[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 ...

[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 ...