公 司 研 究 [Table_Reportdate] 2024年09月05日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|-------------| | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 17.63 | | 总股本 ( 万股 ) | 51,007 | | 流通 A 股 /B 股 ( 万股 ) | 51,007/0 | | 资产负债率 (%) | 62.25% | | 市净率 ( 倍 ) | 2.93 | | 净资产收益率 ( 加权 ) | -1.47 | | 12 个月内最高 / 最低价 | 39.39/16.51 | [Table_QuotePic] -51% -35% -19% -2% 14% 30% 47% 63% 23-09 23-12 24-03 24-06 巨星农牧 沪深300 [相关研究 ...

公 司 研 究 医 药 生 物 华兰生物 沪深300 [Table_profits] [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 15.03 | | 总股本 ( 万股 ) | 182,878 | | 流通 A 股 /B 股 ( 万股 ) | 157,391/0 | | 资产负债率 (%) | 15.55% | | 市净率 ( 倍 ) | 2.08 | | 净资产收益率 ( 加权 ) | 3.86 | | 12 个月内最高 / 最低价 | 24 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月04日 [晨会纪要 Table_NewTitle] 20240904 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.卓胜微（300782）：芯卓产能稳步爬坡，L-PAMiD已通过部分品牌客户验证——公司简 评报告 ➢ 2.长安汽车（000625）：二季度业绩同环比高增，新车周期强势有助盈利持续改善——公 司简评报告 财经要闻 ➢ 1.上海市印发《上海市关于进一步加大力度推进消费品以旧换新工作实施方案》。 ➢ 2.美国8月ISM制造业PMI低于预期。 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 正文目录 1. 重点推荐 1.1. 卓胜微（300782 ): 芯卓产能稳步爬坡，L-PAMiD 已通过部分品牌客户验证 ――公司简评报告 …………………………………………………………………………………………………………………………………………… ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the market index over the next six months [6]. Core Views - The company reported a revenue of 420.5 billion yuan for the first half of 2024, a decrease of 6.03% year-on-year, and a net profit attributable to shareholders of 170.5 billion yuan, down 1.89% year-on-year [19]. - Total assets reached 47.12 trillion yuan, reflecting a year-on-year growth of 7.89%, while the non-performing loan (NPL) ratio stood at 1.35%, a slight decrease of 1 basis point quarter-on-quarter [19]. - The net interest margin (NIM) for the first half was 1.43%, showing a decline of 29 basis points year-on-year [19]. Summary by Sections Company Overview - The company has experienced a slowdown in loan growth due to weak demand and a shift away from scale-driven growth, with a significant reduction in corporate loans and a net decrease in personal loans [22]. - The asset quality remains stable, with the NPL ratio at its lowest level in recent years, and the provision coverage ratio improved to 218.43% [24][25]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted to 8160 billion, 8257 billion, and 8817 billion yuan, and 3609 billion, 3656 billion, and 3802 billion yuan respectively, reflecting a slight decrease in growth expectations [42]. - The report indicates a projected decline in the net interest margin to 1.37% in 2024, with a gradual recovery expected thereafter [42]. Risk and Asset Quality - The report highlights a rise in credit risk in personal loans, while corporate loan asset quality is improving, particularly in sectors like manufacturing and real estate [25]. - The overall asset quality is expected to remain stable despite some pressures in the retail sector, with a focus on maintaining prudent recognition and disposal of non-performing loans [25].

公 司 研 究 医 药 生 物 老百姓 沪深300 [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 举措提升盈利能力 [老百姓（ Table_NewTitle] 603883）：收入端保持稳健，多 ——公司简评报告 公 司 简 评 [证券分析师 Table_Authors] 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] | 2024/09/03 | | 收盘价 | 13.46 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.36% | | 市净率 ( 倍 ) | 1.37 | | 净资产收益率 ( 加权 ) | 7.22 | | 12 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the near term [10]. Core Insights - The company has demonstrated steady revenue growth, with total revenue of 11.762 billion yuan in H1 2024, reflecting a year-on-year increase of 9.86%. The net profit attributable to shareholders reached 798 million yuan, up 13.13% year-on-year [10]. - The company is focusing on regional expansion, having opened 1,575 new stores during the reporting period, including 842 self-built stores and 293 acquired stores. The total number of chain pharmacies reached 14,736, a year-on-year increase of 27.25% [10]. - The retail business is developing steadily, with retail revenue of 10.398 billion yuan in H1 2024, a year-on-year increase of 8.32%. The gross margin for retail was 40.94% [10]. - The company is actively building a new retail system in the pharmaceutical sector, with a total membership of 96.16 million, a year-on-year growth of 23.84%. Membership sales accounted for 77% of total sales [10]. - The company is expected to see net profits of 1.740 billion yuan, 2.128 billion yuan, and 2.584 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.43 yuan, 1.76 yuan, and 2.13 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 11.762 billion yuan, a 9.86% increase year-on-year, and a net profit of 798 million yuan, up 13.13% [10]. - The gross margin for H1 2024 was 40.05%, with a net profit margin of 7.31% [10]. Store Expansion - The company opened 1,575 new stores in the reporting period, including 842 self-built and 293 acquired stores, resulting in a total of 14,736 chain pharmacies nationwide, a 27.25% increase year-on-year [10]. Business Segments - Retail revenue reached 10.398 billion yuan, growing 8.32% year-on-year, while wholesale revenue was 999 million yuan, increasing by 20.91% [10]. - The company’s high-margin traditional Chinese medicine segment saw significant growth, with revenue of 1.165 billion yuan, a 14.82% increase year-on-year [10]. Membership and New Retail Initiatives - The company has built a membership base of 96.16 million, a 23.84% increase year-on-year, with membership sales contributing 77% to total sales [10]. - Internet sales revenue reached 1.096 billion yuan, a 20.18% increase year-on-year, with O2O sales growing by 26.33% [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's profit is under short-term pressure, with H1 2024 revenue of 299 million yuan (up 11.55% year-on-year) and a net profit of 56.7 million yuan (down 38.13% year-on-year) [6][7] - The company is actively expanding its overseas presence, with foreign revenue growth of 17.30% year-on-year in H1 2024, and conventional business revenue growth of 18.86% year-on-year [6][7] - R&D investment has increased by 29.07% year-on-year, with a focus on the CGT field, and the company has developed nearly 40 high-quality GMP-grade products [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 299 million yuan, with a gross margin of 91.46% and a net margin of 17.94% [6] - The company’s expenses in H1 2024 included sales, management, R&D, and financial expenses, with respective rates of 32.29%, 16.06%, 26.13%, and -8.97% [6] Business Growth - Domestic revenue in H1 2024 was 90 million yuan (up 0.07% year-on-year), while international revenue was 210 million yuan (up 17.30% year-on-year) [6] - Excluding specific acute respiratory disease-related products, conventional business revenue reached 285 million yuan, with overseas conventional business revenue growing over 20% [6] R&D and Future Outlook - R&D expenses in H1 2024 were 78 million yuan, with 260 R&D personnel, accounting for 31% of total employees [7] - The company expects revenues of 658 million yuan, 816 million yuan, and 1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 180 million yuan, 220 million yuan, and 272 million yuan [7][8]

Investment Rating - The report maintains a standard rating for the semiconductor sector, indicating a cautious outlook due to ongoing price declines and weak demand recovery [3][4]. Core Insights - The semiconductor industry is experiencing a weak balance between supply and demand, with storage module prices showing a downward trend while AI chip demand continues to grow unexpectedly [3][4]. - In August, the semiconductor sector saw a decline of 8.95%, with the overall electronic sector down by 5.28%, underperforming the CSI 300 index, which fell by 3.51% [3][12]. - The report highlights the strong performance of AIOT-related companies and suggests that the upcoming product launches from major brands like Apple, Huawei, and Xiaomi could act as catalysts for market recovery [3][5]. Monthly Market Review - The semiconductor sector's performance in August was marked by a decline of 8.95%, with a notable increase in the inventory levels of companies, indicating a potential oversupply situation [3][12]. - Global semiconductor sales showed a year-on-year increase of 18.35% in June, suggesting a gradual recovery in the market [4]. - The report notes that the demand for smartphones and AI servers is recovering, with the third quarter expected to see a slight uptick in demand due to the consumer electronics peak season [4][5]. Semiconductor Supply and Demand Tracking - The semiconductor supply remains relatively abundant, with prices experiencing slight declines. The report anticipates that this weak balance will continue into September [4][5]. - The report cites that the global smartphone shipments in Q2 2024 increased by 7.6% year-on-year, indicating a modest recovery in the mobile sector [4][5]. - The demand for AI servers is projected to grow by over 25% annually for the next three years, driven by increasing investments in AI technologies [4][5]. Fund Holdings Distribution - As of Q2 2024, the electronic sector accounted for the largest share of public fund holdings, amounting to 352.94 billion yuan, with semiconductor stocks making up approximately 8.40% of the total public fund stock market value [3][22]. - The report highlights that public funds have consistently allocated around 60% of their investments to the semiconductor sector within the electronic industry [3][22].

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月03日 [晨会纪要 Table_NewTitle] 20240903 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.英伟达二季度业绩持续超预期，IDC调高全年手机交付同比增幅——电子行业周报 （2024/8/26-2024/9/1） ➢ 2.中报披露收官，关注旺季量价表现——食品饮料行业周报（2024/8/26-2024/8/30） 财经要闻 ➢ 1.国务院办公厅印发《关于以高水平开放推动服务贸易高质量发展的意见》。 ➢ 2.国家发展改革委组织召开新型城镇化战略五年行动计划落实动员部署会。 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 正文目录 1. 重点推荐 1.1. 英伟达二季度业绩持续超预期，IDC 调高全年手机交付同比增幅——电子行 业周报（2024/8/26-2024/9/1 ） . 1.2. 中报披露收官，关注旺季量价表现― ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 7.587 billion yuan in H1 2024, a year-on-year increase of 118.30%, with net profit attributable to the parent company of 233 million yuan, up 14.89% year-on-year [4] - Non-recurring losses impacted short-term profitability, with a total of -117 million yuan in H1 2024, mainly due to fluctuations in silver prices and exchange rates affecting financial assets and liabilities [4] - The company's TOPCon silver paste shipments reached 1,132.05 tons in H1 2024, a year-on-year increase of 76.09%, with TOPCon paste accounting for 87.28% of total shipments [4] - The company's operating cash flow turned positive in H1 2024, reaching 638 million yuan, with expectations of continued improvement in cash flow [4] - The company is expected to achieve revenue of 15.336 billion yuan in 2024, a year-on-year increase of 59.70%, with net profit attributable to the parent company of 549 million yuan [5] Financial Performance - In Q2 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58%, with net profit attributable to the parent company of 57 million yuan, down 50.89% year-on-year [4] - The company's gross margin in Q2 2024 was 10.99%, an increase of 0.34 percentage points quarter-on-quarter [4] - The company's R&D expenses in 2024 are expected to be 491 million yuan, accounting for 3% of revenue [7] - The company's net profit attributable to the parent company is expected to grow at a compound annual growth rate of 42.34% from 2024 to 2026 [6] Industry and Technology - The company maintains a leading position in the photovoltaic conductive silver paste market, with a focus on N-type TOPCon battery metalization solutions [4] - The company's HJT and IBC paste products are in the stage of mass production, with product performance leading the industry [4] - The company's technological advantages in TOPCon silver paste are expected to be maintained due to ongoing technological iterations [4] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 15.336 billion yuan, 17.517 billion yuan, and 19.448 billion yuan, respectively [5] - The company's 2024-2026 net profit attributable to the parent company is expected to be 549 million yuan, 645 million yuan, and 741 million yuan, respectively [5] - The company's current P/E ratio is 9.03x for 2024, 7.67x for 2025, and 6.68x for 2026 [5] - The company's ROE is expected to be 25% in 2024, 23% in 2025, and 21% in 2026 [6]