公 司 研 究 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn [Table_QuotePic] -25% -16% -7% 2% 11% 20% 29% 38% 23-08 23-11 24-02 24-05 扬杰科技 沪深300 [相关研究 Table_Report] 1.扬杰科技（300373）：2023Q4业绩 向好，产品结构优化及产能扩张并行 ——公司简评报告 2.扬杰科技（300373）：功率半导体 IDM国内领先，业务聚焦新能源高启 在即——公司深度报告 3.新能源打开IGBT天花板，新产能蓄 力国产企业新台阶——半导体行业 深度报告（三） 公 司 简 评 电 子 [数据日期 Table_cominfo] 2024/08/28 收盘价 34.75 总股本(万股) 54,301 流通A股/B股(万股) 54,189/0 资产负债率(%) 34.03% 市净率(倍) 2.16 净资产收益率(加权) 5.03 12个月内最高/最低价 45.00/32.48 [扬杰 ...

行 业 深 度 [Table_Authors] 证券分析师 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn [table_stockTrend] -27% -19% -11% -3% 5% 13% 21% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [table_product] 相关研究 1.科博达（603786）：客户结构优化， 新产品加速全球化拓展——公司简 评报告 2.赛轮轮胎（601058.SH）：业绩稳进 增效，出海前景广阔——公司简评报 告 3.以旧换新政策促进零售端企稳，新 能源汽车渗透率延续环比提升趋势 ——汽车行业周报（2024/08/19- 2024/08/25） [table_invest] 标配 [Table_NewTitle] 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 [table_main] 投资要点： ➢ 泰国为中国自主车企低风险、高潜力的出海优选地。自上而下分析，我们判断泰国的出海 潜力主 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][7]. Core Insights - The company achieved revenue of 1.806 billion yuan and a net profit attributable to shareholders of 146 million yuan for the first half of 2024, reflecting a year-on-year revenue growth of 0.52% but a decline in net profit by 13.89% [2]. - The second quarter of 2024 saw a revenue drop to 891 million yuan, with net profit decreasing by 38.64% compared to the same period last year [2]. - The company's gross margin improved to 41.87% in the first half of 2024, up by 1.95 percentage points year-on-year, indicating effective cost control and pricing strategies [6]. - Strategic initiatives include the orderly advancement of silk inventory and smart warehousing projects, with inventory increasing to 1.082 billion yuan [6]. Financial Performance Summary - The company’s total revenue is projected to grow from 4.21 billion yuan in 2023 to 5.72 billion yuan by 2026, with annual growth rates of 14.93%, 7.67%, 11.80%, and 12.94% respectively [8]. - Net profit attributable to shareholders is expected to rise from 379 million yuan in 2023 to 520 million yuan in 2026, with growth rates of 36.23%, 7.86%, 12.12%, and 13.46% respectively [8]. - The company’s earnings per share (EPS) is forecasted to increase from 1.44 yuan in 2023 to 1.98 yuan in 2026, reflecting a positive trend in profitability [9]. Market Position and Valuation - The company is characterized by low valuation and high dividend features, with a projected price-to-earnings (P/E) ratio of 7 for 2024, decreasing to 6 by 2026 [3][8]. - The company’s price-to-book (P/B) ratio is expected to remain stable around 0.93 to 0.97 over the forecast period [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 met expectations, with revenue of 896 million yuan (down 41.87%) and net profit of 316 million yuan (down 3.05%). The second quarter alone saw revenue of 447 million yuan (down 39.14%) and net profit of 164 million yuan (up 5.36%) [6] - The blood products business showed steady growth, achieving revenue of 790 million yuan (up 3.64%) in H1 2024, despite a decline in net profit due to last year's high dividend income and decreased investment returns [6] - The company is actively expanding its plasma collection resources, with a 14.63% increase in plasma collection volume to 246.89 tons in H1 2024. New licenses for plasma collection stations are expected to contribute additional revenue [6] - The R&D pipeline is progressing, with increased investment in innovation and several products nearing market readiness, including high-concentration immunoglobulin and other therapeutic agents [7] - The company forecasts revenues of 2.108 billion yuan, 2.387 billion yuan, and 2.679 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 661 million yuan, 780 million yuan, and 910 million yuan [7] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 896 million yuan, a decrease of 41.87%, and a net profit of 316 million yuan, down 3.05%. The gross margin improved to 67.03%, up 17.14 percentage points, while the net profit margin reached 35.25%, up 13.66 percentage points [6] - The blood products segment generated 790 million yuan in revenue, with specific products like human albumin and immunoglobulin showing varied performance [6] Business Expansion - The company has 14 operational plasma collection stations, with plans to expand further through new licenses and acquisitions, enhancing its competitive edge in raw plasma supply [6] Research and Development - R&D investment in H1 2024 was 43.78 million yuan, representing a 3.39% R&D expense ratio. The company is advancing its product pipeline with several candidates in clinical trials [7] Earnings Forecast - The company projects significant revenue growth from 2024 to 2026, with expected EPS of 1.31, 1.55, and 1.81 yuan, and corresponding P/E ratios of 24.48, 20.75, and 17.78 [8]

Key Recommendations - Solid-state battery technology is accelerating iteration, while inverter monthly exports have shown a month-on-month decline. The battery and energy storage sector saw an overall increase of 0.42% during the week of August 19-25, outperforming the CSI 300 index by 0.97 percentage points. Major inflows were seen in companies like CATL and Sungrow, while outflows were noted in companies such as Penghui Energy and Yiwei Lithium Energy [7][8] - The power semiconductor sector is experiencing a recovery in performance, with domestic wafer foundries showing strong recovery momentum. The demand for power semiconductors is driven by AI and consumer electronics, with the global wafer foundry industry revenue increasing by approximately 9% year-on-year and 23% quarter-on-quarter in Q2 2024 [11][12] Battery Sector - The domestic new energy vehicle market retail sales reached 980,000 units in August, representing a year-on-year increase of 36.6% and a month-on-month increase of 11.6%, with a penetration rate of 53.2%. The sales of low-priced pure electric vehicles are expected to support overall market performance, with a forecast of 11.5 million new energy vehicles sold in 2024, a year-on-year increase of 20% [8] - Supply-side adjustments in the industry are stabilizing prices. Lithium carbonate prices are fluctuating, while the price of lithium iron phosphate is near the breakeven point. The demand for graphite is improving marginally, but prices remain close to cost levels [8] - Key companies to watch include CATL, which is expected to ship 480 GWh in 2024 with an estimated profit of approximately 46 billion yuan, and Teruid, which is benefiting from upgrades in power grid investment structures [8] Energy Storage Sector - The energy storage bidding market saw a slight decline, with a total scale of 1.88 GW/7.08 GWh for new projects. The average bidding price for energy storage EPC projects increased to 1.29 yuan/Wh [9] - By the end of H1 2024, the cumulative installed capacity of domestic energy storage projects reached 103.3 GW, a year-on-year increase of 47%. The new installed capacity of new energy storage in H1 2024 was 13.67 GW/33.41 GWh, a year-on-year increase of 71% [9] - Companies to focus on include Sungrow, which has achieved a full industry chain layout in energy storage and is leading in domestic inverter shipments [9] Semiconductor Sector - The power semiconductor sector is showing signs of recovery, with major companies reporting varying degrees of performance improvement. The demand for power semiconductors is being driven by AI computing, automotive electrification, and consumer electronics [12][13] - Notable companies include Silan Micro, which reported a 17.83% year-on-year increase in revenue, and Newclean, which saw a 15.16% increase in revenue and a 47.45% increase in net profit [12] - The domestic wafer foundry market is recovering faster than global counterparts, with companies like SMIC and Hua Hong reporting strong quarterly performance and optimistic outlooks [13] Market Overview - The electronic sector underperformed the broader market, with the electronic index declining by 2.86% compared to a 0.55% drop in the CSI 300 index. The overall industry valuation is at historical lows, suggesting potential for gradual investment [14] - Investment suggestions include focusing on companies benefiting from strong overseas demand in the AIOT sector and those involved in the domestic semiconductor supply chain [14]

[Table_Reportdate] 2024年08月28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27日，公司发布2024年半年度报告。2024年上半年，公司实现营业收入24.27 亿元，同比增长17.48%；归母净利润3.08亿元，同比增长49.92%。公司2024Q2实现营 业总收入13.29亿元，同比增长14.48%；归母净利润1.6亿元，同比增长32.64%。由于2023 年上半年存在K9代理的影响，整体业绩表现亮眼。 [Table_QuotePic] [相Ta关b研le究_Report] 《乖宝宠物（301498）：业绩表现 亮眼，自有品牌持续升级——公司简 评报告》 2024.04.17 《乖宝宠物（301498）：Q3业绩持 续释放，关注自有品牌成长——公司 简评报告》 2023.10.25 盈利能力持续提升，产品结构持续升级。2024上半年公司毛利率42.05%，同比+7.84pct； 2 ...

[Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |--------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/27 | | 收盘价 | 46.50 | | 总股本(万股) | 50,635 | | 流通A股/B股(万股) | 50,635/0 | | 资产负债率(%) 市净率(倍) | 36.67%2.57 | | 净资产收益率(加权) | 3.33 | | | 74.45/42.94 | 商。2024上半年公司研发投入1.19亿元，同比增长6.98%。目前，公司获有专利280项， 其中发明专利131项，海外专利86项，计算机软件著作权5项，参与制定国家标准16项，行 业标准9项，是国家知识产权优势企业，并且非常重视知识产权保护维护研发成果。 [Table_QuotePic] -27% -15% - ...

Group 1: Profit Growth and Trends - In July 2024, the total profit of industrial enterprises above designated size increased by 3.6% year-on-year, slightly up from 3.5% in June[10] - Profit growth continued to rebound, but the month-on-month decline was -22.3%, weaker than the 10-year average of -17.5%[11] - The profit margin fell to 5.3%, down by 1.1 percentage points, approaching the lower limit of the 10-year historical range[13] Group 2: Revenue and Investment Insights - Revenue growth in July was 2.9%, unchanged from the previous month, with a month-on-month decline of -6.5%[13] - Investment income played a significant role in the profit growth rebound, with its share of total profit at 9.47% in July, influenced by a low base effect[15] - The inventory of finished products increased by 5.2% year-on-year, up from 4.7% in June, indicating ongoing replenishment efforts[20] Group 3: Sector Performance and Risks - The profit structure showed a seasonal increase in public utility profits, likely due to higher electricity demand[17] - Upstream sectors like coal mining showed a decline in growth, while non-ferrous metals maintained strong growth rates[18] - Risks include potential delays in policy implementation and demand recovery, which could pressure profit margins in downstream industries[24]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月28日 [晨会纪要 Table_NewTitle] 20240828 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.利润增速延续回升，但仍有隐忧——国内观察：2024年7月工业企业利润数据 ➢ 2.劲仔食品（003000）：大单品稳健增长，盈利水平持续提升——公司简评报告 ➢ 3.亿纬锂能（300014）：储能出货高增，消费电池盈利亮眼——公司简评报告 财经要闻 ➢ 1.加拿大宣布对中国电动汽车加征关税 ➢ 2.上海优化本市新出让商品住房用地套型供应结构 ➢ 3.多部门联合发布《关于进一步做好金融支持长江经济带绿色低碳高质量发展的指导意 见》 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 | --- | --- | |------------------------------------------------------------- ...

公 司 研 究 [Table_Reportdate] 2024年08月27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] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 46.48 | | 总股本(万股) | 134,082 | | 流通A股/B股(万股) | 130,536/0 | | 资产负债率(%) | 22.30% | | 市净率(倍) | 4.24 | | 净资产收益率(加权) | 8.87 | | 12个月内最高/最低价 | 68.11/41.55 | [Table_QuotePic] -40% -32% -24% -17% -9% -1% 7% 14% 23-08 23-11 24-02 24-05 恒立液压 沪深300 [恒立 ...