Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that the overall industry is showing signs of recovery, with significant growth opportunities in AR/VR and AIGC sectors. It emphasizes the importance of policy support for the digital economy and cultural industries [6][9]. - The issuance of game licenses reached a record high in August, with 117 games approved, suggesting a favorable supply-side environment for the gaming industry [7][10]. - OpenAI is reportedly set to launch a new AI product codenamed "Strawberry," which aims to surpass existing technologies and address complex challenges [9][10]. Summary by Sections 1. Core Views, Investment Strategy, and Stock Portfolio - The investment portfolio includes Tencent Holdings, NetEase, and other key players in the gaming and media sectors. The focus is on themes such as gaming, AI, VR, education, and advertising [6][9]. - The report suggests that the current market conditions present a good opportunity for increased allocation in the industry due to expected fundamental recovery and growth in emerging technologies [6][9]. 2. Market Performance Analysis and Data Tracking - The media industry index (SW) increased by 4.41% over the past week, outperforming the broader market indices [10][11]. - The latest PE ratio for the media industry index is 24.57, significantly lower than the five-year average of 35.21, indicating potential undervaluation [14]. 3. Key Event Commentary - The approval of 117 domestic online games in August marks the highest number in 2024, with a total of 926 game licenses issued this year, including 76 for imported games [7][10]. - OpenAI's upcoming AI product "Strawberry" is expected to enhance the capabilities of AI models, potentially reducing error rates and improving performance in various applications [9][10].

Investment Rating - The report maintains an "Outperform the Market" rating for the computer industry [2] Core Viewpoints - The report emphasizes that the "信创" (Xinchuang) initiative is at a new starting point, with a focus on enhancing core categories through refined improvements. It highlights the significant potential for domestic substitution in key areas of the Xinchuang industry, particularly in CPU chips, storage devices, operating systems, and middleware, where domestic production is currently below 10% [4][5] - The report identifies Huawei as a major player in the Xinchuang landscape, leveraging its technological innovations and ecosystem development to drive advancements in domestic computing capabilities. Huawei's initiatives, including the launch of the "原生鸿蒙" (Native Harmony) operating system, are expected to accelerate the commercialization of domestic software and hardware solutions [5] - The report discusses the expansion of the Xinchuang initiative to include industrial software, which is critical for China's manufacturing transformation. It stresses the need for self-sufficiency in industrial software to mitigate risks associated with external pressures, particularly in the context of U.S. chip export controls [6] Summary by Sections Investment Opportunities - The report suggests that the Xinchuang policy is gradually being implemented, with a new wave of replacement demand expected in the party and government sectors. Key players to watch include China Software, DM Data, Kingsoft Office, and others in the Xinchuang and industrial software sectors [6] Industry Trends - The report notes that the Xinchuang initiative is set to enhance the competitiveness of core categories, particularly in industrial software, which is essential for achieving high-level technological independence in manufacturing [6] Future Outlook - The report anticipates that Huawei's upcoming conferences and summits in September 2024 will further bolster the domestic Xinchuang supply chain market, showcasing innovations based on its digital technology ecosystems [5]

Investment Rating - Buy (Maintained) [1] Core Viewpoints - The company's product strength and ecosystem construction are continuously improving, with positive progress in business areas [5] - The company is expected to achieve revenues of 1,679/2,271/3,085 million yuan in 2024-2026, with net profits of -446/-208/148 million yuan [5] - The company's performance is typically released in the second half of the year, and with products gradually ready, the second half performance is promising [4] Market Performance - Absolute gains: -2.79% (1M), 29.20% (2M), 46.86% (3M) [2] - Relative gains: 0.71% (1M), 33.26% (2M), 54.08% (3M) [2] Financial Performance - 24H1 revenue: 0.65 billion yuan, yoy-43.4% [4] - 24H1 net profit: -5.30 billion yuan, yoy+2.7% [4] - 24Q2 revenue: 0.39 billion yuan, qoq+52.34% [4] - 24Q2 net profit: -3.03 billion yuan, qoq-0.76 billion yuan [4] - Gross margin: 62.72% (24H1), 66.08% (24Q2) [4] Business Progress - Deepened cooperation with internet clients, achieving batch shipments in natural language application scenarios [4] - Continued business and technical cooperation with leading domestic algorithm companies in the large model field [4] - Obtained multiple product compatibility certifications in the visual large model field [4] - Conducted large language model tests and industry application explorations with multiple financial institutions [4] R&D and Product Development - R&D team: 727 people, 78.82% with master's degree or above [4] - 24H1 R&D expenses: 4.5 billion yuan [4] - Developing new-generation intelligent processor microarchitecture and instruction set, optimizing for NLP, video/image generation, and recommendation system large models [4] - Enhancing training platform versatility and ecosystem construction, achieving native support for MLU in Transformers and Accelerate communities [4] - Successfully verified large language model pre-training function on clusters, achieving industry-leading single training task stability and computational efficiency [4] Financial Projections - 2024-2026 revenue: 1,679/2,271/3,085 million yuan [5] - 2024-2026 net profit: -446/-208/148 million yuan [5] - 2024-2026 gross margin: 58.6%/63.4%/68.2% [6] - 2024-2026 ROE: -8.4%/-4.1%/2.8% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady growth in performance, with H1 2024 achieving operating revenue of 50.648 billion yuan, a year-on-year increase of 11.30%, and a net profit attributable to shareholders of 19.057 billion yuan, up 11.86% year-on-year [6] - The focus on mid-to-high price products has led to significant sales growth, with the main product, Wuliangye, achieving revenue of 39.205 billion yuan, a year-on-year increase of 11.45% [6] - The company has successfully implemented a flat recruitment strategy, resulting in a notable increase in the number of distributors and sales channels [7] - The gross margin and net margin both improved, with Q2 2024 gross margin at 75.01% and net margin at 32.82% [7] - The company is expected to achieve operating revenues of 91.649 billion yuan, 100.960 billion yuan, and 112.528 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.1%, 10.2%, and 11.5% [9] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 50.648 billion yuan, with a net profit of 19.057 billion yuan, reflecting a year-on-year increase of 11.30% and 11.86% respectively [6] - The Q2 2024 results showed operating revenue of 15.815 billion yuan, a 10.08% increase year-on-year, and a net profit of 5.012 billion yuan, up 11.50% year-on-year [6] Product and Sales Strategy - The company has concentrated on mid-to-high price products, with Wuliangye and other liquor products generating revenues of 39.205 billion yuan and 7.906 billion yuan respectively, marking increases of 11.45% and 17.77% year-on-year [6] - Sales volume for Wuliangye reached 24.2 thousand tons, up 12.07% year-on-year, while other liquor products saw a decline in sales volume by 23.86% [6] Market and Distribution - The company increased its number of distributors significantly, with 98 new Wuliangye distributors and 268 new Wuliangye fragrant liquor distributors added in H1 2024 [7] - Revenue from distribution and direct sales reached 27.594 billion yuan and 19.517 billion yuan respectively, with year-on-year growth of 13.51% and 11.01% [7] Profitability and Financial Health - The gross margin for Q2 2024 was reported at 75.01%, an increase of 1.74 percentage points year-on-year, while the net margin was 32.82%, up 0.20 percentage points [7] - The company’s contract liabilities increased to 8.158 billion yuan, indicating strong confidence from distributors [7] Future Projections - The company forecasts operating revenues of 91.649 billion yuan for 2024, with a year-on-year growth rate of 10.1%, and net profit of 33.820 billion yuan, reflecting an 11.9% increase [9]

证券研究报告 | 公司点评 龙源电力(001289.SZ) 2024 年 09 月 01 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：15.18 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 龙源电力 沪深300 建设 | --- | --- | --- | --- | |--------------|---------|---------|-------| | -26% 2023-09 | 2024-01 | 2024-05 | | | | | | | | | | | | | | | | | 沪深 300对比 1M 2M 3M 绝对涨幅(%) -11.65 -10.83 -16.72 相对涨幅(%) -8.14 -6.78 -9.50 资料来源：德邦研究所，聚源数据 相关研究 1.《国常会核准 11 台核电机组，行业 保持高景气》，2024.8.20 2.《国家层面首次对全面绿色转型进 行系统部署，打造更有全球竞争力的 现代化经济体系》，2024.8.12 3 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's waste incineration power generation projects are operating stably, and there is active promotion of price adjustments and green certificate trading [4][5] - The company reported a revenue of 1.59 billion yuan for H1 2024, a year-on-year increase of 3.25%, and a net profit attributable to shareholders of 363 million yuan, up 3.3% year-on-year [4] - The company is focusing on improving efficiency and actively pursuing price adjustments and green certificate trading [4] Financial Performance - In H1 2024, the company generated a total power generation of 1,452.93 million kWh, with an average on-grid electricity price of 0.52 yuan/kWh [4] - The revenue from the household waste project increased by 15.5% year-on-year, while the revenue from the kitchen waste project also grew by 15.2% year-on-year [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 85.9 million yuan [5] Future Projections - Revenue projections for 2024 to 2026 are 3.465 billion yuan, 3.701 billion yuan, and 3.997 billion yuan, with growth rates of 9%, 6.8%, and 8% respectively [6] - Net profit projections for the same period are 720 million yuan, 794 million yuan, and 859 million yuan, with growth rates of 19.4%, 10.2%, and 8.2% respectively [6] - The company maintains a PE ratio of 8.02X for 2024, 7.28X for 2025, and 6.72X for 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company reported a revenue of 3.166 billion yuan for H1 2024, an increase of 8.72% year-on-year, and a net profit of 949 million yuan, up 11.91% year-on-year [6]. - The company is focusing on expanding its market presence in Anhui while also penetrating surrounding provinces, with high-end products accounting for over 97% of total revenue [6][7]. - Profitability is expected to improve, with projected revenues of 6.58 billion yuan, 7.30 billion yuan, and 8.10 billion yuan for 2024-2026, reflecting year-on-year growth rates of 10.4%, 10.9%, and 10.9% respectively [7]. Financial Data Summary - For Q2 2024, the company achieved a revenue of 1.399 billion yuan, a 5.90% increase year-on-year, and a net profit of 359 million yuan, up 15.15% year-on-year [6]. - The gross profit margin for Q2 2024 increased by 4.52 percentage points to 75.04%, while the net profit margin rose by 2.06 percentage points to 25.69% [6]. - The company’s total assets are projected to reach 16.487 billion yuan by 2026, with a net profit of 2.422 billion yuan for the same year [9][11].

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499.SH) [5] Core Views - Dongpeng Beverage continues to show strong performance with a revenue increase of 44.19% year-on-year in H1 2024, reaching 7.873 billion yuan, and a net profit growth of 56.14%, amounting to 1.731 billion yuan [5][6] - The company is effectively implementing a multi-category strategy and expanding its national presence, with significant revenue growth in various regions [6][7] - Cost pressures are easing, leading to improved profitability, with gross margins increasing to 44.6% in H1 2024 [6][7] Summary by Sections Financial Performance - In H1 2024, Dongpeng Beverage achieved a revenue of 7.873 billion yuan, up 44.19% year-on-year, and a net profit of 1.731 billion yuan, up 56.14% [5] - For Q2 2024, the company reported a revenue of 4.391 billion yuan, a 47.88% increase year-on-year, and a net profit of 1.067 billion yuan, up 74.62% [5] Product Strategy - The company’s core product, Dongpeng Energy Drink, generated revenues of 6.86 billion yuan in H1 2024, reflecting a 33.5% increase [6] - New product lines, such as Dongpeng Water, saw a remarkable revenue increase of 281.12%, contributing to 6.05% of total revenue [6] Regional Performance - Revenue growth was notable across various regions, with the East China region growing by 53.6% and the North China region by 99.1% [6] - The company’s dealer network expanded to 2,982, covering over 3.6 million active retail outlets nationwide [6] Profitability Metrics - Gross margins improved to 44.6% in H1 2024, benefiting from lower raw material costs [6] - The net profit margin reached a historical high of 22.0% in H1 2024, up 1.7 percentage points year-on-year [6] Future Outlook - The report projects revenue growth for 2024-2026, estimating revenues of 15.341 billion yuan, 19.357 billion yuan, and 22.866 billion yuan, representing year-on-year growth rates of 36.2%, 26.2%, and 18.1% respectively [7][9] - The forecast for net profit is set at 2.894 billion yuan, 3.753 billion yuan, and 4.571 billion yuan for the same period, with corresponding growth rates of 41.9%, 29.7%, and 21.8% [7][9]

Economic Overview - August PMI for manufacturing dropped to 49.1%, a decrease of 0.3 percentage points, marking the first contraction below the threshold this year, excluding February due to seasonal factors[2] - The production index fell to 49.8% and new orders index to 48.9%, down 0.3 and 0.4 percentage points respectively, indicating a persistent supply-demand imbalance[2] Supply and Demand Dynamics - New export orders index rose to 48.7%, up 0.2 percentage points from July, although it remains in the contraction zone[3] - The backlog of orders index decreased to 44.7%, down 0.6 percentage points, suggesting a weak demand outlook[3] Price Trends - The raw material price index fell significantly to 43.2%, down 6.7 percentage points, while the factory price index dropped to 42.0%, down 4.3 percentage points, reflecting declining commodity prices[4] - Major commodities like Brent crude oil fell over 5%, reinforcing downward pressure on prices[4] Inventory and Business Sentiment - Raw material inventory index at 47.6% and finished goods inventory index at 48.5%, both indicating contraction in inventory levels[4] - Large enterprises' PMI stands at 50.4%, while medium and small enterprises are at 48.7% and 46.4% respectively, highlighting a significant disparity in business conditions across different enterprise sizes[4] Future Outlook - The manufacturing production activity expectation index is at 52.0%, indicating a positive outlook despite a 1.1 percentage point decline from the previous month[5] - Accelerated issuance of special bonds in August, nearing 800 billion, is expected to boost construction activity and overall economic growth in the latter half of the year[5]

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [2] Core Insights - The report highlights the significant growth in renewable energy certificate issuance and trading in China, with 182 million green certificates issued in July 2024, of which conventional hydropower accounted for 56.07% [16][19] - China's energy transition investment reached $676 billion in 2023, making it the largest investor in global energy transition [19] - The report emphasizes the importance of ESG (Environmental, Social, and Governance) performance, with a focus on the leading position of China Yangtze Power Co., Ltd. in the industry [20][25] Summary by Sections 1. Hotspot Focus - **Domestic**: In July 2024, the National Energy Administration issued 182 million green certificates, with wind power contributing 40.25 million (22.09%) and solar power 31.48 million (17.28%). Cumulatively, 889 million green certificates have been issued by the end of July 2024 [16][19] - **International**: The SIX Swiss Exchange launched the SIX 1.5°C Climate Equity certification, allowing companies to demonstrate their commitment to limiting global warming to 1.5°C [18] 2. Policy Dynamics - The "China's Energy Transition" white paper states that China contributed significantly to global energy transition, with 2023 investments reaching $676 billion [19] - The implementation guidelines for digital and green collaborative transformation were jointly issued by ten departments, emphasizing the integration of digital technology and green development [19] 3. ESG Performance Research - China Yangtze Power Co., Ltd. is recognized for its strong ESG performance, with an AA rating in the iFind ESG rating system, ranking in the top 2.38% of the industry [20][22] - The report identifies 49 material issues affecting the company, categorized into environmental, social, and governance topics [22][25] 4. ESG Financial Product Tracking - As of August 30, 2024, China has issued 4,728 ESG bonds with a total scale of 13.33 trillion RMB, and 138 bonds were issued in the current month alone [29] - The total net value of ESG public funds reached 521.98 billion RMB, with environmental protection products making up the largest share at 38.81% [32] 5. Expert Opinions - Experts suggest further research on carbon market allocation systems and the exploration of carbon financial innovations to enhance market collaboration [36]