偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 157 期，总第 1716 期（电子版） 2024 年 8 月 27 日 星期二 一、市场分析 低于预期 聚焦主线 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2855.52 | 0.04 | | 深证成指 | 8194.64 | 0.16 | | 中小 100 | 5239.6 | 0.09 | | 创业板指 | 1545.31 | -0.1 | | 沪深 300 | 3324.22 | -0.09 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41240.52 | 0.16 | | 纳斯达克 | 17725.77 | -0.85 | | 标普 500 | 5616.84 | -0.32 | | 英国富时 100 | 8327.78 | 0.48 | | 日经 225 | 38094. ...

证券研究报告 食品饮料 报告日期：2024 年 08 月 26 日 需求温和复苏，关注结构性机会 ——食品饮料行业周报 华龙证券研究所 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzqgs.com 《中报陆续披露，关注业绩确定性个股 —食品饮料行业周报》2024.08.19 《扩大内需消费政策积极，白酒龙头分 红规划信心提升—食品饮料行业周报》 2024.08.12 《固本开新，行稳致远—---食品饮料行 业 2024 年中期策略报告》2024.07.29 摘要： 食品饮料板块跑输上证指数。上周（08 月 19 日-08 月 23 日）食 品饮料板块涨跌幅为-2.81%，在申万 31 个行业中排名第 16，上 证指数涨跌幅为-0.87%，食品饮料跑输上证指数-1.94pcts。子板 块来看，肉制品（-0.76%）、零食（-1.54%）、调味品（-1.66%） 跌幅较小，其他酒类（-7.04%）跌幅较大。当前需求仍处于温和 复苏阶段，市场预期较低，龙头企业业绩确定性较强，具备一定 的抗风险能力，估值回调后中长期配置性价比凸显，我们维持行 业"推荐"评级。 投资评 ...

证券研究报告 银行/非银金融 报告日期：2024 年 08 月 26 日 银行板块高股息相对价值仍较高 关注险企基本面修复 ——金融周报 华龙证券研究所 最近一年走势 市场数据 2024 年 8 月 23 日 行业,% 1M 3M YTD 沪深 300 -3.28 -8.64 -3.03 非银金融 0.53 -6.73 -7.09 银行 2.38 -0.80 20.22 证券 0.47 -7.58 -12.63 保险 1.13 -3.44 8.95 分析师：杨晓天 执业证书编号：S0230521030002 邮箱：yangxt@hlzqgs.com 《银行板块高股息+稳定性投资价值提 升—金融周报》2024.08.20 《央行强化长期国债利率稳定性 助力 银行保险改善资产配置—金融周报》 2024.08.12 《预定利率下调等政策助力险企缓解负 债、长期投资稳定性增强—金融周报》 2024.08.06 摘要： 上周（8 月 19 日至 8 月 23 日，下同）A 股市场走出结构性行情， 金融指数（申万）银行与保险上行，沪深 300 指数上周下跌 0.55%， 全年跌幅为 3.03%；银行指数上周上涨 2.86 ...

证券研究报告 化工 报告日期：2024 年 08 月 21 日 磷矿石、特种化学品维持较高盈利水平，农药、肥料业绩表现转好 ——兴发集团（600141.SH）2024 年中报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 21 日 当前价格（元） 18.01 52 周 价 格 区 间 14.31-24.83 （元） 总市值（百万元） 19,869.62 流通市值（百万 19,869.62 元） 总股本（万股） 110,325.46 流通股（万股） 110,325.46 近一月换手（%） 21.19 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzqgs.com 相关阅读 请认真阅读文后免责条款 事件： 公司于 2024 年 8 月 19 日发布 2024 年度中期报告，2024 年 H1 公司实现营业收入 134.04 亿元，同比-2.09%，归母净利润为 8.05 亿元，同比+29.85%；2024 年 Q2 公司营业收入 65.16 亿元， 较 2 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's flexible circuit board (FPC) and touch panel businesses have shown significant growth, partially offsetting the decline in gross margin from its main electronic circuit business. In the first half of 2024, the electronic circuit business achieved revenue of 10.85 billion yuan, a year-on-year increase of 20.93%, maintaining a revenue share of over 65% [1] - The company reported a total revenue of 16.629 billion yuan in the first half of 2024, representing a year-on-year growth of 21.67%, while the net profit attributable to the parent company was 561 million yuan, a decrease of 32.01% year-on-year [1] - The AI wave is driving growth in the FPC business, and the new energy business is expected to grow steadily. The revenue from the new energy business reached 3.81 billion yuan, a year-on-year increase of approximately 29.33%, further increasing its share of total revenue [1] Financial Performance Summary - The company’s revenue for 2024 is projected to be 38.466 billion yuan, with a growth rate of 14.31%. The net profit attributable to the parent company is expected to be 1.97 billion yuan, reflecting a slight increase of 0.27% [2] - The company’s gross margin is expected to improve slightly to 15.71% in 2024, compared to 15.18% in 2023 [6] - The company’s earnings per share (EPS) for 2024 is projected to be 1.15 yuan, with a price-to-earnings (P/E) ratio of 19.1 times [2][6] Comparable Company Valuation - The company is compared with similar firms such as Huadian Technology, Shenzhen South Circuit, and Jingwang Electronics. The average P/E ratio for these comparable companies is 25.6 times, while the company’s current valuation is lower than the industry average, justifying the "Accumulate" rating [3][6]

Investment Rating - The report assigns a "Buy" rating to Jinbo Biotech (832982 BJ) for the first time [1] Core Views - Jinbo Biotech demonstrates strong profitability and R&D capabilities, driving sustainable and healthy development [1] - The company's profitability continues to strengthen, with medical device business boosting growth [1] - The company has a robust R&D foundation, enhancing its core competitiveness [1] - With diverse end-product application scenarios, the company has established a comprehensive industry chain from raw materials to products and sales [1] Financial Performance - In H1 2024, Jinbo Biotech achieved revenue of 603 million yuan, a year-on-year increase of 90 59% [1] - Net profit attributable to shareholders reached 309 million yuan, up 182 88% year-on-year [1] - Basic earnings per share stood at 3 5 yuan, a 182 26% increase from the previous year [1] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 89 million yuan [1] Business Segments - Medical devices: Revenue of 531 million yuan in H1 2024, up 91 84% year-on-year, with a gross margin of 94 43% [1] - Functional skincare: Revenue growth driven by proprietary brand development, with a gross margin of 64 76% [1] - Raw materials and others: Revenue growth supported by advanced functional protein materials, with a gross margin of 83 03% [1] R&D and Innovation - In H1 2024, the company obtained 13 patent authorizations, including 2 international patents [1] - Completed atomic structure analysis of 2 human collagen proteins (8YUK, 8YV3) [1] - Obtained 4 Class II medical device registration certificates [1] Industry Position - Jinbo Biotech is recognized as a national "Specialized and Sophisticated" Little Giant enterprise [1] - Designated as the "Chain Leader" enterprise of Shanxi Province's synthetic biology industry chain in 2023 [1] Financial Projections - Revenue forecast for 2024-2026: 1 475 billion yuan, 2 065 billion yuan, and 2 581 billion yuan, respectively [3] - Net profit forecast for 2024-2026: 652 million yuan, 972 million yuan, and 1 217 billion yuan, respectively [3] - PE ratios for 2024-2026: 23 3x, 15 7x, and 12 5x, respectively [3] Valuation Comparison - Compared with peers like Bloomage Biotech, Novozymes, and Protheragen, Jinbo Biotech shows strong growth potential and innovation capabilities [5] - The company's PE ratios are lower than the industry average, indicating potential undervaluation [5]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 101.97% in the first half of 2024, driven by growth in power software and intelligent instruments [1][3] - The company has a three-year dividend plan, indicating confidence in future operations, with a proposed cash dividend of 3.9 yuan per 10 shares [3] - The new generation of oil chromatography products is expected to see substantial demand growth, particularly in the ultra-high voltage sector [1][3] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 404 million yuan, a year-on-year increase of 18.6% [1] - The net profit attributable to shareholders was 143 million yuan, representing a year-on-year increase of 101.97% [1] - The basic EPS for the period was 0.4 yuan per share, up 110.53% year-on-year [1] - The gross margin for the power intelligent instruments business increased to 62.99%, a year-on-year growth of 21.67% [1][3] Revenue and Profit Forecast - The company forecasts revenue growth from 1.37 billion yuan in 2024 to 1.84 billion yuan in 2026, with corresponding net profits expected to rise from 345 million yuan to 550 million yuan [4][7] - The projected PE ratios for 2024-2026 are 16.4, 12.7, and 10.3, respectively, indicating a lower valuation compared to comparable companies [3][4] Market Position and Competitive Advantage - The company is positioned as a leader in the power cost software sector, benefiting from stable growth in distribution network investments [3] - The company has a strong market share in power cost software products, maintaining a gross margin above 90% [3][4] - The environmental intelligent instruments and services segment shows resilience with a strong order backlog, contributing to stable revenue growth [3][4]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 155 期，总第 1714 期（电子版） 2024 年 8 月 23 日 星期五 一、市场分析 弱势环境亮点少 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2848.77 | -0.27 | | 深证成指 | 8162.18 | -0.82 | | 中小 100 | 5237.64 | -0.87 | | 创业板指 | 1546.63 | -0.76 | | 沪深 300 | 3313.14 | -0.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40712.78 | -0.43 | | 纳斯达克 | 17619.35 | -1.67 | | 标普 500 | 5570.64 | -0.89 | | 英国富时 100 | 8288 | 0.06 | | 日经 225 | 38324 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 156 期，总第 1715 期（电子版） 2024 年 8 月 26 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2854.37 | 0.2 | | 深证成指 | 8181.92 | 0.24 | | 中小 100 | 5234.85 | -0.05 | | 创业板指 | 1546.9 | 0.02 | | 沪深 300 | 3327.19 | 0.42 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41175.08 | 1.14 | | 纳斯达克 | 17877.79 | 1.47 | | 标普 500 | 5634.61 | 1.15 | | 英国富时 100 | 8327.78 | 0.48 | | 日经 225 | 37869.31 | -1.29 | ...

证券研究报告 传媒 报告日期：2024 年 08 月 25 日 《黑神话：悟空》销量突破，国产 3A 游戏迎来新里程碑 ——传媒行业周报 华龙证券研究所 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 《国内外大厂加速布局 AI 智能眼镜，端 侧 AI 应用落地进行时 —传媒行业周 报》2024.08.19 《持仓集中度提升，行业配置比例下降 —传媒行业 2024Q2 基金持仓分析》 2024.08.14 《政策端催化叠加基本面回暖，教育行 业向上空间可期 —传媒行业周报》 2024.08.12 摘要： 2024 年 8 月 20 日，备受瞩目的国产 3A 游戏大作《黑神话：悟空》 在全球范围内同步上线。黑神话之悟空官方微博 8 月 23 日晚间 消息，截止到北京时间 2024 年 8 月 23 日 21 点整，《黑神话：悟 空》全平台销量已超过 1000 万套，全平台最高同时在线人数 300 万人。作为划时代的游戏+文化产品出海案例，《黑神话：悟空》 打开了中国游戏厂商的创作思路，给予了中国游戏制作公司更强 的信心，也为文化出海打上了一剂"强 ...