[Table_IndNameRptType] 机械设备 行业周报 持续推荐政策线，关注设备更新 IndRank] 行业评级：增持 报告日期： 2024-09-08 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 沪深300 机械设备（申万） | --- | |--------------------------------| | | | [ 分析师：张帆 Table_Author] | | 执业证书号： S0010522070003 | | 邮箱： zhangfan@hazq.com | | 分析师：徒月婷 | | 执业证书号： S0010522110003 | | 邮箱： tuyueting@hazq.com | 相关报告 1、《汇川技术：工控领军企业，市 场覆盖持续外拓》2024-09-02 2、《海天精工：业务业绩符合预 期，全球市场布局加快》2024-09-01 3、《柳工：利润持续高增，海外市 场加速拓展》2024-09-02 4、《康斯特：全球均衡式高质量发 展，经营能力持续提升》2024-09-03 主要观点： [Table_Summar ...

Investment Rating - The investment rating for Salesforce (CRM) is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth in Q2, with a revenue of $9.33 billion, representing a year-over-year increase of 8.4%, exceeding consensus expectations by 1.0% [2] - Subscription revenue reached $8.76 billion, up 9.5% year-over-year, also surpassing consensus expectations by 0.8% [2] - Non-GAAP operating margin was 33.7%, a year-over-year increase of 2.1 percentage points, marking a historical high [2] - Operating cash flow for Q2 was $889 million, a 10% increase year-over-year, while free cash flow was $760 million, up 20% year-over-year [2] - The company's remaining performance obligations (RPO) grew to $53.5 billion, a 14.8% year-over-year increase, exceeding expectations by 1.5% [2] - The current remaining performance obligations (cRPO) reached $26.5 billion, a 10% year-over-year increase, also surpassing expectations by 0.7% [2] - The company maintains its full-year guidance while raising Q3 revenue expectations to $9.31-9.36 billion, a 7% year-over-year growth [2] - The company expects full-year revenue for FY25 to be $37.7-38 billion, representing an 8%-9% year-over-year growth [2] - The introduction of the new product, Agent Force, is expected to enhance sales and service capabilities, increasing user engagement and driving revenue growth [2] Financial Summary - For FY2025, the company forecasts revenue of $37.524 billion, with a year-over-year growth of 7.7% [3] - Non-GAAP net profit is projected to be $10.421 billion for FY2025, reflecting a year-over-year increase of 28.9% [3] - The gross margin is expected to be 76.8% in FY2025, with a return on equity (ROE) of 17% [3] - The price-to-earnings (P/E) ratio is projected to be 22.6 for FY2025, decreasing to 18.2 by FY2027 [3] - The company anticipates a cash flow growth rate of 23%-25% for FY25 [2]

Investment Rating - Buy rating maintained for Smoore International (6969 HK) [1] Core Views - Smoore International's 2024H1 results were largely in line with expectations, with revenue of RMB 5 037 million (-1 7% YoY) and net profit of RMB 683 million (-4 8% YoY) [1] - The company's self-branded business showed strong growth, with revenue increasing by 71 9% YoY to RMB 1 116 million, driven by new product launches and market share gains [1] - Smoore's gross margin improved by 1 8 percentage points to 38 0% in 2024H1, mainly due to the expansion of higher-margin self-branded business and cost optimization efforts [1] - The company is expected to benefit from industry consolidation amid tightening global regulations, leveraging its compliance capabilities, technological advantages, and flexible business model [1] Business Performance - Self-branded business revenue grew significantly in Europe (88% YoY) and the US (20 6% YoY) in 2024H1 [1] - Enterprise client business revenue declined by 12 3% YoY, with mixed performance across regions: US (-9 8%), Mainland China (+41 4%), Europe (-16 0%) [1] - Smoore increased its R&D investment, particularly in medical vaporization and heat-not-burn products, with R&D expense ratio rising by 3 08 percentage points to 15 09% [1] Financial Projections - Revenue is forecasted to grow 6% in 2024, 15% in 2025, and 11% in 2026, reaching RMB 11 811 million, RMB 13 583 million, and RMB 15 033 million respectively [1][2] - Net profit is expected to be RMB 1 632 million (-1% YoY) in 2024, RMB 1 915 million (+17% YoY) in 2025, and RMB 2 134 million (+11% YoY) in 2026 [1][2] - EPS projections are RMB 0 27 (2024), RMB 0 31 (2025), and RMB 0 35 (2026), with corresponding P/E ratios of 31 38x, 26 75x, and 23 99x [1][2] Financial Ratios - ROE is expected to remain stable at around 7 08%-7 88% from 2024 to 2026 [2] - Gross margin is projected to maintain at approximately 38 0%-38 4% over the next three years [5] - The company's net debt ratio is expected to stay negative, indicating a strong financial position [5]

[Table_IndNameRptType] !" !"#$ [Table_Title] !"#$%&'()*+,-./01FPGA 2$34567)8 [Table_IndRank] !"#$%&' !"#$%2024-09-08 [Table_Chart] !"%&'() 300 *+,- -30% -20% -10% 0% 10% 20% 30% 9/23 12/23 3/24 6/24 电⼦(申万) 沪深300 [Table_Author] ./01234 &'()*%S0010523060001 +,%chenyaobo@hazq.com [Table_Author] ./01567 &'()*%S0010524020002 +,%limeixian@hazq.com [Table_Author] ./0189: &'()*%S0010523120005 +,%liuzhilai@hazq.com [Table_Author] ./015;< &'()*%S0010524070001 +,%liyc@hazq.com ()*+% l[Table_Summary] =#!>?@ A%&BC:DE=#F ...

[Table_IndNameRptType] 农林牧渔de 行业周报 生猪出栏均重由升转降，产能恢复明显偏慢 [Table_IndRank] 行业评级：增持 报告日期： 2024-09-07 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 农林牧渔(申万) 沪深300 23-0923-1124-0124-0324-0524-0724-09 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1. 华安农业周报：猪价逐步止跌企 稳，产能恢复明显偏慢 2024-8-31 2. 华安农业周报：生猪价格短期继 续调整，亚宠展国产品牌表现亮眼 2024-8-24 主要观点： _S生猪出栏均重由升转降，产能恢复明显偏慢 ①本周生猪价格环比上升 0.8%，出栏均重降至 126.47 公斤。本周六， 全国生猪价格 19.92 元/公斤，周环比上升 0.8%，生猪价格企稳回升； 涌益咨询（8.30-9.5）：全国 90 公斤内生猪出栏占比 4.11%，周环 ...

[Table_IndNameRptType] 全球科技 行业周报 OpenAI 今年启动 GPT Next 计划，数据安全草案通过 [Table_IndRank] 行业评级：增持 报告日期： 2024-9-8 行业指数与沪深 300 走势比较 一传媒指数 | --- | |---------------------------------------| | | | 分析师：金荣 | | 执业证书号： S0010521080002 | | 邮箱： jinrong@hazq.com | | 分析师：王奇珏 | | 执业证书号： S0010522060002 | | 邮箱： wangqj@hazq.com 联系人：来祚豪 | | 执业证书号： S0010122090082 | 相关报告 ·公司深度：微软(MSFT)：拥抱云与 A I，开启新的增长飞轮 2024-07-04 ·公司深度：Amazon(AMZN)：壁垒高 筑，资本投入下带来业绩展望 2024-04 -04 ·公司点评：小米集团：SU7 大定超出 预期，人车家全生态正式闭环 2024-04 -03 ·行业深度：低空经济系列：从民航空 管系统展望低空经济基 ...

[Table_IndNameRptType] 轻工纺服 行业周报 监管新政发布，加强电子烟交易管理 行业[Table_IndRank] 评级：增 持 报告日期： 2024-09-08 主要观点： [行业指数与沪深 Table_Chart] 300 走势比较 轻工制造（申万） 纺织服饰（申万） 沪深300 -40% -30% -20% -10% 0% 10% 20% 2024-01-022024-02-022024-03-022024-04-022024-05-022024-06-022024-07-022024-08-022024-09-02 | --- | --- | |--------------------------------------|----------------| | | | | [ 分析师：徐 Table_Author] 偲 | | | 执业证书号： | S0010523120001 | | | | | 邮箱： xucai@hazq.com 分析师：余倩莹 | | | 执业证书号： | S0010524040004 | | 邮箱： yuqianying@hazq.com | | [Tab ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned to benefit from the expansion of oil and gas capital expenditures, particularly in the fracturing equipment sector [1][3] - The global oil service market is projected to reach USD 328 billion in 2023, a year-on-year increase of 12.4%, driven by high demand in the oil and gas industry and unconventional oil and gas development [1][3] - The company has a strong competitive advantage in equipment and technical services, aiming to become a leading provider in the oil and gas equipment manufacturing and engineering services [1][3] Summary by Sections Company Overview - The company, established in 1999, is a diversified group focused on oil and gas equipment manufacturing and technical services, with a significant presence in environmental engineering and new energy sectors [1][12] - The company has achieved a revenue of CNY 139.12 billion in 2023, with oil and gas equipment manufacturing and technical services contributing CNY 117.56 billion, accounting for 84.5% of total revenue [1][28] Market Dynamics - The oil and gas industry is experiencing a capital expenditure expansion, with oil companies showing strong investment intentions due to high oil prices [39] - The domestic oil production has increased from 189 million tons in 2018 to 209 million tons in 2023, while natural gas production is expected to reach 246 billion cubic meters by 2024 [39][42] Financial Performance - The company forecasts revenue growth from CNY 153.55 billion in 2024 to CNY 191.51 billion in 2026, with net profits projected to rise from CNY 27.71 billion to CNY 38.29 billion during the same period [3][5] - The company has maintained a stable gross margin of around 35% and a net margin above 15% over the past five years, indicating strong profitability [28][32] Innovation and R&D - The company invested CNY 511.20 million in R&D in 2023, a year-on-year increase of 39.33%, and has received 372 new patents, enhancing its technological capabilities [17][20] - Key innovations include the world's first electric-driven fracturing equipment and high-capacity gas compression systems, which significantly improve operational efficiency [20][21] Order and Market Expansion - The company secured new orders worth CNY 139.56 billion in 2023, reflecting a year-on-year growth of 9.66%, with a strong focus on expanding its overseas market presence [36][39] - The overseas revenue accounted for 46.85% of total revenue in 2023, with a compound annual growth rate of 26.82% from 2018 to 2023 [28][36]

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 自主品牌持续增长，线上直销增速亮眼 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

| --- | --- | --- | --- | --- | |-------|---------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 司深 度 | | | | | | | | | | | | | | | | | | | | | | [Table_StockNameRptType] 泽宇智能（ 301179） 业绩符合预期，电网信息化建设提速 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-06 | | | [ 收盘价（元） Table_BaseData] | 15.26 | | 近 12 个月最高 / 最低（元） | 28.00/ ...