[Table_Summary] [Table_Title] 经营节奏良好，龙头稳中有进 [Table_ReportDate] 五粮液(000858)公司简评报告 | 2024.09.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 6-Sep18-Nov30-Jan12-Apr24-Jun5-Sep 五粮液 沪深300 -0.4 资料来源：聚源数据 [Table_BaseData] 公司基本数据 资料来源：聚源数据 | --- | --- | |---------------------------|---------------| | 最新收盘价（元） | 119.55 | | 一年内最高 / 最低价（元） | 162.61/112.92 | | 市盈率（当前） | 14.40 | | 市净率（当前） | 3.56 | | 总股本（亿股） | 38.82 | | 总市值（亿元） | 4,640.46 ...

[Table_Summary] [Table_Title] 核心产品销售有所波动，创新药研发稳步推进 [Table_ReportDate] 康辰药业(603590)公司简评报告 | 2024.09.06 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 4.05 亿元（-10.16%）， 归属于上市公司股东的净利润 7920 万元（-14.73%），归属于上市公司 股东的扣非净利润为 7450 万元（-12.18%）。 [市场指数走势（最近 Table_Chart] 1 年） -0.6 -0.4 -0.2 0 0.2 6-Sep18-Nov 30-Jan 12-Apr 24-Jun 5-Sep 康辰药业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_B ...

[Table_Summary] [Table_Title] 养殖成本持续优化，生猪出栏稳健增长 [Table_ReportDate] 温氏股份(300498)公司简评报告 | 2024.09.05 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 温氏股份 沪深300 5-Sep17-Nov 29-Jan 11-Apr 23-Jun 4-Sep 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.66 | | 一年内最高 / 最低价（元） | 22.40/16.28 | | 市盈率（当前） | -296.72 | | 市净率（当前） | 3.30 | | 总股本（亿股） | 66.53 | | 总市值（亿元 ...

[Table_Summary] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 2024H1 基础化工行业归母净利润同比下滑，但是二季度单季度环比 业绩改善。2024 年上半年，申万基础化工行业实现营业总收入 10611.87 亿元，同比+1.74%，其中锦纶、煤化工、其他橡胶制品、改 性塑料、聚氨酯子行业营业总收入同比增速位列前五，行业实现归母 净利润 632.64 亿元，同比-4.86%，其中粘胶剂及胶带、锦纶、炭黑、 氯碱、煤化工子行业归母净利润同比增速位列前五。单季度来看，2024 年第二季度，申万基础化工行业实现营业总收入 5661.97 亿元，同比 +5.91%，环比+14.39%，实现归母净利润 343.24 亿元，同比+4.01%， 环比+18.60%，净利率 6.40%，环比+0.22pct，单季度业绩环比改善。 基础化工行业 2024H1 在建工程维持增长态势，但资本开支已出现同 比下降。申万基础化工行业 2022 年、2023 年在建工程连续两年增长， 2024 年上半年仍然维持增长态势，截至 ...

[Table_Title] 1 毛鸡近一周价格窄幅震荡，生猪股处于历史估值低位 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.09.04 [Table_Rank] 评级： 看好 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 0.1 农林牧渔 沪深300 4-Sep15-Nov 26-Jan 7-Apr18-Jun 29-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 7 月上市公司出栏量稳健，近一周猪 价呈震荡态势 猪价再创年内新高，7 月规模场出栏稳 健 短期猪价预计窄幅震荡，建议逢低布 局 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 30 日全国生猪出栏均价 19.43 元/公斤。复盘历史来看，2022 年 6-8 月份生猪价格冲高回落后平 稳运行；2023 年同期猪价涨势趋缓，猪价企稳；2024 年 6-8 月份 猪价冲 ...

[Table_Summary] [Table_Title] 汽车行业周报：24H1 申万汽车板块约八成公司盈利 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.09.04 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） | --- | --- | --- | |----------|-------|----------| | | | | | 0.2 汽车 | | 沪深 300 | 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：新一轮以旧换新政策 出台，中央资金支持力度强 汽车行业周报：七月新能源乘用车渗 透率再创新高 汽车行业周报： 新能源公交补贴细则 出台，有望提振客车板块 ⚫ 24H1 中报总结，申万汽车板块约八成公司盈利 截止 8 月 31 日，申万汽车板块所有公司皆公布完中报 ： 2024 年 上半年汽车（申万）累计实现营业总收入 17525.91 亿元，同比增长 2. ...

[Table_Summary] [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 4-Sep16-Nov28-Jan10-Apr22-Jun3-Sep 食品饮料 沪深300 -0.4 资料来源：聚源数据 相关研究 [Table_OtherReport] 中报业绩分化，聚焦优质龙头 酒企龙头经营韧性较强，食品新品类 打开成长空间 酒企龙头发力三季度，大众品重视成 长赛道 [Table_Title] 龙头保持经营韧性，关注细分景气赛道 [Table_ReportDate] 食品饮料 | 行业简评报告 | 2024.09.04 核心观点 ⚫ 白酒市场：从白酒上市公司中报来看，业绩分化表现较为明显。其中， 茅五头部酒企品牌优势显著，业绩延续高质量增长；部分地产酒龙头 经营表现稳健，延续良好增长势能；次高端品牌受到商务需求疲软影 响，二季度业绩普遍面临一定承压，但品牌通过阶段性加大中低档产 品投放，较为丰富的产品矩阵有效提升了 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and is enhancing shareholder returns through a robust dividend policy [1][2] - The company reported a revenue of 22.876 billion yuan for the first half of 2024, reflecting a year-on-year growth of 4.58%, while the net profit attributable to shareholders was 7.947 billion yuan, up 1.08% year-on-year [2] - The company is focusing on a multi-brand strategy and aims to strengthen its market presence both domestically and nationally [2] Summary by Sections Financial Performance - For the first half of 2024, the company's revenue from high-end and regular liquor was 19.961 billion yuan and 2.530 billion yuan, respectively, with growth rates of 4.78% and 5.16% year-on-year [2] - The second quarter of 2024 saw a revenue of 6.621 billion yuan, a decrease of 3.02% year-on-year, and a net profit of 1.892 billion yuan, down 9.75% year-on-year [2] - The gross margin for Q2 2024 was 73.67%, a decline of 1.40 percentage points year-on-year, attributed to a slight downturn in product structure [2] Market Strategy - The company is implementing a strategy of "deepening the home market and nationwide expansion," focusing on enhancing its market position and optimizing sales strategies [2] - The number of distributors increased to 8,833 by the end of H1 2024, with a net addition of 44 distributors compared to the end of 2023 [2] Dividend Policy - The company has announced a cash dividend plan, committing to distribute no less than 70% of the net profit attributable to shareholders annually from 2024 to 2026, with a minimum of 7 billion yuan (before tax) [2] - The estimated dividend yield for 2024 is over 6%, indicating a high allocation value at the current stock price [2] Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 10.26 billion yuan, 10.95 billion yuan, and 11.71 billion yuan, respectively, with year-on-year growth rates of 2.4%, 6.8%, and 7.0% [3] - The corresponding price-to-earnings ratios for these years are projected to be 12, 11, and 10 times [3]

[Table_Summary] [Table_Rank] 评级： 买入 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.6 -0.4 -0.2 0 4-Sep16-Nov28-Jan10-Apr22-Jun3-Sep 泸州老窖 沪深300 资料来源：聚源数据 [Table_BaseData] 公司基本数据 资料来源：聚源数据 | --- | --- | |---------------------------|---------------| | 最新收盘价（元） | 114.23 | | 一年内最高 / 最低价（元） | 237.07/111.25 | | 市盈率（当前） | 11.85 | | 市净率（当前） | 4.02 | | 总股本（亿股） | 14.72 | | 总市值（亿元） | 1,681.43 | 相关研究 [Table_OtherReport] 三季度营收净利优质增长，全年高质 量发展可期 营收净利润高质量增长，全年稳健发 展可期 [Tabl ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue of 22.746 billion yuan, a year-on-year increase of 19.65%, and a net profit of 8.410 billion yuan, up 24.27% year-on-year [3]. - The company is adjusting its product rhythm and continuing its national expansion, with a focus on controlling inventory and optimizing product structure [3]. - The gross profit margin has slightly decreased, reflecting a temporary adjustment in product rhythm, but the overall brand strength and market expansion remain robust [3]. - The company is expected to achieve net profits of 12.81 billion yuan, 15.21 billion yuan, and 17.89 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 23%, 19%, and 18% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 7.408 billion yuan, a year-on-year increase of 17.06%, and a net profit of 2.147 billion yuan, up 10.23% year-on-year [3]. - The revenue from high-end liquor and other liquor categories in Q2 2024 was 4.567 billion yuan and 2.796 billion yuan, respectively, with year-on-year growth rates of 1.51% and 58.33% [3]. - The company’s gross profit margin for Q2 2024 was 75.09%, down 2.70 percentage points year-on-year [3]. Market Expansion - The company has increased its number of distributors to 4,196, a net increase of 256 compared to the end of 2023 [3]. - Revenue from the domestic market in Q2 2024 was 2.797 billion yuan, up 11.20% year-on-year, while revenue from the external market was 4.566 billion yuan, up 21.78% year-on-year [3]. Future Projections - The company forecasts revenue growth rates of 21.8%, 19.8%, 18.5%, and 17.2% for the years 2024, 2025, 2026, and beyond [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 10.50 yuan, 12.47 yuan, and 14.67 yuan, respectively [4].