[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 妙可蓝多(600882)公司点评报告 2024 年 08 月 27 日 [Table_Title] 更精准营销，更高盈利水平 ——妙可蓝多 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 19.23 亿元，同比-6.93%， 归母净利 0.77 亿元，同比+168.77%，扣非归母净利 0.57 亿元，同比 +1963.11%。24Q2，公司实现总营收 9.73 亿元，同比-6.74%，归母净利 0.35 亿元，同比+712.90%，扣非归母净利 0.26 亿元，同比+935.43%。 上半年餐饮工业板块收入双位数增长 1）二季度奶酪业务收入实现增长。公司坚定推行"聚焦奶酪"战略，24H1， 公司奶酪/贸易/液态奶业务分别实现收入 16.30/1.39/1.49 亿元，同比分别0.85%/-44.86%/-8.68%；24Q2，公司奶酪/贸易/液态奶业务分别实现收入 8.46/0.56/0.68 亿元，同比分别+1.52%/-5 ...

Market Overview - On August 26, 2024, the market experienced fluctuations with the solid-state battery sector showing strong gains. The Shanghai Composite Index rose by 0.04%, while the Shenzhen Component Index increased by 0.16%, and the ChiNext Index fell by 0.10% [3][11]. - The total market turnover reached 528.901 billion, an increase of 16.043 billion compared to the previous trading day, with 3,840 stocks rising and 1,344 stocks declining [3][11]. Market Style and Sector Performance - In terms of market style, cyclical, financial, and growth sectors saw slight increases, while stable and consumer sectors experienced minor declines. Non-fund heavy stocks outperformed fund-heavy stocks, and growth stocks outperformed value stocks, with small-cap stocks performing better than large-cap stocks [3][16]. - Across 30 first-level industries, most sectors showed positive performance. The top-performing sectors included non-ferrous metals (1.36%), comprehensive (1.25%), and agriculture, forestry, animal husbandry, and fishery (1.18%). Conversely, the sectors that lagged included defense and military (−0.87%), telecommunications (−0.80%), and food and beverage (−0.67%) [3][16]. Fund Flow Performance - On August 26, 2024, the main funds experienced a net outflow of 9.018 billion. Specifically, there was a net outflow of 2.2 billion from large orders, 6.818 billion from big orders, and 1.312 billion from medium orders, while small orders saw a continuous net inflow of 10.33 billion [3][17]. - Southbound funds also recorded a net outflow of 0.041 billion Hong Kong dollars on the same day, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 0.014 billion and the Shenzhen-Hong Kong Stock Connect experiencing a net outflow of 0.056 billion [3][17]. ETF Fund Flow Performance - On August 26, 2024, the trading volume of major ETFs such as the SSE 50, CSI 300, CSI 500, and CSI 1000 mostly decreased compared to the previous trading day. The trading volumes for various ETFs were as follows: 1.205 billion for the SSE 50 ETF, 4.748 billion for the CSI 300 ETF, 1.334 billion for the CSI 500 ETF, and 0.482 billion for the CSI 1000 ETF, with respective changes of −0.075 billion, +1.966 billion, +0.732 billion, and −0.083 billion [3][19]. Global Market Performance - On August 23, 2024, major European stock indices generally rose, with the German DAX index increasing by 0.76%, the UK FTSE 100 index rising by 0.48%, and the French CAC40 index up by 0.70% [3][22]. - In the US, major indices also saw gains, with the Dow Jones Industrial Average rising by 1.14%, the S&P 500 increasing by 1.15%, and the Nasdaq Composite up by 1.47% [3][22]. - On August 26, 2024, major Asia-Pacific indices showed mixed results, with the Hang Seng Index rising by 1.06% and the Nikkei 225 Index falling by 0.66% [3][22].

Market Overview - On August 23, 2024, the market experienced a slight rebound with the Shanghai Composite Index rising by 0.20%, the Shenzhen Component Index increasing by 0.24%, and the ChiNext Index up by 0.02%. The total market turnover was 512.86 billion yuan, a decrease of 39.18 billion yuan from the previous trading day [2][13]. Market Style and Sector Performance - The stable style saw a significant decline, while the financial style experienced a substantial increase. The cyclical, consumer, and growth styles showed little change. The index of heavily held stocks outperformed that of non-heavily held stocks, and value stocks outperformed growth stocks [17]. - Among the 30 first-level industries, the leading performers included home appliances (up 2.10%), non-bank financials (up 1.65%), and building materials (up 1.53%). Conversely, the laggards were electric power and utilities (down 1.10%), textiles and apparel (down 1.02%), and real estate (down 0.77%) [17]. Fund Flow Performance - On August 23, 2024, the main funds experienced a net outflow of 5.34 billion yuan. Specifically, there was a net inflow of 0.65 billion yuan from large orders, while large orders saw a net outflow of 5.99 billion yuan, and medium orders had a net outflow of 3.21 billion yuan. Small orders continued to see a net inflow of 8.56 billion yuan [19]. - Southbound funds recorded a net inflow of 2.73 billion Hong Kong dollars on the same day, with the Shanghai-Hong Kong Stock Connect contributing 2.58 billion Hong Kong dollars and the Shenzhen-Hong Kong Stock Connect adding 0.15 billion Hong Kong dollars [19]. ETF Fund Flow Performance - On August 23, 2024, the trading volume of major ETFs such as the SSE 50, CSI 300, CSI 500, and CSI 1000 decreased compared to the previous trading day. The trading volumes were 1.28 billion yuan, 2.78 billion yuan, 0.60 billion yuan, 0.59 billion yuan, 0.73 billion yuan, 0.87 billion yuan, and 0.57 billion yuan, with changes of -1.02 billion yuan, -1.45 billion yuan, -1.19 billion yuan, -2.59 billion yuan, -1.13 billion yuan, +0.09 billion yuan, and +0.04 billion yuan respectively [22].

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company's performance in H1 2024 met expectations, with revenue growth of 27.65% year-on-year, reaching 1.352 billion yuan, and a net profit attributable to the parent company of 177 million yuan, up 35.09% year-on-year [2][4]. - The gross margin improved to 74.68%, an increase of 4.55 percentage points, attributed to product structure optimization and lean management [2]. - The online transformation of the company has shown significant results, with online channel revenue reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 177 million yuan, with a year-on-year growth of 35.09% and a non-recurring net profit of 166 million yuan, up 40.21% [2]. - The sales expense ratio increased to 53.06%, reflecting higher competition and rising traffic costs, while the management expense ratio decreased to 3.44% [2]. Brand Performance - The main brand, Marubi, generated 930 million yuan in revenue, a growth of 25.87%, with a notable increase in sales from the Tmall flagship store by 34.29% [3]. - The second brand, PL, achieved revenue of 417 million yuan, growing 35.83% year-on-year, with strong performance during promotional events [3]. Future Projections - The company is expected to achieve net profits of 360 million yuan, 454 million yuan, and 574 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.90, 1.13, and 1.43 yuan [4].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported impressive revenue growth of 90.59% year-on-year, reaching 603 million yuan in H1 2024, with a net profit of 310 million yuan, up 182.88% year-on-year, closely aligning with the upper limit of its previous earnings forecast [2]. - The gross margin improved to 91.58%, an increase of 2.43 percentage points, while the net profit margin rose to 51.34%, up 16.96 percentage points [2]. - The company is a leading player in the domestic recombinant collagen protein market, with a strong focus on functional protein research and diversified industrial applications [2]. Financial Performance - For H1 2024, the company achieved a revenue of 603 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, reflecting a growth of 182.88% [2]. - The company’s revenue for Q2 2024 was 377 million yuan, marking a 100.45% increase year-on-year, with a net profit of 208 million yuan, up 213.41% [2]. - The company’s revenue projections for 2024-2026 are 1.39873 billion yuan, 1.92465 billion yuan, and 2.4695 billion yuan, respectively, with expected EPS of 6.89 yuan, 9.42 yuan, and 12.18 yuan [3][5]. Product and Market Development - The company’s flagship product, Wei Yi Mei, has seen rapid sales growth, surpassing one million units sold by H1 2024 [2]. - The company has expanded its product matrix with new specifications and treatment options, while also increasing its distribution network to approximately 3,000 medical institutions by H1 2024 [2]. - The company plans to invest up to 220 million yuan to build a collagen production facility to further enhance its production capacity [2].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 兆易创新(603986)公司点评报告 2024 年 08 月 23 日 [Table_Title] Q3"旺季不旺"的预期无碍公司后继成长 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 8 月 20 日，公司发布 2024 年中报。2024H1，公司营收实现 36.09 亿 元，YoY+21.69%；归母净利实现 5.17 亿元，YoY+53.88%；毛利率和净利 率分别为 38.16%和 14.33%。单季度 2Q24 来看，公司营收实现 19.82 亿 元，YoY+21.99%；归母净利实现 3.12 亿元，YoY+67.95%；毛利率和净利 率分别为 38.15%和 15.75%。 Nor Flash 业务，消费电子、网通和安防等需求复苏下，Q2 需求增长 较好，公司作为全球第二大 SPI Nor Flash 厂商，产品出货和营收增长较 快，上半年营收同比 40%以上。Q2 受供给趋紧，Nor 价格稳中有升，公司 毛利率较去年同期小幅上升。展望 Q3， ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company is expected to benefit significantly from the growing demand for AI hardware and edge deployment, driven by the expansion of computing power needs across various industries [4][5] - The company's revenue for H1 2024 reached 266.09 billion yuan, a year-on-year increase of 28.69%, with a net profit of 8.74 billion yuan, up 22.04% year-on-year [2][3] Revenue and Profit Growth - In Q2 2024, the company achieved revenue of 147.40 billion yuan, representing a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [2][3] - The AI hardware segment, particularly AI servers, saw revenue growth exceeding 230%, contributing significantly to overall revenue [3] Business Segments Performance - Cloud computing business benefited from the increasing demand for AI hardware, with a revenue growth of 60% year-on-year, and AI servers accounted for 43% of total server revenue [3] - The communication and mobile network equipment segment also experienced growth, with 400/800G high-speed switches seeing a revenue increase of 30% year-on-year [3] Future Profitability Forecast - The company is projected to achieve net profits of 25.65 billion yuan, 29.90 billion yuan, and 34.53 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17x, 15x, and 13x [5][6]

[Table_Index] 主要数据： 上证综指： 2848.77 深圳成指： 8162.18 沪深 300： 3313.14 中小盘指： 3011.02 创业板指： 1546.63 [Table_Author] 报告作者 分析师 朱定豪 执业证书编号 S0020521120002 邮箱 zhudinghao@gyzq.com.cn 电话 021-51097188 分析师 房倩倩 2024 年 08 月 22 日 [Table_Title] 每日复盘 证券研究报告 20240822 市场复盘：市场震荡走低，大盘价值表现稳健 报告要点： 2024 年 8 月 22 日市场震荡走低，大盘价值表现稳健。上证指数下跌 0.27%，深证成指下跌 0.82%，创业板指下跌 0.76%。市场成交额 5520.40 亿元，较上一交易日增加 393.55 亿元。全市场 775 只个股上涨，4466 只个 股下跌。 风格上看，周期、金融、消费和成长风格均出现下跌，其中成长风格跌 幅最显著，稳定风格小幅上涨；基金重仓股指数表现优于基金非重仓股；价 值股表现优于成长股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：纺织 ...