食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 002557.SZ 洽洽食品 2Q24 营收承压，成本红利持续兑现 洽洽食品披露 2024 年中报，上半年实现营收 29.0 亿元，同比+7.9%，实现归母净利 润 3.4 亿元，同比+25.9%；其中 2Q24 实现营收 10.8 亿元，同比-20.2%，实现归母净 利润 1.0 亿元，同比+7.6%；公司 2Q24 营收承压，坚果营收占比持续提升。成本红 利持续兑现，销售费用投放力度加大，盈利水平回升。我们预计公司 2024 年营收有 望实现稳健增长。我们认为公司长期渠道、品类扩张基础坚实，维持买入评级。 支撑评级的要点 2Q24 营收承压，坚果营收占比持续提升。1H24 公司实现营收 29.0 亿元，同比+7.9%。 休闲产品整体销量/单价分别同比+6.5%/+1.3%。1）分季度来看，1Q24/2Q24 公司营收 分别同比+36.4%/-20.2%至 18.2/10.8 亿元，我们判断公司 Q2 营收承压主系春节后需求 转弱，叠加公司主动去化下游库存所致；2）分品类来看，1H24 公司葵花籽/坚果/其 他产品分别实现营收 18 ...

Core Insights - The report highlights the performance of several companies, including Wanhu Chemical, Yake Technology, and Yiwei Lithium Energy, with a focus on their financial results and market dynamics [1][9]. Company Summaries Wanhu Chemical - In the first half of 2024, Wanhu Chemical reported a revenue of 1.78 billion yuan, a year-on-year decrease of 28.2%, and a net profit attributable to shareholders of -820 million yuan, showing a reduction in losses by 59.66 million yuan [2]. Yake Technology - Yake Technology's revenue for the first half of 2024 was 206 million yuan, reflecting a year-on-year increase of 32.07%. The net profit attributable to shareholders was -35 million yuan, indicating a reduction in losses by 34.23% due to market recovery and successful product expansion [5][6]. Yiwei Lithium Energy - Yiwei Lithium Energy achieved a profit of 2.137 billion yuan in the first half of 2024, with a revenue of 21.659 billion yuan, a year-on-year decline of 5.73%. The net profit attributable to shareholders decreased by 0.64%, while the net profit excluding non-recurring items increased by 19.32% [9][10]. Industry Performance - The report indicates that the power equipment sector saw a growth of 2.21%, while the computer sector grew by 2.04%. Other sectors such as household appliances and automotive manufacturing also experienced positive growth [1]. Market Trends - The demand for MEMS acoustic sensors and MEMS sensors is expected to grow significantly, driven by the recovery of the terminal market and the expansion of new products [5][6]. - The human-shaped robot market in China is projected to reach 2.158 billion yuan in 2024, with a compound annual growth rate exceeding 61% from 2024 to 2030 [7]. Financial Metrics - For Yake Technology, the gross margin improved to 21.43%, an increase of 5.7 percentage points year-on-year, while the net margin was -17.42%, up by 17.19 percentage points [6]. - Yiwei Lithium Energy's consumer battery segment achieved a revenue of 4.849 billion yuan, a year-on-year increase of 29.75%, with a gross margin of 28.31%, up by 7.01 percentage points [10]. Strategic Developments - Yake Technology is actively exploring international opportunities, with a focus on markets in Indonesia, Oman, and Egypt, while also developing AI-driven security solutions [3]. - Yiwei Lithium Energy is advancing its large cylindrical battery production, having delivered 21,000 units by mid-2024, with applications extending beyond automotive to other sectors [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 6.07 and an industry rating of "Outperform" [1][3]. Core Insights - The company achieved its first profitable quarter in domestic operations, with a significant increase in market share in Southeast Asia. The revenue for the first half of 2024 reached USD 4.86 billion, a year-on-year growth of 20.6%, and the net profit was USD 30 million, marking a turnaround from losses [3]. - The company’s express delivery volume grew nearly 40% in the first half of 2024, with a total of 11.01 billion packages delivered, reflecting a year-on-year increase of 38.3% [3]. - The company’s market share in Southeast Asia increased to 27.4%, up from 25.4% in 2023, while its market share in China rose to 11.0% from 9.9% [3]. - The report highlights the scale effects of logistics infrastructure, with a decrease in per-package costs in the Chinese market, contributing to improved profitability [3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenues of USD 4.86 billion, with segment revenues of USD 3.00 billion from China, USD 1.52 billion from Southeast Asia, and USD 290 million from emerging markets, showing growth rates of 36.1%, 22.0%, and 119.6% respectively [3][4]. - The adjusted EBITDA for 2024 is projected to be RMB 2.898 billion, with net profit expected to reach RMB 560 million, a significant turnaround from a loss of RMB 7.845 billion in 2023 [4][5]. Market Position - The company’s market share in Southeast Asia has shown a notable increase, indicating a strong competitive position and potential for further growth in the region [3][4]. - The report emphasizes the company's ability to leverage domestic operational expertise to enhance its performance in Southeast Asia [3]. Valuation - The report adjusts profit forecasts, projecting net profits of RMB 5.60 billion, RMB 22.48 billion, and RMB 33.40 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.06, RMB 0.25, and RMB 0.38 [3][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's net profit for the first half of 2024 is reported at 858 million RMB, a year-on-year decrease of 34.24% [4] - Revenue for the first half of 2024 is 6.332 billion RMB, down 18.89% year-on-year [4] - The negative electrode business is under pressure, but the company is advancing its platform layout and new product development [4] - The company aims to improve profitability in the negative electrode business in the second half of 2024 as new products are validated and introduced [4] - The company leads the market in membrane coating processing, with a market share of 41.03% in the domestic wet membrane shipment volume [4] - The company is constructing a new system for composite electrolytes and solid-state battery materials, with small-scale production expected in the consumer sector [4] Financial Summary - The company's total revenue for 2024 is projected to be 15.040 billion RMB, a decrease of 2.0% compared to 2023 [5] - The net profit for 2024 is estimated at 1.861 billion RMB, a decrease of 2.7% compared to 2023 [5] - The earnings per share (EPS) for 2024 is adjusted to 0.87 RMB, down from the previous forecast of 1.23 RMB [5] - The company’s EBITDA for 2024 is projected at 3.074 billion RMB [5] - The company’s market capitalization is approximately 23.817 billion RMB [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 19.46 [1] - The sector rating is "Outperform" [1] Core Views - The company is expected to benefit from the growing demand for data center temperature control, driven by the AI wave [2] - The company's data service segment saw significant growth, with new orders in H1 2024 nearly tripling compared to the same period last year [2] - The company is expanding its production capacity with a new manufacturing base focused on liquid cooling products, which is expected to enhance its competitiveness [2] Financial Performance - In H1 2024, the company reported revenue of RMB 1.305 billion, a 13.49% YoY increase, and net profit attributable to shareholders of RMB 111 million, a 27.28% YoY increase [2] - Q2 2024 revenue was RMB 810 million, up 18.01% YoY, with net profit attributable to shareholders of RMB 60 million, a 32.16% YoY increase [2] - The gross margin in H1 2024 was 26.45%, down 2.54 percentage points YoY, while the net margin increased by 0.65 percentage points to 8.26% [2] Segment Performance - The data service segment revenue grew by 61.35% YoY, driven by strong demand for high-efficiency evaporative cooling and liquid cooling products [2] - The industrial segment revenue declined by 53.46% YoY due to slower project deliveries [2] - The special segment revenue increased by 45.47% YoY, with hospital and nuclear power businesses showing strong growth [2] - The public and commercial air conditioning segment revenue surged by 101.54% YoY [2] Valuation and Forecast - The report adjusts the company's 2024-2025 earnings forecasts and introduces a 2026 forecast, with expected revenue of RMB 3.118 billion, RMB 3.843 billion, and RMB 4.419 billion for 2024, 2025, and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to be RMB 238 million, RMB 303 million, and RMB 353 million for 2024, 2025, and 2026, respectively [2] - The current PE ratio is 21.7x for 2024, 17.1x for 2025, and 14.7x for 2026 [2] Key Financial Metrics - The company's EBITDA for 2024E is projected to be RMB 352 million, with a growth rate of 87.3% YoY [3] - The EPS for 2024E is forecasted to be RMB 0.89, representing a 127% YoY increase [3] - The dividend yield is expected to be 1.9% in 2024, 2.4% in 2025, and 2.8% in 2026 [3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 300014.SZ 买入 原评级：买入 市场价格:人民币 32.56 板块评级:强于大市 股价表现 (36%) (29%) (22%) (14%) (7%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 亿纬锂能 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (20.3) (12.3) (16.9) (33.5) 相对深圳成指 (7.2) (7.8) (4.2) (11.6) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,045.72 | | 流通股 ( 百万 ) | | 1,861.43 | | 总市值 ( 人民币 百万 ) | | 66,608.69 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 801.30 | | 主要股东 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of RMB 1.271 billion for H1 2024, representing a year-on-year growth of 17.5%. However, the net profit attributable to shareholders decreased by 44.4% to RMB 80.9476 million, primarily due to high base effects from the previous year and significant upfront costs associated with new store openings [2]. - The company is focusing on a three-pronged business development strategy involving restaurant, hotel, and food services, which is expected to create multiple growth trajectories [2]. - The company opened 5 new stores in H1 2024, with plans for an additional 4-6 stores in the second half of the year, indicating ongoing expansion despite current losses from new store operations [2]. Summary by Sections Financial Performance - H1 2024 revenue: RMB 1.271 billion, up 17.5% YoY - H1 2024 net profit: RMB 80.9476 million, down 44.4% YoY - H1 2024 net profit excluding non-recurring items: RMB 75.6427 million, down 27.96% YoY [2][3]. Business Strategy - The company operates 118 stores, including 54 restaurants, 7 hotels, and 57 new brand outlets. The strategy emphasizes leveraging the cultural heritage of its restaurant brand while expanding its hotel and food service offerings [2]. - The hotel segment is expected to see 10 new openings by the end of 2024, with a focus on achieving operational maturity by 2025 [2]. Future Projections - EPS forecasts for 2024-2026 are RMB 1.18, RMB 1.49, and RMB 1.84, respectively, with corresponding P/E ratios of 13.7, 10.8, and 8.8 [3][4]. - Revenue projections for 2024-2026 are RMB 2.861 billion, RMB 3.333 billion, and RMB 3.815 billion, with growth rates of 19.1%, 16.5%, and 14.5% respectively [3][4].

医药生物 | 证券研究报告 — 行业周报 2024 年 9 月 3 日 强于大市 医药生物行业周报 2024H1 医药生物板块受到高基数影响，2024H2 伴随政策支持落地有望实现增速改善 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a revenue of 2.93 billion HKD for the first half of 2024, representing a year-on-year increase of 11.9%, while the net profit attributable to shareholders was 310 million HKD, a decrease of 13.8% year-on-year [3] - The recovery of third-party business has been noted, with significant growth in the Chinese compound seasoning and convenience food segments [3] - The company plans to distribute a dividend of 293 million HKD, achieving a dividend payout ratio of 95%, which is expected to boost investor confidence [3] Summary by Sections Revenue and Profitability - The company achieved a revenue of 2.93 billion HKD in 1H24, up 11.9% year-on-year, with third-party business revenue reaching 1.91 billion HKD, an increase of 12.2% [3] - The gross margin for 1H24 was 30.0%, a slight decrease of 0.5 percentage points year-on-year, primarily due to raw material cost fluctuations [3] - The net profit margin decreased by 3.0 percentage points to 11.4% due to increased sales expenses [3] Business Segments - Hot pot seasoning revenue was 1.75 billion HKD, up 5.6% year-on-year, with sales volume increasing by 21.4% [3] - Chinese compound seasoning revenue reached 450 million HKD, a growth of 24.4%, driven by new product launches [3] - Convenience food revenue was 700 million HKD, up 22.2%, with significant growth from both related and third-party sales [3] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 6.81 billion HKD, 7.64 billion HKD, and 8.40 billion HKD, with growth rates of 10.8%, 12.1%, and 10.0% respectively [4] - Net profit projections for the same period are 829 million HKD, 967 million HKD, and 1.08 billion HKD, with year-on-year changes of -2.9%, +16.6%, and +12.0% [4] - The expected earnings per share (EPS) for 2024-2026 are 0.80 HKD, 0.93 HKD, and 1.04 HKD, with corresponding price-to-earnings (PE) ratios of 13.3X, 11.4X, and 10.2X [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 49.03, indicating an expectation for the stock to outperform the market index by 10%-20% in the next 6-12 months [4]. Core Insights - The company reported a significant revenue growth of 35.91% year-on-year for the first half of 2024, achieving RMB 1.627 billion, with a notable increase in net profit and a remarkable growth in non-recurring net profit by 73.49% [2][6]. - The company is actively expanding its production capacity in ultra-pure sputtering targets and precision components, which are key areas in the semiconductor industry, contributing to its strong performance [2][3]. - The gross margin improved to 31.00%, up 2.34 percentage points year-on-year, driven by efficient cost management and increased revenue [2][6]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of RMB 161 million, a 5.32% increase year-on-year, while the non-recurring net profit reached RMB 170 million, reflecting a 73.49% growth [2][6]. - In Q2 2024, the revenue was RMB 855 million, a 35.18% increase compared to Q2 2023, with net profit and non-recurring net profit growing by 4.61% and 61.14%, respectively [2][6]. - The company’s revenue from ultra-pure sputtering targets reached RMB 1.069 billion in H1 2024, marking a 37.33% increase, while precision components revenue surged by 96.14% to RMB 399 million [2][6]. Business Outlook - The company is positioned as a key supplier of high-purity sputtering targets for major semiconductor manufacturers, with ongoing projects expected to enhance its production capabilities [2][3]. - The establishment of a subsidiary in South Korea and the construction of a new semiconductor target production facility are anticipated to strengthen the company's international competitiveness and supply chain stability [2][3]. - The diversified product system, including ultra-pure metal sputtering targets, precision components, and third-generation semiconductor materials, is expected to drive continued revenue growth [2][3]. Valuation - The report forecasts earnings per share (EPS) of RMB 1.23, RMB 1.68, and RMB 2.28 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 41.2, 30.1, and 22.2 [2][3].