证券研究报告 非金融公司|公司点评|比亚迪（002594） 比亚迪 8 月销量点评：同环比增速向 上，单月销量再创新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 比亚迪发布 8 月产销快报，新能源乘用车销量 37.1 万辆，同比增长 35.3%，环比增长 8.8%。 其中纯电销量为 14.8 万辆，同比增长 2.0%，环比增长 14.2%；插混销量为 22.2 万辆，同比 增长 73.1%，环比增长 5.5%；出口销量为 3.1 万辆，同比增长 25.7%，环比增长 4.8%。单月 销量持续创新高，同环比增速加快。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 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04日 比亚迪(002594) 比亚迪 8 月销量点评：同环比增速向上，单 月销量再创新高 | --- | --- | |----------------------------|-----------------| | ...

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [7] Core Views - In August 2024, Geely Automobile reported a significant increase in sales, achieving 181,000 vehicles sold, which represents a year-on-year growth of 21.5% and a month-on-month growth of 20.2% [4][11] - The cumulative sales from January to August 2024 reached 1.288 million vehicles, marking a year-on-year increase of 34.0% [4][11] - The company is expected to maintain a high growth trajectory in sales for the second half of the year, driven by a series of new product launches and enhanced subsidies for trade-in policies [4][11] Summary by Sections Sales Performance - In August 2024, Geely's brand sales reached 141,000 vehicles, with a year-on-year increase of 19.0% and a month-on-month increase of 23.6% [11] - The Galaxy series sold 27,000 units in August, showing a year-on-year growth of 138.5% and a month-on-month growth of 58.7% [11] - The penetration rate of new energy vehicles reached 41.7% in August, up 11.0 percentage points year-on-year [11] Export Growth - In August 2024, Geely's exports totaled 45,000 vehicles, reflecting a year-on-year increase of 97.5% and a month-on-month increase of 39.1% [11] - The company is expanding its presence in Southeast Asia, with plans to launch the Zeekr X in Singapore and enter markets such as Cambodia, Malaysia, Myanmar, Indonesia, and Vietnam by the end of the year [11] New Product Launches - August saw the launch of several new models, including the Lynk & Co 03 Champion Edition and the 2025 Lynk & Co 08 EM-P [11] - The Galaxy E5 has already seen over 12,000 deliveries as of August 26 [11] Financial Projections - Revenue forecasts for Geely from 2024 to 2026 are projected at 229.8 billion, 272.9 billion, and 318.5 billion yuan, with year-on-year growth rates of 28.2%, 18.8%, and 16.7% respectively [11] - Net profit attributable to shareholders is expected to be 7.64 billion, 11.61 billion, and 14.08 billion yuan for the same period, with growth rates of 44.0%, 51.9%, and 21.3% respectively [11]

证券研究报告 非金融公司|公司点评|华润微（688396） 业绩环比改善，汽车电子占比持续提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布了 2024 年半年报，2024 年上半年实现营业收入 47.60 亿元，同比增速-5.36%；实现 归母净利润 2.80 亿元，同比增速-63.96%；实现扣非后归母净利润 2.85 亿元，同比增速61.11%。从下游领域来看，公司产品与方案板块收入中，泛新能源领域（车类及新能源）占比 39%，消费电子领域占比 36%，工业设备占比 16%，通信设备占比 9%。其中，汽车电子占比 22%， 近年来处于持续提升的态势。 |分析师及联系人 熊军 王晔 SAC：S0590522040001 SAC：S0590521070004 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04日 华润微(688396) 业绩环比改善，汽车电子占比持续提升 | --- | --- | --- | |----------------------------|--- ...

证券研究报告 非金融公司|公司点评|唐人神（002567） 生猪养殖经营向好，饲料业务短期承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 2024 年上半年，公司实现营业收入 108.37 亿元，同比下降 19.60%；实现归母净利润 0.05 亿元，同比扭亏为盈。 生猪业务增长明显，饲料业务承压。2024H1 公司生猪养殖收入同比增加 11.91%，生猪出 栏同比增加 13.46%；按照公司上半年出栏量占比约为 40%的出栏节奏，2024 年有望达成 450-500 万的计划出栏量。受饲料原材料价格高位回落的影响，2024H1 公司饲料营业收 入同比下降 26.98%，公司饲料毛利率 5.89%，同比减少 0.62pct。 |分析师及联系人 王明琦 马鹏 涂雅晴 SAC：S0590524040003 SAC：S0590524050001 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04日 唐人神(002567) 生猪养殖经营向好，饲料业务短期承压 | --- | --- | |- ...

Investment Rating - The investment rating for Qi Anxin (688561) is not explicitly stated in the provided content, but the report suggests a focus on quality and strategic shareholder support from China Electronics [6][10]. Core Insights - Qi Anxin reported a revenue of 1.783 billion yuan for the first half of 2024, a year-on-year decrease of 28.17%. The net profit attributable to shareholders was -820 million yuan, indicating a narrowing loss [10]. - The company is shifting its focus from scale to quality, strategically abandoning clients with less favorable payment expectations and reducing its role in total integration, leading to a significant decrease in hardware and other revenues [10]. - The company launched several new products across various fields, including an AI+ security robot and upgraded models in situational awareness and cloud security [10]. - China Electronics increased its stake in Qi Anxin by 5%, which is expected to optimize the company's equity structure and strengthen its position in the national cybersecurity industry [10]. Financial Performance Summary - For the second quarter of 2024, Qi Anxin achieved a revenue of 1.078 billion yuan, down 30.76% year-on-year, with a net profit of -340 million yuan, also showing a narrowing loss [10]. - The gross profit margin for the first half of 2024 was 57.08%, down 3.89 percentage points year-on-year, while the second quarter's gross margin was 53.96%, down 8.95 percentage points year-on-year [10]. - Revenue projections for 2024-2026 are estimated at 6.568 billion yuan, 7.093 billion yuan, and 7.810 billion yuan, with corresponding year-on-year growth rates of 1.95%, 7.99%, and 10.11% [10][11]. - The net profit attributable to shareholders is projected to be 122 million yuan, 248 million yuan, and 358 million yuan for 2024-2026, with growth rates of 69.40%, 103.81%, and 44.49% respectively [11]. Market Position and Strategy - The company continues to lead the cybersecurity market, with enterprise clients contributing over 80% of its revenue [10]. - The report emphasizes the importance of maintaining a strong market share in the cybersecurity sector, suggesting that investors should continue to monitor the company's performance closely [10].

证券研究报告 非金融公司|公司点评|富创精密（688409） 2024 年半年报点评： 需求强势增长，收入实现高增 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04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 15.06 亿元，同比+81.80%；归 母净利润 1.22 亿元，同比+27.30%；扣非净利润 1.12 亿元，同比+346.04%；基本每股收益 0.55 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04日 富创精密(688409) 2024 年半年报点评： 需求强势增长，收入实现高增 | --- | --- | --- | |----------|--------------------|---------------| | | | | | | 行 业： | 电子/半导体 | | | 投资评级： | 买入（维持） | | | 当前价格： | 3 ...

证券研究报告 非金融公司|公司点评|山东高速（600350） 业绩短期承压，2024H1 盈利下降 7% 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 121.37 亿元，同比增长 6.16%，实现归母净 利润 16.32 亿元，同比下降 7.23%。其中 2024Q2 公司实现营收 76.05 亿元，同比增长 20.89%， 实现归母净利润 8.63 亿元，同比下降 7.70%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 山东高速(600350) 业绩短期承压，2024H1 盈利下降 7% | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 交通运输/铁路公 ...

证券研究报告 非金融公司|公司点评|锦江酒店（600754） 业绩符合预期，RevPAR 压力延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年度报告。2024H1 公司实现收入 68.9 亿元/同比+0.2%，归母净利润为 8.5 亿元/同比+59.2%，扣非归母净利润为 3.9 亿元/同比+4.0%。单二季度，公司实现收入 36.9 亿元/同比-4.8%，归母净利润为 6.6 亿元/同比+68.0%，扣非归母净利润为 3.3 亿元/同比 +16.0%。业绩落在此前预告区间内。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 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04日 锦江酒店(600754) 业绩符合预期，RevPAR 压力延续 | --- | --- | |----------------------------|----------------------| | | | | 行 业： ...

证券研究报告 非金融公司|公司点评|比亚迪（002594） 比亚迪 8 月销量点评：同环比增速向 上，单月销量再创新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 比亚迪发布 8 月产销快报，新能源乘用车销量 37.1 万辆，同比增长 35.3%，环比增长 8.8%。 其中纯电销量为 14.8 万辆，同比增长 2.0%，环比增长 14.2%；插混销量为 22.2 万辆，同比 增长 73.1%，环比增长 5.5%；出口销量为 3.1 万辆，同比增长 25.7%，环比增长 4.8%。单月 销量持续创新高，同环比增速加快。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 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04日 比亚迪(002594) 比亚迪 8 月销量点评：同环比增速向上，单 月销量再创新高 | --- | --- | |----------------------------|-----------------| | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 116 million yuan for the first half of 2024, representing a year-over-year increase of 28.42%. However, the net profit attributable to shareholders was -445 million yuan, and the net profit after deducting non-recurring items was -461 million yuan [2][6] - The development of ADC (Antibody-Drug Conjugate) is progressing steadily, with multiple Phase III clinical trials initiated for the drug 9MW2821, which has received several FDA designations, including orphan drug status for esophageal cancer and fast track designation for cervical cancer and triple-negative breast cancer [6] - Sales are increasing significantly, with G-CSF expected to be approved for market by 2025. In the first half of 2024, drug sales revenue reached 65.67 million yuan, a year-over-year increase of 371.85% [6] Financial Performance and Projections - The company expects revenues for 2024, 2025, and 2026 to be 714 million yuan, 1.704 billion yuan, and 2.967 billion yuan, respectively, with year-over-year growth rates of 458.42%, 138.64%, and 74.14% [6] - The projected net profits for the same years are -1.025 billion yuan, -888 million yuan, and -539 million yuan, with growth rates of 2.70%, 13.38%, and 39.33% respectively [6] - The earnings per share (EPS) are forecasted to be -2.57 yuan, -2.22 yuan, and -1.35 yuan for 2024, 2025, and 2026 [6] Market Position and Valuation - The current price of the stock is 22.19 yuan, with a market capitalization of approximately 4.53 billion yuan [4] - The company has a total share capital of 399.60 million shares, with 204.17 million shares in circulation [4] - The price-to-earnings (P/E) ratio is projected to be -8.7 for 2024, -10.0 for 2025, and -16.5 for 2026, indicating a negative earnings outlook [6]