公司近一年市场表现 资料来源：最闻，山西证券研究所 流通 A 股市值（亿元）： 114.57 | --- | --- | |----------------------------|-------| | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益 (元) ： | 0.55 | | 摊薄每股收益(元)： | 0.55 | | 每股净资产(元)： | 5.73 | | | | 净资产收益率(%)： 9.56 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 珠宝首饰及钟表 周大生（002867.SZ） 买入-B(维持) 2024H1 线下门店逆势扩张，中期派息率达 54% 2024 年 8 月 30 日 公司研究/公司快报 事件描述 公司发布 2024 年半年报。2024H1，公司实现营收 81.97 亿元，同比增长 1.52%，实 现归母净利润 6.01 亿元，同比下降 18.71%，实现扣非净利润 5.85 亿元，同比下降 17.2 ...

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 [4]. Core Views - The company has shown significant growth in revenue and net profit, with a 65.61% year-on-year increase in revenue to 2.22 billion yuan and a 48.04% increase in net profit to 620 million yuan for the first half of 2024 [3][4]. - The company is actively expanding its product matrix, particularly in the automotive electronics sector, where revenue has doubled year-on-year [2][4]. - The company has a strong competitive position in the high-definition video bridging and processing chip market, with over 140 different chip models supporting various signal protocols [4]. Financial Performance - As of June 30, 2024, the basic earnings per share (EPS) is 0.61 yuan, and the diluted EPS is also 0.61 yuan [1]. - The net asset return rate (ROE) stands at 4.56% [1]. - The company's overall gross margin for the first half of 2024 is 54.66%, an increase of 1.42 percentage points year-on-year [2]. - The company achieved a significant increase in operating cash flow, which was reported at 51.91 million yuan, although this reflects a 99.03% decrease due to increased inventory purchases [2][7]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.77 billion yuan, 7.21 billion yuan, and 10.62 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Net profit forecasts for the same years are 1.43 billion yuan, 2.09 billion yuan, and 3.25 billion yuan [4]. - The expected EPS for 2024, 2025, and 2026 is 1.40 yuan, 2.04 yuan, and 3.18 yuan, respectively [4][8]. Market Performance - The company's market capitalization is reported at 24.99 billion yuan for circulating A shares and 45.72 billion yuan for total market capitalization [2]. - The company has seen a significant increase in both domestic and international revenue, with domestic revenue growing by 57.16% and international revenue by 78.01% in the first half of 2024 [2].

公司近一年市场表现 | --- | --- | |-----------------------------|-------------| | 市场数据： 2024 年 8 月 29 | 日 | | 收盘价（元）： | 5.23 | | 年内最高/最低（元）： | 6.59/4.75 | | 流通 A 股/ 总股本（亿元）： | 42.02/42.02 | | 流通 A 股市值（亿元）： | 219.79 | | 总市值（亿元）： | 219.79 | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | 0.10 | | 摊薄每股收益(元 )： | 0.10 | | 每股净资产(元 )： | 3.78 | | | | 净资产收益率(%)： 2.77 资料来源：最闻 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 固收 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6]. Core Insights - The company has shown significant revenue growth in the first half of 2024, with a total revenue of 2.144 billion yuan, representing a year-on-year increase of 57.11%. The net profit attributable to the parent company reached 308 million yuan, up 145.77% year-on-year [2][3]. - The automotive business is expanding, with revenue from automotive connectors reaching 597 million yuan, a year-on-year growth of 90.28%. The company has established relationships with major domestic and international automotive manufacturers [3]. - The consumer electronics segment is recovering, with revenue from micro electrical connectors and BTB connectors amounting to 496 million yuan, a year-on-year increase of 40.92% [3]. Financial Performance - The company is projected to achieve revenues of 4.251 billion yuan, 5.428 billion yuan, and 6.360 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.9%, 27.7%, and 17.2% [4]. - The net profit attributable to the parent company is expected to be 639 million yuan, 838 million yuan, and 1.032 billion yuan for the same years, with growth rates of 79.5%, 31.1%, and 23.2% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.51 yuan, 1.98 yuan, and 2.44 yuan, respectively [4]. Market Position - The company has increased its market share in the automotive sector due to high growth in connector shipments and has begun mass production for several leading automotive manufacturers [3]. - The consumer electronics sector is expected to benefit from the recovery of the industry and the introduction of new products, such as the BTB connector, which is crucial for high-frequency applications [3].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [5]. Core Views - The company has shown steady revenue and profit growth, with a focus on building an AI software ecosystem through self-developed products like the AI technology software stack DAS and the "Dawn AI Model Warehouse" [1][4]. - The company is expected to achieve earnings per share (EPS) of 1.47, 1.76, and 2.07 for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 24.25, 20.24, and 17.18 [4][6]. Company Performance - As of June 30, 2024, the company reported a basic earnings per share of 0.39 yuan and a diluted earnings per share of 0.39 yuan, with a net asset return rate of 2.86% [1]. - For the first half of 2024, the company achieved a revenue of 57.12 billion yuan, a year-on-year increase of 5.77%, and a net profit attributable to shareholders of 5.63 billion yuan, up 3.38% year-on-year [2][3]. - The company's gross profit margin reached 26.25% in the first half of 2024, reflecting a slight increase from the previous year, primarily due to a higher proportion of self-developed products [3]. Financial Forecast - The company is projected to have revenues of 16.03 billion yuan, 18.24 billion yuan, and 20.88 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.7%, 13.8%, and 14.5% [6][7]. - The net profit is expected to grow to 2.15 billion yuan, 2.57 billion yuan, and 3.03 billion yuan for the same years, with corresponding year-on-year growth rates of 16.9%, 19.8%, and 17.8% [6][7].

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Views - The company's significant profit growth is attributed to favorable water conditions in the Lancang River basin during the first half of 2024, leading to increased electricity generation [4]. - The company is positioned as China's second-largest hydropower company, backed by the Huaneng Group, and has rights to develop hydropower resources across the entire Lancang River basin [4]. - Upcoming projects, including the completion of the Toba Hydropower Station and various renewable energy initiatives, are expected to enhance future earnings [2][4]. Financial Performance - For the first half of 2024, the company reported operating revenue of 11.88 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 4.169 billion yuan, up 22.47% [1]. - The company achieved a basic earnings per share (EPS) of 0.22 yuan, reflecting a 22.59% increase year-on-year [1]. - The weighted average return on equity (ROE) was 5.97%, an increase of 1.78 percentage points compared to the previous year [1]. Electricity Generation - In the first half of 2024, the company generated 46.695 billion kWh of electricity, a year-on-year increase of 12.15%, with hydropower generation rising by 22.42% due to improved water inflow [1][2]. - The second quarter of 2024 saw a significant increase in electricity generation, with total grid-connected electricity reaching 30.214 billion kWh, a year-on-year increase of 41.68% [1]. Future Outlook - The company plans to invest 13.991 billion yuan in 84 new renewable energy projects, aiming to increase its renewable energy capacity to 5.0181 million kW [2]. - The anticipated rise in electricity prices in Yunnan province, where the company primarily operates, is expected to support revenue growth [1][4]. Valuation Metrics - The projected EPS for 2024-2026 is expected to be 0.49, 0.54, and 0.60 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22.4, 20.2, and 18.3 [5][6]. - The company's cash flow remains robust, with a cash dividend payout ratio of 58.42% for 2023 and a commitment to distribute 50% of distributable profits as dividends over the next three years [5].

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company has shown significant profit growth, with a notable increase in installed capacity expected in the future. The growth in revenue and net profit is primarily driven by increased power generation and the release of newly injected capacity [1][3]. - The company is positioned to benefit from the continuous injection of coal and electricity assets from the parent group, as well as the high growth in electricity demand in Anhui Province [3]. Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 15.822 billion yuan, a year-on-year increase of 14.74%. The net profit attributable to shareholders was 575 million yuan, up 58.94% year-on-year, while the net profit after deducting non-recurring items reached 525 million yuan, a 100.89% increase [1]. - The company reported a basic earnings per share (EPS) of 0.15 yuan, reflecting a 50% year-on-year growth. The weighted average return on equity (ROE) was 5.10%, an increase of 1.62 percentage points year-on-year [1]. - The company’s operating cash flow for the first half of 2024 was 1.268 billion yuan, a substantial increase of 279.90% year-on-year [1]. Future Earnings Projections - The company is expected to see EPS of 0.26, 0.27, and 0.30 yuan for the years 2024, 2025, and 2026, respectively. Corresponding price-to-earnings (P/E) ratios are projected to be 14.0, 13.4, and 11.9 times [3]. - Revenue forecasts for the years 2024 to 2026 are 28.060 billion yuan, 28.921 billion yuan, and 29.769 billion yuan, respectively, with expected year-on-year growth rates of 2.7%, 3.1%, and 2.9% [5]. Dividend Policy - The company has a stable cash position, with a dividend payout ratio of 55% in 2023. It plans to distribute at least 30% of the average distributable profits over the past three years in cash over the next three years, depending on annual profitability and funding needs [2].

Investment Rating - The report assigns a "Buy-B" rating for Jiangbolong (301308.SZ) based on its strong performance and growth potential [2][3]. Core Views - Jiangbolong has experienced significant revenue growth, with a 143.82% year-on-year increase in revenue to 9.039 billion yuan in the first half of 2024, and a 199.64% increase in net profit to 594 million yuan [2]. - The company benefits from the upward trend in the storage industry, leveraging its scale, technology, and supply chain advantages to enhance its market share [2]. - The report highlights the company's successful transition towards high-end storage products and its expansion into overseas markets, indicating a second growth curve is opening up [3]. Financial Performance Summary - For the first half of 2024, Jiangbolong achieved a revenue of 9.039 billion yuan, with a net profit of 594 million yuan, marking substantial growth compared to the previous year [2]. - The second quarter of 2024 saw a revenue of 4.586 billion yuan, reflecting a 106.05% year-on-year increase, although net profit decreased by 45.41% quarter-on-quarter to 210 million yuan [2]. - The company’s embedded storage, solid-state drives, and memory modules all showed strong growth, contributing to a significant increase in overall revenue [2]. Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 3.26 yuan, 2.57 yuan, and 2.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21.5, 27.3, and 25.7 [3]. - Jiangbolong is expected to continue focusing on customized, high-end brand development while enhancing its capabilities across the semiconductor storage application product chain [3].

神农集团 -上证指数 | --- | --- | |---------------------------------------------|-------------| | 市场数据： 2024 年 8 月 28 \n收盘价（元）： | 日 \n27.24 | | 年内最高 / 最低（元）： | 45.67/18.60 | | 流通 A 股/ 总股本（亿 | 0.69/5.25 | | 股）： | | | 流通 A 股市值（亿元）： | 18.81 | | 总市值（亿元）： | 143.02 | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | 0.24 | | 摊薄每股收益(元 )： | 0.24 | | 每股净资产(元 )： | 8.26 | | 净资产收益率 (%)： | 2.86 | | 资料来源：最闻 | | 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 邮箱：zhangyanbo@sxzq.com 畜牧养殖 神农集团（605296.SH） 增持-B(维持) 出栏量同比高增，养殖成本稳健下行 证券研 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company achieved steady growth in revenue and profit in the first half of 2024, with revenue reaching 3.431 billion yuan, a year-on-year increase of 14.15%, and a net profit of 229 million yuan, up 10.04% year-on-year [2][4]. - The jewelry business showed robust performance, while the handbag segment faced challenges [1][4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a payout ratio of 38.72% [2]. Summary by Sections Market Performance - In H1 2024, the company reported revenue of 3.431 billion yuan, with Q1 and Q2 revenues of 1.796 billion yuan and 1.635 billion yuan, reflecting year-on-year growth of 17.87% and 10.33% respectively [1]. - The net profit for H1 2024 was 229 million yuan, with Q1 and Q2 net profits of 131 million yuan and 99 million yuan, showing year-on-year growth of 5.47% and 16.76% respectively [1]. Product Performance - Revenue from fashion jewelry reached 1.654 billion yuan, up 5.97% year-on-year, while traditional gold jewelry revenue was 1.477 billion yuan, a significant increase of 31.37% year-on-year [1]. - The handbag business saw a decline in revenue, down 26.07% to 148 million yuan, while brand licensing and franchise services grew by 41.00% to 123 million yuan [1]. Financial Metrics - The company's gross margin decreased to 24.1% in H1 2024, primarily due to a higher sales proportion of lower-margin traditional gold products [3]. - The net profit margin for H1 2024 was 6.7%, a slight decrease of 0.2 percentage points year-on-year [3]. - The company’s operating cash flow for H1 2024 was 339 million yuan, a decrease of 8.4% year-on-year [3]. Future Outlook - The company expects EPS for 2024-2026 to be 0.45, 0.52, and 0.60 yuan respectively, with corresponding P/E ratios of 10.0, 8.6, and 7.5 times [4].