Investment Rating - The investment rating for the company is "Buy" with a current price of 59.41 CNY and a fair value of 80.45 CNY [1]. Core Views - The company's performance aligns with previous forecasts, achieving a revenue of 1.631 billion CNY in the first half of 2024, a year-on-year increase of 16.21%, and a net profit of 154 million CNY, up 48.87% year-on-year [2]. - The AI trend is expected to trigger a new innovation cycle in the smartphone industry, benefiting the company as it is positioned to take advantage of new technologies and capital expenditures [2]. - The revenue forecast for the company from 2024 to 2026 is projected at 5.303 billion CNY, 6.741 billion CNY, and 7.636 billion CNY respectively, with net profits of 806 million CNY, 1.052 billion CNY, and 1.200 billion CNY [2]. Financial Summary - Revenue growth rates are projected at 26.4% for 2022, 51.8% for 2023, 19.3% for 2024, 27.1% for 2025, and 13.3% for 2026 [1][5]. - The EBITDA for the years 2022 to 2026 is forecasted to be 405 million CNY, 947 million CNY, 1.043 billion CNY, 1.352 billion CNY, and 1.545 billion CNY respectively [1][5]. - The earnings per share (EPS) is expected to grow from 1.66 CNY in 2022 to 5.99 CNY in 2026 [1][5]. - The company maintains a strong return on equity (ROE) of 18.3% in 2022, projected to be 31.5% in 2023, and stabilizing around 27.9% by 2026 [1][5].

盈利预测： gaoxiang@gf.com.cn 请注意，陈子坤,陈昕,高翔并非香港证券及期货事务监察 委员会的注册持牌人，不可在香港从事受监管活动。 接开关需求高景气，业绩符 合预期 [Table_Title] 华明装备（002270.SZ） 业绩符合预期，特高压+海外市场拓展成长稳健 [Table_Summary] 核心观点： ⚫ 事件：公司发布 24 年中报，24H1 公司实现营收 11.2 亿元，同比+23.2%， 归母净利 3.1 亿元，同比+9.6%，扣非归母净利 2.9 亿元，同比+14.9%。 毛利率 47.8%，同比-6.6pct，主要系低毛利率 EPC 收入占比提升，24H1 期间费用 1.7 亿元，同比-4.8%，费用管控能力优异，净利率 28.4%， 同比-3.6pct。24Q2 实现营收 6.7 亿元，同比+34.7%，环比+48.4%， 归母净利 1.9 亿元，同比+11.1%，环比+47.8%。24H1 现金分红 2.4 亿 元，分红率 76.9%，公司近年来保持高比例分红，彰显公司发展信心。 ⚫ 电网升级带动分接开关需求高景气，海外业务增长稳健。分产品看， 24H1 公司电力设 ...

Investment Rating - The report assigns a **Buy-A/Buy-H** rating to China Mobile (600941 SH/00941 HK) [3] - The current price is **102 00 RMB/71 30 HKD**, with a target price of **127 95 RMB/78 34 HKD** [3] Core Views - China Mobile reported **H1 2024 revenue of 5467 billion RMB (YoY +3 0%)**, with operating revenue of **4636 billion RMB (YoY +2 5%)** and net profit attributable to shareholders of **802 billion RMB (YoY +5 3%)** [4] - The net profit margin improved to **14 7% (YoY +0 3pct)**, with Q2 net profit margin reaching **17 9% (YoY +0 7pct)** [4] - Digital transformation revenue grew **11 0% YoY to 1471 billion RMB**, accounting for **31 7% of operating revenue (YoY +2 4pct)** [5] - 5G customer penetration increased to **51 4%**, with **5 14 billion 5G customers (YoY +10 5%)** [5] - Home market revenue grew **7 5% YoY to 698 billion RMB**, with **3 09 billion broadband customers (YoY +8 0%)** and ARPU of **43 4 RMB (YoY +0 2%)** [5] - Enterprise market revenue increased **7 3% YoY to 1120 billion RMB**, with **18 4% market share in public bidding** and mobile cloud revenue growing **19 3% YoY to 504 billion RMB** [5] - ROE improved to **12 0% (YoY +0 2pct)**, while operating cash flow decreased **18 2% YoY to 1314 billion RMB** due to increased receivables and faster payments to support the supply chain [5] Financial Forecasts - Net profit attributable to shareholders is projected to be **1391/1466/1540 billion RMB for 2024/2025/2026** [6] - Revenue growth is expected to be **3 1%/3 4%/3 6% for 2024/2025/2026**, with net profit growth of **5 6%/5 4%/5 0%** [10] - EPS is forecasted to be **6 48/6 84/7 18 RMB for 2024/2025/2026**, with ROE stable at **10 1%/10 4%/10 6%** [10] Market Performance - China Mobile's stock performance has outperformed the CSI 300 index, with a **22% increase** compared to the index's **14% increase** over the past year [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.43 HKD per share, compared to the current price of 3.52 HKD [3][14]. Core Views - The company reported a revenue of 12.687 billion HKD for H1 2024, a year-on-year increase of 4.5%, and a net profit of 1.963 billion HKD, up 41.0% year-on-year [6][12]. - The photovoltaic glass segment saw revenue of 11.090 billion HKD in H1 2024, with a gross margin of 21.49%, reflecting a 6.25 percentage point increase year-on-year [6][12]. - The company plans to add two new production lines in Anhui and one in Malaysia in H2 2024, aiming to enhance production capacity [6][12]. - The solar power generation business reported revenue of 1.548 billion HKD in H1 2024, with a gross margin of 65.54%, down 4.89 percentage points year-on-year [12][14]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 27.212 billion HKD, with an expected growth rate of 2.2% [5][14]. - The estimated EPS for 2024-2026 is 0.44, 0.62, and 0.70 HKD per share, with corresponding PE ratios of 7.94, 5.67, and 5.00 [14][18]. Market Dynamics - The photovoltaic glass market is experiencing a downturn, with prices declining since June 2024, leading to a reduction in profitability for many producers [7][12]. - The industry is undergoing a consolidation phase, with several production lines being temporarily shut down to manage oversupply [7][12]. Production Capacity and Expansion Plans - The company has successfully increased its daily melting capacity to 29,000 tons, with plans for further expansion in the coming months [6][12]. - The company is strategically positioning itself in overseas markets, which is expected to enhance its competitive edge [7][12]. Future Outlook - The report anticipates a cautious approach to solar power project development due to regulatory changes and market conditions, with no new projects planned for H2 2024 [12][14]. - The photovoltaic glass segment is expected to maintain a leading position in profitability due to cost advantages and scale effects [7][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.08 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [4][11]. Core Views - The company announced its 2024 semi-annual performance report, showing a revenue of 11.472 billion CNY for the first half of 2024, a year-on-year increase of 24.54%. The net profit attributable to the parent company was 1.878 billion CNY, up 29.04% year-on-year [2][3]. - The second quarter of 2024 saw a single-quarter revenue of 6.707 billion CNY, a 20.83% increase year-on-year, and a net profit of 1.091 billion CNY, reflecting an 11.94% year-on-year growth [2][3]. - The company sold 108 million pairs of sports shoes in the first half of 2024, marking an 18.25% increase year-on-year, with 62 million pairs sold in the second quarter, a 19.23% increase year-on-year [2][3]. - The performance in the second quarter of 2024 exceeded expectations, attributed to the recovery of orders since Q4 2023 and improved operational capabilities, leading to enhanced gross and net profit margins [2][3]. - The report expresses optimism for Q3 2024, citing a low base from the previous year and stable downstream demand, alongside the commencement of shipments from a new factory in Indonesia [2][3]. Financial Summary - The company's revenue for 2022 was 20.569 billion CNY, which decreased to 20.114 billion CNY in 2023, with an expected recovery to 23.889 billion CNY in 2024, reflecting an 18.8% growth rate [3][9]. - The net profit attributable to the parent company was 3.228 billion CNY in 2022, slightly decreasing to 3.200 billion CNY in 2023, with projections of 3.876 billion CNY for 2024, indicating a growth rate of 21.1% [3][9]. - The earnings per share (EPS) are projected to be 3.32 CNY in 2024, 3.83 CNY in 2025, and 4.38 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 18.36, 15.92, and 13.92 respectively [3][9].

[Table_Title] 分众传媒（002027.SZ） 24H1 经营业绩稳健增长，中期分红持续回报股东 [Table_Summary] 核心观点： ⚫ 事件：分众传媒披露 24 年半年报，上半年经营业绩稳健增长。24H1， 公司实现营收 59.67 亿元，同比增长 8.17%，归母净利润 24.93 亿元， 同比增长 11.74%；扣非归母净利润 21.97 亿元，同比增长 11.43%。 单季度看，24Q2，分众传媒实现营收 32.38 亿元，同比增长 10.05%； 归母净利润 14.53 亿元，同比增长 12.65%，环比增长 39.74%；扣非 归母净利润 12.52 亿元，同比增长 6.82%，环比增长 32.47%。非经常 损益中，政府补助 1.37 亿元，持有交易性金融资产、交易性金融负债 产生的公允价值变动损益以及处置交易性金融资产、交易性金融负债 和可供出售金融资产取得的投资收益 0.87 亿元（23Q2 为 1.08 亿元）。 ⚫ 24H1 快消广告主贡献收入占比进一步提升，投放韧性较强。24H1， 梯媒及其他业务中，日用消费品广告主贡献营收 35.22 亿元，同比增 长 11.66 ...

[Table_Title] 永泰能源（600157.SH） 拟扩增资源，获大额信贷支持强化分红回购能力 [Table_Summary] 核心观点： ⚫ 获不超过 35 亿元信贷资金支持。公司公告山西银行、晋商银行与公司 签署银企合作协议，分别提供不超过 20 亿元、15 亿元，合计不超过 35 亿元信贷资金支持，助力公司做强能源主业，实现高质量发展。 ⚫ 拟扩增优质焦煤资源。公司公告所属孙义煤矿、孟子峪煤矿和金泰源 煤矿具备资源扩增条件，三座煤矿合计拟扩增边界资源面积 5.2919 平 方公里，预测资源量约 1975 万吨。当前公司已申报材料至省自然资源 厅，近日相关部门已启动上述三座矿井边界资源出让程序。 ⚫ 公司信贷功能持续修复，有望提高回购及分红能力。山西银行、晋商银 行此次为公司提供大额授信，有利于促进银企双方共同发展和长远合 作，以及公司信贷功能的持续修复。根据公司公告，本次信贷资金支持 将有效优化公司债务结构，便于更好统筹资金安排，提高股票回购力度 和提升现金分红能力，促进公司价值提升。 ⚫ 焦煤产能再次扩增夯实主业基础，提升长期业绩弹性。根据公司公告 测算，取得上述煤炭资源后，预计公司将增加优质 ...

[Table_Page] 行业专题研究|软件与服务 2024 年 8 月 8 日 证券研究报告 [Table_Title] 【广发 TMT 产业研究】美股科技股观察 | 24Q2 业绩跟踪 苹果：业绩回暖，服务业务延续高增，AI 功能逐步上线 | --- | |-----------------| | 分析师： [Tabl | | e_Author] | | | | | | | | [Table_Summary] | ⚫ FY24Q3 业绩略超预期，达指引上限；指引 FY24Q4 收入增速延续，约为 5%。FY24Q3 收入 857.8 亿美元 （YoY+4.9%），服务业务收入增加以及成本优化推动毛利率同比+1.7pct 至 46.3%，净利润同比+7.9%至 214.5 亿美元。根据 FY24Q3 Earnings Call，公司预计 FY24Q4 收入同比增长约 5%，毛利率将达到 45.5%~46.5%。 ⚫ iPhone 优于预期，iPad 反弹强劲，Mac 维持增长。根据 FY24Q3 Earnings Call，iPhone 收入同比-0.9%； 英国、西班牙等多个市场营收创 Q3 新高。Mac ...

[Table_Title] 证券Ⅱ行业 7 月基金新发遇冷，赎回压力仍大但有所缓解 [Table_Summary] 核心观点： ⚫ 概览：7 月新成立基金 83 只，新发基金份额同环比下滑。据 Wind 统 计，以基金成立日口径统计，2024 年 7 月新成立基金 83 只，环比下 跌 30%，同比上涨 2%；该月新发行份额为 539.70 亿份，环比下滑 69%，同比下滑 11%。 7 月新发基金环比缩窄，债基下滑幅度较大。7 月新发基金中，债券型 基金发行 25 只，发行份额达 389.58 亿份，环比下降 74.46%，占新发 基金截止日份额的 72.18%，相较于今年 5、6 月有所下降。股票型基 金发行 30 只，发行份额达 54.03 亿份，受年初至今股票型基金份额基 数较高影响，7 月股票型基金发行份额环比下降 48.59%，占新发基金 截止日份额的 10.01%。股票+混合型基金新发份额为 87.87 亿份，环 比下滑 55.60%。2024 年 7 月两市成交额在 7210 亿元，去到近三年 相对低位，一定程度上打击新发基金及股基认购热情。目前，投资者避 险需求仍较为旺盛，一段时间内指数化工 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of $3.15 and a reasonable value of $5.62 per ADS [1][2]. Core Views - The report anticipates that the company's revenue for Q2 2024 will be 7.4 billion RMB, representing a year-over-year decline of 5% and a quarter-over-quarter decline of 7%. The Non-GAAP net profit is expected to be 234 million RMB, down 61% year-over-year and 72% quarter-over-quarter, primarily due to underperformance in content playback and competition from other platforms [2][5]. - Membership revenue is projected to be 4.8 billion RMB, down 8% year-over-year and 6% quarter-over-quarter, while advertising revenue is expected to be 1.4 billion RMB, down 4% year-over-year and 3% quarter-over-quarter [3][5]. - The report highlights that the company has a rich content pipeline for Q3, which is expected to drive performance recovery in subsequent quarters [5][8]. Summary by Sections Q2 2024 Performance Outlook - Expected revenue: 74 billion RMB, YoY -5%, QoQ -7% - Non-GAAP net profit: 2.34 billion RMB, YoY -61%, QoQ -72% - Membership revenue: 48 billion RMB, YoY -8%, QoQ -6% - Advertising revenue: 14 billion RMB, YoY -4%, QoQ -3% [2][3][5]. Q3 Content Pipeline - The company has a strong content reserve, with successful shows like "唐朝诡事录之西行" leading to high viewership. Upcoming diverse content is expected to boost performance in the latter half of the year [5][8]. Profit Forecast and Investment Recommendations - Adjusted revenue forecasts for 2024-2025 are 30.9 billion RMB and 33.2 billion RMB, with corresponding growth rates of -3% and 7%. Membership revenue is expected to reach 19 billion RMB and 20.7 billion RMB in 2024-2025, with growth rates of -7% and 9% [8][10]. - The report anticipates Non-GAAP net profits of 27.66 billion RMB and 35.09 billion RMB for 2024 and 2025, respectively, and maintains a "Buy" rating based on a 14x PE valuation for 2024 [10][12].