Investment Rating - Maintains a "Buy" rating [3] Core Views - Organizational restructuring has significantly boosted the growth potential of the core local commerce business, with the core local commerce segment contributing approximately 73.8% of total revenue in Q2 2024, generating 60.7 billion yuan [2] - The new business segment showed a notable improvement, with revenue increasing by 28.7% year-over-year to 21.57 billion yuan in Q2 2024, and operating losses narrowing to 1.31 billion yuan from 2.76 billion yuan in Q1 2024 [2] - The company continues to repurchase shares, with a board resolution to buy back up to $1 billion worth of Class B ordinary shares, reflecting strong confidence in the company's future [2] Financial Performance - In Q2 2024, the company reported revenue of 82.3 billion yuan, a 21% year-over-year increase, with operating profit surging 139% to 11.3 billion yuan and adjusted net profit rising 78% to 13.6 billion yuan [1] - The company forecasts revenue for 2024-2026 to be 3,333 billion yuan, 3,829 billion yuan, and 4,382 billion yuan, respectively, with adjusted net profit expected to be 40.9 billion yuan, 50.5 billion yuan, and 63 billion yuan for the same periods [3] Business Segments - The "Pinhaofan" (拼好饭) service achieved a peak daily order volume of 8 million orders in Q2 2024, demonstrating strong performance [2] - The new business segment, including Meituan Youxuan, improved operational efficiency through enhanced product quality and supplier collaboration, leading to higher average order values and reduced losses [2] Valuation and Metrics - The company's market capitalization stands at 719.8 billion HKD, with a closing price of 115.7 HKD and total shares outstanding of 6.22 billion [5] - The company's P/E ratio is projected to decrease from 34.16 in 2023 to 12.22 in 2026, indicating improving valuation metrics [6] Future Outlook - The company is expected to maintain robust growth in its core local commerce business while continuing to reduce losses in new business segments, driven by ongoing organizational reforms [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's home appliance and automotive parts businesses are experiencing significant growth, with a notable increase in revenue and net profit for the first half of 2024 [1]. - The home appliance segment generated revenue of 1.644 billion yuan, up 37.00% year-on-year, while the automotive parts segment saw revenue of 148 million yuan, up 68.88% year-on-year [1]. - The company is focusing on expanding its product range in home appliances and enhancing its overseas market presence, while also investing in R&D and digital factory initiatives [1]. - The EPS motor business is entering a high growth phase, with new customer contracts and a focus on innovation to maintain a competitive edge [1]. Financial Summary - For the first half of 2024, the company reported total revenue of 1.862 billion yuan, a year-on-year increase of 38.77%, and a net profit of 207 million yuan, up 20.78% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 3.585 billion yuan, 4.388 billion yuan, and 5.270 billion yuan, respectively, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% [2]. - The projected net profits for the same years are 417 million yuan, 519 million yuan, and 638 million yuan, with growth rates of 29.5%, 24.5%, and 22.9% [2]. - The expected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.39 yuan, and 1.71 yuan, with corresponding P/E ratios of 14.22, 11.42, and 9.30 [2].

赛意信息(300687) 公司研究/公司点评 24H1 稳健增长，经营效益提升 ——赛意信息 2024 半年报业绩点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 ◼ 事件概述 公司发布 2024 年半年报，公司 24H1 实现营收 10.71 亿元，同比 +1.33%；归母净利润 0.30 亿元，同比+34.18%；扣非归母净利润 0.25 亿元，同比+105.76%；其中 24Q2 实现营收 5.31 亿元，同比-1.71%； 归母净利润 0.09 亿元，同比-76.48%；扣非归母净利润 0.07 亿元， 同比-77.35%。 ◼ 核心观点 24H1 收入微增，延续稳步复苏。分业务看，公司 24H1 泛 ERP/智能 制 造 及 工 业 互 联 网 分 别 实 现 营 收 6.52/2.85 亿 元 ， 分 别 同 比 +2.39%/+1.87%。我们认为，受经济环境影响，公司个别大客户数字化 投入放缓延续，部分项目验收节奏有所波动，影响公司收入确认。 24H1 经营效益提升，毛利率同比+1.45pct。公司 24H1 毛利率 30.39%， 同比+1.45pct。其中，24H1 泛 ERP ...

策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 央行货币净投放，融资、南向资金大幅净流入银 行 ——流动性 8 月第 5 期 ◼ 核心观点 上周（8.26-8.30）2 年期国债收益率下行、10 年期国债收益率上行； 美国 10 年国债收益率上行，美元指数边际回升，中美 10 年国债利差 小幅走阔；上周融资买入额增加，南向资金净流入。 ◼ 宏观流动性 国内：上周（8.26-8.30），2 年期国债收益率下行、10 年期小幅上行， 10 年期与 2 年期国债利差边际走阔。上周央行公开市场净投放为 5040 亿元，8 月 MLF 净回笼量为 1010 亿元。 国外：上周（8.26-8.30）10 年期美债收益率上行，美元指数边际回升， 中美 10 年期国债利差小幅走阔。上周 10 年期美债收益率上行 0.10 个 百分点至 3.91%，美元指数小幅回升至 101.73。截至 8 月 30 日，中美 10 年期国债利差小幅走阔至 1.74%。 ◼ 市场流动性 公募基金：2024 年 8 月新成立 78 只基金，其中 23 只为股票型基金。 截至 8 月 30 日，2024 年 1-8 月 ...

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 中石油发布昆仑大模型成果，AI 商业化应用或将提速 ——计算机行业周报（2024.08.26-2024.08.30） ◼ 本周核心观点及要闻回顾 AI 算力："东数西算"工程算力集聚效应初步显现，机架总规模超 195 万架，AI 算力产业链或迎来机遇期。 IT 之家 8 月 29 日消息，国家数据局局长刘烈宏 8 月 29 日在 2024 数博会的"数算一体，驱动未来"交流活动上致辞表示，算力是 数字经济时代的新质生产力。刘烈宏透露，截至今年 6 月底，"东数 西算"工程八大国家枢纽节点直接投资超过 435 亿元，拉动投资超过 2000 亿元，机架总规模超过 195 万架，整体上架率达 63% 左右。 东西部枢纽节点间网络时延已基本满足 20 毫秒要求。新建数据中心 PUE（电能利用效率）最低降至 1.04。东部算力需求有序向西部迁移， 算力集聚效应初步显现。 AI 大模型及应用：中石油发布 330 亿参数昆仑大模型成果，AI 商业 化应用或将提速。 据中国经济网，8 月 28 日，以"AI 领航·智绘能源"为主题的 ...

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建筑材料 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 百强房企销售 8 月延续下滑，静待地产链拐点 ——建材行业周报（2024.8.26-2024.8.30） ◼ 核心观点 本周核心观点与重点要闻回顾 消费建材：百强房企 8 月销售延续下降，新房市场或继续承压。据中 指研究院，2024 年 1-8 月，TOP100 房企销售额同比下降 38.5%，降幅 较上月继续收窄 1.6 个百分点，8 月单月 TOP100 房企销售额同比下降 22.1%，环比降低 2.43%。我们认为，新房市场或继续承压，"以价换 量"下，二手房市场有望保持活跃度。据新京报，8 月 23 日，住建部 举行 "推动高质量发展"主题新闻发布会，表示锁定应在年底前交付 的 396 万套任务目标，将工作目标落实到户，我们认为该举措能够有 效保障保交房工作的顺利进行，有望推动地产高质量发展。 玻纤：据卓创资讯，本周国内无碱粗纱市场行情稳中小涨，截至 8 月 29日，国内 2400tex无碱缠绕直接纱主流成交价在 3600-3700元/吨，全 国均价 3677.50元/吨，环比上周均价持平，同比上涨 3.46%；周内 ...

石油石化 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 美国商业原油库存去化，油价维持震荡 ——石油化工行业周报（20240826-20240830） ◼ 市场行情回顾 市场表现 本周（20240826-20240830）中信石油石化板块提升约 1.92%，上证综 合指数下滑约 0.43%，同上证综合指数相比，石油石化板块领先约 2.34 个百分点。子板块方面，石油石化子板块以上涨为主，其中工程服务、 油田服务等子板块涨幅居前。 本周（20240826-20240830）石油石化板块领涨个股包括 ST 新潮、三 联虹普、海油发展、统一股份、和顺石油等；领跌个股包括广聚能源、 新凤鸣、恒逸石化、石化油服、蓝焰控股等。其中民营大炼化公司周 度涨跌幅如下：东方盛虹（+5.56%）、荣盛石化（+1.38%）、恒力石化 （+1.05%）、桐昆股份（-1.33%）、恒逸石化（-1.78%）、新凤鸣（-3.9%） 等。 ◼ 核心观点 上游板块方面，上周国际油价高位震荡。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望维持在相对高位，持续利好 ...

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Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][6]. Core Insights - The automotive market is expected to see stable growth in consumer demand due to supportive policies, with a projected retail market of approximately 184.0 million vehicles in August 2024, reflecting a year-on-year decrease of 4.4% but a month-on-month increase of 7.0% [5][17]. - The market share of new energy vehicles (NEVs) reached about 43.8% in July 2024, indicating ongoing competition in the NEV segment [5][15]. - The report highlights significant sales growth for companies like BYD and Chery, with year-on-year increases of 51.0% and 49.4%, respectively [5][11]. Summary by Sections 1. Market Review - The automotive industry index rose by 2.67% from August 26 to August 30, 2024, outperforming the overall A-share market [6][7]. - The motorcycle and other segments saw the highest increase of 6.10%, while commercial vehicles had the smallest increase of 0.03% [7][9]. 2. Industry Data Tracking - In July 2024, total automotive sales were approximately 2.262 million units, down 11.4% month-on-month and 5.2% year-on-year [11][12]. - Retail sales of passenger vehicles from August 1 to 25, 2024, reached 1.305 million units, a 5% increase compared to the same period in 2023 [16]. 3. Material Price Tracking - As of August 30, 2024, the price of battery-grade lithium carbonate was approximately 74,600 yuan per ton, with no change from the previous week [18][19]. - Copper prices were reported at 73,960 yuan per ton, also unchanged [18][19]. 4. Industry Dynamics - New models launched include the Xpeng MONA MO3 and the Seres M7, indicating ongoing innovation in the market [20][22]. - Partnerships such as the one between Baolong Technology and Yinjing Technology aim to enhance automotive technology solutions [21]. 5. Company Announcements - Hu Guang Co. reported a net profit increase of 721.73% year-on-year for the first half of 2024 [23].