上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 09 月 03 日 格力电器 (000651) ——2024 年中报点评：空调主业稳健，盈利能力提升 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 40.05 | | 一年内最高/最低（元） | 43.83/30.78 | | 市净率 | 1.9 | | 息率（分红 / 股价） | 5.94 | | 流通 A 股市值（百万元） | 222,095 | | 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） | 20.91 | | 资产负 ...

行 业 及 产 业 交通运输/ 航空机场 2024 年 09 月 03 日 国泰航空 48 架 A350 飞机停飞检 查，强化飞机供给及供应链逻辑 看好 ——航空供应链点评 本期投资提示： ⚫ 事件说明：9 月 2 日国泰航空一航班起飞后因发动机告警返航香港机场，经过检查为发 动机零部件故障，此为全球首例 A350 飞机引擎零部件故障。国泰已立即通报飞机和发 动机制造商及相关监管机构，目前路透社报道为燃油喷嘴故障。国泰航空检查发现若干 台发动机零部件需要更换，公司正进行海外采购，以协助维修工作，将导致部分飞机停 飞多天等待维修。 ⚫ 市场相关机队情况：A350 发动机均由罗罗公司供应。根据第三方网站，国内航空公司 共运营 A350 客机 79 架，占我国宽体客机比例为 16.7%，其中国航 30 架，东航和南 航各 20 架，川航 9 架。全球共运营 A350 客机 616 架，占全球宽体机数量的 12.6%， 全球 A350 飞机均搭载罗罗公司发动机。 ⚫ 预计影响：参考普惠发动机事件的发展情况，本次事件可能造成全球范围 A350 飞机受 到发动机检修的影响陆续停飞，备件航材可能不足将有可能造成飞机停飞时长 ...

Investment Rating - The investment rating for the company is "Outperform" [4]. Core Insights - The company's main business remains profitable, despite losses from associated companies and legal fees impacting overall performance. In H1 2024, the company achieved revenue of 1.081 billion yuan, a year-on-year increase of 1%, but net profit attributable to shareholders dropped by 85% to 11 million yuan [4][5]. - The strategic transformation of the company is yielding results, with significant reductions in losses for its subsidiary, Fengmi. The automotive optical business is experiencing rapid growth, with H1 2024 revenue reaching 241 million yuan [4][5]. - The company has improved its expense ratio significantly in H1 2024, with a gross margin of 31.05%, despite a year-on-year decline of 6.65 percentage points [4][5]. - The company has initiated three share repurchase plans this year, reflecting confidence in its operational performance and future prospects [4][5]. - The company is expected to continue expanding its automotive business, which is projected to contribute significantly to revenue and profit growth in the coming years [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 1.081 billion yuan, with a year-on-year growth of 0.8%. The net profit attributable to shareholders was 11 million yuan, down 85.4% year-on-year [5][6]. - The company anticipates revenue growth of 16.6% in 2024, with projected net profits of 100 million yuan, reflecting a slight decline of 3.0% compared to the previous year [5][6]. Business Segments - The automotive optical segment achieved a revenue of 241 million yuan in H1 2024, with significant contributions from new product applications in mainstream vehicle models [4][5]. - The cinema business generated 267 million yuan in revenue, providing stable cash flow, while the professional display segment maintained steady growth with revenues of 201 million yuan [4][5]. Strategic Initiatives - The company has implemented a proactive approach to adjust its C-end business strategy, resulting in a significant reduction in losses for Fengmi, which reported a loss of 48.5 million yuan in H1 2024, a reduction of 30.7 million yuan year-on-year [4][5]. - The company is focusing on enhancing its R&D investments, particularly in the automotive optical sector, to support future growth [4][5].

农林牧渔 证 券 研 究 报 告 2024 年 09 月 02 日 巨星农牧 (603477) ——量增价涨驱动业绩扭亏为盈，养殖成本优势显著 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 17.58 | | 一年内最高 / 最低（元） | 39.39/16.51 | | 市净率 | 3.2 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 8,967 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 5.51 | | 资产负债率 % | 62.25 | | 总股本 /流通 A 股（百万） | 510/510 | | 流通 B ...

策 略 研 究 新股申购 申 购 策 略 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 研究支持 郑菁华 A0230123060001 zhengjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@swsresearch.com ⚫ 申购分析意见：参与。基本面看，公司深耕凉味剂领域，高端客户渠道稳定，2021-23 年 营收利润稳步增长，盈利能力稳定。从博弈面看，公司首发估值较低，老股占比较高但可 流通比例适中，募资金额较小，战配有北交所上市公司芭薇股份和社保等，建议参与。 ⚫ 风险因素：1）不能持续享受税收优惠风险；2）主要原材料价格波动风险；3）环保风险； 4）技术人员流失风险。 2024 年 09 月 01 日 中草香料（920016）：国内凉味剂 主要生产商 ——北交所新股申购策略报告之一百一十九 本期投资提示： ⚫ 基本面：以凉味剂为核心，产品下游应用领域广泛。公司 2009 年成立，总部位于安 ...

Investment Rating - The report maintains a "Positive" rating for the basic chemical industry [4][5]. Core Insights - In the first half of 2024, the demand for terminal replenishment is strong, coupled with a relief in domestic coal prices, leading to an improvement in industry profitability compared to previous periods [4][5]. - The chemical sector's revenue in Q2 2024 reached 538.1 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 15% [4][24]. - The net profit for the chemical sector in Q2 2024 was 37.5 billion yuan, reflecting a year-on-year increase of 7.7% and a quarter-on-quarter increase of 24.3% [4][24]. - The overall gross margin for the chemical industry in Q2 2024 was 18%, showing a year-on-year increase of 0.4 percentage points [4][24]. Summary by Sections Industry Overview - The chemical index has shown a rebound followed by a decline, with a cumulative decrease of 18.46% since the beginning of 2024 [15][16]. - The PPI data for the chemical sector has gradually improved, with some sub-sectors showing positive growth [20][24]. Q2 2024 Performance - The Q2 2024 performance of the chemical sector indicates a significant recovery in profitability, with revenue and net profit both showing substantial increases [4][24]. - The gross margin and net profit margin have also improved, indicating a recovery in profitability [24][28]. Key Segments and Future Outlook - Key segments such as adhesives, nylon, carbon black, and coal chemical industries have shown significant profit growth due to the decline in coal prices [4][5]. - The report highlights potential growth in sectors like tire manufacturing, fluorine chemicals, and semiconductor materials, suggesting a focus on companies with strong fundamentals and growth potential [4][5][6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a 15.09% year-on-year increase in revenue for the first half of 2024, reaching 1.382 billion yuan, and a net profit of 24.72 million yuan, up 10.83% year-on-year [6] - The Annual Recurring Revenue (ARR) for the SaaS business grew by 30.8% year-on-year, reaching 450 million yuan, with a customer renewal rate exceeding 90% [6] - The hotel information management system revenue increased by 11% year-on-year to 550 million yuan, while self-owned smart commercial equipment revenue rose by 28% year-on-year to 240 million yuan [6] - The company has shown significant improvement in cash flow, with net cash flow from operating activities reaching 25.65 million yuan, compared to a negative 64.42 million yuan in the same period last year [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of 1.382 billion yuan, a 15.09% increase year-on-year, and a net profit of 24.72 million yuan, reflecting a 10.83% growth [6] - The second quarter of 2024 saw revenue of 750 million yuan, up 17.31% year-on-year, and a net profit of 13.33 million yuan, an increase of 10.71% [6] SaaS Business Growth - The ARR for the SaaS business reached 450 million yuan, marking a 30.8% year-on-year increase, with over 80,000 hotel customers and a renewal rate exceeding 90% [6] Cost Control and Profitability - The company effectively controlled costs, with sales expenses decreasing by 3.1% to 150 million yuan, while management expenses increased by 3.0% to 360 million yuan [6] - The company expects continued profit release due to the scale effect from cost control [6] Future Projections - The company forecasts revenues of 3.275 billion yuan, 3.922 billion yuan, and 4.722 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 76 million yuan, 150 million yuan, and 320 million yuan [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4][6]. Core Insights - The company reported a revenue of 505 million yuan for H1 2024, a year-over-year decrease of 6.37%, while the net profit attributable to the parent company increased by 30.86% to 44 million yuan [4][5]. - The decline in revenue is attributed to reduced demand in the photovoltaic industry, impacting the smart actuator business, which saw a revenue drop of 14.52% [5]. - The gross margin for the reducer business improved significantly, indicating stabilization in pricing and enhanced profitability [5][6]. - The overall expense ratio increased slightly but remained at a low level, with total expenses for sales, management, R&D, and finance reported [5]. - The company anticipates continued growth in net profit, projecting 94 million yuan for 2024, with a corresponding PE ratio of 42 [6]. Summary by Sections Financial Performance - H1 2024 revenue was 505 million yuan, down 6.37% year-over-year, while net profit was 44 million yuan, up 30.86% [4][5]. - Q2 2024 revenue was 283 million yuan, down 11.93% year-over-year, with net profit increasing by 49.25% [4][5]. - The gross margin for H1 2024 was 24.54%, an increase of 1.66 percentage points year-over-year [5]. Product Breakdown - Revenue from smart actuators was 206 million yuan, accounting for 40.77% of total revenue, while reducer motor revenue was 165 million yuan (32.60%), and reducer revenue was 126 million yuan (25.01%) [5]. - The gross margins for smart actuators, reducer motors, and reducers were 25.35%, 26.66%, and 21.38%, respectively, with the reducer margin showing a notable improvement [5]. Market Analysis - Domestic revenue accounted for 94.56% of total revenue, with a slight decline of 6.36% year-over-year, while international revenue was 27 million yuan, down 6.47% [5]. - The company has a strong position in the reducer market, with extensive R&D experience and capacity, which may lead to significant revenue contributions from humanoid robots in the future [6].

医药生物 证 券 研 究 报 告 2024 年 09 月 02 日 亚辉龙 (688575) —— 化学发光装机加速，自产业务放量提升盈利能力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 20.11 | | 一年内最高/最低（元） | 26.60/16.80 | | 市净率 | 4.4 | | 息率（分红 / 股价） | 1.36 | | 流通 A 股市值（百万元） | 11,448 | | 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 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 4.56 | | 资产负债率 % | 36.83 | | 总股本 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported a revenue of 62.56 billion yuan for the first half of 2024, representing a year-over-year increase of 12.5%, and a net profit attributable to shareholders of 5.1 billion yuan, up 17.5% year-over-year [4]. - The self-branded product business showed strong growth, with revenue reaching 2.66 billion yuan, a 45.5% increase year-over-year, and the gross margin improved by 1.7 percentage points [4]. - The company has established a strong customer base in key industries, including major telecommunications operators and banks [4]. - The IT distribution and value-added services segment also saw revenue growth of 9.8% year-over-year, with microelectronics distribution revenue increasing by 39.7% [4]. - The company is focusing on research and development, with R&D expenses rising by 25% year-over-year [5]. Financial Summary - For the first half of 2024, the company achieved total revenue of 62.56 billion yuan, with a year-over-year growth rate of 12.5% [6]. - The net profit attributable to shareholders for the same period was 5.1 billion yuan, reflecting a year-over-year increase of 17.5% [6]. - The company expects revenues of 124.61 billion yuan, 131.54 billion yuan, and 139.63 billion yuan for the years 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 14.0 billion yuan, 16.1 billion yuan, and 19.7 billion yuan [5][6].