Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The report highlights that the real estate sector has shown a stronger performance compared to the broader market, with the Shanghai and Shenzhen 300 Index rising by 0.3% and the Shenwan Real Estate Index increasing by 1.1% [8] - The report suggests that the expectation of interest rate cuts overseas may open up space for domestic interest rates to decline, potentially leading to a release in housing demand [6] - The adjustment of housing provident fund loan and withdrawal policies in Shaoyang is expected to positively impact the market, allowing for a lower down payment of 15% for first-time homebuyers and enabling parents to withdraw funds for their children's home purchases [4] Market Performance - As of September 2, 2024, the total number of residential transactions in 30 major cities was 1,970 units, representing a week-on-week decrease of 18.6%. Specifically, first-tier cities saw a decline of 26.6% [3][12] - The report notes that the top five gainers in the real estate sector included Shen Zhen Ye A, Jin Di Group, *ST Zhong Di, Chun Lan Co., and Shou Kai Co., with respective increases of 10.03%, 8.33%, 5.18%, 3.37%, and 3.33% [2][10] Individual Stock Valuation - The report lists the price-to-book (PB) ratios of key real estate companies, with China Communications Construction at 3.61, followed by Beijing Investment Development at 1.71, and Lujiazui at 1.48 [5][13] - The report recommends focusing on leading real estate developers such as China Merchants Shekou, Poly Developments, and regional state-owned enterprises like Waigaoqiao and Pudong Jinqiao [6]

司 研 华福证券 乖宝宠物（301498.SZ） 24H1 业绩点评：自主品牌表现靓丽，盈利能力 持续提振 公司发布 2024 年半年度报告。2024H1 公司实现营业总收入 24.27 亿 元，同比+17.48%，归母净利润 3.08 亿元，同比+49.92%，扣非归母净利润 2.91 亿元，同比+42.28%。单季度来看，24Q2 现营业总收入 13.29 亿元， 同比+14.48%，归母净利润 1.60 亿元，同比+32.64%，扣非归母净利润 1.53 亿元，同比+26.83%。 618 品牌表现靓丽，直销占比明显提升。24H1 公司营收+17%，其中主 粮/零食营收分别同比+18%/+17%；分渠道来看，直销占比提升明显，H1 公司直销营收 8.7 亿元，同比+61%，占主营业务占比约 36%。国内市场： 公司把握国内宠物食品需求快速扩张的行业机遇，已构建以"麦富迪"、 "弗列加特"为核心的自有品牌梯队，618 期间公司自主品牌实现靓丽增 长，根据乖宝宠物食品集团数据显示 24 年 618 期间公司麦富迪+弗列加特 全网销售额突破 4.7 亿元，同比+40%，其中弗列加特同比增长 230%+，麦 富 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [4][9]. Core Views - The company reported a revenue of 1.013 billion yuan for the first half of 2024, reflecting a year-on-year decrease of 2.9%, with a net profit attributable to shareholders of 171 million yuan, down 37.5% year-on-year [2]. - The decline in performance is attributed to reduced bidding volumes for ultrasound and endoscopy products due to industry procurement disruptions, but a recovery is anticipated in the second half of 2024 as delayed bidding demands are expected to be released [2][3]. - The company has a strong R&D focus, with an investment of 212 million yuan in the first half of 2024, representing a 25% increase year-on-year, and a rising market recognition for its products [2][3]. Financial Data and Valuation - The company’s projected revenues for 2024 to 2026 are 2.546 billion yuan, 3.193 billion yuan, and 4.006 billion yuan respectively, with compound annual growth rates (CAGR) of 26.6% [3]. - The net profit forecast for the same period is 561 million yuan, 724 million yuan, and 922 million yuan, with corresponding EPS of 1.30 yuan, 1.67 yuan, and 2.13 yuan [3][6]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 23, 18, and 14 respectively, indicating a favorable valuation trend [3][6].

华福证券 包 研 恒生电子（600570.SH） 需求短期承压，股权激励彰显信心 投资要点： 公司发布 2024 年半年报 2024 年上半年，公司实现主营收入 28.36 亿元，同比增长 0.32%； 归母净利润为 2989.03 万元，同比下降 93.3%；扣非净利润为 1.36 亿 元，同比减少 48.81%。其中，2024 年第二季度公司实现主营收入 16.48 亿元，同比减少 2.88%；季度归母净利润为 6603.27 万元，同比下降 70.56%；季度扣非净利润为 1.14 亿元，同比下降 39.97%。 资管科技服务全面战略纵深 上半年，得益于新一代投资交易系统 O45 的成功推广，公司资管 科技服务业务收入达到 7.22 亿元，同比增长 9.17%。在上半年签约了 多家重要客户，包括信托公司和银行理财子公司。此外，新一代产品 Fusion China 投资管理平台的市场推广形成影响力，重点推进以 IBOR 为核心的新一代投资管理平台建设，实现了重要突破。Summit 系统中 标国有政策性大行资金系统信创版，成为信创领域的标杆项目。 技术研发与创新驱动成果转化 恒生电子持续加大技术研发投入，2 ...

Group 1: Core Insights - The ophthalmology market is experiencing rapid growth driven by an aging population and advancements in information technology, indicating significant development potential [1][6][9] - The demand for ophthalmic medications is strong, with a growth rate in the hospital market for ophthalmic drugs exceeding the overall market growth rate [6][9] - By 2050, it is estimated that there will be approximately 1.7 billion individuals with vision impairment globally, highlighting the urgent need for ophthalmic care [6][9] Group 2: Market Performance - The medical index showed positive returns across six sub-sectors, with notable performances in medical services and medical devices [1][11] - The chemical pharmaceutical sector had the highest valuation at 54.31 times PE, indicating strong investor interest [11][13] - The offline pharmacy sector led the market with a 6.75% increase, reflecting robust demand in the pharmaceutical industry [14] Group 3: Policy and Regulatory Environment - The "14th Five-Year Plan" for national eye health aims to enhance the quality of eye health services, which is expected to drive growth in the ophthalmic medication market [9][10] - Recent anti-monopoly guidelines in the pharmaceutical sector aim to regulate market competition and protect patient interests, signaling a shift towards greater transparency and fairness in the industry [17]

华福证券 亚辉龙（688575.SH） 发光业务持续高增，提质增效利润表现亮眼 投资要点： 事件：公司发布 2024 年半年度报告。 24H1 公司营业收入 9.6 亿元（同比-10.7%，下同），归母净利润 1.73 亿元（+22.3%），扣非 1.6 亿元（+25.9%）。 24Q2：收入 5.3 亿元（+27.4%），归母净利润 1.07 亿元（+77.5%）， 扣非 1.04 亿元（+132%）。 发光业务延续高增，常规/自免业务齐放量 2024H1 公司非新冠业务营收 9.6 亿元（+31.9%）。其中国内非新 冠自产 6.9 亿元，+42.7%，海外非新冠自产 1.0 亿元，+52.3%。自产 发光营收 7.2 亿元，同比+48.5%。单 Q2 非新冠营收同比+31.9%，自产 发光+48.9%。从项目来看，24H1 术前八项、肿瘤标志物、甲状腺功能 等常规项目营收同比+52.5%，化学发光法自免诊断项目同比+46.2%。 装机进展顺利结构持续优化，海外高速拓展 24H1 化学发光仪器新增装机 1,170 台：国内新增 638 台，其中 600 速机 301 台（占比 47.2%），高端机型带动客 ...

Investment Rating - The report maintains a "Strong Outperform" rating for the transportation industry, indicating that the overall return of the industry is expected to exceed the market benchmark by more than 5% in the next six months [4]. Core Insights - The report highlights the importance of addressing "involution" in the express delivery sector, with the National Postal Administration emphasizing a shift towards high-quality development and a reduction in price competition [3]. - The express delivery industry has seen unexpected growth in parcel volume, driven by emerging e-commerce platforms and the trend towards "small package" deliveries, with a total of 944 billion parcels delivered in the first seven months of 2024, representing a year-on-year increase of 23% [3]. - Major listed express delivery companies have reported strong performance in H1 2024, with notable profit recovery, including Zhongtong Express with a gross profit of 6.62 billion yuan, up 13.6% year-on-year [3]. Summary by Sections Industry Overview - The National Postal Administration's recent initiatives aim to curb "involution" and promote high-quality development within the express delivery industry, which is expected to lead to improved pricing and service quality [3]. Market Performance - The express delivery sector has experienced significant growth, with parcel volume reaching 944 billion in the first seven months of 2024, a 23% increase compared to the previous year [3]. Company Performance - Key express delivery companies have shown strong financial results in H1 2024, with Zhongtong Express achieving a net profit of 5.03 billion yuan, a 13% increase year-on-year, and Yunda reporting a net profit increase of 19.8% [3]. Investment Recommendations - The report recommends focusing on leading express delivery companies such as Zhongtong Express, Yunda, and Round Express, which are expected to benefit from the industry's recovery and improved market conditions [3].

华福证券 食品饮料 2024 年 09 月 03 日 司 研 百龙创园（605016.SH） 业绩高增盈利改善，产能扩充强化增长动能 事件：公司发布 2024 年半年报，2024 年 1-6 月公司实现营收 5.31 亿元， 同比+28.73%，归母净利润 1.20 亿元，同比+31.24%，扣非归母净利润 1.11 亿元，同比+31.04%；24Q2 实现营收 2.79 亿元，同比+27.93%，归母净利 润 0.66 亿元，同比+41.51%，扣非归母净利润 0.60 亿元，同比+35.87%。 益生元及膳食纤维拉动收入增长，Q2 境外收入实现快增 分产品看，24H1 公司益生元/膳食纤维/健康甜味剂/其他淀粉糖（醇）分别 实 现 收 入 1.53/2.88/0.60/0.03 亿 元 ， 同 比 +43.72%/+35.44%/-26.30%/ -56.63%，益生元及膳食纤维产品高增拉动收入快速增长；24Q2 则分别实 现收入 0.79/1.53/0.35/0.01 亿元，同比+34.42%/+37.78%/-19.03%/-62.35%， 健康甜味剂降幅环比收窄。分区域看，24H1 公司境内/境外分 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [4][8]. Core Views - The company reported a revenue of 2.21 billion yuan for the first half of 2024, representing an 18.5% year-on-year growth, with a net profit of 900 million yuan, up 20.4% [2]. - The domestic revenue growth improved sequentially, while overseas revenue showed stable high growth, with overseas revenue reaching 796 million yuan, a 22.79% increase [2]. - The gross margin for instruments increased to 32.11%, driven by higher sales of the X series and large-scale luminescent instruments [2]. - The company is a leader in the domestic chemiluminescence market and is making significant strides in international markets, reinforcing its growth outlook [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.21 billion yuan and a net profit of 900 million yuan, with a notable increase in the non-recurring profit to 870 million yuan [2]. - The second quarter alone saw a revenue of 1.19 billion yuan, marking a 20.2% increase, and a net profit of 480 million yuan, up 20.8% [2]. - The company’s gross margin for the second quarter was reported at 71.56%, with a decrease of 2.06 percentage points compared to the previous year [2]. Market Position and Growth - The company has sold a total of 3,170 units of the X8 model, with a significant increase in the installation of large-scale instruments, which accounted for 75.13% of domestic installations [2]. - The overseas market saw a total of 2,281 units sold in the first half of 2024, with large and medium-sized instruments making up 64.80% of sales, reflecting a 10.07 percentage point increase [2]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be 2.6 yuan, 3.3 yuan, and 4.1 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 25, 20, and 16 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.4 CNY, indicating an expected upside of over 20% in the next six months [3][11]. Core Views - The company reported a revenue of 7.978 billion CNY in the first half of 2024, a year-on-year increase of 2.09%, while the net profit attributable to shareholders was 393 million CNY, down 35.09% year-on-year [1]. - The decline in profitability is attributed to asset impairment losses of 70 million CNY, primarily from long-term equity investments [1]. - The company is actively expanding into renewable energy sectors and has seen growth in various traditional industries, including oil and gas, chemicals, and steel [1]. - The low-altitude economy is highlighted as a significant growth driver, with government policies supporting the development of low-altitude flight infrastructure [1]. Financial Performance Summary - Revenue for 2023 is projected at 15.567 billion CNY, with a growth rate of 9% [2]. - The net profit for 2023 is estimated at 530 million CNY, reflecting a decline of 34% year-on-year [2]. - The company expects a recovery in net profit with projections of 911 million CNY in 2024, 1.19 billion CNY in 2025, and 1.409 billion CNY in 2026, indicating growth rates of 72%, 31%, and 18% respectively [2][5]. - The earnings per share (EPS) is forecasted to be 0.70 CNY in 2024, increasing to 1.08 CNY by 2026 [2][9]. Business Segment Development - The industrial motor and drive segment is expanding into renewable energy, with stable growth in oil and gas production and recovery in the steel industry [1]. - The consumer electrical motor segment is focusing on the home appliance market, with significant growth in production and exports [1]. - The electric transportation segment is capitalizing on the growth of the new energy vehicle industry and is exploring opportunities in electric shipping and aviation [1]. Market Outlook - The report emphasizes the potential of the low-altitude economy, with local policies aiming to establish numerous low-altitude flight facilities by 2025 [1]. - The company is positioned as a leader in the eVTOL (electric Vertical Take-Off and Landing) market, collaborating with key industry players to enhance its market presence [1].