煤炭 煤炭进口数据拆解 领先大市-A(维持) 7 月进口继续补缺，分煤种表现结构性分化 2024 年 8 月 28 日 行业研究/行业月度报告 投资要点： 煤炭板块近一年市场表现 资料来源：最闻 2024.8.20 数据拆解： | --- | |-------------------------------------------------------------------| | 量价：2024 年 1-7 月进口量同比增长。2024 年1-7月，煤及褐煤累计进 | | 口量实现 2.96 亿吨，同比增长13%；7 月单月实现进口量4621万吨，同比 | | 增长 17.70%，环比增长 3.61%。2024 年1-7 月全口径煤炭进口均价录得 | | 美元/吨，较去年均价降9.79%。7月进口煤价格录得98美元/吨，同比降 | | 环比增 1%。 | 首选股票 评级 其中：动力煤方面，1-7 月进口同比增长，价格同比下降；7 月进口同 比下降，价格同环比下降。炼焦煤方面，1-7 月进口同比增长，价格同比下 降；7 月进口同比增长，价格同比增长。褐煤方面，1-7 月进口量同比增长， 进口价格同比下降；7 ...

畜牧养殖 温氏股份（300498.SZ） 买入-B(维持) 公司基本面环比趋于回升 2024 年 8 月 28 日 公司研究/公司快报 公司近一年市场表现 公司披露 2024 年中报。公司 2024 年上半年实现营业收入 467.39 亿元， 同比增长 13.48%，归属净利润 13.27 亿元，同比增长 128.31%，扭亏为盈， EPS0.20 元，加权平均 ROE3.92%，同比回升 16.6 个百分点。公司上半年生 猪业务和肉鸡业务均实现盈利。其中，2024Q2 实现营业收入 248.98 亿元， 同比增长 17.34%，归属净利润 25.63 亿元，同比和环比均实现扭亏。截止 2024 年 2 季度末，公司资产负债率约为 58.95%，环比 2024Q1 末的 63.37%有明 显下降。 生猪养殖业务降本增量，业绩趋好。公司 2024 年上半年销售肉猪（含 市场数据：2024 年 8 月 27 日 毛猪和鲜品）1437.42 万头，同比增长 21.96%，占同期全国生猪出栏量的 收盘价（元）： 16.68 3.95%，在同行上市公司中排名第二；毛猪销售均价 15.32 元/公斤，同比上 年内最高/最 ...

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].