[Table_Stock] 巨子生物（02367） 证 券 研 究 报 告 港 股 研 究（ 公 司 点 评 ） [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年08月20日 | --- | --- | |-----------------------|-------------------| | [Table_Author]分析师: | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号: | S0870523110001 | [Table_BaseInfo] 基本数据 | --- | --- | |----------------------------|-------------| | 最新收盘价（港元） | 49.35 | | 12mth 港股价格区间（港元） | 29.30-53.15 | | 总股本（百万股） | 1,028.22 | | 流通股/总股本 | 0.00% | | 流通市值（亿港元） | 507.43 | [Table_QuotePic] 最近一年股 ...

证 券 研 究 报 告 行 业 动 态 周观点：消费电子复苏带动 PCB 行业回 暖，持续带动板块业绩增长 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年08月21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 300 比较 -35% -31% -26% -21% -16% -11% -6% -2% 3% 08/23 11/23 01/24 03/24 06/24 08/24 计算机 沪深300 [Table_ReportInfo] 相关报告： 《周观点：苹果计划推出全新设计 Mac Mini，海外科技公司持续布局 AI 发展》 ——2024 年 08 月 15 日 《政策高度关注，自主可控加速》 ——2024 年 08 月 12 日 《周观点：海外大厂发布 Q2 财报，AI 驱动 业绩发展》 ——2024 年 08 月 08 日 ——先进科技主题周报 20240812-20240818 [Tabl ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 6.429 billion yuan for H1 2024, representing a year-on-year growth of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2][3] - The raw material drug intermediate business shows signs of recovery, with revenue of 4.704 billion yuan in H1 2024, a year-on-year increase of 11.89% [3] - The CDMO segment's revenue was 1.028 billion yuan in H1 2024, a decrease of 9.82% year-on-year, but the number of projects and clients continues to grow significantly [3] - The formulation business achieved revenue of 680 million yuan in H1 2024, with a year-on-year growth of 18.37% and a gross margin of 60.30%, an increase of nearly 10 percentage points [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.429 billion yuan, with a quarterly revenue of 3.231 billion yuan in Q2, reflecting a 12.61% year-on-year growth [2][3] - The net profit for H1 2024 was 625 million yuan, with Q2 net profit at 381 million yuan, showing a 5.35% increase year-on-year [2][3] Business Segments - The raw material drug intermediate segment's revenue was 4.704 billion yuan, with a gross margin of 16.22%, a decrease of 2.30 percentage points year-on-year [3] - The CDMO segment reported a revenue of 1.028 billion yuan, with a gross margin of 40.09%, down 4.68 percentage points year-on-year [3] - The formulation segment's revenue was 680 million yuan, with a gross margin of 60.30%, reflecting a significant improvement [3] Future Projections - The company is expected to achieve net profits of 1.191 billion yuan, 1.356 billion yuan, and 1.571 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.84%, 13.86%, and 15.88% [4] - The projected PE ratios for 2024, 2025, and 2026 are 15, 13, and 11 times respectively [4]

[Table_Stock] 金徽酒（603919） 证 券 研 究 报 告 [行业Table_Industry] : 食品饮料 日期: shzqdatemark 2024年08月21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 [Table_BaseInfo] 基本数据 最新收盘价（元） 17.10 12mth A 股价格区间（元） 17.10-30.11 总股本（百万股） 507.26 无限售 A 股/总股本 100.00% 流通市值（亿元） 86.74 公 司 点 评 结构升级延续，营收利润规模稳健增长 ——金徽酒 2024 半年报点评 [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 事件概述 8月19日，金徽酒发布2024年半年报， 24H1公司实现营业收入 17.54亿元，同 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark 2024年08月21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 300 比较 08/23 11/23 01/24 03/24 06/24 08/24 通信 沪深300 -23% -19% -16% -12% -9% -5% -2% 2% 5% [Table_ReportInfo] 相关报告： 《卫星互联网催化不断，重视运营商类稳 增长标的》 ——2024 年 08 月 15 日 《"投资不足"风险驱动算力开支持续，星 网产业化迎拐点》 ——2024 年 08 月 08 日 《Robotaxi 商业模式迎质变，算力、车联 网迎催化》 ——2024 年 07 月 24 日 海外算力板块反弹，重视光模块估值修复机会 ——通信行业周报（2024.8.12-2024.8.16） [Table_Rating] 增持（维持） ◼[Tab ...

证 券 研 究 报 告 [Table_I 日期 ndustry] : shzqdatemark 2024年08月19日 [Table_Author] 分析师: 张河生 Tel: 021-53686158 E-mail: zhanghesheng@shzq.com SAC 编号: S0870523100004 固 定 收 益 点 评 美国 CPI 未来两月或跌至 2.5%以下 ——2024 年 7 月美国 CPI 点评 [◼Table_Summary] 事件 2024 年 7 月美国季调后 CPI 同比增 2.9%，环比增 0.2%。 ◼ 主要观点 高基数导致美国季调后 CPI 同比增速回落，环比增长符合预期。 7 月美国季调后 CPI 同比增长 2.9%，较上月下滑 0.1%。其中， CPI环比增长 0.2%，符合市场预期；翘尾因素下降0.3%。可见去年过 高基数导致 CPI 同比增速下滑。 能源商品价格止跌企稳，食品价格涨幅相对稳定。 CPI 环比增长 0.2%中，能源、食品与核心 CPI 分别环比增长 0.0%、0.2%与 0.2%。 能源价格环比增速由-2.0%提升至 0.0%，主要是能源商品价格止 跌 ...

证 券 研 究 报 告 宏 观 数 据 2024年08月21日 [Table_Author] 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 [Table_ReportInfo] 相关报告： 《通胀或将延续平稳》 ——2024 年 08 月 14 日 《经济、物价、货币"三平稳"》 ——2024 年 08 月 13 日 《进口转正，高顺差延续》 ——2024 年 08 月 09 日 增强经济回升向好态势 ——2024 年 7 月经济数据点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 增强经济回升向好态势 7 月主要数据除消费外较上月均有所回落。作为经济成效综合体现的 工业增长持续缓慢下滑，但增速仍较可观，也表明了中国经济整体运 行的韧性。而消费数据本月有所回升，但仍然偏弱。我们认为作为经 济第一增长动力的投资主要依赖于制造业和基建，而这两项均在二季 度以来均持续下滑，制造业投资相对更加平稳。随着超长期限国债的 发行以及地方专项债资金使用， ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年08月20日 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -33% -28% -24% -19% -15% -10% -5% -1% 4% 08/23 10/23 01/24 03/24 06/24 08/24 建筑材料 沪深300 [Table_ReportInfo] 相关报告： 《开工投资额环比改善，关注后续专项债 提速对建材拉动》 ——2024 年 08 月 13 日 《推动新型城镇化，关注城市更新建材受 益方向》 ——2024 年 08 月 06 日 《5 年期 LPR 年内二次调降，继续引导房 贷利率下调》 ——2024 年 07 月 30 日 加快全面绿色转型，关注西南水电建设 ——建筑材料行业周报（20240812-20240816） [Table_Rati ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][5]. Core Views - The company reported a revenue of 791 million yuan for the first half of 2024, representing a year-on-year increase of 21.11%, and a net profit of 135 million yuan, up 19.83% year-on-year. In Q2 2024, the revenue was 428 million yuan, showing a year-on-year growth of 23.71% and a quarter-on-quarter increase of 17.94%. The net profit for Q2 was 80 million yuan, reflecting a year-on-year increase of 26.70% and a quarter-on-quarter rise of 45.30% [4][5]. - The company has a strong competitive edge in the Bluetooth earphone chip market, which accounted for approximately 60% of its revenue in 2023. The market is becoming increasingly competitive, with many manufacturers focusing on cost-performance ratios to gain market share [5]. - The company has established itself as a supplier for several well-known brands, including Xiaomi and realme, and is expected to gradually increase its market share by enhancing the performance of its main control chips while maintaining cost-effectiveness [5]. - The company is continuously investing in R&D and expanding its product lines, which include Bluetooth earphone chips, smart wearable chips, and AIoT chips. The smart wearable chip segment saw a remarkable revenue growth of 153.29% year-on-year in 2023 [5]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.858 billion yuan, with a year-on-year growth rate of 28.4%. The net profit is expected to reach 319 million yuan, reflecting a growth rate of 26.8% [7][9]. - The company's earnings per share (EPS) for 2024 is estimated at 2.65 yuan, with a price-to-earnings (P/E) ratio of 19.90 [7][9]. - The gross profit margin for 2024 is projected to be 22.5%, while the net profit margin is expected to be 17.2% [9].

Investment Rating - The report assigns an "Accumulate" rating for the company [6] Core Views - The company's transformation strategy is showing results, with dual drivers from overseas expansion and aggregate business supporting performance through cycles [3][6] - Despite the downturn in the cement industry, the company maintains a cost-first approach, achieving a reduction in cement clinker costs and sustaining a gross margin above industry levels [3][4] - The company has significantly expanded its overseas operations, with a notable increase in production capacity and revenue contribution from international markets [4][6] - The aggregate business has become a major profit source, with high margins and rapid growth in production capacity [4][6] - The company is leading in green initiatives, focusing on energy saving and carbon reduction strategies [4][6] Summary by Sections Company Overview - Founded in 1907, the company has evolved from a local cement factory to a global building materials group, recognized as a top brand in China [11] - The company has a strong foreign investment background, with Holcim as the largest shareholder, aiding its international expansion [13][16] Cement Business - The company focuses on cost management in its domestic cement operations, maintaining a competitive edge in production capacity [31][33] - In 2023, the company achieved a revenue of 33.757 billion yuan, marking a 10.79% year-on-year increase, with net profit reaching 2.762 billion yuan, a 2.34% increase [23][24] Non-Cement Business - The aggregate segment has seen substantial growth, with production capacity reaching 277 million tons in 2023, making it a key profit contributor [4][26] - The concrete business has also expanded significantly, with production capacity increasing by 77.45% year-on-year [4][26] Financial Forecast and Investment Suggestions - The company is expected to achieve revenues of 34.933 billion, 37.967 billion, and 41.551 billion yuan from 2024 to 2026, with corresponding net profits of 2.913 billion, 3.192 billion, and 3.601 billion yuan [6][7] - The current stock price corresponds to a PE ratio of 9.57, 8.73, and 7.74 for the years 2024 to 2026, indicating potential for investment [6][7]