（全文字体：楷体_GB2312，Arial） [Table_Page] 投资策略周报|非银金融 证券研究报告 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Contacts] [Table_Page] 跟踪分析|环保 证券研究报告 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company reported a revenue of 2.689 billion yuan for H1 2024, representing a year-on-year increase of 6.21%. The net profit attributable to shareholders was 152 million yuan, up 1.14% year-on-year, while the net profit excluding non-recurring items was 140 million yuan, an increase of 11.49% year-on-year. The gross margin was 59.78%, up 0.71 percentage points year-on-year, and the net margin was 6.21%, up 0.01 percentage points year-on-year [1]. - The women's wear business performed well, achieving a revenue of 1.012 billion yuan in H1 2024, a year-on-year increase of 11.41%, with a gross margin of 64.29%, up 1.94 percentage points year-on-year. The company had 554 women's wear stores at the end of the period, a decrease of 45 stores from the end of 2023 [1]. - The medical beauty business showed steady growth, with a revenue of 1.194 billion yuan in H1 2024, a year-on-year increase of 6.02%, and a gross margin of 54.23%, down 0.70 percentage points year-on-year. The company had 38 medical beauty stores at the end of the period [1]. - The children's wear business saw a slight decline, with revenue of 450 million yuan in H1 2024, down 4.13% year-on-year, but with a gross margin of 63.52%, up 1.80 percentage points year-on-year [1]. - The company plans to acquire 100% equity of Beijing Lido for 330 million yuan and 70% equity of Hunan Yamei for 252 million yuan, continuing to expand its medical beauty business [1]. - Earnings per share (EPS) are projected to be 0.65 yuan, 0.79 yuan, and 0.93 yuan for 2024, 2025, and 2026, respectively. The company's fair value is estimated at 19.90 yuan per share, corresponding to a 30x price-to-earnings ratio for 2024 [1]. Financial Summary - For H1 2024, the company achieved a revenue of 2.689 billion yuan, with a year-on-year growth of 6.21% [1]. - The gross margin for H1 2024 was 59.78%, reflecting a slight improvement from the previous year [1]. - The company maintained good cost control, with selling, general and administrative expenses as a percentage of revenue at 40.32%, 7.99%, 2.02%, and 1.84%, respectively, showing a decrease compared to the previous year [1]. - The projected revenue for 2024 is 5.974 billion yuan, with a growth rate of 16.1% [2].

[Table_Page] 跟踪研究|航空装备Ⅱ 证券研究报告 [Table_Title] 航材股份（688563.SH） 在手订单稳步增长，研发投入持续提升 [Table_Summary] 核心观点： 事件：公司公告 2024 年半年报，2024 年上半年实现营业收入 15.10 亿元，同比增长 14.52%；实现归母净利润 3.11 亿元，同比增长 5.16%； 实现扣非归母净利润 2.72 亿元，同比减少 8.16%。2024Q2 单季度实 现营业收入 8.31 亿元，同比增长 12.94%，环比增长 22.45%；实现归 母净利润 1.63 亿元，同比下降 6.82%，环比增长 10.02%。 点评：在手订单稳步增长，研发投入持续加大。营收端，24 年上半年 公司实现营业收入 15.10 亿元（YOY+14.52%），主要系订单增长带来 收入增加。分业务来看，24 年上半年基础材料业务/航空成品件业务/非 航空成品件业务/加工服务业务分别实现营业收入 5.71/7.29/1.63/0.36 亿元。主业方面，公司全力保障各型装备研制生产，主动对接客户，积 极拓展新的业务增长点，多领域布局新品。外贸方面，进 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.23 HKD per share, compared to the current price of 33.45 HKD [4]. Core Insights - The company has achieved profitability for the first time, reporting a revenue of 824 million RMB in the first half of 2024, a year-on-year increase of 477.2%. The net profit attributable to shareholders is 163 million RMB, marking a turnaround from losses [2]. - The sales of the core product, Nairike, have seen significant growth, with a revenue of 113 million RMB in the first half of 2024, a quarter-on-quarter increase of 120% and a year-on-year increase of 5%. The product has received approval for market entry in Macau and is expected to participate in national medical insurance negotiations [2]. - The company is advancing its pipeline with APG2575 expected to file for market approval within the year, alongside four ongoing Phase III clinical trials targeting various indications [2]. - The company is strategically positioning itself with differentiated pipelines, including APG-5918 and APG-2449, which are in early clinical stages [2]. Financial Summary - The company reported a significant increase in revenue from 210 million RMB in 2022 to an estimated 1,013 million RMB in 2024, reflecting a growth rate of 651.4% in 2022 and 356.5% in 2024 [3]. - The net profit is projected to improve from a loss of 883 million RMB in 2022 to a loss of 286 million RMB in 2024, indicating a narrowing of losses [3]. - The EBITDA is expected to improve from -836 million RMB in 2022 to -144 million RMB in 2024, showing a trend towards operational efficiency [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.9 per share [5] Core Views - The company reported H1 2024 revenue of HKD 2,402.5 million, a slight decrease of 0.1% YoY, while net profit attributable to shareholders increased by 0.4% YoY to HKD 304.5 million [2] - Gross margin improved by 0.4 percentage points to 26.4% in H1 2024 [2] - The aerospace sector showed strong growth, with revenue increasing by 35.3% YoY, driven by global market recovery and new product launches [2] - Traditional industrial sectors faced pressure, with engineering machinery revenue down 16.9%, agricultural machinery down 14.0%, and leisure marine & vehicle revenue down 25.9% [2] - The company's new factories in Mexico are fully operational, with 3 expected to break even by end-2024 and 2 aerospace and surface treatment facilities to start mass production in H2 2025 [2] - The company's global diversification strategy is paying off, with aerospace and medical equipment sectors expected to become new growth drivers [2] Financial Performance - Revenue is projected to grow at a CAGR of 8.7% from 2024E to 2026E, reaching HKD 5,980 million by 2026E [4] - Net profit attributable to shareholders is expected to grow from HKD 613 million in 2024E to HKD 786 million in 2026E, representing a CAGR of 13.2% [4] - EPS is forecasted to increase from HKD 0.32 in 2024E to HKD 0.42 in 2026E [4] - ROE is expected to remain stable at around 11.2%-11.5% from 2024E to 2026E [4] Strategic Developments - The company's global diversification strategy is mitigating market cyclical risks, with aerospace and medical equipment sectors poised to become new growth engines [2] - The company is accelerating capacity expansion in Mexico to address tariff risks, with 5 new factories already completed in H1 2024 [2] - The US market accounted for 45.4% of total revenue in H1 2024, with Mexico contributing 10% of total capacity in 2023 [2]

Investment Rating - The report assigns a "Buy" rating to Bohai Leasing, with a target price of 3.61 CNY per share, compared to the current price of 2.10 CNY [3][12]. Core Insights - Bohai Leasing's subsidiary Avolon plans to acquire 100% of Castlelake Aviation Limited (CAL) for a total price of 1.2 billion USD, which is below the book value of the assets [1][5]. - The acquisition is seen as a strategic move to enhance asset quality and expand Avolon's fleet, which will increase its total aircraft to 1,147, including 647 owned and 40 managed aircraft [5][6]. - The deal is expected to close in Q1 2025, and it will not affect Avolon's current credit rating according to Fitch Ratings [2][6]. Summary by Sections Acquisition Details - The acquisition price is set at 0.98 times book value, amounting to approximately 12.21 billion CNY [5][6]. - CAL has a fleet of 107 owned aircraft with an average age of 4.7 years, and a high proportion of narrow-body aircraft at 68% [2][8]. Financial Projections - For 2024, the expected revenue is 36.405 billion CNY, with a net profit forecast of 1.657 billion CNY, representing a year-on-year growth of 29.3% [10][11]. - The report anticipates a continued increase in rental income due to a favorable market environment and the acquisition's impact on asset yield [10][11]. Market Context - The report highlights a trend of consolidation in the aircraft leasing industry, with major players engaging in acquisitions to bolster their market positions amid declining OEM deliveries [6][8]. - The report notes that Avolon's debt-to-asset ratio is lower than its peers, which positions it well for the acquisition [5][6].

[Table_Page] 跟踪分析|汽车 [Table_DocReport] 证券研究报告 | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2024-09-15 [Table_Contacts] [Table_Page] 跟踪分析|纺织服饰 证券研究报告 [Table_Title] 海外运动鞋服行业全球观察 24Q2 财报总结：多数公司库存已恢复健康、毛利率改善 [Table_Summary] 核心观点： ⚫ 24Q2 聚焦跑步的体育用品公司营收表现更优，多数公司毛利率改善。 根据财报，除昂跑、德克斯户外、亚瑟士专注跑步品类细分赛道的公司 外，24Q2 多数海外体育用品公司营收同比增速仅为单位数或同比下 滑，主要系受到全球经济下行导致整体购买力下降等负面因素影响。而 相较于快时尚代表公司，代表性海外体育用品公司大多没有表现出更 优增速。（1）分地区来看，24Q2 北美营收增速环比放缓、大中华地 区及 EMEA/欧洲地区营收增速环比提速。（2）分品类来看，24Q2 鞋 类销售韧性更强。（3）在盈利能力方面，24Q2 多数代表性体育用品 公司毛利率有所改善。24Q2 除阿迪达斯、亚瑟士、耐克、Lululemon SG&A 费率下降之外，其他品牌 SG&A 费率均有所提升，主要系 2 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 276.14 CNY per share, compared to the current price of 237.03 CNY [5]. Core Views - The company has launched several new vacuum cleaner models since August, including P20 Pro, P10S Pure, and G20s Ultra, which combine breakthrough technology with competitive pricing [3][11]. - Domestic sales of vacuum cleaners have increased, with a 20.5% rise in sales revenue and a 16.5% increase in volume year-on-year as of August 31, 2024 [3][25]. - The company is expanding its overseas market presence, achieving over 50% market share in regions such as Western Europe and developing Asia from 2020 to 2023 [3][30]. - Profit forecasts indicate a growth in net profit attributable to the parent company of 24.2% and 17.5% for 2024 and 2025, respectively, with a projected PE ratio of 20 times for 2024 [3][32]. Summary by Sections New Product Launches - The company has released three new vacuum models: G20s Ultra, P20 Pro, and P10S Pure, focusing on advanced technology and affordability [3][11]. - G20s Ultra is positioned as a high-end flagship model with features such as a slim design and advanced navigation systems [12]. - P20 Pro offers enhanced suction power and smart features while maintaining its price point [14]. - P10S Pure is aimed at providing high value at a lower price, retaining essential functionalities [16]. Domestic Market Performance - The vacuum cleaner category has seen a 20.5% increase in sales revenue and a 16.5% increase in volume year-on-year [25]. - The online sales volume reached 1.946 million units, reflecting a 17.5% increase [25]. - The average online price for vacuum cleaners is 3289 CNY, showing a 3.01% increase year-on-year [25]. Overseas Market Expansion - The company has successfully increased its market share in Western Europe, the Middle East, Africa, and developing Asia, exceeding 50% in these regions [30]. - Despite some decline in market share in the Middle East and Africa, overall performance remains stable [30]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit growth of 24.2% and 17.5% for 2024 and 2025, respectively [32]. - The projected revenue for 2024 is 10.566 billion CNY, with a year-on-year growth rate of 22.1% [33]. - The report suggests a PE ratio of 20 times for 2024, leading to a target price of 276.14 CNY per share [32].