轻工制造：中报落地关注景气出口&内需改善

Investment Rating - The report gives a "Buy" rating for the company Morning Light Co., Ltd. (晨光股份) based on its strong growth prospects and current valuation metrics [3]. Core Insights - The light industry manufacturing sector is showing positive trends in both export and domestic demand, with specific recommendations for companies like Jiangxin Home, Gongchuang Lawn, and Yutong Technology [3][5]. - The report highlights the recovery potential in the home furnishing sector, particularly in custom furniture companies such as Oppein Home and Sophia [6]. - The packaging sector is expected to benefit from improved profitability, especially in the metal packaging segment, with a focus on companies like Shengxing Co. and Aorijun [5][6]. Summary by Sections Export Chain - Jiangxin Home reported a revenue of 1.2 billion yuan in H1 2024, up 28%, with a net profit of 290 million yuan, reflecting a 42% increase [3]. - Gongchuang Lawn achieved a revenue of 1.5 billion yuan in H1 2024, a 19% increase, with a net profit of 280 million yuan, up 25% [3]. - The report notes a decrease in shipping costs, suggesting a potential recovery in end-user demand in the U.S. real estate sector [3][5]. Packaging - Shengxing Co. reported a revenue decline of 3.7% but a net profit increase of 47.8% in H1 2024, indicating a focus on optimizing its product mix [5]. - Yutong Technology's revenue and net profit grew by 15.5% and 15.1% respectively in H1 2024, benefiting from stable demand in the consumer electronics sector [5]. Paper and Packaging - As of August 30, 2024, the price of double glue paper was 5,293.75 yuan/ton, down 56.25 yuan, while the price of box board paper increased by 9.6 yuan to 3,611 yuan/ton [5][40]. - The report indicates a 5.9% year-on-year increase in revenue for the paper and paper products industry from January to July 2024 [49]. Home Furnishing - The furniture manufacturing sector saw a cumulative revenue increase of 4.3% year-on-year from January to July 2024, with a notable decline in retail sales and exports in July [6][28]. - The report suggests a focus on companies in the custom furniture space, which are expected to benefit from valuation recovery [6]. New Tobacco - The report notes a shift in the electronic cigarette market towards compliant products, with a recommendation to focus on companies like Smoore International that have strong compliance and performance metrics [6]. Textile and Apparel - The textile and apparel sector is recommended for companies with stable performance and high dividend yields, such as Fuanna and Hailan Home [6].