[Table_Main] 证券研究报告 行业研究|深耕安徽 2024 年 08 月 10 日 [Table_Title] 电动智能"飞轮"加速，优势集聚"汽"势磅礴 ——"深耕安徽"专题系列报告之汽车篇 [Table_Summary] 报告要点： 聚焦安徽十年跨越式发展，我们推出《"深耕安徽"系列专题报告》，为企 业家解读安徽省产业政策规划、为投资人挖掘产业投资机遇、为政府机构 梳理产业链上下游关键节点。作为行业篇的首篇报告，本文从政策与产业视 角复盘产业变迁，总结安徽省智能电动汽车产业高速发展的规律和趋势，挖 掘安徽省智能电动产业优质企业。 六十年深耕积累，引领新能源汽车转型，铸造中国汽车产业新高地 安徽汽车产业起步于上世纪 60 年代，在本土"一乘一商"的积极探索 下，持续积累产业资源。进入 21 世纪后在自主品牌及新能源汽车大发 展的背景下，借助产业机遇和政府引导开启加速发展道路。2000 年至 2023 年期间，安徽汽车产量从 5.7 万辆跨越至 208.8 万辆年均复合增 长率达 16.9%；2024 年上半年，安徽省在分省市生产份额排名中已仅 次于广东与重庆两地，跃升至全国第三名。2023 年安徽 ...

Economic Indicators - China's July CPI increased by 0.5% year-on-year, up 0.3 percentage points from the previous month, primarily driven by pork prices[1] - PPI may have reached a peak, with global credit tightening impacting commodity cycles and inflation data showing underlying downward pressure[1] Bond Market Insights - The bond market is influenced by non-fundamental factors, including recent self-regulatory investigations of banks and risks highlighted in the central bank's monetary policy report[1] - It is recommended to maintain medium to short-duration bonds while being cautious with long-term bonds due to liquidity constraints[2] U.S. Monetary Policy Outlook - The possibility of a U.S. rate cut in September remains uncertain, with the Fed tightening its monetary policy, indicating a potentially overheated economy[1] - The gap between the RMB midpoint and spot rates suggests efforts to stabilize the exchange rate amid uncertainties regarding interest rate differentials[1] Market Performance and Recommendations - The equity market is expected to show limited performance at the index level, with a focus on sectors like semiconductors and environmental protection[2] - The commodity cycle may be entering a downward trend, leading to a gradual move towards deflation globally[2] Key Market Data - Shanghai Composite Index: 2862.19[2] - Shenzhen Component Index: 8393.70[2] - CSI 300 Index: 3331.63[2] - Small and Medium-sized Enterprises Index: 3128.17[2] - ChiNext Index: 1595.64[2]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [8] Core Views - In H1 2024, Guizhou Moutai achieved total revenue of 83.451 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 41.696 billion yuan, up 15.88% year-on-year [2] - The company plans to distribute cash dividends amounting to no less than 75% of the annual net profit for the years 2024-2026, with distributions occurring twice a year [2] - The growth in wholesale channel revenue was significant, while direct sales remained stable [2] Summary by Sections Financial Performance - In Q2 2024, total revenue reached 36.966 billion yuan, reflecting a year-on-year growth of 16.95%, with net profit at 17.630 billion yuan, up 16.10% year-on-year [2] - Revenue from Moutai liquor and series liquor in H1 2024 was 68.567 billion yuan and 13.147 billion yuan, respectively, with year-on-year growth of 15.67% and 30.51% [2] - The company reported a stable gross margin of 91.91% in H1 2024, with a slight decline in net margin to 51.74% [2] Revenue Channels - In H1 2024, direct sales and wholesale channel revenues were 33.728 billion yuan and 47.986 billion yuan, showing year-on-year increases of 7.35% and 26.50% respectively [2] - The number of domestic and international distributors remained stable at 2,097 and 106, with a net increase of 17 distributors since the beginning of the year [2] Production and Inventory - The production of base liquor for Moutai and series liquor in H1 2024 was 39,100 tons and 22,700 tons, representing a year-on-year decrease of 12.33% and 5.42% respectively [2] - Contract liabilities at the end of H1 2024 increased to 9.993 billion yuan, a year-on-year growth of 36.25% [2] Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 86.334 billion yuan, 98.994 billion yuan, and 111.963 billion yuan, with growth rates of 15.52%, 14.66%, and 13.10% respectively [2][10]

Investment Rating - The report gives a "Buy" investment rating for the company [5] Core Viewpoints - The company, founded in 1582, is a well-established "Chinese Time-honored Brand" specializing in traditional Chinese medicine, particularly in the field of anorectal health [12][14] - The company has shown steady revenue growth, with Q1 2024 revenue reaching 955 million yuan, a year-on-year increase of 14.70%, and a net profit of 198 million yuan, up 5.36% year-on-year [5][14] - The company is focusing on optimizing its distribution channels and enhancing operational efficiency, which is expected to drive revenue growth in the future [5][34] Summary by Sections Company Overview - The company has a long history of 440 years and has diversified its business into three main segments: pharmaceutical manufacturing, pharmaceutical commerce, and medical services [12][14] - The company’s flagship products include the well-known Ma Ying Long hemorrhoid ointment and other traditional Chinese medicine products [12][26] Pharmaceutical Manufacturing - The hemorrhoid treatment market is expanding, with the market size for hemorrhoid medications in China growing from 3.854 billion yuan in 2018 to 4.973 billion yuan in 2022 [22][24] - The company holds a significant market share in the hemorrhoid medication sector, with its products accounting for 41.40% of the market in 2021 [30][34] - The company is also expanding into the eye care and skin care sectors, leveraging its expertise in traditional Chinese medicine [37] Pharmaceutical Commerce - The company’s pharmaceutical commerce segment includes both retail and wholesale operations, which are expected to continue steady growth [3] Medical Services - The company is developing a comprehensive anorectal health service platform, integrating both online and offline services [4] Financial Forecast - Revenue projections for the company are estimated at 3.389 billion yuan in 2024, 3.651 billion yuan in 2025, and 3.911 billion yuan in 2026, with net profits expected to reach 536 million yuan, 602 million yuan, and 695 million yuan respectively [5][7]

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 [2][11]. Core Insights - The company reported a total revenue of 83.451 billion yuan for the first half of 2024, representing a year-on-year increase of 17.56%, with a net profit of 41.696 billion yuan, up 15.88% year-on-year [11]. - The company plans to distribute cash dividends amounting to no less than 75% of the annual net profit for the years 2024 to 2026, with distributions occurring twice a year [11]. - The revenue from the wholesale channel grew rapidly, while the direct sales channel remained stable [11]. - The company experienced a slight decline in the production of base liquor for both its flagship and series products [11]. Financial Data and Valuation - Revenue is projected to grow from 150.56 billion yuan in 2023 to 223.87 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 15.71% [6]. - The net profit attributable to the parent company is expected to increase from 74.734 billion yuan in 2023 to 111.963 billion yuan in 2026, reflecting a CAGR of 15.52% [6]. - The company's return on equity (ROE) is forecasted to remain strong, averaging around 33% over the next five years [6][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.15 in 2023 to 16.12 in 2026, indicating an attractive valuation as earnings grow [6][11]. Key Financial Ratios - The gross margin is expected to remain stable around 92%, while the net profit margin is projected to slightly improve to 50.01% by 2026 [11][16]. - The company's debt-to-asset ratio is forecasted to decline from 19.47% in 2022 to 13.63% in 2026, indicating improved financial stability [16]. - The current ratio is expected to increase from 4.41 in 2022 to 6.32 in 2026, reflecting strong liquidity [16].

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][7]. Core Insights - The company achieved steady revenue growth with a total revenue of 502.46 million yuan in the first half of 2024, representing a year-on-year increase of 13.63%. The net profit attributable to shareholders reached 52.06 million yuan, up 32.09% year-on-year [3]. - The company continues to deepen its business with the three major telecom operators and has seen rapid growth in the government sector, with revenue from government clients reaching 161 million yuan, a year-on-year increase of 13.54% [4]. - The integration of AI technology is enhancing the company's cybersecurity capabilities, significantly improving efficiency in threat detection and response [5]. Financial Performance - The company reported a net cash flow from operating activities of 57.82 million yuan, a substantial increase of 190.93% year-on-year [3]. - Revenue from cybersecurity products was 366 million yuan, with a gross margin of 71.04%, while application delivery and network products generated 93 million yuan, with a gross margin of 60.66%, reflecting a 10.49 percentage point increase [3]. - The forecast for revenue from 2024 to 2026 is projected to be 1.208 billion, 1.384 billion, and 1.550 billion yuan, respectively, with net profits expected to be 157.18 million, 200.40 million, and 246.32 million yuan [6][9]. Market Position - The company is recognized as a leading provider of comprehensive cybersecurity products and operational solutions, with a strong presence in various sectors including government, telecommunications, and public utilities [4][5]. - The company has established itself as a strategic partner in the electronic government security field, providing robust cybersecurity solutions to multiple government agencies [4].

报告要点： [Table_Title] 每日复盘 证券研究报告 2024 年 08 月 09 日 20240809 市场复盘：市场震荡回落，成交量创下新低 2024 年 8 月 9 日市场震荡回落，成交量创下新低。上证指数下跌 0.27%，深证成指下跌 0.62%，创业板指下跌 0.98%。市场成交额 5659.25 亿元，较上一交易日减少 570.79 亿元。全市场 1281 只个股上涨，3808 只 个股下跌。 风格上看，稳定、周期、消费和成长风格都出现下跌；基金重仓股指数 表现劣于基金非重仓股；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：房地产 （1.39%），石油石化（0.66%），银行（0.45%）；表现相对靠后的是：消费 者服务（-2.33%），传媒（-2.13%），医药（-1.66%）。概念板块方面，多数 概念板块下跌，射频及天线、房地产精选、城中村改造等板块上涨；维生 素、合成生物、CRO 等大幅走低。 资金筹码方面，主力资金 8 月 9 日净流出 87.00 亿元。其中超大单净流 出 14.16 亿元，大单净流出 72.84 亿元，中单资金净流入 3.5 ...

公司研究|可选消费|媒体|| 浙教文化(600633)公司点评报告 证券研究报告 2024年08月09日 核心业务稳健发展，投资收益拖累业绩 渐教文化(600633) 2024 年半年报点评 事件: 公司发布 2024 年半年报。 点评: ● 公司业绩受投资收益拖累短期承压，费用率维持稳定 2024 年上半年，公司实现营业收入 14.13 亿元，同比下降 16.36%，实现 归母净利润 1.47 亿元，同比下滑 76.71%，主要受公司持有的交易性金融 资产公允价值变动损益较上期减少的影响。费用端看，公司 2024H1 销售/ 管理/研发费用率分别为 19.80%/12.95%/11.56%，较 2023 年同期+1.15/- 0.17/-0.43pct, 24H1 公司毛利率为 62.80%, 较去年同期下降 4.26pct。 数字文化多领域布局，游戏业务聚焦精品化 ● 2024H1，公司在线游戏运营业务实现营收 6.47 亿元，较去年同期减少 8.15%。子公司边锋网络坚持精品化运营,上半年边锋损蛋新增注册用户超 1300万,日活保持行业领先地位。公司拓展数字体育、数字文旅、数字艺 术等多领域,战旗网络拓 ...

Market Overview - On August 7, 2024, the market experienced narrow fluctuations with a continued decrease in trading volume. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.17%, and the ChiNext Index decreased by 0.43%. The total market turnover was 594.558 billion yuan, a decrease of 62.303 billion yuan from the previous trading day. A total of 2,160 stocks rose, while 2,933 stocks fell [2][12]. Market Style and Sector Performance - In terms of market style, stable and cyclical styles saw significant increases, while financial, consumer, and growth styles experienced declines. The non-heavyweight stock index outperformed the heavyweight stock index. Mid-cap value style outperformed growth, while large-cap and small-cap value styles underperformed growth [15][16]. - Among the 30 sectors, coal (1.25%), defense and military industry (0.99%), and electric power and public utilities (0.94%) performed relatively well, while agriculture, forestry, animal husbandry, and fishery (-1.78%), real estate (-1.02%), and consumer services (-0.92%) lagged behind [15][16]. Fund Flow Performance - On August 7, 2024, the main funds had a net outflow of 4.009 billion yuan. Specifically, large orders had a net outflow of 4.680 billion yuan, while small orders continued to see a net inflow of 3.390 billion yuan. Northbound funds had a net outflow of 2.136 billion yuan, with the Shanghai Stock Connect seeing a net inflow of 0.417 billion yuan and the Shenzhen Stock Connect experiencing a net outflow of 2.553 billion yuan. Conversely, southbound funds had a significant net inflow of 11.673 billion HKD [18][19]. ETF Fund Flow Performance - On August 7, 2024, the trading volume of major ETFs such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 decreased compared to the previous trading day. The trading volumes for these ETFs were 1.897 billion yuan, 2.088 billion yuan, 0.425 billion yuan, 0.560 billion yuan, 1.154 billion yuan, 1.159 billion yuan, and 0.509 billion yuan, respectively, with significant declines noted [20][22]. Global Market Performance - On August 6, 2024, European stock indices showed mixed results, with the German DAX rising by 0.09%, the UK FTSE 100 increasing by 0.23%, and the French CAC40 declining by 0.27%. In the US, major indices generally rose, with the Dow Jones Industrial Average up by 0.76%, the S&P 500 up by 1.04%, and the Nasdaq Composite up by 1.03%. Asian markets also saw widespread gains on August 7, with the Hang Seng Index rising by 1.38% and the Nikkei 225 increasing by 1.19% [23][24].

2024 年 08 月 06 日 [Table_Title] 每日复盘 证券研究报告 20240806 市场复盘：市场震荡走强，三大指数集体回升 报告要点： 2024 年 8 月 6 日市场震荡走强，三大指数集体回升。上证指数上涨 0.23%，深证成指上涨 0.82%，创业板指上涨 1.25%。市场成交额 6568.61 亿元，较上一交易日减少 1367.70 亿元。全市场 4765 只个股上涨，486 只 个股下跌。 风格上看，周期、消费、成长风格均出现不同程度上涨，其中成长风格 涨幅最大，而稳定和金融风格则出现下跌；基金非重仓股指数表现优于基金 重仓股；成长风格表现优于价值，中小盘风格表现优于大盘。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：消费者 服务（3.70%），国防军工（2.81%），房地产（2.52%）；表现相对靠后的 是：家电（-1.25%），银行（-1.05%），非银行金融（-0.95%）。概念板块方 面，多数概念板块上涨，K-12 教育、在线教育、动物保健精选等大幅上涨； 保险精选、央企银行、黄金珠宝等板块走低。 资金筹码方面，主力资金 8 月 6 日净流出 78.63 亿 ...