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 ...

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 -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：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 | 2,866.66 | -0.93 | | 深证成指 | 8,252.87 | -1.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,332.70 | -0.72 | | 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 | 3,178.84 | ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [1]. Core Views - The company reported a revenue of 3.021 billion yuan for the first half of 2024, reflecting a year-on-year decline of 5.79% [1]. - The net profit attributable to the parent company, excluding non-recurring items, was 278 million yuan, a decrease of 1.19% year-on-year [1]. - The report highlights a significant recovery in profitability during the second quarter, with net profit showing an upward trend [1]. - The company is expected to launch new products in the second half of the year, which may help reverse the sales decline [1]. - The report notes that the sales pressure is primarily due to weakened product strength, channel penetration, and macro consumption capacity [1]. Financial Performance Summary - The company achieved a revenue of 6.522 billion yuan in 2024E, with a projected growth rate of -3.50% [3]. - The net profit for 2024E is estimated at 651 million yuan, reflecting a growth rate of 13.38% [3]. - The earnings per share (EPS) for 2024E is projected to be 0.41 yuan, with corresponding price-to-earnings (P/E) ratios of 13.32 times [2][3]. - The gross margin is expected to improve to 24.35% in 2024E, compared to 22.79% in 2023A [7]. Cash Flow and Investment - The operating cash flow for 2024E is projected to be 877 million yuan, showing an increase from 811 million yuan in 2023A [5]. - The company is expected to have capital expenditures of 429 million yuan in 2024E, down from 860 million yuan in 2023A [5]. - The net increase in cash for 2024E is forecasted to be 60 million yuan, a recovery from a decrease of 115 million yuan in 2023A [5]. Balance Sheet Overview - Total assets are projected to reach 7.508 billion yuan in 2024E, up from 7.048 billion yuan in 2023A [4]. - The company's total liabilities are expected to increase to 2.264 billion yuan in 2024E, compared to 1.960 billion yuan in 2023A [4]. - The equity attributable to shareholders is forecasted to be 5.244 billion yuan in 2024E, reflecting a slight increase from 5.087 billion yuan in 2023A [4].

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 [1][14]. Core Views - The company has experienced significant growth in its data center cooling and energy storage temperature control businesses, driven by advancements in AI and increasing demand in the data center sector [3][4]. - The company reported a total revenue of 1.713 billion yuan for the first half of 2024, representing a year-on-year increase of 38.24%, with a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][4]. - The company is recognized as a leading provider of precision temperature control solutions, focusing on cooling solutions for cloud computing data centers, power grid systems, and energy storage applications [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.713 billion yuan, with a year-on-year growth of 38.24% [1]. - The net profit attributable to shareholders reached 183 million yuan, marking a 99.63% increase year-on-year, while the non-recurring net profit was 171 million yuan, up 113.50% [1][4]. - The company's gross margin for the first half of 2024 was 30.99%, with a slight decline of 1.05 percentage points compared to the previous year [1][4]. Business Segments - The data center cooling business generated revenue of 856 million yuan, a substantial increase of 85.91%, accounting for 49.96% of total revenue [1][3]. - The cabinet cooling business reported revenue of 702 million yuan, growing by 6.11% and representing 40.97% of total revenue [1][3]. - Revenue from energy storage applications was approximately 600 million yuan, reflecting an 11% year-on-year growth [1][3]. Future Outlook - The company is expected to benefit from the ongoing growth in AI computing and energy storage sectors, with projected revenues of 4.804 billion yuan, 6.365 billion yuan, and 8.119 billion yuan for 2024, 2025, and 2026, respectively [4][5]. - The forecasted net profits for the same years are 513 million yuan, 682 million yuan, and 892 million yuan, indicating strong growth potential [4][5]. - The company maintains a robust market position with a focus on innovative cooling technologies, including liquid cooling solutions, which are gaining traction in the industry [3][4].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 传媒游戏行业领涨 A 股宽幅震荡 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 20 日 相关报告 投资要点： 《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 《市场分析：金融成长行业领涨 A 股震荡上 扬》 2024-08-15 ◼ A 股市场综述 周二（08 月 20 日）A 股市场低开低走、宽幅震荡，早盘股指高开后震荡回 落，沪指盘中在 2855 点附近获得支撑，尾盘股指维持震荡，盘中能源金属、 文化传媒、游戏以及化纤等行业表现较好；汽车、半导体、软件开发以及 通信设备等行业表现较弱，沪指全天基本呈现宽幅震荡的运行特征。创业 板市场周二震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场低开低走、宽幅震荡，早盘股指高开后震荡回落，沪指盘中 在 2855 点附近获得支撑，尾盘股指维持震荡，盘中能源金属、文化传媒、 游戏以及化纤等行业表现较 ...