[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].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of $24.71 per ADS and HKD 192.56 per share [1][5][9]. Core Insights - The company is expected to achieve total revenue of RMB 61.31 billion in Q2 2024, representing a year-over-year growth of 16% and a quarter-over-quarter growth of 8%. This growth is driven by strong performance in advertising and gaming sectors [1][5]. - The gross margin is projected to reach 29.6% in Q2 2024, an increase of 6 percentage points year-over-year and 1 percentage point quarter-over-quarter [1][5]. - The launch of the game "Three Kingdoms: Strategy" has positively impacted gaming performance, with expectations for significant contributions to revenue in the second half of 2024 and into 2025 [3][5][9]. Revenue Forecast - The company anticipates total revenue growth of 20% in 2024 and 16% in 2025, reaching RMB 270 billion and RMB 312 billion, respectively [5][9]. - Advertising revenue is expected to grow by 30% in 2024 and 23% in 2025, while live streaming and value-added services (VAS) are projected to grow by 15% in both years [6][9]. - Gaming revenue is forecasted to increase by 33% in 2024 and 9% in 2025, driven by new game launches and sustained user engagement [6][9]. Profitability Outlook - The adjusted net loss for Q2 2024 is expected to be RMB 3.4 billion, with a continuous narrowing of losses compared to previous quarters [1][5]. - The report predicts that the company's gross margin will improve to 31% in 2024 and 33% in 2025, reflecting a shift towards higher-margin revenue streams [9]. - Non-GAAP net profit is projected to reach RMB -622 million in 2024 and RMB 1.549 billion in 2025, indicating a path towards profitability [9].

Investment Rating - The investment rating for TCL Smart Home is "Accumulate" with a current price of 8.75 CNY and a fair value of 11.06 CNY [2]. Core Views - The report highlights strong external sales and structural improvements driving profit growth. The company is expected to achieve significant revenue and profit increases in the coming years, with a projected net profit of 9.2 billion CNY in 2024, growing to 11.4 billion CNY by 2026 [5][6]. Financial Summary - **Revenue (CNY million)**: - 2022A: 11,663 - 2023A: 15,180 (YoY +30.1%) - 2024E: 17,418 (YoY +14.7%) - 2025E: 19,401 (YoY +11.4%) - 2026E: 21,341 (YoY +10.0%) [5][7] - **Net Profit (CNY million)**: - 2022A: 464 - 2023A: 787 (YoY +69.4%) - 2024E: 923 (YoY +17.3%) - 2025E: 1,033 (YoY +11.9%) - 2026E: 1,144 (YoY +10.8%) [5][7] - **EBITDA (CNY million)**: - 2022A: 1,254 - 2023A: 1,993 - 2024E: 2,413 - 2025E: 2,756 - 2026E: 3,046 [5][7] - **EPS (CNY/share)**: - 2022A: 0.43 - 2023A: 0.73 - 2024E: 0.85 - 2025E: 0.95 - 2026E: 1.06 [5][7] - **P/E Ratio**: - 2022A: 12.35 - 2023A: 9.05 - 2024E: 10.28 - 2025E: 9.19 - 2026E: 8.29 [5][7] - **ROE (%)**: - 2022A: 47.9% - 2023A: 55.6% - 2024E: 38.4% - 2025E: 30.1% - 2026E: 25.0% [5][7] Business Performance - The company reported a revenue of 8.96 billion CNY in the first half of 2024, a year-on-year increase of 24.7%, with a net profit of 560 million CNY, up 32.7% YoY. The gross margin was 23.0% [5]. - The external sales showed high growth, with the refrigeration business achieving a revenue of 7.61 billion CNY, up 21.7% YoY, and washing machines seeing a revenue increase of 46.3% YoY [5]. - The report indicates that the improvement in product structure has contributed to overall profit enhancement, with a significant increase in the proportion of external sales [5].

[Table_Title] 安琪酵母（600298.SH） 国内需求改善，海外延续扩张 [Table_Summary] 核心观点： 安琪酵母发布 2024 年半年报。公司公告 2024H1 收入 71.75 亿元，同 比+6.86%；归母净利润 6.91 亿元，同比+3.21%；扣非归母净利润 5.96 亿元，同比-2.50%，非经常损益主要来自上半年政府补助 0.96 亿元。 单二季度看，2024Q2 收入 36.92 亿元，同比+11.31%；归母净利润 3.72 亿元，同比+17.26%；扣非净利润 3.01 亿元，同比+7.32%。 国内需求改善，海外延续扩张。收入端看，2024Q2 国内/海外分别收 入 22.11/14.54 亿元，同比+6.64%/+19.01%。国内需求环比 Q1 改善， 主要系小包装产品等贡献；海外市场中东、非洲、欧洲、亚太等地区持 续扩张，Q2 延续高增长。分产品看，2024Q2 酵母及深加工/制糖/包装 类/其他主营分别收入 26.70/1.90/0.95/7.10 亿元，同比+12.24%/- 40.07%/ -17.05%/+46.42%，主业需求复苏，制糖及包装业务 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.01 CNY per share, indicating an expected strong performance relative to the market over the next 12 months [3][10]. Core Views - The company reported a solid revenue growth of 15.1% year-on-year for the first half of 2024, achieving a revenue of 2.763 billion CNY and a net profit of 629 million CNY, which is a 15.5% increase [1]. - The product mix is continuously optimized, with significant growth in anesthetic products, which generated 1.522 billion CNY in revenue, reflecting a 20.0% increase [1]. - The company is focusing on the central nervous system market and increasing R&D investments, with over 20 innovative drug projects currently in development [1]. Financial Summary - For the first half of 2024, the company achieved a net cash flow from operating activities of 622 million CNY, a substantial increase of 39.5% [1]. - The company’s sales expenses increased by 6.0% to 830 million CNY, while the sales expense ratio decreased by 2.8 percentage points to 36.7% of formulation revenue [1]. - The forecasted EPS for 2024, 2025, and 2026 are 1.22 CNY, 1.45 CNY, and 1.74 CNY per share, respectively, with a projected net profit growth rate of 18.8% in 2024 [2][1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.70 CNY, compared to the current price of 19.80 CNY [3]. Core Views - The company reported a revenue of 2.618 billion CNY for the first half of 2024, a year-on-year decrease of 1.35%, while achieving a net profit of 350 million CNY, marking a return to profitability. The non-recurring net profit was 339 million CNY, up 14.53% year-on-year, aligning with the forecasted levels [2]. - The company is undergoing channel reforms while facing short-term demand pressures. In Q2 2024, revenue from the main product line, Meiwai Xian, was 1.095 billion CNY, down 12.12% year-on-year, primarily due to weak industry demand and intensified competition [2]. - The company is focusing on optimizing its distribution channels and managing expenses, with a net profit margin of 9.00% in Q2 2024, down 2.81 percentage points due to increased expense ratios [2]. Financial Summary - Revenue projections for 2024-2026 are 5.476 billion CNY, 6.227 billion CNY, and 7.111 billion CNY, reflecting growth rates of 6.55%, 13.72%, and 14.19% respectively [2]. - The forecasted net profit for the same period is 725 million CNY, 919 million CNY, and 1.113 billion CNY, with year-on-year changes of -57.30%, +26.77%, and +21.20% respectively [2]. - The company expects Meiwai Xian's revenue to grow from 5.322 billion CNY in 2024 to 7.032 billion CNY in 2026, with corresponding net profits of 700 million CNY, 912 million CNY, and 1.107 billion CNY [2].

[Table_Title] 电力设备行业 新型电力系统行动方案印发，关注新能源消纳创新方向 [Table_Summary] 核心观点： 事件：8 月 6 日（7 月 25 日成文），国家发展改革委、国家能源局、国 家数据局联合印发《加快构建新型电力系统行动方案（2024-2027 年）》， 为新型电力系统建设层面的总纲性文件。 文件印证"新能源发展再提速，倒逼消纳建设超预期"投资思路。根据 国家能源局，23 年我国风光新增装机 293GW，同比+138%；24 年消 纳压力明显提升，但 H1 风光新增装机达 129GW，同比+27%。本次文 件印证我们对 24 年"新能源发展再提速，倒逼消纳建设超预期"判断。 新型电力系统建设逐渐迈入深水区，文件旨在总体推进，加强创新探索。 ①重点开展 9 项专项行动，覆盖源网荷储各环节。②要求在关键环节取 得突破，选取攻关收益高、提效潜力大、引领效应强的方向开展探索。 发文单位新增国家数据局，电力信息化数字化发展力度有望提升。①算 力与电力协同。开展算力、电力基础设施协同规划布局；提高数据中心 绿电占比。②推动新能源汽车融入新型电力系统。加强充电网络建设。 主干网：优化补强 ...