公 司 研 究 汽 车 [Table_Reportdate] 2024年09月08日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/09/06 12.05 | | 总股本 ( 万股 ) | 991,729 | | | 821,258/164,1 | | 流通 A 股 /B 股 ( 万股 ) | 61 | | 资产负债率 (%) | 60.49% | | 市净率 ( 倍 ) | 1.61 | | 净资产收益率 ( 加权 ) | 3.94 | | 12 个月内最高 / 最低价 | 21.48/11.43 | [Table_QuotePic] -32% -17% -1% 15% 31% 46% 62% 78% 23-09 23-12 24-0 ...

行 业 研 究 行 业 简 评 非 银 金 融 [Table_Reportdate] 2024年09月06日 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn | --- | --- | --- | |-------|----------|--------------------------------| | | | | | 23-09 | 23-12 | 24-03 24-06 | | | 沪深 300 | 申万行业指数 : 非银金融 (0749) | -27% -21% -16% -10% | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6% | | | | | | | | | | | | | | | | | | 1% | | | | | | | -5% | | | [相关研究 table ...

R32剩余配额分配，制冷剂长期景气仍将持续 氟化工行业月报 证券分析师：吴骏燕 执业证书编号：S0630517120001 联系人：张晶磊 联系方式：zjlei@longone.com.cn 证券分析师：谢建斌 执业证书编号：S0630522020001 联系人：马小萱 联系方式：mxxuan@longone.com.cn 2024年09月06日 目 录 一、核心观点 二、制冷剂跟踪 三、含氟聚合物 四、行业重要新闻 五、投资建议 六、风险提示 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 3 核心观点 ● 8月三代制冷剂价格涨跌不一，二代制冷剂价格持续上行，含氟聚合物价格保持低位运行。截至2024年8月30日，根据百川 盈孚数据，三代制冷剂R32、R134a、R125产品价格分别为35500元/吨、33000元/吨和29500元/吨，较7月底分别变动- 4.05%、4.76%、-6.35%。R22价格为30000元/吨，较7月底下降1.64%，较2024年初上涨53.85%；价差较7月底下降 0.71%；受产能快速提升、需求增速下滑影响，2024年我 ...

有色金属价格回落 下游景气度或将结构性分化 有色金属及产业链月报（2024年9月） 证券分析师：张季恺 执业证书编号：S0630521110001 证券分析师：谢建斌 执业证书编号：S0630522020001 2024年09月05日 目 录 一、金属价格回顾与展望 二、商品、供需及生产 三、金属产业链 四、结论与投资建议 五、风险提示 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 金属铜价格影响因素及预测 | --- | --- | --- | |--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's overall performance is stable, with rapid growth in traditional Chinese medicine slices despite short-term pressure on medical services [6][8] - The company is a leading medical enterprise in Guizhou Province, with a collaborative development across the entire industry chain [6] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 30.47 billion yuan, a decrease of 6.45% year-on-year, and a net profit attributable to shareholders of 1.15 billion yuan, down 26.37% year-on-year [7] - The gross margin and net margin for H1 2024 were 17.90% and 4.97%, respectively, both showing declines compared to the previous year [7] - The company’s medical circulation segment reported revenue of 2.431 billion yuan, down 10.02% year-on-year, while the medical service segment saw revenue of 806 million yuan, down 12.54% year-on-year [6][8] Business Segments - **Medical Circulation**: The company is focusing on product potential, monitoring sales to reduce losses, and enhancing cash flow management [6] - **Medical Services**: The revenue from this segment is under pressure, with efforts to explore specialty departments for revenue generation [8] - **Pharmaceutical Manufacturing**: The revenue from traditional Chinese medicine slices grew significantly by 32.79% year-on-year, while the revenue from proprietary Chinese medicines remained stable [8] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits for 2024, 2025, and 2026 being 2.60 billion, 3.03 billion, and 3.47 billion yuan, respectively [6]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月05日 [晨会纪要 Table_NewTitle] 20240905 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.工商银行（601398.SH）：规模增长进一步淡化，资产质量稳定——公司简评报告 ➢ 2.新乳业（002946）：低温业务保持增长，盈利能力加速提升——公司简评报告 财经要闻 ➢ 1.国家发展改革委多措并举，加力支持民间投资发展。 ➢ 2.加拿大央行连续第三次降息。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | --- | --- | |-------|--------------------------------------------------------------------------|-------| | | | | | | | | | | 正文目录 | | | | 1. 重点推荐 | | ...

公 司 研 究 [Table_Reportdate] 2024年09月05日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|-------------| | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 17.63 | | 总股本 ( 万股 ) | 51,007 | | 流通 A 股 /B 股 ( 万股 ) | 51,007/0 | | 资产负债率 (%) | 62.25% | | 市净率 ( 倍 ) | 2.93 | | 净资产收益率 ( 加权 ) | -1.47 | | 12 个月内最高 / 最低价 | 39.39/16.51 | [Table_QuotePic] -51% -35% -19% -2% 14% 30% 47% 63% 23-09 23-12 24-03 24-06 巨星农牧 沪深300 [相关研究 ...

公 司 研 究 医 药 生 物 华兰生物 沪深300 [Table_profits] [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 15.03 | | 总股本 ( 万股 ) | 182,878 | | 流通 A 股 /B 股 ( 万股 ) | 157,391/0 | | 资产负债率 (%) | 15.55% | | 市净率 ( 倍 ) | 2.08 | | 净资产收益率 ( 加权 ) | 3.86 | | 12 个月内最高 / 最低价 | 24 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月04日 [晨会纪要 Table_NewTitle] 20240904 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.卓胜微（300782）：芯卓产能稳步爬坡，L-PAMiD已通过部分品牌客户验证——公司简 评报告 ➢ 2.长安汽车（000625）：二季度业绩同环比高增，新车周期强势有助盈利持续改善——公 司简评报告 财经要闻 ➢ 1.上海市印发《上海市关于进一步加大力度推进消费品以旧换新工作实施方案》。 ➢ 2.美国8月ISM制造业PMI低于预期。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 卓胜微（300782 ): 芯卓产能稳步爬坡，L-PAMiD 已通过部分品牌客户验证 ――公司简评报告 …………………………………………………………………………………………………………………………………………… ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the market index over the next six months [6]. Core Views - The company reported a revenue of 420.5 billion yuan for the first half of 2024, a decrease of 6.03% year-on-year, and a net profit attributable to shareholders of 170.5 billion yuan, down 1.89% year-on-year [19]. - Total assets reached 47.12 trillion yuan, reflecting a year-on-year growth of 7.89%, while the non-performing loan (NPL) ratio stood at 1.35%, a slight decrease of 1 basis point quarter-on-quarter [19]. - The net interest margin (NIM) for the first half was 1.43%, showing a decline of 29 basis points year-on-year [19]. Summary by Sections Company Overview - The company has experienced a slowdown in loan growth due to weak demand and a shift away from scale-driven growth, with a significant reduction in corporate loans and a net decrease in personal loans [22]. - The asset quality remains stable, with the NPL ratio at its lowest level in recent years, and the provision coverage ratio improved to 218.43% [24][25]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted to 8160 billion, 8257 billion, and 8817 billion yuan, and 3609 billion, 3656 billion, and 3802 billion yuan respectively, reflecting a slight decrease in growth expectations [42]. - The report indicates a projected decline in the net interest margin to 1.37% in 2024, with a gradual recovery expected thereafter [42]. Risk and Asset Quality - The report highlights a rise in credit risk in personal loans, while corporate loan asset quality is improving, particularly in sectors like manufacturing and real estate [25]. - The overall asset quality is expected to remain stable despite some pressures in the retail sector, with a focus on maintaining prudent recognition and disposal of non-performing loans [25].