Investment Rating - Maintains an "Overweight" rating for the company [1] Core Views - The company plans to spin off its subsidiary, Goertek Micro, for a Hong Kong IPO, with an initial issuance size of up to 20% of the total shares post-issuance (before over-allotment) [3] - Goertek Micro specializes in MEMS devices and microsystem modules, with a high concentration of customers, particularly in the Apple supply chain [3] - The subsidiary's revenue has been stable, with 2021-2023 revenues of 3.348 billion, 3.125 billion, and 3.015 billion yuan, respectively, and net profits of 329 million, 326 million, and 226 million yuan [3] - The spin-off is expected to enhance Goertek Micro's development in MEMS and SIP microsystem modules, benefiting both the subsidiary and the parent company [4] - The company forecasts 2024-2026 net profits of 2.389 billion, 3.398 billion, and 4.231 billion yuan, with EPS of 0.70, 0.99, and 1.24 yuan, respectively [4] Financial Performance and Projections - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 104.894 billion, 98.574 billion, 100.121 billion, 104.980 billion, and 112.467 billion yuan, respectively [5] - Net profit growth rates for 2024E, 2025E, and 2026E are expected to be 119.56%, 42.23%, and 24.53%, respectively [5] - EPS for 2024E, 2025E, and 2026E is projected at 0.70, 0.99, and 1.24 yuan, with corresponding P/E ratios of 26.51x, 18.64x, and 14.96x [5] - ROE is expected to improve from 5.93% in 2022A to 11.71% in 2026E [5] Industry and Market Opportunities - The MEMS and SIP microsystem module market is poised for growth, driven by AI-enabled smart hardware and AR/VR products [4] - Goertek Micro holds a significant global market share in MEMS acoustic sensors and is well-positioned to capitalize on industry opportunities [4] - The spin-off will allow Goertek Micro to access capital market resources, improve corporate governance, and enhance international market visibility [4] Financial Metrics and Ratios - Gross margins for 2022A, 2023A, 2024E, 2025E, and 2026E are 11.1%, 8.9%, 11.3%, 12.1%, and 12.6%, respectively [6] - Operating profit margins for the same periods are 1.5%, 0.9%, 2.4%, 3.2%, and 3.8% [6] - Net profit margins are projected to increase from 1.7% in 2022A to 3.5% in 2026E [6] - ROIC is expected to rise from 7.2% in 2022A to 9.0% in 2026E [6]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's share repurchase plan demonstrates confidence in future development, with 786,200 shares repurchased (0.16% of total shares) at an average price of 6.33 yuan per share [2] - The company's liquid food packaging equipment has high market coverage, helping to smooth cyclical impacts [3] - Beverage & dairy industry: Demand for aseptic filling lines is growing due to health-conscious trends, with sugar-free tea drinks increasing from 14% to 27% market share [3] - Beer industry: The company has strong relationships with major players like Snow Beer, Budweiser, and Tsingtao Beer, positioning it well for equipment upgrades [3] Financial Projections - Revenue is expected to grow from 3.258 billion yuan in 2024 to 5.088 billion yuan in 2026, with a CAGR of 26.2% [3] - Net profit is projected to increase from 114 million yuan in 2024 to 391 million yuan in 2026 [3] - EPS is forecasted to rise from 0.23 yuan in 2024 to 0.80 yuan in 2026 [3] - PE ratio is expected to decline from 24.3x in 2024 to 7.1x in 2026 [3] Valuation Metrics - Current price-to-book ratio is 1.06x, expected to decrease to 0.91x by 2026 [3] - EV/EBITDA is projected to decline from 7.9x in 2024 to 4.0x in 2026 [4] - ROE is forecasted to improve from 4.4% in 2024 to 12.8% in 2026 [4] Operational Efficiency - Inventory turnover days are expected to decrease from 482 in 2024 to 414 in 2026 [4] - Accounts receivable turnover days are projected to improve from 68 in 2024 to 49 in 2026 [4] - Total asset turnover days are forecasted to decrease from 839 in 2024 to 648 in 2026 [4] Industry Position - The company has strong market positioning in liquid food packaging equipment, particularly in the beverage, dairy, and beer industries [3] - It has established relationships with major industry players, providing a competitive advantage in equipment upgrades and replacements [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's overall performance remains stable, with steady growth in new orders [2] - Revenue from self-developed technology transformation and clinical services grew significantly by 52.43% and 32.22% respectively in H1 2024 [2] - The company's gross margin improved to 68.75% in H1 2024, up 2.19 percentage points year-on-year [2] - The company has a rich pipeline of nearly 300 R&D projects awaiting transformation as of H1 2024 [2] Financial Performance - H1 2024 revenue reached 525 million yuan (+23.88% YoY), with net profit of 134 million yuan (+12.35% YoY) [2] - Q2 2024 revenue was 309 million yuan (+17.65% YoY), with net profit of 84 million yuan (flat YoY) [2] - New orders in H1 2024 totaled 711 million yuan, up 13.38% YoY [2] Financial Projections - Revenue is projected to grow from 1.203 billion yuan in 2024E to 1.872 billion yuan in 2026E [3][4] - Net profit is expected to increase from 315 million yuan in 2024E to 519 million yuan in 2026E [3][4] - EPS is forecasted to rise from 2.89 yuan in 2024E to 4.77 yuan in 2026E [4] - PE ratio is expected to decline from 24.91x in 2024E to 15.10x in 2026E [3][4] Business Segments - Clinical pre-pharmacy services/CDMO/equity sharing revenue declined by 9.09%/70.36%/72.60% respectively in H1 2024 [2] - Self-developed technology transformation revenue reached 290 million yuan in H1 2024, with a gross margin of 87.28% [2] - Clinical service revenue was 93 million yuan in H1 2024, with a gross margin of 37.38% [2]

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision is actively expanding its overseas market presence through strategic acquisitions, particularly in the automotive sector [3] - The acquisition of Leoni AG and its subsidiaries is seen as a reasonable deal, with potential for long-term growth despite short-term profitability challenges [4] - The company is well-positioned to benefit from the automotive electrification and intelligence trends, with expected revenue growth and improved profitability [4] Financial Performance and Projections - Revenue is projected to grow from RMB 214.03 billion in 2022 to RMB 331.29 billion in 2026, with a CAGR of 11.56% [5] - Net profit attributable to shareholders is expected to increase from RMB 9.16 billion in 2022 to RMB 19.96 billion in 2026, with a CAGR of 24.33% [5] - EPS is forecasted to rise from RMB 1.29 in 2022 to RMB 2.77 in 2026 [5] - ROE is expected to remain stable around 19.5%-20.2% from 2022 to 2026 [5] Operational Efficiency - The company's asset turnover days are expected to improve, with fixed asset turnover days decreasing from 66 days in 2022 to 38 days in 2026 [6] - Inventory turnover days are projected to decrease from 56 days in 2022 to 47 days in 2026, indicating improved inventory management [6] - Accounts receivable turnover days are expected to remain stable around 36-38 days from 2024 to 2026 [6] Valuation Metrics - The PE ratio is expected to decline from 24.61x in 2022 to 13.67x in 2026, reflecting improved earnings growth [5] - The PB ratio is projected to decrease from 4.98x in 2022 to 2.67x in 2026, indicating potential undervaluation [5] - EV/EBITDA is forecasted to decrease from 12.3x in 2022 to 5.8x in 2026, suggesting improved valuation attractiveness [6] Growth Drivers - The company's growth is driven by its strategic focus on automotive electrification and intelligence, as well as its expansion into overseas markets [4] - The acquisition of Leoni AG is expected to provide Luxshare Precision with access to new markets and customer resources, enhancing its long-term growth potential [4]

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the global soybean production forecast has been raised by the USDA, leading to short-term supply pressure and adjustments in pig prices [1] - The pig farming sector is experiencing a downward adjustment in prices, with a cautious sentiment in the industry and slow capacity recovery [4][17] - The poultry farming sector is seeing price adjustments, with a potential resonance between commodity prices and pig prices as the pig cycle reverses [4][30] - The animal health sector is expected to see a rebound in demand, driven by the pig price upturn and successful new product launches [4] - The seed industry is advancing in transgenic commercialization, with a focus on the third quarter pre-receipt situation of various companies [4][36] Summary by Sections Pig Farming Data Tracking - The number of breeding sows has shown a slowdown in growth, with August figures indicating a month-on-month increase of +0.32% [19] - Pig prices are experiencing fluctuations, with the average price for market pigs at 19.68 CNY/kg as of September 12, reflecting a week-on-week decrease of -0.56% [24] - The supply of pigs remains relatively ample, with a positive mindset in market sales despite cautious sentiment regarding future prices [17] Poultry Farming Data Tracking - The average price of white feather broilers in major production areas is reported at 7.22 CNY/kg, with a week-on-week decrease of -2.30% [31] - The number of parent stock chicken sales has decreased, with a week-on-week drop of -10.40% [33] Animal Health Sector - The demand for animal health products is expected to recover, with significant growth potential driven by the pig price increase and successful new product launches [4] Seed Industry - The transgenic seed industry is progressing, with a focus on the pricing of transgenic seeds and the area of seed production for the current year [4][36] Cost Side - The prices of major raw materials are mixed, with soybean meal, corn, wheat, and soybeans showing varying week-on-week changes [27]

Demand Side Analysis - In August, exports rebounded, but domestic consumption and production declined, indicating a mixed economic outlook[1] - Investment improved slightly due to real estate and equipment upgrades, but manufacturing investment continued to decline, affected by extreme weather and low infrastructure investment, reaching a new low since 2022[1] - Social retail sales growth fell by 0.6 percentage points to 2.1% in August, with retail sales of limited above units declining by 0.6%[2] Supply Side Analysis - Industrial production weakened due to overall weak domestic demand and extreme weather conditions, with industrial added value growth falling to 4.5%, down 0.6 percentage points from the previous month[5] - High-tech manufacturing maintained rapid growth, with added value increasing by 8.6%, outperforming overall industrial growth by 4.1 percentage points[5] Investment Insights - Fixed asset investment growth slightly increased to 2% in August, with real estate investment improving to -10.2%[8] - Equipment investment from January to August grew by 16.8%, contributing 64.2% to total investment growth, an increase of 3.5 percentage points from July[2] Real Estate Market Trends - Real estate sales area growth recorded -12.6% in August, but the decline narrowed by 2.8 percentage points from July, indicating marginal recovery[10] - Construction area growth improved significantly, turning positive at 1.2%, while new construction area decline narrowed to -16.7%[10] Consumer Behavior - The consumption of essential goods increased to 4.3%, while discretionary goods saw a decline of -3.4%, indicating a divergence in consumer spending patterns[9] - The rural market continued to outperform urban areas in sales growth, supported by policies promoting consumption[2] Employment and Economic Stability - The urban survey unemployment rate in August was 5.3%, slightly up by 0.1 percentage points from the previous month, reflecting stable employment conditions amid economic fluctuations[11]

策略专题报告 / 2024.09.14 冰火两重天行情 ——"美"周市场复盘（9 月第 2 周） 证券研究报告 分析师 李美岑 SAC 证书编号：S0160521120002 limc@ctsec.com 分析师 王亦奕 SAC 证书编号：S0160522030002 wangyy01@ctsec.com 分析师 熊宇翔 SAC 证书编号：S0160524070003 xiongyx@ctsec.com 相关报告 1. 《科创 100 营收利润增速改善——科 创板 24Q2 业绩分析》 2024-09-09 2. 《海外中国资产走强有望带动 A 股回 暖——A 股策略专题报告(20240908)》 2024-09-08 3. 《美债结束长达 26 个月"倒挂"— —"美"周市场复盘（9 月第 1 周）》 2024-09-07 核心观点 ❖ 本周 A 股市场主要指数呈现震荡态势，部分指数表现分化。上证指数在 本周多次下探，特别是在 9 月 13 日盘中最低触及 2703.37 点，逼近 2700 点的 心理关口。相比之下，创业板指数表现出较强的韧性，9 月 11 日逆势上涨 1.19%，显示出市场对某些板块如新 ...

商贸零售 / 行业点评报告 / 2024.09.14 8 月社零同比+2.1%，必选优于可选 投资评级:看好(维持) 最近 12 月市场表现 -33% -25% -18% -11% -4% 3% 商贸零售 沪深300 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《7 月社零同比+2.7%，百货降幅扩 大》 2024-08-15 2. 《6 月社零同比+2.0%，可选品类有所 承压》 2024-07-15 3. 《超市持续改善，跨境电商 Q2 业绩 可期》 2024-07-03 8 月社零数据点评 核心观点 证券研究报告 ❖ 事件：统计局发布 8 月社零数据，8 月社零总额 3.87 万亿元，同比+2.1%，1- 8 月社零总额 31.25 万亿元，同比+3.4%。 ❖ 必选好于可选，珠宝降幅扩大。分消费类型看，8 月商品零售 3.44 万亿元， 同比+1.9%；餐饮收入 4351 亿元，同比+3.3%。商品零售增速环比回落，餐饮 环比略有上行。分品类看，必选韧性较强，粮油食品/饮料/烟酒/ ...

宏观月报 / 2024.09.14 政府债继续支撑社融 ——2024 年 8 月金融数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 谢钰 SAC 证书编号：S0160523080003 xieyu01@ctsec.com 相关报告 1. 《"细"节定成败——美国大选辩论及 8 月通胀数据解读》 2024-09-12 2. 《出口为何仍能上行？——8 月外贸 数据解读》 2024-09-10 3. 《核心物价创新低——8 月物价数据 解读》 2024-09-09 核心观点 ❖ 信贷总量仍弱结构不佳。8 月新增人民币贷款同比少增额扩大，信贷余额增 速进一步回落至 8.5%，一方面有防空转和挤水分因素的扰动，另一方面企业 和居民的加杠杆意愿仍低。信贷结构也印证了实体部门融资需求较弱，8 月居 民和企业部门新增短贷、中长贷同比均呈现少增态势，仅票据融资保持高增 长，同比持续多增，反映银行仍在以票冲贷。 ❖ 货币政策发力必要性提升。8 月以来，政府债发行大幅放量，在地方债供给 高峰整体后移的背景下，9 月、10 月的地方债供给规模或仍较 ...

汽车 / 行业专题报告 / 2024.09.13 汽车及零部件行业 2024 年中报总结 投资评级:看好(维持) 最近 12 月市场表现 -23% -17% -11% -5% 1% 7% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《理想汽车公布 2024Q2 财报》 2024-09-11 2. 《汽车行业周报》 2024-09-11 3. 《上海市电动自行车以旧换新补贴政 策点评》 2024-09-05 证券研究报告 24Q2 整体业绩同比高增，以旧换新政策持续发力 核心观点 ❖ 板块 24Q2 业绩同比高增，行业景气度有望进一步提升：汽车行业 24Q2 实现销量 732.8 万辆，同比+2.3%。24Q2 汽车及零部件行业营收 9491.78 亿元， 同比+6.23%，归母净利润 433.21 亿元，同比+25.92%。展望 24Q3，我们认为 汽车板块景气度有望进一步提升：1）以旧换新政策翻倍落地，将显著促进存 ...