Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 330 to 480 million yuan in the first half of 2024, a significant turnaround from a loss of 80.97 million yuan in the same period last year [5][6] - The second quarter of 2024 is projected to have a net profit ranging from -120 million to 29.42 million yuan, compared to a loss of 410 million yuan in the previous year, indicating a substantial reduction in losses [5][6] - The company is focusing on market development and marketing innovation, maintaining stability in its liquor business while reducing losses in its pork business due to a recovery in the pig industry [6] Financial Projections - Expected revenue for 2024-2026 is projected at 10.86 billion, 11.92 billion, and 13.01 billion yuan, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% respectively [7] - The net profit attributable to shareholders is forecasted to be 630 million, 800 million, and 970 million yuan for 2024-2026, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [7] - The company aims to improve its profitability through a "dual-wheel drive" strategy focusing on product segmentation and enhancing brand recognition [8]

Investment Rating - The report initiates coverage on Mona Lisa (002918.SZ) with an "Accumulate" rating [11][15]. Core Views - Mona Lisa is positioned as a leading brand in the building ceramics industry, focusing on the mid-to-high-end market. The company has gradually emerged from the performance low caused by the real estate downturn, with a revenue decline narrowing to -4.94% in 2023 and a significant net profit increase of 169.93% year-on-year to 266 million yuan [13][15]. - The report highlights the acceleration of industry consolidation due to stricter environmental regulations and the exit of smaller, less competitive firms, which is expected to benefit leading companies like Mona Lisa [14][15]. - The company is optimizing its sales structure and focusing on high-margin products, particularly in the rock slab segment, which is anticipated to drive future growth [14][15]. Summary by Sections Company Overview - Mona Lisa, established in 1998, is a prominent player in the high-quality building ceramics sector, with a market share ranking second in terms of production volume. The company has a diverse product line, including ceramic slabs, antique bricks, and polished tiles, and has been involved in significant projects like the Beijing Olympics and the Hong Kong-Zhuhai-Macao Bridge [25][34]. Industry Dynamics - The building ceramics industry is experiencing a phase of consolidation, driven by stricter environmental regulations and the need for product differentiation. The shift towards customized and functional products is expected to enhance the growth of leading firms [14][17]. Financial Performance - In 2023, the company reported a net profit of 266 million yuan, a significant recovery from previous losses, attributed to improved risk management and reduced asset impairment losses. The report forecasts net profits of 284 million, 357 million, and 450 million yuan for 2024, 2025, and 2026, respectively [15][49][56]. Product and Market Strategy - The company is focusing on high-margin products, with the revenue share of its core product, glazed porcelain tiles, increasing from 34.82% in 2014 to 76.40% in 2023. The rock slab segment is also gaining traction, contributing to the overall revenue and profit growth [51][52]. Cost Management - Mona Lisa has implemented effective cost control measures, resulting in a decrease in total expense ratios from 22.50% to 19.18% between 2014 and 2023. The sales expense ratio has also improved, reflecting a strategic reduction in riskier real estate-related business [43][56]. Future Outlook - The report anticipates that the company's competitive advantages in the rock slab market, combined with ongoing structural adjustments, will allow it to capture additional market share and enhance overall profitability [15][14].

证券分析师 程强 资格编号: S0120524010005 邮箱:chengqiang@tebon.com.cn > 核心观点:6月,M2 同比继续下探,M1 同比则进一步下行至-5.0%,居民和企 业端可能都出现了"提前还货"现象,政府债发行环比放缓但同比依然明显多 增,6月或是年内金融数据底。预计短期交易力量主导下 10 年国债 Q3 宽幅震 荡,波动区间或在前低 2.22%至前高 2.35%,在配置力量主导下,预计 10 年国 债 Q4仍有恢复下行趋势的可能。 (3)存款规模:6月,人民币存款增加 24600 亿元,同比少增 12500 亿元。从 结构上看,居民存款增加21400亿元,同比少增5336亿元;企业存款增加 10000 亿元,同比少增10601亿元;财政存款减少8193亿元,同比少减2303亿元;非 银金融机构存款减少 1800 亿元,同比少减 1520 亿元。 请务必阅读正文之后的信息披露和法律声明 > 其二,4月存款整顿的"后遗症"是企业端可能也有"提前还货"。6月,企业货 款新增 16300亿元,同比少增 6503亿元,同比少增幅度明显扩大,6月企业存款 同比少增幅度较 5 月进一步扩 ...

[Table_Main] 证券研究报告 | 行业点评 电子 2024 年 07 月 11 日 AI 耳机加速落地,看好交互能 力提升下硬件的投资机遇 [Table_Summary] 投资要点: 电子 优于大市(维持) 证券分析师 陈蓉芳 资格编号:S0120522060001 邮箱:chenrf@tebon.com.cn 陈瑜熙 资格编号:S0120524010003 邮箱:chenyx5@tebon.com.cn 市场表现 电子 沪深300 -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源:聚源数据,德邦证券研究所 事件:2024 年 7 月 10 日,三星发布两款耳机新品——Galaxy Buds3 Pro 与 Galaxy Buds3。其中 Samsung Galaxy Buds 3 Pro 耳机主打 AI,具备自适应降噪、环境 分析等功能,并能够配合 Galaxy 手机完成即时口译,解放更多 AI 功能。 AI 耳机加速落地,人机交互交互能力提升。Galaxy Buds3 Pro 具有三个亮点: 1)可以通过 AI 算法对每个人的耳朵 ...

[Table_Main] 证券研究报告 | 行业点评 铜 | --- | --- | --- | |----------------------------|--------------------------|-------| | | 2024 年 07 月 11 | 日 | | | | | | 铜行业跟踪： 铜 | 铜价创新 | 24Q2 | | | | | | 高， Q3TC 优于大市（维持） | 骤降，供需持续紧张 | | 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 -24% -12% 0% 12% 24% 37% 49% 61% 2023-07 2023-11 2024-03 2024-07 铜 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《紫金矿业（601899.SH）：24H1 业绩预告同比大增，量价齐升》， 2024.7.9 2.《金诚信（603979.S ...

[Table_Main] 证券研究报告 | 公司点评 晶晨股份(688099.SH) 2024 年 07 月 11 日 买入(维持) 所属行业:电子/半导体 当前价格(元):66.77 邮箱:chenrf@tebon.com.cn 陈瑜熙 资格编号:S0120524010003 邮箱:chenyx5@tebon.com.cn 证券分析师 陈蓉芳 资格编号:S0120522060001 投资要点 市场表现 晶晨股份 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-07 2023-11 2024-03 沪深300对比 1M 2M 3M 绝对涨幅(%) 22.07 13.21 48.41 相对涨幅(%) 25.03 18.61 49.45 资料来源:德邦研究所,聚源数据 相关研究 1.《晶晨股份(688099.SH):业绩高速 增长,逆周期加大研发,扩张产品矩 阵》,2024.4.16 2.《晶晨股份(688099.SH):Q2 业绩 环比大幅提升,多产品线助力公司重 回上行通道》,2023.8.16 Q2 收入创季度新高,前期投入收获期或至 晶晨股份 2024H1 业绩预告点 ...

Investment Rating - Buy (Maintained) [4] Core Viewpoints - The company continues to solidify its leading position in traditional e-commerce agency services and e-commerce live streaming services, driving strong performance growth [4] - AI empowerment and brand management are expected to bring vast growth opportunities [4] - The company has achieved significant growth in its brand incubation business, with a 30%+ increase in business scale for the CUMLAUDE brand [18] - The company has officially changed its name to "Qingmu Technology" and is leveraging AI to enhance efficiency across various operational aspects, including customer service, design, store operations, and live streaming [24] Financial Performance and Forecast - Revenue is expected to grow from 1,173 million yuan in 2024E to 2,078 million yuan in 2026E, with a YOY growth rate of 21.3%, 32.4%, and 33.8% respectively [25] - Net profit attributable to the parent company is forecasted to increase from 153 million yuan in 2024E to 318 million yuan in 2026E, with a YOY growth rate of 193.7%, 52.4%, and 36.3% respectively [25] - Gross margin is projected to rise from 46.0% in 2024E to 47.4% in 2026E [20] - ROE is expected to improve from 9.9% in 2024E to 15.1% in 2026E [20] Business Highlights - In the traditional e-commerce agency services sector, the company has maintained its strong position in the apparel industry, particularly in the sports and outdoor apparel category, achieving rapid growth [4] - The company has won multiple awards from Alimama, including the "Omni-Channel Business Ecosystem Partner Award" and "Live Streaming Breakthrough Award" [4] - In the e-commerce live streaming sector, the company has expanded its high-quality customer base and improved service levels, leading to significant growth in this segment [4] - During the 618 shopping festival, the company ranked 3rd in the sports and outdoor category for store live streaming, with a 125% YoY increase in GMV and a 106% YoY increase in penetration rate [4] AI and Technology Integration - The company has upgraded its data platform with AI technology, developing "Qingmu Qingling" to enhance efficiency in customer service, design, store operations, and live streaming [24] - AI applications include generating product highlights, automatic customer service responses, intelligent image and video editing, and virtual digital live streaming [24] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 16.24-37.78 yuan [5] - The current stock price is 29.35 yuan [16] Industry and Sector - The company operates in the e-commerce sector, specifically within the internet retail and brand management space [16]

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - The company, now renamed "Qingmu Technology," is leveraging AI to enhance operational efficiency and reduce costs, with significant growth expected in its business segments [14]. - The brand incubation business is showing growth, with a notable increase in sales for the joint brand CUMLAUDE, achieving over 30% growth in internal business scale [4]. - The company is positioned as a leading internet e-commerce service provider, with a strong foothold in the apparel sector and a promising second growth curve through brand incubation and cross-border expansion [5]. Financial Performance and Forecast - The company expects a substantial increase in net profit for the first half of 2024, projecting a range of 60 million to 70 million yuan, representing a year-on-year growth of 45.27% to 69.48% [3]. - Revenue forecasts for 2024 to 2026 are 1.173 billion, 1.553 billion, and 2.078 billion yuan, with corresponding year-on-year growth rates of 21.3%, 32.4%, and 33.8% [5]. - Net profit forecasts for the same period are 153 million, 233 million, and 318 million yuan, with year-on-year growth rates of 193.7%, 52.4%, and 36.3% [5]. Market Performance - The company has shown a relative performance improvement compared to the CSI 300 index, with absolute growth rates of 7.23% over one month and 18.40% over three months [1]. - The stock price is currently at 29.35 yuan, with a market capitalization of approximately 2.73 billion yuan [1][17]. Business Segments - The traditional e-commerce operation service continues to strengthen its market position, particularly in the outdoor apparel sector, with significant awards received for its service capabilities [15]. - The e-commerce live streaming service has also seen substantial growth, with a 125% increase in GMV during the 618 shopping festival, solidifying its industry ranking [15].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company is expected to achieve total revenue of approximately 1 billion yuan in the first half of 2024, representing a year-on-year decline of 35.1%. The net profit attributable to shareholders is projected to be between 110 million and 130 million yuan, reflecting a year-on-year decrease of 69.2% to 73.9% [6][7]. - Revenue decline is narrowing, with a 12.3% year-on-year decrease expected in Q2 2024, attributed to improved market conditions and customer payment cycles. However, profit margins are under pressure due to a higher proportion of lower-priced products and increased sales expenses [6][7]. - The company is focusing on long-term development through marketing reforms, emphasizing deepening market penetration in Hunan province and establishing model markets in other regions [6][7]. Financial Summary - The company’s revenue is projected to be 2.68 billion yuan in 2024, down 5.3% year-on-year, with net profits expected to be 407 million yuan, a decrease of 25.8% [8][9]. - The gross profit margin is expected to decline to 73.9% in 2024, with a gradual recovery anticipated in subsequent years [8][9]. - Key financial metrics for 2024 include an EPS of 1.25 yuan and a net asset return rate of 9.2% [8][9].

展望下半年预计 PPI 中枢可能较前期有所抬升，我们提示重点关注以下两个方 面： 宏观点评 风险提示：国际原油价格波动；猪肉等食品价格波动；宏观政策力度及节奏超预 期。 | --- | --- | --- | --- | --- | --- | |----------|------------|-------|--------|-------------------------------|-------| | | | | | 2024 年 07 月 10 日 | | | | | | | | | | 宏观点评 | | | 四季度 | PPI 增速有望转正？ | | | | | —— | 2024 | 年 6 月通胀数据点评 | | | | 证券分析师 | | | | | 宏观点评 高频数据走势反映北旱南涝对农作物价格影响有限。6 月前北方干旱对玉米影响 较大，豫中补灌区（如平顶山等）、豫南雨养区（如南阳、驻马店、信阳）受影 响较大1，价格方面，河南郑州玉米饲料原料价格自 5 月的 2296 元/吨上涨至 6 月 的 2412元/吨，6月环比+5.1%（前值为-0.4%），其余地区玉米价格暂未受天气影 响产生剧 ...