证券研究报告 纺织服装 行业周报（20240901-20240907） 同步大市-A(维持) Lululemon FY24Q2 营收略低于预期，下调 FY2024 收入指引 2024 年 9 月 9 日 行业研究/行业周报 纺织服装行业近一年市场表现 投资要点 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】2024H1 纺织制造板 块业绩表现靓丽，运动服饰消费展现韧 性 - 【 山 证 纺 服 】 2024H1 中 报 综 述 2024.9.5 【山证纺织服装】Amer 发布 2024Q2 业 绩，大中华区连续 4 个季度营收增速超 过 40%- 【 山 证 纺 服 】 行 业 周 报 2024.8.25 北美市场平稳增长，中国大陆市场增长亮眼。FY2024Q2（截至 2024 年 7 月 28 日止前 三个月，下同），Lululemon 营收同比增长 7%至 23.71 亿美元（略低于此前指引的 24.0- 24.2 亿美元），剔除汇率影响，同比增长 8%。分区域看，北美市场（含美国与加拿大， 下同）、中国大陆市场、其它市场营收同比增长 1%、34%、24%至 17.41、3.14、3.15 亿 ...

Group 1: Key Insights on 移远通信 (603236.SH) - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 8.25 billion yuan, a year-on-year growth of 26.7%, and a net profit attributable to shareholders of 210 million yuan, up 281.5% year-on-year [2][3] - In Q2 2024, the company generated revenue of 4.3 billion yuan, with a year-on-year increase of 27.3% and a quarter-on-quarter increase of 8.6%, while net profit reached 160 million yuan, reflecting a year-on-year growth of 691.5% and a quarter-on-quarter growth of 182.3% [2][3] - The domestic and overseas revenue for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan respectively, showing a year-on-year increase of 41.2% and 15.3%, indicating a notable recovery in the domestic market [3] Group 2: Market Trends and Product Development - The domestic IoT market has shown significant recovery, with the number of cellular IoT terminal users reaching 2.55 billion, a year-on-year increase of 18.6% [3] - The growth in the domestic market is primarily driven by LTE cat1 bis applications and 5G scenarios, including smart connected vehicles [3] - The company continues to expand its product line, with new offerings in 5G Redcap, smart modules, and satellite modules expected to contribute to higher growth rates [4] Group 3: ODM Business and Competitive Position - The company has made progress in its ODM business, achieving revenue of 200 million yuan from its subsidiary, which represents over 50% growth year-on-year [4] - The company maintains a leading position in the global market with a 37.1% share in Q1 2024, supported by a comprehensive product line and strong R&D investment [3][4] - The company’s competitive advantages include a complete product line that enhances customer loyalty and a robust service platform [4] Group 4: Financial Projections and Investment Recommendations - The company is expected to maintain a growth rate above the industry average, with projected net profits for 2024-2026 of 530 million, 690 million, and 890 million yuan, reflecting year-on-year growth rates of 479.5%, 31.5%, and 29.1% respectively [4] - The investment rating is maintained at "Buy-B" based on the company's strong market position and effective cost control measures [4]

Investment Rating - The report maintains an "Add-B" investment rating for the company, indicating a projected price increase of 5% to 15% relative to the benchmark index [1]. Core Views - The company has shown significant revenue growth, with a 26.7% year-on-year increase in revenue for the first half of 2024, reaching 8.25 billion yuan, and a remarkable 281.5% increase in net profit [1][2]. - The IoT market is recovering, and the company is expected to continue improving its performance due to effective cost control and a favorable market environment [1][2]. - The company is expanding its product line, particularly in 5G Redcap, smart modules, and satellite modules, which are anticipated to contribute to higher growth rates [3][4]. Financial Performance - In the first half of 2024, the company achieved a net profit of 210 million yuan, with a significant increase in the second quarter, where net profit reached 160 million yuan, reflecting a 691.5% year-on-year growth [1][2]. - The company's revenue from domestic and overseas markets for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan, respectively, showing year-on-year growth of 41.2% and 15.3% [2]. - The company’s ODM business has started to show results, with revenue from its subsidiary reaching 200 million yuan, a growth of over 50% year-on-year [3][4]. Market Position - The company maintains its leading position in global shipments, with a market share of 37.1% in the first quarter of 2024 [2]. - The domestic IoT market has shown signs of significant recovery, driven by demand for LTE cat1 bis and smart connected vehicles [2][3]. - The company has established a comprehensive product line that enhances customer loyalty and captures new market demands effectively [4]. Earnings Forecast - The company is projected to achieve net profits of 530 million yuan, 690 million yuan, and 890 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 479.5%, 31.5%, and 29.1% [4][6].

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook with expected growth above the benchmark index [4]. Core Insights - The company achieved significant revenue growth in the first half of 2024, with a total revenue of 8.25 billion yuan, representing a year-on-year increase of 26.7%. The net profit attributable to shareholders reached 210 million yuan, up 281.5% year-on-year [1][4]. - The domestic and overseas revenue for the company in the first half of the year was 4.03 billion yuan and 4.22 billion yuan, respectively, showing increases of 41.2% and 15.3% year-on-year [2]. - The company is focusing on expanding its product line, particularly in 5G Redcap, smart modules, and satellite modules, which are expected to contribute to higher growth rates [3][4]. Financial Performance - The company reported a net profit of 210 million yuan in the first half of 2024, with a significant increase in the second quarter, where the net profit reached 160 million yuan, up 691.5% year-on-year [1]. - The financial forecast for 2024-2026 indicates a net profit of 530 million yuan, 690 million yuan, and 890 million yuan, with year-on-year growth rates of 479.5%, 31.5%, and 29.1%, respectively [4][6]. - The company's revenue for 2024 is projected to be 17.67 billion yuan, with a year-on-year growth of 27.5% [6]. Market Position - The company maintains a leading position in global shipments, with a market share of 37.1% in the first quarter of 2024 [2]. - The domestic IoT market is showing signs of recovery, driven by demand for LTE cat1 bis and smart connected vehicles, contributing to the company's strong performance [2][3]. Product Development - The company has increased its R&D investment, with R&D expenses amounting to 796 million yuan in the first half of 2024, accounting for 9.6% of revenue [1]. - The introduction of various products, including the RG650x 5G-A baseband and RF standard module, as well as multiple satellite communication modules, showcases the company's commitment to innovation [1][3].

Group 1: Market Trends - The textile manufacturing sector showed robust performance in H1 2024, with revenue growth of 17.5% and a net profit increase of 31.4% [3][6] - The sports apparel market in China experienced double-digit growth, with retail sales of sports and entertainment goods rising by 11.2% in H1 2024 [4][6] - The gold and jewelry sector maintained stable growth, with retail sales of gold and silver jewelry reaching 172.5 billion yuan, a 0.2% increase year-on-year [5][6] Group 2: Company Performance - Shanxi Fenjiu (600809.SH) reported H1 2024 revenue of 22.746 billion yuan, a 19.65% increase, and a net profit of 8.410 billion yuan, up 24.27% [9][10] - An analysis of the textile manufacturing sector indicated that major companies like Huayi Group and Weixing Co. benefited from increased market share and robust performance [6] - In the sports apparel sector, Anta Sports, Li Ning, and others reported significant revenue growth, with Anta achieving 33.735 billion yuan, a 13.8% increase [4][6] Group 3: Investment Recommendations - The textile manufacturing sector is recommended for investment due to the recovery of brand client orders and improved profit margins [6] - In the sports apparel market, companies with strong multi-brand strategies like Anta Sports are highlighted as having solid growth potential [6] - The gold and jewelry sector is expected to see long-term growth driven by brand strength and market share expansion, with companies like Chow Tai Fook and Lao Feng Xiang recommended for attention [6]

公司近一年市场表现 市场数据：2024 年 9 月 5 日 公司发布 2024 年半年报：24H1 公司实现营业收入 348.08 亿元，同比+ 12.38%；实现归母净利润 113.62 亿元，同比+27.92%；扣非后归母净利润 113.70 亿元，同比+ 33.83%；基本每股收益 0.46 元/股，同比+27.92%；加权 平均净资产收益率 5.56%，同比增加 1.28 个百分点；经营性现金流量净额 229.84亿元，同比-8.38%。24Q2公司实现营业收入191.67亿元，同比+23.05%， 环比+22.55%；实现归母净利润 73.95 亿元，同比+40.35%，环比+86.43%， 扣非后归母净利润 73.91 亿元，同比+50.04%，环比+85.73%。 收盘价（元）： 29.12 年内最高/最低（元）： 31.44/21.68 来水改善显著，六座梯级电站电量齐增。24 年 H1 乌东德水库来水较上 年同期偏丰 11.40%；三峡水库来水较上年同期偏丰 19.67%。24 年 H1 公司 境内六座梯级电站总发电量约 1206.18 亿千瓦时，同比+16.86%；24 年 Q2 总发电量 ...

证,通 证券研究报告 白酒 事件点评 山西汾酒（600809.SH） 买入-A(维持) 短期季度间结构调整，看好可持续增长 2024 年 9 月 5 日 公司研究/公司快报 公司近一年市场表现 市场数据：2024 年 9 月 4 日 收盘价（元）： 167.59 年内最高/最低（元）： 273.68/158.18 流通 A 股/总股本（亿 股）： 12.20/12.20 流通 A 股市值（亿元）： 2,044.54 总市值（亿元）： 2,044.54 事件点评 2024H1 业绩稳健增长，Q2 青花控货影响利润。2024 年上半年实现营 业收入 227.46 亿元，同比+19.65%；归母净利润为 84.10 亿元，同比+24.27%， 业绩稳健增长，其中单 Q2 收入 74.08 亿元，同比+17.06%，归母净利润 21.47 亿元，同比+10.23%，利润略低于预期，主要在于公司主动调控，青花系列 控货，玻汾和腰部产品（老白汾、巴拿马）贡献主要增量。具体来看：1） 分产品，24H1 中高价酒类/其他酒分别实现营收 164.27/62.33 亿（同比 +17.38%/+27.36%）;2024Q2 中高价 ...

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 2,784.28, down 0.67% [1] - The ChiNext Index increased by 2.17%, while the Shenzhen Component Index rose by 2.04% [7] Company Insights Huazhong CNC (300161.SZ) - The company reported a revenue of 629 million yuan for H1 2024, a decrease of 29.02% year-on-year, with a net loss of 107 million yuan, widening by 203.42% [14] - In Q2 2024, revenue was 386 million yuan, down 27.03% year-on-year but up 58.54% quarter-on-quarter [15] - The gross margin for the CNC system reached a historical high of 40.79%, with a net margin of -20.39% [15] Kede CNC (688305.SH) - The company achieved a revenue of 256 million yuan in H1 2024, a year-on-year increase of 27.12%, with a net profit of 48.44 million yuan, up 1.78% [8] - New orders increased by 44% year-on-year, with significant growth in five-axis CNC machine tools [11] - The average price for new five-axis CNC machine orders was 2.22 million yuan per unit [11] China Petroleum (601857.SH) - The company reported a revenue of 15,338.69 billion yuan for H1 2024, a 5% increase year-on-year, with a net profit of 886.07 billion yuan, up 3.91% [18] - Natural gas sales increased by 12.9% year-on-year, with a total of 1,472.17 billion cubic meters sold [20] - The average price of Brent crude oil rose by 5.5% year-on-year, impacting overall revenue positively [20] Jingwang Electronics (603228.SH) - The company reported a revenue of 5.867 billion yuan for H1 2024, an 18.26% increase year-on-year, with a net profit of 657 million yuan, up 62.56% [23] - The Q2 revenue was 3.125 billion yuan, reflecting a 19.25% year-on-year increase [24] - The gross margin for H1 2024 was 24.00%, with a net margin of 11.11% [24] Chenghe Technology (688625.SH) - The company achieved a revenue of 414 million yuan in H1 2024, a 12.02% increase year-on-year, with a net profit of 128 million yuan, up 17.37% [28] - The revenue from composite additives grew significantly, with some products seeing increases of up to 46% [29] Investment Recommendations - For Huazhong CNC, despite the H1 revenue decline, the company is expected to recover as it has a strong order backlog and is expanding its overseas market [17] - Kede CNC is projected to maintain rapid revenue growth due to its strong order intake and product diversification [12] - China Petroleum is recommended for its stable growth and high dividend yield, with projected net profits of 1,722.29 billion yuan for 2024 [21] - Jingwang Electronics is positioned well to benefit from high demand in the electronics sector, with expected EPS growth [26] - Chenghe Technology is noted for its strong R&D capabilities and potential for continued growth in the high-performance materials market [31]

纺织服装板块近一年市场表现 2024 年 9 月 5 日 行业研究/行业动态分析 资料来源：最闻，山西证券研究所 2024 年上半年，我国纺织服装出口金额为 1431.76 亿美元，同比增长 0.3%，其中纺 织品、服装出口金额分别为 693.51、738.25 亿美元，同比增长 3.3%、持平。越南纺 织品和服装、制鞋出口金额分别为 165.23、107.18 亿美元，同比增长 5.0%、9.1%。 品牌客户去库结束，订单恢复常态，纺织制造企业营收与业绩均实现快速增长。 2024H1，纺织制造板块营收同比增长 17.5%，毛利率同比提升 3.2pct 至 27.0%，归 母净利润同比增长 31.4%。2024Q1-2024Q2，营收同比分别增长 22.8%、18.7%，毛 利率分别为 24.4%、27.0%，同比提升 1.5pct、1.3pct，归母净利润同比分别增长 44.1%、 相关报告： 17.7%，2024Q2 板块业绩增速略慢于营收增速，主因汇兑收益下降。（注：季度数 据不含申洲国际）。 【山证纺织服装】Amer 发布 2024Q2 业 绩，大中华区连续 4 个季度营收增速超 过 40%-【山证纺 ...

公司近一年市场表现 市场数据：2024 年 9 月 4 日 收入端平稳增长，费用管理持续加强。面对外部环境挑战，公司进一步 加强与中国移动的战略融合，深入实施"BASIC6"计划，同时发力新兴安 全板块，推动公司上半年新增订单保持快速增长。分业务看，2024 上半年公 司安全产品实现收入 11.04 亿元，同比增长 14.13%，安全运营与服务实现收 入 4.58 亿元，同比减少 15.14%，其他业务实现收入 0.12 亿元，同比减少 20.52%。2024 上半年公司毛利率为 56.51%，同比降低 3.76%，但随着公司 持续推进主营业务提质增效，二季度公司毛利率环比提升 13.77%至 64.59%。 同时，得益于公司加强费用管理，上半年销售、管理、研发费用合计同比下 降 2.69%，销售、管理、研发费用率合计较去年同期下降 4.40 个百分点。2024 上半年公司净利率为-11.84%，同比下降 23.79%，主要是因为公司参股的上 市企业航天软件和永信至诚股价波动导致上半年投资收益和公允价值变动 收益较去年同期下降。 收盘价（元）： 12.82 年内最高/最低（元）： 28.76/12.51 流通 ...