[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].

[Table_Title] 新能源收入占比提升，毛利率有望修复 [Table_ 溯联股份ReportDate] (301397)公司简评报告 | 2024.09.03 [Table_Rank] 评级： 买入 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） 资料来源：聚源数据 -1.5 -1 -0.5 0 0.5 4-Sep15-Nov 26-Jan 7-Apr18-Jun 29-Aug 溯联股份 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 21.77 | | 一年内最高 / 最低价（元） | 45.61/19.36 | | 市盈率（当前） | 18.09 | | 市净率（当前） | 1.37 | | 总股本（亿股） | 1.20 | | 总市值（亿元） | 26. ...

[Table_Title] 商社周报：五部门联合印发通知完善市内免税店政策， 政策驱动周度行情 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.09.03 核心观点 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------|----------|-------|-------|-------|-------|---------------|-------| | | | | | | | | | | | 0.2 | | 商贸零售 | | | | | 沪深 300 | | | 0 | | | | | | | | | | -0.2 | 1-Sep 12-Nov | | 4-Apr | | | | 15-Jun 26-Aug | | | -0.4 | | | ...

[Table_Rank] 评级： 看好 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------|--------------|-------|-------|---------------|-------| | | | | | | | | | | | | | | | | | 0.2 | | 有色金属 | | | 沪深 300 | | | 0 | | | | | | | | -0.2 4-Sep 15-Nov | | 26-Jan 7-Apr | | | 18-Jun 29-Aug | | | -0.4 | | | | | | | 资料来源：聚源数据 相关研究 [Table_OtherReport] 有色行业周报：降息情绪升温 金属价 格有望走强 有色行业周报：金价再创历史新高 工 业金 ...

[Table_Summary] [Table_Title] 铜价上涨助推业绩 静待米拉多二期建设完成 [Table_ReportDate] 铜陵有色(000630)公司简评报告 | 2024.09.03 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 铜陵有色 沪深300 4-Sep15-Nov 26-Jan 7-Apr18-Jun 29-Aug 资料来源：聚源数据 | --- | --- | |---------------------------------|-----------| | | | | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 3.02 | | 一年内最高 / 最低价（元） | 4.36/2.78 | | 市盈率（当前） | 13.66 | | 市净率（当前） | 1.18 | | 总 ...

[Table_Rank] 评级： 买入 [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） | --- | --- | --- | |---------------------|-------|---------------| | | | | | | | | | 均胜电子 | | 沪深 300 | | 4-Sep 15-Nov 26-Jan | 7-Apr | 18-Jun 29-Aug | -0.4 | --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | | | | | | | 0.2 | | | | | | | | | | | | 0 | | | | -0.2 | | 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 公司基 ...

[Table_Title] 2024Q2 业绩高增，新签订单增速较快 [Table_ReportDate] 科德数控(688305)公司简评报告 | 2024.09.02 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [市场指数走势（最近 Table_Chart] 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 31-Aug 12-Nov 24-Jan 6-Apr18-Jun 30-Aug 科德数控 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 59.60 | | 一年内最高 / 最低价（元） | 88.63/54.69 | | 市盈率（当前） | 58.95 | | 市净率（当前） | 3.47 | | 总股本（亿股） | 1.02 | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 2.742 billion yuan for the first half of 2024, representing a year-on-year growth of 39.85%. The net profit attributable to shareholders reached 372 million yuan, up 34.85% year-on-year [4] - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, reflecting a year-on-year increase of 26.45%, while the net profit for the same period was 153 million yuan, growing by 6.08% year-on-year [4] - The company is actively expanding its customer base, with revenue from new energy vehicle manufacturers increasing to 15% of total revenue, highlighting its ability to meet the demands of new energy vehicle companies [4] - The company has secured 43 new project approvals and is expanding its product lines across various automotive electronic fields, indicating a comprehensive layout and technological innovation capability [4] - Revenue forecasts for 2024 to 2026 are projected at 6.2 billion yuan, 8.02 billion yuan, and 10.43 billion yuan respectively, with net profits expected to be 810 million yuan, 1.02 billion yuan, and 1.33 billion yuan [4][5] Summary by Sections Financial Performance - The company reported a total revenue of 4.625 billion yuan for 2023, with projected revenues of 6.204 billion yuan for 2024, 8.025 billion yuan for 2025, and 10.427 billion yuan for 2026 [5] - The net profit for 2023 is estimated at 610 million yuan, with projections of 810 million yuan for 2024, 1.02 billion yuan for 2025, and 1.425 billion yuan for 2026 [5] Profitability Metrics - The company's gross margin for Q2 2024 was 26.12%, with a net margin of 12.36% [4] - The earnings per share (EPS) for 2023 is projected at 1.51 yuan, increasing to 2.01 yuan in 2024, 2.52 yuan in 2025, and 3.30 yuan in 2026 [5] Market Position and Strategy - The company is focusing on expanding its market presence by collaborating with new energy vehicle manufacturers and optimizing its customer structure [4] - The company has made significant strides in securing global projects with major automotive brands, indicating a strong competitive position in the automotive electronics sector [4]

[Table_Summary] [Table_Title] 大单品战略持续推进，盈利能力提升明显 [Table_ReportDate] 劲仔食品(003000)公司简评报告 | 2024.08.30 [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） 资料来源：聚源数据 -0.5 0 0.5 1 30-Aug 11-Nov 23-Jan 5-Apr17-Jun 29-Aug 劲仔食品 沪深300 [Table_BaseData] 公司基本数据 资料来源：聚源数据 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 10.68 | | 一年内最高 / 最低价（元） | 15.71/9.37 | | 市盈率（当前） | 17.85 | | 市净率（当前） | 3.67 | | 总股本（亿股） | 4.51 | | 总市值（亿元） ...