证券研究报告 非金融公司|公司点评|燕京啤酒（000729） 2024 年半年报点评： 高端化延续，改革红利持续释放 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营业收入分别为 151.75/161.69/170.78 亿元，同比增速分别为 6.77%/6.55%/5.62% ， 归 母 净 利 润 分 别 为 9.67/12.72/15.71 亿 元 ， 同 比 增 速 分 别 为 50.03%/31.44%/23.56%，对应三年 CAGR 为 34.56%，对应 2024-2026 年 PE 估值分别为 28/21/17X。鉴于公司大单品 U8 增长势能仍在、降本增效下利润释放潜力仍高，维持"买入" 评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 燕京啤酒(000729 ...

证券研究报告 非金融公司|公司点评|中控技术（688777） 扣除 GDR 汇兑损益后净利润高增，加速 工业 AI 战略转型 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 中控技术发布 2024 年半年度报告，2024 年上半年公司实现营收 42.52 亿元，同比增长 16.78%； 归母净利润 5.17 亿元，同比增长 1.16%；扣非归母净利润 4.72 亿元，同比增长 11.41%；剔 除 GDR 汇兑损益后，归母净利润 5.19 亿元，同比增长 49.80%；剔除 GDR 汇兑损益后，扣非归 母净利润 4.75 亿元，同比增长 82.76%；毛利率为 33.23%，同比提升 0.75pct。2024 年第二 季度公司实现营收 25.14 亿元，同比增长 14.49%；归母净利润 3.71 亿元，同比下降 11.26%； 扣非归母净利润 3.54 亿元，同比下降 0.80%；毛利率为 34.76%，同比上升 2.84pct。 |分析师及联系人 黄楷 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公 ...

证券研究报告 策略研究|点评报告 市场底部特征明显，后续关注哪些行 业？ 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 1） 各项估值指标均回落至极低位置，市场后续反弹的赔率和胜率较高。 2） 结合超跌幅度、估值、成交额占比、盈利预期等维度，我们认为后续化工、食品饮料、 有色金属超跌反弹的概率较大。 |分析师及联系人 包承超 邓宇林 周长民 SAC：S0590523100005 SAC：S0590523100008 SAC：S0590524030003 请务必阅读报告末页的重要声明 1 / 28 策略研究|点评报告 glzqdatemark2 2024年08月22日 策略周报 市场底部特征明显，后续关注哪些行业？ 相关报告 1、《定量视角，看"特朗普关税 2.0"潜在影 响》2024.08.14 2、《下半年出口的韧性与弹性》2024.08.01 扫码查看更多 市场底部特征明显，后续关注哪些行业？ 1）各项估值指标均回落至极低位置，市场后续反弹的赔率和胜率较高。从市净率 来看，当前全 A 估值底部的个股占比高于 2018 年和 2022 年市场底部 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5][7] Core Insights - The company reported a revenue of 265.973 billion yuan for the first half of 2024, representing a year-on-year growth of 2.82%. The net profit attributable to shareholders was 21.812 billion yuan, up 8.23% year-on-year, while the net profit excluding non-recurring items was 21.681 billion yuan, reflecting a growth of 6.00% [2][7] - The company's profitability has improved, with a net profit margin increasing by 0.46 percentage points year-on-year. The capital expenditure structure has been optimized, and the computing power scale continues to enhance. Tianyi Cloud has maintained rapid growth, with revenue increasing by 20.4% year-on-year [2][7] - The interim dividend per share is 0.1671 yuan, an increase of 16.7% year-on-year, with a payout ratio exceeding 70%. The company plans to gradually increase the cash distribution to over 75% of the annual profit attributable to shareholders within three years, creating greater value for shareholders [2][7] Financial Performance - For the first half of 2024, the company's operating cash flow was 58.341 billion yuan, a decrease of 11.15% year-on-year. The gross profit margin was 30.84%, up 0.08 percentage points year-on-year. The selling, administrative, and financial expense ratios decreased by 0.43, 0.24, and 0.1 percentage points, respectively [7][8] - The capital expenditure for the first half of 2024 was 47.2 billion yuan, with 34% allocated to industrial digitalization, an increase of 5.6 percentage points year-on-year. The company added 10 EFLOPS of intelligent computing power, a year-on-year growth of 90.9% [7][8] - Tianyi Cloud's revenue reached 55.2 billion yuan in the first half of 2024, accounting for 22.4% of service revenue, with significant growth in both domestic and overseas markets [7][8] Future Projections - The company expects revenues for 2024, 2025, and 2026 to be 524.144 billion yuan, 545.670 billion yuan, and 568.800 billion yuan, respectively, with year-on-year growth rates of 3.21%, 4.11%, and 4.24% [8][10] - The net profit attributable to shareholders is projected to be 32.847 billion yuan, 35.244 billion yuan, and 38.116 billion yuan for the same years, with growth rates of 7.89%, 7.30%, and 8.15% respectively [8][10]

证券研究报告 港股公司|公司点评|药明合联（02268） 业绩高速增长，盈利能力显著提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现营业收入 16.65 亿元，同比增长 67.6%；净利润 4.88 亿元，同比增长 175.5%；经调整净利润 5.34 亿元，同比增长 146.6%，业绩高速增长。 公司持续提高运营效率和产能利用率，盈利能力快速提升，毛利率由 2023 年上半年 23.1%提 升至 2024 年上半年 32.1%，净利率由 2023 年上半年 17.8%提升至 2024 年上半年 29.3%，经调 整净利率由 2023 年上半年 21.8%提升至 2024 年上半年 32.0%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月22日 药明合联(02268) 业绩高速增长，盈利能力显著提升 | --- | --- | |------------|------- ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (HKEX) [4] Core Views - HKEX's Q2 2024 performance was strong, driven by a recovery in the Hong Kong stock market [1][6] - Q2 2024 revenue and other income reached HKD 5.42 billion, up 8% YoY and 4% QoQ [6] - Net profit attributable to shareholders in Q2 2024 was HKD 3.155 billion, up 9% YoY and 6% QoQ [6] - The company's investment income from funds increased by 37% YoY in Q2 2024, reaching HKD 366 million [6] - The report forecasts revenue growth of 7%, 8%, and 11% for 2024, 2025, and 2026, respectively [6] Financial Performance Summary Revenue and Profit - H1 2024 revenue and other income were HKD 10.621 billion, up 0.4% YoY [2][6] - Core business revenue in H1 2024 was HKD 9.69 billion, down 0.4% YoY [2] - EBITDA for H1 2024 was HKD 7.661 billion, down 3% YoY [2] - Net profit attributable to shareholders in H1 2024 was HKD 6.125 billion, down 3% YoY [2] Segment Performance - Trading and transaction system usage fees in H1 2024 were HKD 3.29 billion, up 3% YoY, driven by increased derivatives trading [6] - Clearing and settlement fees in H1 2024 were HKD 2.125 billion, up 5% YoY, due to higher average daily turnover in Stock Connect [6] - Listing fees in H1 2024 were HKD 725 million, down 8% YoY [6] - Investment income net in H1 2024 was HKD 2.521 billion, down 6% YoY, mainly due to reduced investment income from margin and clearing funds [6] Market Performance Spot Market - H1 2024 average daily turnover (ADT) in the spot market was HKD 1.104 trillion, down 4% YoY but up 17% compared to H2 2023 [6] - Q2 2024 ADT in the spot market was HKD 1.216 trillion, up 18% YoY and 22% QoQ [6] - Northbound ADT in H1 2024 was RMB 1.302 trillion, up 19% YoY, while Southbound ADT was HKD 375 billion, up 11% YoY [6] ETP Market - H1 2024 ETPs ADT reached HKD 14.4 billion, up 4% YoY, marking a half-year high [6] IPO Market - H1 2024 saw 30 new listings on HKEX, raising HKD 13.4 billion, down 25% YoY [6] - Q2 2024 IPO market showed recovery with 18 new listings, up 50% QoQ, raising HKD 8.6 billion, up 79% QoQ [6] - As of June 2024, there were 107 IPO applications in the pipeline [6] Financial Forecasts - Revenue for 2024, 2025, and 2026 is forecasted at HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion, respectively, with growth rates of 7%, 8%, and 11% [6][7] - Net profit attributable to shareholders for 2024, 2025, and 2026 is projected at HKD 12.398 billion, HKD 12.98 billion, and HKD 14.324 billion, respectively, with growth rates of 5%, 5%, and 10% [6][7] - EPS for 2024, 2025, and 2026 is estimated at HKD 9.78, HKD 10.24, and HKD 11.30, respectively [6][7] Valuation Metrics - P/E ratios for 2024, 2025, and 2026 are 23.38x, 22.33x, and 20.23x, respectively [7] - P/B ratios for 2024, 2025, and 2026 are 4.51x, 3.75x, and 3.16x, respectively [7]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests maintaining attention to the company due to its improving performance and product development [4][7]. Core Insights - The company reported a net profit attributable to shareholders of 30.34 million yuan for the first half of 2024, a year-on-year decrease of 4.36%. However, in Q2 2024, the net profit reached 23.84 million yuan, showing a year-on-year increase of 46.97% and a quarter-on-quarter increase of 267.15% [2][6]. - The company is increasing its investment in high-power fiber laser devices, optical communication devices, and laser radar light source modules, which is expected to enhance its product offerings [2][6]. - The construction of the Thailand production base is progressing well, with the factory renovation nearly complete and the first batch of production line equipment procured, expected to commence production in the second half of 2024 [2][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 421 million yuan, a year-on-year increase of 24.41%. The net profit attributable to shareholders was 30.34 million yuan, down 4.36% year-on-year. The net profit excluding non-recurring items was 23.92 million yuan, up 16.85% year-on-year [6][8]. - In Q2 2024, the operating revenue was 261 million yuan, a year-on-year increase of 42.15% and a quarter-on-quarter increase of 63.02% [6][8]. Product Development - The company has launched several new products, including a 2kW air-cooled high-power collimator and a 12kW single-mode laser combiner, as well as optical communication products and lithium niobate modulators [6][8]. - The acquisition of Baian Industrial is expected to enhance the product line and strengthen the company's competitive position in the automotive laser radar light source module sector [6][8]. Future Outlook - The company is projected to achieve operating revenues of 933 million yuan, 1.203 billion yuan, and 1.553 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.39%, 28.95%, and 29.10% [7][8]. - The net profit attributable to shareholders is expected to reach 109 million yuan, 145 million yuan, and 193 million yuan for the same years, with significant growth rates anticipated [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has achieved revenue at the upper limit of its guidance and has raised its annual store opening target to 2,200 [10] - The company is expected to generate revenues of 242.4 billion, 260.5 billion, and 280.3 billion CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 10.7%, 7.6%, and 7.6% [10][11] - The net profit attributable to the parent company is projected to be 42.5 billion, 49.1 billion, and 56.7 billion CNY for the same years, with a three-year CAGR of 11.6% [10][11] - The company maintains a strong market position with significant brand and operational strength, indicating substantial room for domestic store penetration, brand elevation, and globalization [10] Financial Data Summary - For 2024, the company is expected to achieve an EBITDA of 6,249 million CNY and a net profit of 4,254 million CNY, with a P/E ratio of 15 [11] - The company reported a revenue of 61 billion CNY in Q2 2024, reflecting a year-on-year increase of 11.2%, with a net profit of 11 billion CNY, up 5.1% year-on-year [10] - The company’s gross margin improved to 39.3% in Q2 2024, an increase of 2.3 percentage points year-on-year [10] - The company has reached a milestone of 10,000 hotels and has a reserve of 3,266 stores, supporting its expansion plans [10]

证券研究报告 非金融公司|公司点评|怡和嘉业（301367） 耗材业务持续增长，期待海外订单恢复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月21日 证券研究报告 |报告要点 2024 年上半年公司实现收入 3.82 亿元，同比下降 48.79%；归母净利润 0.92 亿元，同比下降 62.08%；扣非归母净利润 0.67 亿元，同比下降 69.08%。上半年国际业务收入及家用呼吸机诊 疗业务收入下降较多，主要与美国家用呼吸机市场下游去库存影响有关；耗材类业务 1.36 亿 元，同比增长 26.13%，占比 35.69%，耗材占比稳步提升。我们预计随着去库存接近尾声，以 及公司与 RH 合作协议落地，海外业务有望恢复正常增长。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月21日 怡和嘉业(301367) 耗材业务持续增长，期待海外订单恢复 | --- | --- | |--------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][8]. Core Views - In H1 2024, the company achieved operating revenue of 3.55 billion yuan, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders was 270 million yuan, a year-on-year increase of 5.2% [2][7]. - The company is actively expanding its global customer base for TCO glass, with positive demand for overseas thin-film components, benefiting from U.S. policy support for domestic photovoltaic manufacturing [2][7]. - The prices of soda ash and glass products are in a downward volatility cycle, significantly impacting the company's performance in the short term. However, the company has high growth potential in the TCO field, with confirmed project approvals [2][8]. Financial Performance - In Q2 2024, the company reported operating revenue of 1.77 billion yuan, which was flat quarter-on-quarter, and a net profit of 100 million yuan, a quarter-on-quarter decrease of 38.8% [2][7]. - The soda ash business generated sales revenue of 1.19 billion yuan, a year-on-year decrease of 12.2%, with a gross margin of 25.7%, down 6.0 percentage points year-on-year [7]. - The glass segment, including construction and energy-saving glass, achieved revenue of 2.31 billion yuan, a year-on-year decrease of 2.0%, but with an improved gross margin of 16.3%, up 8.0 percentage points year-on-year [7]. Future Outlook - The company expects operating revenues of 8.02 billion yuan, 9.09 billion yuan, and 10.44 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0.6%, 13.3%, and 14.9% [8][9]. - The net profit attributable to shareholders is projected to be 500 million yuan, 600 million yuan, and 780 million yuan for the same years, with growth rates of 8.8%, 18.5%, and 30.1% respectively [8][9].