[Table_Title] 每日复盘 证券研究报告 20240815 市场复盘：大盘放量反弹，三大指数均上涨 报告要点： 2024 年 8 月 15 日大盘放量反弹，三大指数盘中均涨逾 1%。上证指数 上涨 0.94%，深证成指上涨 0.71%，创业板指上涨 0.53%。市场成交额 5943.44 亿元，较上一交易日增加 1141.58 亿元。全市场 3866 只个股上 涨，1275 只个股下跌。 风格上看，稳定、消费、周期、金融和成长风格有所上涨；非基金重仓 股指数表现优于基金重仓股；成长股表现劣于价值股。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：煤炭 （2.26%），传媒（2.20%），综合金融（1.75%）；表现相对靠后的是：国防 军工（0.22%），建材（0.27%），农林牧渔（0.28%）。概念板块方面，多数 概念板块上涨，网络游戏、虚拟人、短剧游戏等大幅上涨；工业气体、水泥 制造精选、ST 板块等板块走低。 资金筹码方面，主力资金 8 月 15 日净流出 13.39 亿元。其中超大单净 流入 24.54 亿元，大单净流出 37.93 亿元，中单资金净流出 54.25 亿元，小 单 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9]. Core Views - The company continues to innovate and upgrade its product offerings, leading to an increase in profit margins for meat products [2][3]. - Despite a decline in total revenue and net profit in the first half of 2024, the company is expected to recover with a projected net profit of 4.80 billion yuan in 2024, showing a year-on-year decrease of 4.97% [3][8]. - The report highlights the impact of rising pork prices on profitability, with an average wholesale price of pork increasing by over 33% since late May 2024 [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 27.67 billion yuan, a decrease of 9.34% year-on-year, and a net profit of 2.30 billion yuan, down 19.05% [3]. - The total external sales volume of meat products in H1 2024 was 1.51 million tons, a decline of 7.74% year-on-year, with an average price decrease of 1.73% to 18,300 yuan per ton [3]. - The gross profit margin for H1 2024 was 18.29%, an increase of 1.00 percentage points year-on-year, primarily driven by improved margins in packaged meat products [3]. Product and Market Strategy - The company is focusing on product upgrades, launching high-margin new products such as light chicken sausages and energy sausages, which are expected to enhance profit margins [3]. - The company has optimized its distribution network, with a total of 17,305 distributors by the end of H1 2024, a decrease of 2.56% from the beginning of the year [3]. - The company aims to expand its sales network, currently having over 1 million sales points across most provinces, facilitating rapid distribution [3]. Future Outlook - The company forecasts net profits of 4.80 billion yuan, 5.04 billion yuan, and 5.24 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of -4.97%, 5.05%, and 3.91% [3][8]. - The report suggests that the recovery in pork prices will positively impact the company's profitability through frozen products [3].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 重庆啤酒(600132)公司点评报告 2024 年 08 月 15 日 [Table_Title] 销量韧性强，结构顺势优化 ——重庆啤酒 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 88.61 亿元（+4.18%），归母 净利 9.01 亿元（+4.19%），扣非归母净利 8.88 亿元（+3.91%）。24Q2，公司 实现总营收 45.68 亿元（+1.54%），归母净利 4.49 亿元（-5.99%），扣非归母 净利 4.42 亿元（-6.58%）。 二季度主流啤酒带动增长，销量韧性强 1）高档啤酒收入表现平稳，主流、经济啤酒收入较快增长。24H1，公司高档、 主流、经济啤酒收入分别为 52.63、31.74、1.86 亿元，同比+2.82%、+4.37%、 +11.45%，高档啤酒收入占比为 61.03%，同比-0.44pct。24Q2，公司高档、主 流、经济啤酒收入分别为 26.92、16.54、1.00 亿元，同比-1.90%、+5.12%、 +10. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of 5% to 15% relative to the benchmark index [6]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 194 million yuan, a year-on-year increase of 261.28%, and net profit attributable to shareholders amounting to 25.75 million yuan, a staggering increase of 5424.74% [1]. - The company has a robust order backlog, totaling 731 million yuan as of June 30, 2024, which is a 32.91% increase from the end of 2023, indicating strong future revenue potential [1]. - The cultural tourism and performance segment contributed significantly to revenue, accounting for 78.54% of total revenue, with notable projects achieving high pre-sale success [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 194 million yuan, a 261.28% increase year-on-year, and a net profit of 25.75 million yuan, up 5424.74% year-on-year. The cash flow from operating activities increased by 46.3% to 23.61 million yuan due to improved customer payments [1][2]. - The company expects net profits to reach 201 million yuan, 233.35 million yuan, and 274.25 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.05, 1.22, and 1.43 yuan [2][3]. Business Segments - The cultural performance segment generated revenue of 39.78 million yuan in H1 2024, a 5.05% increase year-on-year, with successful projects including the opening and closing ceremonies of the 14th National Winter Games [1]. - The cultural tourism performance segment saw revenue of 152 million yuan, with projects like "Wujie·Chang'an" and "Xianghu·Yayun" achieving significant sales milestones [1]. Market Position and Strategy - The company is focused on creative design and has established a brand advantage through extensive project experience, positioning itself as a comprehensive service provider in the industry [1]. - The report highlights the company's proactive exploration of C-end business opportunities, which enhances overall business stability [1].

Market Overview - On August 14, 2024, the three major indices experienced fluctuations and closed lower, with the Shanghai Composite Index down by 0.60%, the Shenzhen Component Index down by 1.17%, and the ChiNext Index down by 1.42. The total market turnover was 4801.86 billion, an increase of 3.09 billion compared to the previous trading day [2][10]. Market Style and Sector Performance - In terms of market style, consumer, cyclical, financial, and growth styles saw declines, while stable styles increased. Non-fund heavy stocks outperformed fund heavy stocks, and growth stocks underperformed value stocks [14]. - Among the 30 CITIC first-level industries, most sectors declined. The best-performing sectors included media (up 1.24%), electric power and utilities (up 0.63%), and construction (up 0.04%). The worst-performing sectors were basic chemicals (down 1.80%), steel (down 1.74%), and electric equipment and new energy (down 1.50%) [14]. Fund Flow Performance - On August 14, 2024, the main funds experienced a net outflow of 44.33 billion. Specifically, there was a net outflow of 1.69 billion from large orders, 42.64 billion from big orders, and 1.50 billion from medium orders, while small orders saw a continuous net inflow of 45.82 billion [15]. - Northbound funds had a significant net outflow of 71.66 billion, with the Shanghai Stock Connect seeing a net outflow of 30.61 billion and the Shenzhen Stock Connect a net outflow of 41.06 billion. Southbound funds also experienced a net outflow of 10.41 million Hong Kong dollars [15]. ETF Fund Flow Performance - On August 14, 2024, the trading volume of major ETFs such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 mostly decreased compared to the previous trading day. The trading volumes were 13.25 billion, 18.96 billion, 2.91 billion, 4.66 billion, 10.28 billion, 5.22 billion, and 2.91 billion respectively, with notable changes in trading volumes for several ETFs [19].

[Table_TargetPrice] [Table_Main] 公司研究|医疗保健|医疗保健设备与服务 证券研究报告 三鑫医疗(300453)公司点评报告 2024 年 08 月 14 日 [Table_Title] 主营血透业务稳健增长，集采落地夯实领 [Table_Invest]买入|维持 先地位 ——三鑫医疗（300453.SZ）2024 半年报点评 [Table_Summary] 事件： 公司发布 2024 半年度报告，2024 年 H1 实现营业收入 6.86 亿元，同比增 长 18.00%；归母净利润 1.06 亿元，同比增长 18.74%；扣非归母净利润 0.94 亿元，同比增长 20.44%，EPS 为 0.20 元。 主营血透业务增长稳健，两大联盟集采落地夯实公司优势地位 公司业绩符合预期，经营效率小幅提升，毛利率 35.09%（+1.49pct），净利 率 16.81%（+0.21pct）；销售费用率为 6.26%（+0.64pct），管理费用率为 6.73%（-0.68pct），研发费用率为 4.12%（+0.92pct），财务费用率为-0.07% （+0.37pct）。公司 2024 ...

[Table_Invest]买入|维持 [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 鼎捷软件(300378)公司点评报告 2024 年 08 月 14 日 [Table_Title] 业绩实现稳健增长，AIoT 业务快速发展 ——鼎捷软件(300378.SZ)2024 年半年度报告点评 [Table_Summary] 事件： 公司于 2024 年 8 月 9 日收盘后发布《2024 年半年度报告》。 点评： 营收利润双双增长，盈利能力不断提升 2024 年上半年，公司实现营业收入 10.04 亿元，同比增长 10.98%；实现 归母净利润 4244.13 万元，同比增长 17.48%；实现扣非归母净利润 4047.98 万元，同比增长 54.03%。分业务看，研发设计业务实现收入 5134.15 万元， 同比增长 15.29%；数字化管理业务实现收入 5.47 亿元，同比增长 0.15%； 生产控制业务实现收入 1.29 亿元，同比下降 1.19%；AIoT 业务实现收入 2.65 亿元，同比增长 51.01%。 持续深耕当地客群，非中国大陆地区实现较快增长 分地区来看，公司在中国 ...

2024 年 08 月 13 日 [Table_Title] 每日复盘 证券研究报告 20240813 市场复盘：三大指数震荡攀升，券商午后崛起 报告要点： 2024 年 8 月 13 日三大指数震荡攀升，券商午后崛起。上证指数上涨 0.34%，深证成指上涨 0.43%，创业板指上涨 0.93%。市场成交额 4798.77 亿元，较上一交易日减少 187.80 亿元。全市场 3728 只个股上涨，1375 只 个股下跌。 风格上看，稳定、周期、金融和成长风格均上涨，消费风格有所下跌； 非基金重仓股指数表现优于基金重仓股；成长股表现劣于价值股。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：国防军 工（1.15%），电子（1.08%），非银行金融（1.03%）；表现相对靠后的是： 食品饮料（-1.01%），医药（-0.78%），房地产（-0.48%）。概念板块方面， 多数概念板块上涨，西部大基建、油气开采、炒股软件等大幅上涨；新冠抗 原检测、维生素、新冠特效药等板块走低。 资金筹码方面，主力资金 8 月 13 日净流出 60.44 亿元。其中超大单净 流出 8.72 亿元，大单净流出 51.72 亿 ...

2024 年 08 月 12 日 [Table_Title] 每日复盘 证券研究报告 20240812 市场复盘：三大指数窄幅整理，市场量能萎缩 报告要点： 2024 年 8 月 12 日三大指数窄幅整理，市场量能萎缩。上证指数下跌 0.14%，深证成指下跌 0.24%，创业板指下跌 0.20%。市场成交额 4986.57 亿元，较上一交易日减少 672.68 亿元。全市场 1510 只个股上涨，3647 只 个股下跌。 风格上看，稳定、周期、金融和成长风格都出现下跌，消费风格有所上 涨；基金重仓股指数表现优于基金非重仓股；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：医药 （1.31%），煤炭（0.74%），农林牧渔（0.59%）；表现相对靠后的是：房地 产（-3.55%），消费者服务（-2.60%），商贸零售（-2.07%）。概念板块方 面，多数概念板块下跌，新冠特效药、新冠肺炎检测、体外诊断等大幅上 涨；射频及天线、城中村改造、房地产精选等大幅走低。 资金筹码方面，主力资金 8 月 12 日净流出 162.80 亿元。其中超大单净 流出 59.80 亿元，大单净流出 ...

[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 08 月 12 日 [Table_Title] 月度渗透率过半，供需进入新阶段 [Table_Summary] 报告要点： 7 月新能源销量正式过半,供需两端均开启新阶段 7 月国内新能源车零售销量 87.9 万辆，同比去年同期增长 36.9%，新能 源车渗透率达到 51.1%，正式迈过 50%大关。从供给端看，产业生命周期 曲线而言，50%渗透率意味着进入成长期后半段，曲线由凹曲线越过拐点 成为凸曲线，二阶导由正转负，潜在自然增长动力减弱。开辟新增长曲 线，推动出海，强化竞争优势或者通过并购等手段提升老曲线竞争力， 成为标配发展手段。从需求端看，迈过 50%渗透率阶段，消费市场从早期 大众进入后期大众阶段，消费者需求向更加综合化、一体化，更注重"一 揽子"满足需求，抽象而言更注重品牌化所体现的整体感受的阶段正在 到来。建议关注智能/自动驾驶、人形机器人、飞行汽车等新曲线机会， 以及老曲线上成本力与品牌力领先，出海本地化发展基盘稳固以及具备 并购与"新合资"优势的相关产业链企业。 出海 ...