Investment Rating - The report assigns a "Buy" investment rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][5][14]. Core Views - The company has shown significant growth in profitability, with a 204.73% year-on-year increase in net profit attributable to shareholders, driven by production capacity expansion and improved operational efficiency [1][3]. - The company is advancing two major investment projects, each valued at over 10 billion RMB, aimed at enhancing its integrated production capabilities in the paper industry [1][2]. - The company has successfully established stable relationships with international clients, contributing to a steady growth in export revenues [1][4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 46.04 billion RMB, representing a year-on-year growth of 22.23% [1][6]. - The net profit for the same period reached 5.50 billion RMB, with a significant increase of 204.73% compared to the previous year [1][6]. - The gross profit margin improved to 17.69%, up by 8.58 percentage points year-on-year, reflecting better cost management and product pricing strategies [3][4]. Production and Sales - The company reported a production volume of 55.47 million tons of paper in the first half of 2024, a 22% increase year-on-year, and a sales volume of 51.36 million tons of specialty paper, up 31.77% [1][2]. - The production of food-grade paper reached 4.76 million tons, with sales hitting 5.13 million tons, showing a substantial improvement in profitability since the initial launch of the project [2][3]. Market Position and Strategy - The company is expanding its market presence in Europe, Southeast Asia, and the Middle East, with export sales reaching 3.66 billion RMB in the first half of 2024 [1][4]. - The ongoing development of new products and technologies, along with optimized raw material procurement, is expected to further enhance the company's competitive edge in the specialty paper market [3][4]. Future Projections - The company is projected to achieve net profits of 10.42 billion RMB, 13.42 billion RMB, and 17.48 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 1.48 RMB, 1.90 RMB, and 2.48 RMB [5][6].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [2][7]. Core Views - The company, Shuanghui Development, experienced a decline in revenue and net profit in the first half of 2024, primarily due to decreased sales in packaged meat products and fresh pork, alongside low poultry prices. However, it continues its high dividend policy, proposing a cash dividend of 6.6 yuan per 10 shares, resulting in a payout ratio of 99.58% [5][6]. - The packaged meat segment faced market demand pressure, with sales revenue dropping by 9.64% year-on-year in the first half of 2024, while achieving a historical high in profit per ton due to effective cost control and product structure adjustments [5][6]. - The fresh products segment saw a significant profit decline, but there was a quarter-on-quarter improvement in Q2 2024, attributed to rising pork prices [6]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 27.593 billion yuan, a year-on-year decrease of 9.31%, and a net profit of 2.296 billion yuan, down 19.05%. The operating cash flow increased significantly by 916.92% to 3.578 billion yuan [5]. - For Q2 2024, revenue was 13.364 billion yuan, down 9.78%, with a net profit of 1.025 billion yuan, a decline of 24.02% [5]. Segment Analysis - **Packaged Meat Products**: Revenue was 12.373 billion yuan in H1 2024, down 9.64%, with a profit margin of 26.86%, up 3.95 percentage points year-on-year. The profit per ton reached approximately 4,719 yuan, an increase of 17% [5]. - **Fresh Products**: Revenue was 13.325 billion yuan, down 16.14%, with a profit margin of 1.89%, down 0.94 percentage points. The profit per ton decreased by 34.5% to about 407 yuan [6]. Future Outlook - The company has revised its profit forecasts for 2024-2026, expecting net profits of 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan respectively, with corresponding EPS of 1.57 yuan, 1.74 yuan, and 1.71 yuan [6][8].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -25% -22% -18% -15% -11% -7% -4% 0% 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 | 2,877.36 | 0.94 | | 深证成指 | 8,370.12 | 0.71 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,341.95 | 0.99 | | 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 | 3,183.79 | 1.08 | | 中证 500 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融成长行业领涨 A 股震荡上扬 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股震荡整理》 2024-08-14 《市场分析：通信军工行业领涨 A 股小幅上 扬》 2024-08-13 《市场分析：银行医药行业领涨 A 股窄幅波 动》 2024-08-12 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 15 日 投资要点： ◼ A 股市场综述 周四（08 月 15 日）A 股市场低开高走、小幅震荡上扬，早盘股指低开后震 荡上行，沪指盘中在 2889 点附近遭遇阻力，午后股指震荡回落，尾盘再度 上行，盘中文化传媒、游戏、通信服务以及金融等行业表现较好；医药、 采掘以及工程建设等行业表现较弱，沪指全天基本呈现震荡上扬的运行特 征。创业板市场周四震荡上行，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周四 A 股市场低开高走、小幅震荡上涨，早 ...

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 造纸Ⅱ 产品升级带动盈利提升，电商渠道增长提 速 ——百亚股份(003006)中报点评 | --- | --- | --- | --- | |------------------------------------------|--------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [1][10]. Core Views - The company has shown better-than-expected profit growth, with a steady increase in performance anticipated. In the first half of 2024, the company achieved a revenue of 1.906 billion yuan, representing a year-on-year growth of 12.07%, and a net profit of 413 million yuan, up 30.30% year-on-year [1][2]. - The company's gross margin improved to 76.04%, an increase of 0.72 percentage points compared to the previous year, attributed to automation improvements, better raw material cost control, and increased sales of high-margin products [1][2]. - The company is focusing on expanding its product matrix in the orthopedic pain relief sector, with significant growth expected in its unique products included in national medical insurance directories [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 3.311 billion yuan in 2023, with a projected increase to 3.808 billion yuan in 2024, reflecting a growth rate of 14.98% [4][8]. - Net profit for 2023 was 568 million yuan, expected to rise to 707 million yuan in 2024, indicating a growth rate of 24.34% [4][8]. - Earnings per share (EPS) are projected to be 1.25 yuan in 2024, increasing to 1.68 yuan by 2026 [3][8]. Product Segments - The company’s main revenue sources include orthopedic patches, which are expected to generate over 1 billion yuan in revenue in 2023, and oral medications like Peiyuan Tongnao capsules, which are also seeing significant sales growth [2][4]. - The pediatric segment is being developed under the "Little Antelope" brand, with ongoing innovations to enhance product offerings [2]. Market Position and Strategy - The company is the only domestic producer of fentanyl transdermal patches, which are anticipated to see increased market penetration due to their advantages over injectable forms [1][2]. - The company is actively expanding its oral medication product line, with new products expected to contribute to future revenue growth [2][4].

Core Insights - The report indicates that the overall economic growth in the Guangdong-Hong Kong-Macao Greater Bay Area is expected to exceed 5% in 2024, driven by a gradual recovery in external demand and strengthening economic momentum in Hong Kong and Macau [4][6] - The report highlights significant growth in the new energy vehicle market, with retail sales of 274,000 units from August 1 to 11, representing a year-on-year increase of 57% and a month-on-month increase of 25% [4][6] - The semiconductor industry is experiencing a new upward cycle, driven by strong demand in the generative AI sector, with global semiconductor sales continuing to grow year-on-year [15] Market Analysis - The A-share market is currently experiencing fluctuations, with the communication and military industries leading slight gains, while the banking and pharmaceutical sectors are showing narrow fluctuations [7][8] - The report notes that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 12.26 times and 26.45 times, respectively, indicating that the market is still in a relatively low valuation zone suitable for medium to long-term investments [6][8] - The report suggests that investors should focus on short-term opportunities in sectors such as communication equipment, consumer electronics, software development, and gaming [6][8] Industry Reports - The chemical industry is facing a downturn, with the index dropping 3.36% in July, attributed to the ongoing decline in chemical product prices due to factors like the Federal Reserve's rate hikes and a decrease in global demand [13] - The cultural industry is expected to benefit from recent policy support, which aims to stimulate domestic cultural consumption, particularly in areas like film, television, and gaming [13] - The report emphasizes the importance of the lithium battery sector, which has seen a decline of 2.91%, suggesting a cautious approach to investment opportunities in this area [8][9] Investment Recommendations - The report recommends focusing on sectors such as pharmaceuticals, particularly in vitamin and artificial bone repair materials, as well as the cultural and entertainment sectors due to favorable policy changes [8][9] - In the semiconductor industry, the report advises monitoring the domestic market's performance and the potential impacts of export controls, while also highlighting the importance of domestic substitution strategies [15] - The report suggests that investors should pay attention to the food and beverage sector, particularly in health products and soft drinks, as these areas show potential for growth despite recent declines [14]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡整理 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 14 日 相关报告 投资要点： 《市场分析：通信军工行业领涨 A 股小幅上 扬》 2024-08-13 《市场分析：银行医药行业领涨 A 股窄幅波 动》 2024-08-12 《市场分析：汽车地产行业领涨 A 股小幅震 荡》 2024-08-09 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 ◼ A 股市场综述 周三（08 月 14 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 2853 点附近获得支撑，午后股指震荡回落，盘中消费 电子、游戏、软件开发以及水泥建材等行业表现较好；医药、军工、证券 以及食品饮料等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。 创业板市场周三震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小幅震荡整理，早盘股指低 ...

Investment Rating - The report suggests a positive outlook for the media industry, particularly in sectors benefiting from recent policy support, such as gaming, film, and immersive experiences [4][12]. Core Insights - Recent policy documents have been released that aim to promote the development of the domestic cultural industry, which is expected to invigorate consumer demand in various sectors including movies, TV shows, and games [4][12]. - The media index fell by 4.66% in July, underperforming compared to major indices like the CSI 300 and the Shanghai Composite [3][13]. - The overall valuation of the media sector has decreased, with the current PE ratio at 19.04, significantly below the historical average of 24.70 [3][17]. Summary by Sections 1. Investment Recommendations - The report highlights the importance of recent policy initiatives that are expected to stimulate the cultural industry, suggesting investors focus on opportunities in gaming, film, and immersive experiences [4][12]. - It recommends continuous attention to high-dividend and low-valuation stocks, particularly state-owned publishing companies, which show stable performance and strong cash flow [4][12]. 2. July Market Review 2.1. Market Performance - The media index's decline of 4.66% in July was more pronounced than the declines in the CSI 300 and Shanghai Composite indices [3][13]. - Only the broadcasting and television sector saw a slight increase of 0.37%, while other sectors like social media and film experienced significant declines [3][13]. 2.2. Valuation Levels - As of July 31, 2024, the media sector's PE ratio was 19.04, with historical averages indicating a much higher valuation [3][17]. 3. July Industry News - Key policy documents released in July emphasize the need for a robust cultural industry, which is expected to enhance consumer engagement in various media sectors [4][12]. - The report notes significant advancements in AI technology, which are anticipated to drive innovation and application diversity in the media sector [4][12]. 4. Monthly Industry Data 4.1. Film Market - In July 2024, the domestic film market generated a box office of 5.378 billion yuan, a year-on-year decrease of 38.33% [21][24]. - The average ticket price was 41.05 yuan, with a total of 1.31 billion viewers [21][24]. 4.2. TV and Online Drama Market - The top five TV dramas in July included "Longing for You Season 2" and "You Are More Beautiful Than the Stars," with significant viewership [30][31]. 4.3. Variety Show Market - The leading variety shows included "Singer 2024" and "Running Man Season 12," showcasing strong audience engagement [32][33]. 4.4. Gaming Market - The gaming market saw revenues of 147.267 billion yuan in the first half of 2024, with mobile games contributing significantly [34][36]. 4.5. Advertising Market - The advertising market experienced a year-on-year growth of 2.7% in the first half of 2024, indicating a stable demand for advertising services [42].

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [2][5][24] Core Viewpoints - The basic chemical industry index fell by 3.36% in July 2024, underperforming the Shanghai Composite Index by 2.39 percentage points and the CSI 300 Index by 2.79 percentage points, ranking 26th among 30 first-level industries [2][5] - The overall chemical product prices continued to show a downward trend, with significant price increases in sulfuric acid, anionic surfactants, sulfur, fatty alcohols, and palm oil, while other products experienced declines [2][5][24] - Investment strategies for August 2024 suggest continued focus on coal chemical, light hydrocarbon chemical, phosphate chemical, and polyester filament industries due to supply constraints and demand recovery [2][5][24] Market Review - In July 2024, the basic chemical industry index decreased by 3.36%, ranking 26th among 30 first-level industries, with a year-on-year decline of 27.10% [5][7] - Among 33 sub-industries, five saw increases, with spandex, viscose, and dyeing chemicals leading the gains at 6.28%, 4.99%, and 2.48% respectively [7][9] - A total of 505 stocks in the basic chemical sector saw 205 rise and 298 fall, with ST Yongyue and Tian Sheng New Materials leading the gains [9][24] Industry and Company News - The chemical raw materials and chemical products manufacturing industry saw a year-on-year increase of 9.2% in June 2024 [10][11] - The investment in the chemical raw materials and chemical products manufacturing industry grew by 8.4% in the first half of 2024 [11][12] - New and Cheng plans to invest 10 billion yuan in a nylon new materials project, which will enhance its competitiveness in the market [17][24] Product Price Tracking - In July 2024, international oil prices showed a downward trend, with WTI crude oil down 4.45% and Brent crude oil down 6.58% [2][5] - Among 317 tracked products, 91 saw price increases, while 183 experienced declines, indicating an overall price adjustment in the chemical products market [2][5][24]