[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 天味食品(603317)公司点评报告 2024 年 09 月 06 日 [Table_Title] 中报业绩增 19%，中式菜品调料韧性强 ——天味食品 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 14.68 亿元，同比+2.95%，归 母净利 2.47 亿元，同比+18.79%，扣非归母净利 2.10 亿元，同比+17.68%。 24Q2，公司实现总营收 6.14 亿元，同比-6.80%，归母净利 0.71 亿元，同比10.90%，扣非归母净利 0.63 亿元，同比+6.07%。 二季度收入短期承压，中式菜品调料持续增长 1）中式菜品调料增速领先。24H1，公司火锅调料/中式菜品调料/香肠腊肉调料 / 其 他 产 品 分 别 实 现 收 入 4.91/8.87/0.33/0.54 亿 元 ， 同 比 分 别 - 10.15%/+11.62%/+21.43%/-0.43%。 24Q2，公司火锅调料/中式菜品调料/其他 产品分别实现收入 1.98/3.92/0.24 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has achieved significant revenue growth, with a 29.6% year-on-year increase in revenue for the first half of 2024, reaching 920 million yuan, driven by strong sales in anti-infection and chronic disease products [1]. - The company has reported a net profit of 75.59 million yuan for the first half of 2024, marking a turnaround with consecutive quarters of profitability [1]. - The company is focusing on cost management, resulting in improved profitability, with a notable reduction in management expenses by 6.2% year-on-year [1]. - The company is expected to experience a growth phase in its innovative transformation, with projected revenue growth rates of 13.03%, 20.90%, and 18.98% for 2024-2026 [1]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 920 million yuan, with a net profit of 75.59 million yuan and a non-recurring net profit of 55.14 million yuan [1]. - The revenue breakdown shows that the anti-infection segment generated 260 million yuan (up 132.31% year-on-year), while the chronic disease segment reached 160 million yuan (up 60.2% year-on-year) [1]. - The company has submitted a new drug application for an EGFR third-generation inhibitor for first-line treatment of non-small cell lung cancer, which was accepted by the National Medical Products Administration in August 2024 [1]. - The company’s operating costs increased by 22.0% year-on-year to 170 million yuan, while sales expenses rose by 22.7% to 520 million yuan, both growing slower than revenue [1]. - Research and development expenses decreased significantly from 330 million yuan to 180 million yuan (down 44.2% year-on-year) due to the completion of major clinical trials [1]. Earnings Forecast - The company is projected to achieve net profit growth rates of 122.85%, 120.45%, and 122.48% for the years 2024-2026, with corresponding earnings per share (EPS) of 0.04, 0.08, and 0.18 yuan per share [2].

Investment Rating - Maintains a "Buy" rating with a target price of 11.41 yuan [5] Core Views - The company achieved revenue of 3.4 billion yuan in H1 2024, a YoY increase of 15.1%, driven by new domestic capacity and overseas market expansion [1] - Net profit attributable to shareholders was 763.38 million yuan, a slight YoY decrease of 1.6%, while non-GAAP net profit rose 10.7% YoY to 548.37 million yuan [1] - Q2 2024 revenue grew 17.8% YoY and 16.7% QoQ to 1.8 billion yuan, with net profit attributable to shareholders increasing 0.7% YoY and 59.0% QoQ to 468.58 million yuan [1] - Overseas market revenue reached 621.409 million yuan, a 44.9% YoY increase, accounting for 18.26% of total revenue [2] - The company is expected to achieve revenue growth of 23.04%, 23.01%, and 21.09% in 2024, 2025, and 2026, respectively, with net profit growth of 27.68%, 24.26%, and 23.41% [2] R&D and Product Development - The company continues to invest heavily in R&D, focusing on projects such as the "Wild Mouse Plan," "Germ-Free and Gnotobiotic Mouse Plan," "Spot Mouse Plan," and "Drug Screening Mouse Plan" [2] - Over 25 wild mouse strains have been launched, with more than 100 strains in the pipeline, expected to complete initial screening of 80-100 strains by 2024 [2] - The "Spot Mouse Plan" has completed over 20,000 strains, with more than 200 new strains added in the reporting period, covering research areas such as tumors, metabolism, and immunology [2] - The "Drug Screening Mouse Plan" has nearly 600 strains on the market, covering most reported druggable targets [2] Financial Projections - Revenue is projected to reach 7.6557 billion yuan in 2024, 9.4173 billion yuan in 2025, and 11.4037 billion yuan in 2026 [4] - Net profit attributable to shareholders is expected to be 2.029 billion yuan in 2024, 2.5211 billion yuan in 2025, and 3.1113 billion yuan in 2026 [4] - EPS is forecasted at 0.49 yuan, 0.61 yuan, and 0.76 yuan for 2024, 2025, and 2026, respectively [4] - ROE is expected to improve from 9.02% in 2024 to 11.55% in 2026 [4] Market Performance - The stock price has shown significant volatility over the past year, with a 45% decline at its lowest point and a 24% increase at its peak [6] - The current P/E ratio is 23.06x for 2024, expected to decrease to 15.04x by 2026 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][4] Core Views - The company's profitability is improving, with a focus on the orderly advancement of innovative drug clinical trials [2][3] - In the first half of 2024, the company achieved revenue of 434 million yuan, a year-on-year increase of 3.55%, and a net profit attributable to the parent company of 122 million yuan, a year-on-year increase of 26.74% [2] - The company is advancing its innovative drug pipeline, including the antidepressant JJH201501, which is currently in Phase III clinical trials, and the anti-tumor drug JJH201601, which is undergoing Phase I clinical trials [3] Financial Performance Summary - In the first half of 2024, the operating cost was 44.9 million yuan, a decrease of 3.36% year-on-year, while sales expenses were 197 million yuan, down 1.70% year-on-year [3] - The company expects revenue growth rates of 17.95%, 21.34%, and 21.38% for 2024-2026, with net profit growth rates of 21.88%, 24.23%, and 23.47% for the same period [4] - The earnings per share (EPS) are projected to be 1.36 yuan, 1.69 yuan, and 2.08 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 15.16, 12.20, and 9.88 [4]

Investment Rating - The report assigns a "Buy" rating for AVIC Shenyang Aircraft Corporation (600760) [10]. Core Views - The company is experiencing steady improvement in profitability, with ongoing cost reduction and efficiency enhancement efforts [3]. - The operational plan for the year is progressing smoothly, with significant completion rates for both revenue and net profit against annual targets [4]. - The company focuses on high-quality development in the aviation manufacturing sector, maintaining a stable revenue contribution from aviation products [5]. - As a key player in China's aviation industry, the company is advancing its defense equipment business and has made significant strides in developing next-generation aircraft [6]. - The company is a major supplier for the C919 aircraft project, positioning itself to benefit from the growing demand in the civil aviation market [9]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 21.625 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders was 1.618 billion yuan, an increase of 8.39% [3]. - The company's operating expenses ratio was 3.25%, an increase of 0.88 percentage points year-on-year, with R&D expenses rising significantly [3][9]. - The company completed 42.38% of its annual revenue target and 42.93% of its net profit target by the end of Q2 2024 [4]. R&D and Market Position - R&D expenses increased by 38.73% year-on-year, reflecting the company's commitment to enhancing core technologies and maintaining a competitive edge [9]. - The company has seen a steady increase in technical personnel, indicating a strong focus on talent development [9]. - The civil aviation market is projected to receive 9,284 aircraft over the next 20 years, with the company positioned to capture a significant share of this market [9]. Future Outlook - The company is expected to achieve net profits of 3.401 billion yuan, 4.010 billion yuan, and 4.751 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23 yuan, 1.46 yuan, and 1.72 yuan [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.49 CNY over a 6-month period [3][8]. Core Insights - The company reported a slight revenue increase of 2.09% year-on-year, reaching 7.978 billion CNY in H1 2024, while net profit decreased by 35.09% to 393 million CNY [1]. - The gross margin for H1 2024 was 25.70%, a decrease of 0.48 percentage points compared to the previous year, and the expense ratio increased to 19.28%, up by 1.99 percentage points [1]. - The company is strategically focusing on multiple sectors, including renewable energy, electric transportation, and low-altitude economy, positioning itself as a leader in electric aviation [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 7.978 billion CNY, with a net profit of 393 million CNY, reflecting a year-on-year decline of 35.09% [1]. - The report forecasts revenues of 17.084 billion CNY, 18.739 billion CNY, and 20.475 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 929 million CNY, 1.074 billion CNY, and 1.218 billion CNY [2][7]. Business Strategy - The company is diversifying its product offerings across various sectors, including industrial motors, consumer electronics, and electric transportation, while enhancing its position in the renewable energy market [1]. - The focus on low-altitude economy aligns with national strategic initiatives, and the company has been developing advanced electric motor products for urban air transport since 2019 [1]. Market Position - The company is actively participating in the formulation of standards for electric propulsion systems in aviation, which is expected to create regulatory barriers that favor its market position [1]. - The report highlights the company's commitment to innovation and efficiency improvements in its product lines, particularly in HVAC, home appliances, and electric vehicles [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.45 yuan over a 6-month period [5][12]. Core Insights - The company reported a revenue of 172 million yuan in H1 2024, a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million yuan due to pressures in downstream markets such as industrial and intelligent robots [2]. - The company is focusing on the rapid development of intelligent robots, which is expected to drive demand for harmonic reducers, with the global market for humanoid robots projected to exceed 20 billion USD by 2030 [3]. - The company is optimizing its product structure and expanding its mechatronic products into new applications, achieving international advanced levels in technology [4]. Financial Performance - Revenue projections for 2024-2026 are estimated at 410 million, 511 million, and 690 million yuan, respectively, with net profits expected to be 94 million, 113 million, and 147 million yuan [5]. - The company’s expense ratios have increased, with a period expense ratio of 22.53% in H1 2024, up 12.01 percentage points year-on-year, primarily due to overseas business expansion [2]. - The research and development expense ratio stands at 14.46%, reflecting the company's commitment to innovation [2].

[Table_Title] 每日复盘 证券研究报告 20240905 市场复盘：沪指缩量反弹，数字货币概念股掀 涨停潮 报告要点： 2024 年 9 月 5 日沪指缩量反弹，数字货币概念股掀涨停潮。上证指数上 涨 0.14%，深证成指上涨 0.28%，创业板指上涨 0.65%。市场成交额 5368.77 亿元，较上一交易日减少 246.90 亿元。全市场 3946 只个股上涨， 1170 只个股下跌。 风格上看，周期、消费、成长、稳定和金融风格均出现上涨，其中消费 风格涨幅最明显；非基金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上涨；表现相对靠前的是：综合金融 （2.83%），传媒（2.49%），房地产（2.19%）；表现相对靠后的是：煤炭 （-1.43%），家电（-1.00%），石油石化（-0.77%）。概念板块方面，多数概 念板块上涨，高送转、数字货币、数据安全等大幅上涨；钠离子电池、中船 系、煤炭开采精选等板块走低。 资金筹码方面，主力资金 9 月 5 日净流出 19.78 亿元。其中超大单净流 入 18.19 亿元，大单净流出 37.97 亿元，中单资金净 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][7][9] Core Views - The company's core business is operating steadily, with a 4% year-on-year revenue growth in Q2 2024, despite a slight decline in H1 revenue [1] - The company achieved a total revenue of 40.25 billion yuan in H1 2024, a decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 2.99 billion yuan, down 27.22% year-on-year [1][3] - The educational publishing segment is developing steadily, with a significant increase in the sales of educational materials and digital platforms [2] Financial Performance - In H1 2024, the company reported revenues from various segments: publishing (3.19 billion yuan), logistics (0.487 billion yuan), and printing (0.26 billion yuan), with respective year-on-year changes of -4.37%, -1.69%, and +27.72% [2] - The overall gross profit margin across different business segments is improving, with educational publishing achieving a gross margin of 30.9% [2] - The company expects net profits for 2024-2026 to be 9.57 billion yuan, 10.29 billion yuan, and 11.00 billion yuan, respectively, with corresponding EPS of 1.07, 1.15, and 1.23 yuan [3][4] Business Segments - The educational materials and digital education services are expected to contribute to revenue growth, with the digital platform covering 99.3% of schools in the province [2] - The company successfully completed the unified supply of textbooks for the spring semester, with over 223 million copies supplied [2] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 12x, 11x, and 10x, respectively [3][4] - The company’s total market capitalization is approximately 11.09 billion yuan [5]

[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 源杰科技(688498)公司点评报告 2024 年 09 月 05 日 [Table_Title] CW 光源产品批量出货，电信侧市场回暖 ——源杰科技(688498)2024 年中报点评 事件： [Table_Summary] 8 月 29 日晚间，源杰科技发布 2024 年中期报告。2024H1，公司实现营业 收入 1.20 亿元，同比 95.96%；实现归母净利润 0.11 万元，同比下降 44.56%。 其中，2024Q2，公司实现收入 0.60 亿元，同比 127.07%，环比 0.05%；归 母净利润 0.002 亿元。 点评： 光电半导体材料稳步放量，盈利能力大幅改善 收入端，电信及数据中心侧收入均同比高增。1）电信侧公司实现收入 1.10 亿元，同比 94.61%。主要系市场恢复，加之产品线进一步丰富，传统的 2.5G 和 10G DFB 订单需求回暖；10G EML 产品进一步在客户侧推广，订单相 较于去年同期大幅提升。2）数据中心侧公司实现收入 1,049.25 万元，较上 年同期上升 111.27%。主要 ...