公 司 研 究 食 品 饮 料 新乳业 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [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] | 2024/09/03 | | 收盘价 | 9.32 | | 总股本 ( 万股 ) | 86,067 | | 流通 A 股 /B 股 ( 万股 ) | 85,158/0 | | 资产负债率 (%) | 69.59% | | 市净率 ( 倍 ) | 2.90 | | 净资产收益率 ( 加权 ) | 11.13 | | 12 个月内最高 / 最低价 | 15.49/7.88 | [Table_QuotePic] -57% -47% -38% -28% -19% -9% 0% 9% 23-09 23-12 24-03 24-06 [相关研究 Tabl ...

公 司 研 究 [Table_Reportdate] 2024年09月02日 公 司 简 评 汽 车 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |------------------------------------|------------------| | | | | 数据日期 Table_cominfo] 收盘价 | 2024/09/02 | | | 11.70 | | 总股本 ( 万股 ) | 991,729 | | 流通 A 股 /B 股 ( 万股 ) | 821,258/164,1 61 | | 资产负债率 (%) | 60.49% | | 市净率 ( 倍 ) | 1.57 | | 净资产收益率 ( 加权 ) | 3.94 | | 12 个月内最高 / 最低价 | 21.48/11.43 | [Table_QuotePic] -33% -17% -2% 14% 30% 45% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved significant growth in revenue and is positioned as a leader in the RF front-end market, with a focus on self-sufficiency and strong core capabilities [6][8] - The company reported a revenue of 1.095 billion yuan in Q2 2024, reflecting a year-over-year increase of 14.84%, but a quarter-over-quarter decrease of 7.95% [8] - The gross profit margin for the first half of 2024 was 42.12%, down 6.94 percentage points year-over-year, attributed to increased competition and a higher proportion of lower-margin RF module sales [8] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.285 billion yuan, a year-over-year increase of 37.20%, with a net profit of 354 million yuan, down 3.32% year-over-year [8] - The gross profit margin for the first half of 2024 was 42.12%, down from the previous year [8] Product Development and Market Position - The company is enhancing its Fab-Lite production model, with 6-inch and 12-inch production lines ramping up capacity [9] - The proportion of self-produced filters in products has reached a high level, contributing to a competitive edge [9] - The L-PAMiD module series has passed validation with several brand clients, showcasing the company's capability for high-end product development [9] Future Outlook - The company is expected to benefit from scale effects as production lines mature, leading to cost reductions for mature products and breakthroughs in high-end product localization [9] - Revenue forecasts for 2024, 2025, and 2026 are set at 5.259 billion, 6.254 billion, and 7.333 billion yuan respectively, with net profits projected at 839 million, 1.083 billion, and 1.455 billion yuan [9][11]

公 司 研 究 医 药 生 物 康龙化成 沪深300 2024年09月03日 买入（维持） 报告原因：业绩点评 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 收盘价 | 2024/09/02 19.50 | | 总股本 ( 万股 ) | 178,673 | | 流通 A 股 /B 股 ( 万股 ) | 142,094/0 | | 资产负债率 (%) | 40.55% | | 市净率 ( 倍 ) | 2.55 | | 净资产收益率 ( 加权 ) | 8.54 | | 12 个月内最高 / 最低价 | 37.00/17.70 | -50% -38% -26% -14% -2% 10% 22% 35% 23-09 23-12 24-03 24-06 相关研究 《康龙化成（300759）：一体化龙头 彰显韧性，业务间导流贡献增长动力 —公司简 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in the first half of 2024 was below expectations, with a steady expansion of its national service network. The company achieved operating revenue of 2.051 billion yuan, a year-on-year increase of 2.85%, while net profit attributable to the parent company was 265 million yuan, a year-on-year decrease of 25.15% [9][10] - The company's profitability has declined, with increased sales investment. The gross margin and net margin for the first half of 2024 were 45.84% and 13.33%, respectively, both down year-on-year [9] - The consumer ophthalmology business showed stable growth, with revenue from refractive services reaching 694 million yuan, up 6.56% year-on-year, and revenue from vision care services at 497 million yuan, up 4.56% year-on-year [10] - The company is actively upgrading its ophthalmic diagnosis and treatment technology, introducing new products and enhancing its service capabilities [10] - The investment recommendation has been adjusted to reflect the lower-than-expected performance, with projected net profits for 2024-2026 at 628 million, 755 million, and 875 million yuan, respectively [10] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 2.051 billion yuan, a 2.85% increase year-on-year, and a net profit of 265 million yuan, down 25.15% year-on-year. The cash flow from operating activities was 431 million yuan, a decrease of 1.40% year-on-year [9] - The gross margin and net margin for H1 2024 were 45.84% and 13.33%, respectively, both showing a decline compared to the previous year [9] Business Expansion - The company added 4 ophthalmology specialty hospitals and 5 vision centers during the reporting period, bringing the total to 61 specialty hospitals and 65 vision centers nationwide [9] Sales and Marketing - The company increased its sales investment, with significant growth in business promotion expenses. The sales expense ratio rose to 13.70% [9] Technology and Services - The company is enhancing its ophthalmic treatment capabilities by introducing advanced technologies and products, including new types of intraocular lenses and innovative surgical equipment [10] Future Outlook - The long-term growth trend for the company remains clear, with a maintained "Buy" rating despite the short-term performance challenges [10]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月30日 [晨会纪要 Table_NewTitle] 20240830 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.汽车出海系列（一）：梦启暹罗，观中国整车厂如何越日系之界、塑电动未来（上）—— 汽车行业深度报告 ➢ 2.汽车出海系列（一）：梦启暹罗，观中国整车厂如何越日系之界、塑电动未来（下）—— 汽车行业深度报告 ➢ 3.扬杰科技（300373）：加大投入汽车电子，海外布局不断深化——公司简评报告 财经要闻 ➢ 1.中央全面深化改革委员会第六次会议召开。 ➢ 2.国家主席习近平会见美国总统国家安全事务助理沙利文。 ➢ 3.《中国的能源转型》白皮书发布。 ➢ 4.央行召开专家学者及金融企业负责人座谈会。 ➢ 5.央行从一级交易商买入4000亿元特别国债。 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. ...

Investment Rating - The report rates the industry as "Overweight" [5] Core Insights - The equipment manufacturing industry has become a significant support for industrial enterprise profits, with notable growth in the railway, shipping, and electronics sectors. In the first seven months of this year, profits from the equipment manufacturing sector accounted for 35.1% of total industrial profits, an increase of 0.8 percentage points year-on-year. Profits in this sector grew by 6.1% year-on-year, with the railway, shipping, and aerospace industries seeing profits increase by 36.9% and 25.1% respectively [6][10] Summary by Sections Railway Equipment - Passenger flow is active, with the China National Railway Group expected to release large-scale tenders in 2024. In 2023, the number of railway passengers reached 3.685 billion, a year-on-year increase of 128.8%. The first tender for this year will involve 165 standard train sets [6][12] - Low-carbon development is driving locomotive upgrades, with a target for electric locomotives to account for over 70% by 2030. The elimination of old diesel locomotives is ongoing, creating opportunities for new energy locomotives [12] - Existing trains are entering maintenance periods, with significant demand for upgrades expected. In 2024, there will be tenders for high-level repairs of 361 train sets, indicating a sustained high demand for maintenance services [6][12] Shipping Equipment - The International Maritime Organization's 2023 strategy aims to increase the share of zero-emission technologies and fuels in international shipping to at least 5% by 2030. The last major delivery period for ships was from 2008 to 2013, and many of these vessels will soon reach their 20-year renewal cycle [7][15] - In 2023, China accounted for 67% of new ship orders and 55% of the global order backlog, maintaining a leading position in the market [7][15] 3C Equipment - The consumer electronics sector is recovering, with smartphone sales rebounding. In Q2 2024, smartphone shipments in mainland China grew by 10% year-on-year [16] - Companies like Kuaike Intelligent are benefiting from this recovery, with their precision welding equipment seeing a revenue increase of 22.6% in the first half of 2024 [18] - The integration of AI technology is enhancing the automation of production lines, aligning with the strategies of consumer electronics manufacturers [16][18]

Investment Rating - The report maintains a "Buy" rating for the company, citing performance review as the reason for this rating [1]. Core Insights - The company's H1 2024 performance was under pressure, but Q2 showed significant improvement. H1 2024 revenue was 1.202 billion yuan (down 30.54% year-on-year), with a net profit of 165 million yuan (down 67.61% year-on-year). Q2 2024 revenue was 750 million yuan (down 23.60% year-on-year, up 66.14% quarter-on-quarter), with a net profit of 111 million yuan (down 63.51% year-on-year, up 105.81% quarter-on-quarter). The decline in H1 was mainly due to intensified market competition and inventory reduction, while Q2 performance began to recover with the official launch of the human diploid rabies vaccine contributing to revenue growth [4]. - The company experienced rapid growth in batch approvals, with the human diploid rabies vaccine contributing to revenue. In H1 2024, non-immunization planning vaccines generated 1.151 billion yuan in sales (down 33.76% year-on-year), while immunization planning vaccines generated 27 million yuan (up 406.74% year-on-year). The report noted significant increases in batch approvals for various vaccines, including a 58.43% increase for the quadrivalent vaccine and a 356.45% increase for the 13-valent pneumonia vaccine [4]. - The company is increasing R&D investment, with a total of 236 million yuan in R&D expenses, representing an 18.32% R&D expense ratio (up 4.17 percentage points year-on-year). Several products in the pipeline are making progress, including the inactivated polio vaccine and various combination vaccines, which are in different stages of clinical trials [5]. - The investment suggestion anticipates revenues of 4.777 billion yuan, 5.954 billion yuan, and 7.220 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.192 billion yuan, 1.543 billion yuan, and 1.960 billion yuan. The corresponding EPS is expected to be 1.07 yuan, 1.38 yuan, and 1.75 yuan, with P/E ratios of 13.06, 10.08, and 7.94 [5]. Summary by Sections Financial Performance - H1 2024 revenue was 1.202 billion yuan, down 30.54% year-on-year, with a net profit of 165 million yuan, down 67.61% year-on-year. Q2 2024 revenue was 750 million yuan, down 23.60% year-on-year but up 66.14% quarter-on-quarter [4]. - The company’s total share capital is 111.692 million shares, with a closing price of 13.93 yuan [2]. Market and Product Insights - The human diploid rabies vaccine was officially launched in Q2 2024, contributing 117 million yuan in sales during the reporting period. The company has also signed contracts for the export of the 13-valent pneumonia vaccine to Indonesia, marking a significant step into international markets [4]. - The report highlights a strong increase in batch approvals for various vaccines, indicating a positive trend in product acceptance and market penetration [4]. R&D and Future Outlook - The company is focusing on expanding its product pipeline with increased R&D investment, which is expected to drive future growth. The R&D expense ratio has increased, reflecting a commitment to innovation and product development [5]. - The overall development trend is positive, with expectations for revenue and profit growth in the coming years, supported by new product launches and market expansion [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on performance reviews [5]. Core Views - The report adjusts the company's profit forecast based on changes in diamond wire prices, projecting net profits of 476 million, 578 million, and 766 million yuan for 2024-2026, respectively, with corresponding P/E ratios of 17.56, 14.45, and 10.91 times [5]. - The company is recognized as a leader in the diamond wire industry, benefiting from a comprehensive supply chain integration that enhances cost advantages [6]. Summary by Sections Company Overview - As of September 2, 2024, the company's closing price is 17.40 yuan, with a total share capital of 48,001 million shares and a debt-to-asset ratio of 10.60% [4]. Financial Performance - In the first half of 2024, the company reported a revenue of 1.484 billion yuan, a year-on-year decrease of 31.55%, and a net profit of 276 million yuan, down 69.11% year-on-year [6]. - The second quarter of 2024 saw a revenue of 628 million yuan, a decline of 46.55% year-on-year and 26.75% quarter-on-quarter, with a net profit of 80 million yuan, down 84.36% year-on-year [6]. Industry Context - The diamond wire industry is facing profitability pressures, with significant price drops in carbon steel wire since late 2023, although prices have stabilized recently [6]. - The company maintains a gross margin of 24.90% and a net margin of 12.97% in Q2 2024, showcasing resilience despite industry challenges [6]. Future Outlook - The company is advancing in tungsten wire production, which is expected to improve profitability as it replaces carbon steel wire [8]. - The financial position is robust, with cash reserves of 1.09 billion yuan and a significant improvement in operating cash flow, indicating the ability to navigate industry downturns [8].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is positively impacted by the increasing proportion of new energy vehicle products and its global capacity expansion [5][6] - The company has adjusted its profit forecast based on product structure and gross margin, expecting net profits of 1.041 billion, 1.305 billion, and 1.581 billion yuan for 2024-2026 [5] - The company is solidifying its position as a leader in the small and medium-sized parts industry while expanding into larger components related to new energy vehicles [6] Financial Summary - The company achieved a revenue of 32.49 billion yuan in H1 2024, a year-on-year increase of 23%, with a net profit of 4.50 billion yuan, up 14% [6] - The gross margin for H1 2024 was 28.68%, slightly down from the previous year, but expected to improve [5] - The company’s main revenue from automotive products grew by 25% year-on-year in H1 2024, while industrial products saw a decline of 9% [5] Profit Forecast - The company forecasts main revenue of 7.536 billion, 9.174 billion, and 10.889 billion yuan for 2024-2026, with corresponding EPS of 1.07, 1.33, and 1.62 yuan [4][5] - The expected PE ratios are 12X, 9X, and 8X for the same period [5] Market Position - The company is actively enhancing its production capacity in North America, Southeast Asia, and Europe, with significant projects underway in Mexico and Malaysia [5][6] - The share of revenue from new energy vehicle products has increased to over 30% in H1 2024, indicating a strong market trend [6]