycling of rare earth materials from old electric vehicle motors [4]. - A new project in Baotou, Inner Mongolia, aims to produce 10,000 tons of high-performance rare earth permanent magnetic materials, with an estimated investment of 400 million yuan [4]. Market Position - The company’s subsidiaries in recycled rare earth and magnetic materials have shown profitability compared to the same period in 2023, with profits of 4.21 million yuan, 5.56 million yuan, and 13.78 million yuan respectively [4]. - The foreign sales of the elevator components segment increased by 3% year-on-year, with revenue of 122 million yuan in H1 2024 [4].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.28 ——2024H1 盾安环境业绩点评 业绩符合预告中枢，期待汽零业务改善 盾安环境(002011) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|----------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 曲世强 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 021-38031025 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | qushiqiang028 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.03 yuan, down from the previous target of 29.66 yuan [2][3]. Core Insights - The company has shown significant cost control, with a profit turning point evident in Q2. The revenue for the first half of 2024 was 784 million yuan, a year-on-year decline of 14%. However, Q2 alone saw revenue of 490 million yuan, down 13.44% year-on-year, which aligns with expectations. The net profit attributable to the parent company for the first half was a loss of 23.67 million yuan, but Q2 recorded a net profit of 28.98 million yuan, a substantial increase of 1453.72% year-on-year [2][3]. - The company reduced its workforce by 8.75% to 6,542 employees, and all three major expenses saw varying degrees of decline, indicating effective cost control [2]. - The construction business continues to decline, while platform operations have returned to growth. The revenue from the smart procurement construction projects was 186 million yuan, down 15% year-on-year, while the smart government business revenue was 292 million yuan, down 26%. The self-operated "New Point Electronic Trading Platform" added 65 new sections in the first half, a year-on-year increase of 54.76%, which helped offset the decline in business volume. Consequently, the platform operation business achieved revenue of 172 million yuan, an increase of 8.6% year-on-year [2][3]. - The government procurement sector is expected to benefit from a new order, with the State Council issuing a notice on July 4, 2024, aimed at improving market order and promoting industry development. This includes upgrading the central government procurement electronic platform, which is anticipated to create a new cycle of system updates and construction, benefiting the company as a leading player in the procurement system [2][3]. Financial Summary - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.73 yuan (+0.25), 0.88 yuan (+0.29), and 0.97 yuan (+0.33), respectively [2][3]. - The total revenue for 2024 is projected to be 2.185 billion yuan, with a year-on-year decline of 10.5%, followed by a recovery in 2025 and 2026 [9]. - The net profit attributable to the parent company is expected to be 240 million yuan in 2024, with a growth of 23% in 2025 and 10.1% in 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 10 CNY, down from a previous estimate of 11.20 CNY [7][11]. Core Insights - The company is actively expanding into overseas markets while continuously introducing new products in domestic sales, which are expected to sustain growth [2][11]. - Due to a slow recovery in industry demand and intense competition, the earnings forecast has been revised downwards, with expected EPS for 2024-2026 at 0.34, 0.45, and 0.58 CNY, reflecting year-on-year growth of 46%, 30%, and 31% respectively [3][11]. Financial Summary - **Revenue**: The company reported a revenue of 3,307 million CNY in 2022, with a forecast of 3,440 million CNY for 2024, indicating a growth of 9.1% [1]. - **Net Profit**: The net profit attributable to the parent company was 191 million CNY in 2022, expected to rise to 158 million CNY in 2024, showing a significant recovery from a projected decline in 2023 [1][3]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.34 CNY in 2024, up from 0.24 CNY in 2023 [1][11]. - **Return on Equity (ROE)**: The ROE is expected to improve from 3.9% in 2023 to 5.5% in 2024 [1]. Revenue Performance - **Domestic Sales**: Domestic sales reached 13.2 billion CNY in the first half of 2024, a year-on-year increase of 3% [14]. - **Export Sales**: Export sales amounted to 3 billion CNY, reflecting a 12% increase year-on-year [14]. - **Product Segments**: The home environment appliances segment saw a revenue decline of 9%, while the personal care segment grew by 26% [14]. Profitability Metrics - **Gross Margin**: The gross margin for the first half of 2024 was 32.11%, an increase of 2.01 percentage points year-on-year [15]. - **Net Margin**: The net margin remained stable at 4.11% [15]. - **Cost Management**: The company has seen an increase in sales expense ratio, indicating a need for improved cost efficiency amidst a slow recovery in consumer demand [15]. Cash Flow and Financial Health - **Cash Position**: As of the end of the first half of 2024, the company had cash and cash equivalents plus trading financial assets totaling 14.14 billion CNY [16]. - **Cash Flow from Operations**: The net cash flow from operating activities was 0.5 billion CNY, a significant decrease of 76.04% year-on-year [16]. - **Inventory and Receivables**: Inventory stood at 5.14 billion CNY, with accounts receivable totaling 4.36 billion CNY [16].