Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company has turned a profit in the first half of 2024, with a net profit of 0.18 billion yuan compared to a loss of 1.86 billion yuan in the same period of 2023. Revenue for H1 2024 was 2.022 billion yuan, down 25% year-on-year [1]. - The gross margin improved by 3 percentage points to 13.60% in H1 2024, attributed to supply chain optimization and expansion into high-value products. The net profit margin increased by 7 percentage points to 0.65% [1]. - The company is focusing on the recovery of the aquatic product market and optimizing its product structure, which is expected to enhance profitability [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.022 billion yuan, a decrease of 25% year-on-year. The net profit was 0.18 billion yuan, a significant recovery from a loss of 1.86 billion yuan in H1 2023. The company achieved a net profit of 0.02 billion yuan after excluding non-recurring items [1][4]. - The company’s revenue for Q2 2024 was 0.979 billion yuan, with a net profit of 0.14 billion yuan, compared to a loss of 1.97 billion yuan in Q2 2023 [1]. Product and Market Analysis - The aquatic food segment generated 1.942 billion yuan in revenue in H1 2024, down 25% year-on-year, but the gross margin increased by 3 percentage points to 14.16%. The pre-made dishes segment contributed 0.605 billion yuan, a decrease of 10% [1]. - Domestic revenue fell by 34% to 0.895 billion yuan, while international revenue decreased by 16% to 1.127 billion yuan. The company is reforming its U.S. operations and expanding its international market presence, particularly in Canada and Latin America [1]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.03, 0.04, and 0.08 yuan, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 109, 66, and 35 times [2][4]. - The company expects a return on equity (ROE) of 1.1% in 2024, improving to 3.2% by 2026 [4].

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Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth, with a 9% year-on-year increase in H1 2024, reaching 1.372 billion yuan, primarily driven by the expansion of its milk bar stores [1] - The net profit attributable to shareholders increased by 5% year-on-year to 26 million yuan, while the net profit excluding non-recurring items rose by 19% to 27 million yuan [1] - The company is focusing on a big product strategy and has successfully entered the Jiangxi market, with plans to expand into new cities in Anhui [1] Revenue and Profitability - The company's revenue for H1 2024 was 1.372 billion yuan, with a gross margin of 29.5%, down 2 percentage points year-on-year [1] - The second quarter of 2024 saw revenue of 729 million yuan, a 6% increase year-on-year, but net profit decreased by 22% to 16 million yuan [1] - The company’s operating expenses have been managed effectively, with sales and management expense ratios at 23.64% and 0.97%, respectively [1] Product and Channel Strategy - Revenue from different product categories in H1 2024 included 646 million yuan from dairy products, 469 million yuan from baked goods, and 105 million yuan from other foods, with growth rates of +6%, -2%, and +58%, respectively [1] - The company is enhancing its online sales channels, achieving a 64% year-on-year increase in online sales in Q2 2024, with a high new customer ratio of 73% in the O2O segment [1] Future Earnings Forecast - The company is expected to continue its revenue and profit growth, with projected EPS of 0.15, 0.20, and 0.27 yuan for 2024, 2025, and 2026, respectively [3][4] - The current stock price corresponds to PE ratios of 58, 43, and 32 for the years 2024, 2025, and 2026 [1]

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证 2024 年 09 月 06 日 告 行 业 研 究 -25 -20 -15 -10 -5 0 5 (%) 农林牧渔 沪深300 ▌ 生猪养殖规模化稳步推进，省内猪肉供大于需 ▌ 集团场支撑猪肉供给，中小散补栏偏弱 农林牧渔(申万) -9.7 -16.7 -22.2 表现 1M 3M 12M 沪深 300 -2.5 -9.3 -14.5 券 研 究 报 生猪养殖区域专题系列一（安徽省）：集团厂供 给八成以上，中小散补栏偏弱 —农林牧渔行业专题报告 推荐(维持) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn ▌ 产能聚集淮北平原，Top3 养殖市出栏占比超 43% 淮北平原坦荡辽阔，地势略有倾斜适宜生猪养殖。安徽省生 猪养殖产能聚集于淮北平原，发挥区域集聚优势，规模化发 展生猪养殖产业。 2022 年安徽省全省生猪出栏量实现 2920.86 万头，出栏量 Top3 地级市为阜阳、宿州、亳州，出 栏量占全省的 43.08%。此外淮北平原还包括蚌埠、淮南、淮 北，淮北平原 2022 年出栏量占全省的 57.35%，聚集超出全 省一半的生猪养殖产能。 行业相对表现 ...

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Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company achieved a revenue of 2.396 billion yuan in the first half of 2024, representing a year-on-year growth of 11.38%, and a net profit attributable to shareholders of 303 million yuan, up 54.59% year-on-year [1] - The company is actively expanding its business in the automotive PCB sector, which is currently its largest sales segment, and has established strong partnerships with major automotive brands [1] - The company continues to increase its R&D investment, with 94.618 million yuan allocated in the first half of 2024, accounting for 3.95% of its revenue [1] Summary by Sections Performance Overview - In the first half of 2024, the company experienced steady revenue growth and a significant increase in profit due to strong market demand and optimized product structure [1] - The company’s net profit from regular operations reached 298 million yuan, reflecting a year-on-year increase of 54.97% [1] Market Position - The company has a solid foundation in the automotive PCB market and is expanding its presence in the domestic and international markets [1] - It has successfully introduced new domestic automotive clients and secured projects in smart driving [1] Financial Forecast - The company is projected to achieve revenues of 5.333 billion yuan, 6.346 billion yuan, and 7.266 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The earnings per share (EPS) are forecasted to be 0.98 yuan, 1.21 yuan, and 1.46 yuan for the same years [2]

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证 2024 年 09 月 05 日 告 行 研 究 究 报 新势力 8 月销量点评：零跑交付量创历史新高， MONA 03 等新车型有望进一步提振车企销量 —汽车行业动态研究报告 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------|-------|-------|-------|-------| | | | | | | | | | | 表现 | | | 1M | 3M | 12M | | | 汽车(申万 | ) | | 0.6 | -6.6 | -9.4 | | | 300 | | | -2.6 | -9.4 | -14.7 | 市场表现 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：2024Q2 多家新 势力车企表现亮眼，小米汽车盈利 超预期》2024-09-03 2、《汽车行业周报：引望引入外部 投 ...