[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152776 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 基础化工 沪深300 21-Aug 1-Nov12-Jan 24-Mar 4-Jun15-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 维生素 A 涨幅居前，金石资源半年利 润同比增长 维生素继续领涨，龙佰集团与四川资 源集团签订合作协议 维生素 D3 延续涨势，宝丰能源上半 年利润同比快速增长 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 液氯涨幅居前，凯赛生物上半年利润同比增长 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.08 ...

[Table_Rank] 评级： 看好 [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：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 16-Aug 28-Oct 9-Jan22-Mar 3-Jun15-Aug [Table_Summary] 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子周报：高算力自动驾驶芯片登陆 资本市场 电子：新型芯片绝缘材料有望突破国 际半导体技术制裁 英特尔 Q2 收入下降，Q3 指引不乐观 [Table_Title] 智能眼镜解决用户的痛点 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.19 核心观点 ⚫ 智能眼镜成本构成 近期智能眼镜新品密集发布，7 月 25 日 Rokid AR Lite 开售；7 月 31 日 XREAL 系列 AR 眼镜最新款 XREAL Air 2 Ultra 在国内正式发售； 8 月 8 日蜂巢 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 1.615 billion yuan for the first half of 2024, a decrease of 11.29%, while the net profit attributable to shareholders was 623 million yuan, an increase of 4.57% [3][4] - The core product, Xinhuasuan, experienced a sales volume of 4.1837 million units, generating revenue of 1.45 billion yuan, down 13.93% due to a 4.5% reduction in medical insurance prices effective January 1, 2024 [4] - The company is expected to maintain stable growth throughout the year despite the challenges faced in the first half [4] - The expansion of production capacity is progressing steadily, with an expected annual capacity of 15 million units post-expansion [4] - The sales revenue from other products increased by 50.93% in the first half of 2024, indicating strong performance from secondary products [4] - Revenue projections for 2024-2026 are estimated at 3.443 billion yuan, 3.942 billion yuan, and 4.258 billion yuan, with corresponding growth rates of 9.8%, 14.5%, and 8.0% [4][5] Financial Summary - The company's revenue for 2023 was 3.134 billion yuan, with a projected revenue of 3.443 billion yuan for 2024, reflecting a growth rate of 9.8% [5] - The net profit attributable to shareholders for 2023 was 801 million yuan, with projections of 1.055 billion yuan for 2024, indicating a growth rate of 31.8% [5] - The price-to-earnings (P/E) ratio is projected to be 8.3 times for 2024, 7.1 times for 2025, and 6.5 times for 2026 [4][5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [1] - In Q2 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 8.97%, while the net profit attributable to shareholders decreased by 2.18% year-on-year [1] - The company's gross margin slightly decreased due to product structure adjustments, with a Q2 gross margin of 34.18%, down 1.80 percentage points year-on-year [1] - The company is optimizing its product structure and expanding production capacity, with plans for overseas expansion, including a factory in Thailand established in May 2024 [1] - The company is focusing on high-precision ball screw assemblies as a new growth area, leveraging its technology in tooling and intelligent equipment [1] - The investment recommendation anticipates revenue growth from 1.56 billion yuan in 2024 to 2.51 billion yuan in 2026, with corresponding net profits of 310 million yuan and 524 million yuan respectively [1] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 697 million yuan and a net profit of 144 million yuan, with significant growth in the non-recurring net profit [1][2] - The revenue for 2023 was 1.34 billion yuan, with projections of 1.56 billion yuan for 2024, 1.93 billion yuan for 2025, and 2.51 billion yuan for 2026 [2] Business Segments - The automotive parts business generated 629 million yuan in revenue for the first half of 2024, growing by 8.14% year-on-year, while the intelligent equipment and tooling business saw a revenue increase of 32.06% [1] - The company is enhancing its product structure by focusing on core components like turbochargers and expanding its product offerings through acquisitions and new subsidiaries [1] Future Outlook - The company is expected to maintain steady growth in its turbocharger business while successfully transitioning to new energy products [1] - The anticipated revenue and profit growth from 2024 to 2026 indicates a positive outlook for the company's financial performance [1][2]

[Table_Summary] [Table_Title] 产品渠道积极变革，品牌势能持续向上 [Table_ReportDate] 盐津铺子(002847)公司简评报告 | 2024.08.15 [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 ⚫ 事件：公司发布 2024 年半年报，24H1 公司营业收入 24.59 亿元，同比 增长 29.84%；归母净利润 3.19 亿元，同比增长 30.00%；扣非归母净利 润 2.73 亿元，同比增长 17.96%。对应 24Q2 公司营业收入 12.36 亿元， 同比增长 23.44%；归母净利润 1.60 亿元，同比增长 19.11%；扣非归母 净利润 1.35 亿元，同比增长 1.58%。 ⚫ 两大战略子品牌引领增长，全渠道布局持续推进。1）分产品：24H1 辣 卤零食/休闲烘焙/深海零食/蛋类零食/薯类零食/果干坚果/蒟蒻果冻布丁 营 业 收 入 分 别 为 8.98/3.42/3.24/2.39/2.21/2.10/1.8 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of 2024, representing a year-on-year growth of 29.84%. The net profit attributable to shareholders was 319 million yuan, up 30.00% year-on-year [2] - The company is transitioning from a channel-oriented to a product-oriented model, which is expected to enhance long-term profitability [2] - The company has seen significant growth in its strategic sub-brands and continues to expand its multi-channel layout [2] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 2.459 billion yuan, with a net profit of 319 million yuan and a non-recurring net profit of 273 million yuan, showing year-on-year increases of 29.84%, 30.00%, and 17.96% respectively [2] - For Q2 2024, the revenue was 1.236 billion yuan, with a net profit of 160 million yuan, reflecting year-on-year growth of 23.44% and 19.11% respectively [2] Product and Channel Strategy - Revenue from various product categories in H1 2024 showed significant growth, with spicy snacks, baked goods, and deep-sea snacks generating revenues of 898 million, 342 million, and 324 million yuan, respectively [2] - The company is actively adjusting its channel structure, with direct supermarket revenue declining by 43.59% while e-commerce and distribution channels grew by 48.40% and 35.07% respectively [2] Profitability Metrics - The gross margin for H1 2024 was 32.53%, a decrease of 2.81 percentage points year-on-year, attributed to changes in channel structure [2] - The net profit margin remained stable at 12.99%, with a slight increase of 0.02 percentage points year-on-year [2] Future Outlook - The company is expected to achieve net profits of 640 million, 820 million, and 1.03 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 27%, and 26% [4] - The current stock price corresponds to a price-to-earnings ratio of 16, 13, and 10 for the years 2024, 2025, and 2026 [4]

[Table_Rank] 评级： 看好 [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） -0.4 -0.2 0 0.2 汽车 沪深300 14-Aug 26-Oct 7-Jan20-Mar 1-Jun13-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 政治局会议推进，低空经济有望加速 汽车行业周报： 以旧换新政策加码， 有望开启板块行情 [Table_Title] 汽车行业周报：七月新能源乘用车渗透率再创新高 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.08.14 核心观点 ⚫ HUAWEI ADS 3.0 首发，享界 S9 上市三天大定破 4800 辆 8 月 6 日，华为与北汽合作的享界 S9 正式发布，定位鸿蒙智行首 款行政级豪华旗舰轿车。新车共推出 2 款车型，其中享界 S9 Max 售价 39.98 万元；享界 S9 U ...

Investment Rating - The industry investment rating is "Positive" [2][5]. Core Viewpoints - The Ministry of Industry and Information Technology issued a plan to enhance supply-demand matching efficiency for industrial mother machines, starting from July 2024 and lasting until the end of 2027 [2]. - The plan includes organizing precise supply-demand matching activities and establishing a "1+3+N" activity system to support various regions and industries [2]. - The China Machine Tool & Tool Industry Association reported a rapid increase in new orders for metal cutting machine tools, with a year-on-year growth of 8.1% in new orders for metal cutting machine tools in the first half of 2024 [2]. - The report suggests that the industrial mother machine industry is expected to benefit from favorable policies and the industry's own renewal cycle, recommending attention to companies like Huazhong CNC, Kede CNC, Niuwai CNC, and Haitian Precision [2]. Summary by Sections Policy Impact - The plan aims to create supply and demand lists to support the activities and improve efficiency between industrial mother machine companies and user enterprises [2]. - Key regions for the activities include Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, Northeast, Central and Western regions, and major industrial provinces [2]. Market Performance - In the first half of 2024, the revenue of key enterprises in the machine tool industry decreased by 3.0% year-on-year, while the total profit fell by 9.2% [2]. - New orders for metal processing machine tools increased by 4.1% year-on-year, with a notable growth in metal cutting machine tools [2]. Investment Recommendations - The report anticipates further favorable policies for the industrial mother machine industry and suggests focusing on specific companies that are likely to benefit from these developments [2].

[Table_ReportDate] 贵州茅台(600519)公司简评报告 | 2024.08.14 [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 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 贵州茅台 沪深300 [Table_Title] 业绩高质量增长，龙头长期价值显著 核心观点 [Table_BaseData] 公司基本数据 资料来源：聚源数据 相关研究 [Table_OtherReport] 巨擘行稳致远，新财年发展可期 年初业绩目标顺利完成，2024 年发展 势能依旧充足 三季度业绩稳健，阶段性回调迎来中 长期布局机遇 请务必仔细阅读本报告最后部分的重要法律声明 请务必仔细阅读本报告最后部分的重要法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|--------|--------|--------|------ ...

[Table_Rank] 评级： 看好 [Table_Authors] 王建会 互联网首席分析师 SAC 执证编号：S0110522050001 wangjianhui2@sczq.com.cn [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 传媒 沪深300 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] AI 行情持续，后续关注业绩及应用落 地的确定性 优质供给叠加技术驱动，继续看好游 戏、影视板块 AI 应用层投资价值凸现，继续看好全 行业反弹机会 ⚫ 投资建议：行业政策回暖趋势+游戏公司重点产品上线周期进一步明 朗，我们看好供给驱动下游戏行业景气度持续回暖，建议把握"精品 内容+格局集中+出海"的中长期主线，关注兼具技术优势的头部游戏 公司新产品储备丰富的精品游戏公司，相关标的：腾讯控股、网易、 三七互娱、完美世界、吉比特、恺英网络、神州泰岳、心动公司、祖 龙娱乐等。 ⚫ 风险提示：新游上线延期，游戏行业监管风险，技术进步不及预期 ...