Investment Rating - The industry investment rating is "Outperform the Market" [3][15]. Core Insights - The merger between Guotai Junan Securities and Haitong Securities is expected to accelerate industry consolidation and improve the competitive landscape [4][10]. - Regulatory changes are anticipated to enhance the stability of the capital market, with ongoing reforms aimed at fostering high-quality development in the securities industry [6][10]. - The merger is seen as a significant step in the financial supply-side reform, marking the beginning of a new wave of consolidation in the securities sector [6][10]. Summary by Sections 1. Event Background - The merger is driven by the need to address the high fragmentation in the industry and to promote a more competitive environment, as emphasized by the new "National Nine Articles" [6][10]. - The central financial work conference highlighted the importance of cultivating leading investment banks and institutions, supporting state-owned financial institutions to strengthen their capabilities [6][7]. 2. Impact of the Merger - The combined total assets of Guotai Junan and Haitong Securities will reach approximately 16,194.75 billion yuan, surpassing the current industry leader, CITIC Securities [9]. - The merger is expected to enhance the market coverage and service capabilities of the new entity, potentially leading to improved operational efficiency in the capital market [8][9]. - The integration of the two firms may address existing challenges faced by Haitong Securities, while also enhancing Guotai Junan's competitive position [9]. 3. Industry Implications - The merger signals the opening of a new consolidation window in the securities industry, with increased merger and acquisition activity anticipated among both large and small firms [10]. - Regulatory support for the development of leading investment banks is expected to drive further consolidation efforts in the sector [10]. 4. Investment Recommendations - Investors are advised to monitor the integration dynamics of brokerages with similar shareholder backgrounds, such as those under the Huijin umbrella [11]. - Attention should also be given to mid-sized brokerages with clear expansion intentions, such as Guolian Securities and Zheshang Securities, which are actively pursuing growth strategies [11].

体 宏 观 研 究 [Table_Title] [Table_Author] 分析师： 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn 证 券 研 究 报 告 GDP 资料来源：Wind，国开证券研究与发展部 0 2 4 6 8 10 2021-062021-092021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-06 % GDP:当季同比 货币供应量 资料来源：Wind，国开证券研究与发展部 -10 0 10 20 30 40 0 5 10 15 20 25 30 2009-072010-072011-072012-072013-072014-072015-072016-072017-072018-072019-072020-072021-072022-072023-072024-07 % M2:同比 % M1:同比（右轴） [Table_Report] 相关报告 1．《生产放缓消费反弹 政策需要更加给力—7 月经济 ...

宏 观 研 究 宏 观 研 究 [Table_Title] [Table_Author] 分析师： 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn 工业增加值 -32 -16 0 16 32 48 64 2017-082018-022018-082019-022019-082020-022020-082021-022021-082022-022022-082023-022023-082024-022024-08 %工业增加值:当月同比 资料来源：Wind，国开证券研究与发展部 资料来源：Wind，国开证券研究与发展部 -36 -24 -12 0 12 24 36 2018-082019-022019-082020-022020-082021-022021-082022-022022-082023-022023-082024-022024-08 % 社会消费品零售总额:当月同比 [T相关报告 able_Report] 1．《生产放缓消费反弹 政策需要更加给力— 7 月经济数据点评》 2．《通胀修复低于预期 政策效应尚 ...

1. 宏 观 研 究 [Table_Title] 宏 观 研 究 [Table_Author] 分析师： 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn CPI 与 PPI 资料来源：Wind，国开证券研究与发展部 -6 0 6 12 18 -2 0 2 4 6 2014-082015-082016-082017-082018-082019-082020-082021-082022-082023-082024-08 % % CPI:同比 PPI:同比(右轴) 南华工业品指数 资料来源：Wind，国开证券研究与发展部 1,000 1,400 1,800 2,200 2,600 3,000 3,400 3,800 4,200 4,600 19-07-1820-01-0220-06-1820-12-0321-05-2021-11-0422-04-2122-10-0623-03-2323-09-0724-02-2224-08-08 南华工业品指数 宏 观 点 评 报 告 [T相关报告 able_Report] 1．《CPI ...

、 、 、 、 、 行 业 业 研 究 宏 观 研 究 福莱特 沪深300 公 司 研 究 分析师 梁晨 邮箱：liangchen@gkzq.com.cn 执业证书编号：S1380518120001 联系电话：010-88300853 公司评级 证 券 研 究 报 告 | --- | --- | |-----------------------------|--------| | | | | 当前价格（元）： | 16.74 | | 本次评级： 推荐 | | | 公司基本数据 | | | 总股本（亿股）： | 23.43 | | 流通股本（亿股）： | 19.00 | | 流通 A 股市值（亿元）： | 318.06 | | 每股净资产（元）： | 9.35 | | 资产负债率（%）： | 49.56 | 福莱特与沪深 300 走势比较 | --- | --- | --- | --- | --- | --- | --- | |---------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | ...

[Table_Author] [Ta工b业le金_属Re和p贵T金itl属e]延续强势 能源金属现边际改善迹象 [Table_—T—itl有e]色金属行业2024年二季度及上半年业绩点评 [Table_Date] 2024 年 9 月 2 日 [内Ta容ble提_S要um：mary] 2024年上半年，有色金属（申万）板块共有136只成份股，合计 营业收入为16888.83亿元，同比增长3.03%，合计净利润为 738.15亿元，同比增长3.33%。2024年上半年，有色金属（申万） 板块总资产报酬率为4.11%，同比下降0.42个百分点，净资产收 益率为10.26%，同比下降2.99个百分点。 与2023年同期相比，今年上半年工业金属板块保持营业收入和净 利润双增态势；贵金属和小金属板块虽然营业收入下降，但净利 润却逆势增长；能源金属和金属新材料板块营业收入和净利润双 降。 2024年上半年，有色金属板块整体股价涨幅为15.45%，排在第5 位，其内部各板块表现分化。能源金属板块表现最差，金属新材 料板块跌幅也较大，工业金属与贵金属板块涨幅相当，表现最好， 小金属板块股价涨幅也较明显。 2024年二季度，有 ...

[Table_Author] [Ta工b业le金_属Re和p贵T金itl属e]延续强势 能源金属现边际改善迹象 [Table_—T—itl有e]色金属行业2024年二季度及上半年业绩点评 [Table_Date] 2024 年 9 月 2 日 [内Ta容ble提_S要um：mary] 2024年上半年，有色金属（申万）板块共有136只成份股，合计 营业收入为16888.83亿元，同比增长3.03%，合计净利润为 738.15亿元，同比增长3.33%。2024年上半年，有色金属（申万） 板块总资产报酬率为4.11%，同比下降0.42个百分点，净资产收 益率为10.26%，同比下降2.99个百分点。 与2023年同期相比，今年上半年工业金属板块保持营业收入和净 利润双增态势；贵金属和小金属板块虽然营业收入下降，但净利 润却逆势增长；能源金属和金属新材料板块营业收入和净利润双 降。 2024年上半年，有色金属板块整体股价涨幅为15.45%，排在第5 位，其内部各板块表现分化。能源金属板块表现最差，金属新材 料板块跌幅也较大，工业金属与贵金属板块涨幅相当，表现最好， 小金属板块股价涨幅也较明显。 2024年二季度，有 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - The company achieved a revenue of 16.06 billion yuan in H1 2024, representing a year-on-year growth of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% year-on-year [3][7]. - The company is deepening its international business, with overseas revenue growing by 18.82% to 7.712 billion yuan in H1 2024, accounting for 48.02% of total revenue, an increase of 4.85 percentage points year-on-year [3][4]. - The engineering machinery segment showed stable revenue growth, with a 7.24% increase to 14.607 billion yuan in H1 2024, despite a challenging domestic market [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.121 billion yuan, a 12.11% increase year-on-year, and a net profit of 486 million yuan, up 62.48% year-on-year [3][7]. - The overall gross margin improved by 3.27 percentage points to 23.40% in H1 2024, driven by cost reductions and a higher proportion of value-added overseas business [4][7]. Business Segments - The engineering machinery segment's revenue rose by 7.24% to 14.607 billion yuan, with earth-moving machinery revenue increasing by 15.91% to 9.937 billion yuan, accounting for 61.87% of total revenue [3][4]. - The company launched 62 international products in H1 2024, enhancing its market share in emerging markets [3][4]. Profitability Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.74 yuan, 0.97 yuan, and 1.19 yuan respectively, with corresponding dynamic P/E ratios of 12.95, 9.88, and 8.05 times based on the closing price of 9.58 yuan on August 30 [7][8].

1. 宏 观 研 究 [Table_Title] 宏 观 研 究 [Table_Author] 分析师： 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn CPI 与 PPI 资料来源：Wind，国开证券研究与发展部 -6 0 6 12 18 -2 0 2 4 6 2014-072015-072016-072017-072018-072019-072020-072021-072022-072023-072024-07 % % CPI:同比 PPI:同比(右轴) 南华工业品指数 资料来源：Wind，国开证券研究与发展部 1,000 1,400 1,800 2,200 2,600 3,000 3,400 3,800 4,200 4,600 19-07-1820-01-0220-06-1820-12-0321-05-2021-11-0422-04-2122-10-0623-03-2323-09-0724-02-2224-08-08 南华工业品指数 宏 观 点 评 报 告 [T相关报告 able_Report] 1．《通胀回 ...

宏 观 研 究 宏 观 研 究 [Table_Title] [Table_Author] 分析师： 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn 工业增加值 -32 -16 0 16 32 48 64 2018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-072024-012024-07 %工业增加值:当月同比 资料来源：Wind，国开证券研究与发展部 -24 -12 0 12 24 36 2018-072018-112019-032019-072019-112020-032020-072020-112021-032021-072021-112022-032022-072022-112023-032023-072023-112024-032024-07 %社会消费品零售总额:当月同比 资料来源：Wind，国开证券研究与发展部 [T相关报告 able_Report] 1．《经济延续温和复苏 等待政策加快落地— 5 月经济 ...