Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.158 billion yuan for the first half of 2024, a year-on-year decrease of 14.57%, with Q2 revenue at 800 million yuan, down 12.9% year-on-year. The net profit attributable to the parent company for H1 2024 was 75 million yuan, a decline of 16.47% year-on-year, while Q2 net profit was 71 million yuan, down 4.32% year-on-year. Despite the revenue decline, the company achieved significant cost reduction and efficiency improvement, leading to an increase in gross margin and a decrease in expense ratio. The increase in contract liabilities suggests a potential demand recovery in the second half of the year [2][6][4]. Summary by Sections Financial Performance - In H1 2024, the company’s defense business generated 530 million yuan in revenue, with underwater acoustics and special equipment electronics contributing 320 million yuan and 210 million yuan respectively, reflecting year-on-year declines of 21.82% and 25.32%. The civil products business revenue was 600 million yuan, down 7.29% year-on-year. The total contract liabilities increased by 33% to 160 million yuan, indicating a potential for future revenue growth [6][4]. Cost Management - The company effectively reduced operating costs by 19.56% year-on-year, achieving a gross margin of 36.46%, an increase of 3.95 percentage points year-on-year. The total operating expenses for H1 2024 were 330 million yuan, a decrease of 5.68% year-on-year, with the expense ratio improving by 2.71 percentage points [6][4]. Cash Flow and Operational Improvement - Cash received from sales and services amounted to 1.517 billion yuan, a year-on-year increase of 29.59%, indicating a significant improvement in cash collection. The net cash flow from operating activities was 41 million yuan, up 83.02% year-on-year, suggesting an overall improvement in operational performance [6][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.110 billion yuan, 3.378 billion yuan, and 3.716 billion yuan respectively, with year-on-year growth rates of -13.40%, +8.61%, and +10%. The net profit attributable to the parent company is expected to be 359 million yuan, 449 million yuan, and 554 million yuan for the same period, with growth rates of 16.24%, 25.06%, and 23.40% respectively. The estimated EPS for these years are 0.50 yuan, 0.63 yuan, and 0.78 yuan [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, Wei Long, for the first time [3][8]. Core Insights - The report highlights structural opportunities in the snack food industry driven by new consumption trends and channels, particularly in spicy snacks and vegetable products. Wei Long, as a leader in the spicy snack sector, is well-positioned to capitalize on these trends through product innovation and channel expansion [4][6][9]. Summary by Sections 1. Company Overview - Wei Long was founded in 1999 and has established itself as a leader in the spicy snack market, launching successful products like "Da Xiao Mian Jin" and "Mo Yu Shuang" [4][13]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 12.1% from 2018 to 2023, despite some fluctuations due to external factors [18][21]. 2. Market Opportunities - The spicy snack food sector is expected to grow at a CAGR of 9.6% over the next three years, outpacing the overall snack food industry [24][25]. - Key product categories such as spicy vegetable products and flavored noodles are projected to see significant growth, with expected CAGRs of 17.2% and 8.9%, respectively [28]. 3. Product Strength - Wei Long employs a "multi-category, big single product" strategy, successfully launching and iterating products that resonate with consumers, particularly among younger demographics [6][9]. - The company has successfully expanded its product line, with the "Mo Yu Shuang" product line contributing to a significant increase in revenue from vegetable products, which rose from 10.8% of total revenue in 2018 to 43.5% in 2023 [19][21]. 4. Channel Management - Wei Long has effectively transitioned from traditional retail to modern channels, including e-commerce and snack wholesale, enhancing its market reach [4][6]. - The company has established a robust distribution network, combining direct sales with personal distributors to optimize channel performance [4][6]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 59.35 billion, 69.39 billion, and 78.06 billion yuan, with respective growth rates of 21.83%, 16.91%, and 12.50% [7][8]. - The net profit for the same period is expected to be 11.06 billion, 13.13 billion, and 15.05 billion yuan, with growth rates of 25.62%, 18.76%, and 14.60% [8][9]. 6. Valuation and Investment Advice - The report suggests a target price of 8.76 HKD per share based on a price-to-earnings (P/E) ratio of 17 for 2024, reflecting the company's growth potential and market position [8][9].

证券研究报告 宏观经济|宏观专题 出口拐点或晚于此前的预估——对 8 月 外贸数据的思考与未来展望 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 季节性调整后，8 月以美元计价的出口金额环比增长 2.3%（前值-1.7%）。从结构上看，季节性 调整后，除原材料外，各大类产品出口普遍有所回升；我国对多数贸易对象的出口环比上行。 我们认为，多方面因素促成了 8 月出口的反弹，包括：1）7 月台风压港，部分货物推迟到 8 月出口；2）航运价格下行，促进低货值商品出口；3）一些大型外贸企业的在手订单仍维持高 位。展望未来，我们认为下半年出口或温和降温，但短期出口仍有一定支撑，拐点或晚于我们 此前预期；如果一系列稳增长政策有望提力加速，进口也有望随内需修复而回升。 |分析师及联系人 樊磊 方诗超 SAC：S0590521120002 SAC：S0590523030001 请务必阅读报告末页的重要声明 1 / 14 宏观经济|宏观专题 glzqdatemark2 2024年09月11日 宏观专题 出口拐点或晚于此前的预估——对 8 月外贸 数据的思考与未来展望 ...

证券研究报告 行业研究|行业专题研究|电力 水火业绩高增，运营商稳定兼具成长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 截至 8 月底，根据中信行业分类 30 个行业中指数上涨的行业有 6 个，其中电力及公用事业行 业总体涨幅为 6.8%，位列第 6 位。发电端：火电/水电/核电发电量同 比分别 为 +0.5%/+24.5/+0.8%；用电端：2024M1-M7 全社会用电量累计值约为 5.6 万亿 kWh，同比增幅 为 7.7%，用电需求向好，电力运营商资产和业绩有望增长。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 34 重点推荐标的 简称 EPS PE CAGR-3 评级 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 09 月 10 日收盘价 行业研究|行业专题研究 glzqdatemark2 2024年09月11日 电力 水火业绩高增，运营商稳定兼具成长 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力 沪深300 -20% -7 ...

证券研究报告 非金融公司|公司点评|卓胜微（300782） 2024 年半年报点评： 射频模组成长迅速，着力发展高端市场 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 22.85 亿元，同比+37.20%；归 母净利润 3.54 亿元，同比-3.32%；基本每股收益 0.66 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月11日 卓胜微(300782) 2024 年半年报点评： 射频模组成长迅速，着力发展高端市场 | --- | --- | |----------------------------|--------------| | | | | 行 业： | 电子/半导体 | | 投资评级： | 买入（维持） | | 当前价格： | 62.62 元 | | 基本数据 | | | 总股本/流通股本(百万股 ) | ...

证券研究报告 非金融公司|公司点评|太阳能（000591） 电价有所承压，装机规模持续增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 公司实现营收 32.43 亿元，同比-19.57%，实现归母净 利润 8.14 亿元，同比-9.37%。2024Q2 公司实现营收 18.33 亿元，同比-21.17%，实现归母净 利润 4.64 亿元，同比-9.02%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月11日 太阳能(000591) 电价有所承压，装机规模持续增长 | --- | --- | --- | |----------------------------|----------|-----------------| | | | | | 行 业： 投资评级： | | 公用事业 / 电力 | | 当前价格： | | 4.07 元 | | | | | | 基本数据 | | | ...

证券研究报告 宏观经济|宏观专题 出口拐点或晚于此前的预估——对 8 月 外贸数据的思考与未来展望 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 季节性调整后，8 月以美元计价的出口金额环比增长 2.3%（前值-1.7%）。从结构上看，季节性 调整后，除原材料外，各大类产品出口普遍有所回升；我国对多数贸易对象的出口环比上行。 我们认为，多方面因素促成了 8 月出口的反弹，包括：1）7 月台风压港，部分货物推迟到 8 月出口；2）航运价格下行，促进低货值商品出口；3）一些大型外贸企业的在手订单仍维持高 位。展望未来，我们认为下半年出口或温和降温，但短期出口仍有一定支撑，拐点或晚于我们 此前预期；如果一系列稳增长政策有望提力加速，进口也有望随内需修复而回升。 |分析师及联系人 樊磊 方诗超 SAC：S0590521120002 SAC：S0590523030001 请务必阅读报告末页的重要声明 1 / 14 宏观经济|宏观专题 glzqdatemark2 2024年09月11日 宏观专题 出口拐点或晚于此前的预估——对 8 月外贸 数据的思考与未来展望 ...

证券研究报告 行业研究|行业专题研究|电力 水火业绩高增，运营商稳定兼具成长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 截至 8 月底，根据中信行业分类 30 个行业中指数上涨的行业有 6 个，其中电力及公用事业行 业总体涨幅为 6.8%，位列第 6 位。发电端：火电/水电/核电发电量同 比分别 为 +0.5%/+24.5/+0.8%；用电端：2024M1-M7 全社会用电量累计值约为 5.6 万亿 kWh，同比增幅 为 7.7%，用电需求向好，电力运营商资产和业绩有望增长。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 34 重点推荐标的 简称 EPS PE CAGR-3 评级 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 09 月 10 日收盘价 行业研究|行业专题研究 glzqdatemark2 2024年09月11日 电力 水火业绩高增，运营商稳定兼具成长 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力 沪深300 -20% -7 ...

Investment Rating - The investment rating for the company is "Buy (Initiation)" [5]. Core Views - The company is a leading player in the loader market, particularly benefiting from its early advantage in electric loaders, successful overseas expansion, and the efficiency gains from mixed-ownership reform. The company's profitability is expected to continue improving [3][9]. - The engineering machinery industry is at an upward turning point, with domestic demand stabilizing and policies promoting equipment upgrades likely to drive a replacement trend [3][9]. - The trend towards electric loaders is promising due to the narrowing price gap between electric and fuel loaders, lower operational costs of electric loaders, and their compliance with high environmental standards [3][9]. - The company is well-positioned to benefit from the global and electric trends, with significant growth potential in overseas markets [3][9]. Summary by Sections 1. Company Overview - The company, founded in 1958, is the first listed engineering machinery company in China and has established itself as a leader in the loader market, with a consistent top sales position [15]. - The company has successfully expanded its international presence, with overseas revenue growing from 6 billion yuan in 2021 to 11.5 billion yuan in 2023, accounting for 42% of total revenue [7][9]. 2. Industry Analysis - The engineering machinery industry is currently experiencing a recovery phase, with domestic demand expected to rebound as the market stabilizes [10]. - The export of engineering machinery has increased significantly, with sales rising from approximately 270,000 units in 2020 to about 660,000 units in 2023, reflecting a compound annual growth rate (CAGR) of about 35% [10]. 3. Electric Loader Trend - The electric loader market is projected to grow, with expectations that by 2028, the global market size will reach approximately 299 billion yuan, with electric loaders accounting for about 25% of that market [10]. - The operational cost savings of electric loaders are substantial, with an estimated annual savings of about 280,000 yuan, leading to a total cost reduction of around 40% over a five-year lifecycle [10]. 4. Mixed-Ownership Reform and Globalization - The company's mixed-ownership reform, combined with stock incentives and convertible bonds, is expected to significantly enhance profitability [9][11]. - The company has maintained a globalization strategy for over 20 years, achieving over 10 billion yuan in overseas revenue in 2023, marking a new phase of growth driven by globalization and electrification [9][11]. 5. Financial Projections - Revenue projections for 2024-2026 are estimated at 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan, with year-on-year growth rates of approximately 10%, 16%, and 15% respectively [11]. - The net profit attributable to shareholders is expected to reach 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan for the same period, with growth rates of 77%, 37%, and 26% respectively [11].

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [6] Core Views - Midea Group (0300.HK) is launching its H-share offering from September 9 to September 12, with a total global issuance of 492 million H-shares, accounting for 7.0% of the pre-issue total share capital. The international offering accounts for 95%, with an additional 15% over-allotment option. The issue price is set between HKD 52.0 and 54.8 per share, which translates to approximately 78%-82% of the A-share closing price on September 10. The expected fundraising is between HKD 25.59 billion and 26.97 billion, with the listing anticipated on September 17 [10][11]. - The significance of this H-share listing extends beyond fundraising; it is an extension of the "global breakthrough" strategy initiated in 2020, providing a platform for overseas equity incentives and mergers and acquisitions, while also improving the overseas investment channel and capital structure [10][11]. - The introduction of COSCO Shipping (Hong Kong) as a cornerstone investor will support fundraising for R&D, supply chain, and overseas channel brand building, enhancing the overseas strategy [10]. - Following the implementation of the new "replacement measures" by the government, Midea Group is expected to benefit significantly as a leading player in the home appliance sector, with positive feedback from initial execution in various provinces [10][11]. - Midea's Q2 2024 revenue showed double-digit growth, with strong performance in both C-end exports and stable domestic sales. The gross margin has improved for ten consecutive quarters, indicating robust operational momentum [10][11]. - The outlook remains positive, with domestic sales benefiting from a lower base and favorable weather, while external orders are strong. The company is expected to maintain a strong performance, with a projected dividend yield of over 5% [10][11]. Financial Summary - Midea Group's total share capital is 6,993 million shares, with a circulating A-share market value of approximately CNY 417.77 billion. The net asset per share is CNY 23.61, and the debt-to-asset ratio stands at 65.20% [6]. - The projected net profit for 2024 and 2025 is estimated at CNY 38.5 billion and CNY 42.5 billion, respectively, with a current P/E ratio of 11.3 and 10.2 for the following years [11][12].