[Table_Main] 证券研究报告 | 宏观周报 2024 年 08 月 18 日 | --- | --- | --- | --- | |------------|-------|--------------------------------|-------| | 宏观周报 | | 本周看什么？设备更新、地产融资 | | | | -- | 宏观周报（ | | | 证券分析师 | | | | 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn [Table_Summary] 摘要： 核心观点：本周聚焦四个方向，其一，专项设备更新推进加速，关注标准提升与技 改推动制造业投资。其二， 7 月房企融资规模创年内新高，万科获得大量银行贷 款。其三，新华社采访潘功胜行长，继续坚持支持性货币政策立场。其四，巴菲特 调整持仓。 高频宏观数据：交通运输、煤炭钢铁和农林牧渔景气度提升，文旅消费、汽车和建 筑建材等景气度待修复。 短期投资建议：债市交易建议谨慎为主；股市重点关注调整较为充分的红利板块。 热点观察 1：专 ...

[Table_Main] 证券研究报告|行业周报 通信 2024 年 08 月 18 日 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 市场表现 通信 沪深300 -24% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-12 2024-04 资料来源:聚源数据，德邦研究所 相关研究 1.《卫星互联网：硬科技获刚性支持，三 条投资线共振》，2024.8.16 2.《孩子王（301078.SZ）：Q2 业绩同比 改善，积极推进三扩战略》，2024.8.16 3.《G60 首批星升空，有望航班化发射使 投资价值清晰》，2024.8.11 4.《千帆星座成功发射，卫星互联网进入 价值投资阶段》，2024.8.6 5.《高轨卫星升空，中国卫星互联网采用 不同组网策略》，2024.8.4 卫星发射航班化和数据资产入表，有 望增强投资确定性 [Table_Summary] 投资要点： 1.投资要点 1.1 航班化发射和可回收火箭提前，有望使卫星互联网投资确定性更高。1、 预计 8 月底，深蓝航天将实施中国首 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024 年 08 月 18 日 轻工制造 优于大市（维持） 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 轻工制造 沪深300 -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源：聚源数据、德邦研究所 相关研究 1.《宠物行业深度报告系列（一）- 以日本"失去的三十年"为鉴，看 中国宠物食品行业增长潜能》， 2024.7.25 2.《轻工制造基金重仓跟踪：24Q2 持仓处于相对低位，把握细分板块 配置拐点》，2024.7.24 3.《周观点：短期关注中报超预 期，6 月摩托车内销大排量、外销 持续景气》，2024.7.22 4.《周观点：关注估值底部优质消 费龙头，安踏、特步 24Q2 销售状 况良好》，2024.7.15 周观点：7 月个护、宠物电商数据表现 ...

[Table_Main] 证券研究报告|行业周报 通信 2024 年 08 月 18 日 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 市场表现 通信 沪深300 -24% -20% -15% -10% -5% 0% 5% 10% 2023-08 2023-12 2024-04 资料来源:聚源数据，德邦研究所 相关研究 1.《卫星互联网：硬科技获刚性支持，三 条投资线共振》，2024.8.16 2.《孩子王（301078.SZ）：Q2 业绩同比 改善，积极推进三扩战略》，2024.8.16 3.《G60 首批星升空，有望航班化发射使 投资价值清晰》，2024.8.11 4.《千帆星座成功发射，卫星互联网进入 价值投资阶段》，2024.8.6 5.《高轨卫星升空，中国卫星互联网采用 不同组网策略》，2024.8.4 卫星发射航班化和数据资产入表，有 望增强投资确定性 [Table_Summary] 投资要点： 1.投资要点 1.1 航班化发射和可回收火箭提前，有望使卫星互联网投资确定性更高。1、 预计 8 月底，深蓝航天将实施中国首 ...

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024 年 08 月 18 日 轻工制造 优于大市（维持） 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 轻工制造 沪深300 -37% -29% -22% -15% -7% 0% 7% 2023-07 2023-11 2024-03 资料来源：聚源数据、德邦研究所 相关研究 1.《宠物行业深度报告系列（一）- 以日本"失去的三十年"为鉴，看 中国宠物食品行业增长潜能》， 2024.7.25 2.《轻工制造基金重仓跟踪：24Q2 持仓处于相对低位，把握细分板块 配置拐点》，2024.7.24 3.《周观点：短期关注中报超预 期，6 月摩托车内销大排量、外销 持续景气》，2024.7.22 4.《周观点：关注估值底部优质消 费龙头，安踏、特步 24Q2 销售状 况良好》，2024.7.15 周观点：7 月个护、宠物电商数据表现 ...

Investment Rating - The report maintains a "Buy" rating for Tianyoude Liquor (002646 SZ) [2] Core Views - The company achieved revenue of 759 million yuan in H1 2024, a YoY increase of 14 93%, but net profit attributable to the parent company decreased by 17 53% to 80 million yuan [3] - In Q2 2024, revenue declined by 11 82% YoY to 233 million yuan, with net profit attributable to the parent company turning negative at -29 million yuan, a 248 08% YoY decrease [3] - The company's core product, highland barley liquor, grew by 8 5% YoY, while e-commerce platform business surged by 116 6% [3] - The company is deepening its marketing transformation, with a clear national market layout strategy and plans to expand into the US market [3] Financial Performance - The company's gross margin in Q2 2024 decreased by 10 6 percentage points to 51 4%, mainly due to reduced revenue scale [4] - Sales and management expense ratios increased by 7 3 and 5 3 percentage points respectively in Q2 2024, as the company increased investment for future product sales [4] - The company announced an interim cash dividend of 0 33 yuan per 10 shares, totaling 15 91 million yuan [4] Future Projections - The report forecasts revenue of 1 44 billion yuan in 2024, with a YoY growth of 18 6%, and expects revenue to reach 1 91 billion yuan by 2026 [4] - Net profit attributable to the parent company is projected to grow by 37 2% to 120 million yuan in 2024, reaching 260 million yuan by 2026 [4] - The company's gross margin is expected to improve from 64 5% in 2024 to 66 9% in 2026 [5] Market Strategy - The company is focusing on strengthening its position in the Qinghai market while expanding into strategic regions like Gansu, Shanxi, Shaanxi, and Henan [3] - The company added 26 new distributors in markets outside Qinghai in H1 2024, enhancing its distribution network [3] - The company is implementing a product strategy that includes improving the display of mid-range products (100-200 yuan) and strengthening regional coverage of low-end products [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's H1 2024 net profit increased by 14.64%, meeting expectations, with revenue of 1.404 billion yuan (+6.97%) and net profit of 235 million yuan (+14.64%) [1] - The medical beauty business continues to show high growth, with the fourth-generation hyaluronic acid product "Haimi Yuebai" approved, expected to drive sales [1] - The ophthalmology segment experienced a revenue decline due to centralized procurement and price reductions, while the orthopedics segment showed recovery [1] Summary by Sections Financial Performance - For H1 2024, revenue was 1.404 billion yuan, with a net profit of 235 million yuan, and a net profit margin of 16.8%, up 1.1 percentage points year-on-year [1] - The gross margin for H1 2024 was 70.51%, slightly down by 0.5 percentage points, while the net profit margin improved [1][3] Business Segments - Medical beauty revenue reached 634 million yuan (+25.72%), with hyaluronic acid revenue at 417 million yuan (+51.3%) [1] - The ophthalmology segment's revenue was 452 million yuan (-6.02%), with cataract business revenue at 232 million yuan (-10.7%) [1] - Orthopedic revenue was 233 million yuan (+0.42%), with a consistent market position in joint injection products [1] Future Outlook - Revenue projections for 2024-2026 are adjusted to 2.985 billion yuan, 3.392 billion yuan, and 3.816 billion yuan, respectively, with net profits of 495 million yuan, 599 million yuan, and 721 million yuan [1][3] - The company is expected to benefit from the dual drivers of medical beauty and pharmaceuticals, with a projected PE of 28X, 23X, and 19X for the respective years [1]

Investment Rating - The report maintains a "Buy" rating for Tibet Pharmaceutical (600211.SH) [2] Core Views - The company reported a total revenue of 1.615 billion yuan for the first half of 2024, a year-on-year decrease of 11.29%, while the net profit attributable to shareholders increased by 4.57% to 623 million yuan [4][5] - The sales of the main product, Xinhuasu, reached 4.1837 million units with a revenue of 1.45 billion yuan, down 13.93% year-on-year, primarily due to a 4.5% decrease in medical insurance prices starting in 2024 [4][5] - The company plans to distribute a cash dividend of 9.67 yuan per 10 shares, totaling 312 million yuan, with a payout ratio of 50.02% [4] Financial Performance Summary - For the first half of 2024, the company reported a total revenue of 1.615 billion yuan, down from 1.820 billion yuan in the same period last year, reflecting an 11.29% decline [4][7] - The net profit for the same period was 623 million yuan, an increase of 4.57% year-on-year, while the net profit excluding non-recurring items was 524 million yuan, down 9.85% [4][7] - The second quarter of 2024 saw a total revenue of 910 million yuan, a slight decrease of 0.31% year-on-year, with a net profit of 310 million yuan, up 5.98% [4][7] Future Outlook - The company aims to achieve a total revenue of 3.4 billion yuan in 2024, with a target net profit of around 1 billion yuan [5] - The expansion of Xinhuasu production capacity is expected to reach an annual output of 15 million units, with the production line already passing GMP compliance checks [5] - Revenue projections for 2024 to 2026 are estimated at 3.44 billion yuan, 4.07 billion yuan, and 4.83 billion yuan, with corresponding net profits of 1.025 billion yuan, 1.215 billion yuan, and 1.464 billion yuan, indicating a growth rate of 28%, 18.6%, and 20.4% respectively [5][8]

业绩说明电话会议感谢大家一直对德光的关注和支持那下面的话我就分两部分第一部分的话就是先对2024年上半年核心财务的指标做一个简要的解读那第二部分的话也讲一下基于现在的这种环境那2024年下半年公司的一些经营规划上的一些变化 首先的话,就第一部分,那2024年上半年,那核心的一些财务指标的一个说明,啊,在第一在营业收入上,那24年上半年的话,公司总的收入是184.5亿,同比的话是增长17.5%,那剔除网络融合带来的收入,公司内征的话,上半年的收入增长大概三个点左右。 那其中的话分业务来看的话快运的收入是166.4亿同比是增长21.1%那占收入比的话是90.2%那剔除掉网络融合的收入的话公司内生的快运收入上半年同比增长约五个点那从货量的角度不含融合不含整车那上半年的话公司快运业务实现的这个货量是603万吨 同比增长约8%那如果把融合就把网络融合的货量合并进来那上半年的话公司全网的这个运营的货量是超850万吨那德巴目前运营的网络操作货量应该是全网宽运公司最高的 那总结上半年的整个的收入的表现其实上半年从收入增长来讲的话其实是有点沉压的尤其是二季度公司在货量跟收入的增长上是低于预期的那对于上半年的话首先的话我们觉得在 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024 年 08 月 18 日 公用事业 优于大市（维持） 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 公用事业 沪深300 -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 加快经济社会发展全面绿色转型， 2030 年节能环保产业目标达 15 万亿 环保与公用事业周报 [Table_Summary] 投资要点： 行情回顾：本周各板块涨跌不一，申万(2021)公用事业行业指数上涨 0.6%，环保 行业指数上涨 0.7％。公用事业板块中水电涨幅较大，上涨 1.2%，环保板块中环 境修复涨幅较大，上涨 3.7%。 行业动态 环保： （1）中共中央、国务院印发《关于加快经济社会发展全面绿色转型的意见》， 2030 年，节能环保产业规模目标达到 15 万亿元左右。《意见》提出，大力发展绿 色低碳产 ...