[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业周报（2024 年第 36 期） | --- | --- | --- | |-------|----------|------------| | | | | | | | | | | 前次评级 | 买入 | | | 报告日期 | 2024-09-09 | 煤价延续稳中有升，电煤表现超季节性，期待非电旺季需求改善 [Table_Summary] 核心观点： ⚫ 近期市场动态：动力煤价延续小幅上涨，焦煤价格稳中有升。根据汾渭 能源，动力煤方面，CCI5500 大卡煤价 9 月 6 日最新报价 845 元/吨， 周环比上涨 2 元/吨。年度长协 9 月港口 5500 大卡煤价为 697 元/吨， 月环比下跌 2 元/吨。本周国内煤价延续小幅回升，近期进入旺季尾声 但南方高温天气持续，电厂日耗维持高位，沿海八省日耗同比超过 10% 增长，港口优质现货资源供给偏紧，下游采购情绪有所回升。预计随着 贸易商和电厂库存消耗，非电需求和冬储补库需求将有提升，煤价或维 持稳中有升的态势。中期煤价支撑主要来自：（1）9-12 月需求相 ...

[Table_Page] 行业专题研究|电子 2024 年 9 月 9 日 证券研究报告 | --- | --- | --- | --- | --- | --- | |--------------------|------------------------------------------------------------------------------|----------|--------------------------------------------|----------|------------------------------| | | | | | | | | [Table_Title] " AI | 的裂变时刻"系列 | | 14 | | | | | HBM | | 应用优势明显，减薄等配套设备环节成长性显著 | | | | [Tabl 分析师： | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号： S0260519060001 | | SAC 执证号： S0260520090002 | | SAC 执证号： S026052 ...

Industry Rating - Buy rating for the healthcare services industry [1] Core Views - The healthcare services sector is under pressure due to a high base effect from the previous year and a weak consumer environment [3] - Discharge numbers in Chongqing and Tianjin showed weak growth in H1 2024, with Tianjin's monthly growth rates declining from 16.2% in April to 1.6% in June [3] - Private hospitals face external environmental fluctuations, but long-term penetration rate growth is promising [3] - ICL (Independent Clinical Laboratories) performance is under pressure, while research services are steadily recovering [3] Sector Performance Public Hospitals - Discharge numbers in Tianjin and Chongqing showed weak growth in H1 2024, with Tianjin's discharge numbers increasing by 13.1% YoY and Chongqing's by 5.7% [3] - Ophthalmic and dental specialty hospitals in Tianjin saw limited growth, with ophthalmic hospital visits increasing by only 2.9% YoY [3] Private Hospitals - Ophthalmic hospitals: 8 listed companies reported a combined revenue increase of 1.8% YoY in H1 2024, but net profit declined by 10.2% [3] - Dental hospitals: Tongji Medical's implant and orthodontic businesses grew by 11.3% and declined by 4.7% respectively in H1 2024 [3] - Comprehensive hospitals: 5 listed companies reported an 8.2% YoY revenue increase in H1 2024, with net losses narrowing by nearly 100 million CNY [3] - Other specialty hospitals: Performance varied, with Haijia Medical reporting a 35.4% YoY revenue increase and Gushengtang achieving a 38.4% YoY revenue growth [3] Other Service Sectors - ICL sector: Revenue declined by 9.9% and 9.1% YoY for Kingmed and Dian Diagnostics respectively in H1 2024 [3] - Research services: Novo Genomics saw a recovery, with Q1 and Q2 2024 revenue increasing by 6.32% and 7.94% YoY respectively [3] Investment Recommendations - Focus on leading chain institutions with strong brand influence and operational efficiency [4] - Long-term growth targets include Aier Eye Hospital, Tongji Medical, Haijia Medical, and Gushengtang [4] - Companies to monitor include Kingmed, Purui Eye Hospital, Huaxia Eye Hospital, International Medical, Jinxin Fertility, Novo Genomics, Dian Diagnostics, and Real Group [4] Key Data and Trends - Tianjin's ophthalmic hospital visits increased by 2.9% YoY in H1 2024, while dental hospital visits grew by 14.9% [3] - Aier Eye Hospital's revenue increased by 2.86% YoY in H1 2024, with net profit up 19.71% [52] - Huaxia Eye Hospital's revenue grew by 2.85% YoY in H1 2024, but net profit declined by 25.15% [53] - Purui Eye Hospital's revenue increased by 3.08% YoY in H1 2024, but net profit dropped by 81.56% [54]

Xml [Table_Contacts] [Table_Title] 家用电器行业 多个省市落地以旧换新细则，期待政策效果 [Table_Summary] 核心观点： ⚫ 多省市以旧换新政策落地。湖北、吉林、青海、海南、重庆、浙江、 北京、上海、广东、宁夏均已发布细则，且多个省市在中央政策的基 础上，额外新增如吸尘器、扫地机、空净、部分厨房小家电等品类， 并同样享受 15%~20%的补贴力度。根据奥维云网数据，W34-W35 （2024.08.19~2024.09.01）空调线上、线下零售额分别同比+34%、 +25%，冰箱线上、线下分别同比+2%、+5%，洗衣机线上、线下分别 同比+9%、+1%，油烟机线上、线下分别同比+11%、+8%，政策刺激 效果初步体现，期待后续全面落地。 ⚫ 投资建议：白电业绩稳健增长，具备稳定 ROE 及高分红优势，下半年 有望受益以旧换新政策拉动，推荐格力电器、海尔智家（A/H）、海信 家电（A/H）；推荐受益海外自有品牌拓展的石头科技、TCL 电子。 ⚫ 一周行情回顾（2024.09.02-2024.09.06）：根据 wind 数据，沪深 300 指数周度下跌 2.7%，家 ...

[Table_Contacts] [Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行资负跟踪 20240908 存单超季节性融入，关注降准可能性 [Table_Summary] 核心观点： ⚫ 本期：2024/9/2~9/8，上期：2024/8/26~9/1，下期：2024/9/9~9/15。 ⚫ 央行动态：据 Wind 数据（下同），本期央行公开市场共开展 2,102 亿元 7 天逆回购操作，利率 1.70%，逆回购到期 14,018 亿元，净回笼 11,916 亿元。下期央行公开市场将有 2,102 亿元逆回购到期。本期央行逆回购 余额大幅回落，当前余额处于历史同期中游，DR007 围绕 1.7%波动， 显示银行间流动性相对宽松，逆回购需求不强。下期政府债缴款力度再 起，且节后即面临 9 月缴税截止日和 5910 亿元 MLF 到期置换压力，预 计下期资金面压力加剧，逆回购余额回升。 ⚫ 政府债融资：本期政府债净缴款-1,183.76 亿元，预计下期净缴款约 4,649.27 亿元，较本期回升。9 月财政力度再起，关注对资金面扰动。 ⚫ 资金利率：本期 DR007 窄 ...

[Table_Page] 深度分析|建筑材料 证券研究报告 [Table_Title] 玻璃玻纤行业 2024 年中报总结 Q2 景气结构性分化，下半年关注供给端调整 [Table_Summary] 核心观点： ⚫ 玻璃：24H1 浮法、光伏玻璃景气回温，下半年关注供给压力去化；药 用玻璃稳健成长。（1）浮法玻璃：上半年景气前高后低，下半年供需仍 存压，重点关注 Q4 减产进度。24H1 板块营收（采用上市公司加总计 算，下同）同比+1.8%，扣非净利润同比+19.0%；Q1 营收同比+6.3%， 扣非净利润同比+154.7%；Q2 营收同比+1.3%，扣非净利润同比 -25.8%。（2）光伏玻璃：24Q2 盈利环比回暖，Q3 减产加速静待需求 恢复。24H1 营收同比+9.1%，扣非净利润同比+43.7%，；Q1 营收同比 +6.4%，扣非净利润同比+43.5%；Q2 营收同比+10.1%，扣非净利润 同比+7.6%。（3）药用玻璃：政策驱动稳健成长，24Q2 盈利环比继续 改善，龙头盈利持续领先。药用玻璃板块 24Q1-24Q2 单季度营收分别 同比+5.6%/ +11.1%，归母净利润同比分别+15.0 ...

[Table_Title] 批零社服行业 2024 年中报总结 板块分化，关注边际改善 [Table_Summary] 核心观点： 美妆：展望 2024 下半年，我们推荐三个主线：（1）品牌势能向上、业 绩确定性较高的美妆品牌，我们推荐珀莱雅、巨子生物、丸美股份； （2）质价比方向，我们推荐润本股份、上美股份；（3）估值底部，等 待拐点品牌，我们建议关注贝泰妮、上海家化、华熙生物。 黄金珠宝：黄金产品避险、保值增值属性得到进一步强化，投资类产品 关注度将伴随金价高升；黄金类饰品年轻化基本完成，"悦己消费"被 广泛接纳和传播；龙头持续发力渠道拓展与店效提升，建议持续关注门 店数量净增与同店销售数据等指标。推荐周大生、老凤祥。 跨境电商：能及时调整定价政策、最大化利用亚马逊政策利好的公司有 望改善盈利能力，积极布局新渠道，抓住渠道红利沉淀品牌势能的跨境 电商有望实现高增长，建议关注品牌力较强的安克创新、积极布局新 渠道的华凯易佰、赛维时代，受益外贸高景气的小商品城、焦点科技。 线下零售：商超和百货业态近年降本增效，精细化运营提振毛利率水 平，随着直播系电商格局基本形成，货架电商增速趋稳，线下零售持续 创新业态、丰 ...

[Table_Page] 行业专题研究|家用电器 2024 年 9 月 9 日 证券研究报告 [Table_Title] 家用电器行业 行情复盘专题：新一轮周期演绎中，白电阶段性领跑 | --- | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------|----------|------------------------------| | | | | | | [Tabl 分析师： | 曾婵 | 分析师： | 陈尧 | | e_Author] | SAC 执证号： S0260517050002 | | SAC 执证号： S0260524010003 | | | SFC CE.no: BNV293 0755-82771936 021-38003786 | | | | | | | | | | zengchan@gf.com.cn | | shchenyao@gf.com.cn | | | 请注意，陈尧并非香港证券及期货事务监 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 72.28 CNY and a reasonable value of 79.53 CNY per share [1][3]. Core Views - The company reported a revenue of 5.9 billion CNY for the first half of 2024, representing a year-on-year increase of 19.97%. The net profit attributable to shareholders reached 0.65 billion CNY, up 15.00% year-on-year, confirming a performance turning point in Q2 2024 [3][11]. - The rapid growth in the new energy vehicle (NEV) business is highlighted, with the NEV fuse revenue reaching 3.65 billion CNY, a 45.38% increase year-on-year. However, the wind and solar storage business faced challenges, with revenue of 1.66 billion CNY, down 1.88% year-on-year [11][13]. - The company is expanding its overseas business, having entered the supply chains of major clients like Tesla and Daimler, with overseas revenue of 0.45 billion CNY, a 16.08% increase year-on-year, accounting for 7.63% of total revenue [13][14]. Summary by Sections Financial Performance - The company achieved a gross margin of 38.37% in H1 2024, down 2.38 percentage points year-on-year, while the net margin was 11.01%, down 0.48 percentage points year-on-year. In Q2 2024, the gross margin improved to 38.64%, up 0.60 percentage points quarter-on-quarter [5][6]. - The company expects to maintain high growth for the full year, with projected revenues of 13.8 billion CNY, 18.3 billion CNY, and 23.2 billion CNY for 2024 to 2026, and net profits of 2.1 billion CNY, 3.4 billion CNY, and 4.5 billion CNY respectively [15][21]. Business Segments - The NEV fuse segment is performing strongly, while the wind and solar storage segment is under pressure due to market conditions. The company is also focusing on expanding its product offerings in the energy storage market [11][14]. - The company is actively investing in R&D to enhance its competitive edge, with a R&D expense ratio of 10.69% in H1 2024, down 0.44 percentage points year-on-year [8][9]. Market Position and Outlook - The company is positioned as a leader in the fuse market, benefiting from the increasing penetration of NEVs globally. The report maintains a "Buy" rating based on a projected PE of 25 times for 2024, corresponding to a reasonable value of 79.53 CNY per share [15][16].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.76 CNY per share based on a 40x PE ratio for 2024 [3][15]. Core Insights - The company's performance met expectations, with significant revenue growth attributed to the consolidation of Jiangnan Keyou. For H1 2024, revenue reached 169 million CNY, a year-on-year increase of 63.48%, and net profit attributable to shareholders was 14 million CNY, up 35.21% year-on-year [6][11]. - The rapid increase in operating expenses during the business expansion phase has impacted short-term profits. Sales, management, and R&D expenses grew by 80.26%, 38.02%, and 43.98% respectively in H1 2024 [6][12]. - The company continues to lead in innovative applications of cryptographic technology in emerging fields, having fully implemented mainstream post-quantum cryptographic algorithms [6][11]. - The establishment of the Hong Kong subsidiary has led to breakthroughs in overseas business, contributing to new revenue streams [6][11]. Financial Summary - For H1 2024, the company reported a revenue of 169 million CNY, with a net profit of 14 million CNY. In Q2 2024, revenue was 120 million CNY, reflecting a year-on-year growth of 78.06% [6][11]. - The company’s gross margin for H1 2024 was 76.83%, an increase of 5.91 percentage points compared to H1 2023 [8]. - The forecast for revenue from 2024 to 2026 is 509 million CNY, 671 million CNY, and 827 million CNY respectively, with year-on-year growth rates of 41.91%, 31.86%, and 23.17% [12][11]. Business Segment Performance - Revenue from the cryptographic machine segment reached 70.29 million CNY, up 69.45% year-on-year, while the cryptographic system segment generated 38.99 million CNY, a 20.94% increase [7]. - The cryptographic services and other segment saw a remarkable growth of 442.35%, reaching 32.92 million CNY, driven by increasing demand for cryptographic services [11][12]. - The cryptographic chip segment experienced a decline, with revenue dropping 73.48% to 0.15 million CNY [7]. Expense Analysis - The company’s sales expenses for H1 2024 were 55.55 million CNY, a year-on-year increase of 80.26%, primarily due to increased sales management capabilities and the consolidation of Jiangnan Keyou [8][12]. - Management expenses rose to 21.84 million CNY, up 38.02% year-on-year, while R&D expenses reached 52.95 million CNY, a 43.98% increase [8][12]. Cash Flow and Financial Ratios - The net cash flow from operating activities for H1 2024 was -22.04 million CNY, reflecting a 22.22% year-on-year improvement [8][9]. - The company’s projected EPS for 2024, 2025, and 2026 is 0.72 CNY, 1.25 CNY, and 1.75 CNY respectively [11][12]. Valuation - The report suggests a reasonable value of 28.76 CNY per share based on a 40x PE ratio for 2024, reflecting the company's strong growth potential and recent international market expansion [15][11].