行 业 及 产 业 非银金融 | --- | --- | --- | --- | |-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 及 产 业 非银金融 | --- | --- | --- | --- | |--------------------|---------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

产 业 行 业 及 商贸零售 | --- | --- | --- | --- | --- | |---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 南北船整合专题2 NAMA ——8月中船下属船厂订单及产能分析 | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | 证券分析师：闫海 A0230519010004 | | | | | | | | | | | | 研究支持：王晨鉴 A0230123030001 | | | | | | | | | | | | 2024.9.13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 核心观点 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------- ...

行 业 及 产 业 美容护理 | --- | --- | --- | --- | |---------------------|--------------------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

产 业 行 业 及 - 证 券 研 究 报 告 电力设备 2024 年 09 月 13 日 优势企业韧性显现，关注海外需求 弹性 看好 ——电新行业 24 年中报回顾 本期投资提示： ⚫ 锂电：2Q24，锂电板块营收环比增速亮眼，盈利处于筑底阶段。2Q24，电动车及储 能需求逐步释放，锂电板块整体出货有所增长，带动锂电环节大部分公司营收环比增 长。价格端锂电材料端下降趋缓，但仍处于磨底期，大部分公司盈利仍处于筑底阶段。 2Q24，各个领域中仅有结构件为营收和归母净利润同比均上升的领域，电池环节营收 同比下滑但归母净利润同比提升，而其他锂电主材等虽出货量有所提升，但价格下降导 致盈利水平同比下降较多。从 2Q24 环比来看，锂电各环节均出现营收环比改善趋势， 归母净利润方面除正极外，其他环节皆环比增长，其中锂矿和负极环比改善明显。从市 场份额变动/存货/资本开支/在手现金来看，1）Q2 负极/三元/铁锂国内产量份额 CR5 有所提升，行业趋向集中。Q2 电解液/隔膜国内产量份额 CR5 有所下降；2）Q2 锂电 各环节存货环比增加，旺季备货效应明显；3）正极/电解液/结构件 2Q24 资本开支同 比大幅下降。从 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [3][4]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with operating income reaching 2.176 billion yuan, a year-on-year increase of 269%, and net profit attributable to shareholders at 388 million yuan, up 588% year-on-year [3][5]. - The revenue structure for H1 2024 shows that mobile storage, solid-state drives (SSDs), embedded storage, and other products contributed 31%, 43%, 20%, and 6% respectively to total revenue [3][4]. - The company has expanded its product lines to include LPDDR and memory modules, enhancing its market presence in various application fields, including consumer, commercial, industrial, automotive, and enterprise sectors [3][4]. - The company has established strategic partnerships with major storage manufacturers, which has led to a healthy inventory level of 19 billion yuan at the end of 2023 and 34 billion yuan at the end of H1 2024, benefiting from a positive market cycle [4][5]. Financial Summary - The total revenue for 2023 is reported at 1.776 billion yuan, with projections for 2024E at 4.103 billion yuan, 2025E at 5.340 billion yuan, and 2026E at 7.085 billion yuan, indicating strong growth [5][6]. - The net profit for 2024E is projected to be 828 million yuan, with a significant year-on-year growth rate of 3,210.9% [5][6]. - The company’s gross margin is expected to improve from 16.7% in 2023 to 32.0% in 2024E, reflecting operational efficiency [5][6].

Investment Rating - The report maintains a "Buy" rating for MINISO, indicating strong expected performance relative to the market [6][14]. Core Insights - MINISO reported a 2Q24 revenue of RMB 4.04 billion, reflecting a year-on-year increase of 24.1%, with a historic high gross margin of 43.9% [4][9]. - The company's adjusted net profit reached RMB 630 million, up 9.4% year-on-year, demonstrating solid financial health [4][9]. - The domestic market showed high-quality growth, with revenue from mainland China reaching RMB 2.53 billion, a year-on-year increase of 18.1% [5][10]. - The overseas market saw significant expansion, with 2,753 stores as of 2Q24, a 157-store increase quarter-on-quarter, and revenue growth of 109.3% year-on-year [5][11]. - The gross profit margin improved due to a higher proportion of direct sales and effective implementation of IP and brand upgrade strategies [5][12]. - The company has initiated share buybacks and dividends, reinforcing its commitment to shareholder returns [5][13]. Summary by Sections Financial Performance - MINISO's 2Q24 revenue was RMB 4.04 billion, with a gross margin of 43.9% and adjusted EBITDA of RMB 1.0 billion [4][9]. - The adjusted net profit for 2Q24 was RMB 630 million, reflecting a 9.4% increase year-on-year [4][9]. Domestic Market Growth - Revenue from the mainland market reached RMB 2.53 billion, with the core business contributing RMB 2.31 billion, up 18.3% year-on-year [5][10]. - The number of domestic stores increased to 4,115, with same-store sales recovering to 98.3% of the previous year's level [5][10]. Overseas Expansion - The overseas store count reached 2,753, with a revenue contribution of RMB 1.51 billion, accounting for 37.4% of total revenue [5][11]. - Same-store sales in the overseas market grew by 16.3%, with a significant increase in direct sales contribution [5][11]. Profitability and Cost Management - The gross profit margin increased from 39.6% to 43.7% year-on-year, attributed to a higher proportion of direct sales and product upgrades [5][12]. - Selling expenses rose to RMB 83 million, accounting for 20.5% of revenue, indicating a need for effective cost control measures [5][12]. Shareholder Returns - The company repurchased shares and announced a cash dividend of RMB 621 million, representing 50% of adjusted net profit [5][13]. - A new share buyback plan of up to HK$2 billion was also announced, reflecting management's confidence in future business prospects [5][13].

行 业 及 产 业 公用事业 | --- | --- | --- | |-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 12 日 华润微 (688396) ——2Q24 营收环增 25%，聚焦中高端应用 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 11 日 | | 收盘价（元） | 34.68 | | 一年内最高/最低（元） | 56.15/33.06 | | 市净率 | 2.1 | | 息率（分红/股价） | 0.32 | | 流通 A 股市值（百万元） | 45,900 | | 上证指数 / 深证成指 | 2,721.80/8,105.38 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 16.51 | | | | | 资产负债率 % | 17.52 | | 总股本/流通 A 股（百万） | ...