[Table_Page] 中报点评|汽车 证券研究报告 [Table_Title] 潍柴动力(000338.SZ/02338.HK) 分红率持续提升 [Table_Summary] 核心观点： 据中报，24 年上半年营收、扣非前后归母净利润分别同比+6.0%、 +51.4%、+51.8%。公司发布 24 年中报，24 年上半年实现营收 1124.9 亿元，同比+6.0%；24Q2 实现营收 561.1 亿元，同比+6.5%，环比 -0.5%。公司 24 年上半年分别实现扣非前后归母净利润 59.0、54.8 亿 元，分别同比+51.4%、+51.8%；24Q2 分别实现扣非前后归母净利润 33.0、31.3 亿元，同比+61.7%、+67.8%，环比+27.1%、+33.7%。 据中报，24 年上半年公司毛利率、净利率+2.3pct、+2.0pct。24 年上 半年公司毛利率、净利率分别为 21.7%、6.6%，同比+2.3pct、+2.0pct。 24Q2 公司毛利率、净利率分别为 21.4%、7.2%，同比+1.2pct、+2.4pct， 环比-0.7pct、+1.2pct。公司销售、管理、研发、财务费用 ...

[联系人： Table_Contacts]罗英 021-38003839 [Table_Page] 中报点评|专用设备 [Table_Title] 郑煤机(601717.SH/00564.HK) 24Q2 业绩再创新高，汽车业务增长可期 [Table_Summary] 核心观点： ⚫ 公司 24Q2 业绩超预期，利润率表现亮眼。根据中报，公司 24H1 实现 营收 189.5 亿元，同比+4.0%，实现扣非前/后归母净利润 21.6/19.4 亿 元，同比+28.7%/+29.3%；其中，24Q2 实现营业收入 92.8 亿元，同 环比分别+3.1%/-4.0%，实现扣非前/后归母净利润分别为 11.2/10.1 亿 元，同比分别+24.6%/+20.3%，环比分别+7.4%/+9.0%。公司 24H1 毛 利率/净利率分别为 24.1%/12.3%，同比分别+2.0pct /+2.4pct；其中， 24Q2 毛利率为 24.3%，同环比分别+1.0pct/+0.4pct，净利率 12.5%， 同环比分别+2.0pct/+0.4pct。 ⚫ 煤机业务：保持行业领先地位，积极调整应对行业变化。24H1 煤机板 ...

[Table_Title] 拓普集团（601689.SH） 24 年中报点评：业绩表现亮眼，国际化市场战略加速 [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|-------|-------|-------|-------|-------|-----------------------------------|-------| | 盈利预测： \n[Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | [Table_ 相关研究： DocReport] | | | 营业收入（百万元） | 15993 | 19701 | 26212 | 32382 | 38919 | | | | 增长率（ % ） | 39.5% | 23.2% | 33.1% | 23.5% | 20.2% | | | | EBITDA （百万元） | 2788 | 3820 | 5276 | 6479 | 7967 | | ...

[Table_Contacts] [Table_Page] 跟踪分析|保险Ⅱ 证券研究报告 [Table_Title] 保险Ⅱ行业 核心指标全面改善，行业复苏有望延续 [Table_Summary] 核心观点： 投资优化推动业绩增长超预期。上半年归母净利润增速分别为太保 （37.1%）>太平（15.4%）>新华（11.1%）>平安（6.8%）>国寿（5.9%）> 财险（-8.7%），其中 Q2 单季度增速分别为新华（100.6%）>国寿 （100.3%）>太保（99.4%）>平安（20.4%）>财险（19.1%），均实现 较大的幅度的增长超出市场预期，主要是投资端表现较优推动业绩的 大幅增长，总投资收益率分别为太保（5.4%）>太平（5.3%）>新华 （4.8%）>财险（4.4%）>国寿（3.6%）>平安（3.5%），较去年同期 不同程度的提升，且环比一季度也有明显提升，基于：一方面上市险企 加大对高股息标的配置，且部分计入 FVTPL 中，如 FVTPL 的股票占 投资资产比例为新华（8.2%）>太保（7.1%）>国寿（6.7%）>太平（5%）> 平安（2.4%）>财险（1.3%），而高股息表现的亮眼推动公 ...

Investment Rating - The mechanical equipment industry is rated as "Buy" in the report [2]. Core Insights - The mechanical equipment industry is experiencing a weak recovery, with a year-on-year revenue increase of 4% in the first half of 2024, while net profit decreased by 9% [2][8]. - The export chain is performing well, with nine representative export companies showing a revenue increase of 19% and a net profit increase of 21% in the first half of 2024 [2][29]. - The overall profitability of the industry is under pressure, with a decline in net profit margins observed in various segments, particularly in specialized equipment [2][8]. Summary by Sections 1. Industry Overview - The mechanical equipment industry achieved a revenue of 12,119 billion CNY in the first half of 2024, with a net profit of 791 billion CNY [8]. - The industry is characterized by weak recovery, with significant challenges remaining in terms of domestic demand and profitability [8]. 2. Export Chain - The export chain is highlighted as a bright spot, with strong performance driven by overseas infrastructure investments and improved global competitiveness of Chinese industrial products [29]. - In the first half of 2024, the export chain's gross profit margin was 36%, reflecting a year-on-year increase of 1.7 percentage points [23]. 3. Infrastructure and Energy Chain - The engineering machinery sector is seeing a recovery in domestic demand, while the shipbuilding and offshore oil service sectors are experiencing significant profit growth [2][8]. - The report notes that the profitability of engineering machinery companies improved, with net profit growth outpacing revenue growth [2]. 4. Manufacturing Chain - General automation is facing volatility, while specialized equipment segments are showing clear differentiation in performance [2][8]. - The semiconductor equipment sector is experiencing marginal revenue improvement, although profitability is slightly declining [2][8]. 5. Investment Recommendations - The report suggests focusing on export and upstream assets as the most promising areas within the mechanical equipment sector, with expectations for continued strong performance in these segments [2][8].

[Table_PicQuote] [Table_Contacts] [Table_Title] 基础化工行业 利比亚油田遭遇不可抗力，三氯蔗糖市场提价 [Table_Summary] 核心观点： ⚫ 行业基础数据跟踪：据 wind 资讯，8 月 24 日~8 月 30 日，SW 基础 化工板块上涨 3.84%，跑输万得全 A 指数 0.26pct；化工子行业下跌较 多，表现较差的有氟化工、纯碱板块，表现较好的有钾肥、锦纶、有机 硅板块。 ⚫ 化工品价格下跌较多:据百川、wind 资讯，在我们跟踪的 336 个产品 中,上涨、持平、下跌的产品数量分别为 74 种、163 种、99 种,占比分 别为 22%、49%和 29%。价格涨幅前五：三氯蔗糖、硫酸亚铁、煤焦 油、丙烯腈、三氯化磷。价格跌幅前五：液氯、棉短绒、维生素 C、丙 烯酸甲酯、维生素 A（50 万 IU/g)。 ⚫ 利比亚油田遭遇不可抗力。据中国能源报，利比亚总理哈马德于 8 月 26 日宣布该政府油田和港口遭遇不可抗力。据 wind 数据，24 年 7 月 当月利比亚原油产量 1.175 百万桶/天。展望 Q4，利比亚供应缺口下， 考虑到 OPEC ...

[Table_PageText] 深度分析|电力设备 [Table_Contacts] [Table_impcom] [Table_Title] 风电行业"御风前行"系列深度三 欧洲海风风帆正劲，国产厂商得势启航 [Table_Summary] 核心观点： 需求端：欧洲各国优化激励机制，助推海风装机目标落实。根据各国 海风规划及政府官网，①英国：政府吸取合约差价（CfD）AR4、AR5 经验，财政加码 AR6，预计 AR6 与 AR7 贡献超 21GW，30 年有望累 计装机 50GW。②德国：EEG 2020 引入价格上限优化 EEG2017 竞标 机制的弊端，23 年批准"负补贴"彰显德国市场自我驱动性，预计 40 年装机 40GW。③荷兰：超额完成海风路线图阶段目标，引领 23 年欧 洲海风装机增量。④丹麦：能源岛规划、特许权与少数国有化的尝试体 现海风发展多样性。能源转型刚性驱动+融资环境改善+政策催化等因 素助推欧洲海风需求，据 Wind Europe，23 年欧洲新增装机 3.8GW， 累计装机 34.8GW，预计 26 年新增装机 8.6GW，CAGR 高达 54.56%。 供给端："供需缺口+ ...

Xm l [Table_Page] 深度分析|纺织服饰 证券研究报告 [Table_Title] 纺织服饰行业 2024 年中报总结 纺织制造订单回暖，服装家纺终端承压 [Table_Summary] 核心观点： ⚫ 24H1 纺织制造收入回暖，服装家纺收入承压。22/23/24H1，纺织服 装行业营业收入分别同比-5.7%/+2.0%/+1.2%。其中纺织制造板块分 别同比+0.5%/-1.7%/+5.3%，服装家纺板块分别同比-9.6%/+4.6%/ -1.6%。上游纺织制造板块，主要系海外品牌客户库存水平逐渐恢复 健康，订单需求回暖；下游服装家纺板块主要受消费大环境影响需求 承压；纺织服装行业扣非后归母净利润分别同比-60.6%/+99.3%/ -6.6%，其中纺织制造板块分别同比-46.7%/-7.6%/-0.4%，服装家纺 板块分别同比-70.0%/+229.0%/-9.6%。 ⚫ 24H1 纺织服装行业营运指标基本维持平稳。22/23/24H1，存货周转 率，纺织服装行业分别为 2.1/2.2/2.2 次，纺织制造板块分别为 2.8/ 2.9/3.0 次，服装家纺板块分别为 1.7/1.8/1.8 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector has shown a significant recovery, with the overall return on equity (ROE) improving to 1.73%, up by 4.0 percentage points year-on-year [10][18] - The livestock farming sector has turned profitable, with a notable increase in pig prices contributing to improved profits [18] - The pet food segment has experienced a recovery in exports and steady profit margin growth, with companies like Guai Bao Pet, Zhong Chong Co., Petty Co., and Lu Si Co. showing revenue growth of 17.5%, 14.1%, 71.6%, and 3.5% respectively [1][6] Summary by Sections Overview - In the first half of 2024, the sector's profits turned positive, and the debt-to-asset ratio decreased by 3.2 percentage points year-on-year to 57.59% [10][18] - The overall revenue of the sector declined by 4.75% year-on-year, while operating profit surged by 218.69% [10][18] Livestock Farming - The livestock farming sector's revenue decreased by 5.44%, but operating profit increased by 120.5% [18] - Major pig farming companies like Muyuan Foods and Wens Foodstuffs reported sales volume increases of 7% and 22% respectively, while New Hope's sales volume decreased by 3.4% [22] - The average profit per pig for Muyuan Foods and Wens Foodstuffs improved significantly, with respective increases of 129 yuan and 372 yuan year-on-year [22] Feed Industry - The feed sector's sales volume has declined, but the ROE improved to 4.03% due to rising pig prices [18] - Major feed companies like Haida Group and New Hope reported sales volume changes of +9% and -12% respectively [18] Animal Health - The animal health sector saw a decline in overall revenue, with companies like BioFido and Princely experiencing revenue drops of 11% and 21% respectively [18] Seed Industry - The seed industry faced challenges with weak grain prices impacting sales, with companies like Fengle Seed and Longping High-Tech reporting mixed revenue results [18] Pet Food - The pet food sector has shown a recovery in exports and profit margins, with significant revenue growth reported by leading companies [1][6] Investment Recommendations - The report recommends investing in leading pig farming companies such as Wens Foodstuffs and Muyuan Foods, and suggests attention to companies in the pet food sector like Guai Bao Pet and Zhong Chong Co. [3][6]

[Table_Title] 建筑行业 2024 年中报总结 结构优于总量，海外强于国内 [Table_Summary] 核心观点： ⚫ 建筑行业：短期承压，分化持续，国际工程亮眼。24H1 建筑行业上市 公司实现营收 4.2 万亿元，同比-3.1%；实现归母净利 983 亿元，同比 -9.5%。24Q2，实现营收 2.2 万亿元，同比-7.1%；实现归母净利 479 亿元，同比-15.8%。24H1 年经营性现金流净流出增加，主要受基建市 政、房屋建设板块拖累，财政维持适度加力提效、保持宽松背景下，建 筑企业业绩具备反转潜力。24H1 应收应付同比、占比均增长，杠杆率 总体保持稳定。 ⚫ 建筑行业板块巡礼：国际工程板块表现亮眼，房屋建设板块稳健。24H1 各板块业绩与盈利能力延续分化特点，国际工程板块 24H1 业绩高基 数下保持增长，同比+5.9%，毛利率同比+1.40pct，经营性现金流净流 出收窄；房屋建设板块 24H1 业绩稳健，同比-0.9%，权重股中国建筑 实现归母净利 294.5 亿元，同比+1.6%。同期基建市政工程、钢结构、 其 他 专 业 工 程 业 绩 显 著 承 压 ， 归 母 净 利 ...