华福证券 安图生物（603658.SH） 业绩短期承压，研发加码打造中长期增长引擎 投资要点： 公司发布 2024 年半年度报告。 公司 2024H1 营收 22.07 亿元（+4.70%），归母净利润 6.20 亿元 （+13.49%），扣非归母净利润 5.99 亿元（+13.69%）。 24Q2 营收 11.18 亿元（+4.33%），归母净利润 2.95 亿元（-2.80%）， 扣非归母净利润 2.85 亿元（-2.08%） 研发创新加码支出力度加大，看好后续改善潜力。 Q2 销售毛利率 66.19%（同比+0.04 pct，环比+1.67pct）。费用率 方面来看，销售/管理/研发/财务费用率分别为 16.79%（同比-1.22 pct）、 4.01%（同比-0.20 pct）、16.29%（同比+1.50 pct）、0.16%（同比+0.28 pct）。公司研发投入力度加大：在试剂研发领域深耕细作，成功推出 自免系列新品；NGS/质谱领域持续发力拓展，深化公司 IVD 全平台布 局。支出增大致使短期增速承压，看好后续创新研发落地，改善提速。 产品毛利率稳健提升，海外拓展保持高增 分产品来看，2024 ...

Investment Rating - The investment rating for the company is "Buy" [8][14] Core Views - The company reported a revenue of 33.679 billion yuan for the first half of 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders was 1.233 billion yuan, an increase of 24.7% year-on-year [3] - The company focuses on cost reduction and efficiency improvement to ensure stable operations in its main steel business, emphasizing advanced steel materials to withstand cyclical challenges [2][4] - The company has successfully optimized its product structure and increased its overseas market presence, achieving record-high export volumes [5][10] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 16.806 billion yuan, a quarter-on-quarter decrease of 0.39% and a year-on-year decrease of 11.64%. The net profit for Q2 was 679 million yuan, a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [3] - The company produced 4.7872 million tons of steel and sold 4.7828 million tons in the first half of 2024, with respective year-on-year decreases of 6.83% and 7.06% [4] Cost Management and Profitability - The company has focused on reducing costs and improving quality, resulting in a gross profit of 3.068 billion yuan for its steel business in Q2 2024, with a gross margin of 14.21% [4] - The average selling prices for various steel products in Q2 2024 showed a decline compared to the previous quarter and year, reflecting pressure from downstream demand [4] Product Development and Market Expansion - The sales volume of advanced steel materials reached 1.2978 million tons in the first half of 2024, a slight increase of 0.18% year-on-year, with a gross margin of 17.94% [5] - The company has increased its focus on advanced steel materials, with significant growth in exports, achieving a record export volume of 685,000 tons, a year-on-year increase of 31% [5] Dividend Policy - The company plans to change its dividend distribution cycle from annual to semi-annual, with a proposed interim dividend amounting to no less than 30% of the net profit attributable to shareholders for the first half of the year [7][9] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 2.465 billion yuan, 2.630 billion yuan, and 2.964 billion yuan respectively, reflecting a resilient performance despite industry challenges [10]

华福证券 证券研究报告|策略专题 产业经济 2024年8月20日 复盘十年中美医疗器械 证券分析师： 赵月 执业证书编号：S0210524050016 请务必阅读报告末页的重要声明 华福证券 投资要点 ➢ 中美医疗器械市场趋势对比 ⚫ 中国市场波动较大：2019-2021年间由于融资次数及金额的上升，市场出现短暂回暖。 ⚫ 美国市场稳定增长：受疫情及美联储加息周期影响，市场表现出现波动，但长期来看呈现稳定上涨趋势。中美医疗器械 企业个股涨跌幅情况较为不同。 ➢ 美国医疗器械市场增长因素举例 ⚫ 宏观层面因素：包括审批政策、人口结构、经济环境及医保体系。 ➢ 中美医疗器械市场牛股对比 ⚫ A股牛股：如开立医疗、惠泰医疗、迈瑞医疗等表现突出，反映了中国医药行业的全面发展。 ⚫ 美股牛股：从市值来讲，市值前十的公司基本趋于稳定（除个别外）。从涨跌幅来讲，如Semler Scientific等新兴公司 股价攀升迅速，体现了市场革新和新兴公司的崛起 ➢ 以美国医疗器械巨头美敦力为例 ⚫ 受疫情后市场影响，公司总体利润营收有下滑趋势。从分部门情况来看，公司的心血管及神经科学部门营收稳定增长； 手术及重症以及糖尿病业务均出 ...

华福证券 食品饮料 2024 年 08 月 20 日 食品饮料 海外专题：从朝日和麒麟看啤酒企业多元化转型 投资要点： 啤酒属于大众品，天然具备规模天花板，多元化发展能够为企业打破 天花板实现企业规模的持续增长。由于啤酒属于大众品，受制于人口总量、 结构以及经济发展等要素，经过一段时间的发展，销量通常会面临"增量 转存量"的局面，此时厂商通常会推动高端化战略寻求产品结构升级下的 二次增长机会，但由于规模不断加大，增速不可避免将放缓。部分企业为 了实现总体业绩的持续增长，通常会推动多元化发展战略寻求第二曲线， 本次我们主要对日本两大啤酒企业的创新和多元化发展战略进行了研究， 我们发现两大日本啤酒企业的多元化业务都始于原有啤酒业务的遇到天花 板前做的布局准备和铺垫。 业务多元化是日本啤酒厂商不得不去做的选择。 战后的 70 年，日本经济从喧嚣到沉寂，消费社会也随之转变。受 到经济和人口总量、结构的影响，啤酒行业需求端增长乏力。而在日 本酒税制度下，啤酒厂商利润收窄，多元化业务是"停滞还是发展" 命题之下不得不去做的选择。 朝日啤酒：在食品饮料行业内创新多元化创新，利用原有业务的 技术基础和品牌优势，向其他酒精类饮 ...

Investment Rating - The industry rating is "Outperform the Market" [9] Core Views - The banking sector's performance this year has been driven by three main factors: the spread of high dividend yield stock selection logic from state-owned banks to smaller banks, the relaxation of real estate policies, and market expectations of a slowdown in the decline of net interest margins and an impending bottoming out of fundamentals [7] - Future performance will depend on the effectiveness of previous policies and the trajectory of future fundamentals [7] - Recommended investment targets include Shanghai Pudong Development Bank, which is in a turnaround phase with improving credit costs and profit elasticity, and Jiangsu Bank, noted for its high dividend yield [7] Sector Performance - On August 20, the Shanghai Composite Index fell by 0.72%, while the banking index rose by 0.27%. State-owned banks and city commercial banks saw increases of 0.99% and 0.61%, respectively, while joint-stock banks and rural commercial banks decreased by 0.31% and 0.46% [2] Individual Stock Performance - The top three performing banks were Ningbo Bank (+2.86%), Industrial and Commercial Bank of China (+1.91%), and China Construction Bank (+1.61%). The three banks with the largest declines were Zhejiang Commercial Bank (-1.44%), Lanzhou Bank (-1.30%), and Shanghai Pudong Development Bank (-1.22%) [3] Key Data Tracking - The banking sector's price-to-book (PB) valuation shows that Chongqing Rural Commercial Bank, Shanghai Rural Commercial Bank, and Bank of Communications rank the highest, while Minsheng Bank, Zhengzhou Bank, and Zhangjiagang Bank rank the lowest [6] - The banking sector's dividend yield ranks second among all industry sectors, with Ping An Bank, Chengdu Bank, and Jiangsu Bank having the highest individual yields [6] Individual Bank Announcements - Changshu Bank reported a 12.03% year-on-year increase in operating income and a 19.58% increase in net profit attributable to shareholders for the first half of 2024. The non-performing loan ratio was 0.76%, with a provision coverage ratio of 538.81% [5] - Hangzhou Bank announced a share reduction plan by a shareholder holding less than 5%, with China Life intending to reduce its holdings by up to 110,092,230 shares, or 1.86% of the total share capital [5]

Investment Rating - The report maintains a "Hold" rating for Shanghai Airport [3][5] Core Insights - Shanghai Airport reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 6.06 billion yuan, up 24.5% year-on-year, and net profit of 810 million yuan, up 515.0% year-on-year [4] - The recovery in various business metrics is notable, with passenger throughput at Pudong Airport reaching 43.96 million, a 58.6% increase year-on-year, and flight takeoffs and landings at 305,000, up 33.3% year-on-year [4] - The new duty-free agreement has led to a decline in duty-free contract revenue, which totaled 648 million yuan, down 16.9% year-on-year [4][5] Financial Data Summary - For 2023A, the company is projected to have a revenue of 11.05 billion yuan, with a net profit of 934 million yuan, and an EPS of 0.38 yuan per share [9] - The revenue growth rate is expected to be 102% in 2023A, followed by 16% in 2024E, and 12% in 2025E [9] - The net profit is forecasted to reach 1.86 billion yuan in 2024E, with a growth rate of 99% compared to 2023A [9] Business Performance - The report highlights a strong recovery in both aviation and non-aviation sectors, benefiting from the ongoing demand recovery and deep ties with duty-free operations [5] - The company’s net profit margin improved to 13.4%, up 10.7 percentage points year-on-year, indicating a strong recovery compared to 2019 levels [4]

华福证券 基本数据 总股本/流通股本(百万股) 507.26/507.26 流通 A 股市值(百万元) 9,156.04 每股净资产(元) 6.60 资产负债率(%) 22.53 一年内最高/最低价(元) 30.80/17.16 财务数据和估值 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,012 2,548 3,090 3,710 4,412 增长率 12% 27% 21% 20% 19% 净利润（百万元） 280 329 403 487 591 增长率 -14% 17% 23% 21% 21% EPS（元/股） 0.55 0.65 0.79 0.96 1.17 市盈率（P/E） 31.0 26.4 21.5 17.8 14.7 市净率（P/B） 2.8 2.6 2.5 2.2 2.0 数据来源：公司公告、华福证券研究所 包 研 金徽酒（603919.SH） 24H1 稳健增长，产品结构向上趋势不改 投资要点： 事件： 金徽酒发布 2024 年半年报。24H1 公司实现营收 17.54 亿元，同比 增长 15.17%；实现归母净利润 2.95 亿元，同比增长 15.69 ...

华福证券 - A T T T 美好医疗（301363.SZ） 主业去库存结束，注射笔订单稳步推进 投资要点： 事件：公司发布 2024 年半年报，2024H1 实现收入 7.1 亿（同比-6.33%）， 归母净利润 1.7 亿（同比-29.78%），扣非归母净利润 1.6 亿（同比-27.33%）； 2024Q2 实现收入 4.2 亿（同比+9.83%），归母净利润 1.1 亿（同比-16.14%）， 扣非归母净利润 1.1 亿（同比-13.55%）。 主业呼吸机组件业务拐点确立，业绩重回向上趋势：公司家用呼吸机 组件 2024H1 实现收入 4.5 亿（同比-11.9%），毛利率 43.4%。当前公司家 用呼吸机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼 吸机组件业务上半年毛利率对比 23 年全年已有所提升，主业未来有望进入 拐点向上阶段。公司新股权激励夯实 24 年净利润增速 25%，对应全年 3.9 亿利润目标，Q2 迈入拐点向上夯实全年增长确定性。 第二增长曲线注射笔稳步推进，新客户拓展可期：截至目前，公司有 签订胰岛素注射笔的订单，目前与相关客户的商务合作稳步推进，处于逐 步放量的发展 ...

华福证券 安井食品（603345.SH） Q2 主业稳健增长，H2 旺季改善可期 事件：公司披露 2024 年半年度业绩：24 年 H1 公司实现营收 75.44 亿元， 同比+9.42%；归母净利润 8.03 亿元，同比+9.17%；扣非归母净利润 7.72 亿元，同比+11.11%。其中，24Q2 营收 37.89 亿元，同比+2.31%；归母 净利润 3.64 亿元，同比-2.51%；扣非归母净利润 3.52 亿元，同比+0.79%。 分红方面，H1 公司拟每股派发现金股利 1.38 元（含税），占同期归母 净利润比例 50.2%；再叠加回购金额，约占归母净利润 57.5%。 安井主业稳健扩张，新宏业、新柳伍影响销售表现 分产品看，Q2 速冻面米/调制食品/菜肴制品/农副产品营收分别同比 -1.44%/+13.6%/-7.08%/-23.77%，而子公司新宏业、新柳伍 H1 营收分别同 比-26.8%/-9.68%，主要系期间小龙虾等水产销售价格持续低迷等所致；此 外，休闲食品 H1 同比-94.5%，主要系调整常温食品业务所致。分渠道看， Q2 经 销 商 / 商 超 / 特 通 直 营 / 电 商 ...

epyTtropeR_elbaT|tsriF_elbTabl e_FirstaT 华福证券 公 司 报 告 公 司 财 报 点 评 交通运输 2024 年 08 月 20 日 德邦股份（603056.SH）24H1 业绩点评 24H1 归母净利同比+37%，网络融合持续推进 买入(维持评级) 当前价格： 13.17 元 副标题 投资要点： ➢ 事件：德邦股份公布2024年上半年业绩，公司实现营业收入184.5亿元（同比+17.5%），实 现归母净利3.3亿元（同比+37%），扣非归母净利2.0亿元（同比+51.0%）。其中单24Q2营 业收入91.5亿元，同比+10.6%，实现归母净利润2.4亿元，同比+41.1%。 ➢ 网络融合持续推进，聚焦快运业务。24H1快运核心业务实现货量603.4万吨，同比+7.7%（新 口径），从收入情况看，新口径下，24H1公司实现快运业务营业收入166.4亿元，同比+21.1%， 占收比为90.2%；快递业务营收10.7亿元（同比-23.9%），占收比为5.8%，其他业务（主要 为仓储和供应链业务），营业收入7.4亿元，同比+34.3%，占收比为4.0%。 ➢ 费用管控持续， ...