Investment Rating - The report maintains a "Strong Buy" rating for Postal Savings Bank of China (601658.SH) [2][11] Core Views - The bank's net interest margin shows strong resilience, and asset quality remains stable despite slight declines in revenue and net profit year-on-year [2][11] - The bank's revenue for the first half of 2024 was CNY 176.79 billion, a year-on-year decrease of 0.1%, while net profit attributable to shareholders was CNY 48.82 billion, down 1.5% year-on-year [2][3] - The annualized ROE was 11.43%, a decrease of 1.43 percentage points year-on-year, with a non-performing loan ratio of 0.84% and a provision coverage ratio of 325.61% as of June [2][11] Summary by Sections Revenue and Profitability - In H1 2024, net interest income increased by 1.8% year-on-year, although the growth rate decreased by 1.3 percentage points compared to the previous quarter [4] - The bank's interest margin was 1.91%, a slight decrease of 1 basis point from the previous quarter and a decline of 10 basis points from the previous year [4][16] Asset Quality - As of June, the non-performing loan ratio was 0.84%, a decrease of 1 basis point from the previous quarter, while the attention rate was 0.83% [11][18] - The bank's provision coverage ratio was 325.6%, which is higher than comparable state-owned banks [11] Growth and Strategy - The bank is focusing on retail banking and has established a solid customer base with nearly 40,000 outlets, emphasizing services for agriculture, small and micro enterprises, and inclusive finance [6][11] - The report forecasts net profit growth rates of 1.1%, 1.2%, and 2.7% for 2024, 2025, and 2026 respectively, with corresponding BVPS of CNY 8.53, 9.15, and 9.79 [11][12]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company is experiencing short-term pressure on performance due to a sluggish agricultural market, but a differentiated strategy is expected to drive long-term growth [1][2]. - The company reported a revenue of 14.91 billion yuan for the first half of 2024, a year-over-year decline of 13.58%, with a net profit attributable to shareholders of -0.895 billion yuan [1]. - The agricultural pesticide market is facing intense competition, leading to a decrease in average selling prices by 10% and a 4% drop in sales volume [1]. - The company has initiated the "Advancement Plan" to improve business quality and focus on value innovation in niche segments, which is anticipated to enhance product offerings and reduce production costs [1]. - The report anticipates a recovery in market demand as inventory depletion in overseas markets nears completion, which could lead to a rebound in pesticide prices and improvement in overall revenue and profit levels [1][2]. Financial Forecasts - The company’s net profit forecasts for 2024, 2025, and 2026 are 0.99 billion yuan, 3.73 billion yuan, and 5.26 billion yuan, respectively, with corresponding EPS of 0.04, 0.16, and 0.23 yuan [2][3]. - The current P/E ratios for the years 2024, 2025, and 2026 are projected to be 103, 27, and 19 times, respectively [2][5]. - Revenue is expected to decline from 32.78 billion yuan in 2023 to 29 billion yuan in 2024, with a growth rate of -12.31% [3][6]. Company Overview - The company, formerly known as Shalon, became a global leader in non-patent pesticides after acquiring ADAMA Solutions in 2017 [4]. - The total market capitalization is approximately 10.205 billion yuan, with a circulating market value of 9.536 billion yuan [4]. - The company has a total share capital of 232.981 million shares, with 217.707 million shares circulating [4].

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 豫园股份（600655.SH）：珠宝主业 基本持平，投资收益扰动利润表现 2024 年 9 月 5 日 推荐/维持 豫园股份 公司报告 事件：豫园股份发布 2024 年中报，公司实现营业收入 275.7 亿元，同比+ 0.50%；归母净利润 11.42 亿元，同比-48.53%，扣非归母净利润-4.4 亿元， 去年同期为盈利 0.62 亿元。公司 Q2 实现营业总收入 103.51 亿元，同比 -15.16%；归母净利润 9.62 亿元，同比-48.92%；扣非归母净利润-5.23 亿元， 去年同期为-2.11 亿元。 金价快速上涨短期抑制消费需求，公司珠宝时尚主业微增。 24 年上半年黄金 价格持续走高，上海黄金交易所 Au9999 黄金截至 6 月末的收盘价较年初开 盘价上涨 14.37%，同时由于经济大环境上行受阻，消费者消费意愿普遍下降， 导致黄金珠宝消费乏力。24 年上半年社零金银珠宝类销售额同比+0.2%，增速 较 23 年的+13.3%显著回落，行业销售表现较弱。2024 上半年公司珠宝时尚 板块营收 204.7 亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longping High-Tech [2][3] Core Views - Longping High-Tech reported a revenue of 2.582 billion yuan for the first half of 2024, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders was 111 million yuan, showing a significant year-on-year increase of 169.19% [2] - The company’s rice seed segment performed well, achieving a revenue of 837 million yuan, up 19.61% year-on-year, with a gross margin of 39.55%, an increase of 1.89 percentage points compared to the same period last year [2] - The corn seed segment faced challenges, with a revenue of 1.228 billion yuan, down 9.87% year-on-year, primarily due to a high base effect from the previous year [2] - The company is actively pursuing a "slimming down" strategy, having disposed of six non-core subsidiaries in the first half of 2024, which significantly reduced investment losses [2][3] Summary by Sections Financial Performance - In the first half of 2024, Longping High-Tech achieved a revenue of 2.582 billion yuan, with a net profit of 111 million yuan [2] - The company expects net profits for 2024, 2025, and 2026 to be 524 million, 766 million, and 1.021 billion yuan respectively, with corresponding EPS of 0.40, 0.58, and 0.78 yuan [3][4] Business Segments - The rice seed business is a key growth driver, with strong sales performance and improved gross margins [2] - The corn seed business is under pressure due to lower international grain prices and reduced domestic demand [2] Competitive Position - Longping High-Tech has a leading position in the breeding industry, with several of its rice and corn varieties recognized as dominant by the Ministry of Agriculture and Rural Affairs for 2024 [3] - The company has made significant investments in biotechnology and has received safety certificates for multiple transgenic traits [3] Future Outlook - The report anticipates a robust growth trajectory for Longping High-Tech, driven by its core business and ongoing restructuring efforts [3][4]

公 司 研 究 指标 2022A 2023A 2024E 2025E 2026E 安迪苏（600299.SH）：蛋氨酸增长 较好，产能持续扩张巩固龙头地位 2024 年 9 月 5 日 强烈推荐/维持 安迪苏 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 安迪苏发布 2024 年中报：2024 年上半年实现营业收入 72.61 亿元， YoY+14.74%，归母净利润 6.08 亿元，YoY+1719.14%。 主要产品蛋氨酸量价齐升，带动公司盈利大幅增长。从收入端看，①功能性产 品板块营收同比增长 20%至 53.9 亿元，主要产品蛋氨酸增长较好，其中液体 蛋氨酸渗透率持续提升、固体蛋氨酸销量也实现了双位数增长以及产品价格上 涨，拉动蛋氨酸业务销售持续增长；②特种产品板块营收同比增长 1%至 18.7 亿元，特种品业务表现继续保持稳定，主要是单胃和水产领域特种品业务快速 增长，抵消了北美奶制品行业疲软的冲击。从利润端看，公司综合毛利率大幅 提升 10.35%至 31.36%，除蛋氨酸产品涨价因素外，原材料和能源成本的下降 也促进了毛利率的提升。此外，公司实施更严格的现金和营运资金 ...

东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 事件：2024 年 8 月 29 日，伟时电子发布 2024 年半年度报告：公司 2024 年 上半年（1-6 月）实现营业收入 8.89 亿元，同比增长 36.47%；归母净利润为 1931.26 万元，同比下降 47.11%。 点评：公司 2024 年上半年营收保持增长，收入同比增长 36.47%，归母净利 润同比下降 47.11%，经营性净现金流较去年同期由负转正。2024 年上半年公 司实现营收 8.89 亿元，毛利率为 12.65%，同比下降 5.21ct；归母净利润为 1931.26 万元，同比下降 47.11%。主要系（1）背光模组、智能显示组件新增 量产数款产品，致营业收入增长，但由于该类新增量产产品生产仍处于爬坡 阶段，其分摊固定成本、人工成本较高，毛利率低于公司其他成熟量产产品， 从而拉低了整体业务毛利率水平。（2）市场需求变动，公司用于消费类产品 的背光显示模组产品未能按照计划实现销售。销售量的减少，致其分摊固定 成本增高，从而降低半年度毛利率水平。现金流方面，2024 年上半年经营活 动产生的现金流净额为 1088.5 ...

公 司 研 究 昊华科技（600378.SH）：业绩短期 承压，整合蓝天加速产业布局 2024 年 9 月 4 日 强烈推荐/维持 昊华科技 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 昊华科技发布 2024 年中报：公司 2024 年上半年实现营业收入 34.59 亿元， YoY-19.63%，归母净利润 3.70 亿元，YoY-26.32%。 主要产品价格下降，导致盈利水平下滑。从收入端看，2024 年上半年，公司 主要产品市场竞争激烈，价格持续下降，公司氟化工等业务收入减少、公司主 要产品如聚四氟乙烯树脂、氟橡胶、含氟气体受到供给增多、需求不振、市场 竞争激烈等因素影响，价格下滑；橡胶密封制品、特种轮胎和特种涂料由于产 品结构多样，价格变动幅度较大。此外，公司也主动缩减了低毛利的贸易业务。 从利润端看，公司综合毛利率同比提升了 2.88 个百分点至 27.45%，主要由于 公司加强运营管理，大力推进降本增效措施取得成效。但公司销售费用、管理 费用、财务费用等期间费用有所增加，导致公司净利率同比下降，影响公司净 利润水平。 重点项目按计划有序推进，产品体系不断丰富。公司是中国 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 2.21 billion yuan in the first half of 2024, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 150 million yuan, down 17.1% year-on-year [2]. - Retail business is under pressure, while bulk business benefits from construction growth. Retail revenue from direct sales and distribution was 170 million yuan and 1.17 billion yuan, down 8.2% and 10.9% year-on-year, respectively [2]. - The company opened 348 new stores, bringing the total to 4,931, indicating continued growth in store count [2]. - The overseas business generated 90 million yuan, a year-on-year increase of 42.7%, with significant growth in Q2 [2]. - The company expects to see improvements in profitability due to revenue recovery and cost control measures in the second half of the year [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.39 billion yuan, down 6.9% year-on-year, and a net profit of 100 million yuan, down 20.5% year-on-year [2]. - The gross profit margin for H1 2024 was 36.7%, a slight decrease of 0.1 percentage points year-on-year [2]. - The company anticipates net profits of 560 million yuan, 600 million yuan, and 670 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 7.4, 6.9, and 6.1 times [3]. Business Segments - The bulk business revenue was 610 million yuan, up 8.2% year-on-year, benefiting from increased product categories and higher average transaction values [2]. - The overseas business continues to grow, with a focus on developing bulk business in Australia and the Americas, as well as opening stores in countries along the Belt and Road Initiative [2]. Product Categories - Revenue from cabinets and wardrobes decreased by 3.7% and 5.9% year-on-year, respectively, while the door segment saw a 6.9% increase [2]. - The company is focusing on enhancing product capabilities across its full range of home furnishing products [2].

公 司 研 究 皖通高速（600012.SH）：道路施工 致收入短期承压，盈利符合预期 2024 年 9 月 4 日 强烈推荐/维持 皖通高速 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：2024 年上半年公司实现通行费收入 18.62 亿元（税后），同比下降 8.55%， 归母净利 8.10 亿元，同比下降 3.53%，业绩符合预期。 注：公司上半年营收共计 30.53 亿元，同比增长 31.38%，主要系除通行费外还包含 11.21 亿的建造服务收入，但该业务收入与成本相互抵消，对公司盈利不产生影响。 宣广改扩建施工导致收入端短期承压：上半年公司通行费收入同比下降约 1.74 亿元，最主要的原因系宣广、广祠高速施工，自 3 月 8 日实施单向通行，封闭 部分站点，致使通行费下滑明显，其中宣广高速上半年收入 1.13 亿元 （-58.03%），同比减少 1.56 亿元，广祠高速收入 0.30 亿元（-48.44%），同 比减少 0.28 亿元。宣广改扩建已进入尾声，预计年内能够实现全线贯通，收 入增长则主要体现在 2025 年。 其他路段中，宁宣杭高速与岳武高速继续受益于 ...

Investment Rating - The report maintains a "Recommend" rating for Weishi Electronics (605218 SH) [1][3] Core Views - Weishi Electronics achieved revenue of 889 million yuan in the first half of 2024, a year-on-year increase of 36 47% However, net profit attributable to the parent company decreased by 47 11% to 19 31 million yuan [1] - The company's gross profit margin was 12 65%, down 5 21 percentage points year-on-year, mainly due to higher fixed and labor costs for newly mass-produced products and reduced sales of backlight modules for consumer products [1] - Weishi Electronics has established a subsidiary in Vietnam with a total investment of 15 million USD, aiming to expand overseas markets and mitigate regional risks [1][3] Financial Performance - Revenue for 2024 is expected to reach 2 17 billion yuan, with a growth rate of 38 60% year-on-year [3] - Net profit attributable to the parent company is forecasted to be 148 55 million yuan in 2024, a year-on-year increase of 25 88% [3] - The company's ROE is projected to rise from 8 00% in 2022 to 17 14% in 2026 [3] Business Development - Weishi Electronics is focusing on R&D in areas such as dynamic anti-peeping backlight modules for smart cockpits, large-screen backlight modules, and Mini LED backlight technology [1] - The company has successfully developed and mass-produced multi-screen and curved 3D display modules, with several new products expected to enter trial production in the second half of 2024 [1] Industry Context - The report highlights the company's position as a leading player in the automotive backlight module sector, benefiting from the penetration of Mini LED technology [1][3] - Weishi Electronics is actively expanding its overseas market presence, particularly through its newly established subsidiary in Vietnam [1][3]