2024 年 09 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 8 月总销量环比回升，海外销量再创新高 ——长城汽车（601633）公司点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/03 | | | | | | | | | | | | 市场数据 | | | 2024/09/03 | | 当前价格（元） | | | 22.42 | | 52 周价格区间（元） | | | 19.11-31.30 | | 总市值（百万） | | | 191,517.63 | | 流通市值（百万） | | | 138,501.31 | | 总股本（万股） | | | 854,226.70 | | 流通股本（万股） | | | 617,757.84 | | 日均成交额（百万） | | | 380.77 | | 近一月换手（ | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20]. Core Views - The company experienced pressure on its performance in the first half of 2024, with a potential turning point expected in Q3 due to price increases in its main products [1][5]. - The company's revenue for the first half of 2024 was 2.538 billion yuan, a decrease of 5.10% year-on-year, while the net profit attributable to shareholders was 247 million yuan, down 38.74% year-on-year [2][3]. - The decline in performance was primarily attributed to the continuous drop in the price of sucralose, which negatively impacted the profitability of the food additive segment [3][4]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, an increase of 2.60% year-on-year and 9.18% quarter-on-quarter. The net profit for the same period was 118 million yuan, down 25.40% year-on-year and 8.74% quarter-on-quarter [2][3]. - The average price of sucralose in H1 2024 was 118,000 yuan/ton, continuing to decline by 24,000 yuan/ton compared to the previous period [3][4]. Product Segments - The food additive segment generated revenue of 1.337 billion yuan in H1 2024, down 11.40% quarter-on-quarter, while the bulk chemical segment generated 839 million yuan, down 1.76% [3][7]. - The gross margin for the food additive segment was 27.10%, a decrease of 6.90 percentage points, while the bulk chemical segment benefited from cost reductions, achieving a gross margin of 11.98%, an increase of 3.78 percentage points [3][7]. Future Outlook - The company is expected to see a recovery in Q3 2024, driven by price increases in sucralose and improved market conditions for its other products [4][5]. - Revenue projections for 2024-2026 are estimated at 5.211 billion, 6.161 billion, and 7.052 billion yuan, respectively, with corresponding net profits of 675 million, 860 million, and 1.032 billion yuan [5][6].

2024 年 09 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn [Table_Title] 全面推进大家居转型步伐，看好长期业绩 持续优化 ——欧派家居（603833）2024 年中报业绩点评 事件: 最近一年走势 相对沪深 300 表现 2024/09/03 全面优化产品和价格矩阵，衣柜木门盈利能力持续强化。2024H1， 公司橱柜/衣柜及配套品/卫浴/木门/其他品类分别实现营业收入为 25.57/44.19/5.03/4.97/4.25 亿 元 ， 同 比 2023 年 上 半 年 分 别 -16.76%/-18.63%/+9.29%/-13.61%/+234.08% ， 毛 利 率 分 别 为 29.22%/36.67%/24.99%/23.83%/21.06%，同比 2023 年上半年分别 -1.05/+3.08/-1.35/+2.83/-19.11pct。公司全面优化产品和价格矩阵， 重构欧派高端系列产品，强化中端产品矩阵，补充刚需普及套餐类 型供给，持续提高各类产品的市场竞争力。 表现 1M 3M ...

2024 年 09 月 03 日 公司研究 评级：买入(首次覆盖) | --- | --- | --- | |--------------|--------|------------------------------------| | | | | | | | | | 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 | [Table_Title] 蛋氨酸量价齐升，上半年业绩同比高增 ——安迪苏（600299）2024 年半年报点评 最近一年走势 相对沪深 300 表现 2024/09/02 2024Q2 单季度，公司实现营业收入 37.7 亿元，同比+18.5%，环比+7.7%； 实现归母净利润为 3.3 亿元，同比+936.3%，环比+19.5%；扣非后归母 净利润 3.3 亿元，同比+873.1%，环比-1 ...

2024 年 09 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q2 合资业绩承压，自主盈利逐渐恢复 ——广汽集团（601238）2024 年中报 最近一年走势 相对沪深 300 表现 2024/09/03 2024Q2 营收同比下滑，因行业价格战量价双承压。 2024H1 公 司实现营收 458.08 亿元，同比-25.62%，主要系自主品牌销量下滑， 2024H1 公司自主品牌实现销量 31.52 万辆，同比-20.68%。其中， 2024Q2 公 司 实 现 营 收 244.61 亿 元 ， 同 / 环 比 分 别 -30.50%/ +14.59%，同比出现下滑主要原因在于国内汽车行业竞争激烈，销 量承压，2024Q2 公司自主品牌实现销量 18.09 万辆，同/环比分别 -23.19%/+34.62%。受"价格战"影响，公司平均单车营收 2024 上 半年同比出现下滑。 表现 1M 3M 12M 广汽集团 -7.5% -14.6% -26.1% 沪深 300 -3.3% - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's operating performance has significantly improved, with multiple new products accelerating market penetration [2] - In H1 2024, the company achieved revenue of 206 million, a year-on-year increase of 32.07%, with Q2 revenue reaching 117 million, up 30.34% year-on-year and 33.21% quarter-on-quarter [2] - The gross margin for H1 2024 was 21.43%, an increase of 5.70 percentage points year-on-year, while Q2 gross margin was 20.95%, up 10.14% year-on-year [2] - The company is focusing on R&D, with an investment of 39.23 million in H1 2024, representing a R&D expense ratio of 19.07% [2][5] - The pressure sensor segment showed significant growth, accounting for 38.79% of revenue, an increase of 18.18 percentage points year-on-year [5] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit attributable to shareholders of -35 million, a reduction in loss by 18 million year-on-year [2] - The company expects revenues of 483 million, 607 million, and 769 million for 2024, 2025, and 2026 respectively, with projected net profits of -24 million, 24 million, and 61 million for the same years [6][8] Market Position - The company is one of the few in China with capabilities in multiple MEMS chip design and manufacturing processes, which positions it well for future market growth [5] - The company is actively expanding its market share in the MEMS sensor field, driven by innovation and the exploration of new market opportunities [2] Product Development - The company has made advancements in various sensor products, including new pressure and acoustic sensors, which are expected to see increased demand due to trends in AI and consumer electronics [5] - The company is also focusing on optimizing the performance and cost of its MEMS chips, enhancing their competitiveness in the market [2][5]

2024 年 09 月 03 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 孙嘉赓 S0350523120002 sunjg@ghzq.com.cn [Table_Title] 券商业绩韧性彰显关注风格变化，保险基本面边 际变化驱动内部调仓，加密货币短期震荡不改坚 定看多 ——非银金融行业周报 最近一年走势 行业相对表现 2024/09/02 证券：券商业绩韧性彰显，叠加并购之风再次吹起，高赔率下密切关注 市场风格切换带来的行情催化。1）上周（2024/8/26-2024/8/30，下同） 证券 I（I 申万）指数上涨 1.90%，截至 2024 年 8 月 30 日，券商指数 PB(lf) 回升至 1.01，估值分位为自指数创建以来的 0.3%，且该指数 50 个成分 股中估值"破净"的仍高达 21 只。2）截至 8 月 31 日，上市券商均发布 2024 年中报，2024H1 归母净利润平均下滑 24.06%，共计 12 家券商归 母净利实现同比增长，16 家券商同比降幅小于 20%。不难看出多数券商 表现出较强的业绩韧性，且下半年随着基数的下降业绩压力也随之降低， 而今年券商指数下跌明显很大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 3, 2024 [1][4]. Core Views - The company's performance is under short-term pressure due to market downturns and increased expenses, with a focus on the progress of future capital increases [1][3]. - The company reported a total revenue of 545 million yuan in the first half of 2024, a year-on-year increase of 6.58%, but a net profit attributable to shareholders of -49 million yuan, indicating a shift from profit to loss [2][3]. - The company is increasing its business investment against the market trend, aiming for long-term growth potential [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 545 million yuan, with a year-on-year growth of 6.58%. The revenue for the second quarter was 251 million yuan, showing a year-on-year increase of 45.09% but a quarter-on-quarter decline of 14.34% [2][3]. - The net profit attributable to shareholders was -49 million yuan, reflecting a year-on-year transition from profit to loss [2][3]. - The company's financial information service revenue was 423 million yuan, down 4.40% year-on-year, while the net income from fees and commissions increased by 138.08% to 82 million yuan [3][4]. Business Segments - The financial information service segment accounted for 97.27% of total revenue, while the advertising business contributed only 2.70% [3]. - The company’s gross profit margin was 83.97%, a decrease of 2.78 percentage points year-on-year, and the net profit margin was -11.25%, down 15.21 percentage points year-on-year [3][4]. Future Outlook - The company is expected to see total revenues of 1.241 billion yuan, 1.853 billion yuan, and 2.573 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 173 million yuan, 306 million yuan, and 458 million yuan [4][5]. - The earnings per share (EPS) are forecasted to be 0.42 yuan, 0.75 yuan, and 1.12 yuan for the same years [5][6]. - The company is focusing on the progress of its capital increase, which is anticipated to create a positive development space for its securities business [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's individual check-up revenue proportion and customer unit price have steadily increased, with a positive outlook on the company leading the digital health management upgrade [1] - The company's revenue in the first half of 2024 was 4,205 million yuan, a decrease of 5.53% year-on-year, with a net loss attributable to the parent company of 216 million yuan, in line with the median of the performance forecast [2] - The customer unit price has continued to rise steadily, from 514 yuan in the first half of 2022 to 653 yuan in the first half of 2024, benefiting from the return of basic physical examination project prices, customer structure optimization, and innovation project promotion [2] - The proportion of individual customer revenue has increased significantly, from 24% in the first half of 2022 to 33% in the first half of 2024, driven by enhanced cooperation with public domain platforms and improved store fulfillment efficiency [2] - The company's revenue in the second quarter of 2024 achieved positive growth, with revenue of 2,400 million yuan, a year-on-year increase of 3%, and a gross profit margin of 41.36%, a year-on-year increase of 0.02 percentage points [2] - The decline in single-store revenue and reception volume is the main reason affecting the company's profitability in the first half of the year, with a total of 608 branches and a total reception of 9.88 million people in the first half of 2024, a decrease of 21% year-on-year [2] - The company's revenue is expected to be 11,500 million yuan, 13,700 million yuan, and 16,500 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5%, 20%, and 20% [4] - The net profit attributable to the parent company is expected to be 705 million yuan, 915 million yuan, and 1,197 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 39%, 30%, and 31% [4] Financial Performance - The company's revenue in 2023 was 10,894 million yuan, with a growth rate of 26%, and the net profit attributable to the parent company was 506 million yuan, with a growth rate of 190% [5] - The company's revenue in 2024 is expected to be 11,471 million yuan, with a growth rate of 5%, and the net profit attributable to the parent company is expected to be 705 million yuan, with a growth rate of 39% [5] - The company's revenue in 2025 is expected to be 13,741 million yuan, with a growth rate of 20%, and the net profit attributable to the parent company is expected to be 915 million yuan, with a growth rate of 30% [5] - The company's revenue in 2026 is expected to be 16,496 million yuan, with a growth rate of 20%, and the net profit attributable to the parent company is expected to be 1,197 million yuan, with a growth rate of 31% [5] - The company's ROE in 2023 was 7%, and it is expected to be 9%, 11%, and 13% in 2024, 2025, and 2026, respectively [5] - The company's gross profit margin in 2023 was 43%, and it is expected to be 44%, 44%, and 45% in 2024, 2025, and 2026, respectively [5] - The company's net profit margin in 2023 was 5%, and it is expected to be 6%, 7%, and 7% in 2024, 2025, and 2026, respectively [5] Market Data - The current price of the company's stock is 3.43 yuan, with a 52-week price range of 3.25-7.12 yuan [2] - The total market value of the company is 13,425.89 million yuan, with a total share capital of 3,914.2539 million shares [2] - The circulating share capital is 3,872.4487 million shares, with a daily average turnover of 86.06 million yuan and a monthly turnover rate of 13.37% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved profitability in Q2 2024, with a significant improvement in performance compared to Q1 2024. The overall industry outlook is expected to improve in the second half of the year [1][4] - In the first half of 2024, the company reported a revenue of 8.837 billion yuan, a year-on-year decrease of 2.68%, and a net profit attributable to shareholders of 102 million yuan, down 76.07% year-on-year. However, Q2 2024 saw a net profit of 164 million yuan, marking a return to profitability [3][4] - The company experienced growth in production and sales, with chicken meat sales reaching 546,600 tons, a 19.16% increase year-on-year. Processed product sales also saw a notable increase of 12.49% [4] Summary by Sections Financial Performance - In Q2 2024, the company turned profitable with a net profit of 164 million yuan, a significant improvement from previous quarters. The overall revenue for the first half of 2024 was 8.837 billion yuan, reflecting a slight decline compared to the previous year [3][4] - The company’s production and sales figures showed positive trends, with chicken meat sales increasing by 19.16% and processed products by 12.49% year-on-year [4] Business Strategy - The company has optimized its food channel integration and strengthened its deep processing business. The slaughter volume increased by over 20%, and food sales grew by over 10% in the first half of 2024 [4] - The management has restructured the B-end food channels into several segments, leading to a 29.46% year-on-year growth in export business [4] Future Outlook - Revenue projections for 2024-2026 are set at 19.135 billion yuan, 21.369 billion yuan, and 23.302 billion yuan respectively, with net profits expected to be 679 million yuan, 1.354 billion yuan, and 1.111 billion yuan [4][7] - The company is positioned as a leader in the broiler chicken industry, with expectations for improved profitability as market demand recovers [4]