Investment Rating - The investment rating for the company is "Buy" with a current price of 77.92 CNY and a fair value of 87.01 CNY, maintaining the previous rating of "Buy" [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.05-3.25 billion CNY in the first half of 2024, representing a year-on-year increase of 87.06%-99.32%, exceeding market expectations [9]. - The home appliance industry remains at a high level of prosperity, with China's customs data showing a 19.1% year-on-year increase in thermos cup exports from January to May 2024, and a remarkable 36.1% growth in May alone [9]. - The company is experiencing rapid growth alongside major clients, with a projected net profit of 695 million CNY, 867 million CNY, and 1.049 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 47.3%, 24.8%, and 21.0% [10]. Financial Summary - The company reported a revenue of 1,260 million CNY in 2022, with a projected increase to 1,775 million CNY in 2023, and further growth to 2,499 million CNY in 2024, reflecting a growth rate of 41.0% [11]. - The EBITDA is expected to rise from 316 million CNY in 2023 to 800 million CNY in 2024, indicating strong operational performance [11]. - The net profit is projected to grow from 472 million CNY in 2023 to 695 million CNY in 2024, showcasing a significant increase in profitability [11].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 今年以来各项利率调整对银行息差影响 [Table_Summary] 核心观点： ⚫ 今年以来已落地两次 LPR 下调、一次政策利率下调和新一轮存款挂牌 利率下调，同时去年两次 LPR、政策利率下调和三轮存款挂牌利率下 调也持续影响今年银行息差，本篇报告将详细测算去年和今年以来利 率政策对于各家上市银行 24 年、25 年息差的影响。 ⚫ LPR 报价下调：2024 年初至今 1 年期 LPR 累计下调 10bp、5 年期 LPR 累计下调 35bp，预计对上市银行 24 年、25 年息差负面影响分别 约为 4.0bp、7.3bp，国有大行按揭占比以及长期限贷款占比更高，因 此受到负面影响相对更大。 ⚫ 存款挂牌利率下调：2024 年 7 月 25 日，四大行再次下调存款挂牌利 率，其中，活期存款利率下调 5bp，1 年及以内定期存款挂牌利率下调 10bp，2 年及以上定期存款挂牌利率下调 20bp，预计本轮存款挂牌利 率下调对上市银行 24 年、25 年息差正贡献分别约 3.8bp、2.0bp。 ⚫ MLF 利率下调 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行资负跟踪 20240728 政策重心重回稳经济 [Table_Summary] 核心观点： ⚫ 本期：2024/7/22~7/28，上期：2024/7/15~7/21，下期：2024/7/29~8/4。 ⚫ 央行动态：据 Wind 数据（下同），本期央行公开市场共开展 9,848 亿 元 7 天逆回购操作，利率较前期下调 10bp 至 1.70%，逆回购到期 11,830 亿元，同时，本期央行再次投放 2000 亿元 MLF，利率较前期 下调 20bp 至 2.3%，整体实现净投放 18 亿元。下期央行公开市场将 有 9,848 亿元逆回购到期。本期逆回购余额回落，同时央行月末再次 投放 MLF，总体公开市场余额小幅回升，定价方面，OMO 利率和 MLF 先后下调，一方面显示在美元利率和汇率逐步见顶的环境下，汇率和 利率政策两难格局或打破，政策重心重回稳经济；另一方面，6 月 19 日央行行长潘功胜在 2024 陆家嘴论坛表示"未来可考虑明确以央行的 某个短期操作利率为主要政策利率，目前看，7 天期逆回购操作利率已 基本承 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.62 CNY per share based on a 30x PE for 2024 [3]. Core Insights - The company's revenue for the first half of the year is projected to be between 15.56 billion to 16.19 billion CNY, representing a year-on-year growth of 25% to 30%. However, the net profit attributable to the parent company is expected to be between 1.97 billion to 2.18 billion CNY, showing a slight decline of 5% to an increase of 5% year-on-year, primarily due to a decrease in investment income [2][3]. - The company continues to gain market share, with net profit margins recovering quarter-on-quarter. The market share for general servo and low-voltage frequency converters has increased to 30.3% and 21.4%, respectively, reflecting a year-on-year increase of 1.0 and 2.3 percentage points [2]. - The report highlights the potential recovery in the general automation industry as inventory replenishment approaches in 2024, supported by the company's international expansion, digitalization strategy, and new product development [2]. Financial Summary - The company is expected to achieve net profits of 5.50 billion, 6.30 billion, and 7.15 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding revenue growth rates of 19.1%, 20.4%, and 19.9% [5]. - The projected EBITDA for 2024 is 6.15 billion CNY, with a growth rate of 16.0% [5]. - The earnings per share (EPS) is forecasted to be 2.05 CNY for 2024, with a price-to-earnings (P/E) ratio of 22.56 [5].

[Table_Page] 行业专题研究|建筑装饰 2024 年 7 月 28 日 证券研究报告 [Table_Title] 建筑行业基金持仓分析 24Q2 公募基金小幅加仓建筑业，高股息央国企、工程咨询 | --- | --- | --- | --- | --- | --- | |----------------|-----------------------|----------|------------------------|----------|----------------------------| | | | | | | 板块配置占比提升 | | 分析师： [Tabl | 耿鹏智 | 分析师： | 谢璐 | 分析师： | 尉凯旋 | | e_Author] | SAC 执证号： | | 执证号：S0260514080004 | | SAC 执证号：S0260520070006 | | | | | SFC CE.no: BMB592 | | | | | 021-38003620 | | 021-38003688 | | 021-38003576 | | | gengpengzhi@gf.com.c ...

[Table_Title] 建筑材料行业 [Table_Gr ade] 行业评级 持有 前次评级 持有 三中全会定调房地产，淡季建材景气弱势震荡 报告日期 2024-07-28 [Table_Summary] 核心观点： ⚫ 目前建材基本面受地产景气影响仍在左侧、基建需求也一般，需等待地 产企稳，但部分优质龙头企业仍表现出较强的经营韧性，如二手房和存 量房翻新需求支撑下零售建材韧性强、周期建材龙头在底部仍有显著 的超额利润。建议积极关注水泥龙头底部配置机会，同时继续关注基本 面韧性强的零售建材，和部分结构性景气赛道（玻纤、出海、药玻等）。 ⚫ 消费建材：地产仍在寻底，龙头公司经营韧性强。消费建材长期需求稳 定性好（受益存量房需求）、行业集中度持续提升、竞争格局好的优质 细分龙头中长期成长空间仍然很大。2024 年地产仍在寻底，新开工面 积预计回落至中期较低水平，地产政策转变有望先带来销售面积好转； 核心龙头公司盈利领先地产行业实现有韧性的复苏。看好三棵树、兔宝 宝、北新建材、伟星新材、中国联塑、东鹏控股、东方雨虹，关注坚朗 五金、箭牌家居、蒙娜丽莎、科顺股份、志特新材、王力安防。 ⚫ 水泥：淡季需求疲软，价格 ...

[Table_Page] 投资策略周报|有色金属 证券研究报告 [Table_Title] 金属及金属新材料行业 基本金属价格有望止跌回升 [Table_Summary] 核心观点： 基本金属：以旧换新支撑内需改善，基本金属价格有望止跌回升。美 联储年内降息预期较强，但外需走弱压力较大，以旧换新政策支撑内需 改善，铜矿、阴极铜供给紧张程度明显缓解，基本金属价格明显回调 后，前期积压需求或释放，预计基本金属价格有望止跌回升。建议关 注：洛阳钼业（A+H）、西部矿业、金诚信、中国铝业（A+H）、云铝 股份、天山铝业等。 钢铁：钢价及成本全面下跌，盈利面大幅下降，关注供给约束。供给 端，高炉开工环比平稳，钢厂盈利率大幅下降，铁水供给约束明显。需 求端，线螺采购环比大幅回落。成本端，预计低盈利率继续压制原料采 购需求。价利方面，供需格局短期弱化，购销差价预期偏弱，供给约束 预期提升，预计短期钢价震荡为主。建议关注：宝钢股份、华菱钢铁、 久立特材、抚顺特钢等。 贵金属：美联储降息兑现情绪继续发酵，建议把握金价逢低布局机会。 据 Wind，本周公布的美国 6 月核心 PCE 同比符合预期，且为 2021 年 3 月以来最 ...

[Table_Title] 纺织服饰行业 纺织服装与轻工行业数据周报 7.22-7.26 [Table_Summary] 核心观点： ⚫ 纺织服装行业周观点。首先，奥运会开幕，建议关注运动鞋服行业龙头 公司短期交易性机会，包括安踏体育、李宁、特步国际、361 度、比音 勒芬等。其次，上游纺织制造板块建议关注：短期建议关注二季度受汇 兑影响较小，业绩预计有望继续保持较快增长，且长期成长空间大的辅 料和箱包行业龙头公司伟星股份和开润股份。中期建议关注毛纺、色纺 纱等行业龙头公司新澳股份、百隆东方，预计今年业绩表现前低后高， 下半年有望加速向上。部分二季度受上年同期汇兑收益扰动的运动鞋 服代工、色织布等行业龙头公司，三季度预计业绩有望恢复较快增长， 包括华利集团、健盛集团、鲁泰 A 等。涉及新材料业务的台华新材、 南山智尚、恒辉安防，锦纶下游需求景气度高，超高分子量聚乙烯纤维 受益出口政策明朗化。最后，下游服装家纺板块建议关注：顺应消费两 极分化趋势，业绩具备一定韧性的高端及性价比定位龙头公司，包括海 澜之家、富安娜、森马服饰、波司登、中国利郎等。 ⚫ 轻工制造行业周观点。必选消费品种经济敏感度低、具备成长空间。 ...

[Table_Title] 非银金融行业 稳增长发力改善市场预期，建议关注板块估值修复 [Table_Summary] 核心观点： ⚫ 证券：证监会谋划进一步全面深化资本市场改革开放，稳增长举措提 振市场信心。据 wind，本周沪深两市成交额日均 0.65 万亿元（环比 下跌 2.47%），沪深两融余额 14342.75 亿元（环比下跌 0.8%）。7 月 26 日，证监会党委书记、主席吴清近日召开专题座谈会并发表讲 话，与 10 家在华外资证券基金期货机构、合格境外机构投资者（QFII） 等代表深入交流，就中国资本市场下一步全面深化改革提出了诸多建 设性意见，内容主要涵盖"投融资协调发展"、"活跃并购重组市场"、"发 展私募股权创投市场"以及"扩大资本市场开放"，旨在推动中国资本市 场的全面深化改革、提高市场活跃度、吸引长期资本，并进一步提升 市场的国际化水平。7 月 25 日，国家发改委、财政部印发《关于加力 支持大规模设备更新和消费品以旧换新的若干措施》，本轮"以旧换新" 有望在短期内助力提振内需，提振市场信心。当前证券公司业绩及监 管压力期逐渐缓释，稳增长举措提振市场信心，证券行业估值和基金 持仓双低 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Haitong Development has been expanding its external chartering business, transitioning from a model reliant on heavy asset investment to a more flexible and market-oriented approach, aiming to build a robust service network [5][9] - The company's revenue in 2023 was 1.705 billion yuan, a decrease of 3.41 billion yuan from 2022, primarily due to a slowdown in global economic growth and geopolitical impacts [9] - The company has been actively increasing its fleet, with a total controlled capacity of 3.39 million deadweight tons as of June 2024, including 41 self-owned bulk carriers and 21 long-term chartered vessels [6][9] Summary by Sections Company Ownership and Structure - Haitong Development is primarily controlled by natural persons, with a total of 22.28% held by other companies. The largest shareholder, Zeng Erbin, holds 59.08% of the shares directly and has a total beneficial ownership of 64.42% through affiliated companies [3][4] Fleet and Operations - The company's fleet consists of self-owned vessels, light chartered vessels, and externally chartered vessels. As of mid-2024, the company has 19 self-owned bulk carriers and 30 long-term chartered vessels, with a total capacity of 2.82 million deadweight tons [5][6] - The company has been focusing on expanding its external chartering business to enhance operational flexibility and market responsiveness [7][9] Financial Performance - The company's operating costs reached 1.456 billion yuan in 2023, an increase of 18.14% year-on-year, driven by the expansion of external chartering operations [9] - The average daily TCE (Time Charter Equivalent) for Haitong Development reached $12,888 in 2023, exceeding the market average by approximately 17.2% [26] Market Conditions and Future Outlook - The report indicates that the supply conditions in the dry bulk shipping market are gradually improving, with a low order book for Handymax vessels, which is expected to limit future supply [44][45] - The development of the West Simandou iron ore project is anticipated to boost demand for shipping services, with significant export volumes expected starting in 2025 [61][64] - The report highlights that the dry bulk shipping market is sensitive to interest rate changes, with potential monetary easing by the Federal Reserve likely to stimulate demand [65][68]