Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company reported a 5% year-over-year decline in revenue for the first half of 2024, totaling 2.538 billion yuan, with a net profit of 247 million yuan, down 39% year-over-year. The second quarter showed a revenue increase of 3% year-over-year and a 9% quarter-over-quarter increase, driven by price increases in maltol and basic chemical products [7]. - The report highlights a recovery in overseas demand for sucralose and acesulfame, although prices remain under pressure. The company has increased the price of sucralose in August 2024 [7]. - The company is expanding its production capacity and has initiated trial production for several projects, including a bio-synthesis innovation platform [7]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.538 billion yuan, a decrease of 5% year-over-year, and a net profit of 247 million yuan, down 39% year-over-year. The second quarter revenue was 1.325 billion yuan, reflecting a 3% increase year-over-year and a 9% increase quarter-over-quarter [7]. - The gross profit for food additives and bulk chemicals in H1 2024 was 362 million yuan (down 29% year-over-year) and 101 million yuan (up 44% year-over-year), respectively [7]. Market Dynamics - The report notes that the prices of sucralose and acesulfame have fallen below industry cost lines due to intensified competition. However, there is potential for price recovery following recent price increases by major manufacturers [7]. - The company has a production capacity of 10,000 tons for maltol and 13,000 tons for sucralose, with price elasticity expected to positively impact performance in the second half of the year [7]. Future Outlook - The report projects net profits for 2024-2026 to be 774 million, 1.007 billion, and 1.258 billion yuan, respectively, with corresponding EPS of 1.36, 1.77, and 2.21 yuan per share. The current stock price corresponds to a PE ratio of 16X, 12X, and 10X for the respective years [7][8].

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 01 日 传音控股 (688036) ——24Q2 淡季营收环比基本持平，净利率 7.2% | --- | --- | |-----------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 80.00 | | 一年内最高/最低（元） | 179.17/71.00 | | 市净率 | 4.8 7.50 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） 上证指数/深证成指 | 90,335 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 16.55 | | 资产负债率 % | 57.06 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company's revenue for H1 2024 slightly increased to 7.978 billion yuan, a year-on-year growth of 2.09%, while the net profit attributable to shareholders decreased by 35.09% to 393 million yuan [6][7]. - The decline in profit is attributed to fluctuations in exchange gains and losses, as well as asset impairment losses [7][8]. - The company is actively participating in the low-altitude economy sector and has been involved in setting industry standards [8]. Financial Summary - H1 2024 revenue: 7.978 billion yuan, up 2.09% year-on-year; Q2 2024 revenue: 4.237 billion yuan, up 6.49% year-on-year [6][7]. - H1 2024 net profit: 393 million yuan, down 35.09% year-on-year; Q2 2024 net profit: 170 million yuan, down 51.01% year-on-year [6][7]. - The company's gross margin for H1 2024 was 25.70%, a slight decrease of 0.48 percentage points year-on-year [7][8]. - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 917 million, 1.095 billion, and 1.180 billion yuan respectively [8].

证 券 研 究 报 告 2024 年 09 月 01 日 菜百股份 (605599) ——投资品驱动收入延续高增，影响 Q2 短期利润表现 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 10.74 | | 一年内最高/最低（元） | 17.08/10.31 | | 市净率 | 2.3 | | 息率（分红/股价） | 6.52 | | 流通 A 股市值（百万元） | 6,301 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 4.70 | | 资产负债率 % | 43.90 | | 总股本 /流通 A 股（百万） | 778/587 | ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [4][8][9] Core Views - Suzhou Bank's performance in the first half of 2024 shows a revenue of 6.4 billion yuan, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 3 billion yuan, up 12.1% year-on-year [4][8] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% in Q2 2024, unchanged from the previous quarter [4][8] - The report highlights the bank's strategic focus on leveraging public sector loans for growth while managing retail loan adjustments [5][8] Financial Data and Earnings Forecast - Total operating income (in million yuan) is projected to be 11,762.96 in 2024E, with a year-on-year growth rate of 8.62% [3] - Net profit attributable to shareholders is expected to reach 3,918.44 million yuan in 2024E, reflecting a year-on-year growth rate of 26.13% [3] - The report anticipates a gradual increase in return on equity (ROE) from 11.50% in 2024E to 12.22% in 2026E [3] Loan and Asset Quality Analysis - Public sector loans are driving credit growth, with a loan growth rate exceeding 20% in Q2 2024 [5][8] - The bank's NPL generation rate is low, with a projected annualized NPL generation rate of only 0.38% for the first half of 2024 [4][8] - The provision coverage ratio stands at 487%, providing a solid buffer against potential asset quality deterioration [4][8] Interest Margin and Revenue Drivers - The net interest margin for the first half of 2024 is reported at 1.48%, a decrease of 20 basis points compared to 2023 [8][9] - Interest income has been impacted by a decline in loan pricing, with net interest income down 2.3% year-on-year [4][8] - Non-interest income has shown resilience, with an 11% year-on-year increase, contributing positively to revenue growth [4][8]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a turnaround in performance for Q2 2024, achieving a net profit of 124 million yuan, compared to a loss in the previous year, driven by increased sales volume and higher average selling prices [2] - The company sold 1.0924 million pigs in H1 2024, a year-on-year increase of 62.83%, with an average selling price of 14.70 yuan/kg, up 5.60% year-on-year [2] - The average breeding cost per kilogram decreased from 14.5 yuan in Q1 2024 to 13.9 yuan in Q2 2024, with further reductions expected due to improved production efficiency [2] - The company is expanding its breeding capacity, with the number of breeding sows increasing from 98,000 at the end of June to 104,000 by the end of July 2024 [2] - The report projects revenues of 6.174 billion yuan for 2024, with net profits expected to reach 576 million yuan, reflecting significant growth compared to previous years [3][7] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 2.494 billion yuan, a 46.04% increase year-on-year, and a net profit of 124 million yuan, marking a significant recovery from a loss of 401 million yuan in 2023 [3][7] - The projected revenues for 2024, 2025, and 2026 are 6.174 billion yuan, 8.600 billion yuan, and 9.937 billion yuan respectively, with corresponding net profits of 576 million yuan, 1.083 billion yuan, and 1.267 billion yuan [3][7] Market Data - As of September 2, 2024, the company's closing price was 27.20 yuan, with a market capitalization of 1.878 billion yuan [4] - The stock has seen a 52-week high of 45.67 yuan and a low of 18.60 yuan, indicating significant volatility [4] Operational Insights - The company has maintained a strong focus on improving breeding efficiency, with a current PSY (Pigs per Sow per Year) above 28 and a weaning cost for piglets nearing 300 yuan per head [2] - The report highlights the company's robust biosecurity measures, which have contributed to its competitive cost structure and operational efficiency [2]

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 02 日 国博电子 (688375) ——下游订单节奏放缓影响营收，2024Q2 业绩不及市场 预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 37.18 | | 一年内最高/最低（元） | 90.09/37.16 | | 市净率 | 3.5 | | 息率（分红/股价） | 1.68 | | 流通 A 股市值（百万元） | 9,870 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 15.62 ...

Industry Overview - In 2023, the total vehicle sales in Asia (excluding China) reached 18.58 million units, with a significant recovery post-pandemic [6] - The Chinese automotive market share in Asia (excluding China) increased from 1.1% in 2018 to 7.0% in 2023, with sales growing from 70,000 units to 470,000 units [2] - The SUV segment in Asia has shown a strong growth trend, with its market share increasing from 22% in 2018 to 41% in 2023 [9] Central and West Asia Market - In 2023, the total vehicle sales in Central and West Asia reached 3.38 million units, with Chinese brands capturing a 9% market share (311,000 units) [3] - The SUV segment in Central and West Asia has grown significantly, with its market share increasing from 24% in 2018 to 40% in 2023 [24] - Chinese brands such as Chery, BYD, and Great Wall have shown rapid growth in Central and West Asia, with sales expected to nearly double by 2026 [3] Southeast Asia Market - In 2023, the total vehicle sales in Southeast Asia reached 3.4 million units, with Japanese brands dominating the market with a 70% share [4] - Chinese brands have a relatively small market share in Southeast Asia (4% in 2023), but are expected to grow significantly, with sales projected to increase by 166% by 2026 [4] - The SUV segment in Southeast Asia has also shown growth, with its market share increasing from 22% in 2018 to 41% in 2023 [9] Key Chinese Automakers - Chery has shown explosive growth in Central and West Asia, with sales increasing from 12,000 units in 2022 to 86,000 units in 2023 [15] - BYD has leveraged its strength in new energy vehicles, with sales in Central and West Asia growing from 5,000 units in 2022 to 52,000 units in 2023 [15] - Great Wall has also seen significant growth, with sales in Central and West Asia increasing from 28,000 units in 2022 to 39,000 units in 2023 [15] Market Trends and Opportunities - The SUV segment is replacing sedans as the dominant vehicle type in Asia, with its market share increasing from 22% in 2018 to 41% in 2023 [9] - New energy vehicles (NEVs) are gaining traction in Central and West Asia, with sales reaching 102,000 units in 2023, representing a 3.0% penetration rate [19] - Chinese automakers are focusing on local production and distribution networks to expand their presence in key markets such as Turkey, Saudi Arabia, and Uzbekistan [20][21] Competitive Landscape - Toyota remains the dominant player in Central and West Asia, with a 17% market share in 2023, although its share has declined from 20% in 2018 [27] - Stellantis has shown strong growth in Central and West Asia, with its market share increasing from 8% in 2018 to 14% in 2023, driven by strong performance in Turkey [27] - Chinese brands have made significant inroads in Central and West Asia, with their market share increasing from 1% in 2018 to 9% in 2023 [27]

行 业 及 产 业 证 券 研 究 报 告 非银金融 行 业 研 究/ 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 2024 年 09 月 06 日 看好同一实际控制人旗下券商整合 看好 ——国泰君安&海通证券筹划吸收合并公告点评 事件：2024/9/5，国泰君安&海通证券共同发布关于筹划重大资产重组的停牌公告。国泰 君安与海通证券签署《合作协议》，筹划由国泰君安通过向海通证券全体 A/H 换股股东发行 股票方式吸收合并海通证券，并发行 A 股股票募集配套资金，两家券商均将于 9 月 6 日停 牌，预计停牌日期不超过 25 个交易日。 ⚫ 响应新"国九条"推动头部证券公司做优做强导向，优化上海金融国资布局。响应政 策：继 2023 年 10 月末中央金融工作会议确定"培育一流投资银行和投资机构"的基 调，2024/3/15，证监会四箭齐发，其中明确提出证券行业发展 ...

研 究 策 略 申 购 策 略 证 券 研 究 报 告 - 新股申购 2024 年 09 月 06 日 合合信息：行业知名的 AI 与大数据 科技企业，C 端与 B 端协同发力 ——注册制新股纵览 20240906 本期投资提示： 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com ⚫ AHP 得分——剔除流动性溢价因素后，合合信息 2.46 分，位于总分的 40.3%分位。合合 信息于 2024 年 9 月 5 日招股，将在科创板上市。剔除流动性溢价因素后，我们测算合合信 息 AHP 得分为 2.46 分，位于科创体系 AHP 模型总分 40.3%分位，处于中游偏下水平。考 虑流动性溢价因素后，我们测算合合信息 A ...