[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 ...

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - 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. In Q2 2024, the revenue was 1.325 billion yuan, showing a year-on-year increase of 26.45% [4] - Revenue and profit are maintaining stable growth, although there are short-term fluctuations in profitability. In Q2, the revenue was 1.325 billion yuan, with year-on-year and quarter-on-quarter changes of +26.45% and -6.49% respectively. The net profit for Q2 was 153 million yuan, with year-on-year and quarter-on-quarter changes of +6.08% and -30.38% respectively [4] - The company is actively expanding its customer base by deepening cooperation with new energy vehicle manufacturers, with revenue from these manufacturers accounting for 15% of total revenue in the first half of the year [4] - The company has secured 43 new project approvals and expanded its product line across various fields, demonstrating its comprehensive layout and technological innovation capabilities in the automotive electronics sector [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] Financial Data Summary - The latest closing price is 43.68 yuan, with a market capitalization of 17.642 billion yuan. The current P/E ratio is 25.02 and the P/B ratio is 3.67 [2] - The company’s total assets are projected to grow from 63.56 billion yuan in 2023 to 99.98 billion yuan in 2026, with total liabilities increasing from 15.57 billion yuan to 23.13 billion yuan over the same period [6] - The operating income for 2023 is estimated at 4.625 billion yuan, with a growth rate of 36.7%. The projected operating income for 2024 is 6.204 billion yuan, with a growth rate of 34.1% [5][6]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported better-than-expected performance in Q2 2024, with a revenue of 4.83 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.29 billion yuan, up 0.71% year-on-year [3][4] - The diversification strategy has shown significant results, with rapid growth in non-excavation sectors, including a 21.53% increase in non-standard cylinders and a 24.30% increase in non-excavation pumps and valves [3][4] - The gross profit margin improved significantly to 41.64%, up 2.62 percentage points year-on-year, while the net profit margin slightly decreased to 26.69%, down 2.09 percentage points year-on-year [3][4] - The internationalization strategy is progressing, with overseas revenue growing by 15.29% in H1 2024, and the construction of a factory in Mexico nearing completion [3][4] - The company is expected to see a recovery in domestic excavator sales and continued growth in international and electrification strategies, with projected net profits of 2.70 billion yuan in 2024, 3.17 billion yuan in 2025, and 3.75 billion yuan in 2026 [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.83 billion yuan, with a Q2 revenue of 2.47 billion yuan, reflecting a 22.05% year-on-year growth [3][4] - The net profit for Q2 2024 was 686 million yuan, a 5.00% increase year-on-year [3][4] Product Diversification - The non-excavation segment saw significant growth, with non-standard cylinders sold reaching 138,900 units, a 21.53% increase year-on-year [3][4] - Non-excavation pumps and valves also experienced a 24.30% growth [3][4] Profitability Metrics - The gross margin for H1 2024 was 41.64%, an increase attributed to a higher proportion of non-excavation products and lower raw material costs [3][4] - The net profit margin was 26.69%, slightly down due to increased financial expenses [3][4] International Expansion - The company’s overseas revenue increased by 15.29% in H1 2024, with the Mexico factory expected to enhance growth further upon completion [3][4] Future Projections - Projected net profits for 2024, 2025, and 2026 are 2.70 billion yuan, 3.17 billion yuan, and 3.75 billion yuan respectively, with corresponding PE ratios of 25.1, 21.3, and 18.1 [3][4]

[Table_Summary] [Table_Title] 主动控量稳价，蓄力长远发展 [Table_ReportDate] 舍得酒业(600702)公司简评报告 | 2024.08.28 [Table_Rank] 评级： 增持 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 -1 -0.5 0 0.5 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 舍得酒业 沪深300 | --- | --- | |---------------------------------|--------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 43.48 | | 一年内最高 / 最低价（元） | 149.06/43.10 | | 市盈率（当前） | 10.04 | | 市净率（当前） | 2.07 | | 总股本（亿股） | 3.33 | | 总市值（亿元） | 1 ...

Investment Rating - Buy rating [1] Core Views - The company reported outstanding performance in the first half of 2024, with total operating revenue reaching RMB 65.044 billion, a year-on-year increase of 489.58% Net profit attributable to the parent company was RMB 1.625 billion, turning a profit compared to the same period last year [3] - In Q2 2024, the company achieved revenue of RMB 38.484 billion, up 547.7% year-on-year and 44.9% quarter-on-quarter Net profit attributable to the parent company for Q2 was RMB 1.405 billion, and adjusted net profit was RMB 1.323 billion [3] - The scale effect in Q2 2024 has gradually released profitability, with new energy vehicle sales becoming the main driver of growth The company sold 200,900 new energy vehicles in the first half of 2024, a year-on-year increase of 348.55% [3] - The gross profit margin for the first half of 2024 increased to 25.04%, with Q2 2024 gross margin reaching 27.47%, up 23.3 percentage points year-on-year and 5.96 percentage points quarter-on-quarter [3] - The AITO brand, particularly the flagship model M9, has been a significant highlight, with cumulative orders exceeding 120,000 units, showcasing strong competitiveness in the luxury vehicle market [3] - The company acquired a 10% equity stake in Yinwang for RMB 1.8 billion, strengthening its strategic partnership with Huawei and enhancing profitability [3] Financial Performance and Projections - Revenue for 2024 is projected to be RMB 147.1 billion, with net profit attributable to the parent company expected to reach RMB 5.07 billion [3] - Revenue for 2025 is forecasted to be RMB 166.87 billion, with net profit attributable to the parent company expected to be RMB 7.8 billion [3] - Revenue for 2026 is projected to be RMB 190.91 billion, with net profit attributable to the parent company expected to reach RMB 9.83 billion [3] - EPS for 2024 is estimated at RMB 3.36, increasing to RMB 5.17 in 2025 and RMB 6.51 in 2026 [3] - The company's gross profit margin is expected to remain stable at around 25.2% to 25.9% from 2024 to 2026 [4] Key Financial Ratios - ROE is projected to be 31.2% in 2024, 33.9% in 2025, and 31.4% in 2026 [4] - ROIC is expected to be 35.3% in 2024, 37.0% in 2025, and 33.6% in 2026 [4] - The debt-to-asset ratio is forecasted to decrease from 91.5% in 2024 to 86.3% in 2026 [4] - The current ratio is expected to improve from 0.95 in 2024 to 1.07 in 2026 [4] Valuation Metrics - The P/E ratio is projected to decrease from 23.4 in 2024 to 12.1 in 2026 [4] - The P/B ratio is expected to decline from 7.30 in 2024 to 3.79 in 2026 [4]

[Table_Summary] [Table_Title] 打造人工智能时代的"机器人与 AI 视觉产业中台" [Table_ReportDate] 奥比中光(688322)公司简评报告 | 2024.08.28 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 28-Aug 9-Nov21-Jan 3-Apr15-Jun 27-Aug 奥比中光 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 24.03 | | 一年内最高 / 最低价（元） | 36.33/18.83 | | 市盈率（当前） | -50.85 | | 市净率（当前） | 3.25 | | ...

[Table_Summary] [Table_Rank] 评级： 买入 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 29-Aug 10-Nov 22-Jan 4-Apr16-Jun 28-Aug 艾迪药业 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 7.96 | | 一年内最高 / 最低价（元） | 17.40/7.41 | | 市盈率（当前） | -29.93 | | 市净率（当前） | 3.09 | | 总股本（亿股） | 4.21 | | 总市值（亿元） | 33.49 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 艾迪药业：创新药销售持续改善，进 入快速 ...

[Table_Summary] [Table_Title] 布局多应用场景，丰富产品矩阵 [Table_ReportDate] 南芯科技(688484)公司简评报告 | 2024.08.29 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 29-Aug 10-Nov 22-Jan 4-Apr16-Jun 28-Aug 南芯科技 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 27.08 | | 一年内最高 / 最低价（元） | 49.47/21.82 | | 市盈率（当前） | 31.35 | | 市净率（当前） | 2.99 | | 总股本（亿股） | ...