2024 年 8 月 25 日 行业研究 研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 liaoxh@ghzq.com.cn [Table_Title] 亚玛芬中国区表现亮眼，特步专业运动增长强劲 ——海外消费行业周更新 一．宏观数据 恒生消费 (HSCGSI.HI)最近一年走势 日本 7 月份核心 CPI 同比上涨 2.7% 符合预期：根据日本统计局数 据，7 月日本剔除能源、生鲜食品的 CPI 同比增长 1.9%，预估为上 涨 1.9%。整体 CPI 上涨 2.8%，预估增长 2.7%。核心价格不包括波 动较大的生鲜食品。数据发布后，日元基本持平。 欧元区 7 月欧洲央行 1 年期 CPI 预期 2.8%：欧元区 7 月欧洲央行 1 年期 CPI 预期 2.8%，预期 2.7%，前值 2.8%。欧元区 7 月欧洲央行 3 年期 CPI 预期 2.4%，预期 2.3%，前值 2.3%。 相应板块表现 2024/8/23 加拿大 6 月零售销售下降，支持加央行继续降息：加拿大 6 月零售 销售下降了 0.3%。 ...

Investment Rating - The report assigns a "Buy" rating for China Jushi Co., Ltd. (600176) as of August 26, 2024, marking the first coverage of the company [4]. Core Views - China Jushi has demonstrated strong sales growth in the first half of 2024, with significant increases in volume for both fiberglass and electronic fabrics, leading to a recovery in gross margins in Q2 2024 [3]. - The company is expected to benefit from new production capacity coming online, which will enhance its market position and profitability in the second half of 2024 [3][4]. - The report forecasts revenue growth for the company from 164.2 billion yuan in 2024 to 191.7 billion yuan in 2026, with net profit projected to rise from 23.3 billion yuan to 35.4 billion yuan over the same period [4][5]. Summary by Sections Financial Performance - In H1 2024, China Jushi reported revenues of 7.74 billion yuan, a slight decrease of 1.2% year-on-year, with net profit down 53.4% to 960 million yuan [2]. - The company achieved a gross margin of 21.5% in H1 2024, a decline of 7.9 percentage points year-on-year, but showed improvement in Q2 with a gross margin of 22.6% [3]. - The net profit margin for H1 2024 was 12.4%, down 13.9 percentage points year-on-year, primarily due to lower gross margins and reduced asset disposal gains [3]. Sales and Production - The sales volume for fiberglass and electronic fabrics reached 1.522 million tons and 460 million meters respectively in H1 2024, representing year-on-year increases of 22.6% and 12.5% [3]. - The company’s new production line in Huai'an, with an annual capacity of 100,000 tons, is expected to enhance domestic production capacity to 2.53 million tons per year [3][4]. Market Position and Outlook - China Jushi holds the largest fiberglass production capacity globally, and with the new capacity, its market share is anticipated to increase further [4]. - The report suggests that the company is well-positioned to capitalize on the upcoming peak demand in the consumer electronics sector, which may lead to price increases for its products [4].

[Table_Title] 白酒业绩分化，关注中秋旺季需求 ——食品饮料行业周报 2024 年 08 月 26 日 行业研究 评级：推荐(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 | 最近一年走势 投资要点: 行业相对表现 2024/08/23 表现 1M 3M 12M 食品饮料 -4.4% -20.4% -26.4% 沪深 300 -3.3% -8.6% -10.0% 相关报告 《食品饮料行业周报：宏观数据略承压，茅台批价 持续回升（推荐）*食品饮料*刘洁铭，秦一方》— —2024-08-18 ——2024-08-11 《食品饮料行业周报：多重因素促板块企稳反弹， 性价比凸显（推荐）*食品饮料*刘洁铭，秦一方》 ...

2024 年 08 月 26 日 北交所&新兴成长行业研究 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 [Table_Title] 禾赛 2024Q2 订单高增，乘用车与 Robotaxi 双 轮驱动 ——北交所&新兴成长行业周报 投资要点: 最近一年走势 行业相对表现 表现 1M 3M 12M 中小盘 -3.33% -13.56% -17.81% 北证 50 -7.02% -17.30% -14.03% 沪深 300 -2.12% -7.62% -10.30% 相关报告 《北交所&新兴成长行业周报：RoboSense 荣获公 路协同路侧感知系统最高标准认证，赋能车路云一 体化建设（推荐）*中小盘*罗琨，傅麒丞》—— 2024-08-05 《北交所&新兴成长行业周报：禾赛与西井达成战 略合作，加速无人驾驶+大物流多场景全球化扩张 （推荐）*中小盘*罗琨》——2024-07-30 荐）*中小盘*罗琨》——2024-07-23 小盘*罗琨》——2024-07-15 ——2024- ...

2024 年 08 月 26 日 行业研究 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 谢文迪S0350522110004 | | | xiewd@ghzq.com.cn | | 联系人： | 林晓莹S0350123070003 | | | linxy02@ghzq.com.cn | [Table_Title] 商品基本面缺乏驱动，预期主导价格 ——钢铁与大宗商品行业周报 投资要点 最近一年走势 行业相对表现 2024/08/23 表现 1M 3M 12M 钢铁 -5.0% -16.8% -21.6% 沪深 300 -3.3% -8.6% -10.0% 相关报告 《钢铁与大宗商品行业周报：负向正反馈循环，在 波动市场中寻找净多头机会（无评级）*钢铁*谢文 迪》——2024-08-13 《钢铁与大宗商品行业周报：负向正反馈极致演 绎，路径曲折须注意（无评级）*钢铁*谢文迪》— —2024-07-30 《钢铁与大宗商品行业周报："降息交易"范式易 帜，衰退担忧主导市场（无评级）*钢铁*谢文迪》 ——2024-07-15 ...

2024 年 08 月 26 日 行业研究 评级：推荐(维持) 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 | 最近一年走势 行业相对表现 2024/08/23 表现 1M 3M 12M 农林牧渔 -8.3% -21.9% -21.5% 沪深 300 -3.3% -8.6% -10.0% 相关报告 《农林牧渔行业周报：猪价中枢持续上移（推荐） *农林 牧渔*程一 胜，熊子 兴，王思 言》 —— 2024-08-12 《农林牧渔行业周报：养殖景气度持续提升，白羽 鸡价格改善（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2024-07-30 《农林牧渔行业周报：养殖景气度提升，业绩环比 改善（推荐 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced rapid growth in innovative drug revenue, with overseas expansion becoming a second growth engine [4][5] - In the first half of 2024, the company achieved operating revenue of 13.6 billion yuan, a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 3.43 billion yuan, up 48.7% [3] - The innovative drug revenue reached 6.612 billion yuan, reflecting a 33% year-on-year growth despite challenges such as intensified competition and price reductions [4][5] Summary by Sections Financial Performance - The company reported a total revenue of 13.6 billion yuan in the first half of 2024, with a net profit of 3.43 billion yuan [3] - The innovative drug segment contributed significantly to revenue, with a total of 6.612 billion yuan, marking a 33% increase year-on-year [4] - The company has recognized a 160 million euro upfront payment from Merck Healthcare as revenue, further boosting performance metrics [4] Market Position - The company has faced pressure from the national drug procurement policy, with sales of certain products declining [4] - The stock is currently priced at 43.62 yuan, with a market capitalization of approximately 278.25 billion yuan [4] Future Outlook - Revenue projections for 2024-2026 are estimated at 26.3 billion, 30.1 billion, and 34.3 billion yuan, respectively, with net profits expected to reach 5.6 billion, 6.5 billion, and 7.7 billion yuan [5][6] - The report anticipates a continuous increase in the proportion of innovative drugs, with overseas sales becoming a significant growth driver [5]

2024 年 08 月 26 日 公司研究 评级：买入(维持) | --- | --- | |--------------|----------------------| | 研究所： | | | 证券分析师： | 杨仁文S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 袁冠S0350524050001 | | | yuang@ghzq.com.cn | 最近一年走势 相对沪深 300 表现 2024/08/23 表现 1M 3M 12M 爱玛科技 10.2% -17.8% 9.7% 沪深 300 -3.3% -8.6% -10.0% 市场数据 2024/08/23 当前价格（元） 28.37 52 周价格区间（元） 23.61-38.38 总市值（百万） 24,446.85 流通市值（百万） 23,906.04 总股本（万股） 86,171.48 流通股本（万股） 84,265.22 日均成交额（百万） 378.22 近一月换手（%） 0.60 相关报告 向复苏，公司竞争力强化（买入）*摩托车及其他* 杨仁文》——2024-04-17 品结构，量价利三 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5]. Core Insights - The company reported significant growth in orders and revenue in H1 2024, with a total revenue of 3.448 billion yuan, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% to 517 million yuan due to the absence of stock disposal gains that were present in the previous year [2][3]. - The company achieved its first sales of LPCVD equipment, contributing 28 million yuan to revenue. The etching equipment segment saw a revenue increase of 56.68% to 2.698 billion yuan, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [2][3]. - The company added new orders worth 4.7 billion yuan in H1 2024, a growth of approximately 40.3%, with etching equipment orders increasing by 50.7% to 3.94 billion yuan [2][3]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin was 41.32%, down 4.57 percentage points year-on-year. If calculated under previous accounting standards, the gross margin would have been 44.07% [2][3]. - The net profit margin for H1 2024 was 14.97%, a decrease of 24.70% year-on-year. The company’s operating expenses increased, with R&D expenses rising by 94.58% to 568 million yuan [2][3]. Market Position and Strategy - The company is a leader in plasma etching equipment and is actively expanding its portfolio in thin film deposition and inspection equipment. It aims to cover 50%-60% of the semiconductor equipment market in the next five to ten years [3][5]. - The company is developing advanced etching technologies and has successfully validated multiple new equipment products in customer production lines [3][5]. Earnings Forecast - The company is projected to achieve revenues of 8.367 billion yuan in 2024, 10.865 billion yuan in 2025, and 13.994 billion yuan in 2026, with corresponding net profits of 2.081 billion yuan, 2.660 billion yuan, and 3.514 billion yuan respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated excellent performance and increased dividends, positioning itself as an undervalued leader in the thermal coal sector [1] - The company reported a revenue of 929.8 billion yuan for the first half of 2024, a decrease of 15% year-on-year, with a net profit attributable to shareholders of 97.9 billion yuan, down 17.3% year-on-year [3] - The company is expected to maintain stable performance due to its high long-term contract ratio and upcoming production from new mines [6] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 475.9 billion yuan, a quarter-on-quarter increase of 4.8% but a year-on-year decrease of 5.2% [3] - The net profit for Q2 2024 was 48.18 billion yuan, reflecting a quarter-on-quarter decrease of 3.0% but a year-on-year increase of 3.0% [3] Coal Business - The company produced 66.5 million tons of commodity coal in the first half of 2024, a decrease of 0.9% year-on-year, while sales volume was 133.55 million tons, down 8.9% year-on-year [4] - The average selling price for self-produced coal was 584 yuan per ton, a decrease of 40 yuan per ton (-6.4%) [4] Dividend Policy - The company distributed a cash dividend of 29.4 billion yuan for the first half of 2024, amounting to 0.221 yuan per share, and an additional special dividend of 15 billion yuan [5] - The total dividend for 2023 reached 73.6 billion yuan, representing 38% of the net profit attributable to shareholders [5] Future Outlook - Revenue projections for 2024-2026 are 1798.2 billion yuan, 1872.8 billion yuan, and 1931.8 billion yuan, with expected net profits of 184.0 billion yuan, 204.2 billion yuan, and 227.7 billion yuan respectively [6][7] - The company is expected to benefit from the commissioning of new coal mines and the expansion of its coal chemical business [6]