Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [14]. Core Views - The company has turned profitable year-on-year, with a total revenue of 56.866 billion yuan in the first half of 2024, representing a 9.63% increase year-on-year. The net profit attributable to shareholders reached 829 million yuan, marking a turnaround from losses [5][6]. - The tightening supply of pigs has led to a significant increase in pig prices, with the average price in July 2024 reaching 18.78 yuan/kg, a 31.67% increase year-on-year. This price increase is expected to continue driving profitability in the second half of 2024 [5][6]. - The company's breeding costs have decreased, with the cost of raising pigs dropping to around 14 yuan/kg, down from an average of 15 yuan/kg in 2023. This reduction is attributed to improvements in disease control, nutrition, breeding, and operational efficiency [6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 56.866 billion yuan, up 9.63% year-on-year, and a net profit of 829 million yuan, marking a return to profitability. The operating cash flow also turned positive, reaching 15.474 billion yuan [5][6]. - For Q2 2024, revenue was 30.594 billion yuan, a 10.56% increase year-on-year, with a net profit of 3.208 billion yuan, indicating a strong recovery [5]. Market Dynamics - The supply of pigs has tightened, with the number of breeding sows decreasing by 6.01% year-on-year as of June 2024. The total number of pigs slaughtered in the first half of 2024 was 36.4 million, down 3.07% year-on-year, contributing to rising prices [5][6]. - The average price of pigs has been on an upward trend since February 2024, with the industry entering a phase of overall profitability [5]. Cost Management - The company has successfully reduced its breeding costs, which are now around 14 yuan/kg. This is expected to further improve as the company continues to invest in technology and efficiency [6]. - The slaughtering business generated 9.981 billion yuan in revenue in the first half of 2024, a 15.06% increase year-on-year, contributing to the overall revenue growth [6]. Future Outlook - The report projects net profits for the company to be 15.953 billion yuan, 17.931 billion yuan, and 16.468 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.92 yuan, 3.28 yuan, and 3.01 yuan [6][7]. - The company's valuation is considered reasonable based on the PE ratios of comparable companies in the industry, with expected PE ratios of 16.33, 14.53, and 15.82 for the next three years [6][8].

分析师：我同 生记结构：S073051101001 zhanggang@ccnew.com 021-50586990 新能源军工行业领涨 A 股東苏整理 -市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 06 日 相关报告 投资美点： 《市场分析：外盘全线下挫 A 股東苏整固》 2024-08-05 《市场分析：医药医疗行业领涨 A 股发荡整 理》 2024-08-02 《市场分析：军工半手体行业领涨 A 股 畜势 麦荡》 2024-08-01 联系人：马教母 电站： 021-50586973 地址： 上海浦东新区世纪大道 1788 亨 16 棱 怖熱： 200122 ■ A 股市场球迷 周二（08 月 06 日）A 殷市场冲高通阻、小橋秦荡上涨，平盘殷指高开启寒 荡上行，沪指鱼中在 2888 点附近遭遇阻力，午后殷指象荡回落，鱼中教育、 诗戏、光伏设备以及军工等行业表现较好；汽车、银行、保险以及责全等 行业表现較弱，沪指全天基本呈现索苏整理的运行特征。创业板市场周二 哀荡上扬，成指全天表现骚于主板市场。 ■ 后市所判及投资建设 周二Ａ殷市场冲高通阻、小档象荡上涨，平盘殷指高开启寒荡上行， ...

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分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 计算机 算力需求高速增长，国产化议题获高度 聚焦 ——计算机行业月报 发布日期：2024 年 08 月 06 日 投资要点： 证券研究报告-行业月报 同步大市(维持) 计算机相对沪深 300 指数表现 计算机 沪深300 -43% -36% -30% -24% -18% -12% -6% 0% 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 《计算机行业专题研究：三中全会高度聚焦 的计算机行业相关议题》 2024-07-30 《计算机行业月报：聚焦 AI、国产化、IC 三 大方向》 2024-07-04 《计算机行业半年度策略：AI 推动智算建设 加速，国产 IT 发展小气候成型》 2024-07- 01 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 2024 年行业收入增速呈现回落趋势。2024 年 1-6 月软件业务收入 6.24 万亿元，同比增长 11.5% ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -29% -24% -20% -16% -12% -8% -4% 0% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：聚源，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 | 2,860.70 | -1.54 | | 深证成指 | 8,395.05 | -1.85 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,343.32 | -1.21 | | 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 | 3,188.00 | ...

畜牧业 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩同比高增，市占率逆势提升 ——海大集团(002311)2024 年中部点评报告 发布日期：2024 年 08 月 05 日 投资要点： 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-08-02) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 41.80 | | 一年内最高/最低(元) | 54.31/37.80 | | 沪深 300 指数 | 3,384.39 | | 市净率(倍) | 3.45 | | 流通市值(亿元) | 694.93 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 12.10 | | 每股经营现金流(元) | 1.14 | | 毛利率(%) | 11.15 | | 净资产收益率_摊薄(%) | 10.55 | | 资产负债率(%) | 56.24 | | 总股本/流通股(万股) | 166,375.00/166,252. ...

Market Overview - The A-share market experienced fluctuations and consolidation on August 5, 2024, influenced by a decline in the Asia-Pacific markets. The Shanghai Composite Index faced resistance around 2919 points during the day [1][2][5] - The Shanghai Composite Index closed at 2860.70 points, down 1.54%, while the Shenzhen Component Index closed at 8395.05 points, down 1.85%. The ChiNext Index fell by 1.89% [5][6] Industry Performance - The education, gaming, aviation, and tourism sectors showed strong performance, while the automotive, semiconductor, communication equipment, and consumer electronics sectors lagged [2][5] - Over 80% of stocks in the two markets declined, with the food and beverage sector leading gains at 1.16%, followed by consumer services at 0.96%. The automotive sector saw the largest decline at 2.68% [8] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 12.41 times and 27.09 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [2][11] - The total trading volume on August 5 was 793.9 billion yuan, below the median of the past three years, suggesting a cautious market sentiment [2][10] Future Outlook - The report anticipates a stabilization and potential rebound in the market due to enhanced macroeconomic policies and growth strategies. The release of the "New National Nine Articles" is expected to boost long-term market confidence [2][11] - Investors are advised to focus on short-term opportunities in the education, gaming, aviation, and tourism sectors [2][11]

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 政策密集出台助力国内文化产业发展 ——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 11785 -36% -31% -26% -21% -16% -10% -5% 0% 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：世界人工智能大会落幕，关 注 AI 应用落地进展》 2024-07-12 《传媒行业半年度策略：举 AI 为利矛，以红 利作坚盾》 2024-06-28 《传媒行业月报：暑期文化娱乐消费旺季将 至，关注电影、游戏定档进展》 2024-06-12 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 05 日 政策密集出台提振文化消费、助力文化产业发展。 投资要点： ⚫ 文化消费迎来国家级指引政策。8 月 3 日国务院发布《国务院关于 促进 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -29% -25% -21% -17% -12% -8% -4% 0% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：聚源，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 | 2,905.34 | -0.92 | | 深证成指 | 8,553.55 | -1.38 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,384.39 | -1.02 | | 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 | 3,225.81 | ...

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 美联储降息预期大幅增强，市 场有望企稳反弹 ——周度策略 | --- | --- | --- | |----------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...