[Table_Index] 主要数据： 上证综指： 2866.66 深圳成指： 8252.87 沪深 300： 3332.70 中小盘指： 3057.05 创业板指： 1567.97 [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 20 日 [Table_Title] 每日复盘 证券研究报告 20240820 市场复盘：三大指数齐落，周期风格跌幅明显 报告要点： 2024 年 8 月 20 日三大指数齐落，周期风格跌幅明显。上证指数下跌 0.93%，深证成指下跌 1.24%，创业板指下跌 1.34%。市场成交额 5611.89 亿元，较上一交易日减少 120.87 亿元。全市场 668 只个股上涨，4590 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，其中周期风 格跌幅最显著；基金重仓股指数表现与基金非重仓股持平；成长股表现劣于 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：银行 （0.31 ...

[Table_Invest]增持|维持 [Table_TargetPrice] [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 金徽酒(603919)公司点评报告 2024 年 08 月 20 日 [Table_Title] 省内基本盘稳固，省外经销商拓展加速 ——金徽酒 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 17.54 亿元（+15.17%），归 母净利 2.95 亿元（+15.96%），扣非归母净利 3.02 亿元（+19.08%）。2024Q2， 公司实现总收入 6.78 亿元（+7.73%），归母净利 0.74 亿元（+1.88%），扣非 归母净利 0.80 亿元（+10.56%）。 省内收入增速领先，H1 末省外经销商数量同比+30.34% 1）H1 公司 300 元以上产品同比+44.71%。2024H1，公司 300 元以上、100- 300 元、100 元以下产品收入分别为 3.13、8.90、5.22 亿元，同比+44.71%、 +14.97%、+1.77%，24Q2 收 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's H1 2024 performance is impressive, with revenue reaching 12.09 billion yuan, a year-on-year increase of 36.50%, and net profit attributable to shareholders reaching 1.367 billion yuan, a year-on-year increase of 792.79% [3][7] - The company is actively expanding into high-end smartphone and automotive electronics markets, with significant growth in its image sensor business [8][9] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 12.09 billion yuan, up 36.50% year-on-year, and net profit of 1.367 billion yuan, up 792.79% year-on-year. The gross margin and net margin were 29.14% and 11.26%, respectively [3][7] - For Q2 2024, revenue was 6.448 billion yuan, a year-on-year increase of 42.55%, and net profit was 808 million yuan, a year-on-year increase of 1869.21% [7] Product Segments - The image sensor business is the core segment, with H1 2024 revenue of 9.312 billion yuan, a year-on-year increase of approximately 49.90%, accounting for about 77.15% of total revenue. The smartphone CIS segment generated 4.868 billion yuan, up 78.51% year-on-year [8] - In the automotive electronics sector, H1 2024 revenue from automotive CIS reached 2.914 billion yuan, a year-on-year increase of approximately 53.06%, accounting for about 31% of CIS revenue [9] Market Outlook - The company is well-positioned to capture market share in high-end smartphone brands and automotive electronics, driven by the increasing demand for advanced image sensors and the growth of autonomous driving applications [8][9] - The company forecasts net profits of 3.326 billion yuan and 4.506 billion yuan for 2024 and 2025, respectively, with a target price of 126 yuan per share based on a 34x valuation [3][8]

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating expected stock performance to outperform the benchmark index by more than 15% over the next six months [7]. Core Insights - Hikvision's business continues to develop steadily, with innovative business segments growing rapidly. The company reported a total revenue of 41.209 billion yuan for the first half of 2024, a year-on-year increase of 9.68%. The net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan, while the net profit excluding non-recurring items increased by 4.11% to 5.243 billion yuan [2][5]. Summary by Sections Financial Performance - In the first half of 2024, Hikvision achieved total revenue of 41.209 billion yuan, up 9.68% year-on-year. The gross profit margin remained stable at 45.05%. Domestic revenue from three business groups (BG) totaled 18.971 billion yuan, a slight decline of 0.26%. The overseas business generated revenue of 11.441 billion yuan, an increase of 15.46%, while innovative business revenue reached 10.328 billion yuan, growing by 26.13% [2][3]. Business Segments - The report highlights a shift in revenue structure within the domestic market, with the public security sector's contribution to PBG revenue declining. However, traffic management and government business revenues are increasing. The EBG business continues to grow in various sectors, while overseas revenue is primarily driven by developing countries, which now contribute approximately 70% of international sales [3][4]. Research and Development - Hikvision has increased its R&D investment to 5.698 billion yuan in the first half of 2024, a year-on-year growth of 7.81%. Innovative business now accounts for 25% of total revenue, with significant market presence in various verticals. The company aims to enhance its competitive edge in scene digitalization [4][5]. Profit Forecast and Valuation - The report forecasts Hikvision's revenue for 2024-2026 to be 98.085 billion, 107.253 billion, and 116.664 billion yuan, respectively. The adjusted net profit estimates for the same period are 15.268 billion, 16.973 billion, and 18.689 billion yuan, with corresponding EPS of 1.65, 1.84, and 2.02 yuan per share. The projected P/E ratios are 16.15, 14.53, and 13.20 times [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company benefited from the sales growth of Chery, with a significant increase in the proportion of its parts business [2]. - The manufacturing equipment business has seen a continuous increase in orders, with a backlog of 3.93 billion yuan, up 14.95% from the previous year [2]. - The lightweight parts business is entering a rapid growth phase, contributing 22.97% to total revenue in the first half of 2024, an increase of 14.28 percentage points year-on-year [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.121 billion yuan, a year-on-year increase of 30.45%, and a net profit attributable to shareholders of 162 million yuan, up 79.35% [1]. - For Q2 2024, revenue reached 615 million yuan, a year-on-year increase of 29.46% and a quarter-on-quarter increase of 21.70% [1]. Business Segments - The manufacturing equipment segment has improved in technical development, delivery capability, market expansion, and customer service, leading to a strong order intake [2]. - The lightweight parts segment has ramped up production capacity significantly in 2024, with revenue from automotive parts reaching 257 million yuan in the first half of 2024 [2]. Market Outlook - Chery's vehicle sales from January to July 2024 reached 1,296,380 units, a year-on-year increase of 45.4%, with electric vehicle sales growing by 193.7% [2]. - The company is expected to continue benefiting from Chery's sales growth, with increasing revenue from major clients [2]. Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 2.667 billion yuan, 3.405 billion yuan, and 4.164 billion yuan, respectively, with net profits of 325 million yuan, 391 million yuan, and 489 million yuan [3]. - The estimated earnings per share for the same years are 1.55 yuan, 1.87 yuan, and 2.34 yuan, with corresponding P/E ratios of 17.17, 14.30, and 11.42 [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a total revenue of 1.663 billion yuan in H1 2024, a decrease of 4.59% year-on-year, while the net profit attributable to the parent company was 198 million yuan, an increase of 10.28% [2]. - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of 62.74% [2]. - The company added 103 new stores in H1 2024, with positive revenue growth in Central China, Southwest, North China, and South China regions [2]. Financial Performance - In H1 2024, the company's revenue from fresh goods, pre-packaged and other products, packaging materials, franchise fees, store management fees, and information system usage fees were 1.386 billion, 176 million, 42 million, and 33 million yuan respectively, with year-on-year changes of -6.48%, +4.11%, +5.47%, and +7.32% [2]. - The gross profit margin increased by 3.66 percentage points year-on-year to 24.79% in H1 2024, primarily due to declining costs [2]. - The company expects net profits attributable to the parent company to be 362 million, 408 million, and 456 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 9.04%, 12.94%, and 11.58% [2][3]. Store Performance - The company had a total of 6,308 stores by the end of H1 2024, with 6,279 being franchise stores and 29 being direct stores, reflecting a year-on-year increase of 2.79% in total store count [2]. - The revenue from direct stores and franchise stores in H1 2024 was 138.7 million and 3.2 million yuan respectively, with year-on-year changes of -8.42% and +3.64% [2]. Regional Performance - Revenue growth was positive in Central China, Southwest, North China, and South China, with year-on-year increases of 0.54%, 3.63%, 13.33%, and 7.23% respectively in H1 2024 [2].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 迎驾贡酒(603198)公司点评报告 2024 年 08 月 20 日 [Table_Title] Q2 业绩增 28%，产品结构继续升级 ——迎驾贡酒 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 37.85 亿元，同比+20.44%， 归母净利 13.79 亿元，同比+29.59%，扣非归母净利 13.66 亿元，同比 +32.65%。24Q2，公司实现总营收 14.61 亿元，同比+19.04%，归母净利 4.66 亿元，同比+27.96%，扣非归母净利 4.64 亿元，同比+32.53%。 产品结构持续升级，省内外稳健增长 1）中高档白酒收入占比持续提升。24Q2，公司中高档白酒/普通白酒分别 实现收入 10.69/3.13 亿元，同比分别+24.95%/+6.50%，中高档白酒收入占 主营业务收入的比重同比+2.92pct 至 77.35%。 2）省内外均稳健增长。24Q2，公司省内/省外分别实现收入 9.16/4.65 亿 元，同比分别+22.88%/+ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has achieved steady growth in performance, driven by strong demand in the mining industry and favorable national policies [2][3] - The company is actively expanding its mining business, with revenue from this segment reaching 225 million yuan, a year-on-year increase of 15.56% [2] - The company plans to issue shares to specific investors, which will increase the controlling shareholder's stake from 15.42% to 21.43%, signaling confidence in future development [4] Financial Performance - In the first half of 2024, the company reported operating revenue of 232 million yuan, a year-on-year increase of 15.15%, and a net profit attributable to shareholders of 32.21 million yuan, up 13.62% [2] - The company's net profit forecast for 2024-2026 is projected to be 66.83 million yuan, 88.11 million yuan, and 113.12 million yuan, respectively, with corresponding EPS of 0.22, 0.29, and 0.37 yuan per share [5][7] Industry Outlook - National policies are increasingly focused on promoting intelligent mining, with goals set for 2026 and 2030 to enhance safety and efficiency in the mining sector [3] - The company is positioned to benefit from these trends, leveraging its capabilities in smart mining products and services [5] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 47.71, 35.65, and 27.77, respectively, indicating a favorable growth outlook [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company demonstrated strong operational resilience with continued growth both domestically and externally, achieving a total revenue of 7.305 billion yuan in H1 2024, representing a year-on-year increase of 22.35% [2]. - The growth was primarily driven by products priced over 100 yuan, which accounted for 94.67% of the main business revenue, showing a slight increase of 0.76 percentage points year-on-year [2]. - The company’s net profit for H1 2024 reached 2.461 billion yuan, up 20.08% year-on-year, with a net profit margin of 33.70% [3]. Summary by Sections Revenue and Growth - In H1 2024, the company achieved total revenue of 73.05 billion yuan, with a net profit of 24.61 billion yuan. In Q2 2024, revenue was 26.34 billion yuan, reflecting a growth of 21.52% year-on-year [2]. - Revenue from various product categories in H1 2024 was as follows: Special A+ category: 4.654 billion yuan (+21.91%), Special A category: 2.216 billion yuan (+26.05%), A category: 258 million yuan (+14.32%), B category: 82 million yuan (-2.32%), C category: 44 million yuan (-8.14%) [2]. - Revenue growth was consistent across regions, with notable increases in the Suzhong region (32.91%) and the province outside (36.39%) [2]. Profitability and Cost Management - The company maintained stable profitability with a slight decrease in gross margin to 73.79% in H1 2024, down 0.69 percentage points year-on-year. The net profit margin was 33.70%, down 0.63 percentage points [3]. - The expense ratios for sales, management, R&D, and financial costs were optimized, with the sales expense ratio decreasing by 1.44 percentage points year-on-year [3]. Financial Forecast - The company is projected to achieve net profits of 3.824 billion yuan, 4.633 billion yuan, and 5.604 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 21.94%, 21.16%, and 20.96% [4][5]. - The corresponding price-to-earnings ratios (P/E) for these years are estimated at 14, 11, and 9 times, respectively, based on a market capitalization of 51.7 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved steady revenue growth with a 17.14% year-on-year increase, reaching 497 million yuan in the first half of 2024. However, the net profit attributable to shareholders decreased by 16.81% to 83 million yuan [2] - The smart mining monitoring system showed significant performance, generating 225 million yuan in revenue, a 58.31% increase year-on-year [2] - The report highlights the ongoing development of the smart mining industry driven by supportive government policies, aiming for a substantial increase in intelligent mining capacity by 2026 [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 497 million yuan, a 17.14% increase year-on-year, while the net profit attributable to shareholders was 83 million yuan, down 16.81% [2] - The overall gross margin was 42.80%, a decrease of 4.25 percentage points year-on-year [2] - Revenue breakdown: - Smart mining monitoring system: 225 million yuan, up 58.31% - Smart mining communication system: 176 million yuan, up 6.90% - Smart mining equipment: 58 million yuan, down 16.10% - Smart mining centralized control system: 38 million yuan, down 21.43% [2] Industry Development - The report notes that multiple industry policies have been released in 2024, providing clear guidelines for intelligent mining construction [3] - By 2026, the goal is for intelligent mining capacity to account for no less than 60% of total capacity, with a significant increase in the number of intelligent working faces [3] Research and Development - The company invested 68.33 million yuan in R&D in the first half of 2024, representing 13.73% of its revenue, with 340 R&D personnel making up 35.71% of the total workforce [4] - Progress in the unmanned driving project for mining areas is noted, with successful bids for key projects [4] Earnings Forecast - The revenue forecasts for 2024-2026 have been adjusted to 1.218 billion, 1.498 billion, and 1.815 billion yuan, respectively, with net profit forecasts of 245 million, 287 million, and 329 million yuan [5] - The report projects an EPS of 1.86, 2.18, and 2.50 yuan per share for the same period, with corresponding P/E ratios of 14.64, 12.51, and 10.93 [5]