[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-on-year increase of 2.46%, while the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to changes in corporate income tax policies [2][3]. - Membership revenue showed strong growth, increasing by 27% to 2.486 billion yuan, driven by high-quality content and a robust membership benefits system [3][5]. - The advertising revenue declined by 4% to 1.721 billion yuan, but the overall recovery trend remains intact [3]. - The operator business faced a significant decline of 46%, generating 750 million yuan, impacted by the implementation of industry governance measures [3]. - The content e-commerce segment reported a revenue of 1.357 billion yuan, up 8.74%, with a GMV of 6.65 billion yuan, reflecting nearly 50% growth [3]. - The new media interactive entertainment content production business saw a remarkable increase of 63.80%, generating 633 million yuan [3]. Financial Performance Summary - For H1 2024, the company’s operating expenses decreased, with sales, management, and R&D expense ratios at 10.96%, 2.85%, and 1.28%, respectively, down from the previous year [2]. - The company expects net profits for 2024-2026 to be 2.072 billion, 2.292 billion, and 2.547 billion yuan, with corresponding EPS of 1.11, 1.23, and 1.36 yuan, reflecting a PE ratio of 17, 15, and 14 times [5][6]. - The company has a total market capitalization of approximately 37.227 billion yuan, with a circulating market value of about 20.332 billion yuan [7]. Content Strategy - The company launched 56 new variety shows in H1 2024, an increase of 17 shows from the previous year, with significant viewership for programs like "Singer 2024" [4]. - The company has a robust pipeline of over 80 upcoming dramas, including potential hits like "National Color and Fragrance" and "Water Dragon Chant" [4].

Investment Rating - Buy | Maintain [2] Core Views - The company achieved steady revenue growth and turned a profit in H1 2024, with revenue reaching 308.20 million yuan, up 11.79% YoY, and net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - The company optimized its organizational structure and strengthened its domestic and overseas channel layout, with overseas revenue growing 29.91% YoY to 88.30 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY, focusing on breakthroughs in CAX key technologies [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Financial Performance - Revenue in H1 2024 was 308.20 million yuan, up 11.79% YoY, with net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Product and Market Performance - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - Revenue from CAE products increased 21.04% YoY to 3.10 million yuan, and revenue from the Bochao series surged 629.80% YoY to 4.28 million yuan [3] - Domestic commercial market revenue grew 19.53% YoY to 186.95 million yuan, while domestic education market revenue declined 35.46% YoY to 32.62 million yuan [3] - Overseas revenue grew 29.91% YoY to 88.30 million yuan, with the company ranking first in the G2 Easiest To Use General-Purpose CAD Software list [3] R&D and Technological Advancements - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company strengthened large-scale assembly design support technology and expanded low-frequency simulation capabilities in CAD products [4] - The company released its first fluid simulation software based on the acquired PHOENICS software, integrating fluid solvers into its general-purpose pre- and post-processing platform [4] - Low-frequency electromagnetic simulation software focused on power equipment industry solutions, forming industry solutions in transformer and high-voltage switch fields [4] Future Outlook - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] - EPS is forecasted to be 0.64 yuan, 0.84 yuan, and 1.07 yuan per share in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 99.85, 75.65, and 59.71 [5] - The company is expected to maintain its leading position in the domestic R&D and design industrial software market, with strong growth potential driven by product performance, localized services, and ecosystem development [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][11]. Core Insights - The company's revenue and profit are steadily increasing, with a historical high in profit margins. In H1 2024, the company achieved a revenue of 603.83 billion, a year-on-year growth of 14.0%, and a gross margin of 55.1%, up 6.7 percentage points from the same period last year. The adjusted net profit was 90.67 billion, with a net margin of 15.0%, an increase of 9.8 percentage points year-on-year [2]. - Active user numbers are growing steadily, with the AI matrix enabling multiple business enhancements. In Q2 2024, the Daily Active Users (DAU) and Monthly Active Users (MAU) reached 395 million and 692 million, respectively, representing a year-on-year growth of 5.1% and 2.7%. The average daily usage time per DAU was 122 minutes, with total user usage time increasing by 9.5% year-on-year [3]. - Advertising revenue growth is in line with expectations, while e-commerce GMV has slowed down. In Q2 2024, online marketing revenue was 175 billion, a year-on-year increase of 22.1%. The e-commerce GMV for H1 2024 was 593.3 billion, up 21% year-on-year, with Q2 GMV reaching 305.3 billion, a 15% increase [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 603.83 billion, with a gross margin of 55.1% and an adjusted net profit of 90.67 billion, reflecting a net margin of 15.0% [2][5]. - The projected adjusted net profits for 2024-2026 are 176.49 billion, 224.52 billion, and 275.48 billion, respectively [5][9]. User Engagement - The DAU and MAU figures for Q2 2024 were 395 million and 692 million, with daily usage time averaging 122 minutes [3]. - The penetration rate of search users has improved, with nearly 500 million monthly active users utilizing the search function in Q2 2024 [3]. Business Segments - The online marketing business saw a revenue of 175 billion in Q2 2024, while the e-commerce GMV for H1 2024 was 593.3 billion [4]. - The live streaming revenue in Q2 2024 was 93 billion, showing a decline of 6.7% year-on-year, despite a 60% increase in the number of signed contract hosts [4].

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 爱美客(300896)公司点评报告 2024 年 08 月 22 日 [Table_Title] 24Q2 业绩高基数下增长放缓，多赛道布局新管线 ——爱美客(300896)2024 年半年报点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 24Q2 业绩增速放缓，盈利能力稳居高位 2024H1 公司实现营业收入 16.57 亿元，同比增长 13.53%，实现归母净利 润 11.21 亿元，同比增长 16.35%，实现扣非归母净利润 10.89 亿元，同比 增长 16.58%。盈利能力方面，2024H1 毛利率为 94.91%，同比下降 0.5pct， 净利率为 67.68%，同比提升 1.82pct。费用端来看，2024H1 公司销售费用 率为 8.52%，同比下降 1.67pct，管理费用率为 4.09%，同比下降 1.4pct， 研发费用率为 7.59%，同比提升 0.44pct。单 Q2 公司实现营业收入 8.49 亿 元，同比增长 2. ...

[Table_Index] 主要数据： 上证综指： 2856.58 深圳成指： 8229.75 沪深 300： 3321.64 中小盘指： 3045.82 创业板指： 1558.51 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 [Table_Title] 每日复盘 证券研究报告 2024 年 08 月 21 日 20240821 市场复盘：市场缩量震荡，锂电池概念领涨 报告要点： 2024 年 8 月 21 日市场缩量震荡，锂电池概念领涨。上证指数下跌 0.35%，深证成指下跌 0.28%，创业板指下跌 0.60%。市场成交额 5126.85 亿元，较上一交易日减少 485.04 亿元。全市场 1848 只个股上涨，3234 只 个股下跌。 风格上看，稳定、周期、金融消费和成长风格均出现下跌，其中消费风 格跌幅最显著；基金非重仓股指数表现优于基金重仓股；成长股表现优于价 值股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：有色金 属（0.96%），汽车（0.23%），电子（0.11 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Viewpoints - The company experienced a slight decline in revenue and a significant drop in net profit due to increased investments in AI technology, which has led to higher server costs [2]. - The company is enhancing its multi-modal AI capabilities, which are being integrated into various product applications, thereby improving user experience and expanding product functionalities [3]. - The government and enterprise business segment has shown significant growth, with a 46% year-on-year increase in revenue, reflecting improved service quality and customer satisfaction [4]. - The company is positioned as a leading digital creative enabler, with substantial growth potential in the AIGC (AI-Generated Content) sector [5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 705 million yuan, a year-on-year decrease of 1.80%, and a net profit of 24.49 million yuan, down 43.99% [2]. - The gross margin for the main business was 93.88%, a decline of 1.51 percentage points compared to the previous year [2]. - The company’s R&D investment reached 209 million yuan, an increase of 8.55% year-on-year, with R&D personnel accounting for approximately 54% of the total workforce [3]. - Revenue projections for 2024-2026 have been adjusted to 1.627 billion, 1.857 billion, and 2.090 billion yuan, respectively, with net profit forecasts of 95.16 million, 122.21 million, and 165.53 million yuan [5][7]. Market Position and Strategy - The company is actively exploring B-end business opportunities and has established strategic partnerships with major enterprises, enhancing its market recognition and potential [4]. - The company has successfully integrated over 100 AI algorithms into its products, significantly improving the quality and capabilities of its offerings [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a total revenue of 7.544 billion yuan in H1 2024, representing a year-on-year increase of 9.42%, with a net profit attributable to shareholders of 803 million yuan, up 9.17% [3] - The growth in revenue is primarily driven by the strong performance of frozen prepared foods, which saw a year-on-year increase of 21.86% in H1 2024 [3] - The company has a dividend payout ratio of 57.50% for H1 2024, with a proposed cash dividend of 1.38 yuan per share [3] Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: frozen prepared foods (3.833 billion yuan, +21.86%), frozen dishes (2.208 billion yuan, +0.40%), and frozen noodle products (1.291 billion yuan, +1.37%) [3] - The company experienced a decline in revenue from other categories, such as agricultural products (-27.08%) and leisure foods (-94.48%) due to a shift to ambient food business [3] Regional Performance - Revenue growth was robust in the Southwest and overseas regions, with increases of 27.04% and 37.34% respectively in H1 2024 [3] - The revenue from East China, North China, and South China also showed positive growth, while some regions like Northeast and Northwest experienced slight declines [3] Channel Performance - The company’s revenue from various sales channels in H1 2024 included: distributors (6.113 billion yuan, +12.42%), supermarkets (431 million yuan, -3.03%), and new retail channels (327 million yuan, +27.32%) [3] - The new retail channel showed significant growth, indicating a shift in consumer purchasing behavior [3] Profitability Metrics - The gross margin improved by 1.81 percentage points to 23.91% in H1 2024, driven by an increase in the proportion of high-margin frozen prepared foods [3] - The net profit margin for H1 2024 was 10.64%, slightly down by 0.02 percentage points year-on-year due to increased management expenses and reduced government subsidies [3] Financial Projections - The company is projected to achieve net profits of 1.633 billion yuan, 1.878 billion yuan, and 2.096 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.51%, 14.99%, and 11.57% [3][4] - The price-to-earnings (P/E) ratios for the company are expected to be 13, 12, and 10 times for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company's H1 2024 revenue reached 10.147 billion yuan, a year-on-year increase of 21%, while the net profit attributable to shareholders was 2.096 billion yuan, a decrease of 4.97% year-on-year [2][9] - The decline in profit margins is attributed to increased operating expenses and a decrease in the gross margin of the materials business, particularly due to the impact of domestic quartz sand demand and the influx of imported quartz sand [2][9] - The company is expected to benefit from the recognition of its fifth-generation single crystal furnace and intelligent integrated equipment, as well as the rapid growth of its materials business [3][12] Financial Performance - In H1 2024, the company's gross margin was 37%, down 5.65 percentage points year-on-year, and the net profit margin was 23.54%, down 6.46 percentage points year-on-year [2][9] - The equipment and service business generated revenue of 7.37 billion yuan, up 20.6% year-on-year, while the materials business generated revenue of 2.37 billion yuan, up 25.7% year-on-year [2][9] - The company forecasts net profits of 5.712 billion yuan and 6.869 billion yuan for 2024 and 2025, respectively, with a projected PE ratio of 5.8X for 2024, indicating a historically low valuation [3][12] Business Segments - In the semiconductor equipment sector, the company has achieved breakthroughs in the domestic production of 8-12 inch silicon wafer equipment and has a leading market share in domestic long crystal equipment [10] - The company continues to innovate in the photovoltaic equipment sector, launching highly automated products that help customers reduce costs and improve efficiency [10] - In the materials sector, the company has established a leading position in high-quality large-size quartz crucibles and is expanding its production capacity in the diamond wire sector [10]

Investment Rating - Buy | Maintain [2] Core Viewpoints - 24H1 performance exceeded expectations with a 47% YoY increase in net profit attributable to the parent company [3] - Revenue for 24H1 reached RMB 2.54 billion, a 58.21% YoY increase, with net profit attributable to the parent company at RMB 983 million, up 47.41% YoY [3] - Adjusted net profit for 24H1 was RMB 1.027 billion, a 51.77% YoY increase [3] - Gross margin for 24H1 was 82.4%, down 1.74 percentage points YoY due to product expansion and increased sales costs [3] - Sales expense ratio for 24H1 was 35.11%, up 0.54 percentage points YoY, driven by rapid expansion of online direct sales channels [3] - Management expense ratio for 24H1 was 2.58%, down 0.37 percentage points YoY, while R&D expense ratio was 1.92%, down 0.2 percentage points YoY [3] Brand and Channel Performance - Kefumei brand revenue for 24H1 was RMB 2.071 billion, a 68.6% YoY increase, driven by the star product "Collagen Stick" and new product "Focus Series" [4] - Kelijing brand revenue for 24H1 was RMB 396 million, a 23.6% YoY increase, with new products like "Collagen Eye Cream" and "Collagen Face Cream" contributing to growth [4] - Direct sales channels accounted for 72.4% of total revenue in 24H1, with DTC online direct sales contributing 63.1%, a 64.1% YoY increase [4] - Distribution channels accounted for 27.6% of total revenue, up 34.4% YoY [4] - Online sales on platforms like Tmall and Douyin grew rapidly, with Kefumei and Kelijing achieving over 60% and 100% growth respectively during the 618 shopping festival [4] - Offline channels covered approximately 1,500 public hospitals, 2,700 private hospitals and clinics (200 more than in 2023), 650 chain pharmacies, and around 6,000 CS/KA stores [4] - The company opened about 10 new stores in key cities like Xi'an, Chongqing, and Chengdu, and launched its first flagship store in June [4] Production and Expansion - The company added one new production line each for cosmetics and medical devices in 24H1 [4] - A new medical device factory is expected to be operational within the year [4] Financial Forecast - The company is expected to achieve net profit attributable to the parent company of RMB 1.951 billion, RMB 2.435 billion, and RMB 2.957 billion for 2024, 2025, and 2026 respectively [5] - The corresponding P/E ratios are 19x, 16x, and 13x for 2024, 2025, and 2026 respectively [5] Industry Position - The company is a leader in collagen-based professional skin care products in China, with a strong focus on R&D and a portfolio of eight consumer brands [5]