分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡上行 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 09 月 25 日 相关报告 投资要点： 《市场分析：多重利好提振 A 股大幅上扬》 2024-09-24 《市场分析：银行通信行业领涨 A 股小幅上 涨》 2024-09-23 《市场分析：软件通讯行业领涨 A 股小幅震 荡》 2024-09-20 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 ◼ A 股市场综述 周三（09 月 25 日）A 股市场高开高走、小幅震荡上涨，早盘股指高开后震 荡上行，盘中股指在 2952 点附近遭遇阻力，午后股指震荡回落，盘中互联 网服务、文化传媒、医疗器械以及航天军工等行业表现较好；酿酒、小金 属、食品饮料以及家电等行业表现较弱，沪指全天基本呈现震荡上扬的运 行特征。创业板市场周三震荡上扬，成指全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场高开高走、小幅震荡上涨，早盘股指 ...

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the lithium battery industry, based on its development prospects and valuation levels [2][4] Core Views - The lithium battery industry is under pressure in 2024, with both revenue and net profit declining for the first time since 2017 [3][12] - The global new energy vehicle market continues to grow, with China maintaining a significant competitive advantage in the industry chain [3][27] - Raw material prices in the lithium battery industry are expected to remain under pressure throughout 2024 due to oversupply and slowing demand growth [4][41] Market Performance - The lithium battery index underperformed the CSI 300 index in 2024, with a decline of 32.08% as of September 23, 2024 [3][9] - Among individual stocks, BYD, CATL, and Shangtai Technology were among the top performers, while Mengguli and DFD Nano were among the worst performers [9] Industry Performance Overview - In H1 2024, the lithium battery sector's revenue was 993.9 billion yuan, down 6.08% YoY, marking the first negative growth since 2017 [3][12] - Net profit for the sector in H1 2024 was 51.99 billion yuan, down 33.83% YoY, with only 39.39% of companies reporting positive growth [12][14] - Profitability metrics such as gross margin and net margin have been under pressure since 2022, reflecting intensified industry competition [18] Sub-Sector Performance - Performance varies significantly across sub-sectors, with power batteries and anode materials showing relatively better revenue growth in H1 2024 [15] - The lithium mining sub-sector saw the largest decline in net profit growth, with a median decline of 42.36% in H1 2024 [17] New Energy Vehicle Sales - Global new energy vehicle sales reached 8.5554 million units in the first seven months of 2024, a 23.57% YoY increase, accounting for 18% of the total market [3][27] - China's new energy vehicle sales grew by 30.96% YoY in the first eight months of 2024, reaching 7.034 million units, with exports increasing by 12.97% [3][27] Raw Material Prices - Battery-grade lithium carbonate prices fell by 24.75% from the beginning of 2024 to September 20, 2024, reaching 74,500 yuan/ton [4][44] - Lithium hydroxide prices also declined by 23.20% during the same period, reflecting ongoing pressure in the lithium battery supply chain [44] Investment Strategy - The report recommends focusing on three main investment themes: downstream battery manufacturers benefiting from lower raw material prices, companies with cost advantages, and thematic opportunities related to new energy vehicle sales [52] - Key companies to watch include CATL, Eve Energy, and Shangtai Technology, based on their ROE, R&D investment, and market position [52][54]

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 美联储开启降息周期，国新办发布会重磅 政策频出，市场有望逐步回升 ——策略专题 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 债权融资保持快速增长，固收自营布局客需驱动 证券Ⅱ ——中国银河(601881)2024 年中报点评 证券研究报告-中报点评 增持(维持) | --- | --- | |-------------------------------|------------| | 市场数据 (2024-09-24) | | | 收盘价 ( 元 ) | 12.04 | | 一年内最高 / 最低 ( 元 ) | 13.74/9.81 | | 沪深 300 指数 | 3,351.91 | | 市净率 ( 倍 ) | 1.26 | | 总市值 ( 亿元 ) | 1,316.50 | | 流通市值 ( 亿元 ) | 1,316.50 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 9.52 | | 总资产 ( 亿元 ) | 7,663.09 | | 所有者权益 ( 亿元 ) | 1,339.32 | | 净资产收益率 (%) | 3.63 | | 总股本 ( 亿股 ) | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.90 yuan as of September 24, 2024 [1] Core Views - The company is a leading R&D-driven enterprise in China's rehabilitation medical device industry, focusing on five major business segments: assessment, training, physiotherapy, nursing, and assistive devices [1] - As of the first half of 2024, the company has obtained 324 medical device registration certificates/filing vouchers, 1,702 patents, 160 software copyrights, and 185 provincial-level scientific achievements [1] - The company's revenue for the first half of 2024 reached 338 million yuan, a year-on-year increase of 0.93%, while net profit attributable to shareholders decreased by 47.37% to 56.64 million yuan due to increased R&D and sales expenses [1] - The company is well-positioned to benefit from the "silver economy" trend, with nearly 100 types of rehabilitation medical devices suitable for elderly care [2] Financial Performance - In H1 2024, the company's gross margin was 68.22%, up 0.61 percentage points year-on-year, while the net profit margin decreased by 15.66 percentage points to 16.75% [1] - The company's expense ratios increased significantly: sales expense ratio rose by 4.64 percentage points to 27.99%, management expense ratio increased by 2.11 percentage points to 7.10%, and R&D expense ratio grew by 5.26 percentage points to 19.44% [1] - The company has maintained stable dividend payouts, with cash dividend ratios of 30.11%, 30.14%, and 36.36% from 2021 to 2023, and plans to maintain a dividend ratio of no less than 30% in 2024 [3] R&D and Innovation - The company has established a comprehensive testing center covering over 3,000 square meters with more than 300 advanced testing equipment, providing over 700 testing services for the entire product lifecycle [3] - The company is actively exploring cutting-edge technologies such as brain-computer interfaces, with ongoing projects including brain signal acquisition and analysis, and has developed prototypes for sleep assessment systems [3] - The company is leading a national key R&D project on "High-precision Biological Sensory Feedback Manipulation Technology and Systems" in collaboration with top research institutions [3] Industry Outlook - Rehabilitation medicine is recognized as one of the four major medical fields by the WHO, alongside preventive, clinical, and health medicine [1] - China's rehabilitation industry is still in its early stages of development, with significant growth potential driven by aging population and increasing health consumption [1] - The company's comprehensive solutions for elderly rehabilitation cover various aspects including pain management, stroke recovery, and cognitive disorders, positioning it well for the growing silver economy [2] Financial Projections - The company's EPS is projected to be 1.33 yuan in 2024, 1.56 yuan in 2025, and 1.87 yuan in 2026, with corresponding P/E ratios of 17.22x, 14.68x, and 12.25x [4] - Revenue is expected to grow from 819 million yuan in 2024 to 1.131 billion yuan in 2026, with growth rates of 10%, 15%, and 20% respectively [4] - Net profit is forecasted to increase from 213 million yuan in 2024 to 299 million yuan in 2026, despite a projected 6.4% decline in 2024 [4] Operational Metrics - The company's asset-liability ratio stood at 23.60% as of June 30, 2024, with a current ratio of 2.55 and quick ratio of 1.92 projected for 2024 [10] - Total asset turnover is expected to improve from 0.30 in 2024 to 0.36 in 2026, indicating better asset utilization efficiency [10] - The company's ROE is projected to increase from 9.57% in 2024 to 11.71% in 2026, reflecting improving profitability [10]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 大客户下沉，营销策略调整初见成效 ——千味央厨(001215)2024 年中报点评 | --- | --- | --- | --- | |-------------------|---------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 中报点评 | | 谨慎增持 ( 首次 ) | | 市场数据 | (2 ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com0371-65585753 研究助理：郑婷 登记编码：S0730122110004 zhengting@ccnew.com 相关报告 《河南资本市场月报（2024 年第 7 期）》 2024-8-28 《河南资本市场月报（2024 年第 6 期）》 2024-7-24 《河南资本市场月报（2024 年第 5 期）》 2024-6-26 《河南资本市场月报（2024 年第 4 期）》 2024-5-29 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： 经济运行情况：2024 年 8 月份我国经济供需两端均有回落，内生修 复动能有所放缓，前期系列促消费政策以及强劲外需有效支撑经济 总体平稳运行。8 月份，河南省主要经济指标加速增长且远超全国 平均水平，尤其对战略性新兴产业的投资与生产力度持续加码，经 济动能向新向好发展。1-8 月份，中部各省主要经济指标稳中略降， 需求偏弱带动经济修复动能边际走弱，相比较而言，河南省经济增 势在中部六省中韧性较强。 宏观政策跟踪： ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 线下市场高增，销售费率高企 | --- | --- | --- | --- | |---------------------------------|-----------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | liuran@ccnew.com 021-505 ...

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -18% -15% -11% -8% -5% -2% 2% 2023.09 2024.01 2024.05 2024.09 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 | 2,863.13 | 4.15 | | 深证成指 | 8,435.70 | 4.36 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,351.91 | 4.33 | | 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 | 3,223.26 | 4.31 | | 中证 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 多重利好提振 A 股大幅上扬 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 09 月 24 日 相关报告 《市场分析：银行通信行业领涨 A 股小幅上 涨》 2024-09-23 《市场分析：软件通讯行业领涨 A 股小幅震 荡》 2024-09-20 《市场分析：成长行业领涨 A 股震荡上扬》 2024-09-19 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： ◼ A 股市场综述 周二（09 月 24 日）A 股市场高开高走、大幅震荡上涨，受到多重利好消息 的提振，早盘股指高开后震荡上行，午后股指加速上扬，盘中银行、证券、 保险、酿酒以及半导体等行业表现较好；电网设备、房地产、医疗器械以 及公用事业等行业表现较弱，沪指全天基本呈现大幅上扬的运行特征。创 业板市场周二大幅上扬，成指全天表现强于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场高开高走、大幅震荡上涨，受到多重利好消息的提振， ...