行业周观点 中原证券行业周观点 | --- | --- | |-------------------------|-----------| | 证券研究报告-行业周观点 | | | | | | 分析师：张壺梓 | 摘要： | | | 女林林池. | 跑赢对标指数 3.66 个百分点。从农林栽造编分子行业未看，本周水产办工板块涨幅分析师：陈拓 居前，何针办工板块跌幅居前。建议关注迎未周病反转的生猪养殖板块和宠物舍总板 步。登记编码：S0730522100003 • 分析师： 余典 本周汽车叛块下跌 0.94%，跑輪沪深 300 指数（-0.73%）0.21 个百分点，落跌幅径于 登记编码：S0730524030001 中 位一级 行业 茅 26 位。子旅块表现未希，除来用车、奇用车分别下跌 3. 65%、1. 66%, 汽车实际件、摩托车及其他、汽车领巷及服务分别上涨 1. 37%、1. 33%、6. 14%。老旧 营运货车更新补贴回则发布，明确了报废困三及以下种效标准营运失柴油货车补贴标 准，有望指动重卞户客，促进新能源重卞涉违单提升：新能源城市公交车回到发布办 是李年更新客杀。以旧换新政策坚步落地，朴贴标准 ...

—2024 年第二十八期：7 月 29 日-8 月 2 日 行业周观点 中原证券行业周观点 | --- | --- | --- | |----------------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 行业周观点 | 发布日期： 2024 年 8 月 4 日 | | 分析师：张蔓梓 | | 摘要： | | 登记编码： | S0730522110001 | ⚫ 农林牧渔 本期，农林牧渔（中信）指数上涨 2.93% ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [2][9]. Core Insights - The company reported a total revenue of 1.628 billion yuan for the first half of 2024, a decrease of 1.38% year-on-year, with a net profit of 402 million yuan, down 8.36% year-on-year [2][3]. - The pre-mixed liquor segment faced pressure with a revenue of 1.431 billion yuan, reflecting an 8.69% decline in sales volume [2][3]. - The company experienced a rise in sales expense ratio, leading to a decrease in net profit margin by 1.99 percentage points to 24.55% [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 1.628 billion yuan, with a year-on-year decrease of 1.38% [2]. - The second quarter revenue was 826 million yuan, down 7.25% year-on-year, while the first quarter saw an increase of 5.51% year-on-year [2][3]. - The gross profit margin for pre-mixed liquor improved by 3.95 percentage points to 70.56% due to price increases [2][3]. - The edible flavor segment reported a revenue of 176 million yuan, with a year-on-year growth of 7.5% [2][3]. Future Earnings Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.83 yuan, 0.95 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings ratios of 21.43x, 18.69x, and 16.34x [2][3][4].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 医药医疗行业领涨 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 02 日 相关报告 投资要点： 《市场分析：军工半导体行业领涨 A 股蓄势 震荡》 2024-08-01 《市场分析：两市迎来普涨 沪指收复 2900 点》 2024-07-31 《市场分析：地产半导体行业领涨 A 股震荡 整理》 2024-07-30 ◼ A 股市场综述 周五（08 月 02 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2931 点附近遭遇阻力，午后股指震荡回落，盘中医药、 医疗服务、工程咨询服务以及农牧饲渔等行业表现较好；证券、半导体、 通信设备以及消费电子等行业表现较弱，沪指全天基本呈现小幅震荡整理 的运行特征。创业板市场周五震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡上行，沪指 盘中在 2931 点附近遭遇阻力，午后股指震荡回落，盘中医药、医疗服务、 工程咨 ...

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% -3% 1% 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 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,932.39 | -0.22 | | 深证成指 | 8,673.58 | -0.92 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,419.27 | -0.66 | | 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 | 3,260.85 | -0.78 | | 中证 500 | 4,85 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 军工半导体行业领涨 A 股蓄势震荡 ——市场分析 相关报告 《市场分析：两市迎来普涨 沪指收复 2900 点》 2024-07-31 《市场分析：地产半导体行业领涨 A 股震荡 整理》 2024-07-30 《市场分析：成长行业领涨 A 股窄幅波动》 2024-07-29 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 01 日 投资要点： ◼ A 股市场综述 周四（08 月 01 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高开后震 荡上行，沪指盘中在 2947 点附近遭遇阻力，午后股指维持震荡，盘中军工、 半导体、交运设备以及工程建设等行业表现较好；证券、酿酒、软件开发 以及互联网服务等行业表现较弱，沪指全天基本呈现小幅震荡整理的运行 特征。创业板市场周四震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周四 A 股市场冲高遇阻、小幅震荡整理 ...

Group 1 - The manufacturing PMI for July is at 49.4%, indicating a slight decline and suggesting that the manufacturing sector's economic conditions need improvement [38] - Large enterprises have a PMI of 50.5%, showing a recovery of 0.4 percentage points from the previous month, while small and medium enterprises have PMIs of 49.4% and 46.7%, respectively, indicating increased operational pressure [38] - The production PMI is at 50.6%, down 0.5 percentage points, but still in the expansion zone, while the new orders PMI is at 49.3%, reflecting insufficient market demand [38] Group 2 - In the first half of 2024, China's total import and export value reached 21.17 trillion yuan, a year-on-year increase of 6.1%, with exports growing by 6.9% and imports by 5.2% [39] - The trade surplus expanded by 12% to 3.09 trillion yuan, indicating a strong export performance despite a slight decline in imports [39] - The export growth rate to major trading partners such as ASEAN and the EU shows mixed results, with ASEAN exports increasing by 10.7% while EU exports decreased by 2.6% [39] Group 3 - The Consumer Price Index (CPI) in June rose by 0.2%, while the Producer Price Index (PPI) decreased by 0.8%, with the decline in PPI narrowing compared to the previous month [40] - The CPI has maintained moderate positive growth over the past five months, and with increased consumer promotion policies, it is expected to rise moderately [40] - The PPI is anticipated to recover as economic conditions stabilize, supported by rising prices in cement and chemical products [40] Group 4 - Retail sales of consumer goods in June totaled 40,732 billion yuan, showing a year-on-year growth of 2.0%, but a month-on-month decline of 1.7% [41] - The retail sales growth rate for non-automotive consumer goods was 3.0%, while automotive retail sales saw a decline of 6.2% year-on-year [41] - The overall retail sales growth for the first half of 2024 was 3.7%, indicating a need for enhanced consumer spending capacity and willingness [41] Group 5 - Fixed asset investment in the first half of 2024 reached 245,391 billion yuan, with a year-on-year growth of 3.9%, driven mainly by infrastructure and manufacturing investments [43] - Infrastructure investment grew by 5.4%, while manufacturing investment increased by 9.5%, although real estate development investment fell by 10.1% [43] - The sales of new residential properties continued to decline, with a 25.0% drop in sales value, indicating ongoing challenges in the real estate sector [43] Group 6 - The M2 money supply grew by 6.2% year-on-year, while the M1 money supply decreased by 5%, indicating a shift in financial dynamics [45] - The total social financing scale reached 395.11 trillion yuan, with a year-on-year growth of 8.1%, reflecting a robust financing environment despite a slowdown in growth rates [45] - The central bank's monetary policy is expected to increasingly focus on interest rate adjustments as a tool for economic management [45] Group 7 - The profits of industrial enterprises above designated size increased by 3.5% year-on-year in the first half of 2024, indicating a stable recovery in corporate profitability [46] - The equipment manufacturing sector contributed significantly to profit growth, with a 6.6% increase in profits, accounting for a substantial portion of the overall industrial profit increase [46] - Despite the positive trends, domestic demand remains a constraint on further improvements in corporate profitability [46]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][15]. Core Views - The company's performance in the first half of 2024 fell short of expectations, with a revenue of 263 million yuan, a year-on-year decline of 4.80%. The net profit attributable to shareholders was 63 million yuan, down 21.58% year-on-year [3][4]. - The decline in revenue was primarily due to a decrease in oil and gas extraction business, attributed to a reduction in active drilling platforms in the U.S. [3][4]. - The CVD diamond project is expected to contribute positively to the company's performance in the second half of 2024, following its successful launch [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross margin of 53.60%, a decrease of 0.42 percentage points compared to the previous year. The net profit margin was 20.96%, down 6.95 percentage points year-on-year [4][6]. - The company’s operating cash flow decreased significantly by 92.05% year-on-year, primarily due to reduced sales collections and increased payments for material procurement [4][12]. Revenue Breakdown - Revenue from resource extraction and engineering construction decreased by 12.81% to 158 million yuan, while precision machining revenue increased by 4.68% to 89 million yuan. Other income rose by 59.73% to 16 million yuan [3][4]. Research and Development - The company maintained a high level of R&D investment, with an R&D expense ratio of 11.73%, which is an increase of 0.46 percentage points year-on-year. The company secured 53 patents during the reporting period [4][5]. Future Projections - Revenue projections for 2023-2025 are estimated at 566 million yuan, 583 million yuan, and 603 million yuan, respectively. Net profit is projected to be 133 million yuan, 146 million yuan, and 154 million yuan for the same years [5][6][11].

生物医药Ⅱ 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 合成生物产业链分析及河南产业概况 证券研究报告-行业深度分析 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 投资要点： 发布日期：2024 年 8 月 1 日 ⚫ 全球合成生物产业概况。合成生物学（synthetic biology），又 称为工程生物学，该学科结合了生命科学观察分析方法和工程学 设计思维的学科。在生物合成基本规律的基础上，通过工程方法 设计新的生物系统，或者改造旧的生物代谢过程，甚至从头合成 有特定功能的生物系统，从而实现新的功能或者新物质合成。与 化学合成法相比。合成生物学工艺符合低碳发展的方向，在合适 工艺条件下，能够以较低成本，较高效率的方式来运作。相较于 天然提取法，合成生物学在合适工艺条件下也表现出效率高，成 本低，非资源依赖等特点。但目前全球的合成生物学仍处于发展 的初级阶段，未来机遇与挑战并存。 ⚫ 我国合成生物产业概况。2010 年之后，我国逐步加强合成生物领 域的顶层战略 ...

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% -20% -16% -12% -8% -4% 0% 2023.07 2023.11 2024.03 2024.07 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 | 2,938.75 | 2.06 | | 深证成指 | 8,754.09 | 3.37 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,442.08 | 2.16 | | 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 | ...