Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has achieved a turnaround in profitability in the first half of 2024, driven by improved cost management in chicken and pig farming [3][6] - The sales volume of yellow feathered chickens increased by 10.7% year-on-year, reaching 235 million, with revenue of 6.682 billion yuan, a growth of 11.4% [5] - The average selling price of yellow feathered chickens was 13.2 yuan/kg, a slight increase of 0.2% year-on-year [5] - The complete cost of raising yellow feathered chickens decreased by 13.48% year-on-year to 12.2 yuan/kg in the first half of 2024, primarily due to lower feed material costs [5] - The company expects continued price recovery for yellow chickens in the second half of the year, contributing to performance growth [5] Summary by Sections Sales and Revenue - In the first half of 2024, the company sold 43.49 million pigs, a year-on-year increase of 18.8%, with revenue of 0.835 billion yuan, up 44.2% [15] - The average selling price of pigs was 15.9 yuan/kg, reflecting a 7.1% increase year-on-year [15] - The company anticipates a total pig output of over 1.2 million for the year, supported by a stable production capacity of 1.8 million pigs [15] Profit Forecast - The company forecasts net profits attributable to shareholders of 0.831 billion yuan for 2024, representing a year-on-year increase of 289.99% [6] - Expected earnings per share (EPS) for 2024, 2025, and 2026 are projected at 1.00 yuan, 2.24 yuan, and 1.54 yuan respectively [6] - The price-to-earnings (P/E) ratios for the next three years are estimated at 23.01, 10.29, and 15.01 times [6] Cost Management - The company has successfully reduced costs in both chicken and pig farming, with significant improvements in profitability expected to continue [6][15] - The complete cost of pig farming decreased from 17.6 yuan/kg in Q1 to 14.8 yuan/kg in Q2 of 2024 [15]

2024年07月24日 超點 市场分析师 王敏君 S0630522040002 wmj@longone.com.cn 同志之行的 梁帅奇 S0630524070001 lsqi@longone.com.cn 2d-0d 1.关注工具企业全球化进程一 械 设 备 行 业 周 报 （ 20240715- 20240721 ) 2.重点品类内外销数据改善，关注工 程机械升级、出海进程——机械设备 行业周报 ( 20240708-20240714 ) 3.6月挖机内销增速优于市场预期， 工程机械景气度持续边际改善- 机械设备行业简评 宁业跟踪：下游库存改善，创新+全 -机械设备行业深度报告 投资最点： > 海外渠道商逐渐走出库存扰动期，有望带动工具行业订单修复。过去几年，外部宏观因素 对美国等重要市场工具产品零售造成扰动。2020年，因海运运力不足、供应链调整等情况， 部分渠道商未及时跟进下游需求；2021年受滞后需求、策略转变等因素的影响，渠道备货 较为激进。随后，在通胀背景下，消费者在购买时趋于谨慎，部分渠道商销售收入增速放 缓、库存累积。2023年，由于美国卖场等渠道调整库存、减少进货，我国部分出口企业收 入走 ...

2024 6 证券分析师:吴骏燕 执业证书编号:S0630517120001 联系人:马小萱 联系方式:mxxuan@longone.com.cn 证券分析师:谢建斌 执业证书编号:S0630522020001 联系人:张晶磊 联系方式:zjlei@longone.com.cn 2024年07月24日 原料成本端:供应格局改善,海运费上涨趋势或将缓和 二、生产端:生产热度延续,开工率持续高位运行 111 需求端:海外半钢胎需求向好,全钢胎需求仍待修复 四、行业重要新闻 五、月度总结及展望 六、风险提示 日录 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 6 ● 6月轮胎上游原材料价格:2024年6月丁二烯均价13048.75元/吨,环比上涨14.89%,同比上涨118.83%;天然橡胶均价 1767.63美元/吨,环比上涨3.93%,同比上涨29.54%;丁苯橡胶均价15220元/吨,环比上涨12.90%,同比上涨36.73%; 炭黑均价7796.67元/吨,环比下降12.89%,同比下降2.83%;锦纶帘子布均价22500元/吨,环比持平,同比上涨5.57 ...

Investment Rating - The report rates the mechanical equipment industry as "Overweight" [7][27]. Core Insights - The mechanical equipment industry is experiencing a significant global expansion, with companies transitioning from OEM models to building their own brands and channels, particularly in North America [7][11]. - Mergers and acquisitions are a primary strategy for companies to enhance their overseas presence and fill product gaps, exemplified by companies like Juxing Technology [7][13]. - A highly efficient and stable global supply chain is being established, with Asian countries focusing on production and R&D, while North America and Europe handle logistics and customer service [7][14]. - The deepening globalization process may intensify the Matthew effect in the industry, favoring larger companies with stronger financial and management capabilities [7][15]. Summary by Sections 1. Tool Industry Globalization Review - The tool industry has evolved through three stages: OEM production, brand development, and capacity expansion, with significant growth in overseas markets since 2018 [11]. - Companies like Juxing Technology and Qianfeng Holdings are rapidly establishing production bases in countries like Vietnam and the USA to better meet market demands [11][15]. 2. Industry Dynamics - The 20th Central Committee's Third Plenary Session emphasized high-quality economic development and the importance of self-sufficient supply chains, which will benefit key sectors like industrial mother machines and robotics [19]. - Sales data from June 2024 shows significant growth in various machinery exports, indicating a robust demand for engineering machinery [20]. 3. Market Review - The report notes that the mechanical equipment sector underperformed compared to the broader market, with a decline of 1.10% against a 1.92% increase in the CSI 300 index [22].

[Table_Report] [Table_Reportdate] 2024年07月24日 [证券分析师： Table_Authors] 王珏人 S0630523100001 wjr@longone.com.cn ➢ 2.国产汽车芯片迎催化良机，2024Q2全球智能手机出货同比增长6.5%——电子行业周报 （2024/7/15-2024/7/21） ➢ 3.国资委：持续推动产业高端化、智能化、绿色化发展，全面实施"AI+"专项行动 正文目录 1.1. Q2 食饮板块持仓明显回落，关注底部配置机会――食品饮料行业周报 ( 2024/7/14-2024/7/19 ) . 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/9 1.1.Q2 食饮板块持仓明显回落，关注底部配置机会——食品 饮料行业周报（2024/7/14-2024/7/19） 二级市场表现：上周食品饮料板块上涨3.33%，沪深300指数上涨1.92%，食品饮料板块 在31个申万一级板块中排名第2位。子板块方面，上周各板块均上涨。个股方面，上周涨幅 前五为青海春天、盖世食品、安井食品、泸州老窖、佳禾食品，分别上涨27.43%、12. ...

[Table_Reportdate] 2024年07月24日 [Table_invest] 买入(维持) 报告原因:重大事项 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/07/23 | | 收盘价 | 16.95 | | 总股本(万股) | 336,865 | | 流通A股/B股(万股) | 336,639/0 | | 资产负债率(%) | 59.95% | | 市净率(倍) | 2.17 | | 净资产收益率(加权) | 7.81 | | 12个月内最高/最低价 | 20.13/12.74 | [Table_QuotePic] -26% ...

Core Insights - The report highlights the significant growth in the renewable energy sector, particularly in solar and wind power, driven by new installations and international expansion [34][35][36] - The domestic automotive chip market is expected to reach a scale of 90.54 billion yuan in 2024, with a year-on-year growth of 6.5%, indicating a robust demand for domestic semiconductor products [13] - The global smartphone market has shown a recovery with a 6.5% year-on-year increase in shipments in Q2 2024, suggesting a positive trend in consumer electronics [14][16] Renewable Energy Sector - The solar power sector is witnessing a surge in new projects, with significant installations in Xinjiang totaling 4.9 GW, which is expected to boost demand in the second half of the year [34] - The wind power sector has seen a total of 25.84 GW of new installations in the first half of 2024, a 12.4% increase year-on-year, with projections suggesting a total of 85.31 GW for the year [35] - The report emphasizes the importance of international contracts for Chinese solar companies, which are expected to enhance profitability and market presence [34] Automotive Chip Industry - The Ministry of Industry and Information Technology has released guidelines to standardize the automotive chip industry, which is anticipated to catalyze growth in domestic chip production [13] - The current domestic chip localization rate is around 10%, indicating substantial room for growth and replacement of foreign products [13] - The automotive chip market is becoming increasingly critical as the industry shifts towards smart and electric vehicles, with government policies supporting local manufacturers [13] Smartphone Market - The global smartphone shipments reached 285.4 million units in Q2 2024, marking a continuous growth trend for four consecutive quarters [14] - Major brands like Samsung and Apple are leading the market, with Samsung holding an 18.9% share and Apple at 15.8%, both benefiting from new product launches and AI integration [14] - The report suggests that the introduction of generative AI features in smartphones is likely to drive further market growth and increase average selling prices [16] Investment Recommendations - The report recommends focusing on sectors poised for recovery, such as automotive electronics and semiconductor equipment, given the low historical valuations and increasing domestic demand [19] - Specific companies in the automotive electronics space, such as Stada Semiconductor and Micron Technology, are highlighted as potential investment opportunities [19] - The AI-driven innovation sector is also noted for its growth potential, particularly in computing and optical devices [19]

[Table_Reportdate] 2024年07月22日 ➢ 1.擘画改革图景，政策或会加力——宏观周观点（20240715-20240719） ➢ 2.《中共中央关于进一步全面深化改革、推进中国式现代化的决定》 展现深化财税体制改 革细则 晨 会 纪 要 [证券分析师： Table_Authors] 王珏人 S0630523100001 wjr@longone.com.cn ➢ 1.国家主席习近平关于《中共中央关于进一步全面深化改革、推进中国式现代化的决定》 的说明 ➢ 3.《中共中央关于进一步全面深化改革、推进中国式现代化的决定》展现深化金融体制改 革细则 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 4. 市场数据 晨会纪要 1.1.擘 画 改 革 图 景 ， 政 策 或 会 加 力 — — 宏 观 周 观 点 （20240715-20240719） | --- | |--------------------------------------------------------------------------| | | | | | 正文 ...

行 业 研 究 [Table_Reportdate] 2024年07月22日 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -25% -17% -9% -1% 7% 15% 23% 23-07 23-10 24-01 24-04 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.续期拉动缓解寿险新单压力,非车 增速提升推动财险边际改善——上 市险企2024年6月保费点评 2.融券逆周期调节优化市场秩序,看 好政策催化下的配置机遇——非银 金融行业周报( 20240708- 20240714) 3.强化融券逆周期调节与程序化交 易监管,推动资本市场高质量发展— —非银金融行业简评 [table_invest] 超配 [Table_NewTitle 把握二十届三中全会指引下的资本市场 ] 和多层次保障体系改革脉络 ——非银金融行业周报(20240715-20240721) [table_main] 投资要点: ➢ 行情回顾:上周非银指数上涨2.6%,相较沪深3 ...

行 业 研 究 [Table_Reportdate] 2024年07月22日 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.兆易创新(603986.SH): 利基存储价格有望继续回暖, 增资长鑫产能或有保障——公 司简评报告 1. IoT出海高景气度持续,台积电 Q2业绩超预期市值首破万亿美元— —电子行业周报(20240708- 20240714) 2. 《指南》落实AI产业标准化方 向,WAIC 2024共商AI领域向善治 理(20240701-20240707) 3. 新《措施》助力打造电子产品消 费新场景,2024Q3存储合约价季涨 幅环比收敛(20240624- 20240630) [table_invest] 标配 [Table_NewTitle] 国产汽车芯片迎催化良机,2024Q2全球 智能手机出货同比增长6.5% ——电子行业周报2024/7/15-2024/7/21 [table_main] 投资要点: ➢ 电子板 ...