Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company's revenue for Q2 2024 reached 2.471 billion yuan, representing a year-on-year growth of 7.35%, while the net profit attributable to shareholders was 170 million yuan, up 8.65% year-on-year [2]. - The dyeing business is steadily increasing, and the gold business has contributed to growth due to the consolidation of Shangjinyuan [2]. - The report forecasts net profits for 2024-2026 to be 768 million yuan, 839 million yuan, and 889 million yuan, respectively, with corresponding P/E ratios of 9.5X for 2024 and 9X for 2025 [3]. Financial Performance - For the first half of 2024, the company reported total revenue of 5.598 billion yuan, a year-on-year increase of 19.77%, and a net profit of 298 million yuan, up 6.44% [2]. - The dyeing business generated revenue of 1.935 billion yuan, a 5.88% increase year-on-year, while the gold business saw a sales volume of 32.96 tons, up 30.39% year-on-year, with revenue of 3.424 billion yuan, a 33.58% increase [2]. - The report indicates that the company's cash flow from operating activities increased by 66.37% year-on-year to 754 million yuan [2]. Revenue and Profit Forecast - The projected revenue for 2024-2026 is 11.831 billion yuan, 12.653 billion yuan, and 13.538 billion yuan, with year-on-year growth rates of 22%, 7%, and 7% respectively [3]. - The expected net profit for the same period is 768 million yuan, 839 million yuan, and 889 million yuan, with growth rates of 12%, 9%, and 6% respectively [3]. Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 9.5X for 2024 and 9X for 2025, indicating a favorable valuation [3][5]. - The report highlights a projected return on equity (ROE) of 12% for 2024, with a gradual increase in subsequent years [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company Invek (002837.SZ) [1] Core Insights - Invek's revenue from liquid cooling solutions has doubled, and the company has a rich order backlog for data center temperature control solutions [1] - The company achieved a revenue of 1.713 billion yuan in the first half of 2024, representing a year-on-year growth of 38.24%, and a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][2] - The report highlights the company's strong performance in both the data center cooling and liquid cooling segments, with expectations for continued robust growth in the second half of 2024 [2] Financial Performance Summary - In the first half of 2024, Invek's revenue reached 1.713 billion yuan, with a net profit of 183 million yuan, and a non-recurring net profit of 171 million yuan, marking increases of 38.24%, 99.63%, and 113.50% respectively [1] - The company's gross margin was 30.99%, with a net margin of 10.70%, reflecting a year-on-year increase of 3.13 percentage points [1][6] - The report projects the company's net profit for 2024 to be 542 million yuan, with an EPS of 0.73 yuan, and a PE ratio of 29.6 times [2][11] Business Segment Performance - The data center temperature control business generated 856 million yuan in revenue in the first half of 2024, accounting for 49.96% of total revenue, with a year-on-year growth of 85.91% [1] - The liquid cooling segment's revenue has increased significantly, expected to continue its strong growth trajectory in the second half of 2024 [1][2] - The cabinet temperature control business achieved revenue of 702 million yuan, representing a year-on-year growth of 6.11% [1] Future Outlook - The company is expected to benefit from a strong order backlog, with anticipated revenue growth in the second half of 2024 due to seasonal demand [2] - The report forecasts a continued increase in net profit for the years 2024 to 2026, with projected figures of 542 million yuan, 712 million yuan, and 946 million yuan respectively [2][11]

Investment Rating - The report maintains a "Strong Buy" investment rating for Wanhua Chemical [2][4]. Core Views - Wanhua Chemical's performance is driven by the growth in polyurethane demand, particularly in the cold and automotive sectors, alongside favorable conditions in overseas markets. The company is also focusing on new materials, breaking through domestic technology barriers in POE production [2][4]. - The company reported a slight decline in total revenue for the first half of 2024, with total revenue at 97.067 billion yuan, a year-on-year increase of 10.77%, and a net profit attributable to shareholders of 8.174 billion yuan, a year-on-year decrease of 4.60% [1][2]. - The second quarter of 2024 saw revenue of 50.906 billion yuan, a year-on-year increase of 11.42%, but a net profit decrease of 11.03% year-on-year and 3.38% quarter-on-quarter [1][2]. Financial Summary - For the fiscal year 2024, total revenue is projected to reach 192.9 billion yuan, with a year-on-year growth of 10%. The net profit attributable to shareholders is expected to be 17.195 billion yuan, reflecting a 2% increase [3][11]. - The company’s earnings per share (EPS) are forecasted to be 5.48 yuan for 2024, with a price-to-earnings (PE) ratio of 13.7 times [3][8]. - The report highlights a stable operating performance across three major business segments, with the polyurethane segment achieving revenue of 35.455 billion yuan in Q2 2024, driven by a sales volume of 2.69 million tons [2][4]. Business Strategy - Wanhua Chemical is strategically focusing on the new materials sector, with significant advancements in POE technology, marking a key milestone in domestic production capabilities. The company’s project in Penglai, with a capacity of 200,000 tons, is set to reduce reliance on imports [2][4]. - The company is also expanding its product portfolio in emerging fields such as ADI, bisphenol A, and flavor and fragrance, enhancing its market competitiveness [2][4]. Market Performance - The total market capitalization of Wanhua Chemical is reported at 235.2 billion yuan, with a return on equity (ROE) of 18.0% [4][11]. - The stock has shown a mixed performance, with a 1-month absolute performance of -5% and a 12-month performance of -21% [5].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][2] Core Views - The company's core product sales continue to grow steadily, maintaining its leadership in the phosphate chemical industry [1] - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was approximately 2.841 billion yuan, a year-on-year increase of about 6.1% [1] - The profitability of products such as phosphate fertilizer and urea exceeded expectations, contributing to stable profit growth [1] - The company has significant production capacities, including urea at 2.6 million tons/year and phosphate fertilizer at 5.55 million tons/year, making it one of the largest fertilizer producers in China [1] - The company possesses rich phosphate and coal resources, with phosphate reserves nearing 800 million tons [1] Financial Data Summary - The company is expected to achieve revenues of 69.705 billion yuan, 70.503 billion yuan, and 70.561 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.645 billion yuan, 4.795 billion yuan, and 4.949 billion yuan [2][3] - The earnings per share (EPS) are projected to be 2.53 yuan, 2.61 yuan, and 2.70 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 7.8, 7.5, and 7.3 [2][3] - The company's total revenue for 2022 was 75.313 billion yuan, which decreased to 69.060 billion yuan in 2023, reflecting an 8% year-on-year decline [3][6] - The company's net profit for 2022 was 6.021 billion yuan, which fell to 4.522 billion yuan in 2023, a decrease of 25% [3][6] - The company's total assets are projected to be 53.526 billion yuan in 2024, with total liabilities of 27.708 billion yuan [5]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][3]. Core Views - The company reported significant year-on-year growth in its 2024 H1 performance, with operating revenue reaching 16.897 billion yuan, a 29.09% increase, and net profit attributable to the parent company at 3.305 billion yuan, up 46.44% [1]. - The company is set to benefit from the upcoming production of its Inner Mongolia project, which is expected to enhance its growth potential [2]. - The report highlights the recovery in profitability for the polyethylene and polypropylene segments due to a decrease in coal prices, which has improved the margins for coal-to-olefins production [2]. Financial Performance Summary - In 2024 H1, the company achieved revenue of 16.897 billion yuan, a 29.09% increase year-on-year, and a net profit of 3.305 billion yuan, reflecting a 46.44% growth [1]. - The second quarter alone saw revenue of 8.670 billion yuan, a 36.39% increase year-on-year, and a net profit of 1.884 billion yuan, up 75.80% year-on-year [1]. - The average profit for coal-to-polypropylene was reported at 1,073 yuan per ton, showing a clear advantage over other production routes [2]. Segment Analysis - **Olefins Segment**: The report indicates stable growth in polyethylene and polypropylene demand, with respective consumption increases of 3.0% and 3.5% year-on-year. The company’s revenue from polyethylene and polypropylene reached 4.087 billion yuan and 3.815 billion yuan, marking increases of 69.23% and 75.48% year-on-year [2]. - **Coking Segment**: The coking segment faced challenges due to weak downstream demand, resulting in a revenue decline of 3.40% year-on-year, with an average price of 1,458.23 yuan per ton, down 6.89% [2]. - **New Projects**: The Inner Mongolia project is progressing well, with the first production unit expected to start trial production in October 2024. Additionally, the Xinjiang coal-to-olefins project is set to expand the company's growth opportunities [2]. Future Earnings Forecast - The report projects net profits for the company to be 8.044 billion yuan, 12.475 billion yuan, and 13.287 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.10 yuan, 1.70 yuan, and 1.81 yuan [2][3].

Investment Rating - The report recommends focusing on specific companies such as Weixing Co., Huali Group, and Jiuxing Holdings, highlighting their growth potential and profitability forecasts for 2024-2026 [2]. Core Insights - The report emphasizes the significant impact of the ongoing conflict in Bangladesh on the Southeast Asian apparel supply chain, leading to potential order shifts to other regions [1][10]. - It notes that while U.S. apparel retail growth remains stable, inventory levels are healthy, indicating a positive demand environment [26][27]. - Southeast Asia's textile and apparel exports are showing steady growth, with notable increases in Vietnam and Cambodia's exports [28][30]. Summary by Sections 1. Overseas Dynamics - The conflict in Bangladesh has intensified supply chain instability, prompting international brands to consider relocating orders to other Southeast Asian countries [10][14]. - Bangladesh, as the second-largest garment exporter, has seen its export value around $30 billion, with major brands heavily invested in its production capacity [1][10]. 2. Demand Side - U.S. apparel retail growth has been in the low single digits since 2024, with a healthy inventory-to-sales ratio [26][27]. 3. Supply Side - Southeast Asia's textile and apparel exports are on an upward trend, with Vietnam's textile exports increasing by 5% year-on-year in July 2024, and Cambodia's apparel exports rising by 21% [28][30]. 4. International Brand Tracking - VF Corporation continues to face challenges in North America, with a revenue decline of 8% in FY25Q1, while PUMA shows stable performance with a 2% revenue increase in FY24Q2 [31][35]. - PUMA's inventory has decreased by 9% year-on-year, indicating improved operational efficiency [35]. 5. Textile Manufacturing Orders - Leading textile manufacturers are experiencing steady order growth, with companies like Ruhong and Jiuxing Holdings reporting positive revenue growth in July 2024 [36].

中炬高新（600872.SH） Q2 阶段性承压，调整优化改革痛点 消费品/食品饮料 目标股价：29.00 元 当前股价：19.2 元 美味鲜 Q2 收入/归母净利润同比下滑 12.1%/34.4%，虽然全国化招商持续推进， 但受外部需求承压、行业竞争加剧影响，以及公司改革仍需磨合，Q2 调味品业 务阶段性承压，同时费用投放加大拖累盈利。公司主动调整优化遇到的问题，7 月以来经销商库存下降，发货端恢复增长，预计 H2 业绩有望环比改善。暂不 考虑今年征地补偿收入，我们下调 24-25 年 EPS 预测为 0.90、1.13 元，预计 24 年美味鲜实现归母净利润 7 亿元，给予 25 倍 PE，加上公司土地价值 50 亿， 目标市值 225 亿，维持"强烈推荐"评级。 ❑ 2024Q2 收入下降 11.96%，扣非归母净利润下降 32.37%。公司披露 2024 半年报 ， H1 实现收入 / 扣非净利润 26.18/3.39 亿 元 ， 分 别 同 比 -1.35%/+14.53%，其中美味鲜公司实现收入/归母净利润 25.56/3.51 亿元， 同比-0.60%/+11.07%。单 Q2 实现收入/扣非净 ...

从大小盘维度来看，小盘相对占优；流通市值的对数（Ln_FloatCap）因 子过去一周收益为正，其行业中性多空组合收益为 0.63%。此外，过去一周技 术类因子表现突出，240 日已实现波动率（RealizedVolatility_240D）、过去 20 日平均换手率（TurnoverAvg_20D）、过去 20 日换手率平均 （TurnoverAvg_20D）等排名前 10。总体来看，过去一周量价类因子表现更 突出。 2. 大类风格因子表现与估值分析 从我们所构建的大类风格因子的表现来看，过去一周价值、成长、反转、 情绪、交易行为和规模六大类风格因子的行业中性多空组合收益分别为 0.63%、0.02%、1.14%、-0.72%、1.10%、0.62%。 截至 2024 年 08 月 09 日，价值、成长、反转、情绪、交易行为和规模六 大风格因子估值差所处的历史分位水平分别为 98.68%、40.14%、55.98% 、 99.01%、48.45%和81.72%。整体来看，价值、反转、情绪和规模因子相对估 值较低，成长类、交易行为类因子估值适中。 小盘价值风格占优，量价类因子表现突出 定期报告 ——因子周报 ...

证券研究报告 | 行业定期报告 2024 年 08 月 12 日 维生素价格涨幅居前，建议关注高成长化工龙头 推荐（维持） 招商化工行业周报 2024 年 8 月第 2 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 8 月第 2 周化工板块（申万）下跌 1.00%，中证 A 指下跌 1.49%，板块领先 大盘 0.49 个百分点。涨幅排名前 5 的个股分别为：易普力（+10.02%）， ST 红太阳（+9.9%），保利联合（+9.75%），南京化纤（+9.2%），雪峰 科技（+8.85%）。跌幅排名前 5 的个股分别为：正丹股份（-25.84%），建 新股份（-14.01%），强力新材（-11.69%），航锦科技（-10.04%），乐通 股份（-10.02%）。此外，本周化工板块（申万）动态 PE 为 19.77 倍，低于 2015 年来的平均 PE28.45%。 化学品价格及价差走势 根据招商基础化工数据库统计的 256 个产品价格，周涨幅排名前 5 的产品分 别为：维生素 VA（+31.43%），维生素 VE（+20%），烟酰胺（+20% ...

Investment Rating - The report assigns a "Buy" rating to Yunnan Baiyao, with a target valuation of NA [3] Core Views - Yunnan Baiyao is a leading traditional Chinese medicine (TCM) company transitioning into a modern health and wellness enterprise, with a history of over 120 years [2] - The company operates through four major business segments: pharmaceuticals, health products, TCM resources, and Yunnan Pharmaceutical Company, ensuring steady growth [3] - Yunnan Baiyao's profitability is improving, with a focus on shareholder returns, maintaining a high dividend payout ratio of over 90% in recent years [3] - The company is driving growth through both internal R&D and external investments, exploring new growth opportunities in areas like nuclear medicine and innovative fields [3] - The report forecasts net profit attributable to shareholders of 4.51/5.02/5.47 billion yuan for 2024-2026, with year-on-year growth of 10.1%/11.3%/9.0%, and a PE ratio of 21/19/17 times [3] Business Segments Pharmaceutical Segment - The pharmaceutical segment, including the exclusive Baiyao series and over-the-counter drugs, is a core driver of growth, with a 5-year CAGR of 7.4% and revenue of 6.48 billion yuan in 2023 [17] - Key products like Yunnan Baiyao aerosol, plaster, and capsules have achieved significant sales growth, with the aerosol generating over 1.7 billion yuan in revenue [17][19] Health Products Segment - The health products segment, particularly Yunnan Baiyao toothpaste, has a leading market share of 24.6% in 2023, with a 5-year CAGR of 7.5% and revenue of 6.42 billion yuan [17][23] - The segment is expanding into scalp care and skincare, with the Yang Yuan Qing brand focusing on oil control and anti-hair loss [24] TCM Resources Segment - The TCM resources segment focuses on leveraging Yunnan's rich herbal resources, with external sales of 1.71 billion yuan in 2023, a 22% year-on-year increase [24] - The segment is developing products like Panax notoginseng and Paris polyphylla, as well as natural plant extracts [24] Yunnan Pharmaceutical Company - Yunnan Pharmaceutical Company is the largest pharmaceutical distribution company in Yunnan, with a 21.7% market share and revenue of 24.49 billion yuan in 2023, growing at a 5-year CAGR of 8.4% [25] Financial Performance - Yunnan Baiyao's revenue is expected to grow from 36.49 billion yuan in 2022 to 48.00 billion yuan in 2026, with a CAGR of 7.1% [3] - Net profit attributable to shareholders is projected to increase from 3.00 billion yuan in 2022 to 5.47 billion yuan in 2026, with a CAGR of 10.1% [3] - The company's ROE has been improving, reaching 10.4% in 2023, and is expected to rise to 13.0% by 2026 [35] Strategic Initiatives - Yunnan Baiyao is focusing on both internal R&D and external investments to drive growth, with significant investments in areas like nuclear medicine and innovative fields [3][27] - The company has established a global presence with operations in Beijing, Shanghai, Hainan, Hong Kong, and South Korea, and has invested in companies like Shanghai Pharma and Wanlong Holdings [27][28] - Yunnan Baiyao is also exploring new business areas, including health supplements, skincare, medical devices, and tea products, to diversify its revenue streams [26]