[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：33.48 元 鹏鼎控股（002938）电子 目标价：41.50 元（6 个月） 营收稳健增长，有望持续受益于 AI 端侧发展 [Table_Summary 事件：公司发布] 2024年半年报，24H1公司实现营业收入 131.3亿元，同比增 长 13.8%；实现归母净利润 7.8亿元，同比下降 3.4%；实现归母扣非净利润约 7.6 亿元，同比增长 2.2%。 受下游需求回暖影响，公司营业收入稳健增长。1）从营收端来看，公司 Q2单 季度营业收入为 64.4 亿元，同比增长 32.3%、环比略降 3.7%。分业务来看， 24H1 公司通讯用板业务实现收入 87.3亿元，同比微增 3.7%；消费电子及计算 机用板业务实现收入 39.3亿元，同比增长 36.6%；汽车及服务器产品实现收入 4.3 亿元，同比增长 94.3%。2）从利润端来看， Q2 单季度归母净利润为 2.9 亿元，同比下降 27.0%，主要因为汇兑收益同比减少较多、研发费用单季度同 比增加近 8000 万。2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.50 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 13.13 billion CNY for H1 2024, representing a year-on-year growth of 13.8%. However, the net profit attributable to shareholders decreased by 3.4% to 780 million CNY, while the net profit excluding non-recurring items increased by 2.2% to approximately 760 million CNY [2]. - The growth in revenue is attributed to a recovery in downstream demand, with Q2 2024 revenue reaching 6.44 billion CNY, a year-on-year increase of 32.3% [2]. - The company is expected to benefit from the accelerated development of AI applications, which is projected to significantly increase the demand for high-end PCB products [2]. - The company is actively expanding its production capacity for high-end HDI and SLP printed circuit boards, with the first phase of its expansion project already in operation [2]. - The automotive and server sectors are also seeing growth, with the company establishing partnerships with major Tier 1 manufacturers and accelerating its business layout in these areas [2]. Summary by Sections Revenue and Profitability - For H1 2024, the company achieved a revenue of 13.13 billion CNY, a 13.8% increase year-on-year. The Q2 revenue was 6.44 billion CNY, up 32.3% year-on-year [2]. - The net profit attributable to shareholders was 780 million CNY, down 3.4% year-on-year, while the net profit excluding non-recurring items was approximately 760 million CNY, up 2.2% [2]. - The gross margin for H1 2024 was 18.0%, a decrease of 0.3 percentage points year-on-year, primarily due to pricing pressures and increased expenses for production preparations [2]. Business Segments - The communication board segment generated 8.73 billion CNY in revenue, a slight increase of 3.7% year-on-year. The consumer electronics and computing board segment saw revenue of 3.93 billion CNY, a growth of 36.6% [2]. - The automotive and server products generated 430 million CNY in revenue, marking a significant increase of 94.3% year-on-year [2]. Future Outlook - The company forecasts net profits of 3.84 billion CNY, 4.78 billion CNY, and 5.52 billion CNY for 2024, 2025, and 2026, respectively [11]. - The report anticipates that the demand for high-end PCBs will increase due to the rapid adoption of AI technologies in consumer electronics [2]. - The company is also focusing on expanding its production capacity in the automotive and server sectors, which are expected to contribute significantly to revenue growth in the coming years [2].

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：18.05 元 金 徽 酒（603919）食品饮料 目标价：——元（6 个月） 控货提价增速暂缓，积极蓄力布局长远 [Table_Summary 事件：公司发布] 2024年半年度报告，2024H1实现营业总收入 17.5亿元，同比 增长 15.2%，实现归母净利润 3.0 亿元，同比增长 16.0%；2024 单 Q2 实现营 业总收入 6.8亿元，同比增长 7.7%，实现归母净利润 0.7亿元，同比增长 1.9%， 2024 单 Q2 业绩低于市场预期。 产品结构不断向上，省外市场持续调整。2024H1：1、产品结构进一步优化， 出厂价 300 元以上、100-300 元、100 元以下产品分别实现营收 3.1 亿元 （+44.7%）、8.9 亿元（+15.0%）、5.2 亿元（-1.8%），300 元以上产品营收高 增势能显著，产品结构持续向上提升。2、分区域看，省内实现营收 13.5 亿元 (+16.8%)，省外实现营收 3.8 亿元(+7.8%)，省内持续夯实营收基 ...

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：18.05 元 金 徽 酒（603919）食品饮料 目标价：——元（6 个月） 控货提价增速暂缓，积极蓄力布局长远 [Table_Summary 事件：公司发布] 2024年半年度报告，2024H1实现营业总收入 17.5亿元，同比 增长 15.2%，实现归母净利润 3.0 亿元，同比增长 16.0%；2024 单 Q2 实现营 业总收入 6.8亿元，同比增长 7.7%，实现归母净利润 0.7亿元，同比增长 1.9%， 2024 单 Q2 业绩低于市场预期。 产品结构不断向上，省外市场持续调整。2024H1：1、产品结构进一步优化， 出厂价 300 元以上、100-300 元、100 元以下产品分别实现营收 3.1 亿元 （+44.7%）、8.9 亿元（+15.0%）、5.2 亿元（-1.8%），300 元以上产品营收高 增势能显著，产品结构持续向上提升。2、分区域看，省内实现营收 13.5 亿元 (+16.8%)，省外实现营收 3.8 亿元(+7.8%)，省内持续夯实营收基 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 当前价：27.60 元 美好医疗（301363）医药生物 目标价：——元（6 个月） Q2 营收同环比改善，看好呼吸机业务恢复 [Table_Summary 事件：公司发布] 2024年中报，24H1 年实现收入 7.1亿元（-6.3%），实现归母 净利润 1.7亿元（-29.8%）。24Q2实现收入 4.2亿元（+9.8%），实现归母净利 润 1.1亿元（-16.1%）。公司营收增速在 Q2转正，利润降幅显著收窄，呼吸机 库存影响有望持续改善。 基石业务略有分化，新兴业务快速增长。按业务来看，24H1两大基石业务：家 用呼吸机组件收入 4.5亿元（-11.9%），考虑到呼吸机业务库存消化已进入尾声， 上游客户预计在 H2恢复正常订单和放量节奏；人工耳蜗客户订单稳定放量，业 务收入0.6亿元（+12.1%）。新兴业务如家用及消费电子组件实现快速增长，24H1 收入 0.8亿元（+36.6%）。注射笔已突破关键技术，并成功实现量产，与新客户 订单正稳步推进中，有望为业绩带来第二增长曲线。公司在多元化赛道 ...

[Table_IndustryInfo] 2024 年 08 月 15 日 强于大市(维持) 证券研究报告•行业研究•社会服务 旅游景区行业专题报告 旅游景区市场未来发展的预期差 [Table_Summary 推荐逻辑：1）中短期视角看 ] ：预计 2024 年旅游市场也仅恢复至 2019 年的 75%-80%，目前旅游消费意愿在居民消费端排名第一，旅游行业未来将仍处高 速复苏阶段；预计夏末或秋季，南方地区降雨及极端天气将减少，有助于客流 复苏；2）长期视角看：未来政策催化及入境游的增量有望增加旅游行业接近 1 万亿的经济价值；3）估值已相对低位：目前大部分景区上市公司的 PE 估值水 平已处于疫情前 15-25 倍的最低水平左右，景气度高，有估值修复空间。 受暴雨等极端天气影响，旅游市场复苏受阻，预计夏末或秋季开始将有明显复 苏。今年上半年国内出游人次 27.25亿，同比增长 14.3%；国内游客出游总花 费 2.73万亿元，同比增长 19.0%，人均旅游消费提升 3.8%。旅游市场保持高 速增长，但略不及年初预期，原因在于今年处于厄尔尼诺次年，因此暴雨等极 端天气较为频繁，进而影响旅游市场复苏。预计夏季后 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年半年报点评 当前价：51.05 元 康华生物（300841）医药生物 目标价：——元（6 个月） 发布员工持股计划，彰显发展信心 [Table_Summary 事件：公司发布] 2024年半年报，实现营业收入 7.4亿元，同比 16.8%；实现归 属于母公司股东净利润 3.1 亿元，同比+23.5%；实现扣非后归母净利润 3.1 亿 元，同比+32.3%。 业绩环比增长，趋势改善。分季度来看，公司 2024Q1/Q2单季度营业收入分别 为 3.1/4.3 亿元（+12%/+20.6%），实现归母净利润分别为 1.5/1.6 亿元 （+42.1%/+9.8%），公司人二倍体狂犬疫苗稳健增长。从盈利能力来看，公司 2024H1 毛利率为 94.5%（+1.02pp），净利率为 41.4%（+2.25pp），主要系研 发、销售费用率增加所致。销售费用率为 27.9%（+0.34pp），管理费用率为 7.3% （+0.92pp），研发费用率为 8.7%（-7.97pp），主要系公司研发项目阶段性投入 减少所致。 人二倍 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) [1][3]. Core Views - Midea Group demonstrated robust growth with a revenue of 218.12 billion yuan in H1 2024, marking a year-on-year increase of 10.3%. The net profit attributable to shareholders reached 20.8 billion yuan, up 14.1% year-on-year [2]. - The growth was primarily driven by external sales and the strong performance of the smart home segment, which remains a cornerstone of the company's revenue [2]. - The gross margin improved by 1.9 percentage points to 27.1%, reflecting a positive impact from product structure upgrades despite rising raw material costs [2]. Summary by Sections Financial Performance - In H1 2024, Midea Group's revenue was 218.12 billion yuan, with a net profit of 20.8 billion yuan, and a non-GAAP net profit of 20.18 billion yuan [2]. - For Q2 2024, revenue was 111.64 billion yuan, with a net profit of 11.8 billion yuan, indicating a year-on-year growth of 10.4% and 15.8% respectively [2]. Sales Breakdown - Domestic and international sales for H1 2024 were 126.2 billion yuan and 91.08 billion yuan, growing by 8.4% and 13.1% year-on-year [2]. - The smart home segment generated 101.46 billion yuan, with a growth rate of 11% [2]. Profitability Metrics - The gross margin for H1 2024 was 27.1%, with specific segments showing varied margins: HVAC at 26.4%, consumer electronics at 33.4%, and robotics at 24% [2]. - The net profit margin increased to 9.1%, reflecting a stable profitability trend [2]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.4 yuan, 5.94 yuan, and 6.55 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 10, and 10 [3][4].

[Table_Summary] 业绩总结：腾讯 2024 年第二季度实现营收 1611 亿元，同比增长 8%；实现 Non-IFRS 净利润 573 亿元，同比增长 53%。 金融科技增速放缓，企业服务持续拓展。Q2金融科技和企业服务收入 504亿元， 同比增长 4%。其中金融科技服务收入增速有所放缓；企业服务业务收入实现双 位数同比增长，云服务收入及视频号商家技术服务费增长，企业微信商业化提 升有所贡献。 投资要点 西南证券研究发展中心 [Table_Report] 1. 腾讯控股（0700.HK）：业务高质量发 展，利润增长强劲 (2024-05-21) 2. 腾讯控股（0700.HK）：元梦之星上线， 合家欢游戏热潮再起 (2023-12-22) 3. 腾讯控股（0700.HK）：混元大模型发 布，AI 商业化提速 (2023-09-11) 4. 腾讯控股（0700.HK）：业务高质量发 展，微信生态繁荣 (2023-08-22) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------ ...

Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [1] Core Views - The company reported a revenue of 2.87 billion RMB for the first half of 2024, representing a year-on-year growth of 11.9%, while the net loss narrowed to 220 million RMB, a decrease of 23.2% compared to the previous year [2] - The cloud transformation is progressing steadily, with cloud revenue reaching 2.39 billion RMB, up 17.2% year-on-year, accounting for 83.2% of total revenue [2] - The company is expected to maintain a compound annual growth rate (CAGR) of 16.6% in revenue from 2024 to 2026, driven by its strong position in the ERP market and continuous cloud transformation [3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.87 billion RMB, with a year-on-year growth of 11.9% and a net loss of 220 million RMB, which is a significant improvement from a loss of 280 million RMB in H1 2023 [2] - The annual recurring revenue (ARR) reached 3.15 billion RMB, growing by 24.2% year-on-year, with subscription contract liabilities increasing by 28.2% to 3.18 billion RMB [2] Market Position - Kingdee maintains a strong leadership position in the medium-sized enterprise market, with a revenue of 1.05 billion RMB from its "Starry Sky" product line, reflecting a year-on-year growth of 14.3% [2] - The company has signed contracts with 611 national and provincial specialized enterprises, further enhancing its market share [2] Product Development - The "Cang Qiong Xing Han" product line generated 550 million RMB in revenue, marking a year-on-year increase of 38.9%, with a renewal rate of 97% [2] - The launch of the AI management assistant "Cosmic" is expected to enhance the company's offerings in various fields, including finance and human resources [2] Future Outlook - The company is projected to achieve revenues of 6.55 billion RMB, 7.64 billion RMB, and 9.01 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of -70 million RMB, 190 million RMB, and 360 million RMB [14] - The report emphasizes the company's commitment to cloud transformation and building a robust ecosystem to support stable growth [15]