Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Views - The company is expected to maintain a long-term advantage as a leading energy player, with performance stability better than peers [1][2] - The forecasted reasonable value is 43.87 CNY per share for A-shares and 35.44 HKD per share for H-shares [2] Financial Performance Summary - The company anticipates a net profit attributable to shareholders of 28.6-30.6 billion CNY for the first half of the year, representing a year-on-year decline of 14.1%-8.1% [3] - The average sales price of coal and the average utilization hours of coal-fired units have decreased, impacting performance [3] - In Q2, the expected net profit is 12.72-14.72 billion CNY, with a year-on-year decline of 13.4%-0.2% and a quarter-on-quarter decline of 19.9%-7.3% [3] - The company’s coal production for the first five months increased by 2.3% year-on-year, with sales up by 5.3% [3] - Power generation for the same period rose by 6.8%, outperforming the industry average growth of 3.6% [3] Earnings Forecast and Investment Recommendations - The company’s business model is robust, with expected growth in coal and electricity operations through internal projects and acquisitions [3] - The dividend payout ratio has significantly increased since 2017, with a planned cash dividend ratio of no less than 60% for 2022-2024 [3] - The estimated earnings per share (EPS) for 2024-2026 are projected to be 2.87, 2.91, and 3.01 CNY respectively [3] - The report maintains the "Buy" rating for both A and H shares, with a reasonable value unchanged [3]

[Table_Page] 跟踪分析|非银金融 证券研究报告 [Table_Title] 非银金融行业 强化融券逆周期调节,市场稳定性有望提升 [Table_Summary] 核心观点: ⚫ 证监会依法批准暂停转融券业务,上调融券保证金比例,进一步强化 融券逆周期调节。7 月 10 日,证监会依法批准中证金融公司暂停转融 券业务的申请,自 2024 年 7 月 11 日起实施;存量转融券合约可以展 期,但不得晚于 9 月 30 日了结。同时,批准交易所将融券保证金比例 由不得低于 80%上调至 100%,私募证券投资基金参与融券的保证金 比例由不得低于 100%上调至 120%,自 2024 年 7 月 22 日起实施。 ⚫ 多次上调融券保证金比例,充分发挥逆周期调节作用,有助于提振市 场信心。2023 年 10 月 14 日,交易所调整融券保证金比例下限由 50% 提升到 80%。其中私募证券投资基金的融券保证金比例不得低于 100%;限制战略投资者配售股份出借;自 10 月 30 日起施行。2023 年 10 月上证指数下跌 2.95%,次月微涨 0.36%。 ⚫ 融券交易以机构客户为主,融券交易用途可大致 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.46 CNY per share, indicating a potential upside from the current price of 18.08 CNY [20]. Core Insights - The baby skincare category is experiencing a penetration rate increase, benefiting from a favorable growth trend due to a low base in Q3. The company is expected to achieve net profits of 310 million, 397 million, and 496 million CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 37%, 28%, and 25% [1][41]. - The company has a strong supply chain advantage, with a high proportion of self-manufactured products, allowing for competitive pricing. The average transaction value on platforms like Douyin is reported to be 1/3 to 1/2 of competitors, which aligns with the current consumer trend favoring cost-effective products [2][41]. Financial Summary - Revenue is projected to grow from 1,033 million CNY in 2023 to 2,174 million CNY by 2026, with growth rates of 20.7%, 30.0%, 28.6%, and 25.9% over the next four years [3]. - The company's EBITDA is expected to increase from 270 million CNY in 2023 to 598 million CNY in 2026, reflecting a strong operational performance [3]. - The net profit attributable to the parent company is forecasted to rise from 226 million CNY in 2023 to 496 million CNY in 2026, with corresponding growth rates of 41.2%, 37.3%, 27.8%, and 25.1% [3]. Market Performance - The company has shown a stable sales performance, with Douyin's GMV reaching approximately 44 million CNY in Q3 2023, and daily sales exceeding 1 million CNY in early July 2024 [19][41]. - The introduction of new products, such as mosquito repellent and children's sunscreen, is expected to continue driving sales growth during the summer season [19].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.00 CNY per share based on a 9x PE for the expected net profit in 2024 [2][7]. Core Insights - The company has launched its first "Fresh + Discount" store model, which has significantly boosted sales, achieving over 5 times year-on-year growth on opening day. The second store is set to open by the end of June [2]. - Despite short-term pressure on earnings, the company is actively innovating its business model, which is expected to enhance operational capabilities. The performance of the consumer finance business is anticipated to reflect actual growth in financial reports after the normalization of the base in the second half of 2024 [2][5]. Financial Summary - For the first half of 2024, the company reported revenues of 8.98 billion CNY, a decline of 11.6% year-on-year, and a net profit attributable to shareholders of 710 million CNY, down 21.1% year-on-year. The decline in net profit is primarily attributed to reduced profits from consumer finance and non-recurring losses from the decline in the stock price of a subsidiary [5][6]. - The company’s net profit for the second quarter of 2024 was 280 million CNY, a decrease of 35.9% year-on-year, with revenues of 4.13 billion CNY, down 18.2% year-on-year [5][6]. - The projected net profits for the company from 2024 to 2026 are 1.39 billion CNY, 1.50 billion CNY, and 1.62 billion CNY, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% respectively [2][6].

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 华友钴业(603799.SH) 镍资源开发进展顺利,24Q2 业绩环比增超 87% [Table_Summary] 核心观点: ⚫ 铜镍价格上涨叠加镍产品如期放量,24Q2 业绩环比增超 87%。据华 友钴业 2024 年半年度业绩预告,24H1 归母净利约 15~18 亿元,同比 -28%~-14%。24Q2 归母净利 9.8~12.8 亿元,环比+87%~+145%。受 镍、锂价格同比大幅下跌影响,24H1 业绩同比下降。伴随上游镍资源 开发项目逐步达产达标,叠加铜镍价格上涨,24Q2 业绩环比大幅增长。 ⚫ 主要产品如期出货,全球合作有望稳定未来增量。据公司 2023 年报, 23 年公司锂电正极前驱体出货近 15 万吨,同比增 31%;正极材料出 货约 9.5 万吨,同比增 5%;钴产品出货约 4.1 万吨(含受托加工和内 部自供),同比增 12%;镍产品出货约 12.6 万吨(含受托加工业务和 内部自供),同比增 88%。获得亿纬锂能、远景动力等企业的供货协议; 与 LG 化学建立战略性合作关系;启动印尼 5 万 ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting its stock price to outperform the market by 15% or more over the next 12 months [5][31]. Core Views - The company is projected to see significant growth in earnings, with an estimated EPS of 2.09, 2.40, and 2.55 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 9, 8, and 8 times [11][17]. - The company is expected to benefit from the release of new production capacities, with a projected net profit increase of 87% to 111% year-on-year for the first half of 2024 [12][11]. - The report highlights the stability of the company's earnings compared to its peers, suggesting a reasonable valuation of 29.24 CNY per share based on a 14 times PE for 2024 [11][13]. Financial Summary - Revenue is projected to grow from 39,874 million CNY in 2023 to 45,623 million CNY in 2024, reflecting a growth rate of 14.4% [17]. - The company's net profit is expected to rebound significantly, with a forecast of 764 million CNY for 2024, up from 453 million CNY in 2023, marking a growth rate of 68.5% [17]. - The report provides a detailed financial outlook, including EBITDA projections of 1,806 million CNY for 2024, indicating a positive trend in operational performance [17].

[Table_Page] 公告点评|医疗服务 证券研究报告 [Table_Title] 金域医学(603882.SH) 业绩压力持续,单季度盈利能力环比改善 [Table_Summary] 核心观点: ⚫ 金域医学发布 2024 年半年度业绩预减公告。预计 24H1 实现归母净利 润为 8000 万元到 10000 万元,与上年同期相比将下降 18484.35 万元 到 20484.35 万元,同比下降 64.89%到 71.91%;扣非归母净利润为 6500 万元到 8500 万元,与上年同期相比将下降 18757.46 万元到 20757.46 万元,同比下降 68.82%到 76.15%。 ⚫ 常规业务需求增长放缓,应收账款回款压力仍然较大。根据公司业绩 预告,利润下滑的主要原因为常规检测需求增长速度不及预期,固定成 本投入较高,导致规模效应不及预期。根据公司财报,公司 23Q1 收入 18.41 亿元,同比下滑 13.05%。另外由于部分应收账款回款周期较长, 导致对应的信用减值损失金额较大,根据公司业绩预告,经财务部门初 步测算,24 年上半年拟计提信用减值损失约 2.9 亿元。截至 24 年 3 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 78 HKD per share, compared to the current price of 56.50 HKD [7]. Core Insights - The company reported significant improvement in operational data, particularly in aircraft sales, which is expected to drive revenue growth in the first half of 2024 [2][3]. - The average age of the company's owned fleet increased to 4.9 years as of Q2 2024, up from 4.6 years in 2023, indicating a potential increase in sales of older assets [3]. - The delivery of aircraft has been negatively impacted, with Boeing and Airbus delivering 131 and 256 aircraft respectively from January to May 2024, compared to 206 and 244 in the same period of 2023 [4]. - The decline in delivery levels is expected to support continued growth in rental income [4]. - The company benefits from a decrease in interest costs due to lower U.S. Treasury yields, which may enhance profit margins [5]. - Profit forecasts indicate a net profit of 840 million USD for 2024 and 885 million USD for 2025, with core net profit expected to grow significantly in a declining interest rate environment [5]. Summary by Sections Operational Performance - The company delivered a total of 18 aircraft and sold 15 in the first half of 2024, compared to 16 deliveries and 3 sales in the same period last year [2]. - Increased aircraft sales are anticipated to contribute to revenue growth in the first half of 2024 [3]. Delivery and Rental Income - The overall delivery levels of Boeing and Airbus have decreased, which is expected to positively impact rental income due to supply constraints [4]. Financial Projections - The company is projected to achieve revenues of 2,307 million USD in 2024, with a growth rate of 9.90% [6]. - The net profit is expected to grow at a rate of 9.95% in 2024, reaching 840 million USD [6].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 54.18 CNY per share, compared to the current price of 48.69 CNY [4]. Core Views - The company has secured a significant overseas submarine cable order totaling 20.3 billion CNY, with 19.5 billion CNY from international contracts. This includes projects with China Electric Power Construction Group and UK SSE, among others. The company expects a 23% year-on-year increase in submarine cable revenue for 2023, with a gross margin of 49%. The delivery of overseas orders is anticipated to significantly boost performance in 2025-2026 [2][3]. - The company’s product quality has gained recognition in overseas markets, particularly in Europe, where demand for offshore wind energy is expected to enhance revenue. The European Wind Energy Association projects a total installed capacity of 19.9 GW for new offshore wind projects from 2024 to 2026, leading to increased demand for submarine cables [2][3]. - The company is projected to achieve net profits of 1.491 billion CNY, 1.886 billion CNY, and 2.228 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.17 CNY, 2.74 CNY, and 3.24 CNY per share [2][3]. Financial Summary - Revenue is expected to grow from 7.31 billion CNY in 2023 to 9.375 billion CNY in 2024, reflecting a growth rate of 28.2%. By 2026, revenue is projected to reach 13.602 billion CNY [3][8]. - The company’s EBITDA is forecasted to increase from 1.333 billion CNY in 2023 to 2.722 billion CNY in 2026, indicating strong operational performance [3][8]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 22.47, 17.76, and 15.03, respectively, suggesting an attractive valuation relative to earnings growth [3][8].

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" with a target price of 12.98 CNY per share, indicating a strong expectation for the stock to outperform the market by more than 15% over the next 12 months [1]. Core Views - The report highlights that Tianshan Aluminum is expected to see a significant increase in net profit, with a forecasted quarter-on-quarter growth of 88% in Q2 2024, driven by rising aluminum and alumina prices [1][3]. - The average aluminum price increased by 8% to 20,647 CNY per ton, while the alumina price rose by 8% to 3,633 CNY per ton, contributing to the improved performance of the electrolytic aluminum and alumina segments [1]. - The company plans to enhance the proportion of renewable energy in its electricity purchases and is actively seeking to implement compliance capacity indicators for 200,000 tons of electrolytic aluminum that have not yet been constructed [1][3]. Financial Summary - The forecasted earnings per share (EPS) for Tianshan Aluminum from 2024 to 2026 are projected to be 0.93, 0.96, and 0.98 CNY respectively, reflecting a stable low-cost advantage and improved resource security [1][3]. - The company's revenue is expected to grow significantly, with a projected increase from 28,975 million CNY in 2023 to 38,503 million CNY in 2024, representing a growth rate of 32.9% [4]. - The net profit is forecasted to rise from 2,206 million CNY in 2023 to 4,312 million CNY in 2024, indicating a growth rate of 95.5% [4][5]. Financial Ratios - The report indicates a projected price-to-earnings (P/E) ratio of 9.40 for 2024, which is expected to decrease to 8.85 by 2026, suggesting an attractive valuation relative to earnings growth [4]. - The return on equity (ROE) is expected to improve from 9.1% in 2023 to 15.9% in 2024, reflecting enhanced profitability [4][5]. - The debt-to-equity ratio is projected to decrease from 60.0% in 2023 to 54.7% in 2025, indicating improved financial stability [4].