分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车软件行业走强 A 股窄幅波动 相关报告 《市场分析：观望情绪提升 A 股小幅震荡》 2024-08-22 《市场分析：电子信息电池行业领涨 A 股小 幅整理》 2024-08-21 《市场分析：传媒游戏行业领涨 A 股宽幅震 荡》 2024-08-20 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 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 23 日 投资要点： ◼ A 股市场综述 周五（08 月 23 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 2855 点附近遭遇阻力，午后股指震荡回落，尾盘再度 小幅上扬，盘中汽车、软件开发、家电以及保险等行业表现较好；电力、 半导体、文化传媒以及医药等行业表现较弱，沪指全天基本呈现小幅震荡 的运行特征。创业板市场周五震荡整固，成指全天表现与主板市场基本同 步。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [1][15]. Core Insights - The railway equipment sector is experiencing a recovery in demand, with the company reporting a 30% increase in new orders in the first half of 2024 [1][3]. - The company's total revenue for the first half of 2024 reached 559 million yuan, a year-on-year increase of 6.16%, while net profit attributable to shareholders was 190 million yuan, up 9.39% [1][5]. - The company is well-positioned to benefit from a new round of railway equipment upgrades, with its core products entering a replacement cycle [5][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 559 million yuan, a 6.16% increase year-on-year, and a net profit of 190 million yuan, reflecting a 9.39% growth [1][5]. - The gross profit margin for the first half of 2024 was 62.83%, an increase of 4.63 percentage points compared to the previous year [1][4]. Market Dynamics - The railway investment sector is expected to accelerate, with fixed asset investments projected to reach 741.4 billion yuan annually during the 14th Five-Year Plan period [3]. - The company has a leading market share in railway control systems, with approximately 50% of the market for its LKJ2000 system, which is undergoing its third replacement cycle [4][5]. Order and Revenue Growth - The company signed new orders totaling approximately 660 million yuan in the first half of 2024, marking a year-on-year increase of over 30% [1][3]. - The breakdown of revenue by business segment shows growth in railway control, safety, and high-speed rail operations, with respective revenues of 329.85 million yuan, 136.55 million yuan, and 79.87 million yuan [1][4]. Future Projections - The company forecasts revenues of 1.427 billion yuan, 1.668 billion yuan, and 1.889 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 513 million yuan, 601 million yuan, and 683 million yuan [5][6].

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 ...