分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | --- | --- | --- | --- | |-------------------------------|-------------------|------------|--------------------------------------------------------------------------| | 证券研究报告 | - 晨会聚焦 | | 发布日期： 2024 年 08 月 23 日 | | | | | 【财经要闻 】 | | | 上证指数 | 深证成指 | 1 、中证协正就修改《首次公开发行证券网下投资者管理规则》向行业 | | -1% 2% | | | 征求意见，此次规则进行多处修改。其中，新增一条规定：网下机构投 | | -9% -5% | | | 资者应当设置首发证券风险绩效考核指标，对报价的客观性、审慎性进 | | -12% | | | 行回溯验证。 | | -20% -16% | | | | | -23% 2023.08 | 202 ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 0371-65585753 研究助理：郑婷 登记编码：S0730122110004 zhengting@ccnew.com 证券研究报告—宏观点评 发布日期：2024 年 8 月 22 日 联系人：马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788号16 楼 邮编： 200122 投资要点： 全国经济运行情况：2024 年 7 月份，全国规模以上工业增加值同 比增长 5.1%，社会消费品零售总额同比增长 2.7%，全国固定资产 投资（不含农户）累计同比增长 3.6%，货物贸易进出口总值累计 同比增长 6.2%。总体来看，7 月份我国主要经济指标边际走弱，"供 给偏强而需求偏弱，外需偏强而内需偏弱"的结构性特征仍然延续， 提振有效需求仍是经济修复的核心要点。接下来在全球制造业景气 度下行预期下，内需增长压力将更为突显，故仍需系列增量政策持 续发力，稳固经济增长预期。 河南研究：经济数据跟踪（2024 年 7 月） 相关报告 河南省经济运行情况：2024 年 7 月份，河南省规模以上工业增加 值同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][13]. Core Viewpoints - The company reported a revenue of 2.635 billion yuan for the first half of 2024, remaining flat year-on-year, while the net profit attributable to shareholders decreased by 59.38% to 36.78 million yuan [1][5]. - The company is expected to benefit from the recovery in demand for electric cables and the military sector, particularly with the C919 aircraft entering mass production [4][5]. - The report highlights that the company has achieved record-high new orders in the electric cable business, indicating a potential turnaround in revenue in the second half of 2024 [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.635 billion yuan, with a net profit of 36.78 million yuan, reflecting a significant decline compared to the previous year [1][6]. - The gross margin for the first half of 2024 was reported at 8.46%, down 1.35 percentage points year-on-year, while the net profit margin decreased to 1.65%, down 2.07 percentage points [1][5]. Business Segments - The electric cable segment generated 1.204 billion yuan in revenue, down 7.04% year-on-year, while the aluminum strip segment saw a slight increase of 1.56% to 1.247 billion yuan [1][3]. - The aerospace components processing segment experienced a revenue decline of 23.67% to 76 million yuan, attributed to slower recovery in military demand [4][5]. Market Outlook - The report emphasizes the steady growth in demand for electric cables, supported by significant investments in the power grid, with the State Grid planning to invest over 500 billion yuan in 2024 [3][4]. - The military sector is expected to see increased demand as the "14th Five-Year Plan" progresses, with the company positioned to benefit from this trend [4][5]. Earnings Forecast - The revenue forecasts for 2024 to 2026 have been adjusted to 6.175 billion yuan, 6.896 billion yuan, and 7.559 billion yuan, respectively, with net profit estimates revised to 142 million yuan, 210 million yuan, and 267 million yuan [5][6].

Market Overview - The A-share market experienced slight fluctuations on August 22, 2024, with the Shanghai Composite Index facing resistance around 2861 points and closing at 2848.77 points, down 0.27% [6][7] - The Shenzhen Component Index closed at 8162.18 points, down 0.82%, while the ChiNext Index fell by 0.76% [6][7] - The total trading volume for both markets was 552.2 billion yuan, which is below the median of the past three years [3][12] Sector Performance - The banking, communication services, battery, and military industries showed strong performance, while the automotive, semiconductor, securities, and software development sectors lagged [3][6] - Over 80% of stocks in the two markets declined, with textiles, banking, and utilities among the top gainers, while gaming, energy metals, and education sectors faced the largest declines [6][9] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 12.22 times and 25.90 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [3][12] - The report suggests that investors should focus on short-term opportunities in the banking, communication services, battery, and aerospace military sectors [3][12] Economic Outlook - The report highlights that recent policies, including the "New National Nine Articles," are expected to enhance market maturity and boost long-term confidence [3][12] - With the expectation of economic stabilization and recovery driven by macroeconomic adjustments and growth policies, the market outlook remains cautiously optimistic [3][12]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2] Core Views - The company's performance in H1 2024 is in line with expectations, showing rapid growth with total revenue of 1.956 billion yuan, a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 142 million yuan, up 48.11% year-on-year [1] - The company has announced an employee stock ownership plan to enhance confidence, with a planned scale not exceeding 4.4639 million shares, accounting for approximately 1.52% of the total share capital [1][2] - The pet food production volume in China has increased by 21.4% year-on-year, while the overall industrial feed production has decreased by 4.1%, indicating a strong growth trend in the pet food sector [1][2] Financial Performance Summary - In H1 2024, the company's main grain revenue reached 422 million yuan, a year-on-year increase of 83.96%, accounting for 21.56% of total revenue [1] - The gross profit margin for the overall business improved by 3.33 percentage points year-on-year, with pet main grain showing the largest increase of 8.18 percentage points, reaching 35.84% [2] - The company expects to achieve net profits of 329 million yuan, 475 million yuan, and 568 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.12 yuan, 1.61 yuan, and 1.93 yuan [2][3] Market Position and Growth Potential - The company is one of the leaders in China's pet industry, benefiting from both domestic and international market growth [2] - The report anticipates that the company's valuation will continue to expand due to its growth potential, with a target PE of 17x for 2025 [2][4] - The company’s stock price is currently at 20.34 yuan, with a market capitalization of 5.982 billion yuan [1][4]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 DRAM 市场拓展顺利，MCU 不断丰 富产品矩阵 ——兆易创新(603986)中报点评 | --- | --- | --- | |---------------------|---------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 买入 ( 维持 ) | | 市场数据 | (2024-08-21) | 发布日期： 2024 年 08 月 22 日 | | 收盘价 ( 元 ) | 73.99 | 事件 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -23% -19% -15% -12% -8% -5% -1% 3% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：Wind，中原证券研究所 | --- | --- | --- | |-------------------------|------------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,856.58 | -0.35 | | 深证成指 | 8,229.75 | -0.28 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,321.64 | -0.33 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,172.46 | -0.20 | | 中证 50 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电子信息电池行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：传媒游戏行业领涨 A 股宽幅震 荡》 2024-08-20 《市场分析：金融软件行业领涨 A 股小幅上 扬》 2024-08-19 《市场分析：通信有色金属行业领涨 A 股窄 幅波动》 2024-08-16 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 08 月 21 日 投资要点： ◼ A 股市场综述 周三（08 月 21 日）A 股市场探底回升、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 2848 点附近获得支撑，午后股指维持震荡，盘中能源 金属、消费电子、电池以及贵金属等行业表现较好；文化传媒、半导体、 游戏以及金融等行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。 创业板市场周三震荡整固，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周三 A 股市场探底回升、小幅震 ...

市场数据(2024-08-20) 收盘价(元) 11.77 一年内最高/最低(元) 24.17/11.77 沪深 300 指数 3,332.70 市净率(倍) 1.37 流通市值(亿元) 54.70 基础数据(2024-06-30) 每股净资产(元) 8.57 每股经营现金流(元) 0.38 毛利率(%) 18.65 净资产收益率_摊薄(%) 7.59 资产负债率(%) 29.86 总股本/流通股(万股) 46,473.92/46,470.49 B 股/H 股(万股) 0.00/0.00 造纸Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 经营业绩稳步增长，首次实施中期分红 ——华旺科技(605377)中报点评 发布日期：2024 年 08 月 21 日 事件： 证券研究报告-中报点评 买入(首次) 公司发布 2024 年半年度报告。2024 年上半年实现营业收入 19.47 亿元，同比+4.59%，实现归母净利润 3.02 亿元，同比+28.06%,，扣非 归母净利润 2.74 亿元，同比+24.47%；经营活动产生的现金流量净额 1 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 传媒 《黑神话：悟空》热度爆表，游戏产业价 值获得重视 ——传媒行业点评报告 证券研究报告-行业点评报告 同步大市(维持) 传媒相对沪深 300 指数表现 传媒 沪深300 -30% -25% -19% -14% -8% -3% 3% 9% 2023.08 2023.12 2024.04 2024.08 资料来源：中原证券研究所，聚源 相关报告 《传媒行业月报：政策发布助力文化产业发 展，关注近期财报季变化》 2024-08-14 《传媒行业点评报告：政策密集出台助力国内 文化产业发展》 2024-08-05 《传媒行业月报：世界人工智能大会落幕，关 注 AI 应用落地进展》 2024-07-12 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 发布日期：2024 年 08 月 21 日 国产 3A 游戏《黑神话：悟空》于 8 月 20 日上线，游戏以《西游记》 为故事背景，采用单机动作类玩法以及买断制的销售模式，凭借高品 ...