Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from rising aluminum prices, with a 66% year-on-year growth in net profit for the first half of 2024 [4] - The company achieved a revenue of 24.65 billion yuan, a year-on-year increase of 39.49% [4] - The gross profit margin for electrolytic aluminum products decreased by 2.94 percentage points to 15.43% due to rising raw material costs [4] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, with a payout ratio of 31.67% [4] Financial Performance - In Q2 2024, the company reported a revenue of 13.29 billion yuan, a year-on-year increase of 61.5% and a quarter-on-quarter increase of 17.0% [4] - The net profit for Q2 2024 was 1.36 billion yuan, reflecting a year-on-year growth of 115.0% and a quarter-on-quarter growth of 16.5% [4] - The average aluminum price in the Chinese market for H1 2024 was 19,798 yuan per ton, up 7.1% year-on-year [4] - The company produced 1.351 million tons of primary aluminum in H1 2024, a significant increase of 38.7% year-on-year [4] Production and Operational Goals - The company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, and 1.26 million tons of aluminum alloys and processed products in 2024 [4] - The production of alumina in H1 2024 was 723,000 tons, while carbon products and aluminum processing products were 398,000 tons and 588,000 tons, respectively [4] Earnings Forecast - Revenue forecasts for 2024-2026 are adjusted to 49.8 billion yuan, 53.7 billion yuan, and 57.5 billion yuan, respectively, with net profits of 4.44 billion yuan, 4.64 billion yuan, and 4.91 billion yuan [5] - The expected year-on-year growth rates for net profit are 12.2%, 4.4%, and 5.9% for 2024, 2025, and 2026, respectively [5] - The price-to-earnings ratio (P/E) for 2024 is projected at 9.13x, with subsequent years showing a decreasing trend [5]

[Table_Main] 证券研究报告 | 公司点评 神州泰岳(300002.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：传媒/游戏Ⅱ 当前价格(元)：8.09 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 王晶晶 资格编号：S0120524080001 邮箱：wangjj5＠tebon.com.cn 市场表现 神州泰岳 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 1.12 | -2.88 | -5.72 | | 相对涨幅(%) | 3.62 | 1.60 | 1.98 | 资料来源：德邦研究所，聚源数据 相关研究 1.《神州泰岳 2023 及 24Q1 业绩点评： 核心产品流水基本盘稳定，深耕 SLG 出海打造护城河》，2024.5.10 2.《23 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - In H1 2024, the company achieved revenue of 1.435 billion yuan, a year-on-year increase of 26.5%, and a net profit attributable to shareholders of 155 million yuan, up 30.75% year-on-year. However, in Q2 2024, revenue was 801 million yuan, a year-on-year increase of 29.8%, while net profit decreased by 22.6% to 82.85 million yuan [1][4]. - The company has been expanding its recycling and marketing channels globally, leveraging over 20 years of experience in the renewable plastics sector. In Q2 2024, the company reported record revenue of 801 million yuan, a quarter-on-quarter increase of 26.6 [4]. - The company is currently constructing its second phase project in Vietnam, with a total investment of approximately 60 million USD, expected to enhance production capacity significantly upon completion [4]. Financial Summary - For 2024-2026, the company is projected to generate revenues of 2.77 billion yuan, 3.12 billion yuan, and 3.54 billion yuan, with growth rates of 12.8%, 12.6%, and 13.5% respectively. Net profits are expected to be 266 million yuan, 316 million yuan, and 370 million yuan, with growth rates of 35.7%, 19.0%, and 17.1% respectively [4][6]. - The company’s gross margin is expected to improve from 25.7% in 2023 to 29.0% by 2026, indicating a positive trend in profitability [7][9]. - The company’s total assets are projected to grow from 4.017 billion yuan in 2023 to 5.018 billion yuan in 2026, reflecting a solid growth trajectory [9].

[Table_Main] 证券研究报告 | 公司点评 裕同科技(002831.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：轻工制造/包装印刷 当前价格(元)：22.07 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 市场表现 裕同科技 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.03 | -13.52 | -13.12 | | 相对涨幅(%) | -2.54 | -9.04 | -5.42 | 资料来源：德邦研究所，聚源数据 相关研究 1.《裕同科技（002831.SZ）：经营总体 稳健，Q2 盈利环比修复》，2023.8.29 裕同科技(0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has reported rapid revenue growth, with a 36.88% year-on-year increase in revenue to 796 million yuan in the first half of 2024, and a 38.18% increase in net profit to 185 million yuan [2][3] - The revenue from inductive components has seen a significant quarter-on-quarter growth of 138.92%, contributing to 24.5% of total revenue [3] - The company continues to receive recognition from major semiconductor manufacturers for its chip inductors and has entered the supplier lists of several global firms [3] - The company is investing heavily in R&D for new products, including inductors suitable for AI server power circuits, which have begun small-scale production [3] - The sales revenue from metal soft magnetic powder cores has grown steadily, with a 7.03% year-on-year increase to 586 million yuan in the first half of 2024 [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.793 billion yuan, 2.324 billion yuan, and 2.900 billion yuan respectively, with corresponding net profits of 406 million yuan, 529 million yuan, and 655 million yuan [3][7] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 36.83% [3] - The company’s price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 18.89, 14.50, and 11.71 respectively [3][7]

[Table_Main] 证券研究报告 | 公司点评 昊华能源(601101.SH) 2024 年 08 月 27 日 | --- | --- | |---------------------------------------------------|------------------------| | 昊华能源（ 买入（维持） | 601101.SH ）：产能 | | | | | 所属行业：煤炭 / 煤炭开采 当前价格 ( 元 ) ： 7.93 | 逐步释放，业绩表现优异 | | | | 投资要点 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -20% 0% 20% 40% 60% 80% 100% 昊华能源 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|----- ...

买入（首次） 所属行业：电子/消费电子 当前价格(元)：20.16 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 歌尔股份 沪深300 -29% -14% 0% 14% 29% 43% 57% 71% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.52 | 9.48 | 24.86 | | 相对涨幅(%) | -4.03 | 13.96 | 32.56 | 资料来源：德邦研究所，聚源数据 相关研究 [Table_Main] 证券研究报告 | 公司首次覆盖 歌尔股份(002241.SZ) 2024 年 08 月 27 日 歌尔股份(002241.SZ)：声光电龙头 领航消电创新，心向 AI 星火将燎原 投资要点 零件整机协同发展，精准卡位实现业务重心转移。公司始终坚持"零件+整机"战 略布局，形成精密零组件+智能声学整 ...

Investment Rating - The report maintains a "Buy" rating for Kingnet Network (002517 SZ) [1] Core Views - Kingnet Network's 24H1 performance is strong, with sufficient new game reserves expected to sustain growth momentum [1] - The company achieved significant growth in both revenue and profit in 24H1, driven by stable operations of long-term products and strong performance of newly launched games [3] - Kingnet Network has a rich and diverse pipeline of new games, with a new product cycle gradually starting [4] - The company is actively exploring AIGC and has developed its own "Xingyi" large model to improve efficiency and reduce costs [4] Financial Performance - 24H1 revenue reached 2 555 billion yuan, a YoY increase of 29 28%, with net profit attributable to the parent company of 809 million yuan, up 11 72% YoY [3] - 24Q2 revenue was 1 248 billion yuan, a YoY increase of 22 13%, but net profit attributable to the parent company decreased by 11 85% YoY to 383 million yuan [3] - Mobile game revenue in 24H1 was 2 095 billion yuan, up 23 42% YoY, driving core growth [3] - Overseas business revenue in 24H1 was 126 million yuan, a YoY increase of 334 95%, driven by strong performance in regions such as Hong Kong, Macao, Taiwan, and Southeast Asia [3] Product Pipeline - The company has a diversified product pipeline, including IP-adapted games such as "Douluo Dalu: Zhu Xie Chuanqi," "That Time I Got Reincarnated as a Slime: New World," and "Tomb Raider: Departure" [4] - Short-term, mid-term, and long-term product reserves are strategically planned, with a focus on IP development and game matrix construction [4] AI and R&D - Kingnet Network has established an AI application research center and developed the "Xingyi" large model, which focuses on "out-of-the-box" content output and has significantly improved R&D efficiency [4] - 24H1 R&D expenses were 228 million yuan, accounting for 8 94% of revenue, a YoY increase of 10 67% [4] Market Performance - The stock's absolute return over the past 1M, 2M, and 3M periods was -1 37%, -8 70%, and -21 00%, respectively, while the relative return was 0 83%, -4 83%, and -13 30% [2] Financial Forecast - Revenue for 2024-2026 is projected to be 5 362 billion yuan, 6 116 billion yuan, and 7 025 billion yuan, with YoY growth rates of 24 8%, 14 1%, and 14 9%, respectively [4] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 1 715 billion yuan, 2 080 billion yuan, and 2 359 billion yuan, with YoY growth rates of 17 3%, 21 3%, and 13 4%, respectively [4] Valuation Metrics - The P/E ratio for 2024-2026 is projected to be 10 70x, 8 75x, and 7 66x, while the P/B ratio is expected to be 2 83x, 2 21x, and 1 76x [6] - The EV/EBITDA ratio for 2024-2026 is forecasted to be 7 40x, 5 37x, and 3 94x [6]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 08 月 26 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：33.25 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 上美股份 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |------------------|--------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.45 | -23.30 | -29.75 | | 相对涨幅(%) | -15.02 | -20.75 | -24.39 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：24H1 预告高增长，关 注 多 渠 道 & 产 品 & 品 牌 发 展 》 ， 2024.7.29 2.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2 ...

[Table_Main] 证券研究报告 | 宏观点评 | --- | --- | --- | --- | --- | |------------|---------|--------------------------|-------|-------| | | | 2024 年 08 月 26 | | 日 | | 宏观点评 | | 广义财政支出低位回升 | | | | | | | | | | 证券分析师 | —— 2024 | 7 月财政数据点评 | | | | | | | | | 张浩 程强 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn [Table_Summary] 投资要点： 核心观点：当前宏观数据和微观体感存在温差，当前市场对于财政政策扩围加码 有较高期待。我们认为下半年财政政策重在落实已有安排、完成预算目标，有助 于推动广义财政支出提速，维稳经济。此外，若外贸遇到挑战或去地产化进一步 风险释放，财政政策存在进一步加码可能，准财政工具的可行性相对较高。 资产配置： ...