Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's chip inductor business has emerged as a significant growth driver, with a revenue CAGR of 280.2% from 2020 to 2023, contributing to 24.5% of the company's main business revenue in H1 2024 [3][5]. - The company achieved a historical high in performance for H1 2024, with operating revenue of 796 million yuan, a year-on-year increase of 36.88%, and a net profit of 179.7 million yuan, up 41.84% year-on-year [2][5]. - The metal soft magnetic powder core business continues to optimize profitability, with revenue increasing by 7.03% to 586 million yuan in H1 2024 [2][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 796 million yuan, a 36.88% increase year-on-year, and a net profit of 179.7 million yuan, reflecting a 41.84% growth [2][5]. - The gross profit margin improved to 40.5%, and the net profit margin increased to 23.2% [5]. - The company expects revenues of 1.763 billion yuan, 2.325 billion yuan, and 2.822 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 390 million yuan, 533 million yuan, and 658 million yuan [5][6]. Business Segments - The chip inductor business has shown explosive growth, with revenue reaching 195 million yuan in H1 2024, a 138.92% increase quarter-on-quarter [3][5]. - The metal soft magnetic powder business achieved sales revenue of 13.859 million yuan in H1 2024, a 25.26% increase [5]. - The company is expanding its production capacity, with plans to increase output from 500 million pieces to 1-1.5 billion pieces per month in 2024 [3][5]. Competitive Advantages - The company holds a leading position in the metal soft magnetic materials sector, benefiting from strong brand influence and a high degree of customer loyalty [5]. - The company has established a comprehensive product line that covers the entire energy transformation process, enhancing its competitive edge [5]. - The industry is experiencing high growth and has significant barriers to entry, making it difficult for new competitors to emerge [5].

Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Views - The company's mining resource development business has shown effective performance growth, with a significant increase in revenue and net profit in the first half of 2024 [2][3]. - The mining development service business continues to exhibit strong growth, contributing to the overall revenue increase [2][3]. - The company is expected to achieve its mining volume target for 2024, indicating a stable growth trajectory in the mining development sector [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.273 billion yuan, a year-on-year increase of 30.31%, and a net profit of 609 million yuan, up 53.84% [2]. - The basic earnings per share increased by 49.25% to 1.00 yuan [2]. - The second quarter of 2024 saw a revenue of 2.3 billion yuan and a net profit of 339 million yuan, with a net profit margin increase to 14.74% [2]. Mining Development Services - The mining service business generated 3.304 billion yuan in H1 2024, accounting for 77.32% of total revenue [2]. - The company completed its mining targets for the first half of 2024, achieving a mining volume of 20.1567 million tons, a 7.5% increase [2]. - The overseas mining service revenue reached 2.114 billion yuan, increasing its share of the mining service revenue to 63.99% [2]. Mining Resource Development - The mining resource development business's revenue rose to 861 million yuan in H1 2024, representing a 412% increase year-on-year [3]. - The average gross margin for this segment reached 42.8% [3]. - The company has significant copper and phosphate reserves, with a total copper metal reserve of 2.36 million tons and phosphate rock reserve of 18.95 million tons [3]. Future Outlook - The company is projected to achieve revenues of 11.036 billion yuan, 13.441 billion yuan, and 15.839 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.586 billion yuan, 2.382 billion yuan, and 2.903 billion yuan [9][10]. - The expected earnings per share for the same period are 2.63 yuan, 3.96 yuan, and 4.82 yuan, with price-to-earnings ratios of 15.78, 10.51, and 8.62 respectively [9][10].

*价格单位为元/股 东兴晨报 P1 2024 年 8 月 27 日星期二 分析师推荐 【东兴轻工与纺织服装】顾家家居（603816.SH）：外销稳步增长，毛利率保 持提升（20240823） 事件：公司发布 2024 半年报。2024 上半年营收 89.1 亿元，同比+0.3%；归母 净利润 9.0 亿元，同比-3.0%。其中 Q2 营收 45.6 亿元，同比-7.4%；归母净利 润为 4.8 亿元，同比-9.1%。 分市场看，内销静待回暖，外销稳健增长。2024H1 内销收入 47.2 亿元，同比 -9.8%，行业需求恢复较缓。面对行业变化，公司积极提高产品性价比，推出 "惠民工程"系列产品，在定制家具商推出 698 套餐进攻市场。整家模式继 续推进中，融合大店快速拓展，整家套餐销售占比超 35%。内销毛利率 37.8%， 同比提升 1.3pct，性价比趋势下逆势提升，运营提效措施效果明显。针对存量 市场，公司探索"局装/微改换新丢旧"模式，有望在未来成为业绩增长点。 2024H1 外销收入 38.9 亿元，同比+12.6%，有所回暖。推测海运费涨价导致 订单延后，对 Q2 收入造成扰动。商超客户的拓展有望 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 万润股份（002643.SZ）：Q2 业绩环 比增长，OLED 等材料发展空间大 万润股份发布 2024 年半年报：公司 2024 年上半年实现营业收入 19.56 亿元， YoY-5.66%，归母净利润 2.15 亿元，YoY-44.71%。 2024 年上半年功能性材料保持增长，生命科学与医药产品有所下滑。①功能 性材料板块：2024 年上半年营收同比增长 5.35%至 16.24 亿元，虽然液晶材 料、沸石系列环保材料业务同比有所下降，但 OLED 材料业务、聚酰亚胺材料 业务、半导体制造材料整体收入同比增长，带动公司整体营收实现增长。②生 命科学与医药产品板块：2024 年上半年营收同比下降 38.53%至 3.11 亿元， 主要由于部分去年同期阶段性需求的客户定制医药中间体产品需求萎缩，对公 司医药产品业务产生相应影响；同时子公司 MP 公司所属行业下游需求减少， 对其盈利产生不利影响。后续 MP 公司将通过积极研发新产品与降本增效等方 式促进公司健康发展。从利润端看，上半年公司综合毛利率同比下滑 1.04 个 百分点至 ...

宏 观 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------|-------|-----------------|----------------------------------| | 移 | 美联储降息意愿明显，美十债利率下限下 \n——货币流动性跟踪 8.19-8.23 | | 2024 \n宏观经济 | 年 8 月 27 日 \n事件点评 | | | 分析师 康明怡 电话： 021-25102911 邮箱： kangmy@dxzq.net.cn | | 执业证书编号： | S1480519090001 | 金融统计数据： 中国 7 月 M1 同比-6.6%,前值-5%；M2 同比 6.3%，前值 6.2%。M0 同比增长 12%。 7 月新增社融 7708 亿元，同比多增 2342 亿元，社融增速 8.2%（前值 8.1%）。金融机构新增人民币贷款 2600 亿元 ...

Investment Rating - The report maintains a "Strong Buy" rating for Shandong Pharmaceutical Glass [1][3] Core Views - The company has optimized its product structure, leading to a profit growth rate that significantly exceeds revenue growth. The increase in profit is attributed to the strong sales of high-margin products like borosilicate molded bottles, despite a decline in revenue from non-core paper packaging products [2][3] - The company's gross margin improved to 32.35%, an increase of 5.43 percentage points year-on-year, driven by lower raw material prices and product structure optimization [2] - As the largest pharmaceutical packaging manufacturer in China, the company is expanding its production capacity, particularly for borosilicate molded bottles, which enhances its scale and cost advantages [2][3] Financial Summary - For the first half of 2024, the company achieved a revenue of 2.586 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 475 million yuan, up 23.26% year-on-year [1][2] - The company forecasts net profits of 1.021 billion yuan, 1.257 billion yuan, and 1.554 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.54 yuan, 1.89 yuan, and 2.34 yuan [3][6] - The projected PE ratios for 2024, 2025, and 2026 are 14.1, 11.5, and 9.3 times, respectively, indicating a favorable valuation outlook [3][6]

快形成。而随着优质龙头券商的逐步增加，券商整体资质有望显著提升，进 东兴晨报 P1 16 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|--------------------|-------|--------------------------------|----------| | 分析师推荐 | A 股港股市场 | 2024 | 年 8 月 26 | 日星期一 | | 【东兴非银行金融】证券行业：国信、万和并购重组启动，业内整合或再提 | 指数名称 | | 收盘价 | 涨跌 % | | 速（ 20240823 ） | 上证指数 | | 2,855.52 | 0.04 | | 事件： 8 月 21 日，国信证券发布公告，拟通过发行股份的方式购买深圳市资 | 深证成指 | | 8,194.65 | 0.16 | | 本运营集团有限公司持有的万和证券 53.0892% 的股份。同时，公司拟自 8 月 | 创业板 | | 1 ...

Investment Rating - The industry investment rating is "Positive" for 2024 [1][33]. Core Viewpoints - The oil service engineering sector is expected to benefit from increased upstream capital expenditure, leading to profit growth in the oil service industry [2][3]. - In 2024 Q1, the oil service engineering sector achieved revenue of 60.86 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to the parent company of 2.24 billion yuan, a year-on-year increase of 23.44% [1][2][6]. Summary by Sections 1. 2024H1 Performance - The oil service engineering sector's revenue performance is stable, supported by easing overseas inflation and ongoing domestic economic recovery [1][6]. - The average operating profit of the oil service industry reached 13.32 billion yuan in 2023, a year-on-year increase of 27.5% [2][15]. 2. Upstream Capital Expenditure Growth - Global upstream oil and gas capital expenditure is projected to grow by 7% in 2024, reaching 570 billion USD, which will positively impact the profitability of the oil service industry [2][16]. - Major international oil companies plan to increase their capital expenditure to 119.1 billion USD in 2023, a year-on-year increase of 9% [2][11]. 3. Investment Recommendations - Companies with high growth potential, such as CNOOC Services and CNOOC Development, are recommended for investment due to expected increases in upstream capital expenditure [3][25]. - CNOOC Services is recognized as one of the largest oilfield service providers globally, with steady performance and significant growth potential driven by domestic energy supply policies [26].

Investment Rating - The report maintains a "Strong Buy" rating for the company, China Jushi [4][9]. Core Views - China Jushi, as a leading player in the fiberglass industry, demonstrates stable operations and strong risk resistance capabilities despite a challenging market environment [3][4]. - The company's revenue for the first half of 2024 was 7.739 billion yuan, a year-on-year decrease of 1.16%, while net profit attributable to shareholders was 961 million yuan, down 53.41% year-on-year [2][3]. - The decline in overall revenue is primarily attributed to a 93.97% drop in other operating income, while the main fiberglass and products business saw a revenue increase of 0.44% [3]. Financial Performance Summary - The company achieved a gross margin of 21.50% in the first half of 2024, a decrease of 7.86 percentage points year-on-year, but an increase of 1.37 percentage points compared to the first quarter of 2024 [3]. - Sales volume for fiberglass and electronic cloth reached 1.5221 million tons and 458 million meters, respectively, representing year-on-year growth of 22.57% and 12.53% [3]. - The company forecasts net profits of 2.033 billion, 2.583 billion, and 3.662 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.51, 0.65, and 0.91 yuan [4][10]. Market Position and Competitive Advantage - As a global leader in the fiberglass industry, the company possesses significant scale and cost advantages, which enhance its ability to withstand market fluctuations [3][4]. - Continuous improvements in production equipment and technology, along with an optimized product structure, have allowed the company to enhance product quality and meet diverse customer needs [3][4]. - The report suggests that the current industry downturn may accelerate the elimination of excess capacity, positioning the company favorably for future demand recovery [3].

*价格单位为元/股 东兴晨报 P1 16 分析师推荐 【东兴金属】山金国际（000975.SZ）：固本增量质效双升，公司成长属性已 实质性攀升（20240822） 事件：公司发布 2024 年半年度报告。公司 24H1 实现营业收入 65.05 亿元， 同比+42.27%；实现归属上市公司股东净利润 10.75 亿元，同比增长 46.35%； 基本每股收益 0.387 元，同比增长 46.33%。全球黄金价格重心持续攀升，公 司矿山资源综合利用效率的有效提升，同期公司矿产金毛利率+11.37pct 至 71.89%，多因素共振提升公司业绩规模扩大。 点评： 公司矿储勘探前景广阔或提升矿权价值：截止 2024H1，公司 4 座金矿矿山及 1 座铅锌银多金属矿山除采矿权外共拥有 15 宗探矿权，勘察范围达到 175.42 平方公里。根据 23 年年报披露数据，公司当前储量为：金金属 156.78 吨，银 金属量 7856.9 吨，铅金属量 61.37 万吨，锌金属量 128.36 万吨，以及铜金属 12.62 万吨。考虑到玉龙矿业地处大兴安岭有色金属成矿带且是世界级有色金 属矿床（银、铜、铅、锌、金）重点地区，青 ...