Group 1: Financial Data Overview - In July 2024, M2 increased by 6.3% year-on-year, up from 6.2% in June[2] - M1 saw a year-on-year increase of 6.6%, a significant recovery from a decline of -5.0% in the previous month[2] - New RMB loans amounted to 260 billion yuan, a decrease of 85.9 billion yuan compared to the previous year[2] - Total social financing (TSF) reached 770.8 billion yuan, an increase of 234.2 billion yuan year-on-year[2] - The growth rate of TSF stock was 8.2%, slightly up from 8.1% in June[2] Group 2: Economic Implications - The negative growth in RMB loans indicates insufficient real financing demand, reflecting weak domestic demand[2] - The July data is seen as a reflection of the transitional pains in the economy as mentioned in the Politburo meeting[2] - Government bond financing in July was 691.1 billion yuan, an increase of 280.2 billion yuan year-on-year, continuing to support TSF[2] - Corporate bond financing was low, with net financing of 9.7 billion yuan, but the decline in the base has mitigated the impact[2] - The increase in bill financing indicates a high short-term demand from banks amid limited real financing needs[2]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月13日 [晨会纪要 Table_NewTitle] 20240813 [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人： 张晶磊 zjlei@longone.com.cn [table_main] 重点推荐 | --- | |-------------------------------------------------------------------------------------------------------| | | | 1. 盐津铺子（ 002847 ）： Q2 营收稳健增长，净利率略有承压——公司简评报告 | | 2. 电车出口表现优异，抢装潮至，储能需求景气——电池及储能行业周报（ 20240811 ） | | 3. 三部委印发新型电力系统行动方案，风光装机量有望延续增长——新能源电力行业周报 （ 20240805-20240811 ） | | 4. 新能源汽车零售渗透率突破 50% ，自主混动车型贡献增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 83.451 billion yuan for H1 2024, representing a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 41.696 billion yuan, up 15.88% year-on-year [7] - The company has committed to distributing cash dividends totaling no less than 75% of the annual net profit attributable to shareholders for the years 2024-2026, with dividends to be paid in two installments [7][9] - The company’s gross profit margin for H1 2024 was 91.76%, with a net profit margin of 52.70% [9] Summary by Sections Financial Performance - In H1 2024, the revenue from Moutai liquor was 68.567 billion yuan (up 15.67% year-on-year), while the revenue from series liquor was 13.147 billion yuan (up 30.51% year-on-year) [8] - The company’s cash flow from operating activities for H1 2024 was 36.622 billion yuan, an increase of 20.52% year-on-year [9] Dividend Policy - The company plans to increase its regular dividend payout ratio from an average of 51.9% over the past five years to over 75%, enhancing the certainty of returns for investors [9] Future Earnings Projections - The projected net profits for 2024, 2025, and 2026 are 87.647 billion yuan, 101.694 billion yuan, and 116.025 billion yuan, respectively, with year-on-year growth rates of 17.28%, 16.03%, and 14.09% [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the near term [11]. Core Insights - The company reported a total revenue of 83.45 billion yuan for H1 2024, representing a year-on-year increase of 17.56%, with a net profit attributable to shareholders of 41.70 billion yuan, up 15.88% year-on-year [11]. - The company plans to increase its regular dividend payout ratio from an average of 51.9% over the past five years to over 75% for the years 2024-2026, enhancing the certainty of returns for investors [12]. - The company’s gross margin for H1 2024 was 91.76%, with a net profit margin of 52.70%, indicating stable profitability [4]. Financial Performance Summary - **Revenue and Profitability**: - H1 2024 total revenue: 83.45 billion yuan (+17.56% YoY) - H1 2024 net profit: 41.70 billion yuan (+15.88% YoY) [11] - **Margins**: - H1 2024 gross margin: 91.76% (YoY -0.04pct) - H1 2024 net profit margin: 52.70% (YoY -0.96pct) [4] - **Cash Flow**: - H1 2024 operating cash flow: 36.62 billion yuan (+20.52% YoY) - H1 2024 contract liabilities: 9.99 billion yuan (+36.25% YoY) [4] Product and Channel Performance - **Product Revenue**: - Revenue from Moutai liquor in H1 2024: 68.57 billion yuan (+15.67% YoY) - Revenue from series liquor: 13.15 billion yuan (+30.51% YoY) [24] - **Sales Channels**: - Direct sales revenue: 33.73 billion yuan (+7.35% YoY) - Wholesale revenue: 47.99 billion yuan (+26.50% YoY) [24] Future Projections - Expected net profits for 2024, 2025, and 2026 are 87.65 billion yuan, 101.69 billion yuan, and 116.03 billion yuan, respectively, with corresponding EPS of 69.77 yuan, 80.95 yuan, and 92.36 yuan [25].

[Table_Reportdate] 2024年08月13日 [晨会纪要 Table_NewTitle] 20240813 [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人： 张晶磊 zjlei@longone.com.cn [table_main] 重点推荐 财经要闻 ➢ 1.成都优化住房交易新政：放宽首套房认定标准。 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.盐津铺子（002847）：Q2营收稳健增长，净利率略有承压——公司简评报告 ➢ 2.电车出口表现优异，抢装潮至，储能需求景气——电池及储能行业周报（20240805- 20240811） ➢ 3.三部委印发新型电力系统行动方案，风光装机量有望延续增长——新能源电力行业周报 （20240805-20240811） ➢ 4.新能源汽车零售渗透率突破50%，自主混动车型贡献增量——汽车行业周报（20240805- 20240811） ➢ 5.安杰思（688581） ...

[Table_Reportdate] 2024年08月12日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月8日，公司发布2024年半年报业绩，公司2024年H1营业总收入为24.59亿元（同 比+29.84%），归母净利润为3.19亿元（同比+30.00%），扣非净利润2.73亿元（同比 +17.96%）。其中，2024年Q2公司营业收入为12.36亿元（同比+23.44%），归母净利润 为1.60亿元（同比+19.11%），扣非净利润为1.35亿元（同比+1.58%）。 | --- | --- | |--------------------------------------|------------------| | | | | 数 Ta 据 b 日 le_ 期 cominfo] 收盘价 | 2024/08/12 37.72 | | 总股本 ( 万股 ) | | | | 27,439 | | 流通 A 股 / ...

[Table_Reportdate] 2024年08月12日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月8日，公司发布2024年半年报业绩，公司2024年H1营业总收入为24.59亿元（同 比+29.84%），归母净利润为3.19亿元（同比+30.00%），扣非净利润2.73亿元（同比 +17.96%）。其中，2024年Q2公司营业收入为12.36亿元（同比+23.44%），归母净利润 为1.60亿元（同比+19.11%），扣非净利润为1.35亿元（同比+1.58%）。 | --- | --- | |--------------------------------------|------------------| | | | | 数 Ta 据 b 日 le_ 期 cominfo] 收盘价 | 2024/08/12 37.72 | | 总股本 ( 万股 ) | | | | 27,439 | | 流通 A 股 / ...

行 业 研 究 [Table_Reportdate] 2024年08月12日 行 业 周 报 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn -30% -25% -20% -15% -10% -5% 0% 5% 10% 23/08 23/11 24/02 24/05 24/08 食品饮料(申万) 沪深300 [相关研究 table_product] 1.甘源食品（002991）：Q2淡季表现 稳健，税收优惠净利率提升——公司 简评报告 2.促消费扩内需，信心逐步提振—— 食 品 饮 料 行 业 周 报 （ 2024/7/29- 2024/8/2） 3.中报披露临近，把握业绩确定性机 会 — — 食 品 饮 料 行 业 周 报 （2024/7/22-2024/7/28） [table_invest] 超配 [Table_NewTitle 茅台分红规划提振信心，关注中报业绩 ] 表现 ——食品饮料行业周报（2024/8/5-2024/8/ ...

公 司 研 究 [Table_Reportdate] 2024年08月12日 医 药 生 物 安杰思 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 able_Authors] 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |---------------------------|--------------| | | | | 数据日期 Table_cominfo] | 2024/08/09 | | 收盘价 | 53.81 | | 总股本 ( 万股 ) | 8,086 | | 流通 A 股 /B 股 ( 万股 ) | 4,063/0 | | 资产负债率 (%) | 4.16% | | 市净率 ( 倍 ) | 1.96 | | 净资产收益率 ( 加权 ) | 5.51 | | 12 个月内最高 / 最低价 | 128.47/47.01 | [Table_QuotePic] -48% -36% -24% -12% 0% 12% 2 ...

行 业 研 究 电 子 [Table_Reportdate] 2024年08月12日 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 蔡望颋 cwt@longone.com.cn [table_stockTrend] -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-08 2023-09 2023-10 2023-11 2023-11 2023-12 2024-01 2024-01 2024-02 2024-03 2024-03 2024-04 2024-05 2024-05 2024-06 2024-07 2024-08 [table_product] 相关研究 1.周期回暖、AI驱动海外各科 技大厂2024第二季度业绩复苏 ——电 子 行 业 周 报 （20240728-20240804） 1. 国 产 汽 车 芯 片 迎 催 化 良 机 ， 202024Q2全球智能手机出货同比增 长6.5%（20240715-20240721） 2. IoT ...