[ T able_StockInfo] 2024 年 08 月 15 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：116.36 元 星宇股份（601799）汽车 目标价：——元（6 个月） 费用控制有效，客户结构不断优化 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 57.17亿元，同比+29.2%；归 母净利润 5.94亿元，同比+27.3%，毛利率 20.1%，同比-1.7pp，净利率 10.4%， 同比-0.2pp。其中 24Q2实现营收 33亿元，同比+32.1%，环比+37%；归母净 利润 3.51 亿元，同比+33.6%，环比+44.8%。 客户结构不断丰富，费用控制有效。 24Q2 行业乘用车销量同环比分别 +2.5%/+10.7%（中汽协），公司大幅跑赢行业，主要来自客户销量增长，其中 奇瑞同环比+39%/+8.6%，问界+588%/+2%，理想+25.5%/+35.1%，蔚来 +144%/+90.9%，公司客户结构持续优化，新能源转型升级不断推进。24Q2毛 利率 20.4%，同比-1.5pp，环比+0.8pp；净利率 10.6%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.717 billion yuan for H1 2024, representing a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 594 million yuan, up 27.3% year-on-year [2] - The gross margin for H1 2024 was 20.1%, down 1.7 percentage points year-on-year, while the net margin was 10.4%, down 0.2 percentage points year-on-year [2] - The company significantly outperformed the industry in Q2 2024, with a revenue of 3.3 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 37% [2] - The customer structure is continuously optimized, and effective cost control measures have been implemented, with a cost rate of 9.1% for H1 2024, down 0.6 percentage points year-on-year [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 5.717 billion yuan and a net profit of 594 million yuan, with a gross margin of 20.1% and a net margin of 10.4% [2] - In Q2 2024, the revenue was 3.3 billion yuan, with a net profit of 351 million yuan, marking a year-on-year increase of 33.6% and a quarter-on-quarter increase of 44.8% [2] Customer and Product Development - The company is expanding its customer base and optimizing its product offerings, with significant growth in sales for key clients such as Chery and NIO [2] - The average selling price (ASP) of products increased by 25.4% year-on-year to 162.1 yuan in 2023, driven by the transition to more advanced lighting technologies [2] Global Expansion - The company is accelerating its global layout, with production capacity in Serbia gradually being released and new entities established in Mexico and the United States to support overseas market expansion [2] - The company maintains a competitive edge due to its fully independent technology and cost advantages compared to foreign competitors [2] Earnings Forecast - The projected earnings per share (EPS) for 2024-2026 are 5.06, 5.99, and 7.10 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 23, 19, and 16 times [3] - The compound annual growth rate (CAGR) for net profit attributable to shareholders is expected to be 22.5% over the next three years [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's innovative drugs are entering a harvest period, expected to contribute significantly to performance elasticity [3] - The company has a rich pipeline of innovative products, providing long-term growth momentum [3] - Revenue for the first half of 2024 reached 1.69 billion yuan, a 23.1% year-on-year increase [2] - Net profit attributable to the parent company was 160 million yuan, a 119.4% year-on-year increase [2] - Non-GAAP net profit was 80 million yuan, a 2.5% year-on-year increase [2] Product Pipeline and Market Performance - Ciprofol sales are growing rapidly, with all indications included in the national medical insurance, and it holds the top market share in intravenous anesthesia [2] - Ciprofol's two Phase III clinical trials for "general anesthesia induction" in the US have been completed, and an NDA is expected to be filed [2] - Benzene sulfonic acid Cilgabalin capsules, the first domestic treatment for "adult diabetic peripheral neuropathic pain and postherpetic neuralgia," were approved in May and June 2024 [2] - HSK21542 injection for "postoperative analgesia in abdominal surgery" is under NDA review, with another indication for "chronic kidney disease-associated pruritus" included in priority review in June 2024 [2] - HSK21542 oral tablets are undergoing Phase II clinical trials for "chronic pruritus" [2] - Cogdulin tablets, the world's first ultra-long-acting bi-weekly oral hypoglycemic drug, were approved in June 2024 for improving glycemic control in adult type 2 diabetes patients [2] - HSK31858 tablets for "non-cystic fibrosis bronchiectasis" have completed Phase II clinical trials in China, with two new indications for "bronchial asthma" and "chronic obstructive pulmonary disease" approved for IND in April 2024 [2] - HSK39004 inhalation suspension for COPD and HSK44459 tablets for interstitial lung disease have both received IND approval [2] - HSK31679 tablets for "adult primary hypercholesterolemia" have completed Phase II clinical trials, and trials for "NASH" are progressing smoothly [2] Financial Projections - The company is expected to achieve net profits of 400 million yuan, 570 million yuan, and 760 million yuan in 2024, 2025, and 2026, respectively [3] - The corresponding P/E ratios are projected to be 81x, 57x, and 42x for 2024, 2025, and 2026 [3] Market Performance - The company's stock price has shown a relative index performance of -17%, -2%, 14%, 30%, 45%, and 61% from August 2023 to August 2024, compared to the CSI 300 index [6] Financial Data - Total revenue for 2024 is projected to be 4.02 billion yuan, with a growth rate of 19.93% [4] - Net profit attributable to the parent company is expected to be 397.60 million yuan in 2024, with a growth rate of 34.73% [4] - EPS is projected to be 0.36 yuan in 2024, with an ROE of 8.74% [4] - The company's total market capitalization is 32.24 billion yuan, with total assets of 6.46 billion yuan [7]

[ T able_StockInfo] 2024 年 08 月 09 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：19.80 元 中炬高新（600872）食品饮料 目标价：——元（6 个月） Q2 调味品主业承压，期待后续改革成效 [Table_Summary 事件：公司发布] 2024年中报，上半年实现营收 26.2亿元，同比-1.4%；实现归 母净利润 3.5亿元，比去年同期增加了 17.9亿元；实现扣非归母净利润 3.4亿 元，同比+14.5%。其中 24Q2 实现营收 11.3 亿元，同比-12%；实现归母净利 润 1.1亿元，比去年同期增加了 17.03亿元；实现扣非归母净利润 1.02亿元， 同比-32.4%；公司业绩低于市场预期。 淡季市场需求疲软，主业收入有所承压。24H1/24Q2 美味鲜子公司实现收入 25.6/10.9 亿元，同比-0.6%/-12.1%。分产品看，24Q2 酱油/鸡精鸡粉/食用油/ 其他产品收入增速分别为-22%/-15.4%/+29.1%/-30.9%；受宏观环境下需求薄弱 及行业竞争加剧影响，叠加目前仍处渠道改革阵痛期等因素，两大主业酱油及 鸡精 ...

Investment Rating - The report maintains a "Hold" rating for Taoli Bread (603866) with a target price of —— yuan for the next 6 months [1] Core Views - Revenue pressure persists, but profitability improved in Q2 2024 [1] - The company achieved revenue of 3.02 billion yuan in H1 2024, a year-on-year decrease of 5.8%, and net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year [1] - In Q2 2024, revenue was 1.62 billion yuan, down 6.3% year-on-year, while net profit attributable to shareholders increased by 14.2% year-on-year to 170 million yuan [1] Revenue Breakdown - Bread products contributed 2.99 billion yuan in H1 2024, down 5.4% year-on-year [1] - Regional revenue performance: North China (700 million yuan, -6.7%), Northeast China (1.15 billion yuan, -12.3%), East China (990 million yuan, -3.4%), Central China (100 million yuan, -2.9%), Southwest China (370 million yuan, +0.2%), Northwest China (210 million yuan, -3.5%), South China (220 million yuan, -14.4%) [1] Profitability Analysis - Gross margin improved to 24.2% in H1 2024, up 0.7 percentage points year-on-year [1] - Q2 2024 gross margin reached 25.1%, an increase of 2 percentage points year-on-year [1] - Net profit margin for H1 2024 was 9.6%, up 0.5 percentage points year-on-year, with Q2 2024 net profit margin at 10.8%, an increase of 1.9 percentage points year-on-year [1] Capacity and Expansion - The company has production bases in 22 regions with a total capacity of 237,000 tons as of H1 2024 [1] - New production bases under construction in Guangxi, Changchun, Henan, Shanghai, and Foshan are expected to add 224,000 tons of capacity [1] Financial Forecast - Projected net profit attributable to shareholders for 2024-2026: 600 million yuan, 660 million yuan, and 740 million yuan respectively [2] - Estimated EPS for 2024-2026: 0.37 yuan, 0.42 yuan, and 0.46 yuan respectively [2] - Forecasted PE ratios for 2024-2026: 15x, 14x, and 13x respectively [2] Historical Performance - 2023 revenue growth: 1.08% [3] - 2023 net profit growth: -10.31% [3] - 2023 ROE: 11.28% [3] Future Projections - Expected revenue growth for 2024-2026: 2.36%, 6.56%, and 6.13% respectively [3] - Projected net profit growth for 2024-2026: 4.25%, 11.09%, and 10.78% respectively [3] - Forecasted ROE for 2024-2026: 11.33%, 12.02%, and 12.70% respectively [3]

[Table_StockInfo] 2024 年 08 月 09 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：38.60 元 盐津铺子（002847）食品饮料 目标价：——元（6 个月） Q2 淡季经营稳健，切实提升股东回报 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营业收入 24.6 亿元，同比增长 29.8%；实现归母净利润 3.2 亿元，同比增长 30%。其中 24Q2 实现营业收入 12.4 亿元，同比增长 23.4%；实现归母净利润 1.6 亿元，同比增长 19.1%。 新品表现亮眼，电商渠道高增。1、分品类看，辣卤零食、休闲烘焙、深海零食 分别实现收入 9 亿元（+25.8%）、3.4 亿元（+12.6%）、3.2 亿元（+11.8%）。 2024 年"蛋皇"鹌鹑蛋、"大魔王"麻酱味素毛肚获得消费者及渠道商的广泛 认可，新品表现亮眼。2、分渠道看，直营、经销、电商分别实现收入 1.1亿元 （-43.6%）、17.7亿元（+35.1%）、5.8亿元（+48.4%）。经销商数量略有下降， 主要由于公司策略性优化经销商；电商渠道快速增长，已在抖音 ...

Investment Rating - The report maintains a "Hold" rating for the company [1][2]. Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2024, a year-on-year decline of 5.8%, with a net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, a decline of 6.3%, but net profit increased by 14.2% year-on-year to 170 million yuan [1]. - The revenue from bread products in the first half of 2024 was 2.99 billion yuan, down 5.4% year-on-year, although new products showed strong growth [1]. - The company plans to further explore market potential in North and Northeast China while actively expanding in Southwest and Xinjiang markets [1]. - The gross margin improved to 24.2% in the first half of 2024, up 0.7 percentage points year-on-year, with Q2 gross margin at 25.1%, an increase of 2 percentage points [1]. - The company has established production bases in 22 regions across the country, with a total capacity of 237,000 tons as of the end of H1 2024, and is expanding capacity with new bases under construction [1]. Financial Summary - The projected net profits for 2024-2026 are 600 million yuan, 660 million yuan, and 740 million yuan, respectively, with corresponding EPS of 0.37 yuan, 0.42 yuan, and 0.46 yuan, leading to dynamic PE ratios of 15x, 14x, and 13x [2][3]. - The company’s revenue is expected to grow at rates of 2.36% in 2024, 6.56% in 2025, and 6.13% in 2026 [3]. - The net profit margin is projected to improve gradually, with a net profit margin of 9.6% in the first half of 2024, up 0.5 percentage points year-on-year [1].

[Table_ReportInfo] 2024 年 08 月 15 日 证券研究报告•宏观简评报告 数据点评 消费向左投资向右，后续走势如何？ ——2024 年 7 月经济数据点评 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockInfo] 2024 年 08 月 12 日 证券研究报告•公司研究报告 持有 （首次） 当前价：8.85 元 东方通信（600776）通信 目标价：——元（6 个月） 中电科旗下通信老兵，三大产业释放价值 [Table_Summary 推荐逻辑：1）公司深耕通信行业，协议覆盖全面，是我国 ] PDT协议核心起草单 位之一，在多个行业市占率居前列。23 年国务院增发 1 万亿专项国债，支援国 内应急网络建设，公司专网集群产品有望受益。2）公司开拓卫星互联网网络维 护项目，随着我国多个星座进入建设期，公司卫星通信领域订单或将贡献新增量。 3）公司先进制造覆盖下游多领域，全球通信设备和智能安防市场 23年增速分别 为 11.4%和 9%，均保持增长态势，制造产业将稳定贡献业绩。 专网通信领军企业，应急市场贡献增量。公司深耕移动通信领域三十余载，专网 产品覆盖频段与协议全面，是我国自主知识产权的数字集群标准 PDT 标准的八 家核心起草单位之一。产品覆盖公安、政府、应急、轨交、机场、港口和石化等 行业，市场占有率位居行业前列。2023 年国务院增发 1 万亿元国债用于灾后重 建和防灾减灾建设 ...

[Table_StockInfo] 2024 年 08 月 07 日 证券研究报告•公司研究报告 买入 （维持） 当前价：22.16 元 立华股份（300761）农林牧渔 目标价：27.04 元（6 个月） 猪鸡共振，业绩高增 [Table_Summary 推荐逻辑：1）生猪产能去化持续兑现，鸡猪共振，高景气度具有可持续性。 ] 2024 年 6月末能繁母猪存栏 4038万头较 22年年末下降 8%。2）公司斤鸡完全成本 下降至 5.9 元，为全行业最低。成本优势构筑盈利壁垒，盈利持续性强。3）公 司维持较高增速，公司是我国第二大黄羽鸡养殖企业，黄鸡年出栏量维持 8-10% 的增速。 生猪产能去化持续兑现，高景气度具有可持续性。从供给端看，能繁母猪自 2023 年 1月开启逐步去化过程。截至 2024年 6月末能繁母猪存栏 4038万头，较 2022 年 12 月末 4390 万头能繁母猪存栏下降 8.02%左右，预期下半年供给或将进一 步减少。生猪价格在 2024 年 2 月以来开启上行通道。2024 年以来，养殖业公 司普遍在稳健经营的基础上，不断降低整体负债规模及杠杆水平，优化财务结构， 生猪产能增长缓 ...