计算机 / 行业投资策略周报 / 2024.08.03 META 2Q24:业绩超预期,AI 助力广告业 因 投资评级:看好(维持) 核心观点 ■ 证券研究报告 最近 12月市场表现 ogo 杨烨 分析师 SAC 证书编号：S0160522050001 yangye01@ctsec.com 联系人 李宇轩 liyx()2(@ctsec.com | --- | --- | |--------------------------------|-------------------------------------| | | | | 相关报告 | | | | 1. 《高通手机业务走出低迷，AIPC 有 | | 望引领新时代》 2024-08-02 | | | | 2. 《扫地机厂商竞争激烈，积极探寻第 | | 二增长曲线》 2024-08-02 | | | | 3. 《AMD 数据中心 GPU 需求旺盛, 全 | | 力追赶英伟达》 2024-08-01 | | Meta 收入利润均超预期,Capex 指引上修。Meta 于 2024 年二季皮实现 收入与净利润高增长。2024年二季度，Meta 实现收入 390 ...

水羊股份(300740) / 化妆品 / 公司点评 / 2024.08.02 投放加大业绩咯低于预期,伊菲丹势能强 核心观点 ■ 证券研究报告 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | | | | 基本數据 | 2024-08-01 | | 收盘价(元) | 12.18 | | 流通股本(亿股) | 3.57 | | 每股净资产(元) | 5.28 | | 总股本(亿股) | 3.89 | | 最近 12月市场表现 | | � ogo � 刘洋 分析师 SAC 证书编号: S0160521120001 liuyang01@ctsec.com 相关报告 1. 《盈利能力大幅改善,聚焦驱动结构 优化》 2024-04-24 2. 《发布 2023 业绩预告，盈利实现强 劲增长》 2024-01-19 3. 《Q3 业绩承压，关注品牌升级持续 推进》 2023-10-27 � � 事件:公司发布 2024 年半年报:2024H1 公司实现营收 22.9 亿元,同比 +0.14%;实现归母净利润 1.1 亿元,同比-25.7%;实 ...

计算机 / 行业专题报告 / 2024.08.02 高通手机业务走出低速，AIPC 有望引领新时代 ● 投美养品:大好(点点) 衰逝 12 月李场表現 美食物物 ■ 证券所究报告 � 格林 Adhy SAC 证书简予：S0160522050001 yangye01@ctsec.com 各州方 无所并 SAC 证书简予：S0160524040002 wangyd01@ctsec.com 油关报告 1. 《AMD 姜振中心 GPU 毫柔旺盛，全 力逃妊疾係达》 2024-08-01 2. 《政治局：做好空中文通答理，促进 株空经济发展》 2024-07-31 3. 《税制土壤息界，修生全球财税 SaaS 2024-07-28 巨头 Intuit》 高通 2Q24 收入查商戒在教增长，手机业务网比增长 12%。美国当地时 间 7 月 31 日，高通发布了 2024 辛二季度（最至 6 月 23 日）业绩。2Q24，高 通调整后的密收为 93.9 亿美元，同比增长 11%：净利润为 21.29 亿美元，与上 年同期的 18.03 亿美无相比增长 18%。此外，高通还发布了 2024 年三季度密 妆泉堂，公司预计 3Q ...

固防军工 / 行业点评报告 / 2024.08.02 G60 组网卫星首杭在即,面商业航天迎来黄金杭遇 ● 投资计划:方法(文章) 衰逝 12 月李场表現 余坊北3 Adhy SAC 证书简予：S0160522080002 shewe@ctsec.com 油关报告 1. 《中央政治局强调空境省理，依空行 业再选择化》 2024-07-31 2. 《圣王行业经病永压，杭海表备亲气 上行》 2024-05-13 3. 《侏空经济未未已未，近万亿市场待 2024-04-30 # 卫星发射催化不断，而业航天煤煤前今 ■ 证券好文报告 年 � 事件: "千机圣座" 首款独同卫圣发射仪式转于８月５日在太原奉行，该计划 分三个阶段，一阶段是 2025 年前，实现 648 颗呈装供区境网络意点：二阶段 是 2027 年前，由芬外 648 蔡圣提供全球司徐意盖：三阶段是 2030 年前，实现 15000 颗圣提供手机直连等多业务的缺个最务。其中，一期计划无成发出 1296 颗圣，首批卫圣持以"一背 18 圣"升空入轨。 � 貪淑希執新規出合, 卫星希吾迪孟属戴: 卫星领年和赴追齐泽东段, 摇 ITU ( 固际电信联盟) 预测， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's H1 2024 revenue decreased by 25.77% year-on-year, and the net profit attributable to shareholders dropped by 67.71%. In Q2 2024, revenue fell by 26.62%, and net profit decreased by 70.52%. The total revenue for H1 2024 was 1.376 billion yuan, with a net profit of 183 million yuan [1][2] - The sales revenue and quantity of broiler chicks decreased year-on-year due to low prices of broiler meat and live chickens. In Q1 and Q2 2024, the company sold 130 million and 150 million broiler chicks, respectively, with Q2 sales revenue down 37.07% year-on-year [2] - The price of parent stock has risen to a high level, and the price of commercial broiler chicks is on an upward trend. The company's chicken business generated 1.21 billion yuan in revenue, a year-on-year decline of 31.61%, while the pig business revenue increased by 299.37% [2] - The company is the largest supplier of grandparent stock in China and maintains the top position in commercial broiler chick sales. Revenue projections for 2024-2026 are 3.244 billion, 3.661 billion, and 3.872 billion yuan, with net profits of 580 million, 630 million, and 596 million yuan, respectively [2] Summary by Sections Financial Performance - H1 2024 revenue was 1.376 billion yuan, down 25.77% year-on-year, with a net profit of 183 million yuan, down 67.71% [1] - Q2 2024 revenue was 688 million yuan, with a net profit of 74 million yuan [1] - The company expects revenue growth rates of 0.61%, 12.85%, and 5.75% for 2024, 2025, and 2026, respectively [2] Sales and Pricing - The average selling price of broiler chicks has increased significantly, with a rise from 2.8 yuan to 4.2 yuan per chick, marking a 55.56% increase [2] - The sales of parent stock have been in high demand, with all orders for parent stock booked until September [2] Market Position - The company is recognized as the largest grandparent stock breeding enterprise in China, with a strong competitive edge in high-generation poultry breeding [2]

汽车 / 行业点评报告 / 2024.08.02 7 月重卡行业洞路 ● 投资计划:方对(定封) 衰逝 12 月李场表現 -21N 合林早 河 SAC 证书简予：S0160522110003 xingcy01@ctsec.com 各州方 子 श SAC 证书编号：S0160521050001 libo@ctsec.com 油关报告 1. 《汽车行业周报》2024-07-29 2. 《6 月份中国幸市连行回原》2024- 07-26 3. 《汽车以旧换新政策点评》2024- 07-26 � : 被靠难谈：建议关注查卡签车必失中国查汽，查卡产业链和智能物流行业的 彪头亲亲幼力以及全球半挂羊彪头中果羊椅。 & 1: 女孩公司友友 开始: EPS (天)MetafyPE 8577 有人公司851 27 年 ( 6929)(08.01)2023A2024E2025E2023A2024E2025E 000338海紫动力1,177.2113.491.031.5313.0610.35境持1.308.81 000951中国重流0.92境持183.0415.581.331.5216.9411.7310.24 境持301039中 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported its 2024 semi-annual results, with revenues of 1.63 billion yuan for H1 and 830 million yuan for Q2, reflecting year-on-year changes of -1.4% and -7.3% respectively. The net profit attributable to shareholders was 402 million yuan for H1 and 233 million yuan for Q2, with year-on-year changes of -8.4% and -7.3% respectively [4][5] - The company continues to develop its "358" product matrix, with expectations for strong growth in its flagship products under marketing support. The whisky project is anticipated to contribute additional revenue in the second half of the year [5] Revenue Analysis - For H1 2024, the pre-mixed cocktails (including sparkling water) and food flavoring segments generated revenues of 1.431 billion yuan and 176 million yuan, with year-on-year changes of -1.42% and +7.51% respectively. In Q2 2024, the pre-mixed cocktails segment achieved revenues of 719 million yuan, down by 7.56% year-on-year [4] - The company has launched new products and marketing campaigns to expand its consumer base and enhance brand positioning, including the introduction of a new large packaging for its refreshing drinks and a new advertising campaign [4] Profitability Metrics - The company achieved gross margins of 70.08% for H1 and 71.79% for Q2, with year-on-year increases of 4.19 and 5.53 percentage points respectively. The net profit margins were 24.72% for H1 and 28.20% for Q2, showing slight declines of 1.88 and 0.01 percentage points year-on-year [4] - The company has maintained a reasonable control over its sales expenses, with a forecast for stable spending throughout the year [4] Financial Projections - The company is expected to achieve revenues of 3.61 billion yuan, 4.31 billion yuan, and 5.05 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 10.5%, 19.5%, and 17.2% [5] - The projected net profit attributable to shareholders is 889 million yuan, 1.03 billion yuan, and 1.23 billion yuan for the same years, with growth rates of 9.5%, 15.7%, and 19.6% respectively [5]

计算机 / 行业深度分析报告 / 2024.08.01 扫地机后商竞争激烈，积极探寻第二增长曲线 0 这年开放送(点击) 衰逝 12 月本场表現 合新开 杨祥 SAC 证书简予：S0160522050001 yangye01@ctsec.com 眾人 추 大 zhengyh03@ctsec.com 海关报考 1. 《AMD 教授中心 GPU 宽本旺盛，全 力逃赶笑你达》 2024-08-01 2. 《政治局：教好空中文通答理，促进 株空经济发展》 2024-07-31 3. 《税制土壤息界, 僅生全球財税 SaaS 丘 头 Intuit》 2024-07-28 : � 中海海海 ■ 证券所究报告 � 2Q2024 国内お地狱重价齐什，有头种被位居靠一： 标标 AVC 蔡振， 2Q2024 永国线上招地杭市场领巷颍 35.1 亿元，网比增长 17.9%，怎头/科沃斯 / 途 竞 / 云 竞 / 小 未 / 美 的 残 上 简 鲁 领 占 比 分 分 分 27.0%/23.9%/16.9%/17.3%/ 8.9%/2.8%，网比增达分分为+9.4%/-18.5%/+59.6%/+88.9% /+24.5%/+24 ...

屯力设备 / 行业投资紧密周报 / 2024.08.01 8 月光伏排 产乐观，电新各板块底部 ● 投美养品:大好(点点) 衰达 12 月市场表现 茶一夜 Adhy SAC 证书简予：S0160522110002 zhangyc02@ctsec.com 治关报告 1. 《24Q2 新能源持仓下滑，屯月较为 發布》 2024-07-25 2. 《玉非拉克率拉纳无储奇塔，周屯圣 予久》 2024-07-24 3. 《降息预算拉舟屯新及长殷，稳定成 长戈升》 2024-07-17 � 年 � � 完使：本周主产业链价格基本企稳，摘材价格有所下跌，产业价格正在就 底阶段：多品硅库存维持在 23 万吨左右，条条文付寄非非查办原材料价 格处于统位，使得 8 月组件种产有望环比很增。今年上半年国内新增的 102.48GW 无伏紫杭中，地商屯站、工商业分布式、户用分别占比 48%、 36%、16%。 着电：宁总时代虽利持续稳定，辭董坚岑下半年至利可期：宁总时代虽利稳 定，预计未未许许场份颁持续拨升，跟随全球储能增长以及玉非拉等地区持 线增长：蔚盖型芯预计排产 8-9 月达清，绿坊年进一步提升，海外客户比例也 转裝奇，公司有望 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully transitioned its management, with Joseph Galli Jr. retiring and Steven Richman taking over as CEO, which is expected to positively impact the Milwaukee brand [3] - The company has repurchased a total of 2.6 billion HKD worth of shares, indicating confidence in its future performance and suggesting that the stock may be undervalued [3] - The company is anticipated to benefit from a potential interest rate cut by the Federal Reserve, which could stimulate demand in the real estate sector and positively affect the company's stock price [3] - Revenue projections for 2024-2026 are estimated at 14.91 billion, 16.47 billion, and 18.36 billion USD, with corresponding net profits of 1.16 billion, 1.32 billion, and 1.49 billion USD, reflecting a positive growth outlook [3] Financial Data Summary - The company reported a revenue of 13.73 billion HKD in 2023, with an expected growth rate of 8.59% in 2024 [4] - The projected net profit for 2024 is 1.16 billion HKD, with a net profit growth rate of 18.49% [4] - The earnings per share (EPS) is expected to increase from 0.53 HKD in 2023 to 0.63 HKD in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 36.66 in 2023 to 20.30 in 2024, indicating improved valuation [4] - The return on equity (ROE) is expected to remain stable around 16.97% in 2024 [4]