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） | ...

[Table_Title] 1 7 月上市公司出栏量稳健，近一周猪价呈震荡态势 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.08.28 核心观点 [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 农林牧渔 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 猪价持续上涨，建议关注低估值高成 长标的 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 26 日全国生猪出栏均价 20.10 元/公斤，周环比下降 2.24%。根据统计的 17 家生猪养殖上市公司 7 月份出栏情况来看，与 6 月份出栏数据相比，其中牧原、大北农、 立华股份、金新农出 ...

[Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 食品饮料 沪深300 28-Aug 9-Nov21-Jan 3-Apr15-Jun 27-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 板块震荡调整，关注中报景气方向 [Table_ReportDate] 食品饮料 | 行业简评报告 | 2024.08.28 核心观点 ⚫ 白酒市场：近期部分白酒上市公司发布中报，业绩表现有所分化。头 部酒企品牌优势彰显，业绩延续高质量增长，部分地产酒龙头经营表 现稳健，延续良好的增长势能。次高端品牌业绩相对承压，舍得酒业 24H1 营收、归母净利同比下滑较明显，由于上半年次高端白酒商务需 求不及预期，公司主动采取控量稳价策略，积极协助经销商提升动销， 对次高端大单品 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was 2.841 billion yuan, an increase of 6.1% year-on-year. In Q2 2024, revenue was 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year but down 5.32% quarter-on-quarter [2][4] - The main products, including ammonium phosphate, compound fertilizer, urea, and others, showed stable production and sales, with ammonium phosphate prices remaining at a high level. The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products [2][4] - The company has good financial control, maintaining low rates for sales, management, and finance at 1.14%, 1.89%, and 0.87% respectively, with a decrease in financial costs and optimized debt structure [3][4] - The phosphate rock market remains strong, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has significant phosphate reserves of nearly 800 million tons and a self-sufficiency rate in phosphate rock production, benefiting from its integrated mining and fertilizer operations [4] - The company is expected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a favorable outlook for the company as a leading player in the domestic phosphate chemical industry [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 31.993 billion yuan, a decrease of 9.16% year-on-year, and a net profit of 2.841 billion yuan, an increase of 6.1% year-on-year. Q2 2024 saw a revenue of 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year [2][4] Product Pricing and Sales - The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products. The company’s core product, ammonium phosphate, maintained a relatively high price level, and sales increased as demand is expected to rise with the upcoming autumn fertilization season [2][4] Financial Management - The company maintained low sales, management, and financial expense ratios at 1.14%, 1.89%, and 0.87% respectively, with a focus on controlling financial costs and optimizing the debt structure [3][4] Market Outlook - The phosphate rock market continues to be robust, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has substantial phosphate reserves and a high self-sufficiency rate in phosphate rock production, positioning it well to benefit from the industry's high-quality development initiatives [4] Profit Forecast - The company is projected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a positive growth trajectory [4][5]