[Table_Title] 采浆量双位数增长，利润端增速超预期 [Table_StockName] ——天坛生物（600161）点评报告 [Table_ReportDate] 2024 年 08 月 29 日 [Table_Summary] 报告关键要素: 2024 年 8 月 27 日，公司发布 2024 年半年报。2024 年上半年，公司实 现营业收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元， 同比增长 28.10%，主要由于产品价格上升、成本费用管控等因素带来 业绩增长。 投资要点 ⚫ 央企股东优势，浆站数量、采浆规模、血制品产能行业领先 ⚫ 截至 2024 年半年报，公司所属单采血浆站分布于全国 16 个省/自治区， 总数达 102 家（在营 80 家），血浆采集 1294 吨（+15.02%），约占国内 行业总采浆量的 20%。为进一步扩大生产规模，三个血液制品生产基地 成都蓉生永安厂区，上海血制云南项目，兰州血制兰州项目设计产能均 为 1200 吨，产品包含白蛋白、球蛋白和因子类产品，目前永安厂区已 投产运行，未来随着云南项目和兰州项目逐步投产，公司将拥有三个单 厂 ...

Group 1: Profit Trends - From January to July, the total profit of industrial enterprises reached CNY 4.10 trillion, with a cumulative year-on-year increase of 0.1 percentage points to 3.6%[5] - In July, the year-on-year profit growth rate increased from 3.6% to 4.1%[6] - The cumulative year-on-year growth rate of operating income remained flat at 2.9%[5] Group 2: Cost and Revenue Dynamics - The revenue per CNY 100 of assets increased from CNY 76.3 to CNY 76.4, indicating a gradual recovery[8] - The unit cost per CNY 100 of operating income rose by CNY 0.06 to CNY 85.33, remaining at a high level[8] - The average collection period for accounts receivable increased slightly from 66.2 days to 66.5 days, remaining at a high point in recent years[8] Group 3: Industry Performance Disparities - State-owned enterprises saw a cumulative profit year-on-year increase of 0.7 percentage points to 1%, the largest among enterprise types, but still low[11] - Private enterprises' profit growth rebounded from 6.8% to 7.3%, while foreign enterprises' profit growth declined from 11% to 9.9%[11] - The mining industry's profit growth continued to recover, while the real estate sector remains under pressure, affecting related industries[13] Group 4: Inventory and Demand Issues - Industrial enterprises' finished goods inventory increased year-on-year from 4.7% to 5.2%, indicating passive inventory accumulation[20] - The overall inventory level in China remains high, with some industries facing overcapacity constraints[20] - The demand remains weak, leading to increased pressure on inventory accumulation and a slowdown in production growth[20]

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 29 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.4%，深成指收 跌 0.31%，创业板指收涨 0.05%。沪深两市成交额 0.5 万亿元。申万 行业方面，商贸零售、综合、国防军工领涨，家用电器、建筑装饰、 食品饮料领跌；概念板块方面，血氧仪、人形机器人、托育服务概念 领涨，房屋检测、装配式建筑、新型城镇化概念领跌。港股方面，恒 生指数收跌 1.02%，恒生科技指数收跌 1.59%；海外方面，美国三大 指数集体收跌，道指收跌 0.39%，标普 500 收跌 0.6%，纳指收跌 1.12%。 【重要新闻】 【我国新能源产业相关企业数超 200 万家】全国组织机构统一社会信 用代码数据服务中心日前发布的数据显示：我国新能源产业蓬勃发 展，截至 2024 年 7 月 31 日，相关企业数量超过 200 万家，同比增长 16.4%。数据显示，"十四五"以来，风能产业、太阳能产业相关企业数 量增速较快，2021 年至 2023 年 ...

[Table_RightTitle] 数据来源：携宁科技云估值,万联证券研究所 [Table_Title] 非息收入高增 拨备计提力度保持高位 [Table_StockName] ——瑞丰银行（601528）点评报告 [Table_ReportDate] 2024 年 08 月 28 日 [Table_Summary] 报告关键要素: 瑞丰银行发布 2024 年半年度业绩报告。 投资要点: ⚫ 2024.1H 营收同比增速 14.86%：瑞丰银行 2024.1H 营收同比增速 14.86%，归母净利润同比增速 15.37%。其中，投资净收益实现大幅 增长支撑营收保持高增，成本端拨备计提力度仍保持高位。 总资产同比增速 10.8%，贷款同比增速 8.6%：截至 2024 年 6 月末， 瑞丰银行总资产同比增长 10.8%，其中，贷款同比增长 8.6%，金融 投资同比增速 26.7%。风险加权资产同比增速 11.4%。核心一级资本 充足率 13.03%，较年初上升 35BP。 ⚫ 零售贷款不良率有所上升：截至 2024 年 6 月末，瑞丰银行不良率 0.97%，环比持平于 3 月末，其中，零售贷款的不良率为 1. ...

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company achieved a year-on-year growth of 16.76% in net profit attributable to shareholders in Q2 2024, with a total revenue of 3.431 billion yuan in H1 2024, reflecting a 14.15% increase year-on-year [1]. - Traditional gold product revenue grew by 31%, and the company successfully launched new diamond brands, achieving record sales during the online shopping festival [1]. - The company is expanding its offline store presence while optimizing online sales strategies, with a total of 1,439 jewelry stores by June 2024, including 1,186 franchise stores [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.431 billion yuan, with a net profit of 229 million yuan, and a non-recurring net profit of 225 million yuan, showing increases of 14.15%, 10.04%, and 10.06% respectively [1]. - For Q1 and Q2, the revenue growth rates were 17.87% and 10.33%, while net profit growth rates were 5.47% and 16.76% respectively [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, amounting to 38.72% of the net profit for H1 [1]. Product Performance - Revenue from traditional gold products reached 1.477 billion yuan, up 31.37% year-on-year, while fashion jewelry revenue was 1.654 billion yuan, increasing by 5.97% [1]. - The company is focusing on cultivating diamond brands, with successful product launches and high sales during the 618 shopping festival [1]. Store Expansion and Online Strategy - The company is actively expanding its offline presence, with a net increase of 76 franchise stores in H1 2024 [2]. - Online sales reached 600 million yuan, although this represented a decline of 7.88% year-on-year, accounting for 17.49% of total revenue [2]. Earnings Forecast - The company maintains its earnings forecast, expecting EPS of 0.43, 0.49, and 0.56 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 8, and 7 [6].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][3] Core Views - The company continues to show impressive growth, with a 40.48% year-on-year increase in net profit attributable to shareholders for the first half of 2024. Revenue reached 5.001 billion yuan, up 37.90% year-on-year, while net profit was 702 million yuan, reflecting a 40.48% increase. The company’s cash flow from operating activities decreased by 43.95% year-on-year due to increased sales expenses and changes in payment cycles [3][11]. Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% year-on-year. The quarterly breakdown shows Q1 revenue growth of 34.56% and Q2 growth of 40.59%. The net profit for Q1 increased by 45.58%, while Q2 saw a 36.84% increase [3]. Brand Strategy - The main brand, Proya, continues to upgrade its core products, focusing on the "big product strategy." The "Ruby Series" and "Source Power Series" have been enhanced, with new products targeting specific skin types. In H1 2024, Proya's revenue was 3.981 billion yuan, accounting for 79.71% of total revenue [4][11]. Sub-brands Performance - The sub-brand Caitang achieved revenue of 582 million yuan, a 40.57% increase, while OR generated 138 million yuan, up 41.91%. The brand Yuefuti also saw revenue growth of 22.35%, reaching 161 million yuan [4][11]. Market Position - Proya's flagship store on Tmall ranked first in the beauty category, with significant sales performance on other platforms like Douyin and JD. The company is optimizing its offline store structure and enhancing customer experience, with offline revenue growing by 8.85% to 314 million yuan [11]. Profitability and Forecast - The company maintains a strong profitability outlook, with projected net profits of 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 21, 17, and 14 times [11][12].

[Table_Title] 市内免税政策升级，市场规模有望增长 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——社会服务行业快评报告[Table_ReportDate] 2024 年 08 月 28 日 [事件Table_Summary] ： 8 月 27 日，财政部、商务部、文化和旅游部、海关总署、税务总局等 五部门印发《关于完善市内免税店政策的通知》，明确自 2024 年 10 月 1 日起，按照《市内免税店管理暂行办法》规范市内免税店管理工作， 促进市内免税店健康有序发展。 投资要点： 《通知》对当前的市内免税店政策进行了进一步完善，是刺激出口增长、 带动入境游行业发展、提升国家形象的重要举措。政策要点包括： ⚫ 享受对象：持出入境有效证件即将于 60 日（含）内搭乘航空运输 工具或国际邮轮出境的旅客（包括但不限于中国籍旅客）。 ⚫ 购物额度：不设购物限额，但应当符合海关关于旅客携带行李物品 进出境应当以自用、合理数量为限的规定。 ⚫ 商品种类：食品、服装服饰、箱包、鞋帽、母婴用品、首饰和工艺 品、电子产品、香化产品、酒等便于携带的消费品。鼓励市内免 ...

[Table_Title] 1-7 月消费品制造业利润保持良好增长 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——轻工制造行业快评报告[Table_ReportDate] 2024 年 08 月 28 日 [Table_Summary] 投资要点： ⚫ 规模以上工业企业利润稳步恢复，前 7 个月利润同比+3.6%。从利润端 来看，2024 年 1-7 月份，全国规模以上工业企业实现利润总额 40,991.7 亿元，同比+3.6%，相比 1-6 月加快 0.1 个 pct，工业企业利润延续恢 复态势。其中，7 月份规模以上工业企业利润同比+4.1%，环比 6 月提 升 0.5 个 pct，连续两个月加快。从收入端来看，2024 年 1-7 月份，全 国规模以上工业企业实现营业收入 759,300.0 亿元，同比+2.9%，与 1- 6 月相比持平。 ⚫ 消费品制造业利润保持两位数增长，造纸、化纤利润同比翻倍。随着近 月国内消费需求平稳恢复，叠加工业品出口持续增长，消费品制造业利 润保持较好的增长态势。2024 年 1-7 月份，消费品制造业利润同比 +10 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 08 月 28 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收跌，截止收盘，沪指收跌 0.24%，深成指收 跌 1.11%，创业板指收跌 0.94%。沪深两市成交额 5113.11 亿元。申 万行业方面，石油石化、煤炭、银行领涨，房地产、电子、农林牧渔 领跌；概念板块方面，房屋检测、猴痘概念、装配式建筑概念领涨， 华为海思概念股、电子纸、AI 眼镜概念领跌。港股方面，恒生指数收 涨 0.43%，恒生科技指数收跌 0.05%；海外方面，美国三大指数集体 收涨，道指收涨 0.02%，标普 500 收涨 0.16%，纳指收涨 0.16%。 【重要新闻】 【2024 年 1-7 月份全国规模以上工业企业利润增长 3.6%】国家统计 局公布数据显示，1-7 月份，全国规模以上工业企业实现利润总额 40991.7 亿元，同比增长 3.6%，比 1-6 月份加快 0.1 个百分点，延续 稳定恢复态势。其中，7 月份，规上工业企业利润同比增长 4.1%，增 速比 6 月份加快 ...

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a revenue of 1.352 billion yuan for H1 2024, representing a year-on-year increase of 27.65%, and a net profit attributable to shareholders of 177 million yuan, up 35.09% year-on-year. The Q2 2024 revenue was 691 million yuan, with a year-on-year growth of 18.52%, and a net profit of 66 million yuan, reflecting a year-on-year increase of 26.71% [1][2] Summary by Sections Online and Offline Channels - Online channel revenue grew rapidly, reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue. In contrast, offline channel revenue was 212 million yuan, down 1.16% year-on-year, making up 15.66% of total revenue [2] Brand Performance - The main brand, Marubi, achieved revenue of 930 million yuan in H1 2024, a growth of 25.87%. The second brand, PL, saw revenue of 417 million yuan, up 35.83%. The company is focusing on a "big product" strategy to enhance brand influence [2] Profitability Metrics - The gross margin for H1 2024 was 74.68%, an increase of 4.56 percentage points year-on-year. The net margin was 13.09%, up 0.69 percentage points year-on-year. However, the sales expense ratio increased significantly, impacting net profit growth [2][3] Financial Forecast - The company forecasts revenues of 2.786 billion yuan for 2024, with a growth rate of 25.20%. The net profit is expected to be 356 million yuan, reflecting a growth rate of 37.10% [2][6] Research and Development - The company has initiated 36 self-research innovation projects and filed 21 new patent applications in H1 2024, with a total of 531 patent applications to date. Collaborations with various research institutions have led to the establishment of new industry standards [2][3]