公 司 研 究 医 药 生 物 [数据日期 Table_cominfo] 2024/08/15 收盘价 23.42 总股本(万股) 56,714 流通A股/B股(万股) 56,712/0 资产负债率(%) 42.49% 市净率(倍) 4.90 净资产收益率(加权) 13.89 12个月内最高/最低价 26.89/15.37 [Table_profits] [Table_Reportdate] 2024年08月15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] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [Table_QuotePic] -34% -17% -1% 15% 32% 48% 64% 81% 23-08 23-11 24-02 24-05 羚锐制药 沪深300 [相关研究 Table_Report] 《羚锐制药（600285）：多品类快速 放量，盈利能力持续提升——公司简 评报告》 2024.04.30 ...

公 司 研 究 汽 车 [数据日期 Table_cominfo] 2024/08/15 收盘价 11.03 总股本(万股) 126,608 流通A股/B股(万股) 116,608/0 资产负债率(%) 71.27% 市净率(倍) 2.47 净资产收益率(加权) 1.18 12个月内最高/最低价 15.54/9.41 [Table_profits] [Table_Reportdate] 2024年08月15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] 黄涵虚 S0630522060001 hhx@longone.com.cn [Table_QuotePic] -39% -31% -24% -16% -9% -1% 6% 14% 23-08 23-11 24-02 24-05 继峰股份 沪深300 [相关研究 Table_Report] 《继峰股份（603997）：乘用车座椅 逐步上量，获德国宝马定点全球战略 取得突破 — — 公 司 简 评 报 告 》 2024.04.30 《继峰股份（603997）：全年业绩扭 亏为盈，乘用车座 ...

总 量 研 究 [Table_Reportdate] 2024年08月15日 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 董澄溪 dcx@longone.com.cn [美国Table_NewTitle] 7月CPI低于预期 ——海外观察：2024年7月美国CPI [table_main] 投资要点 ➢ 事件：7月美国CPI同比上涨2.9%，预期3.0%，前值3.0%；环比上升0.2%，预期0.2%，前 值下降0.1%。7月美国核心CPI同比上涨3.2%，预期3.2%，前值3.3%；环比上涨0.2%，预 期0.2%，前值0.1%。 ➢ 核心观点：7月美国通胀低于预期，CPI同比增长2.9%，核心CPI同比增长3.2%，虽然环比 上涨0.2%，但仍为2021年以来的最低增速。能源价格整体持平，核心商品价格连续两月 下跌，尤其是二手车、服装和机票价格降幅较大，这是通胀走弱的主要原因。然而，住房、 食品和汽车保险价格依然高企 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月14日 [晨会纪要 Table_NewTitle] 20240814 [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.社融口径下的人民币贷款为何出现负增长——国内观察：2024年7月金融数据 ➢ 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）：业绩快速增长，盈利能力显著提升——公司简评报告 ➢ 6.中芯国际2024Q2业绩超预期，消费电子景气度小幅回暖——电子行业周报（20240805- 20240811） ...

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 / ...