| --- | --- | --- | |-----------------------|-----------------------|------------------------| | 2024 | 年 09 月 11 日 | 晨会纪要 | | 研究所： 证券分析师： | 余春生 S0350513090001 | 晨会纪要 [Table_Title] | | | yucs@ghzq.com.cn | —— 2024 年第 161 期 | 观点精粹: 最新报告摘要 如何提升交易胜率？--债券研究周报 猪价回暖业绩扭亏，食品板块持续布局--龙大美食/食品加工(002726/213404) 公司动态研究 FY2024 业绩亮眼，完善品牌矩阵 --江南布衣/服装家纺(03306/213502) 点评报告（港股美股） 2024H1 营收、利润总额分别同比增长 13.77%、15.98%，研学文旅业务可期--山东出版/出版(601019/217209) 公司动态研究 复锐医疗科技（1696.HK）深度报告：能量源医美龙头，构建大医美生态平台--复锐医疗科技/医疗器械 (01696/213705) 公司 PPT 报 ...

2024 年 09 月 10 日 公司研究 评级：买入(维持) | --- | --- | |--------------|------------------------------------------| | | | | 研究所： | | | 证券分析师： | 李永磊 S0350521080004 liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 证券分析师： | 陈云 S0350524070001 cheny17@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/09 | | | | | | | | | | | | 市场数据 | | | 2024/09/09 | | 当前价格（元） | | | 15.13 | | 52 周价格区间（元） | | | 13.10-18.55 | | 总市值（百万） | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6]. Core Insights - The company has shown strong revenue and profit growth in the first half of 2024, with revenue increasing by 13.77% year-on-year and total profit rising by 15.98% [3][4]. - The growth in revenue is primarily driven by increased sales in textbooks and educational materials, while the company is also actively expanding its research and educational tourism business [4][5]. - The company maintains a solid cash position with over 7 billion yuan on hand and a stable dividend yield of 4.48% over the past 12 months [6]. Revenue and Profit Summary - In H1 2024, the company achieved revenue of 5.944 billion yuan, a year-on-year increase of 13.77%, with a gross profit of 2.282 billion yuan and a gross margin of 38.38% [3]. - The second quarter of 2024 saw revenue of 3.474 billion yuan, up 13.81% year-on-year and 40.66% quarter-on-quarter, with a gross profit of 1.328 billion yuan [3]. - The net profit attributable to shareholders in H1 2024 was 754 million yuan, down 15.64% year-on-year, while the profit before tax increased by 15.98% after excluding tax impacts [3]. Business Segment Performance - The publishing business generated revenue of 1.777 billion yuan in H1 2024, reflecting a year-on-year growth of 5.44% [4]. - The distribution business reported revenue of 4.216 billion yuan, a year-on-year increase of 7.91% [4]. - The educational tourism segment experienced significant growth, with revenue increasing by over 60% year-on-year [5]. Financial Forecast - The company is projected to achieve revenues of 13.604 billion yuan, 14.651 billion yuan, and 15.650 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - Expected net profits for the same years are 1.738 billion yuan, 1.927 billion yuan, and 2.064 billion yuan, with corresponding EPS of 0.83 yuan, 0.92 yuan, and 0.99 yuan [6][7].

Investment Rating - Buy (Maintained) [1] Core Viewpoints - FY2024 performance was strong, with total revenue reaching RMB 5,238 million, up 17.3% YoY, and net profit reaching RMB 848 million, up 36.5% YoY [3] - The company's gross margin increased by 1.0pct YoY to 66.3%, and net margin increased by 2.3pct YoY to 16.2% [3] - The company proposed a final dividend of HKD 0.86 per share, with a full-year dividend payout ratio of 97% [3] - The company's brand matrix was further improved, with the acquisition of onmygame brand, which holds 51% of its shares, to strengthen the children's wear sector [4] - The company's global independent physical retail stores totaled 2,024, an increase of 34 stores YoY [4] Performance Analysis - By brand, JNBY revenue was RMB 2,940 million, up 17.1% YoY, accounting for 56.2% of total revenue [4] - By channel, direct sales revenue was RMB 2,160 million, up 16.4% YoY, dealer channel revenue was RMB 2,070 million, up 17.7% YoY, and online channel revenue was RMB 1,010 million, up 18.4% YoY [4] - The company's gross margin by brand: JNBY 68.2%, up 1.0pct YoY, CROQUIS 66.3%, up 1.6pct YoY, jnby by JNBY 59.2%, up 0.6pct YoY, LESS 69.9%, up 1.2pct YoY, emerging brands 45.0%, down 1.4pct YoY [2] - The company's gross margin by channel: direct sales 74.1%, up 0.9pct YoY, dealer channel 59.3%, up 0.4pct YoY, online channel 63.8%, up 2.4pct YoY [2] Future Outlook - The company is expected to achieve revenue of RMB 5,560 million, RMB 5,956 million, and RMB 6,384 million in FY2025, FY2026, and FY2027, respectively [6] - The company's net profit is expected to reach RMB 875 million, RMB 938 million, and RMB 1,011 million in FY2025, FY2026, and FY2027, respectively [6] - The company's PE ratio is expected to be 7.6X, 7.1X, and 6.6X in FY2025, FY2026, and FY2027, respectively [6] - The company's ROE is expected to be 39.1%, 36.8%, and 35.1% in FY2025, FY2026, and FY2027, respectively [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The global medical aesthetics industry is expanding, with non-surgical segments growing faster than surgical ones. The industry features high entry barriers and significant profit margins, particularly in the upstream sector [3][4]. - The company is positioned as a leader in energy-based medical aesthetics, with a diverse product portfolio and a strong focus on innovation and market expansion [4][6]. - Revenue forecasts for the company indicate growth from $370 million in 2024 to $473 million by 2026, with a projected net profit increase from $34 million to $43 million in the same period [6][8]. Summary by Sections Industry Overview - The medical aesthetics industry combines medical and consumer attributes, influenced by disposable income and consumer preferences. The upstream sector has a gross margin of 80%-95%, while the downstream customer acquisition platforms have a margin of about 60%-80% [3][4]. - The energy-based aesthetics market is projected to grow steadily, with a significant portion of revenue coming from skin rejuvenation treatments [3][4]. Company Overview - The company has established a "big medical aesthetics" ecosystem, focusing on energy-based aesthetics, injection fillers, digital dentistry, and personal care. In 2023, its energy-based aesthetics revenue reached $320 million, with a year-on-year growth of 3.2% [4][6]. - The injection filler segment, which the company entered in 2019, generated over $10 million in revenue in 2023, reflecting a 9.3% increase year-on-year [4][6]. Financial Performance - The company is expected to achieve revenues of $370 million, $421 million, and $473 million from 2024 to 2026, with corresponding net profits of $34 million, $39 million, and $43 million [6][8]. - The company's valuation metrics indicate it is undervalued compared to peers, with a projected P/E ratio of 5.7X for 2024, decreasing to 4.5X by 2026 [6][8]. Market Positioning - The company has a strong market presence in energy-based aesthetics, holding a 4.4% share of the global market in 2016, ranking fifth. It has launched approximately 30 products in this segment since 2006 [4][6]. - The company is actively expanding its direct sales channels globally, with a significant focus on the Chinese market, where it has formed a joint venture to enhance its presence [6][4].

近一月换手（%） 0.99 2024 年 09 月 10 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn [Table_Title] 猪价回暖业绩扭亏，食品板块持续布局 ——龙大美食（002726）公司动态研究 投资要点: 最近一年走势 龙大美食发布 2024 年半年度报告。2024H1 实现营业收入 50.44 亿 元，同比-25.01%；实现归母净利 0.58 亿元（去年同期为-6.24 亿元）， 扣非归母净利润 0.56 亿元（去年同期为-4.64 亿元），实现扭亏为盈。 2024Q2 公司实现营业收入 25.21 亿元，同比-22.42%；实现归母净 利润 0.28 亿元（去年同期为-6.46 亿元），扣非归母净利润 0.26 亿元 （去年同期为-4.87 亿元），同比实现扭亏为盈。 食品业务受消费需求压制增速放缓，产品及渠道结构优化步履不辍。 相对 ...

| --- | --- | --- | |------------------------------|--------------------------------------------|-----------------------------------| | 2024 \n研究所： 证券分析师： | 年 09 月 10 日 \n 余春生 S0350513090001 | 晨会纪要 \n晨会纪要 [Table_Title] | | | yucs@ghzq.com.cn | —— 2024 年第 160 期 | 观点精粹: 最新报告摘要 市场阵痛，待旺季曙光兑现--行业周报 关注节前猪价走势--行业周报 禾赛获 ISO 21448 预期功能安全流程认证，新豪华智享 C 级轿车领克 Z10 正式上市--北交所行业普通报告 项目建设进展顺利，2024 年 H1 业绩同比改善--金能科技/化学原料(603113/212202) 公司动态研究 证券研究报告 1、最新报告摘要 1.1、苯胺、天然气价格上涨，万华化学 MDI 配套甲醛项目环评第二次公示-- 行业周报 1.2、市场阵痛，待旺季曙光兑现--行业周报 ...

2024 年 09 月 09 日 北交所&新兴成长行业研究 [Table_Title] 禾赛获 ISO 21448 预期功能安全流程认证，新 豪华智享 C 级轿车领克 Z10 正式上市 ——北交所&新兴成长行业周报 投资要点: luok@ghzq.com.cn 证券分析师： 傅麒丞 S0350524080001 fuqc@ghzq.com.cn 研究所： 证券分析师： 罗琨 S0350522110003 最近一年走势 行业相对表现 2024/9/6 1）禾赛科技成为全球激光雷达行业首家获 ISO 21448 预期功能安全 流程认证的企业。据禾赛科技公众号报导，禾赛科技顺利通过国际 知名第三方认证机构 TÜV 南德意志集团的严格审核，在 ISO 26262 及质量管理体系基础上获得了 ISO 21448（SOTIF）预期功能安全 流程认证，成为全球激光雷达行业首家获此认证的企业。该认证不 仅确认了禾赛在预期功能安全方面已建立先进的流程体系，还展示 了禾赛将预期功能安全最佳实践全面融入公司研发流程的能力，充 分遵循了行业的最高安全标准。自 2021 年起，禾赛便致力于构筑"三 合一"安全体系，将功能安全、预期功能 ...

| --- | --- | --- | |-----------------------|---------------------------------------------|-------| | | | | | 研究所： 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | | 证券分析师： | 熊子兴 S0350522100002 xiongzx@ghzq.com.cn | | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | | 2024 年 09 月 09 日 行业研究 评级：推荐(维持) [Table_Title] 关注节前猪价走势 ——农林牧渔行业周报 投资要点: 最近一年走势 行业相对表现 2024/09/06 表现 1M 3M 12M 农林牧渔 -10.6% -17.6% -23.0% 投资建议：从产业链看，白羽鸡商品代价格震荡，后续随着消费的 改善，行业景气度有望持续回升。我们持续重点推荐圣农发展、益 生股份，建议关注禾丰股份、民和股份、仙坛股份、春雪食品、益 客食品等。 沪深 ...

Investment Rating - The report assigns an "Overweight" rating to the company, marking the first coverage [2] Core Views - The company's project construction is progressing smoothly, with improved H1 2024 performance compared to the previous year [2] - The company is committed to building a unique "C3+C4+photovoltaic+hydrogen" green chemical industry chain in the fields of new materials and new energy, with orderly release of capacity from ongoing projects, indicating potential for rapid development [6][47] Financial Performance - In H1 2024, the company achieved revenue of 6.886 billion yuan, a year-on-year decrease of 4.56% [3] - Net profit attributable to the parent company in H1 2024 was -43 million yuan, showing a narrowing loss compared to the previous year [3] - Operating cash flow in H1 2024 was 318 million yuan, a year-on-year increase of 1711.28%, mainly due to reduced procurement of raw materials such as propane [3] Product Performance - Carbon black products generated revenue of 2.234 billion yuan in H1 2024, a year-on-year increase of 0.83%, with a gross profit of 117 million yuan and a gross margin of 5.22% [3] - Olefin products generated revenue of 2.207 billion yuan in H1 2024, a year-on-year decrease of 11.24%, with a gross loss of 18 million yuan and a gross margin of -0.83% [3] - Coal tar products generated revenue of 1.641 billion yuan in H1 2024, a year-on-year decrease of 12.25%, with a gross loss of 4 million yuan and a gross margin of -0.25% [3] - Fine chemical products generated revenue of 255 million yuan in H1 2024, a year-on-year increase of 1.02%, with a gross profit of 34 million yuan and a gross margin of 13.41% [3] Project Progress - The Qingdao base has established an annual production capacity of 1.8 million tons of propylene, 1.35 million tons of polypropylene, and 480,000 tons of carbon black, utilizing Lummus and Basell technologies to create a unique global resource recycling model [3] - The second phase of the new plant, with 900,000 tons/year PDH and 2*450,000 tons/year PP, is expected to be fully operational in the second half of the year, further amplifying the scale effect of olefin production capacity and optimizing the company's energy utilization structure [3] Market Data - The current stock price is 4.57 yuan, with a 52-week price range of 4.56-8.78 yuan [3] - The total market capitalization is 3.87513 billion yuan, with a circulating market capitalization of 3.87513 billion yuan [3] - The average daily trading volume is 278.1 million yuan [3] Profit Forecast - The company is expected to achieve revenues of 17.15 billion yuan, 20.533 billion yuan, and 23.02 billion yuan in 2024, 2025, and 2026, respectively [47] - Net profit attributable to the parent company is expected to be -65 million yuan, 112 million yuan, and 245 million yuan in 2024, 2025, and 2026, respectively [47] - The current stock price corresponds to a PE ratio of 34.45x and 15.80x for 2025 and 2026, respectively [47] Financial Ratios - The gross margin in H1 2024 was 1.92% [3] - The asset-liability ratio in H1 2024 was 51.91% [19] - The asset turnover rate in H1 2024 was 37.99% [20] - The ROE in H1 2024 was -0.5% [19]