Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The report highlights that the company is expected to achieve revenue growth of 15.9% in 2024, 12.0% in 2025, and 10.9% in 2026, with net profit growth of 17.2%, 12.7%, and 11.1% respectively, maintaining a "Buy" rating [25] Summary by Sections Company Overview - The company has appointed Xiang Ping and Zhang Xu as vice general managers, indicating a focus on both production management and market expansion [8][16] Management Insights - Xiang Ping has extensive experience in production management and technology, which is expected to drive product innovation and optimize production processes [3] - Zhang Xu has a strong background in market management and sales, particularly in promoting the company's sauce-flavored liquor, contributing significantly to market expansion [16] Financial Performance - The company reported a revenue of 150,560 million in 2023, with projections of 174,564 million in 2024, 195,544 million in 2025, and 216,944 million in 2026 [10][12] - The net profit for 2023 is projected at 74,734 million, with expected growth to 87,581 million in 2024, 98,729 million in 2025, and 109,658 million in 2026 [10][12] Key Financial Metrics - The gross margin is expected to remain stable at around 92.0% for the next few years, with net profit margin projected to increase slightly from 52.5% in 2023 to 53.5% in 2026 [12][21] - The company's return on equity is projected to improve from 34.7% in 2023 to 38.1% in 2026, indicating strong profitability [12][21]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [5][13] Core Views - Guizhou Moutai is expected to achieve revenue of CNY 1,745.6 billion, CNY 1,955.4 billion, and CNY 2,169.4 billion for the years 2024 to 2026, with year-on-year growth rates of 15.9%, 12.0%, and 10.9% respectively [5] - The net profit attributable to the parent company is projected to be CNY 875.8 billion, CNY 987.3 billion, and CNY 1,096.6 billion for the same period, with growth rates of 17.2%, 12.7%, and 11.1% respectively [5] - The company is focusing on enhancing product quality and market efficiency under the leadership of new executives, Xiang Ping and Zhang Xu, who bring extensive experience in production management and marketing [16] Financial Summary - Total revenue for 2023 is reported at CNY 150,560 million, with projections of CNY 174,564 million for 2024, CNY 195,544 million for 2025, and CNY 216,944 million for 2026 [8][19] - Gross profit margin is expected to remain stable at around 92.0% to 92.2% over the forecast period [8][19] - The net profit for 2023 is CNY 74,734 million, with forecasts of CNY 87,581 million, CNY 98,729 million, and CNY 109,658 million for the subsequent years [19][20] Management Changes - The company announced the appointment of Xiang Ping and Zhang Xu as candidates for vice president, indicating a strategic focus on both production and marketing [3][15] - Both executives have a strong background in their respective fields, which is expected to contribute positively to the company's growth and market positioning [16]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's H1 2024 performance met expectations, with revenue of 839 million yuan, a year-on-year increase of 17.75%, and a net profit attributable to shareholders of 121 million yuan, up 20.88% year-on-year [4] - The company is experiencing a recovery in demand, leading to an increase in market share for carrier tapes and adhesive tapes, while the release of new products in the release film segment is progressing smoothly [5] - The company has successfully developed low roughness release films for MLCC and mid-to-high-end polarizer release films, with stable supply to major customers [5] Financial Performance Summary - In H1 2024, the company achieved a gross profit margin of 36.52%, an increase of 3.32 percentage points year-on-year, and a net profit margin of 14.45%, up 0.38 percentage points year-on-year [4] - The company’s revenue for H1 2024 was 839 million yuan, with a net profit of 121 million yuan, and a net profit after deducting non-recurring gains and losses of 118 million yuan [4] - The company expects revenues of 2.112 billion yuan, 2.874 billion yuan, and 3.789 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 364 million yuan, 515 million yuan, and 696 million yuan for the same years [5][6] Business Segment Performance - In H1 2024, revenue from carrier tapes was 599 million yuan (up 14.50% YoY), adhesive tapes revenue was 126 million yuan (up 29.61% YoY), and film materials revenue was 71.74 million yuan (up 18.41% YoY) [5] - The company has maintained a high market share in the paper carrier tape sector and is actively expanding capacity in the adhesive tape sector [5] - The company has developed its own production capabilities for precision molds and raw materials in the plastic carrier tape sector, further enhancing its production capacity [5]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a strong performance in H1 2024, achieving revenue of 3.785 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 1.379 billion yuan, up 29.59% year-on-year [5] - The growth in mid-to-high-end liquor products is steady, with significant contributions from both domestic and foreign markets [5] - The company is focusing on enhancing its mid-to-high-end product sales model and optimizing its pricing system, leading to an increase in the revenue share from mid-to-high-end liquor [5] Financial Performance Summary - For Q2 2024, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 19.04%, and a net profit of 466 million yuan, up 27.96% year-on-year [5] - The gross margin and net margin for Q2 2024 were 71.15% and 31.95%, respectively, reflecting improvements due to the growth in mid-to-high-end liquor sales [5] - The company expects revenues of 8.22 billion yuan, 9.91 billion yuan, and 11.69 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.3%, 20.5%, and 18.0% [6][8] Market and Product Analysis - The company’s mid-to-high-end liquor (Dòngcáng and Jīnyínxīng series) and regular liquor (Bǎinián Yíngjiāgòng and Zāofāng series) generated revenues of 1.069 billion yuan and 313 million yuan in Q2 2024, representing year-on-year growth of 25.03% and 6.46%, respectively [5] - The company has increased its number of distributors to 1,423, with 779 in the domestic market and 644 in the foreign market, indicating a focus on expanding its core market presence [5] Financial Projections - The company forecasts net profits of 2.92 billion yuan, 3.65 billion yuan, and 4.43 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 27.7%, 25.0%, and 21.2% [6][8] - The projected gross margin is expected to improve to 73.4% in 2024 and further to 75.9% by 2026 [8]

[Table_Main] 证券研究报告 | 公司点评 金徽股份(603132.SH) 2024 年 08 月 17 日 相关研究 | --- | --- | |--------------------------------------------------------|--------------------------------| | 金徽股份（ 增持（维持） | 603132.SH ）： 24H1 | | 所属行业：有色金属 / 工业金属 当前价格 ( 元 ) ： 11.38 | 铅锌矿量价齐升，净利增超 40% | 投资要点 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 金徽股份 沪深300 | --- | --- | --- | --- | |----------------------------------|----------------|--------------|--------| | -34% 2023- ...

Investment Rating - The investment rating for Qingju Technology is "Buy" (maintained) [1] Core Insights - The report highlights that the company's revenue for the first half of 2024 reached approximately 343 million yuan, a year-on-year increase of 1.59%, while the net profit attributable to the parent company was about 65 million yuan, also up by 1.51% year-on-year [2] - The report indicates that the company's core business, engineering cost consulting services, is closely tied to fixed asset investment, which has shown a slowdown, leading to weak demand [3] - The company is focusing on strategic central enterprise clients and has successfully entered several key projects in energy, transportation, and electronics sectors [3] Financial Performance - In Q2 2024, the company achieved revenue of approximately 201 million yuan, a year-on-year decrease of 4.32% but a quarter-on-quarter increase of 41.11% [2] - The gross profit margin for Q2 2024 improved to approximately 50.23%, an increase of 2.03 percentage points year-on-year and a significant improvement of 12.63 percentage points quarter-on-quarter [2] - The company’s total revenue for 2024 is projected to be approximately 1.033 billion yuan, with net profit expected to be around 222 million yuan [6][7] Strategic Adjustments - The company is actively adjusting its strategy to focus on high-quality central and state-owned enterprise clients, with over 80% coverage of 98 central enterprise groups as of the first half of 2024 [3] - The engineering management technology services segment has seen significant growth, with revenue increasing by 233.26% year-on-year, primarily due to the sales growth of the three-dimensional digital management platform [3] Employee Incentives - In June 2024, the company implemented a stock incentive plan, granting approximately 1.1834 million restricted shares to 22 core employees, which is expected to enhance employee motivation and align with the company's long-term sustainable development goals [5]

[Table_Main] 证券研究报告 | 公司点评 孩子王(301078.SZ) 2024 年 08 月 16 日 增持（维持） 所属行业：商贸零售/专业连锁Ⅱ 当前价格(元)：5.32 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 孩子王 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -1.66 | -3.38 | -14.73 | | 相对涨幅 (%) | 2.09 | 2.15 | -6.99 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《孩子王（301078.SZ）：Q2 业绩环 比改善，看好全国化优势沉淀》， 2023.8.29 孩子 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a revenue of 5.36 billion yuan in Q2 2024, representing a year-on-year increase of 22.6% and a quarter-on-quarter increase of 53.7%. However, the net profit attributable to the parent company was -1.2 billion yuan, indicating a slight increase in losses compared to the previous year [5]. - The gross margin for Q2 2024 was 2.8%, an increase of 8.0 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [5]. - The company is expected to see significant sales growth in Q3 2024, with over 28,000 new orders in July and plans to launch new models at the Paris Auto Show in October 2024 [5]. - The international expansion is progressing steadily, with nearly 2,000 units of C10 and T03 shipped to Europe, and plans to establish over 200 sales outlets in Europe by the end of 2024 [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 27.49 billion yuan, 47.22 billion yuan, and 68.28 billion yuan, respectively. The corresponding net profits are expected to be -4.18 billion yuan, -2.56 billion yuan, and 130 million yuan [6][8]. - The gross margin is projected to improve to 5.5% in 2024, 9.0% in 2025, and 11.5% in 2026 [8]. - The company’s total assets are estimated to reach 30.23 billion yuan in 2024, with a projected total market value of 30.28 billion yuan [7][8].

[Table_Main] 证券研究报告 | 行业月报 煤炭开采 2024 年 08 月 16 日 煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 煤炭开采 沪深300 -22% -11% 0% 11% 22% 33% 44% 55% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《煤炭周报：基本面震荡磨底,建议 逢低布局》，2024.8.11 2.《永泰能源事件点评：资源规模扩 张，业绩增长可期》，2024.8.8 3.《煤炭周报：日耗延续高位，板块 调整后价值凸显》，2024.8.4 4.《新集能源（601918.SH）：吨煤 毛利同比高增，煤电一体未来可期》， 2024.7.31 5.《平煤股份事件点评：煤炭生产恢 复，增持彰显信心》，2024.7.31 煤炭行业月报：供给增速放缓， 需求预期改善 [Table_Su ...

Investment Rating - Buy (Maintained) [1] Core Views - The company reported robust performance in H1 2024, with revenue reaching 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) [1] - The finished drug business showed strong growth, with revenue increasing by 17.13% YoY to 1.301 billion yuan, driven by sales system upgrades [1] - The company's marketing reform has begun to show results, with rapid growth in out-of-hospital market revenue, which increased by over 80% YoY in H1 2024 [2] - The company's first Class 1 new drug, Jinonning® (Didaxinib Capsules), officially entered the market in March 2024, marking a new stage of "innovation and imitation combination" for the company [2] - The company is expected to achieve net profits of 722 million yuan, 822 million yuan, and 941 million yuan in 2024, 2025, and 2026, respectively, with corresponding PE valuations of 13.6x, 12.0x, and 10.5x [2] Financial Performance - In H1 2024, the company's revenue from finished drugs was 1.301 billion yuan (+17.13% YoY), while revenue from APIs was 501 million yuan (+5.66% YoY), and revenue from medical devices was 312 million yuan (+0.46% YoY) [1] - The company's sales expenses decreased by 3.63% YoY in H1 2024, with a sales expense ratio of 17.85% (-2.72 percentage points) [2] - The company's gross margin is expected to improve from 50.6% in 2023 to 53.5% in 2026, with net profit margins increasing from 15.6% to 16.7% over the same period [4] - The company's ROE is projected to rise from 11.2% in 2023 to 13.0% in 2026, reflecting improved profitability [4] Business Development - The company has shifted its marketing model from a "line-based" system to a hospital and retail division model, focusing on deepening hospital market penetration and expanding the out-of-hospital market [2] - The company has established strategic partnerships with multiple chain pharmacies, accelerating the layout of its retail business [2] - The company's R&D pipeline is progressing steadily, with several projects in clinical trials, including JX11502MA Capsules and Kangfuxin Enteric-coated Capsules II [2] Valuation and Forecast - The company's revenue is expected to grow from 3.999 billion yuan in 2023 to 5.688 billion yuan in 2026, with a CAGR of 12.4% [4] - The company's net profit is forecasted to increase from 619 million yuan in 2023 to 941 million yuan in 2026, with a CAGR of 14.9% [4] - The company's EPS is projected to rise from 0.72 yuan in 2023 to 1.09 yuan in 2026, with a P/E ratio decreasing from 17.67x to 10.5x over the same period [4]