东兴晨报 P1 2024 年 8 月 20 日星期二 分析师推荐 【东兴交运】京东物流（02618.HK）：成本管控卓有成效，Q2 业绩超预期 （20240819） 事件：上半年京东物流实现营收 863.45 亿元，同比增长 11.0%，实现归母净 利润 22.6 亿；实现调整后净利润 31.2 亿元，较去年同期的 1.14 亿元大幅增长。 公司二季度单季实现调整后净利润 24.6 亿元，较 23Q2 的 8.3 亿元提升 197%。 外部客户收入稳步提升，其他客户收入增长较快：公司上半年营收同比增长 11.0%，其中来自京东集团收入 264 亿元，同比增长 10.7%，来自外部客户的 收入 599 亿元，同比增长 11.2%。 外部客户中，一体化供应链客户收入为 154 亿元，同比增长 2.7%，其中客户 数量由去年同期的 6.08 万名提升 5.9%至报告期的 6.44 万名，而单客户平均 收入略降，由 24.7 万元降至 23.9 万元；外部客户中其他客户的收入为 445 亿 元，同比增长 14.5%，其中控股的德邦物流上半年营收 184 亿元，增长 17.5%。 成本管控卓有成效，二季度业绩超预期：公 ...

Investment Rating - The report maintains a "Recommend" rating for JD Logistics (02618 HK) [17][22] Core Views - JD Logistics achieved revenue of 863 45 billion yuan in the first half of 2024, a year-on-year increase of 11 0%, with adjusted net profit reaching 31 2 billion yuan, significantly higher than the 1 14 billion yuan in the same period last year [17] - The company's Q2 adjusted net profit was 24 6 billion yuan, a 197% increase compared to 8 3 billion yuan in Q2 2023 [17] - External customer revenue grew by 11 2%, with revenue from integrated supply chain customers increasing by 2 7% and other external customer revenue rising by 14 5% [17] - Cost control measures were effective, with Q2 costs increasing by only 3 5%, leading to a gross profit increase from 3 4 billion yuan to 5 3 billion yuan and a gross margin improvement from 8 3% to 11 9% [17] Revenue Breakdown - Revenue from JD Group was 264 billion yuan, up 10 7%, while external customer revenue was 599 billion yuan, up 11 2% [17] - Integrated supply chain customer revenue was 154 billion yuan, with the number of customers increasing by 5 9% to 64,400, although average revenue per customer decreased slightly from 247,000 yuan to 239,000 yuan [17] - Revenue from other external customers was 445 billion yuan, with Deppon Logistics, a subsidiary, contributing 184 billion yuan, up 17 5% [17] Cost Control and Efficiency - Q2 cost growth was limited to 3 5%, primarily due to a reduction in outsourcing costs from 14 5 billion yuan to 14 0 billion yuan [17] - Employee compensation increased by 13 1% to 15 1 billion yuan, while other costs such as rent and depreciation remained stable [17] - Efficiency improvements were driven by optimized warehouse network layout, enhanced automation, and better vehicle scheduling through algorithmic optimization [17] Financial Projections - The report forecasts JD Logistics' net profit under international financial reporting standards to be 3 59 billion yuan in 2024, 4 39 billion yuan in 2025, and 5 19 billion yuan in 2026 [17] - Revenue growth is expected to be 12 24% in 2024, 9 36% in 2025, and 8 38% in 2026 [19] - Net profit growth is projected at 483 41% in 2024, 22 20% in 2025, and 18 25% in 2026 [19] Valuation Metrics - The PE ratio is expected to decrease from 88 14 in 2023 to 16 23 in 2024, 13 28 in 2025, and 11 23 in 2026 [19] - The PB ratio is projected to decline from 1 21 in 2023 to 1 13 in 2024, 1 05 in 2025, and 0 97 in 2026 [19] Industry Context - The logistics and transportation industry is expected to see marginal improvements, with high-dividend stocks likely to remain strong [24] - The report highlights the importance of price and service differentiation in the competitive logistics market [24]

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [2][10]. Core Views - Jiangsu Bank's H1 2024 results show steady profit growth, with revenue, pre-provision profit, and net profit reaching 41.62 billion, 31.85 billion, and 18.73 billion respectively, representing year-on-year increases of 7.2%, 5.1%, and 10.1% [2][3]. - The bank's return on equity (ROE) stands at 16.42%, a decrease of 1.78 percentage points year-on-year [2]. Revenue and Profitability - Revenue growth has slowed down compared to the previous quarter, with a year-on-year increase of 7.2% and a quarter-on-quarter decrease of 4.6 percentage points [3]. - Net interest income increased by 1.8% year-on-year, supported by strong loan growth, while fee and commission income rose by 11.3% year-on-year, driven by a 30.7% increase in agency fee income [3]. - The cost-to-income ratio is at 22.4%, which is relatively low compared to peers, and credit impairment losses decreased by 6.3% year-on-year [3]. Loan Growth and Asset Quality - Total assets grew by 14.5% year-on-year, with loans and financial investments increasing by 8.5% and 12.8% respectively [4]. - Corporate loans saw a significant increase of 197.5 billion, while retail loans decreased by 18 billion, primarily due to declines in consumer and operational loans [4]. - The non-performing loan (NPL) ratio remains stable at 0.89%, with a slight increase in the proportion of loans under scrutiny [6][10]. Interest Margin and Cost of Liabilities - The net interest margin (NIM) is reported at 1.9%, reflecting a decrease of 8 basis points from the previous quarter [5]. - The cost of interest-bearing liabilities has improved, with a decrease in the interest rates on deposits and bonds [5]. Future Outlook - The bank is expected to maintain a leading position in terms of scale and profit growth within the industry, with projected net profit growth rates of 10.7%, 10.0%, and 12.5% for 2024-2026 [10][11]. - The closing price on August 19, 2024, was 7.67 CNY per share, corresponding to a price-to-book ratio of 0.58 times [10].

房地产周报20240819: 新房销售降 幅收窄，二手房成交维持增长 2024 年 8 月 19 日 看好/维持 房地产 行业报告 近 5 个交易日 A 股地产板块表现弱于大盘、H 股地产板块表现弱于大盘。 A 股房地产指数(801180.SL)近 5 个交易日累计涨幅为-3.91%，中证 A 股指数 (930903.CSI)近 5 个交易日累计涨幅为-0.07%。A 股房地产板块近 5 个交易日 累计涨幅最高的 5 家公司为津投城开(18.8%)、*ST 金科(7.7%)、栖霞建设 (3.7%)、空港股份(1.6%)、外高桥(0.1%)。 H 股恒生地产及物业管理指数(HSPDM.HK)近 5 个交易日累计涨幅为-2.10%， H 股恒生指数(HSI.HK)近 5 个交易日累计涨幅为 1.99%。H 股房地产板块近 5 个交易日累计涨幅最高的 5 家公司为卡森国际(13.7%)、中国奥园(10.4%)、贝 壳-W(8.8%)、正荣地产(8.6%)、阳光 100 中国(7.4%)。 8/1~8/17，新房销售降幅收窄，二手房成交维持增长。 26 城商品房年内累计销售面积(1/1~8/17)同比增速为-24.7 ...

东兴晨报 P1 A 股港股市场 指数名称 收盘价 涨跌% 上证指数 2,879.43 0.07 深证成指 8,349.87 -0.24 创业板 1,591.46 -0.08 中小板 5,352.24 -0.3 沪深 300 3,345.63 0.11 香港恒生 17,419.64 1.88 国企指数 6,157.46 2.06 名称 价格 行业 发行日 佳力奇 18.09 国防军工 20240819 益诺思 - 医药生物 20240823 A 股新股日历（日内上市新股） 名称 价格 行业 上市日 分析师推荐 【东兴金属】铜行业深度报告(I)：矿端供给增速或仍显现阶段性偏刚性特征 （20240819） 投资摘要： 全球铜矿供应增速仍显现刚性特征。铜矿供给经历了 2017-2022 全球铜矿供 给增速的持续下行叠加2023年至今供给端的扰动共振令矿端供应增速依然处 于较低水平，至 2023 年全球铜矿供给年增长率仅 1.18%，较 2022 年下滑 2.14pct，显示供给的偏刚性。通过观察矿企的产量指引及分析前期资本开支 计划，以及对可能扰动事件的预估，我们预计 2023-2026 年的铜矿年均增速 或降至 1 ...

公 司 研 究 2024 年 8 月 19 日 推荐/维持 上海机场 公司报告 52 周股价区间（元） 46.1-30.89 总市值（亿元） 846.58 流通市值（亿元） 655.55 总股本/流通A股（万股） 248,848/248,848 流通 B 股/H 股（万股） -/- 52 周日均换手率 1.07 指标 2022A 2023A 2024E 2025E 2026E 分析师：曹奕丰 营业收入（百万元） 5,480.45 11,047.02 13,347.95 14,838.79 15,692.51 021-25102904 caoyf_yjs@dxzq.net.cn 增长率（%） 47.02% 101.57% 20.83% 11.17% 5.75% 执业证书编号： S1480519050005 归母净利润（百万元） -2,994.95 934.05 1,938.92 2,989.79 3,421.25 增长率（%） 75.05% -131.19% 107.58% 54.20% 14.43% 净资产收益率（%） -7.56% 2.30% 4.63% 6.80% 7.38% 每股收益（元） -1.26 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company achieved a revenue of 2.992 billion yuan in the first half of 2024, a year-on-year decrease of 13.2%, but turned profitable in the second quarter with a net profit of 97 million yuan [1][2] - The decline in revenue is attributed to reduced demand from operators for network construction and a slowdown in 5G investment [2] - The company is expected to achieve slight revenue growth for the full year due to an increase in bid amounts and entering the order fulfillment period in the second half of the year [2] - Cost control measures have led to a decrease in expenses, with operating costs at 2.237 billion yuan and a gross margin of 25.3%, which is an increase of 0.1 percentage points year-on-year [2] - The company continues to invest in satellite internet research and development, with a total investment of 680 million yuan in the first half of the year, indicating strong innovation capabilities [2] Financial Forecasts - The company is projected to generate revenues of 8.433 billion yuan, 9.577 billion yuan, and 11 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 6.29 million yuan, 131.13 million yuan, and 227.53 million yuan [3][7] - The price-to-earnings (PE) ratios are expected to be 2680X, 129X, and 74X for the same years [3][7]

Investment Rating - The report maintains a "Recommended" rating for the company, Jiejie Microelectronics [1]. Core Views - Jiejie Microelectronics reported a significant increase in net profit attributable to shareholders, growing by 122.76% year-on-year, with a revenue increase of 40.12% to 1.263 billion yuan in the first half of 2024 [1][3]. - The company is actively expanding its production capacity and increasing its market share in MOSFET products, with projected net profits of 411 million yuan, 586 million yuan, and 882 million yuan for 2024, 2025, and 2026 respectively [1][3]. - The company is adopting an IDM (Integrated Device Manufacturer) model, which is expected to further enhance its operational capabilities and market competitiveness [1][3]. Financial Performance Summary - In the first half of 2024, Jiejie Microelectronics achieved a revenue of 1.263 billion yuan, representing a year-on-year growth of 40.12% [1]. - The net profit for the same period was 214 million yuan, reflecting a substantial increase of 122.76% compared to the previous year [1]. - The operating cash flow increased by 68.81%, indicating improved cash generation capabilities [1]. - The gross profit margin for the first half of 2024 was 37.08%, an increase of 4.31 percentage points year-on-year [1]. Market Outlook - The market demand for discrete semiconductor devices is expected to reach 355.46 billion yuan in 2024, providing a significant growth opportunity for the company [1][3]. - Emerging application areas such as new energy vehicles, smart equipment manufacturing, and IoT are anticipated to drive continued growth in the semiconductor industry [1][3]. Analyst Forecasts - The company is projected to achieve a revenue of 2.718 billion yuan in 2024, with a growth rate of 29.04% [3]. - The expected net profit for 2024 is 410.89 million yuan, with a growth rate of 87.51% [3]. - The report indicates a PE ratio of 32X for 2024, 22X for 2025, and 15X for 2026, suggesting a favorable valuation outlook [1][3].

传媒互联网&通信行业：奥飞数据获 数据中心建设和 IDC 服务大单，东 土科技车规级网络芯片获批量应用 2024 年 8 月 19 日 看好/维持 通信 行业报告 周观点： 2024-2030 年期间，信科移动将乘势卫星互联网的建设浪潮，实现快 速发展，或将成为全球移动通信领域一颗冉冉新星。主要理由：公司 在卫星互联网领域具备独特的先发优势。公司在 ITU-R、3GPP、 IMT-2020（5G）推进组、CCSA 等国内外标准化组织担任重要职务， 全面参与 3GPP 的 5G 系统标准化制定工作，为全球 5G 标准及其演进 做出重要贡献，在 ETSI 披露的全球 5G 标准必要专利数量上排名第八， 特别重要的是，公司在 5G 非地面网络专利族数量上排名上升至第五 位。可以看到，公司在移动通信领域具有较高的自主创新能力。 其次，公司在卫星互联网领域的部分产品和技术已经实现上星验证。 2023 年 11 月，中国信通院联合中国卫通和信科移动完成基于中星 26 高通量卫星的 5G NTN 透明转发场景端到端在轨试验。在本次试验中， 信科移动研制了 5G NTN 全套设备样机，包括终端、地面基站、星地 一体化轻量型核 ...

传媒互联网&通信行业：奥飞数据获 数据中心建设和 IDC 服务大单，东 土科技车规级网络芯片获批量应用 2024 年 8 月 19 日 看好/维持 通信 行业报告 周观点： 2024-2030 年期间，信科移动将乘势卫星互联网的建设浪潮，实现快 速发展，或将成为全球移动通信领域一颗冉冉新星。主要理由：公司 在卫星互联网领域具备独特的先发优势。公司在 ITU-R、3GPP、 IMT-2020（5G）推进组、CCSA 等国内外标准化组织担任重要职务， 全面参与 3GPP 的 5G 系统标准化制定工作，为全球 5G 标准及其演进 做出重要贡献，在 ETSI 披露的全球 5G 标准必要专利数量上排名第八， 特别重要的是，公司在 5G 非地面网络专利族数量上排名上升至第五 位。可以看到，公司在移动通信领域具有较高的自主创新能力。 其次，公司在卫星互联网领域的部分产品和技术已经实现上星验证。 2023 年 11 月，中国信通院联合中国卫通和信科移动完成基于中星 26 高通量卫星的 5G NTN 透明转发场景端到端在轨试验。在本次试验中， 信科移动研制了 5G NTN 全套设备样机，包括终端、地面基站、星地 一体化轻量型核 ...