[Table_Title] 受益于新兴业务增长，2024H1 收入表现亮眼 [Table_ReportDate] 鼎泰高科(301377)公司简评报告 | 2024.08.26 [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 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024H1 公司实现营收 7.13 亿元，同比 增加 22.30%，归母净利润 0.89 亿元，同比下降 16.06%；扣非归母净利 润 0.75 亿元，同比增加 1.00%。2024Q2 单季度，公司实现营收 3.80 亿 元，同比增加 23.96%，归母净利润 0.48 亿元，同比增加 28.20%，扣非 归母净利润 0.40 亿元，同比增加 20.93%。 ⚫ 刀具产品稳健增长，新兴业务亮点纷呈。 （1）刀具产品：随着下游 PCB 行业需求回暖以及 AI 需求拉动，2024H1 公司刀具产品实现营收 5.41 亿元，同比增长 12.1 ...

[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） -0.4 -0.2 0 0.2 有色金属 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] 有色行业周报：金价再创历史新高 工 业金属价格底部反弹 有色行业周报：流动性危机导致贵金 属价格波动增加 工业金属价格继续调 整 有色行业周报：有色金属板块继续下 跌 静待商品价格企稳 [Table_Title] 有色行业周报：降息情绪升温 金属价格有望走强 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.08.26 核心观点 [Table_Summary] ⚫ 铜价逐步企稳，电解铝反弹明显 1）铜：本周 SHFE 铜下跌 0.58%，收于 73500 元/吨；LME 铜上 涨 1.31%，收于 929 ...

Investment Rating - The report assigns a "Buy" rating to Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) in H1 2024 [2] - Finished drugs returned to growth trajectory, with revenue reaching 1.301 billion yuan (+17.13% YoY) in H1 2024 [2] - Domestic sales of finished drugs grew approximately 16% YoY, while revenue from out-of-hospital markets surged over 80% YoY [2] - The company's new sales system is expected to drive further growth in generic drugs in primary and out-of-hospital markets [2] - Didaxinib capsules, launched in March 2024, have been introduced in over 200 hospitals and are expected to contribute to performance from H2 2024 [2] - Operating efficiency continues to improve, with sales expenses decreasing by 3.63% YoY to 384 million yuan in H1 2024 [2] - New production capacity expansions in Xinchang Daming and Shandong chemical bases have been completed and put into operation [2] Financial Projections - Revenue is projected to reach 4.417 billion yuan (+10.5% YoY) in 2024, 4.948 billion yuan (+12.0% YoY) in 2025, and 5.505 billion yuan (+11.3% YoY) in 2026 [2] - Net profit attributable to shareholders is forecasted at 730 million yuan (+17.9% YoY) in 2024, 798 million yuan (+9.4% YoY) in 2025, and 917 million yuan (+14.8% YoY) in 2026 [2] - EPS is expected to be 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.06 yuan in 2026 [2] - Current PE ratios are 13.4x for 2024, 12.3x for 2025, and 10.7x for 2026 [2] Company Fundamentals - Latest closing price: 11.37 yuan [5] - 52-week high/low: 14.95 yuan/7.98 yuan [5] - Current PE ratio: 13.88x [5] - Current PB ratio: 1.73x [5] - Total shares outstanding: 861 million [5] - Market capitalization: 9.79 billion yuan [5] Financial Ratios - Gross margin: 50.6% in 2023, projected to increase to 53.4% by 2026 [5] - Net margin: 15.6% in 2023, expected to reach 16.8% by 2026 [5] - ROE: 11.2% in 2023, forecasted to remain stable around 11.5% by 2026 [5] - ROIC: 14.0% in 2023, projected to reach 16.5% by 2024 and maintain through 2026 [5] - Debt-to-asset ratio: 30.6% in 2023, expected to decrease to 26.0% by 2026 [5]

[Table_Title] 商社周报：7 月社零有所恢复，阿里京东业绩、指引靓 丽 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.23 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） -0.4 -0.2 0 0.2 商贸零售 沪深300 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：食品带动 7 月 CPI 上行， 资生堂业绩受核污水拖累 周报： 亚马逊财报显示海外需求回 落，餐饮盈利多承压 周报： 行业估值进一步下修，董宇辉 离职东方甄选 [Table_Summary] ⚫ 周度行情：本周（2024.8.12-2024.8.18）主要宽基指数涨跌互现。上 证综指数上涨 0.6%，深证成指下跌 0.52%，创业板指下跌 0.26%。商 贸零售子板块方面， 细分行业多数上 ...

[Table_Title] 2024Q2 利润承压，半导体设备布局不断完善 [Table_ReportDate] 晶盛机电(300316)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 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 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024 上半年实现营收 101.47 亿元，同 比+20.71%，归母净利润 20.96 亿元，同比-4.97%，扣非归母净利润 20.94 亿元，同比+1.02%。 ⚫ 营收保持增长，Q2 利润端承压。2024Q2 单季度营收 56.38 亿元，同比 +17.29%，归母净利润 10.27 亿元，同比-22.19%，扣非归母净利润 9.92 亿元，同比-17.20%，Q2 利润端承压。 ⚫ 毛利率有所下滑，期间费用率管控良好。2024年上半年公司销售毛利率 37%，同比-5.66pct，净利率23.54%，同比-6.66pct。其中设备和 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has exceeded expectations in its H1 2024 performance, with revenue reaching 5.717 billion yuan, a year-on-year increase of 29.20%, and a net profit attributable to shareholders of 594 million yuan, up 27.34% year-on-year [4] - The company has launched multiple new projects, with 38 new models and 22 projects entering mass production, contributing to significant revenue growth [4] - Profitability has improved, with a net profit margin of 10.64% in Q2 2024, reflecting a sequential increase [4] - The company is transitioning towards electronic and intelligent automotive lighting, enhancing product offerings and safety features [4] - The customer base is shifting towards leading new energy vehicle manufacturers, which is expected to drive revenue growth alongside core customer sales [4] - The company is expanding its global footprint, with new production capacities in Serbia and registrations in Mexico and the USA [4] - The integration of the supply chain and extension of the industrial chain are anticipated to enhance profitability [4] - The company is positioned in a high-quality segment of the automotive lighting market, with projected revenues of 13.21 billion, 16.79 billion, and 20.09 billion yuan for 2024-2026, respectively [4] Financial Summary - Revenue for 2023 is projected at 10.248 billion yuan, with a growth rate of 24.3% [5] - The net profit attributable to shareholders is expected to be 1.102 billion yuan in 2023, with a growth rate of 17.1% [5] - The company’s earnings per share (EPS) is forecasted to be 3.86 yuan in 2023, increasing to 5.06 yuan in 2024 [5] - The price-to-earnings (P/E) ratio is projected to decrease from 30.0 in 2023 to 22.9 in 2024, indicating a more attractive valuation over time [5]

[Table_Summary] [Table_Title] 去库存影响境外业务表现，24H2 有望迎来边际改善 [Table_ReportDate] 怡和嘉业(301367)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 3.82 亿元（-48.79%）， 归属于上市公司股东的净利润为 9238 万元（-62.08%），扣非归母净利 润为 6650 万元（-69.08%）。 ⚫ 去库存影响境外业务表现，耗材业务保持较快增长。分产品来看，2024 年上半年家用呼吸诊疗产品收入为 2.30 亿元（-60.07%），境外收入 2.19 亿元（-56.04%），主要是受到美国市场渠道呼吸机库存影响，我们预计 随着去库存周期临近尾声，美国市场有望逐步企稳。耗材收入 1.36 亿元 （+26.13%），主要是由于公司加大在美国、欧洲市场推广力度；国内市 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has shown continuous product upgrades, with the "Cave" series leading high growth. The revenue for the first half of 2024 reached 3.785 billion yuan, a year-on-year increase of 20.44%, while the net profit attributable to shareholders was 1.379 billion yuan, up 29.59% year-on-year [4][5] - The company is focusing on upgrading its product structure, with significant growth in the mid-to-high-end liquor segment. In Q2 2024, revenue from mid-to-high-end liquor and ordinary liquor was 1.069 billion yuan and 313 million yuan, respectively, representing year-on-year growth of 24.95% and 6.50% [4][5] - The company has a strong brand presence, particularly in the "Cave" series, which is expected to continue driving growth. The company is expanding its market share in both domestic and external markets, with a total of 1,423 distributors as of Q2 2024 [4][5] Summary by Sections Financial Performance - For Q2 2024, the gross margin was 71.15%, an increase of 0.59 percentage points year-on-year. The net profit margin was 31.88%, up 2.22 percentage points year-on-year [4][5] - The company expects net profits for 2024, 2025, and 2026 to be 2.91 billion yuan, 3.62 billion yuan, and 4.43 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 22% [4][5] Market Position - The company is focusing on the domestic market, with Q2 2024 revenue from domestic and external markets being 916 million yuan and 465 million yuan, respectively, showing year-on-year growth of 22.88% and 15.34% [4][5] - The company is strategically expanding in key regions such as the Yangtze River Delta, indicating significant growth potential in both domestic and external markets [4][5]

[Table_Title] 1 猪价再创年内新高，7 月规模场出栏稳健 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.08.21 [Table_Rank] 评级： 看好 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） -0.2 -0.1 0 0.1 农林牧渔 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] 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 近期猪价震荡上行，建议关注生猪养 殖龙头 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 16 日全国生猪出栏均价 21.19 元/公斤，较去年同期上涨了 4.05 元/公斤，涨幅为 23.63%。本周猪 价持续上涨，从供给端来看，养殖端看涨情绪较浓，适重猪出栏相 对较少；叠加饲料成本下降带来的压栏成本降低 ...

汽车行业周报：新一轮以旧换新政策出台，中央资 [Table_Title] 金支持力度强 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.08.21 核心观点 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn l 零跑上半年财报超预期，营收高增速、毛利率向好 8 月 15 日，零跑汽车发布 2024 年上半年财报。2024 年上半年，零 跑实现营业收入人民币 88.5亿元，同比增长 52.2%；交付 86696辆，同 比增长94.8%，创上半年度历史新高。毛利率方面，得益于销量提升带 来的规模效应及成本控制，上半年毛利率为 1.1%，同比大幅改善，二 季度毛利率改善至 2.8%，预期下半年毛利率将有更好表现；零跑经营 活动现金净额持续流入，2024年经营现金流入净额达 2.7亿元，在手资 金充裕达 164.9 亿元，资产负债结构维持健康水平。 l 新一轮以旧换新政策出台，中央资金支持力度强 8 月 16 日，商务部等 7 部门联合发布了《关于进一步做好汽车以 旧换新有关工作的通知》。为进一步做好汽车以旧换新工作，着力 ...