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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]

| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------| | 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 2 日 \n中银晨会聚焦 -20240802 | | 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 | | | 68819 ...

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| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|---------------------|------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 \n股票代码 | —— 晨会聚焦 \n | 股票名称 | 2024 年 8 月 1 日 \n中银晨会聚焦 -20240801 | | | | 极兔速递 | | | 1519.HK | | -W | | | 002001.SZ | | 新和成 | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | 002340.SZ | | 格林美 | 【宏观经济】 7 月 PMI 数据点评 * 陈琦 朱启兵。制造业生产指数仍在回落。 | | 688198.SH 688085.SH | | 佰仁医疗 三友医疗 | 新旧产业发展分化，内需需加 ...

Group 1: Monetary Policy Changes - The Bank of Japan raised interest rates by 15 basis points, adjusting the policy rate to 0.15%-0.25%[1] - The central bank announced a reduction in bond purchases by 400 billion yen each quarter, aiming for a monthly purchase scale of 2.9 trillion yen by Q1 2026[1] - The Bank of Japan will make future rate decisions based on economic data without a preset timeline for the next rate hike[2] Group 2: Inflation and Economic Forecasts - The core inflation forecast for 2024 was revised down to 0.6% from 0.8%, and for 2025 to 2.1% from 1.9%[2] - The GDP growth forecast for 2024 was also lowered to 0.6% from 0.8%[2] - Current inflation rate stands at 2.8%, with core inflation at 2.6%, indicating a gradual economic recovery[2] Group 3: Currency and Market Reactions - The weak yen has been a significant factor in the decision to raise interest rates, as it poses upward inflation risks[2] - Following the rate hike announcement, the yen experienced volatility, briefly surpassing 151 against the dollar[2] - The rate hike has strengthened sentiment towards the Chinese yuan, leading to a significant increase in offshore yuan interest rates[2]

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Economic Indicators - July manufacturing PMI index is at 49.4%, down 0.1 percentage points from June, indicating continued contraction in the manufacturing sector[1] - New orders index for July is at 49.3%, a decrease of 0.2 percentage points from June, reflecting weak demand[2] - Production index stands at 50.1%, down 0.5 percentage points from June, indicating a slight contraction in production activities[2] Sector Performance - High-tech industries continue to expand, with new orders in electrical machinery and computer communication equipment remaining above the growth line[1] - Traditional industries, particularly raw material processing, show weak demand, with new orders index below 50%[2] - The inventory index for raw materials is at 47.8%, up 0.2 percentage points from June, while finished goods inventory index is at 47.8%, down 0.5 percentage points[2] Employment and Expectations - Employment index in manufacturing is at 48.3%, a slight increase of 0.2 percentage points from June, but still below the growth line[2] - Business activity expectations index for manufacturing is at 53.1%, down 1.3 percentage points from June, indicating reduced optimism[2] - Non-manufacturing PMI index is at 50.2%, down 0.3 percentage points from June, with new orders index at 45.7%, a decline of 1.0 percentage points[7] Risks and Recommendations - The report highlights structural challenges in demand, suggesting that domestic demand needs to accelerate to buffer the transition pains between old and new economic drivers[1] - Risks include unexpected resilience in overseas inflation and geopolitical uncertainties[15]

食品饮料 | 证券研究报告 — 行业点评 2024 年 7 月 31 日 强于大市 食品饮料行业 2024 年中期 策略 行业调整期寻找业绩确定性强的优质企业 当前食品饮料行业基金持仓及板块估值为历史底部位置，市场对板块的担忧主要 为需求不振背景下企业业绩出现风险。但是从食品饮料历史表现来看，因独特的 商业模式及品牌溢价能力，行业具备穿越周期的能力。行业调整期建议优选业绩 确定性高+高股息率的品种。当前板块底部信号明显，现阶段可积极布局。 支撑评级的要点 基金持仓及板块估值底部信号明显，现阶段可以积极布局。（1）估值方面， 截至 7 月 12 日，食品饮料板块估值（PE-TTM）为 20X，市盈率相对沪深 300 倍数为 1.7，为 2016 年以来最底部位置。子板块中，乳制品、调味品、啤酒 动态市盈率分别为 14X、26X、24X，回落至 2016 年以来 PE（TTM）最低值。 （2）基金持仓方面，2Q24 食品饮料行业持仓降幅较大，2Q24 环比 1Q24 下 降 3.5pct 至 8.4%，为三年以来最低配置比例。横向对比其他行业，食品饮料 当前处于低配状态。我们认为，市场对板块的担忧主要为需求不振背 ...