Investment Rating - The report maintains a "Buy-A" rating for the company [2][6] Core Insights - In the first half of 2024, the company achieved revenue of 33.735 billion yuan, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 7.721 billion yuan, up 62.6% [3][6] - The company's e-commerce channel revenue grew by 25.1%, increasing its share of total revenue by 3.0 percentage points to 33.8% [1][6] - The performance of the Anta brand and FILA brand showed resilience, with Anta's revenue growing by 13.5% to 16.077 billion yuan, while FILA's revenue increased by 6.8% to 13.056 billion yuan [1][4] Summary by Sections Financial Performance - The company reported a gross margin of 64.1%, an increase of 0.8 percentage points year-on-year, and a net profit margin of 22.9%, up 6.9 percentage points [5][6] - The average inventory turnover days decreased by 10 days to 114 days [5] - Operating cash flow for the first half of 2024 was 8.502 billion yuan, with a cash balance of 32.399 billion yuan at the end of the period [5] Brand Performance - Anta brand's revenue accounted for 47.7% of total revenue, with a retail revenue growth in the mid-single digits [1][4] - FILA brand's revenue growth was slower, but the core segment is expected to see double-digit growth, particularly in footwear [1][4] - Other brands, including Descente and KOLON, saw significant revenue growth of 41.8% to 4.602 billion yuan [4] Market Data - As of August 27, 2024, the closing price was 71.650 HKD, with a market capitalization of 202.957 billion HKD [1][3] - The company plans to distribute an interim dividend of 1.18 HKD per share, with a payout ratio of 50.1% [3]

Group 1: Market Trends - The agricultural sector, particularly the pig farming segment, is experiencing a phase of adjustment that may be nearing its end, with market expectations for pig production capacity recovery being overly pessimistic [2][3] - The overall performance of the agricultural sector has been affected by a decline in pig prices, with average prices in key provinces showing a decrease of 5.12% to 5.90% week-on-week [2] - The company has identified potential investment opportunities in pig farming stocks, recommending several companies such as Wens Foodstuffs Group and New Hope Liuhe [3] Group 2: Company Performance - Huayou Cobalt's H1 2024 report shows a revenue of 30.05 billion yuan, a year-on-year decrease of 9.9%, but a significant Q2 profit increase of 119.8% due to rising nickel prices and production capacity [4][5] - The company achieved a nickel product revenue of 5.4 billion yuan in H1 2024, reflecting a year-on-year increase of 72.5%, while lithium product revenue surged by 150.4% [5][6] - Nanshan Zhishang reported a revenue of 776 million yuan in H1 2024, with a year-on-year growth of 6.89%, and a net profit of 82 million yuan, also up by 6.50% [6][7] Group 3: Industry Insights - The pig farming industry is characterized by high asset-liability ratios and reduced financing capabilities, indicating a prolonged recovery period for the sector [2] - The company anticipates that the pig price cycle will exhibit characteristics of cyclical fluctuations, similar to the U.S. market, with potential for higher peaks compared to previous cycles [2] - The electronic sector, particularly Hengxuan Technology, has shown robust growth with a revenue increase of 68.26% in H1 2024, driven by demand recovery in the smart wearable and smart home markets [11][12] Group 4: Investment Recommendations - The report suggests maintaining a "Buy-A" rating for Huayou Cobalt, considering its global integrated layout advantages and improved profitability from nickel capacity release [6] - For Nanshan Zhishang, a "Buy-B" rating is maintained, with adjusted earnings forecasts reflecting the company's traditional business improvements and cost management [10] - The report emphasizes the growth potential of the pet food sector, particularly for companies like Guibao Pet, which has seen significant online sales growth and improved profit margins [16][18]

Investment Rating - The report maintains a "Buy-A" rating for Huayou Cobalt Co., Ltd. (603799.SH) [1] Core Views - The company's Q2 performance showed a significant quarter-on-quarter increase, driven by a substantial rise in nickel shipments and improved profitability due to the recovery in nickel prices [3][4] - For H1 2024, the company reported a revenue of 30.05 billion yuan, a year-on-year decrease of 9.9%, and a net profit attributable to shareholders of 1.67 billion yuan, down 19.9% year-on-year, which was in line with expectations [2] - Nickel product revenue for Q2 reached 5.4 billion yuan, a year-on-year increase of 72.5%, while nickel intermediate products and cobalt products saw revenue declines [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved a net profit of 1.15 billion yuan, a quarter-on-quarter increase of 119.8%, attributed to the gradual ramp-up of upstream nickel resource projects and price recovery [3] - Nickel product shipments increased by 40% year-on-year to 76,000 tons, with nickel intermediate product shipments growing over 90% [3] - The average LME nickel price for H1 2024 was 17,804 USD/ton, with Q2 averaging 18,720 USD/ton, contributing to a gross margin of 21.0% in Q2, up 8.9 percentage points quarter-on-quarter [3] Product Performance - The company reported stable growth in product shipments, with Q2 shipments of positive materials increasing over 20% quarter-on-quarter [4] - H1 2024 shipments included 67,000 tons of precursor materials, a year-on-year increase of 11%, and 53,000 tons of positive materials, with a slight year-on-year decline but a significant quarter-on-quarter increase [4] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 3.79 billion yuan, 4.34 billion yuan, and 4.83 billion yuan respectively, with corresponding P/E ratios of 10.0, 8.7, and 7.8 [7] - Despite a downward adjustment in earnings forecasts due to declining profitability in precursor and positive materials, the company is expected to benefit from its global integrated layout and improved profitability from nickel capacity release [7]

| --- | --- | --- | |-----------|----------|--------| | 首选股票 | | 评级 | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 002567.SZ | 唐人神 | 增持-B | | 001201.SZ | 东瑞股份 | 增持-B | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | | 000876.SZ | 新希望 | 增持-B | 农林牧渔 农业行业周报 同步大市-A(维持) 生猪养殖板块的阶段性调整或进入尾声 请务必阅读最后一页股票评级说明和免责声明 1 2024 年 8 月 27 日 行业研究/行业周报 农林牧渔行业近一年市场表现 资料来源：最闻 相关报告： 【山证农林牧渔】本轮生猪盈利周期或 比市场预期的要长-【山证农业】农业行 业 周 报 （ 2 ...

资料来源：最闻 | --- | --- | --- | |-----------|----------|--------| | 首选股票 | | 评级 | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 002567.SZ | 唐人神 | 增持-B | | 001201.SZ | 东瑞股份 | 增持-B | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | | 000876.SZ | 新希望 | 增持-B | 【山证农林牧渔】本轮生猪盈利周期或 比市场预期的要长-【山证农业】农业行 业 周 报 （ 2024.08.12-2024.08.18 ） 2024.8.19 【山证农林牧渔】本轮生猪盈利周期或 比市场预期的要长-【山证农业】农业行 业 周 报 （ 2024.08.05-2024.08.11 ） 2024.8.1 ...

证券研究报告 宠物食品 乖宝宠物（301498.SZ） 增持-A(维持) 线上销售保持高增速，主粮产品盈利水平继续提升 | --- | --- | --- | |-------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年半年报， 2024 年 H1 公司实现营收 24.27 亿元，同比 + | | | | 17.48% ；实现归母净利润 3.08 ...

公司近一年市场表现 | --- | --- | |--------------------------|-------------| | 市场数据：2024年8月26 | 日 | | 收盘价（元）： | 38.32 | | 年内最高/最低（元）： | 90.09/37.16 | | 流通A股/总股本（亿股）： | 2.65/5.96 | | 流通A股市值（亿元）： | 101.73 | | 总市值（亿元）： | 228.39 | | 基础数据：2024年6月30 | 日 | | 基本每股收益(元)： | 0.41 | | 摊薄每股收益(元)： | 0.41 | | 每股净资产(元)： | 15.62 | | 净资产收益率(%)： | 3.91 | | 资料来源：最闻 | | 分析师： 骆志伟 执业登记编码：S0760522050002 电话：010-83496308 其他军工Ⅲ 国博电子（688375.SH） 增持-A(维持) 利润率持续提升，持续拓宽应用和终端领域 2024 年 8 月 27 日 公司研究/公司快报 事件描述 国博电子公司发布 2024 年中报。2024 年上半年公司营业收入为 13.03 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5]. Core Views - The company has shown strong growth in its rail transit and semiconductor businesses, with new growth drivers emerging [5]. - The semiconductor production line is fully operational, and the company is progressing with its projects, which are expected to enhance market share and optimize product structure [5]. - The company is positioned as a benchmark central enterprise in technology innovation, with a strategic focus on cross-industry and cross-field development [5]. Company Performance Summary - For the first half of 2024, the company achieved revenue of 10.284 billion yuan, a year-on-year increase of 19.99%, and a net profit of 1.507 billion yuan, up 30.56% year-on-year [2]. - The company's net profit margin for the first half of 2024 was 15.57%, reflecting a 1.7 percentage point increase [3]. - The rail transit business revenue reached 6.139 billion yuan, a significant year-on-year increase of 30.87% [3]. Financial Data and Projections - The company forecasts net profits of 3.831 billion yuan, 4.684 billion yuan, and 5.702 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.71, 3.32, and 4.04 yuan [5]. - The projected revenue for 2024 is 26.132 billion yuan, with a year-on-year growth rate of 19.9% [7]. - The company's gross margin is expected to remain stable, with projections of 33.9% for 2024 [7].

公司近一年市场表现 | --- | --- | |-----------------------|-------------| | 市场数据：2024年8月 | 日 | | 收盘价（元）： | 18.50 | | 年内最高/最低（元）： | 26.37/15.36 | | 流通A股/总股本（亿 | 13.93/13.93 | | 股）： | | | 流通A股市值（亿元）： | 257.71 | | 总市值（亿元）： | 257.71 | | 基础数据：2024年6月 | 日 | | 基本每股收益(元)： | 0.43 | | 摊薄每股收益(元)： | 0.43 | | 每股净资产(元)： | 4.96 | | 净资产收益率(%)： | 8.85 | | 资料来源：最闻 | | 分析师： 骆志伟 电话：010-83496308 其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) 盈利能力持续提升，把握航空装备跨代发展机遇 2024 年 8 月 26 日 公司研究/公司快报 事件描述 中航高科公司发布了 2024 年中报。2024 年上半年公司营业收入为 25.47 亿元，同比增长 5.58%；归母净利 ...

公司近一年市场表现 | --- | --- | |----------------------------|-------| | | | | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | -0.18 | | 摊薄每股收益(元)： | -0.18 | | 每股净资产(元 )： | 7.82 | | 净资产收益率 (%)： | -2.23 | 方闻千 上半年云及信创业务实现快速增长。分业务看，2024 上半年公司基础安 全产品业务实现收入 5.32 亿元，同比减少 20.01%，大数据与态势感知产品 资料来源：最闻 及服务业务实现收入 0.63 亿元，同比减少 12.03%，基础安全服务业务实现 收入 1.40 亿元，同比减少 9.45%，云计算与云安全产品及服务业务实现收入 1.32 亿元，同比增长 20.19%，其中，上半年云计算收入同比增长 35.80%， 云安全收入同比增长 51.52%，主要是因为前期针对该新业务的投入进入了收 获期；此外，公司重点布局的信创安全业务上半年收入同比增长 22.99%。分 行业看，尽管三类客户政府及事业单位、国有企业、商业及其 ...