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].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 09 月 02 日 三只松鼠 (300783) ——上半年收入亮眼 盈利持续改善 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 17.53 | | 一年内最高 / 最低（元） | 27.53/14.68 | | 市净率 | 2.6 1.43 | | 息率（分红/股价） | 4,901 | | 流通 A 股市值（百万元） 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） | 6.83 | | 资产负债率 % | ...

上 市 公 司 电子 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 14.74 | | 一年内最高/最低（元） | 25.00/14.17 | | 市净率 | 1.6 | | 息率（分红/股价） | 0.68 | | 流通 A 股市值（百万元） | 877 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 9.54 | | 资产负债率 % | 22.95 | | 总股本/流通 A 股（百万） | 75/60 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-0410-0 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company has shown significant recovery across its factories, with steady progress in major project constructions. The revenue for the first half of 2024 reached 11.08 billion yuan, a year-on-year increase of 11.83%, and the net profit attributable to shareholders was 323 million yuan, marking a return to profitability [6]. - The company is actively expanding its high-performance packaging business, particularly in the server and high-computing product markets, leveraging long-term partnerships with industry leaders like AMD [6]. - The acquisition of 26% equity in Jinglong Technology for 1.378 billion yuan is expected to enhance the company's competitive edge in the high-end integrated circuit testing sector [6]. - The profit forecast for 2024-2026 has been raised, with net profit estimates adjusted to 879 million yuan, 1.087 billion yuan, and 1.402 billion yuan respectively, corresponding to PE ratios of 34, 28, and 22 [6]. Summary by Sections Market Data - Closing price as of August 30, 2024: 19.90 yuan - One-year high/low: 27.60/17.11 yuan - Market capitalization: 30,197 million yuan [3][4]. Financial Performance - Total revenue for H1 2024: 11.08 billion yuan, YoY +11.83% - Net profit for H1 2024: 323 million yuan, with a significant QoQ increase of 127.6% in Q2 [6]. - Revenue projections for 2024E: 25.265 billion yuan, with a growth rate of 13.5% [8]. Business Segments - The company is focusing on the recovery of various business segments, including mobile and consumer markets, with a notable increase in revenue from emerging markets such as RF products and advanced packaging [6]. - The new base for MCU and power devices has shown rapid growth, with a revenue increase of 140% YoY in H1 2024 [6]. Profitability Metrics - Gross margin for H1 2024: 14.2% - Return on equity (ROE) for 2024E: 5.9% [8].

食品饮料 | --- | --- | --- | |------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" investment rating for Jiuyang Co., Ltd. [4][5] Core Views - Jiuyang's performance in H1 2024 was below expectations, with revenue of 4.387 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 175 million yuan, a year-on-year decrease of 29% [4][5] - Domestic sales outperformed the industry, while external sales were impacted by base effects. Domestic revenue reached 3.555 billion yuan, up 4.66% year-on-year, while external sales were 832 million yuan, down 9.69% year-on-year [4][5] - The company is expected to benefit from channel reforms and an increase in market share in core categories, despite a challenging industry environment [4][5] Summary by Sections Financial Performance - H1 2024 revenue was 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline in profitability [4][5] - The company anticipates revenue growth in the coming years, with projections of 10.272 billion yuan in 2024, 11.283 billion yuan in 2025, and 12.185 billion yuan in 2026 [5][7] - The net profit forecast for 2024 is 414 million yuan, with expected growth rates of 6.4% in 2024, 17.1% in 2025, and 11.2% in 2026 [5][7] Market Position - Jiuyang's core product categories, such as food processors and nutrition pots, have shown growth despite a general decline in the kitchen appliance market [4][5] - The company has successfully increased its market share in domestic sales channels, with a focus on traditional sales channels and direct sales [4][5] Future Outlook - The report maintains profit forecasts for 2024-2026, with expected earnings per share of 0.54 yuan in 2024, 0.63 yuan in 2025, and 0.70 yuan in 2026 [5][7] - Long-term growth is anticipated from new product categories and improved supply chain efficiencies [5][7]

Investment Rating - The report maintains a positive outlook on the liquor industry, particularly focusing on the premium segment despite short-term pressures on overall demand [2][3]. Core Insights - The overall demand in the liquor industry is under short-term pressure due to macroeconomic factors, but the trend of concentration and differentiation among leading brands remains unchanged. The report highlights that if demand does not improve in Q3 2024, inventory levels may rise, prompting companies to adjust their annual growth targets. In the medium to long term, the strategic determination and execution capabilities of companies are deemed more important than current growth rates [2][3][4]. - Key recommendations include leading companies such as Kweichow Moutai, Shanxi Fenjiu, Yingjia Gongjiu, Wuliangye, Jianshiyuan, and Gujing Gongjiu, which are considered to have long-term investment value [2][3]. Summary by Sections Fundamental Analysis - In H1 2024, the liquor industry achieved operating revenue of CNY 234.704 billion, a year-on-year increase of 14.23%, and a net profit of CNY 95.250 billion, up 13.84%. Revenue and profit growth rates were highest in the mid-range segment, followed by high-end and sub-high-end segments. In Q2 2024, the industry reported operating revenue of CNY 89.695 billion, a 12.31% increase, and a net profit of CNY 33.821 billion, up 10.84% [4][10][12]. - The net profit margin for the liquor industry in H1 2024 was 41.60%, a decrease of 0.21 percentage points year-on-year, primarily due to increased sales expenses and tax rates. In Q2 2024, the net profit margin was 38.73%, down 0.58 percentage points year-on-year [4][14][17]. Valuation Analysis - As of August 30, 2024, the absolute PE level for the liquor sector was 18.8x, below the historical average of 28.2x since 2011. The relative PE ratio compared to the Shanghai Composite Index was 1.5x, also below the historical average of 2.07x. The report indicates that the sector's valuation has declined to below the historical mean, reflecting market pessimism. Despite short-term pressures, the industry is expected to return to an upward cycle in the medium to long term [5][6][8].

行 业 及 产 业 公用事业 行 业 研 究/ 行 业 点 评 - 2024 年 09 月 02 日 7 月天然气消费保持高增 气价联动 机制日益成熟 看好 ——申万公用环保周报(24/08/25~24/08/31) 本期投资提示： ⚫ 天然气： 7 月全国天然气表观消费量增长 7.7%，销气量利齐升助力城燃业绩改善。 2024 年 7 月，全国天然气表观消费量 351.5 亿 m³，同比增长 7.7%，1-7 月消费量达 2489.6 亿 m³，同比增长 9.7%。7 月单月我国天然气进口量 1086 万吨，同比增长 5.6%。天然气产量 200 亿 m³, 同比增长 7.9%，天然气购销两端继续维持高景气度。供 给端，国际各主消费区天然气库存充足，欧洲提前两个多月完成储气目标，虽供给端扰 动导致近期全球气价波动较大，但进口气经济性较前两年仍逐步凸显。国内天然气产量 稳步提升，保障我国天然气供给渠道多元、量价稳定。消费端，高毛差的工商气消费需 求持续反弹。近期多地居民气价密集调整，尤其是天津市连续两年调增居民气价，标志 气价联动机制的趋于成熟，有效性逐步提升，利好城燃居民气价毛差持续修复。1H24 城燃公司 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly on the technology sector, indicating a favorable investment environment post mid-year earnings reports [3][4]. Core Insights - The report emphasizes the potential for liquidity improvement in the Hong Kong market following the release of mid-year earnings, with expectations for a rebound in large-cap company fundamentals and a favorable global interest rate environment [4][5]. - The healthcare sector, particularly the Hong Kong pharmaceutical companies, has shown strong performance with significant revenue growth reported in the first half of 2024 [7][8]. - The report highlights the positive earnings results from major companies in the consumer services and education sectors, indicating a recovery in consumer demand and industry profitability [12][20]. Summary by Sections Overseas Consumption Services - The report notes the performance of major companies like Haidilao, which reported a 14% increase in revenue to 21.5 billion RMB in the first half of 2024, and a core operating profit growth of 13% [13][15]. - Ctrip's second quarter 2024 revenue grew by 14% to 12.8 billion RMB, with a significant recovery in outbound travel bookings [16]. Overseas Pharmaceuticals - The Hong Kong healthcare index rose by 3.72%, outperforming the Hang Seng Index by 1.58 percentage points [7]. - Notable earnings from companies include: - Innovent Biologics: 1H24 revenue of 3.952 billion RMB, up 46% year-on-year [8]. - Hansoh Pharmaceutical: 1H24 revenue of 6.506 billion RMB, up 44% year-on-year [8]. - The report also mentions the approval of innovative drugs like Regeneron's CD3/CD20 bispecific antibody in the EU [10]. Overseas Education - The report indicates a positive trend in the education sector, with companies like New Oriental and TAL Education showing potential for revenue growth as regulatory conditions stabilize [20][25]. - The report suggests focusing on companies with nationwide reach and those adapting to new educational policies [20]. Market Outlook - The report anticipates a favorable macroeconomic environment characterized by a potential soft landing for the US economy and the commencement of a Federal Reserve rate-cutting cycle, which could enhance liquidity in the Hong Kong market [4][5].