Investment Rating - The report has adjusted the investment rating for Tianwei Foods to "Accumulate-A" [4] Core Views - The overall demand in Q2 2024 was weak, but online channels achieved significant growth. The company is focusing on refining its product and channel strategies, which is expected to improve performance in the upcoming peak season [2][3] - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue decreased by 6.80% to 614 million yuan, with a net profit decline of 10.90% to 71 million yuan [2][3] Summary by Sections Financial Performance - For H1 2024, the gross margin was 39.56%, and the net profit margin was 16.8%, reflecting a year-on-year increase of 2.2 percentage points. The company has seen a steady improvement in profitability due to lower raw material costs and more precise expense management [2] - The company’s revenue projections for 2024-2026 are 3.469 billion, 3.845 billion, and 4.306 billion yuan, with year-on-year growth rates of 10.2%, 10.8%, and 12.0% respectively. The net profit is expected to be 526 million, 607 million, and 699 million yuan, with growth rates of 15.2%, 15.4%, and 15.1% [4][5] Product and Channel Development - The company is enhancing its product offerings and channel strategies, including the promotion of large single products and the introduction of new regional flavor seasonings. The focus on B-end and e-commerce channels has also contributed to revenue growth [2][3] - Despite a slowdown in revenue performance in Q2, the company anticipates improved results in the second half of the year due to the peak season for hot pot products and ongoing marketing efforts [2][3] Market Trends - The report indicates that the overall market demand has been weak, influenced by macroeconomic conditions. However, the company is actively adjusting its operational strategies to capture growth opportunities in various channels [3]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company has outperformed the industry in terms of performance, with a focus on low-temperature fresh milk and specialty yogurt, which have driven its growth despite increased competition [2][4]. - The company is expected to achieve high-quality development even under industry pressure, with a strong certainty of profit improvement [1][2]. Financial Performance - For the first half of 2024, the company reported revenue of 5.364 billion yuan, a year-on-year increase of 1.25%, and a net profit attributable to shareholders of 296 million yuan, up 25.26% [1][2]. - In Q2 2024, the company achieved revenue of 2.751 billion yuan, a decrease of 0.94% year-on-year, while net profit rose by 17.72% to 207 million yuan [1][2]. Product and Regional Performance - In H1 2024, the company's revenue from liquid milk, milk powder, and other businesses was 4.844 billion yuan, 35 million yuan, and 486 million yuan, respectively, with growth rates of +0.54%, -15.20%, and +10.64% [2]. - Revenue by region showed varied performance, with notable growth in North China (+20.21%) while Southwest and Northwest regions faced challenges due to the high proportion of ambient milk sales [2]. Cost and Profitability - The company's gross margin improved in H1 2024, with gross and net margins increasing by 1.26 and 1.06 percentage points to 29.23% and 5.53%, respectively [2]. - The decline in raw milk prices contributed to the improvement in profitability, and the company is expected to continue enhancing its profit levels through ongoing efficiency initiatives [2][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 11.235 billion yuan, 11.955 billion yuan, and 12.831 billion yuan, with year-on-year growth rates of 2.3%, 6.4%, and 7.3% respectively [4]. - Net profit forecasts for the same period are 550 million yuan, 659 million yuan, and 795 million yuan, reflecting growth rates of 27.8%, 19.8%, and 20.6% [4].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation in the coming months [3]. Core Insights - The company has achieved record performance, significantly benefiting from the surge in AI demand. In the first half of 2024, it reported a revenue of 8.32 billion yuan, a year-on-year increase of 37.91%, and a net profit of 0.987 billion yuan, up 108.32% year-on-year [1][3]. - The company is positioned to capitalize on structural opportunities in the industry, with all business orders showing year-on-year growth. The trends of electrification and intelligence in the automotive sector, along with demand recovery in certain areas, are expected to continue [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.32 billion yuan, with a net profit of 0.987 billion yuan. The second quarter saw revenues of 4.36 billion yuan, a year-on-year growth of 34.19% and a quarter-on-quarter increase of 10.07% [1]. - The PCB business generated 4.855 billion yuan, accounting for 58.35% of total revenue, with a year-on-year growth of 25.09%. This growth is attributed to increased demand in the communication sector and data centers [1]. - The packaging substrate business reported revenues of 1.596 billion yuan, representing 19.18% of total revenue, with a significant year-on-year growth of 94.31% [1]. - The electronic assembly business generated 1.211 billion yuan, accounting for 14.55% of total revenue, with a year-on-year increase of 42.39% [1]. Earnings Forecast - The company is expected to achieve EPS of 4.13, 5.03, and 6.00 for the years 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 24.4, 20.0, and 16.8 [3][5]. Strategic Positioning - The company has established a unique "3-In-One" business layout, focusing on interconnectivity while enhancing its leading position in the PCB sector and developing its packaging substrate and electronic assembly businesses [1][2]. - The ongoing development of high-end products in the packaging substrate sector and the introduction of new customers are expected to bolster profitability as production capacity ramps up in new factories [2]. Market Outlook - The report highlights that the company is well-positioned to benefit from the strong demand in AI, communication, and data center sectors, which are expected to drive sustained high growth in its future performance [3].

Economic Overview - Manufacturing sector has been contracting since May, with the August manufacturing PMI at 49.1%, down from 49.4% in July[2] - New orders index and import index for August are at 48.9% and 46.8%, respectively, both lower by 0.4 and 0.2 percentage points from the previous month[2] - Production index for August is at 49.8%, indicating a contraction for the first time since March[2] Price Trends - August factory price index and major raw material purchase price index are at 42.0% and 43.2%, down by 4.3 and 6.7 percentage points from last month[2] - The gap between factory prices and purchase prices has narrowed from -3.6% to -1.2%[2] Supply and Demand Dynamics - The new orders to production index for August is -0.9%, indicating a widening gap in supply-demand balance[2] - Economic momentum index (new orders - finished goods inventory) fell from 1.5% to 0.4%, reflecting a downward trend since June[2] Non-Manufacturing Sector - Non-manufacturing PMI for August is at 50.3%, slightly up from 50.2%, indicating expansion[2] - Service sector PMI for August is at 50.2%, showing improvement driven by summer consumption[2] - Construction sector PMI for August is at 50.6%, down from 51.2%, marking four consecutive months of slowing expansion[2] Risks - Domestic growth stabilization efforts are perceived as weak and slow[2] - Geopolitical risks remain a concern for the economic outlook[2]

Investment Rating - The solar industry is rated as "In line with the market - A" [1] Core Insights - In July 2024, the National Energy Administration issued 182 million green certificates, with solar power accounting for 31.48 million certificates, representing 17.28% of the total [2] - The cumulative issuance of green certificates reached 889 million by the end of July 2024, with solar power contributing 261 million certificates, or 29.31% [2] - The report highlights a 49.8% year-on-year increase in solar power installed capacity from January to July 2024, despite ongoing downward pressure on industry chain prices [3] Summary by Sections Market Performance - The report indicates that the solar power installed capacity increased by 49.8% year-on-year from January to July 2024, with the industry facing price pressures [3] Policy Developments - The State Council's white paper on energy transition emphasizes promoting renewable energy consumption and establishing a green power certificate system [3] - The document outlines the goal of enhancing the development of wind and solar power as key components of clean energy [3] Price Tracking - The average price of multi-crystalline silicon is reported at 39.5 CNY/kg, remaining stable week-on-week, while the average price of granular silicon is 36 CNY/kg [5] - The average price of 182mm monocrystalline silicon wafers is 1.25 CNY/piece, with recent announcements of price increases from leading companies [5] - Battery cell prices remain stable, with M10 cells priced at 0.285 CNY/W, while component prices are under pressure due to high inventory levels [5] Investment Recommendations - Recommended stocks include: - Buy: Canadian Solar (688472.SH), Sungrow Power (300274.SZ), Deye Technology (605117.SH), LONGi Green Energy (601012.SH), Aiko Solar (600732.SH), and Flat Glass Group (601865.SH) [3][6] - The report suggests focusing on integrated solar storage leaders and companies with rapid growth in solar demand in Africa and Latin America [6]

Investment Rating - The report indicates a positive outlook on the new stock market, particularly highlighting the performance of newly listed stocks in August 2024, with a notable increase in first-day gains and valuations compared to July 2024 [1][6][15]. Core Insights - The new stock market has seen increased activity, with 27 stocks (84.38% of newly listed stocks) recording positive gains in the past week, a significant rise from 9.68% previously [1][6]. - The report notes a divergence in valuation trends across different boards, with the ChiNext and Sci-Tech Innovation Board showing higher first-day gains and a decrease in issuance PE ratios compared to July [1][6][15]. - Specific stocks such as Jialiqi and Xiaofang Pharmaceutical have shown extreme volatility, with Jialiqi's first-day gain at 231.73% and Xiaofang's drop exceeding 15% [1][6][15]. Summary by Sections 1. New Stock Market Activity - The report highlights that the new stock market's activity has increased, with the ChiNext board's new stock opening valuations rising compared to July [1][6]. - In August, the total number of new stocks listed reached 283, raising a total of 371.91 billion yuan, with the Sci-Tech Innovation Board contributing 152.84 billion yuan [1][6]. 1.1 Sci-Tech Innovation Board - No new stocks were listed in the past week, but stocks like Dameng Data recorded a weekly gain of 12.29% [1][7]. - The average first-day opening valuation for new stocks in August was 59.01 times, down from 74.05 times in June [9][18]. 1.2 ChiNext Board - The report notes that stocks such as Kema Technology and Guoke Tianceng have shown significant weekly gains, with Kema Technology up by 17.59% [13][15]. - The first-day opening valuation for Jialiqi was 58.23 times, with a notable first-day gain of 231.73% [13][15]. 1.3 Main Board - The main board saw the listing of Xiaofang Pharmaceutical, which had a first-day gain of 140.58% and an opening valuation of 23.47 times [16][18]. - Stocks like Jianbang Technology and Longqi Technology also recorded gains exceeding 5% [16][18]. 1.4 Valuation Trends - The report indicates that the valuation of the Wind near-term new stock index has decreased compared to the ChiNext, reflecting a discount state [22]. - The average first-day opening PE for the main board in August was 10.02 times, a decrease from 13.91 times in July [18][22]. 2. Key New Stocks List - The report lists key new stocks that have recently been approved or are awaiting listing, including Keping (semiconductors) and Lanyun Technology (solid-state drives) [22][23]. - Notable stocks listed since January 2023 include Kema Technology and Longtu Guangzhao, which are recommended for attention due to their growth potential [25][26].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][5]. Core Views - The company has adjusted its annual energy storage shipment target upwards due to significant growth in its energy storage business, with expectations of 6.5-7.0 GWh for the year [4]. - The company reported a revenue of 21.96 billion yuan for the first half of 2024, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 28.8% in Q2 [3]. - The company has a strong cash position with 12.96 billion yuan in cash as of June 30, 2024, and a net cash flow from operating activities of 2.31 billion yuan in Q2, reflecting a year-on-year increase of 56.8% [4]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.96 billion yuan, down 15.9% year-on-year, and a net profit of 1.24 billion yuan, down 35.5% year-on-year [3]. - The company expects its earnings per share (EPS) for 2024, 2025, and 2026 to be 0.90, 1.21, and 1.47 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 8.9, and 7.3 [5]. - The company’s gross margin is projected to be 15.6% in 2024, with a net profit margin of 6.1% [7]. Market Position and Strategy - The company has a leading position in the global photovoltaic module market, with a shipment of 14.5 GWh in the first half of 2024, and significant growth in overseas markets, particularly in the United States and Southeast Asia [4]. - The company has a robust order backlog of 66 GWh in energy storage projects, with an order value of 2.6 billion USD as of mid-2024 [4]. - The company is focusing on research and development, with a total R&D expenditure of 420 million yuan in the first half of 2024, representing a year-on-year increase of 51.8% [4].

证券研究报告 资料来源：最闻，山西证券研究所 家具 浙江自然（605080.SH） 买入-B(维持) 24Q2 营收延续双位数稳健增长，硬质保温箱产品盈利改善 2024 年 9 月 2 日 公司研究/公司快报 事件描述 8 月 28 日，公司披露 2024 年半年报，2024H1，公司实现营业收入 6.00 亿元，同 比增长 13.18%，实现归母净利润 1.01 亿元，同比下降 16.42%，实现扣非归母净利润 1.24 亿元，同比增长 8.11%。 事件点评 2024Q2 营收增速延续双位数增长，扣非净利润同比稳健增长。营收端，2024H1， 公司实现营收 6.00 亿元，同比增长 13.18%。分季度看，24Q1-24Q2 营收分别为 2.73、 3.27 亿元，同比增长 13.83%、12.64%。2024 年上半年，全球户外运动市场的增速有所 市场数据：2024 年 8 月 30 日 收盘价（元）： 15.06 放缓，但规模仍稳步上升。各大品牌基本完成去年库存的消耗，订单需求逐渐回暖。业 绩端，2024H1，公司实现归母净利润 1.01 亿元，同比下降 16.42%，其中 24Q1-24Q2 年内最 ...

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Views - The company achieved a record high gross margin in Q2 2024, driven by the expansion of its overseas direct sales market [4] - The company plans to repurchase up to HKD 2 billion of its shares within 12 months to enhance shareholder returns [2] - The company aims for a revenue growth of 20%-30% in 2024, with adjusted net profit expected to reach at least HKD 2.8 billion [5] Financial Performance - For Q2 2024, MINISO reported revenue of HKD 4.035 billion, a year-on-year increase of 24.1%, and adjusted net profit of HKD 625 million, up 9.4% [2] - In H1 2024, the company achieved revenue of HKD 7.759 billion, a 25.0% increase year-on-year, and adjusted net profit of HKD 1.242 billion, up 17.8% [2] - The gross margin for H1 2024 was 43.7%, an increase of 4.1 percentage points year-on-year, with Q2 2024 gross margin reaching 43.9% [4] Store Expansion - The company is on track to meet its target of adding 900-1100 new stores in 2024, with a total of 4,115 stores in China by the end of H1 2024 [5] - The overseas market saw a revenue increase of 43% in H1 2024, with direct sales revenue growing by 70% [2][5] Market Performance - The same-store sales in China remained flat year-on-year, while overseas same-store sales grew by 16% [5] - The company’s stock closed at HKD 32.90 on August 30, 2024, with a market capitalization of HKD 414.3 billion [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company experienced a short-term revenue decline due to delays in contract signings, but profit margins improved, with gross margin increasing by 2.1 percentage points to 12.53% and net margin rising by 1.11 percentage points to 7.47% in the first half of 2024 [1] - The demand for new and upgraded military aircraft in China's air force and navy is urgent, with the company positioned to benefit from the strong demand for its J-16 and J-35 fighter jets [1][2] - The company's R&D expenses grew by 38.73% year-on-year to 568 million yuan in the first half of 2024, indicating a commitment to technological advancement [1] Financial Performance - For the first half of 2024, the company reported revenue of 21.625 billion yuan, a decrease of 6.59% year-on-year, while net profit increased by 8.39% to 1.618 billion yuan [2] - The company's total liabilities decreased by 6.07% to 30.815 billion yuan, while cash and cash equivalents fell by 29.72% to 8.311 billion yuan [2] - The earnings per share (EPS) for 2024 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 30.3, 25.0, and 21.0 for 2024, 2025, and 2026 respectively [3]