Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a revenue of 8.197 billion yuan for the first half of 2024, a year-on-year increase of 1.52%, while the net profit attributable to shareholders decreased by 18.71% to 601 million yuan [5] - The revenue from gold products continues to increase, contributing 84.93% of total revenue, while the revenue from embedded products decreased by 29.18% [5] - The company is expanding its store network, with a net increase of 124 stores in the first half of 2024, bringing the total to 5,230 stores [5] - The company maintains a high cash dividend payout ratio of 54.14% [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.126 billion yuan, a year-on-year decrease of 20.89%, and a net profit of 260 million yuan, down 30.51% [5] - The gross profit margin for the first half of 2024 was 18.38%, a slight decrease of 0.08 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, totaling 326 million yuan [5] Product and Channel Analysis - The revenue from franchise channels was 5.932 billion yuan, a slight decrease of 0.74%, while self-operated channels saw a growth of 16.35% to 963 million yuan [5] - E-commerce revenue grew by 3.09% to 1.191 billion yuan, contributing 14.53% to total revenue [5] Store Expansion - The company added 297 stores and closed 173, resulting in a net increase of 124 stores in the first half of 2024 [5] - The majority of stores are located in third-tier cities and below, accounting for 67.9% of total stores [5] Future Outlook - The company expects revenue growth of 6.77%, 9.25%, and 10.21% for the years 2024, 2025, and 2026, respectively [6] - The projected net profit for 2024 is 1.315 billion yuan, with a slight decrease of 0.09% year-on-year, followed by growth of 18.13% and 14.67% in the subsequent years [6]

| --- | |-------| | | | | | --- | |-------| | | | | | | | | | | [行业Table_Industry] : 机械 日期: shzqdatemark 2024年09月05日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 | --- | --- | |-----------------------------------------|----------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -5% -1% 2% 09/23 11/23 | 04/24 06/24 08/24 沪深 300 | | --- | --- | |------------- ...

[Table_Stock] 周大生（002867） | --- | |-------| | | | | | --- | |-------| | | | | | | | | | | | | | | | | [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 事件概述 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月05日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张洪乐 | | | | | Tel: | 021-53686159 | | E-mail: | zhanghongle@shzq.com | | SAC 编号 : | S0870523040004 | | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元 ...

证 券 研 究 报 告 行 业 周 报 [Table_RiskWarning] [Table_Rating] 增持（维持） [Table_Summary] ◼ 行情回顾 [行业Table_Industry] : 汽车 日期: shzqdatemark 2024年09月04日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 | --- | --- | --- | |---------------|-----------------------|---------------| | | | | | | | | | 8% | 汽车 | 沪深 300 | | 0% 4% | | | | -7% -4% 09/23 | 11/23 01/24 04/24 | 06/24 08/24 | | -11% | | | | -15% | | ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark 2024年09月04日 [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 | --- | --- | --- | |-------------|------------------------------------------------|-----------------------| | | | | | | [Table_QuotePic] 最近一年行业指数与沪深 通信 | 300 比较 沪深 300 | | 0% 3% 09/23 | 11/23 01/24 | 04/24 06/24 08/24 | [Table_ReportInfo] 相关报告： 《运营商业绩稳定性显著，新兴业务构筑 成长新起点 ——三大运营商 24 年半年报业 绩点评》 ——2024 年 09 月 02 日 《运营商中报陆续发布，降息预期促科技 股新增长》 ——2024 年 08 月 29 日 《海外算力板块 ...

[Table_Stock] 奕瑞科技（688301） 证 券 研 究 报 告 公 司 点 评 奕瑞科技 沪深300 -48% -37% -26% -16% -5% 6% 16% 27% 38% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_QuotePic] 最近一年股票与沪深 300 比较 投资建议 [Table_RiskWarning] 风险提示 2024年09月04日 [行业Table_Industry] : 医药生物 日期: shzqdatemark | --- | --- | |-------------------------|------------------------| | | | | [Table_Author] 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@sh ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][10] Core Views - The company reported a total vehicle sales of 94,500 units in August, a year-on-year decrease of 17.21%, while the cumulative sales for the year reached 745,400 units, reflecting a slight increase of 0.4% year-on-year [4][5] - The sales structure is continuously optimizing, with the Tank brand accounting for 20.27% of total sales from January to August, an increase of 8.62 percentage points year-on-year [5] - The overseas sales reached a record high in August, accounting for 42.83% of total sales, with a year-on-year increase of 31.60% [5] Summary by Sections Company Overview - The latest closing price is 22.42 yuan, with a 12-month A-share price range of 19.87-30.98 yuan and a total market capitalization of 190.49 billion yuan [2][4] Sales Performance - August sales were 94,500 units, down 17.21% year-on-year but up 3.48% month-on-month [4][5] - Breakdown of sales by brand in August: - Haval: 56,200 units, down 15.57% year-on-year, up 6.09% month-on-month - WEY: 3,000 units, down 46.58% year-on-year, up 8.54% month-on-month - Pickup: 13,700 units, down 19.50% year-on-year, up 14.05% month-on-month - Ora: 5,200 units, down 49.53% year-on-year, up 7.76% month-on-month - Tank: 16,400 units, up 11.42% year-on-year, down 12.48% month-on-month [5] Financial Forecast - Expected net profit for 2024, 2025, and 2026 is projected to be 12.205 billion, 13.510 billion, and 15.386 billion yuan respectively, with year-on-year growth rates of 73.83%, 10.69%, and 13.88% [6][8] - The price-to-earnings ratio (PE) for 2024, 2025, and 2026 is estimated to be 15.69X, 14.18X, and 12.45X respectively [6][8] Financial Data Summary - Revenue for 2023 is projected at 173.212 billion yuan, with expected growth rates of 26.1% in 2024, 19.4% in 2025, and 13.5% in 2026 [8] - The gross margin is expected to be 20.3% in 2024, with a net profit margin of 5.9% [8]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 食品饮料 日期: shzqdatemark 2024年09月01日 [Table_Author] 分析师: 王慧林 Tel: 15951919467 E-mail: wanghuilin@shzq.com SAC 编号: S0870524040001 联系人: 赖思琪 Tel: 021-53686180 E-mail: laisiqi@shzq.com SAC 编号: S0870122080016 联系人: 袁家岗 Tel: 02153686249 E-mail: yuanjiagang@shzq.com SAC 编号: S0870122070024 | --- | --- | |-----------------------|-----------------------| | | | | | 300 沪深 300 | | 2% | | | -6% -2% 09/23 11/23 | 04/24 06/24 08/24 | | -14% -10% | | | -18% | | | -23% | | | -27% | | [Ta ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [17] Core Views - The textile and apparel industry has shown strong performance in the first half of 2024, with a focus on overseas expansion and high-dividend manufacturing targets [4][5] - The sports apparel sector is expected to benefit from the upcoming Olympics, driving sales growth [5] - The light industry sector is experiencing a recovery in exports, with leading companies establishing competitive advantages [8][10] Summary by Sections Textile and Apparel Industry - The SW textile and apparel industry index rose by 2.00% during the week of August 26-30, 2024, while the light industry index increased by 2.89% [3] - Key companies to watch include Huayi Group, Weixing Co., and New Australia Co. for textile manufacturing, with Taizhou New Material achieving a revenue of 3.419 billion yuan, up 55.64% year-on-year [4] - Brand apparel leaders such as Baoxini, Hailan Home, and Biyin Lefen are recommended for their resilience amid weak macro consumption [4] Sports Apparel - Anta Sports reported a record high revenue of 33.74 billion yuan in the first half of 2024, up 13.8% year-on-year, solidifying its position as a leader in the Chinese market [5] - The company’s FILA brand also showed growth, with revenue reaching 13.06 billion yuan, up 6.8% [5] Light Industry - The light industry is benefiting from ongoing overseas replenishment demand, particularly in products like insulated cups and office furniture [8] - Key players include Jiangxin Home, which reported a revenue of 1.207 billion yuan, up 27.67% year-on-year, and a net profit of 285 million yuan, up 41.81% [8] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with a focus on leading cross-border e-commerce platforms and overseas warehouse growth [10] - Anker Innovations reported a revenue of 9.648 billion yuan in the first half of 2024, up 36.55% year-on-year, indicating strong performance in its core categories [10] Industry Tracking - The profit of large-scale industrial enterprises in China grew by 3.6% year-on-year from January to July 2024, with the consumer goods manufacturing sector seeing a profit increase of 10.2% [11] - The second round of the home appliance replacement program has been launched, providing subsidies of up to 2,000 yuan per item [11]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [6] Core Insights - The food and beverage industry has shown resilience with significant revenue growth in various segments, particularly in alcoholic beverages and snacks [6][21] - Key companies such as Wuliangye and Luzhou Laojiao have reported strong half-year results, indicating robust demand and effective product strategies [6][21] - The report highlights structural opportunities within the industry, particularly in high-end and regional alcoholic beverages, as well as the potential for growth in snack foods and soft drinks [13][29] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report emphasizes the strong performance of the liquor manufacturing sector, with revenues reaching 934.1 billion yuan in the first seven months of the year, a 3.3% year-on-year increase [6][21] - Wuliangye's revenue for the first half of 2024 was 50.648 billion yuan, up 11.3% year-on-year, with net profit increasing by 11.86% [6][21] - Luzhou Laojiao reported a revenue of 16.905 billion yuan, reflecting a 15.84% increase, with a strong focus on high-end products [6][21] 2. Market Performance Review - The SW Food and Beverage Index rose by 1.62%, outperforming the CSI 300 by 1.79 percentage points [31] - Within the sub-sectors, pre-processed foods increased by 6.41%, and other alcoholic beverages rose by 4.33% [31] 3. Key Data Tracking - The report tracks significant revenue growth in various segments, including: - Snack foods: QiaQia's revenue reached 2.898 billion yuan, a 7.92% increase [23] - Beer: Qingdao Beer reported a revenue of 20.068 billion yuan, a 7.06% increase [24] - Soft drinks: Dongpeng's revenue surged to 7.873 billion yuan, a 44.19% increase [25] 4. Cost and Material Data Tracking - The report notes a general decline in raw material prices, which has alleviated cost pressures for companies like Haitian Flavoring [11][26] 5. Important Announcements from Listed Companies - Companies are actively engaging in marketing and brand-building initiatives, such as Jinhuigou's collaboration with high-speed rail to enhance brand visibility [22][29] 6. Industry News - The launch of "China Wine Culture Month" aims to strengthen cultural branding within the industry, enhancing consumer engagement [22][29]