食品饮料 | 证券研究报告 — 行业周报 2024 年 8 月 5 日 强于大市 食品饮料行业周报 关注啤酒企业旺季销量表现，积极把握景气反转机会 上周食品饮料板块涨跌幅-1.4%，在各板块中排名第 28。近期部分啤酒企业 披露了 1H24 的经营情况，业绩表现分化。建议关注啤酒企业 3Q24 旺季销量 表现，积极把握景气反转机会。关注板块超跌，政策端提振下的投资机会。 市场回顾 上周食品饮料板块涨跌幅-1.4%，在各板块中排名第 28。子板块中，保健 品、其他酒类涨跌幅排名靠前，分别为+6.1%、+5.0%，乳品、白酒涨跌 幅排名靠后，分别为-1.8%、-2.5%。截至 8 月 2 日，白酒板块估值（PE-TTM） 为 18.6X，食品饮料板块估值（PE-TTM）为 19.1X。 行业数据 根据今日酒价、百荣酒价及同花顺数据，7.26-8.2 整箱飞天批价 2600-2642 元，散瓶飞天批价 2387-2407 元，飞天批价回暖。普五批价 930-940 元， 国窖 1573 批价为 870-875 元。 截至 8 月 2 日，全国生猪出栏价为 10.16 元/斤，环周+4.7%，同比+14.3%。 全国 ...

医药生物 | 证券研究报告 — 行业周报 2024 年 8 月 5 日 强于大市 医药生物行业周报 估值仍位于近年低位，医药生物支持政策持续推出 申万医药生物指数在 2024 年 7 月 26 日-2024 年 8 月 2 日期间上涨 3.21%，涨 幅排名第 4 名，医药生物各细分板块均实现正向收益，且相对沪深 300 指数 收益为正。申万医药生物板块截至 2024 年 8 月 2 日市盈率（TTM）（剔除 负值）为 10.37 倍，仍然位于近年低位。 | --- | --- | |---------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| ...

| --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— 晨会聚焦 \n | 股票名称 | 2024 年 8 月 5 日 \n中银晨会聚焦 -20240805 | | 1519.HK | | 极兔速递 -W | | | 002001.SZ | | 新和成 | | | 002409.SZ | | 雅克科技 | ■ 重点关注 | | 002340.SZ | | 格林美 | | | 688198.SH | | 佰仁医疗 | 【策略研究】 2024 年 A 股中期策略 ...

基础化工 | 证券研究报告 — 行业周报 2024 年 8 月 5 日 强于大市 化工行业周报 20240804 国际油价波动，维生素价格跳涨 8 月份建议关注：1、关注维生素、涤纶长丝、制冷剂、化肥等产品价格变化 及中报业绩兑现；2、大基金三期、下游扩产等多因素催化，关注部分半导体、 OLED 等电子材料公司；3、油价中高位，关注大型能源央企及相关油服公司 在新时代背景下的改革改善与经营业绩提升；4、中报超预期相关投资机会。 行业动态 本周（7.29-8.4）均价跟踪的 101 个化工品种中，共有 22 个品种价格上涨，49 个品种价格下 跌，30 个品种价格稳定。周均价涨幅居前的品种分别是维生素 A、维生素 E、硫酸(浙江巨 化 98%)、纯 MDI（华东）、二氯甲烷（华东）；而周均价跌幅居前的品种分别是丙酮（华 东）、硝酸(华东地区)、盐酸（长三角 31%）、液氨（河北新化）、液氯（长三角）。 本周（7.29-8.4）国际油价下跌，WTI 原油期货价格收于 73.52 美元/桶，周跌幅 4.72%；布 伦特原油期货价格收于 76.81 美元/桶，周跌幅 5.32%。宏观方面，二季度美国 GDP 增长超 ...

电力设备 | 证券研究报告 — 行业周报 2024 年 8 月 5 日 国办印发碳排双控方案，英国上调海风预算 光伏方面，多晶硅硅料价格筑底，行业减产情绪进一步加强，供需关系逐步 缓和，我们预计率先完成产能出清，颗粒硅与块状硅销售价格维持 0.3-0.5 万元/吨，看好颗粒硅市占率提升；组件部分厂商尝试抬价但实际成交价上涨 仍需等待需求大幅增长信号；逆变器需求持续向好；建议优先配置行业格局 较优、成本优势较为明显的行业细分环节。风电方面，H2 国内海风招标及 建设有望稳步推进，省级深远海示范项目与规划逐步出台，打开远期想象空 间；海外伴随利率下行与项目规划逐步推进，欧洲等市场需求有望从 2025 年开始释放，带动出海需求，建议优先配置受益于海风、出海逻辑的塔筒桩 基与海缆环节，估值较低的陆风环节，存在渗透率提升逻辑的国产化与新技 术环节。新能源车方面，材料环节依然面临盈利压力。我们预计下半年材料 降价压力有望缓解，盈利有望得到修复。新技术方面固态电池产业化加速， 在相关领域有布局的材料和设备企业有望受益。建议优先布局格局较优的电 芯环节，海外客户放量以及一体化布局较优的部分中游材料环节。电力设备 领域，国内持 ...

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Group 1: Cycle Positioning - The current economic environment is characterized by a long-term depression phase of the fifth Kondratieff wave, with a transition from old to new production capacity suppressing capital expenditure intensity [7] - The inventory cycle is flattening, with weak internal and external resonance in the replenishment phase. Domestic inventory has shown signs of bottoming since the second half of 2023, but the recovery momentum is relatively weak [7][12] - The macroeconomic environment indicates a gradual convergence of internal and external demand, with domestic recovery expected to be slow but steady [12][13] Group 2: A-Share Market Trends - In the first half of 2024, A-share performance was influenced by policy expectations, with significant advantages for dividend assets. The market experienced volatility due to weak domestic demand recovery and regulatory pressures [19] - The second half of 2024 is anticipated to present structural opportunities as the market transitions, with domestic capital expected to dominate A-share investments [19] - The macroeconomic policy's effectiveness will be crucial for market performance in the second half, particularly in relation to the Federal Reserve's interest rate decisions and the upcoming elections [19] Group 3: Industry Configurations - The long-term low-interest rate environment supports a dividend strategy, which is favored for its defensive characteristics amid uncertainties in domestic demand and external factors [7][19] - The technology sector is expected to benefit from systemic investment opportunities driven by AI trends, with significant growth potential in AI-related applications and the semiconductor industry [7][19] - The manufacturing sector is undergoing a transformation as Chinese companies expand production capacity overseas, driven by economic rationality and tariff arbitrage opportunities [7][19] - Consumer behavior is shifting towards a "value for money" and "quality-price ratio" era, prompting a focus on companies that can leverage scale advantages to enhance supply chain efficiency [7][19]

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Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4]. Core Views - The report highlights that the company has shown resilience in its operations despite a slight decline in revenue and net profit. The management has improved cost control, leading to a significant increase in net profit in the second quarter [4]. - The company's digital cost segment has demonstrated stable revenue growth, with a 4.2% year-on-year increase, indicating improved customer retention and product application rates [4]. - The revenue structure of the digital construction segment is improving, with a focus on standardized project-level products, although overall revenue in this area has decreased by 37.5% [4]. Summary by Sections Financial Performance - In the first half of the year, the company achieved operating revenue of RMB 2.96 billion, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of RMB 190 million, down 22.7% year-on-year [4]. - The company expects net profits for 2024-2026 to be RMB 670 million, RMB 860 million, and RMB 1.02 billion respectively, with EPS projected at RMB 0.40, RMB 0.51, and RMB 0.61 [4][5]. Revenue Breakdown - The digital cost segment generated revenue of RMB 2.46 billion in the first half, reflecting a 4.2% increase year-on-year. The renewal and application rates for pricing products have improved compared to the previous year [4]. - The digital construction segment reported revenue of RMB 290 million, a decline of 37.5% year-on-year, while the digital design segment generated RMB 40 million, down 22.0% year-on-year [4]. Valuation Metrics - The report provides a valuation with projected PE ratios of 26X, 20X, and 17X for the years 2024, 2025, and 2026 respectively, indicating a potential recovery in profitability [4][5]. - The company’s market capitalization is approximately RMB 17.31 billion, with a three-month average trading volume of RMB 354.43 million [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] - The market price is noted at RMB 9.45, with a sector rating of "Outperform" [1] Core Insights - The company is expected to face short-term performance pressure due to increased R&D investments, but it stands to benefit from a new round of fiscal and tax reforms [3][4] - The company anticipates a revenue of RMB 3.71 billion to RMB 3.88 billion for the first half of 2024, representing a year-on-year growth of 10% to 15% [3] - The net loss attributable to shareholders is projected to be between RMB 750 million and RMB 880 million, with a reduction in loss compared to the previous year [3][4] Summary by Sections Financial Performance - The company’s revenue for 2024 is forecasted to be RMB 11.745 billion, with a growth rate of 19.9% [5] - The net profit for 2024 is expected to be RMB 211 million, showing a significant recovery from a loss of RMB 967 million in 2023 [5][6] - The EPS for 2024 is projected at RMB 0.06, with a PE ratio of 152.8 [5][7] R&D and Business Strategy - Increased R&D spending has led to higher amortization of intangible assets, contributing to the current losses [4] - The company is leveraging its tax cloud platform to capitalize on the demand for tax management solutions among large enterprises, with notable clients like Midea and CITIC [4][6] - The integration of AI into various business functions is expected to create new growth opportunities, enhancing recruitment efficiency and quality [4][6] Market Position and Valuation - The company’s market capitalization is approximately RMB 32.305 billion, with a three-month average trading volume of RMB 209.88 million [2] - The report emphasizes the company's strong position in the tax cloud market, which is expected to grow due to ongoing fiscal reforms [4][6] - Future earnings projections for 2025 and 2026 are RMB 436 million and RMB 752 million respectively, indicating a positive growth trajectory [5][6]