[Table_Title] 1 生猪价格短期承压，白羽鸡价格短期震荡 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.09.18 [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） -0.3 -0.2 -0.1 0 0.1 18-Sep 29-Nov 9-Feb21-Apr 2-Jul12-Sep 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 毛鸡近一周价格窄幅震荡，生猪股处 于历史估值低位 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 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 9 月 13 日全国生猪出栏均价 19.49 元/公斤，单日跌幅 0.92%。分区域来看，福建、湖南、贵州等地猪 价小幅上涨，其余大多数区域猪价均以下跌为主。其中陕西、山西 等地跌势明显，下跌 0. ...

[Table_Title] 英飞凌推出 12 英寸氮化镓晶圆，有望降低成本 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 英飞凌推出 12 英寸氮化镓晶圆，有望降低成本 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report gives an investment rating of "Positive" for the industry [1]. Core Insights - Apple launched the iPhone 16 series and the second-generation 3nm A18Pro chip on September 10, 2024, which is expected to drive a replacement wave for iPhones and create investment opportunities in the secondary market for Apple's supply chain [2][3]. - Huawei introduced the MateXT, a three-fold screen smartphone, on the same day, which is anticipated to replace some functions of tablets and PCs, potentially leading to a replacement wave in the smartphone market [3]. - The electronic sector's performance has been slightly stronger than the overall market, with the CSI 300 index down 2.23% from September 9 to September 13, while the CITIC electronic sector fell 2.35% during the same period [4]. Summary by Sections 1. Apple Product Launch - Apple held its fall product launch on September 10, 2024, introducing the iPhone 16 series, which includes four models: iPhone 16, 16 Plus, 16 Pro, and 16 Pro Max [2]. - The iPhone 16 Pro features a 5-level titanium design and the new A18Pro chip, which utilizes a second-generation 3nm process, enhancing performance and energy efficiency [2]. 2. Huawei Product Launch - Huawei's MateXT, a three-fold screen smartphone, was launched on September 10, 2024, with three versions priced at 19,999 yuan, 21,999 yuan, and 23,999 yuan for different memory configurations [3]. - The larger screen of the MateXT is expected to replace some functionalities of tablets and PCs, potentially driving a replacement wave in the smartphone market [3]. 3. Market Performance - From September 9 to September 13, the CSI 300 index decreased by 2.23%, while the CITIC electronic sector saw a decline of 2.35% [4]. - Year-to-date, the CSI 300 index is down 9.1%, and the CITIC electronic sector has decreased by 19.57% [4]. 4. Sector Performance - The electronic sub-sectors showed varied performance from September 9 to September 13, with PCB and components showing positive growth of 1.17% and 0.33%, respectively, while semiconductor equipment and passive components faced declines [10]. - The top-performing stocks in the electronic sector during this period included Huaying Technology, Defu Technology, and Fulede, with increases of 61.3%, 17.6%, and 10.8%, respectively [14][15].

[Table_Summary] [Table_Title] 持续深耕领鲜战略，期待后续经营改善 [Table_ReportDate] 光明乳业(600597)公司简评报告 | 2024.09.14 [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 -0.4 -0.2 0 0.2 14-Sep 26-Nov 7-Feb20-Apr 2-Jul13-Sep 光明乳业 沪深300 [Table_BaseData] 公司基本数据 总市值（亿元） 资料来源：聚源数据 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 7.41 | | 一年内最高 / 最低价（元） | 10.32/7.38 | | 市盈率（当前） | 11.23 | | 市净率（当前） | 1.15 | | 总股本（亿股） | 13.78 | | ...

[Table_Summary] [Table_Title] 持续深耕领鲜战略，期待后续经营改善 [Table_ReportDate] 光明乳业(600597)公司简评报告 | 2024.09.14 [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 -0.4 -0.2 0 0.2 14-Sep 26-Nov 7-Feb20-Apr 2-Jul13-Sep 光明乳业 沪深300 [Table_BaseData] 公司基本数据 总市值（亿元） 资料来源：聚源数据 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 7.41 | | 一年内最高 / 最低价（元） | 10.32/7.38 | | 市盈率（当前） | 11.23 | | 市净率（当前） | 1.15 | | 总股本（亿股） | 13.78 | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 3.249 billion yuan for the first half of 2024, representing a year-on-year growth of 22.92%. The net profit attributable to shareholders was 450 million yuan, up 13.62% year-on-year [4] - The company experienced strong domestic sales growth, with Q2 2024 revenue reaching 1.607 billion yuan, a year-on-year increase of 15.88%. However, net profit for Q2 2024 decreased by 3.80% year-on-year [4] - Profit margins are under pressure but are expected to gradually recover in the second half of the year. The gross profit margin for Q2 2024 was 27.66%, down 0.87 percentage points year-on-year [4] - The company is making progress in its new energy business and expanding its client base, with a product structure that now includes key components for new energy vehicles [4] - The company is enhancing its global supply chain and has initiated the construction of a second factory in Mexico, expected to start production in Q2 2025 [4] - The company is projected to achieve revenues of 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.249 billion yuan, a 22.92% increase year-on-year, and a net profit of 450 million yuan, up 13.62% year-on-year [4] - Q2 2024 saw revenue of 1.607 billion yuan, a 15.88% increase year-on-year, but net profit decreased by 3.80% [4] Profitability - The gross profit margin for Q2 2024 was 27.66%, down from the previous year, indicating pressure on profit margins [4] - The company expects a gradual recovery in profit margins in the second half of the year [4] Business Expansion - The company is expanding its new energy business and improving its client base, with a focus on key components for new energy vehicles [4] - The construction of a second factory in Mexico is underway, with production expected to start in Q2 2025 [4] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan respectively, with net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5]

| --- | --- | --- | --- | |-----------------|-----------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has returned to stable growth with ongoing internal reforms [1] - The company reported a revenue of 14.156 billion yuan for the first half of 2024, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% year-on-year [2] - The company is expected to achieve net profits of 6.27 billion yuan, 6.93 billion yuan, and 7.61 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 10.7%, and 9% [2][3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 36.86%, an increase of 0.95 percentage points year-on-year, primarily due to a decrease in raw material costs and improved economies of scale [2] - The revenue from soy sauce, seasoning sauce, oyster sauce, and other products for the first half of 2024 was 7.264 billion yuan, 1.452 billion yuan, 2.322 billion yuan, and 2.146 billion yuan respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [2] - The company’s total market capitalization is approximately 199.79 billion yuan, with a current price-to-earnings ratio of 33.39 and a price-to-book ratio of 7.13 [2] Market Position and Strategy - The company is actively responding to changes in the external consumption environment, with ongoing product and channel reforms [2] - The number of distributors increased to 6,674 by the end of the first half of 2024, reflecting successful adjustments and optimizations in the distributor team [2] - The company has launched an employee stock ownership plan for 2024-2028, which aims to enhance internal motivation and confidence in achieving higher quality growth [2]

[Table_Title] 汽车电子高速增长，平台化战略持续推进 [Table_ReportDate] 拓普集团(601689)公司简评报告 | 2024.09.13 [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 -0.6 -0.4 -0.2 0 0.2 13-Sep 25-Nov 6-Feb19-Apr 1-Jul12-Sep 拓普集团 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 35.38 | | 一年内最高 / 最低价（元） | 53.38/29.48 | | 市盈率（当前） | 23.74 | | 市净率（当前） | 3.33 | | 总股本（亿股） | 16.86 | | 总市值（亿元） | ...