Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1][3] Core Views - The company achieved a revenue of 14.345 billion yuan in H1 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 1.952 billion yuan, a decline of 8.0% year-on-year [1][3] - The company focuses on solidifying its foundation and pragmatic development, leading to stable revenue growth driven by e-commerce and direct sales channels [1][3] - The report highlights the improvement in retail discounts, which contributed to a gross margin increase to 50.4%, up 1.6 percentage points year-on-year [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 50.4%, a year-on-year increase of 1.6 percentage points, primarily due to improved margins in e-commerce and direct sales channels [2] - The sales expense ratio increased to 30.2%, up 2.0 percentage points year-on-year, with advertising and marketing expenses rising to 8.7% [2] - The operating profit margin decreased by 1.0 percentage points to 16.7%, and the net profit margin fell by 1.5 percentage points to 13.6% [2] Revenue Breakdown - Revenue from footwear, apparel, accessories, and equipment in H1 2024 was 7.844 billion, 5.375 billion, 1.126 billion, and 0.5 billion yuan respectively, with year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - The retail sales from running, fitness, basketball, and sports lifestyle categories accounted for 30%, 14%, 22%, and 33% respectively, with year-on-year growth rates of 25%, 7%, -20%, and -7% [1] Channel Performance - Direct sales revenue grew by 2.7% year-on-year, with 1,495 direct stores, a net decrease of 3 stores compared to the beginning of the year [1] - E-commerce revenue increased by 11.4% year-on-year, with double-digit growth in retail sales and improved customer traffic [1][2] - Wholesale revenue declined by 2.0% year-on-year as the company managed the delivery rhythm to ensure healthy inventory levels [1] Future Outlook - The company expects revenue for 2024-2026 to be 28.601 billion, 31.055 billion, and 33.418 billion yuan, with year-on-year growth rates of 3.6%, 8.6%, and 7.6% respectively [3] - Net profit forecasts for the same period are 3.314 billion, 3.687 billion, and 3.966 billion yuan, with growth rates of 4.0%, 11.3%, and 7.6% respectively [3]

Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1] Core Views - The company achieved a revenue of 14.345 billion yuan in H1 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 1.952 billion yuan, down 8.0% year-on-year [1][2] - The company focuses on solidifying its foundation and pragmatic development, leading to stable revenue growth driven by e-commerce and direct sales channels [1][3] - The report highlights the improvement in retail discounts, which contributed to an increase in gross margin to 50.4%, up 1.6 percentage points year-on-year [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 14.345 billion yuan, with a year-on-year increase of 2.3% [1] - The net profit attributable to shareholders was 1.952 billion yuan, reflecting a decline of 8.0% year-on-year [1] - The gross margin improved to 50.4%, an increase of 1.6 percentage points, mainly due to higher margins in e-commerce and direct sales channels [2] Revenue Breakdown - Revenue from footwear, apparel, accessories, and equipment in H1 2024 was 7.844 billion yuan, 5.375 billion yuan, 1.126 billion yuan, respectively, with year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - The retail sales of running and fitness categories performed well, while basketball category sales declined due to controlled shipments [1] Channel Performance - Direct sales revenue grew by 2.7% year-on-year, with 1,495 direct stores, a net decrease of 3 stores [1] - E-commerce revenue increased by 11.4% year-on-year, with double-digit growth in retail sales [1][2] - Wholesale revenue decreased by 2.0% year-on-year as the company managed the shipment rhythm to ensure healthy inventory levels [1] Future Outlook - The company expects revenue for 2024-2026 to be 28.601 billion yuan, 31.055 billion yuan, and 33.418 billion yuan, with year-on-year growth rates of 3.6%, 8.6%, and 7.6% respectively [3] - Net profit forecasts for the same period are 3.314 billion yuan, 3.687 billion yuan, and 3.966 billion yuan, with growth rates of 4.0%, 11.3%, and 7.6% respectively [3]

资料来源：最闻 研究早观点 2024 年 8 月 19 日 星期一 市场走势 资料来源：最闻 【山证电子】洁美科技 2024 半年报点评-载带需求稳步回暖，离型膜 静待韩日大客户放量 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,879.43 | 0.07 | | 深证成指 | 8,349.87 | -0.24 | | 沪深 300 | 3,345.63 | 0.11 | | 中小板指 | 5,352.24 | -0.30 | | 创业板指 | 1,591.46 | -0.08 | | 科创 50 | 705.22 | -0.33 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证宏观】2024 年 7 月经济数据点评：经济内生动能加快放缓 【山证机械】优利德深度报告：高端化与专业化纵横拓展；全球化布 局开启新篇章 【固定收益】信用策略系列报告三：超长期信用债投资价值分析 20 ...

资料来源：最闻 研究早观点 2024 年 8 月 16 日 星期五 市场走势 资料来源：最闻 【山证电子】鹏鼎控股（002938.SZ）2024 半年报点评-24H1 收入稳健 增长利润承压，AI 有望打开成长空间 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,877.36 | 0.94 | | 深证成指 | 8,370.12 | 0.71 | | 沪深 300 | 3,341.95 | 0.99 | | 中小板指 | 5,368.58 | 0.56 | | 创业板指 | 1,592.71 | 0.53 | | 科创 50 | 707.55 | 0.94 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证纺服】7 月社零数据点评-7 月国内消费市场延续偏弱表现，体 育娱乐用品当月增速转正 【公司评论】海光信息(688041.SH)：海光信息（688041.SH）-收入和 净利润 ...

Investment Rating - The report initiates coverage with a "Buy-A" rating for the company [4]. Core Insights - The company has achieved a revenue of 1.02 billion yuan in 2023, representing a year-on-year growth of 14.44%, and a net profit of 161 million yuan, up 37.46% [9][13]. - The gross margin improved to 43.32% in 2023, an increase of 7.06 percentage points compared to the previous year [9][18]. - The company is focusing on high-end and specialized products, which has significantly enhanced its profitability [9][24]. - The global expansion strategy is underway, with overseas sales increasing by 17.78% in 2023, accounting for 58.16% of total sales [9][27]. Summary by Sections Company Overview - The company has been dedicated to the testing and measurement instrument sector for 36 years, aiming to become a world-class national brand [9]. - It has a stable ownership structure with a family holding 54.75% of the shares, ensuring control and stability [10]. Financial Performance - In 2023, the company reported a revenue of 1.02 billion yuan and a net profit of 161 million yuan, with a gross margin of 43.32% [9][13]. - The projected revenues for 2024, 2025, and 2026 are 1.186 billion yuan, 1.384 billion yuan, and 1.625 billion yuan, respectively, with net profits expected to be 200 million yuan, 251 million yuan, and 315 million yuan [4][9]. Market Position and Strategy - The company is enhancing its product matrix in high-end instruments, which is expected to drive both volume and price increases [9][24]. - The company has established a strong international presence, with significant growth in overseas sales and a robust service system in the U.S. and Germany [9][27]. Industry Trends - The electronic measurement instrument market is projected to grow significantly, with the global market expected to reach 1089.1 billion yuan by 2025 [33]. - Domestic brands are increasingly replacing foreign products, driven by supportive policies and a growing demand for high-quality instruments [33][42].

2024 年 8 月 16 日 宏观研究/事件点评 投资要点： 关注经济数据反映的三个信息。第一，供需两弱，但生产增速相对于需 相关报告： 求增速仍然偏快，叠加 8 月、9 月物价基数较高，价格端短期面临压力。7 【山证宏观】2024 年 5 月经济数据点评： 月规模以上工业增加值同比为 5.1%（前值 5.3%），环比增长 0.4%，和近四 生产端调整，需求平稳 2024.6.18 年环比增速均值相比偏离不大。但消费和投资增速放缓较明显。第二，经济 【山证宏观】2024 年 6 月经济数据点评： 内生动能较 6 月明显放缓。消费中的升级类和服务类增速放缓；地产相关指 供需两弱 2024.7.16 标仍在调整；测算的制造业投资单月同比今年首次跌破 9.0%。第三，政策驱 动项的对冲效果也不及上半年。受"以旧换新"政策驱动，耐用类和地产链 消费表现好于上月，但总体上没有摆脱弱势运行状态。消费总体延续 6 月的 分析师： 偏弱表现，且低于预期和季节性。投资方面，基建投资增速明显放缓；受政 郭瑞 策驱动的设备工器具购置投资、高技术制造业投资增速表现也不及 6 月。总 执业登记编码：S0760514050002 体看 ...

公司近一年市场表现 高宇洋 每股净资产(元)： 6.72 离型膜韩日系大客户进入小批量供货阶段。2024H1 年，公司电子级薄 膜材料实现收入 7174 万元，同比+18.41%。离型膜业务增长来源：（1）公司 净资产收益率(%)： 4.17 MLCC 离型膜实现向国巨、华新科、风华高科、三环集团等主要客户稳定批 资料来源：最闻 量供货；（2）在韩日系大客户进入小批量供货阶段，标志着公司在中高端 MLCC 应用领域逐步开始实现国产替代；（3）用于偏光片制程等其他用途的 进口替代类中高端离型膜产品出货量稳定增加。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 投资建议：我们预计公司 2024-2026 年归母净利润为 2.96/4.30/6.12 亿元；EPS 分别为 0.69/1.00/1.42 元；对应公司 2024 年 8 月 15 日收盘价 18.09 元， 2024-2026 年 PE 分别为 26.4/18.1/12.7，给予"买入-A"评级。 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 风险提示：行 ...

研究早观点 2024 年 8 月 15 日 星期四 市场走势 资料来源：最闻 【行业评论】太阳能：光伏行业中期策略报告-不惧阵痛，低碳前行 【公司评论】迪普科技(300768.SZ)：迪普科技（300768.SZ）：24H1 收 入稳健增长，业绩表现亮眼 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,850.65 | -0.60 | | 深证成指 | 8,311.00 | -1.17 | | 沪深 300 | 3,309.24 | -0.75 | | 中小板指 | 5,338.64 | -1.18 | | 创业板指 | 1,584.33 | -1.42 | | 科创 50 | 700.93 | -1.38 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证宏观】2024 年 7 月金融数据点评：社融大幅低于预期和季节性 【行业评论】非银行金融：行业周报（20240805-202 ...

Investment Rating - The report assigns a "Buy-A" rating to Hygon Information (688041 SH) for the first time [1] Core Views - Hygon Information's revenue and net profit continue to grow at a high rate, with DCU new products expected to drive accelerated revenue growth [1] - The company's CPU and DCU products are in the domestic first tier in terms of product performance and industrial ecology, and are expected to continue to benefit from the localization substitution of CPU and AI chips [3] - The company's DCU and CPU new generation products are expected to drive accelerated revenue growth [2] Financial Performance - In 2024 H1, the company achieved revenue of 3 763 billion yuan, a year-on-year increase of 44 08%, and net profit attributable to the parent company of 853 million yuan, a year-on-year increase of 25 97% [2] - In 24Q2, the company achieved revenue of 2 171 billion yuan, a year-on-year increase of 49 67%, and net profit attributable to the parent company of 565 million yuan, a year-on-year increase of 28 95% [2] - The company's net profit margin reached 32 58% in 2024 H1, a year-on-year decrease of 1 56 percentage points [2] Product Development - Hygon's DCU ShenSuan series products have leading domestic performance, supporting full-precision model training, and the latest ShenSuan No 2 has been released and commercialized, with performance doubling compared to ShenSuan No 1 [2] - The company's CPU products are iterated by generation, with the current main product being Hygon No 3, and Hygon No 4 was officially released on October 31, 2023, with Hygon No 5 under development [2] R&D and Market Expansion - In 2024 H1, the company's R&D expenses increased by 35 21% year-on-year to 1 131 billion yuan, with R&D expense ratio reaching 30 06%, mainly due to the increase in R&D personnel [2] - The company's sales expenses increased by 62 39% year-on-year to 71 million yuan in 2024 H1, with sales expense ratio increasing to 1 89% [2] Inventory and Future Confidence - As of the end of June 2024, the company's inventory amount was 2 455 billion yuan, an increase of 746 million yuan compared to the end of March 2024, mainly due to the company's further increase in raw material inventory, demonstrating confidence in future downstream demand and business growth [2]

纺织服装行业近一年市场表现 资料来源：最闻，山西证券研究所 【山证纺织服装】PUMA 维持全年收入 增长中单位数指引，华利/健盛发布 24H1 业绩-【山证纺服】行业周报 2024.8.11 【山证纺织服装】阿迪达斯披露 24Q2 季 报，指引全年收入增长高单位数-【山证 纺服】行业周报 2024.8.4 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 纺织服装 社零数据点评 同步大市-A(维持) 7 月国内消费市场延续偏弱表现，体育娱乐用品当月增速转正 2024 年 8 月 15 日 行业研究/行业快报 事件描述： 8 月 15 日，国家统计局公布 2024 年 7 月社零数据。 事件点评： 7 月国内社零增速低于市场一致预期，6 月消费者信心指数环比延续下降。2024 年 7 月，国内实现社零总额 3.78 万亿元，同比增长 2.7%，环比提升 0.7pct，表现低于市场 一致预期（根据 Wind，2024 年 7 月社零当月同比增速预测平均值为+3.1%）。按消费类型 分 ...