Investment Rating - The report downgrades the investment rating to "Outperform" [5] Core Views - The company reported a 2024 H1 revenue of 37.779 billion yuan, a year-on-year decrease of 10.11%, with a net profit attributable to shareholders of 275 million yuan, down 26.34% [5] - The company is optimizing its store network and enhancing online efficiency, which has led to a significant reduction in losses [5] - The company is receiving external support from "胖东来" to improve store operations and product supply chain [5] - The company aims to enhance its brand competitiveness and consumer experience through ongoing store renovations and external assistance [5] Summary by Sections Market Data - Closing price as of August 26, 2024, is 2.22 yuan, with a one-year high/low of 3.44/2.08 yuan [2] - The market capitalization of circulating A shares is 20,147 million yuan [2] Financial Data - As of June 30, 2024, the company has a net asset per share of 0.68 yuan and a debt-to-asset ratio of 87.06% [3] - The total number of shares is 9,075 million [3] Performance Metrics - For 2024 H1, the company reported a gross margin of 21.58% and a net profit margin of 0.73% [5] - The company’s revenue for 2024 is projected to be 75.782 billion yuan, with a net profit of 121 million yuan [7] - The company’s gross margin is expected to stabilize around 21.2% for 2024E [7] Strategic Initiatives - The company has closed 62 stores and opened 5 new ones, resulting in a total of 943 operational stores across 29 provinces [5] - Online business revenue reached 7.84 billion yuan in H1 2024, accounting for 20.8% of total revenue [5] - The company has introduced 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5]

行 业 及 产 业 2024 年 08 月 27 日 短期博弈造成超调，整体上行逻辑 不变 看好 ——国防军工行业周报（2024 年第 35 周） 本期投资提示： 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 研究支持 穆少阳 A0230524070009 musy@swsresearch.com 联系人 穆少阳 (8621)23297818× musy@swsresearch.com ⚫ 上周申万国防军工指数下跌 3.27%，中证军工龙头指数下跌 2.74%，同期上证综指下 跌 0.87%，沪深 300 下跌 0.55%，创业板指下跌 2.8%，申万国防军工指数跑输创业 板指、跑输沪深 300、跑输上证综指、跑输军工龙头指数。1、从细分板块来看，上周 国防军工板块 3.27%的跌幅在 31 个申万一级行业涨跌幅排名第 24 位。2、从我们构建 的军工集团指数变化来看，上周中证民参军涨跌幅排名靠前，平均跌幅为 3.57%。3、 从个股表现来看，申万国防军工板块及民参军上市公司名单 ...

行 业 及 产 业 2024 年 08 月 27 日创新为先 海外提速 看好 ——日本休闲食品行业发展复盘 本期投资提示： ⚫ 日本零食行业百年历史，当前市场已步入成熟阶段。日本国内零食行业市场基本饱和， 2003 年至今零食行业产量基本维持在 200 万吨左右，均价小幅提升驱动市场规模扩 大，2023 年日本零食行业销售额（零售口径）为 3.68 万亿日元，2003 年至 2023 年 CAGR 仅为 0.8%。细分品类来看，巧克力、饼干、膨化食品的市场规模仍有低个位数 增长，但是口香糖、仙贝、西式点心等品类市场规模略有萎缩。当前行业 CR10 仅 35%，行业整体竞争分散，但预计如巧克力、口香糖等细分品类市场集中度较高。 | --- | |------------------------------------------------------------------------------| | 产品创新为主要驱动力，健康化需求持续。行业高速发展阶段，创新能力的强弱将影响 | | 企业能否更有效的抓住消费者心智。在十九世纪初，日本休闲食品发展更多借鉴欧美的 | | 优势品类进行扩张。战后行业进入快速发 ...

电子 2024 年 08 月 27 日 思特威 (688213) ——单季度营收历史新高，高阶智能手机产品快速放量 | --- | |-------------------| | 48.65 | | 59.74/32.98 | | 5.0 | | 0.34 | | 15,627 | | 2,855.52/8,194.65 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 9.73 | | 资产负债率% | 46.68 | | 总股本/流通 A 股（百万） | 400/321 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-2804-2805-2806-2807-28 -20% 0% 20% 40% 60% 思特威 沪深300指数 (收益率) 报告原因：有业绩公布需要点评 买入（维持）事件：公司公告 24H1 营收为 24.57 亿元，YoY+129 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 67.014 billion yuan for the first half of 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.8% to 2.530 billion yuan [5] - The domestic platform trading gas sales volume reached 2.705 billion cubic meters, a year-on-year increase of 21.0%, with a gross margin of 23.49% [5] - The company has expanded its retail gas projects to 260 cities, covering 20 provinces and regions, with retail gas volume growing by 4.5% to 12.710 billion cubic meters [5] - The company has optimized its debt structure, reducing total liabilities to 30.855 billion yuan, a decrease of 7.5 billion yuan year-on-year, and has lowered borrowing costs [5] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 149.793 billion yuan, with a year-on-year growth rate of 4.1% [6] - The net profit for 2024 is estimated at 6.090 billion yuan, reflecting a decrease of 14.1% compared to the previous year [6] - Earnings per share for 2024 is expected to be 1.97 yuan [6] Market Position - The company has successfully increased its domestic gas trading volume, with a notable 51.9% growth in domestic gas sales [5] - The international gas trading volume has decreased by 11.6% due to falling international gas prices [5] Debt Management - The company has effectively reduced its financial costs, with interest expenses decreasing by 6.93 billion yuan year-on-year [5] - The average borrowing rate has dropped to 3.31%, a reduction of 22 basis points [5] Future Outlook - The company forecasts a net profit of 6.709 billion yuan for 2025 and 7.894 billion yuan for 2026, indicating a positive growth trajectory [6] - The projected dividend per share for 2024-2025 is not less than 1.03 and 1.14 yuan, respectively, enhancing long-term investment value [5]

食品饮料 证 券 研 究 报 告 2024 年 08 月 27 日 顺鑫农业 (000860) ——24H1 点评：白酒业务基本稳定 猪肉板块大幅减亏 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 26 日 | | 收盘价（元） | 15.64 | | 一年内最高/最低（元） | 26.78/14.93 | | 市净率 | 1.6 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 11,601 | | 上证指数/深证成指 | 2,855.52/8,194.65 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 9.71 | | 资产负债率 % | 46.40 | | 总股本/流通 A 股（百万） | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company's H1 2024 results met expectations, with total revenue of 14.66 billion RMB, reflecting a year-on-year increase of 61.2% and a quarter-on-quarter decrease of 32.1%. The gross margin improved to 13.5%, with a significant reduction in net loss to 2.65 billion RMB, down 24.9% year-on-year [4]. - The partnership with Volkswagen is expected to enhance profitability, with technology service fees contributing significantly in Q3. The company anticipates further improvements in gross margin and profitability due to this collaboration [4]. - The sales structure has optimized, with total deliveries of 52,000 units in H1 2024, a year-on-year increase of 25.6%. The average selling price (ASP) per vehicle rose to 237,600 RMB, driven by higher sales of the premium X9 model [4]. - A new product cycle is set to begin with the launch of the MONA M03, which is expected to drive revenue growth over the next three years. The upcoming P7+ model is also anticipated to enhance profitability [4]. - The company is accelerating its international expansion, with successful entries into European and Southeast Asian markets, which are expected to contribute significantly to future profitability [4]. - Revenue forecasts have been adjusted downwards for 2024-2026, with expected revenues of 38.2 billion RMB, 62.7 billion RMB, and 81.2 billion RMB respectively. Net losses are projected to decrease, with a forecasted profit of 392 million RMB by 2026 [5][6]. Financial Summary - Total revenue for 2024 is projected at 38.2 billion RMB, with a year-on-year growth rate of 25%. The net loss is expected to be 6.18 billion RMB, a 40% improvement compared to the previous year [5]. - The earnings per share (EPS) is forecasted to improve from -5.96 RMB in 2023 to -3.28 RMB in 2024, indicating a gradual recovery in profitability [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company reported a revenue of 92.922 billion RMB for the first half of 2024, reflecting a year-on-year growth of 6.72%. The net profit attributable to shareholders was 3.305 billion RMB, an increase of 2.58%, aligning with expectations [4]. - The company has announced its first interim dividend of 0.1641 RMB per share [4]. - Natural gas sales volume reached 26.438 billion cubic meters in the first half of 2024, a year-on-year increase of 10.55%, with retail gas volume growing by 10.25% [4]. - The company has expanded its user base, adding 448,900 new users in the first half of 2024, bringing the total to 16.0529 million users [4]. - The average load rate of LNG receiving stations improved to 85.4%, with a significant increase in LNG loading volume by 53.5% [4]. - The company achieved a tax-pre profit of 3.5 million RMB from its LNG processing and storage business, marking its first profit in history [4]. Financial Summary - Revenue for 2022 was 171.944 billion RMB, with projections of 177.354 billion RMB for 2023, and expected growth to 195.839 billion RMB in 2024 [5]. - The net profit attributable to shareholders is projected to grow from 5.682 billion RMB in 2023 to 6.986 billion RMB in 2024 [5]. - The company plans to increase its dividend payout ratio to 45% by 2025, enhancing its investment appeal [4].

Investment Rating - The report maintains an "Overweight" rating for the company [1][4] Core Views - The company's H1 2024 performance met expectations, with a significant year-on-year improvement in profitability [1][3] - Revenue reached 604 million yuan, up 1% YoY - Net profit attributable to parent company was 26 million yuan, turning positive YoY - Non-GAAP net profit was 24 million yuan, also turning positive YoY - Q2 2024 saw a 16% YoY revenue decline to 310 million yuan, but profitability improved significantly [3] - Gross margin reached 60.92%, up 0.30 percentage points YoY - Net margin was 3.39%, up 9.56 percentage points YoY - The company has achieved profitability for two consecutive quarters, indicating continuous operational improvement [3] Channel and R&D Development - Channel optimization continues with 133 directly-operated stores and 63 franchised stores as of June 30, 2024 [3] - 10 fewer directly-operated stores but 19 more franchised stores compared to end of 2023 - New provincial retail service provider model effectively penetrates lower-tier markets - Online sales expanded through diversified e-commerce platform cooperation and new retail models [3] - Overseas channels developed through platforms like Amazon and TikTok, with local subsidiaries supporting offline expansion [3] - R&D made progress in four core systems: bionic, high-power, TCM diagnosis, and health management, enhancing product competitiveness [3] Financial Projections - Profit forecasts slightly lowered but still show strong growth [4] - 2024-2026 net profit projections: 62, 84, and 118 million yuan respectively - Corresponding YoY growth rates: positive, +34.4%, and +41.0% - Current P/E ratios: 43x (2024), 32x (2025), 23x (2026) - Key financial metrics show improvement [5] - 2024H1 gross margin: 61.8% - ROE: 6.7% (2024H1), projected to reach 17.6% by 2026 - EPS: 0.31 yuan (2024H1), projected to reach 1.37 yuan by 2026 Fundraising Projects - Marketing network construction project reached 84.69% completion by end of 2023 [8] - 123 stores established using raised funds, 49.60% completion rate - Expected to reach operational status by end of 2024 - R&D center upgrade and IT upgrade projects may face further delays [8] Historical Financial Performance - 2023 saw significant revenue growth but negative profitability [9] - Revenue: 1.275 billion yuan, up 42.3% YoY - Net loss: 51 million yuan - 2024 projections show recovery and growth [9] - Revenue: 1.401 billion yuan, up 9.9% YoY - Net profit: 62 million yuan, turning positive - Gross margin: 60.9%

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvements in hydropower performance and rapid growth in renewable energy [5] - The company achieved a revenue of 4.83 billion yuan in the first half of 2024, a year-on-year increase of 16.25%, and a net profit of 1.44 billion yuan, up 57.40% year-on-year [5] - The company plans to distribute a cash dividend of 0.85 yuan per 10 shares, amounting to 670 million yuan, which represents 46.61% of the net profit attributable to shareholders in the first half of 2024 [5] Summary by Sections Financial Performance - In the first half of 2024, the company generated a total electricity output of 175.79 billion kWh, a year-on-year increase of 19.48%, with hydropower output reaching 143.97 billion kWh, up 27.05% [5] - The gross profit from hydropower increased by 51.32% to 1.92 billion yuan, driven by improved water inflow and market conditions [5] - The company’s fire power generation decreased by 25.09% to 1.63 billion kWh due to favorable water conditions [5] Renewable Energy Growth - As of June 30, 2024, the company’s installed capacity for wind and solar power increased by 5.64 and 21.93 MW respectively, bringing the total to 848.1 MW and 883.8 MW [5] - The contribution of renewable energy to total generation capacity rose to 13.02%, with wind and solar power generation increasing by 14.87% and 97.75% respectively [5] Financial Structure and Cost Management - The company’s debt-to-asset ratio improved to 53.31%, a decrease of 2.05 percentage points from the end of 2023 [5] - The comprehensive financing cost rate fell to 2.6%, leading to a 3.46% reduction in financial expenses to 277 million yuan [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 3.045 billion yuan, 3.201 billion yuan, and 3.459 billion yuan respectively, with corresponding price-to-earnings ratios of 17, 17, and 15 [5]