食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 口子窖 603589.SH 买入 原评级：买入 市场价格:人民币 35.14 板块评级:强于大市 本报告要点 口子窖 2024 年半年报业绩点评 股价表现 (%) 今年 1 3 12 (42%) (33%) (25%) (17%) (8%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 口子窖 上证综指 至今 个月 个月 个月 绝对 (20.6) (6.2) (16.3) (38.4) 相对上证综指 (15.4) (3.0) (7.4) (28.1) | --- | --- | |------------------------------------------|------------| | | | | 发行股数 ( 百万 ) | | | 流通股 ( 百万 ) | | | 总市值 ( 人民币 百万 ) | | | 3 个月日均交易额 ( 人民币 主要股东 | 百万 ) | | 徐进 | | | 资料来源：公司公告， Wind ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company achieved a revenue of RMB 3.733 billion in H1 2024, representing a year-on-year growth of 3.46%, while the net profit attributable to shareholders was RMB 358 million, up 27.49% year-on-year [2][3] - The overall hotel RevPAR decreased by 6.0% in Q2 2024 due to high base effects from the previous year [2][3] - The company continues to expand its store count, with a focus on upgrading to mid-to-high-end hotels, which now account for 28.6% of total hotels [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of RMB 3.733 billion, a 3.46% increase year-on-year, and a net profit of RMB 358 million, a 27.49% increase year-on-year [2][3] - The Q2 2024 revenue was RMB 1.888 billion, a decrease of 3.33% year-on-year, while the net profit was RMB 237 million, an increase of 18.51% year-on-year [2][3] Revenue Breakdown - Revenue from hotel operations accounted for 64.94%, hotel management for 27.12%, and scenic area operations for 7.94% [2][3] Market Position and Expansion - The company opened 567 new stores in H1 2024, a 7.8% increase year-on-year, with 171 of these being mid-to-high-end hotels, a 78.1% increase year-on-year [2][3] - The mid-to-high-end hotel segment's room count now represents 40.8% of total rooms [2][3] Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 0.81, RMB 0.92, and RMB 1.06 respectively, with corresponding P/E ratios of 14.5, 12.8, and 11.1 [2][3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 300763.SZ 买入 原评级：买入 市场价格:人民币 57.13 板块评级:强于大市 股价表现 (45%) (33%) (21%) (9%) 2% 14% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦浪科技 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (16.5) (11.6) 0.8 (22.7) 相对深圳成指 (4.4) (8.3) 12.6 (1.7) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 399.45 | | 流通股 ( 百万 ) | | 321.53 | | 总市值 ( 人民币 百万 ) | | 22,820.44 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 550.86 | | 主要股东 | | | | 王一鸣 ...

计算机 | 证券研究报告 — 业绩评论 2024 年 9 月 4 日 002376.SZ 买入 原评级：买入 市场价格:人民币 5.55 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (37%) (28%) (20%) (11%) (2%) 7% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 新北洋 深圳成指 至今 个月 个月 个月 绝对 (27.9) 3.5 (1.4) (24.9) 相对深圳成指 (15.9) 6.9 10.3 (3.9) | --- | --- | |----------------------------------------|----------| | | | | 发行股数 ( 百万 ) | 648.47 | | 流通股 ( 百万 ) | 625.32 | | 总市值 ( 人民币 百万 ) | 3,599.02 | | 3 个月日均交易额 ( 人民币 百万 ) | 27.64 | | 主要股东 | | | 威海北洋电气集团股份有限公司 | 14.3 | | 资料来源：公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company experienced rapid growth in H1 2024, achieving revenue of 2.176 billion RMB, a year-on-year increase of 268.50%, and a net profit of 388 million RMB, marking a return to profitability [2]. - The company's gross margin reached 29.00%, up 26.84 percentage points year-on-year, while the net profit margin was 17.81%, an increase of 31.26 percentage points year-on-year [2]. - The report highlights the company's strategic focus on storage technology, which has led to a diversified product matrix and an expanding customer base, contributing to its growth [2]. - The semiconductor market is expected to grow significantly, with the storage market projected to see over 75% growth in 2024, providing favorable conditions for the company [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.176 billion RMB, a 268.50% increase year-on-year, and a net profit of 388 million RMB, compared to a loss in the previous year [2]. - For Q2 2024, revenue was 1.365 billion RMB, reflecting a 373.12% year-on-year increase and a 68.36% quarter-on-quarter increase [2]. - The company expects revenues of 3.996 billion RMB, 4.409 billion RMB, and 5.655 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 801 million RMB, 634 million RMB, and 711 million RMB [3]. Market Position and Strategy - The company is capitalizing on the recovery of the storage market, expanding its product offerings to include embedded storage and memory modules, which are becoming new growth points [2]. - The company has successfully entered the supply chains of several well-known enterprises, enhancing its customer diversity and operational stability [2]. - The report emphasizes the importance of AI applications driving demand in the storage market, which is expected to benefit the company significantly [2]. Valuation - The report adjusts the company's earnings forecast upwards, reflecting the anticipated growth in the storage industry and the company's strategic positioning [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 13.0, 16.4, and 14.6 respectively, indicating a favorable valuation outlook [3].

计算机 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 688168.SH 买入 原评级：买入 市场价格:人民币 28.10 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (43%) (32%) (22%) (12%) (2%) 8% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 安博通 上证综指 至今 个月 个月 个月 绝对 (22.5) 14.5 (4.5) (18.1) 相对上证综指 (17.1) 18.0 4.5 (7.6) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 76.51 | | 流通股 ( 百万 ) | | 76.51 | | 总市值 ( 人民币 百万 ) | | 2,150.04 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 14.66 | | 主要股东 | | | | 钟竹 | | 23 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 002557.SZ 洽洽食品 2Q24 营收承压，成本红利持续兑现 洽洽食品披露 2024 年中报，上半年实现营收 29.0 亿元，同比+7.9%，实现归母净利 润 3.4 亿元，同比+25.9%；其中 2Q24 实现营收 10.8 亿元，同比-20.2%，实现归母净 利润 1.0 亿元，同比+7.6%；公司 2Q24 营收承压，坚果营收占比持续提升。成本红 利持续兑现，销售费用投放力度加大，盈利水平回升。我们预计公司 2024 年营收有 望实现稳健增长。我们认为公司长期渠道、品类扩张基础坚实，维持买入评级。 支撑评级的要点 2Q24 营收承压，坚果营收占比持续提升。1H24 公司实现营收 29.0 亿元，同比+7.9%。 休闲产品整体销量/单价分别同比+6.5%/+1.3%。1）分季度来看，1Q24/2Q24 公司营收 分别同比+36.4%/-20.2%至 18.2/10.8 亿元，我们判断公司 Q2 营收承压主系春节后需求 转弱，叠加公司主动去化下游库存所致；2）分品类来看，1H24 公司葵花籽/坚果/其 他产品分别实现营收 18 ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 9 月 4 日 \n中银晨会聚焦 -20240904 | | 600309.SH | | 万华化学 | | | | 002409.SZ | | 雅克科技 | | | | | | 宁德时代 | | ■ 重点关注 | | 300750.SZ | | | | | | 603203.SH | | 快克 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 6.07 and an industry rating of "Outperform" [1][3]. Core Insights - The company achieved its first profitable quarter in domestic operations, with a significant increase in market share in Southeast Asia. The revenue for the first half of 2024 reached USD 4.86 billion, a year-on-year growth of 20.6%, and the net profit was USD 30 million, marking a turnaround from losses [3]. - The company’s express delivery volume grew nearly 40% in the first half of 2024, with a total of 11.01 billion packages delivered, reflecting a year-on-year increase of 38.3% [3]. - The company’s market share in Southeast Asia increased to 27.4%, up from 25.4% in 2023, while its market share in China rose to 11.0% from 9.9% [3]. - The report highlights the scale effects of logistics infrastructure, with a decrease in per-package costs in the Chinese market, contributing to improved profitability [3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenues of USD 4.86 billion, with segment revenues of USD 3.00 billion from China, USD 1.52 billion from Southeast Asia, and USD 290 million from emerging markets, showing growth rates of 36.1%, 22.0%, and 119.6% respectively [3][4]. - The adjusted EBITDA for 2024 is projected to be RMB 2.898 billion, with net profit expected to reach RMB 560 million, a significant turnaround from a loss of RMB 7.845 billion in 2023 [4][5]. Market Position - The company’s market share in Southeast Asia has shown a notable increase, indicating a strong competitive position and potential for further growth in the region [3][4]. - The report emphasizes the company's ability to leverage domestic operational expertise to enhance its performance in Southeast Asia [3]. Valuation - The report adjusts profit forecasts, projecting net profits of RMB 5.60 billion, RMB 22.48 billion, and RMB 33.40 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.06, RMB 0.25, and RMB 0.38 [3][4].

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 璞泰来 上证综指 603659.SH 增持 原评级：增持 市场价格:人民币 11.14 板块评级:强于大市 股价表现 (67%) (53%) (40%) (26%) (12%) 2% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (45.0) (11.4) (31.7) (66.5) 相对上证综指 (39.9) (8.1) (22.8) (56.2) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,137.97 | | 流通股 ( 百万 ) | | 2,136.40 | | 总市值 ( 人民币 百万 ) | | 23,817.02 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 284.90 | | 主要股 ...