Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is expected to see a 29% year-on-year increase in performance for the first half of 2024, driven by improved water inflow and reduced costs [2]. - The company achieved a revenue of 34.808 billion yuan in H1 2024, a 12.38% increase year-on-year, and a net profit attributable to shareholders of 11.362 billion yuan, a 27.92% increase year-on-year [2][9]. - The report highlights the company's commitment to a 70% dividend payout ratio during the 14th Five-Year Plan, indicating stable dividend expectations [2][26]. Summary by Sections 1. Performance Improvement - The company reported a significant increase in net profit for H1 2024, with a 27.9% year-on-year growth, attributed to better water inflow and a low base from the previous year [9]. - The total power generation reached 1,206 billion kWh, a 16.9% increase year-on-year, with Q2 showing a remarkable 42.5% increase [2][16]. 2. Water Inflow and Power Generation - The report notes that the recovery of water inflow has led to a substantial increase in power generation, with plans to achieve 3,074 billion kWh in 2024 under normal water conditions [2][16]. - The company has implemented a six-reservoir joint dispatch system to optimize power generation and mitigate water inflow fluctuations [19]. 3. Investment and Growth - The company is actively investing in domestic hydropower companies, with investment income increasing by 8.9% year-on-year in H1 2024 [2]. - The report emphasizes the company's strategy to develop integrated wind and solar power projects alongside hydropower, with a total installed capacity of nearly 2.65 million kW as of H1 2024 [22][25]. 4. Financial Projections - The company is projected to achieve net profits of 34.255 billion yuan, 35.907 billion yuan, and 38.125 billion yuan for the years 2024 to 2026, respectively [26]. - The report suggests a price-to-earnings (P/E) ratio of 23 for 2024, leading to a target price of 32.20 yuan per share [4][26].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a significant year-on-year increase in net profit of 41.3%, reaching 39.3 billion yuan in the first half of 2024, despite a 3.7% decline in revenue to 402 billion yuan [2][9]. - The improvement in profitability is attributed to better coal power margins and stable investment income, with investment income amounting to 26 billion yuan, a 3.7% increase year-on-year [2][17]. - The company is expected to maintain a high return on equity (ROE) and continue to grow its net assets due to ongoing capacity expansions and improvements in coal costs [2][24]. Summary by Sections 1. Main Business Profitability and Investment Income - The company's main business profitability improved, with a gross margin increase of 4.6 percentage points year-on-year, supported by stable electricity prices and lower coal costs [2][21]. - The first half of 2024 saw a significant increase in operating cash flow, which reached 53 billion yuan, a 305% increase year-on-year [2][20]. 2. Impact of Hydropower and Coal Prices - The company's electricity generation increased by 0.8% year-on-year, but the hydropower output during the flood season suppressed coal power generation [21]. - The average settlement price for electricity was approximately 0.434 yuan per kilowatt-hour, reflecting a 2.3% decrease year-on-year [21][22]. 3. High ROE and Continuous Asset Growth - The company’s ROE exceeded 10% by the end of 2023, with expectations for continued growth driven by new capacity coming online [24][25]. - The company has ongoing projects that will enhance its coal power capacity, with a total expected capacity of 36.88 GW upon completion [24]. 4. Dividend Expectations - The company is projected to distribute cash dividends of 42 billion yuan in 2024, corresponding to a dividend yield of 5% based on the latest closing price [2][4]. 5. Financial Projections - The forecasted net profits for 2024, 2025, and 2026 are 83.32 billion yuan, 92.35 billion yuan, and 98.64 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.83, 8.87, and 8.31 [2][3].

[Table_Page] 中报点评|房地产开发 证券研究报告 [Table_Title] 滨江集团（002244.SZ） 低毛利项目结算拉低利润率，聚焦杭州同时拓展新方向 [Table_Summary] 核心观点： ⚫ 年内结算滞后，低毛利项目结算拉低利润率水平。公司披露 24 年中 报，24H1 实现营收 242.0 亿元，同比-10%，归母净利 11.7 亿元，同 比-29%，扣非归母净利 11.3 亿元，同比-30%，其中 Q2 营收同比-38%， 归母净利同比-53%。竣工交付节奏的年内波动影响上半年结算体量， 两集中时期竞配建低毛利项目结算拉低利润率。24H1 滨江整体、扣税 毛利率为 9.6%、8.8%，同比回落 8.7pct、6.6pct，在三费费用管控稳 定、未计提减值的情况下，公司归母净利率 4.8%，同比下滑 1.2pct。 ⚫ 销售排名攀升，价格表现稳定。24H1 滨江实现销售金额 582.3 亿元， 同比下滑 37%，据克尔瑞榜单，销售排名升至第 8。24H1 滨江销售均 价 4.66 万元/平，根据中指院数据，滨江销售均价为杭州均价的 1.5 倍， 杭州相对稳定的价格对冲部分销量下行 ...

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Views - The company's Q2 2024 net profit attributable to shareholders reached 3.85 billion yuan, showing impressive performance. The revenue for Q2 2024 was 48.57 billion yuan, a year-on-year increase of 18.7%, with a net profit of 3.85 billion yuan compared to 1.19 billion yuan in the same period last year. The non-recurring net profit was 3.63 billion yuan, up from 0.97 billion yuan year-on-year, primarily driven by increased export sales and optimized product structure in the domestic market [3][6]. - The company's gross margin and net margin improved sequentially, with Q2 2024 gross margin at 21.4% and net margin at 7.9%, reflecting year-on-year increases of 3.9 and 5.0 percentage points, respectively. The expense ratio for the period was 10.4%, down 0.7 percentage points year-on-year and sequentially [3][8]. - The product structure continued to optimize, with an increasing proportion of export sales. In Q2 2024, the total vehicle sales were 284,000 units, with a year-on-year decrease of 4.9% but a sequential increase of 3.4%. The export volume was 109,000 units, accounting for 38.2% of total sales, up 14.2 percentage points year-on-year [3][10][11]. - The company is expected to benefit from industry changes and is projected to enter a new upward development cycle. The estimated EPS for 2024-2026 is 1.28, 1.39, and 1.56 yuan per share, maintaining a fair value of 32.03 yuan per share for A-shares and 17.36 HKD per share for H-shares, both with a "Buy" rating [3][12].

[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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.23 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [2][24]. Core Insights - In Q2 2024, the company achieved a net profit attributable to shareholders of 0.81 billion CNY, with a strong performance overall. For the first half of 2024, the company reported a revenue of 12.22 billion CNY, a year-on-year increase of 33.4%, and a net profit of 1.46 billion CNY, also up by 33.1% [6][10]. - The company's cost control capabilities have improved, with gross margin, net margin, and expense ratio for H1 2024 at 21.35%, 12.0%, and 8.7%, respectively [10][16]. - The company is advancing its product platform strategy and accelerating its international market strategy, with significant growth in automotive electronic product orders and ongoing projects in North America and Europe [16][17]. - The company is positioned as a leading system integration supplier in China, actively expanding into emerging sectors such as lightweight automotive chassis, automotive electronics, and new energy vehicle thermal management [17][19]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 12.22 billion CNY, a 33.4% increase year-on-year, and a net profit of 1.46 billion CNY, also up by 33.1%. In Q2 2024, revenue reached 6.53 billion CNY, a 39.3% increase year-on-year, with a net profit of 0.81 billion CNY, up by 25.9% [6][10]. Cost Control - The company's gross margin, net margin, and expense ratio for H1 2024 were 21.35%, 12.0%, and 8.7%, respectively, showing improvements in cost management [10][16]. Strategic Initiatives - The company is implementing a product platform strategy and accelerating its international market strategy, with automotive electronic product orders increasing and several projects in North America and Europe progressing well [16][17]. Earnings Forecast and Investment Recommendations - The company is expected to maintain steady growth, with EPS projected at 1.73 CNY, 2.10 CNY, and 2.68 CNY for 2024, 2025, and 2026, respectively. The report assigns a 25x PE valuation for 2024, leading to a target price of 43.23 CNY per share [17][19].

[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 ...