Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][6]. Core Insights - The company reported a revenue of approximately 3.908 billion yuan for the first half of 2024, representing a year-on-year increase of 19.77%. However, the net profit attributable to shareholders decreased by 15.43% to about 244 million yuan [3][4]. - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, totaling 230 million yuan, which accounts for 94.21% of the net profit for the period [3][4]. - The company's decorative materials business showed strong growth, with revenue reaching approximately 3.282 billion yuan, up 29.01% year-on-year, while the custom home business saw a slight decline of 11.41% [3][4]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved revenue of about 2.425 billion yuan, a year-on-year increase of 12.74%, but the net profit attributable to shareholders fell by 27.34% to approximately 156 million yuan [3][4]. - The company’s operating cash flow showed significant recovery, with a net profit margin of 6.25%, down 2.60 percentage points year-on-year [4][6]. Business Segments - The decorative materials segment generated approximately 2.146 billion yuan in revenue, a 41.45% increase year-on-year, while the brand usage fee revenue decreased by 11.59% [4]. - The custom home segment reported revenue of about 300 million yuan, a 22.04% increase, with a focus on high-end positioning and regional brand development [4]. Cost Management - The company successfully reduced its expense ratio to 6.95%, down 2.81 percentage points year-on-year, with significant reductions in management and financial expenses [4][6]. - Despite the decrease in expense ratios, credit and asset impairment losses increased by 264.11% to approximately 79 million yuan, primarily due to receivables from a subsidiary [4]. Retail Strategy - The company is accelerating the construction of a new retail model, with over 2,000 stores adopting this model, enhancing online operations to attract customers [5][6]. - The focus on multi-channel operations and the development of small B-end channels is expected to drive future growth [6].

[Table_Main] 证券研究报告 | 公司点评 兴业银锡(000426.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：11.58 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 兴业银锡 沪深300 -40% -20% 0% 20% 40% 60% 80% 100% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.62 | -16.15 | -18.10 | | 相对涨幅(%) | -2.57 | -11.12 | -9.88 | 资料来源：德邦研究所，聚源数据 相关研究 1.《兴业银锡（000426.SZ）：技改放量， 23 年归母净利大增 457%》，2024.4.30 2.《兴业银锡（000426.S ...

[Table_Main] 证券研究报告 | 公司点评 恒玄科技(688608.SH) 2024 年 08 月 27 日 | --- | --- | --- | --- | --- | |---------------------------|-------|--------------------------|-------|--------------------| | 买入（维持） | | 可穿戴市场需求份额双增， | | BES2800 放量可期 | | | | | | | | 所属行业：电子 / 半导体 | | | | | | 当前价格 ( 元 ) ： 151.00 | | 恒玄科技 | 2024 | 年中报点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 69% 恒玄科技 沪深300 | --- | --- | --- | --- | |-------------- ...

[Table_Main] 证券研究报告 | 公司点评 福瑞达(600223.SH) 2024 年 08 月 27 日 增持（下调） 所属行业：美容护理/化妆品 当前价格(元)：6.05 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 34% 福瑞达 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -46% 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 3M | | 绝对涨幅 (%) | -1.93 | -14.96 | -23.71 | | 相对涨幅 (%) | 1.11 | -9.93 | -15.49 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《福瑞达：23 年业绩超出此前预告， 静待化妆品新品放量》，2024.3.22 2.《福瑞达：化 ...

[Table_Main] 证券研究报告 | 公司点评 金诚信(603979.SH) 2024 年 08 月 27 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：41.56 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 金诚信 沪深300 -29% -14% 0% 14% 29% 43% 57% 71% 86% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 4.63 | -14.13 | -23.95 | | 相对涨幅(%) | 7.13 | -9.65 | -16.25 | 资料来源：德邦研究所，聚源数据 相关研究 1.《铜行业跟踪：24Q2 铜价创新高， Q3TC 骤 降 ， 供 需 持 续 紧 张 》， 2024.7.11 2.《金诚信（60397 ...

Investment Rating - The report maintains a "Buy" rating for China Automotive Research (601965.SH) [2] Core Views - The company demonstrates steady growth with improving profitability, achieving a revenue of 2 billion yuan in the first half of 2024, a year-on-year increase of 20.38%, and a net profit of 401 million yuan, up 16.88% year-on-year [5][6] - The company is focusing on its strategic advantages in automotive technology services and emerging businesses, with a notable revenue increase in the new energy and intelligent connected vehicle development and testing business, which grew by 38.09% [5][6] - The integration with China Inspection Group is expected to accelerate growth by leveraging resources and capabilities in the automotive inspection and certification sectors [6] Financial Performance Summary - In the first half of 2024, the company reported a revenue of 2 billion yuan, with a net profit of 401 million yuan, and a non-recurring net profit of 377 million yuan [5] - The second quarter of 2024 saw a revenue of 1.139 billion yuan, reflecting a year-on-year growth of 19.31% and a quarter-on-quarter growth of 32.2% [5] - The company's gross margin for the first half of 2024 was 40.6%, with a net margin of 21.6% [5][8] - Revenue projections for 2024-2026 are estimated at 47.2 billion yuan, 55.6 billion yuan, and 65.6 billion yuan, respectively, with corresponding net profits of 9.9 billion yuan, 11.8 billion yuan, and 14.1 billion yuan [6][9] Market Comparison - The company's stock has underperformed relative to the market, with a 20% decline compared to the CSI 300 index [4] - The stock price range over the past 52 weeks was between 15.06 and 23.04 yuan [7] Valuation Metrics - As of August 27, 2024, the stock price was 15.50 yuan, with projected P/E ratios for 2024, 2025, and 2026 at 15.7, 13.2, and 11.1, respectively [6][9] - The company maintains a gross margin of 43% and a net profit margin projected to improve to 22.5% by 2026 [8][9]

[Table_Main] 证券研究报告|公司点评 乖宝宠物(301498.SZ) 2024 年 08 月 27 日 投资要点 | --- | --- | --- | --- | |---------------------------|------------------|----------------|-------| | 乖宝宠物： 买入（维持） | Q2 | 业绩实现高增， | | | | | | | | 所属行业：农林牧渔 / 饲料 | 盈利水平显著改善 | | | | 当前价格 ( 元 ) ： 46.35 | | | | | | | | | 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 乖宝宠物 沪深300 -23% | --- | --- | --- | --- | |-------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 1.025 billion yuan, down 22.93% year-on-year, and net profit at 84 million yuan, down 26.47% year-on-year [2][3] - The slowdown in project execution has negatively impacted performance, particularly in the engineering business, while the chemical business remains stable [3] - The company has a sufficient backlog of orders, with significant revenue already recognized from ongoing projects [3] - The company plans to distribute a mid-term dividend of approximately 65 million yuan, reflecting a high payout ratio of 76.8% [3] Financial Performance Summary - For H1 2024, the company's gross margin and net margin were 19.05% and 8.12%, respectively, both showing a decline compared to H1 2023 [3] - Revenue breakdown by business for H1 2024 includes: engineering contracting (70 million yuan, down 72.51%), engineering design (24 million yuan, down 38.41%), and chemical products (650 million yuan, down 2.47%) [3] - The company expects revenue growth from 2024 to 2026 to be 8.1%, 15.7%, and 17.3%, respectively, with net profit growth of 4.9%, 24.7%, and 31.5% [3][9] Order Backlog and Project Updates - As of the end of June 2024, the company has signed 95 contracts with a total value of 762.34 million yuan, and has won additional contracts worth 3.8 billion yuan [3] - The company has recognized revenue of 22.74 million yuan from the North Huajin project, with total collections reaching 180 million yuan [3] Dividend and Innovation - The company applied for 8 patents and was granted 10 patents in H1 2024, with one project recognized as internationally leading [3] - The planned cash dividend of 1.00 yuan per share reflects the company's commitment to returning value to shareholders [3]

Investment Rating - Buy (maintained) [1] Core Views - The company's 2024H1 revenue reached 1.81 billion yuan, a year-on-year increase of 5.23%, with net profit attributable to the parent company of 112 million yuan, a year-on-year increase of 29.86% [3] - The company's tungsten powder and carbide powder businesses benefited from rising tungsten prices, with gross margins increasing by 0.77 and 1.69 percentage points respectively [3] - The subsidiary Aokete achieved a revenue of 310 million yuan in 2024H1, a year-on-year increase of 27.33%, but incurred a loss of 9.31 million yuan [4] - The company's hard alloy products saw significant growth in sales, with a gross margin of 18.49%, up 3.47 percentage points year-on-year [3] Financial Performance - The company's 2024H1 tungsten concentrate (65%) production was 1,791.88 tons, a year-on-year decrease of 3.95%, while tin metal (100%) production was 414.86 tons, a year-on-year decrease of 6.28% [3] - In 2024Q2, the company achieved revenue of 940 million yuan, a year-on-year increase of 4.3%, and net profit attributable to the parent company of 85 million yuan, a year-on-year increase of 65.6% [3] - The company's tungsten powder, carbide powder, and thermal spray powder sales in 2024H1 were 1,849.82 tons, 2,494.79 tons, and 226.98 tons, respectively, with year-on-year decreases of 16.34%, 4.80%, and 9.24% [3] - The company's hard alloy, coated blades, and rod sales in 2024H1 were 618.23 tons, 11.66 million pieces, and 358.86 tons, respectively, with year-on-year increases of 20.12%, 23.36%, and 35.63% [3] Market and Industry Analysis - The average price of tungsten concentrate (WO3≥65%) and ammonium paratungstate (APT) in 2024H1 was 134,100 yuan/ton and 198,500 yuan/ton, respectively, up 12.97% and 10.96% year-on-year [3] - The company's tungsten powder and carbide powder products are in the middle of the industrial chain, with production costs and prices strongly correlated with tungsten concentrate prices [3] - The company's hard alloy products are downstream products, with the company actively expanding the market and developing new customers, leading to a year-on-year increase in production and sales [3] Future Projections - The company's revenue for 2024-2026 is projected to be 3.8 billion yuan, 4.0 billion yuan, and 4.1 billion yuan, respectively, with net profit attributable to the parent company of 210 million yuan, 270 million yuan, and 360 million yuan, respectively [4] - The company's PE ratios for 2024-2026 are projected to be 30.14x, 23.56x, and 17.88x, respectively [4] - The company's gross margin for 2024-2026 is projected to be 13.2%, 14.5%, and 15.8%, respectively [5] - The company's net profit margin for 2024-2026 is projected to be 5.6%, 6.9%, and 8.8%, respectively [5]

[Table_Main] 证券研究报告 | 宏观点评 | --- | --- | --- | --- | |------------|-------|---------------------------------------------|-------| | | | 2024 年 8 月 27 日 | | | 宏观点评 | | | | | | | | | | | | 价平量减、利润率钝化 月工业企业利润数据点评 | | | 证券分析师 | | | | [Table_Summary] 投资要点： 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 相关研究 核心观点：规上工业企业效益延续平稳恢复态势，但在国内消费较弱、外部环境复 杂的大背景下，这一回升态势仍需巩固。7 月企业利润三因素的总体贡献格局与 6 月类似，一是"价"依旧保持低位徘徊，但 PPI 降幅未再继续收窄；二是"量"端 出现了边际走弱倾向，工增同比降速；三是"利润率"的钝化继续对利润增速的上 行空间形成制约。结构方面，全部 41 个行业 ...