Investment Rating - The investment rating for Wangfujing (600859) is "Accumulate" (maintained) [6] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue of 6.04 billion yuan, down 5.4% year-on-year, and a net profit of 290 million yuan, down 43.4% year-on-year [10][11] - The operating pressure is increasing quarterly, with a significant drop in same-store sales and overall consumer sentiment remaining weak [10][11] - Despite the current challenges, the report maintains a positive outlook for medium-term growth, supported by the company's multi-format development and ongoing transformation efforts [10][11] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 6.04 billion yuan, a year-on-year decrease of 5.4%, and a net profit of 290 million yuan, down 43.4% year-on-year [10][11] - In Q2 2024, revenue was 2.73 billion yuan, down 9.5% year-on-year, with a net profit of 90 million yuan, down 68.6% year-on-year [10][11] - The overall gross margin for H1 2024 was 40.9%, a decrease of 1.0 percentage points year-on-year, with all formats experiencing margin pressure [10][11] Business Environment - The retail sector is facing severe market conditions, with a general decline in consumer spending and confidence [10][11] - The company has seen a significant decline in revenue across various formats, particularly in department stores, while the duty-free segment is still in its early stages but showing growth [10][11] Future Outlook - The company is projected to generate revenues of 11.51 billion yuan, 12.60 billion yuan, and 13.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -5.8%, +9.5%, and +5.2% [10][11] - The net profit forecast for the same period is 560 million yuan, 798 million yuan, and 976 million yuan, with growth rates of -21.1%, +42.6%, and +22.2% [10][11] - The report expresses confidence in the company's medium-term growth potential due to its commitment to multi-format development and transformation [10][11]

Investment Rating - The investment rating for China Civil Aviation Information Network (00696) is "Buy" (maintained) [7][10]. Core Views - The report highlights a recovery in the aviation industry, leading to a gradual realization of performance improvements. The company reported a revenue of 4.04 billion yuan for H1 2024, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 1.37 billion yuan, up 13.9% year-on-year [10][11]. Summary by Sections Financial Performance - In H1 2024, the company processed approximately 350 million passengers, with a year-on-year increase of 24%. The revenue from AIT reached 2.27 billion yuan, a 19.8% increase compared to the previous year, and up 1.8% compared to the same period in 2019 [10][11]. - The company's operating costs for H1 2024 were 1.63 billion yuan, with a growth rate lower than revenue, resulting in an increase in gross margin from 56.5% in H1 2023 to 59.6% in H1 2024 [10][11]. - The report projects revenues for 2024-2026 to be 8.775 billion, 9.378 billion, and 10.337 billion yuan, representing year-on-year growth rates of 25.65%, 6.87%, and 10.23% respectively [10][11]. Business Segments - The report indicates that all major business segments experienced revenue growth due to the strengthening aviation market. The revenue from data networks and settlement services increased by 7.3% and 50.0% year-on-year, respectively [10][11]. - The completion of airport projects and system integration services generated 680 million yuan in revenue, marking a significant year-on-year increase of 111.9% [10][11]. Future Outlook - The report anticipates continued growth in passenger traffic, with a projected 420 million passengers in the first seven months of 2024, a year-on-year increase of 21.2%. This growth is expected to support revenue increases in the company's core and ancillary businesses [10][11]. - The company is expected to enter a phase where revenue growth outpaces cost growth, with potential for further revenue from international routes and system integration services [10][11].

证券研究报告 行业研究|行业深度研究|食品饮料 啤酒高端化系列二： 复盘日韩看我国啤酒高端化破局之路 glzqdatemark1 证券研究报告 |报告要点 我国啤酒行业高端化进程空间充足且仍为行业主要逻辑，消费弱复苏的情况下结构性升级或 为现阶段行业主要特性，但参考海外经验，存量时代前后十年啤酒均价快速提升时期价增节 奏受宏观波动的影响较小，而更与行业自身的税收等政策与竞争格局、龙头企业的高端化意 愿与动作等因素相关，长期看行业可以通过结构升级支撑高端化的延续性，且龙头有望通过 扩品类与出海实现收入长期稳健增长。短期看，下半年基数转低，成本红利有望进一步体现， 推荐低估值的啤酒龙头青岛啤酒、华润啤酒以及改革预期的燕京啤酒，建议关注重庆啤酒。 |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 / 32 食品饮料 啤酒高端化系列二： 复盘日韩看我国啤酒高端化破局之路 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -30% -17% -3% 10% ...

Investment Rating - The investment rating for CITIC Securities is "Buy" (maintained) [6][29]. Core Views - CITIC Securities reported a total operating revenue of 30.18 billion yuan for H1 2024, a year-on-year decrease of 4.18%. The net profit attributable to shareholders was 10.57 billion yuan, down 6.51% year-on-year. The weighted average ROE was 3.96%, a decrease of 0.31 percentage points compared to the same period last year. In Q2 2024, the single-quarter operating revenue was 16.43 billion yuan, an increase of 1.7% year-on-year and 19% quarter-on-quarter, while the net profit attributable to shareholders was 5.61 billion yuan, down 4.7% year-on-year but up 13% quarter-on-quarter [11][34]. Summary by Sections Financial Performance - In H1 2024, CITIC Securities achieved brokerage business revenue of 4.88 billion yuan, a decrease of 7.8% year-on-year, accounting for 18.4% of the main securities revenue. In Q2 2024, brokerage revenue was 2.44 billion yuan, down 10% year-on-year and 0.2% quarter-on-quarter. The asset management business generated revenue of 4.91 billion yuan, down 1.1% year-on-year, with Q2 2024 revenue at 2.56 billion yuan, up 3% year-on-year and 8% quarter-on-quarter [12][35]. Investment Banking - The investment banking business generated revenue of 1.74 billion yuan in H1 2024, a significant decrease of 54.6% year-on-year. In Q2 2024, the revenue was 870 million yuan, down 53% year-on-year and 0.3% quarter-on-quarter. The company maintained a leading position in domestic investment banking, with an IPO scale of 5.1 billion yuan in H1 2024, a decrease of 85% year-on-year, and a market share of 15.59%, ranking second in the industry [13][36]. Investment Income - The investment income (including exchange gains) for H1 2024 was 13.23 billion yuan, an increase of 6.2% year-on-year. In Q2 2024, the investment income was 6.9 billion yuan, up 21% year-on-year and 9% quarter-on-quarter. The company’s financial assets totaled 814.1 billion yuan at the end of H1 2024, an increase of 17% year-on-year [14][37]. Earnings Forecast and Valuation - The earnings forecast for CITIC Securities remains unchanged, with projected revenues of 60.2 billion yuan, 63.5 billion yuan, and 67.3 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 0.2%, 5.5%, and 6%. The net profit attributable to shareholders is expected to be 20 billion yuan, 21.3 billion yuan, and 22.7 billion yuan for the same years, with corresponding EPS of 1.35, 1.44, and 1.53 yuan per share [14][38].

证券研究报告 金融公司|公司点评|宁波银行（002142） 营收增速边际改善，不良生成压力减小 glzqdatemark1 证券研究报告 |报告要点 宁波银行公布 2024 年半年报，2024H1 公司实现营收 344.37 亿元，同比+7.13%，增速较 2024Q1 +1.36pct；实现归母净利润 136.49 亿元，同比+5.42%，增速较 2024Q1 -0.87pct。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 宁波银行(002142) 营收增速边际改善，不良生成压力减小 股价相对走势 -40% -23% -7% 10% 2023/8 2023/12 2024/4 2024/8 宁波银行 沪深300 相关报告 1、《宁波银行（002142）：息差逆势回升，信 贷增长强劲》2024.05.09 2、《宁波银行（002142）：信贷投放高景气， 代理类业务拖累整体中收》2024.04.10 扫码查看更多 事件 宁波银行公布 2024 年半年报，2024H1 公司实现营收 344.37 亿元，同比+7.13%， 增速较 2024Q1 ...

证券研究报告 非金融公司|公司点评|中国电建（601669） 收入利润增长阶段承压，新能源电站规 模快速增长 glzqdatemark1 证券研究报告 |报告要点 2024H1 公司收入 2,854 亿元，yoy+1.3%，归母净利润 63 亿元，yoy-6.5%，扣非归母净利润 62 亿元，yoy-5.6%；单 2024Q2 收入 1,451 亿元，yoy-2.2%，归母净利润 33 亿元，yoy-12.4%， 扣非归母净利润 32 亿元，yoy-11.2%。收入利润增长阶段承压，新能源电站规模快速增长。水 利投资及新能源工程需求景气度均优，公司工程业务增长前景较好。电力运营业务规模快速 增长，关注砂石业务积极贡献。维持"买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 请务必阅读报告末页的重要声明 1 / 5 中国电建(601669) 收入利润增长阶段承压，新能源电站规模快 速增长 股价相对走势 -20% -10% 0% 10% 2023/8 2023/12 2024/4 2024/8 中国电建 沪深300 相关报告 1、《中国电建（601669）：24Q1 毛利率小幅 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention on the company due to its position as a leader in innovative traditional Chinese medicine [4]. Core Viewpoints - The company reported a revenue of 4.604 billion yuan for the first half of 2024, a year-on-year decrease of 32.19%, and a net profit attributable to shareholders of 530 million yuan, down 66.97% year-on-year [6]. - The sales of respiratory products are under pressure, while the overseas market is accelerating its development, with overseas revenue reaching 150 million yuan, a year-on-year increase of 45.21% [6]. - The company has a rich product pipeline and continues to advance innovative traditional Chinese medicine research, with R&D investment reaching 411 million yuan, accounting for 8.92% of revenue [6]. Summary by Relevant Sections Financial Performance - In H1 2024, the cardiovascular products generated revenue of 2.314 billion yuan, down 7.86% year-on-year, while respiratory products saw revenue of 1.284 billion yuan, down 58.42% year-on-year [6]. - The gross margin for cardiovascular products was 52.77%, a decrease of 7.76 percentage points, and for respiratory products, it was 65.68%, a decrease of 2.54 percentage points [6]. Revenue and Profit Forecast - The company expects revenues of 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [6]. - The net profit attributable to shareholders is projected to be 1.532 billion yuan, 1.758 billion yuan, and 1.988 billion yuan for the same years, with growth rates of 13.26%, 14.79%, and 13.07% [6]. Valuation Metrics - The earnings per share (EPS) are expected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 13.70% [6]. - The price-to-earnings (P/E) ratio is projected to be 16.5, 14.4, and 12.7 for the years 2024, 2025, and 2026, respectively [7].

证券研究报告 非金融公司|公司点评|圆通速递（600233） H1 业绩增长稳健，单票成本持续优化 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1，公司实现营收 325.65 亿元，同比增长 20.61%，实现归母 净利润 19.88 亿元，同比增长 6.84%。其中 2024Q2 公司实现营收 171.37 亿元，同比增长 21.66%，实现归母净利润 10.44 亿元，同比增长 9.40%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 圆通速递(600233) H1 业绩增长稳健，单票成本持续优化 股价相对走势 -30% -10% 10% 30% 2023/8 2023/12 2024/4 2024/8 圆通速递 沪深300 相关报告 1、《圆通速递（600233）：数字化赋能助力， 成长前景可期》2024.05.15 扫码查看更多 事件 公司发布 2024 年半年报。2024H1，公司实现营收 325.65 亿元，同比增长 20.61%， 实现归母净利润 19.88 亿元，同比增长 6.84%。 ...

证券研究报告 非金融公司|公司点评|北京人力（600861） 营收稳健增长，利润阶段性承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月29日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营收分别为 440.81/509.04/586.38 亿元，对应增速分别为 15.06%/15.48%/15.19%；2024-2026 年归母净利润分别为 8.55/9.15/10.22 亿元，对应增速分 别为 55.95%/7.07%/11.71%（公司 2023H1 完成重大资产重组），EPS 分别为 1.51/1.62/1.81 元/股。虽然面临宏观经济波动影响，公司作为行业龙头拥有丰富且优质的客户资源群体，业 绩有望维持长期稳健提升，维持"买入"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 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29日 北京人力(600861) 营收稳健增长，利润阶段性承压 | --- | --- | |----------------------- ...

证券研究报告 非金融公司|公司点评|新凤鸣（603225） 产销稳健，期待需求提升 glzqdatemark1 证券研究报告 |报告要点 新凤鸣于 2024 年 8 月 28 日发布 2024 年半年度报告，2024H1 公司实现营业收入 312.72 亿 元，同比增加 10.96%，实现归母净利润 6.05 亿元，同比增加 26.17%。其中，2024Q2 实现营 业收入 168.20 亿元，同比增加 7.32%，环比增加 16.38%，2024Q2 实现归母净利润 3.29 亿元， 同比增加 13.70%，环比增加 19.73%。 |分析师及联系人 许隽逸 陈律楼 SAC：S0590524060003 SAC：S0590524080002 新凤鸣(603225) 产销稳健，期待需求提升 股价相对走势 -20% -3% 13% 30% 2023/8 2023/12 2024/4 2024/8 新凤鸣 沪深300 相关报告 扫码查看更多 事件 新凤鸣于 2024 年 8 月 28 日发布 2024 年半年度报告，2024H1 公司实现营业收入 312.72 亿元，同比增加 10.96%，实现归母净利润 6.0 ...