[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 ...

[Table_Page] 深度分析|纺织服饰 证券研究报告 [Table_Title] 运动鞋服行业 2024 年中报总结 品牌行业稳健发展，代工行业稳步复苏 [Table_Summary] 核心观点： ⚫ 2024H1 运动鞋服下游品牌零售行业消费需求疲软，但龙头稳健发展。 根据 wind 数据，（1）营收和净利润：2024H1 行业实现营收 715.1 亿 元，同比增长 7.7%；归母净利润 115.5 亿元，同比增长 35.2%，主要 系折扣改善导致毛利率改善，所以利润增速快于收入增速。（2）毛利 率及费用率：2024H1 行业毛利率为 53.6%（YoY+1.8pct）；2024H1 行业销售费用率为 29.9%（YoY+1.0pct）；管理费用率为 5.8% （YoY+0.4pct）。（3）营运指标：行业库存去化顺利，存货周转 98 天 （YoY-10 天），应收账款周转 37 天（YoY+1 天）。 ⚫ 2024H1 运动鞋服上游代工行业稳步复苏。根据 wind 数据，（1）营收 和利润：2024H1 营收 564.9 亿元，同比增加 9.6%；归母净利润 69.0 亿元，同比增加 46.0%，主 ...

Investment Rating - The report maintains a "Buy" rating for China TravelSky Technology (00696 HK) with a target price of HKD 14 52 per share based on a 20x PE valuation for 2024 [4][11] Core Views - The company reported strong revenue and profit growth in H1 2024 with revenue reaching RMB 4 042 billion (YoY +22 2%) and net profit attributable to shareholders of RMB 1 367 billion (YoY +13 9%) [2][6] - Domestic air travel recovery remains robust with domestic passenger volume in H1 2024 exceeding 2019 levels by 12 1% while international passenger volume recovered to 76 0% of 2019 levels [2][6] - The AIT (Airline Information Technology) business saw revenue growth of 19 8% YoY to RMB 2 265 billion in H1 2024 driven by strong domestic recovery [2][6] - Settlement and clearing business revenue surged 50 0% YoY to RMB 278 million in H1 2024 due to the recovery of international business volume [2][6] - System integration services revenue increased significantly by 111 9% YoY to RMB 680 million in H1 2024 driven by increased project completions [2][6] - Data network services revenue grew steadily by 7 3% YoY to RMB 216 million in H1 2024 supported by increased distribution information service volume [2][6] Financial Forecasts - Revenue is expected to grow by 22 4% in 2024 and 9 0% in 2025 with net profit attributable to shareholders forecasted at RMB 1 932 billion and RMB 2 297 billion respectively [2][11] - The company's gross margin is expected to improve steadily reaching 53 0% in 2024 and 54 1% in 2025 [11][12] - EPS is projected to be RMB 0 66 in 2024 and RMB 0 79 in 2025 [11][12] Business Performance - The company's AIT business continues to recover with domestic air travel showing strong growth while international travel is gradually recovering [2][6] - The settlement and clearing business is benefiting from the recovery of international air travel and the expansion of system and product services [6][8] - System integration services are experiencing significant growth due to increased project completions and the company's involvement in smart airport construction [6][8] - Data network services are maintaining steady growth with the company expanding its overseas market presence and enhancing its distribution capabilities [6][9] Industry Outlook - The domestic air travel market is expected to continue its natural growth while the international market is projected to further recover in H2 2024 [7] - The company is well-positioned to benefit from the ongoing recovery in the aviation and tourism industry as a key player in civil aviation information technology [11]

[Table_Contacts] [Table_Title] 环保行业 2024 年中报总结 [Table_Page] 深度分析|环保 证券研究报告 | --- | --- | |----------|------------| | | | | 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-09-03 | 攻守得当，行远自迩 [Table_Summary] 核心观点： ⚫ 24H1 板块扣非归母净利同比增长 4.6%，投资收窄、自由现金流加速 改善。24H1 环保板块实现营收 1722 亿元（同比+5.0%）、扣非业绩 144 亿元（同比+4.6%）；24Q2 板块扣非业绩 75 亿元（同比-2.8%）。 我们注意到：固废+水务运营板块 24H1 扣非业绩达 96 亿元（同比 +9.2%），占板块比重 66%（同比+2.8pct）；而剩余其他公司逐渐出清， 24H1 扣非业绩下滑 3.3%至 49 亿元。环保板块 24H1 经营性现金流净 额同比提升 29%至 110 亿元，同时投资性现金流流出小幅收缩 2.13% 至 269.6 亿元，2024H1 板块自由现金净流出额进一 ...

[Table_Page] 深度分析|煤炭开采 证券研究报告 [Table_Title] 煤炭行业 2024 年中报总结 Q2 量价降幅收窄，中期受益需求预期改善及产量恢复 [Table_Summary] 核心观点： ⚫ 业绩概览：Q2 行业盈利环比回落 8%，龙头公司普遍更稳健。上半年 各煤种价格中枢回落，加上部分公司产量受限、成本费用增加，业绩下 降。根据 Wind，我们覆盖的 26 家煤炭开采公司上半年合计归母净利 润和扣非后归母净利润分别为 812 和 810 亿元，同比分别下降 27%和 26%。其中各公司 Q2 归母净利润和扣非后归母净利润分别为 389 和 378 亿元，同比分别下降 14%和 18%，环比分别下降 8%和 12%。 ⚫ 财务分析：上半年平均净利率、ROE 降至 14%和 6%，经营性现金流 仍较充足，负债率平稳回落。（1）盈利能力：上半年煤炭板块各公司平 均毛利率、净利率和 ROE 平均分别为 30.3%、11.7%和 4.1%（剔除 负值为 30.3%、13.6%和 5.7%），同比分别下降 4.3、5.7 和 5.2 个百 分点。（2）营运能力：上半年各公司平均应收账款和存货 ...

Investment Rating - The industry investment rating is "Buy" [1] Core Views - Industrial enterprise profit growth has accelerated, with a year-on-year increase of 3.6% from January to July, reflecting a stable recovery trend [2][12] - The mechanical industry index rose by 1.59% in the last week, outperforming the Shanghai Composite Index which increased by 1.20% [2] - The engineering machinery market index (CMI) for August is 95.16, showing a year-on-year growth of 14.03% but a month-on-month decrease of 0.29%, indicating a seasonal downturn [2][18] - The report highlights several key investment themes for the second half of 2024, including recovery in engineering machinery and growth in automation and semiconductor equipment sectors [2] Summary by Sections 1. Macroeconomic Tracking - Industrial profits are showing a stable recovery, with a 4.1% year-on-year increase in July, marking a continuous acceleration [12] - High-tech manufacturing profits grew by 12.8%, significantly above the average industrial level, contributing to overall industrial profit growth [12] 2. Midstream Data Tracking - The engineering machinery market index (CMI) indicates a recovery trend, with a year-on-year increase of 14.03% in August [18] - Domestic demand is expected to stabilize, with significant opportunities in engineering machinery and automation sectors [2][18] - The report suggests focusing on companies like Sany Heavy Industry, XCMG, and others for potential investment [2] 3. Sector-Specific Insights - The shipbuilding sector shows a mixed performance, with new orders down by 30.75% year-on-year but a cumulative increase of 46.57% in new ship orders this year [25] - The oil and gas equipment sector is experiencing a recovery, with an increase in active drilling rigs in North America [23][24]

Investment Rating - The report rates the environmental protection industry as "Buy" [2] Core Insights - The solid waste sector is expected to see significant cash flow improvement, with dividend potential likely to be fully realized [2] - The report emphasizes the transition of the solid waste industry from a construction phase to an operational phase, highlighting the importance of investment opportunities in this sector [7] - The report suggests focusing on specific companies within the equipment, solid waste, water, and recycling sectors for potential investment [2][11] Summary by Sections Section 1: Mid-Year Report Perspective on Solid Waste Industry - In the first half of 2024, the solid waste sector's free cash flow is projected to turn positive for the first time, with operating cash flow increasing from 5.2 billion to 7 billion CNY year-on-year, a growth rate of +34.6% [7] - Investment cash flow is expected to narrow from -7.3 billion to -5.5 billion CNY, indicating a reduction of 1.8 billion CNY year-on-year [7] - The report highlights the core investment logic of "capital expenditure contraction, positive free cash flow, and enhanced dividend potential" [7] Section 2: Company Performance - Sanfeng Environment reported a revenue of 3.132 billion CNY in the first half of 2024, a year-on-year increase of +5.08%, with a net profit of 666 million CNY, also up by +5.29% [10] - Meiyu Technology announced a stock incentive plan for 145 employees, granting 4.032 million restricted shares at a price of 15.60 CNY per share, with ambitious performance targets set for the next three years [11] - Yingke Recycling achieved a revenue of 1.435 billion CNY, reflecting a year-on-year growth of +26.49%, with a net profit increase of +30.75% [10] Section 3: Key Company Announcements - Haicong Chuangye plans to issue a special dividend for the first time in its history, reflecting improved cash flow and shareholder returns [11] - The report emphasizes the importance of monitoring cash flow improvements and capital expenditure reductions in predicting future dividend increases for companies like Haicong Chuangye [11] Section 4: Policy and Market Tracking - The report tracks domestic and international carbon neutrality policies, highlighting significant developments in carbon trading markets and their implications for the environmental sector [12][13] - The carbon trading market is currently experiencing low transaction volumes, with the latest price recorded at 92.27 CNY per ton, reflecting a 2.98% increase from the previous week [15] Section 5: Market Trends and Valuation - The environmental protection sector is currently at a historical low in terms of valuation, with the GFHB sample stock PE-TTM at only 15.18 times, indicating potential for a bottom reversal [20] - The report notes that the environmental index has outperformed the Shanghai and Shenzhen 300 indices since the second half of 2021, suggesting a positive trend for the sector [20]