Investment Rating - The report maintains an "Accumulate" rating for Smoore International (6969) [2][4]. Core Insights - The company's performance meets expectations, with significant growth in its proprietary brand segment. The report forecasts net profit for 2024-2026 to be 1.65 billion, 1.92 billion, and 2.23 billion RMB respectively, with corresponding PE ratios of 29, 25, and 22 times [4]. - The market trend is shifting, with proprietary brands showing impressive performance. In H1 2024, revenue from proprietary brands increased by 71.9% year-on-year to 1.11 billion RMB, with notable growth in the US (20.6%) and Europe/other regions (88.0%) [4]. - The company is expected to benefit from changes in the regulatory environment, with a focus on compliant products. The report highlights the ongoing crackdown on non-compliant products in the US and the UK, which may favor leading brands with strong compliance capabilities [4]. Financial Summary - Revenue for 2024 is projected at 12.42 billion RMB, with a growth rate of 11%. The net profit for 2024 is estimated at 1.65 billion RMB, reflecting a slight increase of 1% [6]. - The gross profit margin improved due to a higher proportion of high-margin proprietary brands and cost reduction initiatives. R&D expenses increased by 3.1 percentage points to 12.0% of revenue, reflecting investments in new product development [4]. - The company’s management efficiency has significantly improved, with a reduction in management fees by 2.4 percentage points to 6.7% of revenue, attributed to cost control measures and enhanced budget management [4].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——华秦科技 2024 年半年报告点评 | --- | |---------------------------------| | | | [table_Authors] 彭磊 ( 分析师 ) | | | | 010-83939806 | | penglei018712@gtjas.com | | 登记编号 S0880518100003 | | --- | |-----------------------------| | | | | | | | 杨天昊 ( 分析师 ) | | 010-83939791 | | yangtianhao027639@gtjas.com | | S0880523080010 | 本报告导读： 公司 2024 年 H1 业绩符合预期，营收利润稳定增长，受益于批产型号放量，深度参 与新型号研发，持续拓展航发零部件等新业务，业绩规模有望稳步提升。 投资要点： [Table_Summary] 下调目标价 128.23 元，维持"增持"。公司系隐身材料龙头，下游 需求高度确定，叠加渗透率不断提升，业绩有望保持稳定增长。公 司规 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.21 证 券 研 究 报 告 -13% -2% 9% 20% 31% 42% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 海澜之家 上证指数 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 5.80 Q2 业绩短期波动，中期分红彰显信心 海澜之家(600398) 纺织服装业[Table_Industry] /可选消费品 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 7.54 | | | 上次预测: | 9.75 | | --- | --- | --- | |----------|---------------------------|------ ...

Investment Rating - Maintains an "Overweight" rating for Huarun Construction Materials Technology (1313) [2][4] Core Views - The company's cement business shows resilience with stable profitability at the bottom, and the price recovery in Guangdong and Guangxi regions is expected to boost price and profit expectations for the second half of 2024 [4] - The aggregate business continues to grow rapidly, with accelerated capacity release, contributing to a new profit growth point [4] - The company's cement shipments outperformed the industry, with a 2% year-on-year decline in H1 2024, compared to a 10% decline in national cement production [5] - Cement profitability may have bottomed out, with a slight recovery in Q2 2024, and the implementation of price recovery in Guangdong and Guangxi is expected to support profit recovery in Q3 2024 [5] - The aggregate business maintained high growth, with shipments increasing by 107% year-on-year in H1 2024, and the company's aggregate capacity is expected to reach 136 million tons after the release of under-construction capacity [5] Financial Performance - In H1 2024, the company reported revenue of RMB 10.312 billion, a year-on-year decrease of 13.9%, and net profit attributable to shareholders of RMB 166 million, a year-on-year decrease of 70.2% [5] - In Q2 2024, the company's revenue was RMB 5.467 billion, with net profit attributable to shareholders of RMB 195 million, in line with previous forecasts [5] - The average price of cement and clinker in H1 2024 was RMB 238 per ton, with a cost of RMB 210 per ton, resulting in a gross profit of RMB 29 per ton [5] - The aggregate business achieved shipments of 29.5 million tons in H1 2024, with an average price of RMB 36.8 per ton and a gross profit of RMB 14.5 per ton [5] Market Data - The current stock price is HKD 1.56, with a 52-week range of HKD 1.05 to HKD 2.74 [6] - The current market capitalization is HKD 10.893 billion, with 6.983 billion shares outstanding [6] Historical Financial Summary - Revenue in 2021 was HKD 43.963 billion, decreasing to HKD 26.894 billion in 2024E [7] - Net profit in 2021 was HKD 7.767 billion, decreasing to HKD 1.002 billion in 2024E [7] - The PE ratio is expected to decrease from 15.34 in 2023 to 10.87 in 2024E [7]

Investment Rating - The report maintains a "Buy" rating for Hengan International (1044) with a target price of 31.08 RMB [5] Core Views - Hengan International's 2024H1 performance met expectations, with revenue of 11.836 billion RMB (-3.0% YoY) and net profit of 1.409 billion RMB (+14.9% YoY) [5] - The company's gross margin improved to 33.3% (+2.3pct YoY) due to lower raw material costs and reduced exchange losses [5] - Product structure continued to improve, with high-end product sales growing over 10% in 2024H1 [5] - E-commerce channels performed well, contributing 36.4% to tissue, 25.6% to sanitary napkins, and 53.5% to diaper sales [5] Business Segment Analysis Tissue - Revenue of 6.951 billion RMB (-3.1% YoY) in 2024H1 [5] - Wet wipes revenue grew 20.4% to 592 million RMB, accounting for 8.5% of tissue sales (+1.6pct YoY) [5] - Gross margin improved to 19.6% (+1.9pct YoY) driven by product upgrades [5] Sanitary Napkins - Revenue of 3.147 billion RMB (-2.2% YoY) in 2024H1 [5] - High-end products helped offset industry competition pressure [5] - Gross margin reached 62.7% (+0.9pct YoY) [5] Diapers - Revenue of 711 million RMB (+7.0% YoY) in 2024H1 [5] - New retail and maternal-infant channels contributed 53.3% and 20.0% respectively [5] - Gross margin improved significantly to 45.3% (+9.3pct YoY) due to strong growth of high-end Q•MO diapers [5] Cost and Expense Management - Sales and administrative expenses decreased to 2.472 billion RMB (-3.6% YoY), accounting for 20.9% of revenue (-0.1pct YoY) [5] - Exchange losses reduced by 80.3% [5] Future Outlook - The company is expected to maintain profit improvement through enhanced cost control and product upgrades [5] - Continued focus on high-end product development and new retail channels like Douyin [5] - Maintained net profit forecasts for 2024-2026 at 2.923/3.012/3.203 billion RMB [5]

——2024 年 7 月中大排摩托车数据点评 | --- | --- | --- | |----------|---------------------|------------------------| | | 吴晓飞(分析师) | 管正月(分析师) | | | 0755-23976003 | 021-38032026 | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | | 登记编号 | S0880517080003 | S0880521030003 | 本报告导读： 中大排摩托车（250cc 以上）7 月单月销量 7.3 万辆，内外销增速均两位数增长，出 口受部分区域法规切换等影响，增速有所回落，国内旺季延续，保持快速增长。 投资要点： [Table_Summary] 维持行业增持评级，内外共振下，继续看好中大排摩托车板块高景 气。自主中大排摩托车出海加速，国内需求企稳回升，内外共振下 板块景气度持续改善，维持行业增持评级，推荐新品大年、排量向 上升级明显的优质中大排摩托车龙头春风动力，受益标的隆鑫通用、 钱江摩托等。 7 月国内和出口销量增速有所回落 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.21 公 司 更 新 报 告 证 券 研 究 报 告 ——鼎龙股份半年度业绩点评 [table_Authors] 舒迪(分析师) 钟浩(分析师) 文越(分析师) 021-38676666 021-38038445 021-38038032 shudi@gtjas.com zhonghao027638@gtjas.com wenyue029694@gtjas.com 登记编号 S0880521070002 S0880522120008 S0880524050001 半导体材料加速放量，公司利润显著提升 鼎龙股份(300054) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 30.00 | | | 上次预测: | 30.00 | | [当前价格： T ...

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 股票研究 /[Table_Date] 2024.08.20 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | |--------------------|-------|-------|-------| | | | | | | 陈力宇 ( 分析师 ) | | | | | 021-38677618 | | | | | chenliyu@gtjas.com | | | | | S0880522090005 | | | | ——2024 年中报点评 提价控货，渠道良性 金徽酒(603919) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |--------------------------------|------------|-- ...

Investment Rating - Maintains an "Overweight" rating with a target price adjusted to 60.83 RMB [3] - The target price is based on a 2024 PE of 120x, reflecting the company's scarcity in the video large model sector [3] Core Views - The company is accelerating AI commercialization and significantly improving product capabilities [2] - AI video and audio algorithms are being rapidly developed and implemented, though not yet fully deployed, with testing and evaluation ongoing [3] - Revenue for H1 2024 was 705 million RMB, down 1.80% YoY, while net profit attributable to shareholders was 24.49 million RMB, down 43.99% YoY [3] - Over 100 AI algorithms were developed or integrated in H1 2024, supporting product expansion and quality improvement [3] - The company is enhancing its video creation engine and exploring AI application scenarios and commercialization paths [3] - Strategic partnerships, such as with Huawei Cloud, are strengthening the company's computing power and data resource accumulation [3] Financial Summary - Revenue for 2024E is projected at 1.657 billion RMB, with a YoY growth of 11.9% [4] - Net profit attributable to shareholders for 2024E is forecasted at 98 million RMB, with a YoY growth of 13.4% [4] - EPS for 2024E is estimated at 0.51 RMB, with a ROE of 6.9% [4] - The company's revenue model is primarily subscription-based, with stable gross margins around 95% [12] Product Line Performance - Video creation products, contributing 65% of revenue in 2023, are expected to grow at 13%/15%/16% from 2024 to 2026 [12] - Cross-platform data management software is projected to grow at 12%/15%/16% over the same period [12] - Document creation software, leveraging AI capabilities, is expected to grow at 10%/10%/15% from 2024 to 2026 [12] - Drawing and creative products are forecasted to grow at 10%/10%/15% from 2024 to 2026 [12] Valuation - Using PS valuation, the company's 2024 revenue is projected at 1.657 billion RMB, with a PS multiple of 7.2x, implying a market cap of 11.93 billion RMB and a target price of 61.71 RMB [16] - Using PE valuation, the company is given a 2024 PE of 120x, resulting in a market cap of 11.76 billion RMB and a target price of 60.83 RMB [20] - Comparable companies include Kingsoft Office, Ufida Network, and iFlytek, with average 2024 PE of 87.78x and PS of 6.88x [17][21]

Investment Rating - The report assigns an "Accumulate" rating for the industry, consistent with the previous rating [2]. Core Insights - Shanghai aims to establish a comprehensive low-altitude communication network by early 2026, which is expected to benefit the air traffic management sector [3]. - The Shanghai Municipal Communications Administration has issued guidelines to accelerate the construction of a low-altitude intelligent network, leveraging 5G-A technology to support low-altitude economic development [3]. - The report highlights a phased approach to achieve full coverage of low-altitude flight routes, with key areas targeted for initial implementation in 2024 [3]. - Other provinces, such as Zhejiang and Jiangxi, are also planning to develop low-altitude intelligent information networks, indicating a broader trend that could benefit the air traffic management sector [3]. Summary by Sections Industry Overview - The report discusses the strategic importance of low-altitude airspace management and the development of a low-altitude economy, emphasizing the need for effective communication networks [3]. Investment Opportunities - Recommended stocks include Aerospace Nanhai and beneficiaries such as Zhongke Xingtu and Lais Information, which are expected to gain from the developments in the low-altitude sector [3][7]. Future Projections - By 2026, the goal is to have a low-altitude communication network capable of supporting emergency rescue operations and logistics delivery, with a focus on urban air mobility applications [3].