国信证券：晨会纪要-20240813

Group 1: Key Insights on Jinpan Technology (金盘科技) - Jinpan Technology (688676.SH) reported a slight revenue growth of 0.79% year-on-year, achieving revenue of 2.916 billion yuan in the first half of 2024, while net profit attributable to shareholders increased by 16.43% to 222 million yuan [3] - The second quarter showed resilience with a revenue of 1.611 billion yuan, up 0.94% year-on-year and 23.50% quarter-on-quarter, and a net profit of 128 million yuan, reflecting a year-on-year increase of 23.02% and a quarter-on-quarter increase of 35.06% [3] - Domestic sales were impacted by a slowdown in new energy demand, with domestic revenue declining by 10.02% to 2.11 billion yuan, while export revenue surged by 48.53% to 790 million yuan, indicating strong growth in overseas markets [3] Group 2: Macro and Strategy Insights - The macroeconomic environment is characterized by a shift from "easy to heat, difficult to cool" to "easy to cool, difficult to heat," indicating a change in the effectiveness of macroeconomic policies [4][5] - The current macro policy is focused on "promoting transformation" and "stabilizing growth," with a need for a balance between long-term structural changes and short-term economic stabilization [5] - The monetary policy remains stable, with the central bank's liquidity management showing a net withdrawal of 759.76 billion yuan in the recent week, indicating a cautious approach to liquidity [6] Group 3: Industry Insights - The food and beverage industry is experiencing a shift towards stability, with a focus on maintaining market order amid a seasonal decline in demand for liquor products [10] - The beer industry is seeing structural improvements in demand, benefiting from high temperatures and sports events, although some regions are still recovering from adverse weather conditions [10] - The consumer services sector is being positively influenced by government policies aimed at boosting service consumption, with notable performance in education and tourism sectors [9]