Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 4.929 billion yuan in H1 2024, representing a year-on-year increase of 3.91%. The net profit attributable to shareholders was 565 million yuan, up 13.00% year-on-year [2][6] - The Milan brand continues to penetrate lower-tier markets, with both direct sales and installation companies driving growth, achieving over 40% revenue growth [2][6] - The company aims to maintain a four-pronged strategy focusing on retail, installation companies, e-commerce, and packaged solutions to provide comprehensive renovation lifecycle products and services [2][6] Financial Performance - In H1 2024, the company achieved a gross margin increase of 0.97% year-on-year, with a net profit margin increase of 1.22% year-on-year, primarily due to optimized borrowing structure and improved gross profit margins from export and other businesses [2][6] - The company expects revenues of 11.768 billion yuan, 13.109 billion yuan, and 14.522 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0.87%, 11.40%, and 10.78% [6][7] Business Strategy - The company is actively pursuing a "whole home" strategy amidst pressures in the new housing market and aims to explore the stock market direction, focusing on renovation needs in the existing housing market [6][7] - The company has reported a significant increase in revenue from the installation channel, with a year-on-year growth of 43.63% in H1 2024 [6][7] Market Position - The company is positioned to capitalize on the demand for renovation in the existing housing market, with a strategic focus on product channel deployment for second-hand housing [6][7] - The company has seen a notable increase in revenue from its Milan brand, which has achieved a 42.59% year-on-year growth in H1 2024 [6][7]

证券研究报告 非金融公司|公司点评|紫金矿业（601899） 主营金属量价齐升，控本增效成果显现 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024 年上半年公司实现营业收入 1504.17 亿元，同比增长 0.06%；归母净利润 150.84 亿元，同比增长 46.42%；扣非归母净利润 154.33 亿元，同比增长 59.84%。受益于矿产铜、矿产金产销量同比增加、金属销售价格同比上涨，公司盈利规模大幅 提升。公司是全球矿业巨头，世界级资源及产能配置将助力公司产量快速爬坡，矿产铜金产量 有望实现高位再进阶。我们预计公司 2024-2026 年归母净利润分别为 318.98/380.50/447.07 亿元，EPS 分别为 1.20/1.43/1.68 元；当前股价对应 P/E 分别为 13.18/11.05/9.40 倍，维持 "买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 紫金矿业(601899) 主营金属量价齐升，控本增效成果显现 | --- | --- | |--------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown rapid growth in exports while domestic sales remain stable, leading to overall revenue growth. However, profitability has slightly come under pressure [6]. - The company is expected to achieve revenues of 16.8 billion, 18.2 billion, and 19.7 billion for the years 2024, 2025, and 2026, respectively, representing year-on-year growth of 15%, 8%, and 8%. The net profit attributable to the parent company is projected to be 1.13 billion, 1.21 billion, and 1.31 billion for the same years, also reflecting year-on-year growth of 15%, 8%, and 8% [2][6]. - The company is a leading player in the small home appliance OEM sector, with significant advantages and currently low valuation [2][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 7.723 billion, a year-on-year increase of 21.53%, and a net profit of 442 million, up 11.95% year-on-year. The second quarter saw revenue of 4.249 billion, a 20.51% increase year-on-year, with net profit of 269 million, a 5.06% increase year-on-year [6]. - The gross margin for the first half and second quarter decreased by 0.3 and 0.6 percentage points year-on-year, respectively. The gross margin for domestic sales fell by 0.9 percentage points, while that for exports improved slightly by 0.2 percentage points [6][12]. Market Dynamics - The export business has shown strong growth, with a year-on-year increase of 27% in the first half of 2024. The growth is driven by recovering overseas demand and customer inventory replenishment [6]. - Domestic sales grew by 6% year-on-year in the first half, with expectations of stable growth in the ODM business. However, the overall performance of the company's own brands is under pressure due to weak consumer demand [6]. Future Outlook - The company is expected to maintain its growth trajectory, with revenue projections for 2024-2026 indicating a steady increase. The current valuation is considered low relative to future growth prospects [2][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 46.4 billion yuan in Q2 2024, a year-on-year decrease of 1.1% but a quarter-on-quarter increase of 7.9%. The net profit attributable to the parent company was 1.8 billion yuan, down 25.6% year-on-year and 19.9% quarter-on-quarter. The long-term growth potential of the company is noteworthy due to the continuous expansion of its automotive business, ongoing integration of WAG, and further development of its robotics sensor business [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 89.4 billion yuan, an increase of 3.3% year-on-year, with automotive metal and plastic parts revenue at 81.6 billion yuan, up 6.7% year-on-year. The revenue from plastic pipeline systems was 5.2 billion yuan, down 19.6% year-on-year. The company secured 137 designated projects for automotive metal parts and 243 for pipeline systems, with advantageous products like bumpers and battery shells accounting for 81.2% of the projects [6]. Profitability - The gross margin for H1 2024 was 17.6%, an increase of 1.7 percentage points year-on-year, while the net margin was 5.9%, up 0.9 percentage points year-on-year. The improvement in profitability is attributed to the scale-up of the automotive metal business, which achieved a gross margin of 18.1%, up 1.8 percentage points year-on-year. The Q2 gross margin was 17.3%, with a year-on-year increase of 0.8 percentage points [6]. WAG Integration - The subsidiary WAG reported a loss of approximately 68 million yuan in H1 2024, a reduction of about 45.5 million yuan compared to the same period in 2023. The company has been implementing measures to turn around WAG, with improvements in labor, procurement, and external service costs [6]. Robotics Business - The company is involved in the development of humanoid robot force sensors, with a projected market size of approximately 32.8 billion yuan by 2030. Successful expansion in this area could provide new growth opportunities for the company [6]. Future Projections - Revenue projections for 2024-2026 are 20.3 billion yuan, 21.9 billion yuan, and 23.7 billion yuan, with year-on-year growth rates of 8.5%, 8.2%, and 7.8% respectively. Net profit projections for the same period are 740 million yuan, 900 million yuan, and 1.06 billion yuan, with growth rates of 16.4%, 22.7%, and 17.2% respectively. The EPS is expected to be 0.78 yuan, 0.96 yuan, and 1.12 yuan per share [6].

Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2024, with a net profit attributable to shareholders of 1.02 billion yuan, representing a year-on-year increase of 190.6% and a quarter-on-quarter increase of 54.7%. The company's profitability is expected to further improve due to the implementation of the vehicle replacement policy and continued growth in exports [2][6] - The domestic tourism market is recovering, and there is strong demand for buses overseas. In H1 2024, the wholesale volume of large and medium buses reached 49,800 units, a year-on-year increase of 35.6%, with significant growth in seat buses [6] - The company is expected to benefit from the new round of subsidies for replacing old buses with new energy buses, which could stimulate demand for 20,000 to 30,000 buses [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit of 1.67 billion yuan, a year-on-year increase of 255.8%. Q2 revenue was 9.72 billion yuan, up 29.0% year-on-year and 46.9% quarter-on-quarter [6] - The company’s gross margin in Q2 reached 26.1%, up 2.6 percentage points year-on-year, and the net margin was 10.5%, up 5.9 percentage points year-on-year [6] Sales and Market Share - In H1 2024, the company sold 18,300 large and medium buses, a year-on-year increase of 41.5%, with a market share increase of 1.5 percentage points. Q2 sales were 11,400 units, up 19.8% year-on-year and 63.2% quarter-on-quarter [6] - The export volume in H1 2024 was 21,800 units, a year-on-year increase of 48.5%, accounting for 43.8% of total sales, an increase of 3.8 percentage points year-on-year [6] Future Projections - The company is projected to achieve revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [6] - The net profit attributable to shareholders is expected to be 3.47 billion yuan, 4.28 billion yuan, and 4.86 billion yuan for the same years, with growth rates of 90.8%, 23.5%, and 13.5% [6]

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The issuance of 1 trillion yuan in ultra-long-term special bonds is expected to benefit the Xinchuang industry, which is a major national strategy [11][20] - The Xinchuang market size is steadily increasing, with a projected growth rate of 15.49% in 2024, 17.84% in 2025, and 26.82% in 2026, potentially reaching 26,559 billion yuan by 2026 [15][20] - The hardware sector is expected to benefit from the Xinchuang initiative, with the server market projected to reach 221.98 billion yuan by 2026, growing at a CAGR of 7.93% from 2023 to 2026 [22][24] - The software sector is anticipated to gradually achieve domestic substitution across various sub-markets, with significant room for improvement in the localization rate of operating systems and middleware [27][35] Summary by Sections 1. Policy Support and Xinchuang Implementation - The Xinchuang market size was 15,388 billion yuan in 2023, with a year-on-year growth of 7.74% [15] - The market is segmented into infrastructure (53.60%), application software (38.20%), basic software (6.40%), and information security (1.80%) [15] 2. Benefits to the Computer Industry Chain 2.1 Hardware Sector - The server market is expected to grow significantly, with the x86 server segment dominating the market [22][24] - China's server market is projected to reach 221.98 billion yuan by 2026, with a CAGR of 7.93% [22][24] 2.2 Software Sector - The industrial software market is expected to grow at a CAGR of 13.20% from 2019 to 2023, reaching 2,824 billion yuan in 2023 [29] - The localization rate of PC and server operating systems is currently low, at approximately 4.70% in 2022, indicating substantial room for growth [35][38] 3. Investment Recommendations - Recommended companies to focus on include Unisplendour, Inspur, China Software, Nasda, Kingsoft, and Yonyou Network, which are leading enterprises in the Xinchuang industry chain [56]

Investment Rating - The investment rating for the company is "Hold" [20] Core Views - The company reported a revenue of 5.45 billion yuan for H1 2024, a year-on-year decrease of 31.76%, and a net profit attributable to shareholders of 238 million yuan, down 81.56% year-on-year [11][12] - The second quarter revenue was 2.99 billion yuan, a year-on-year decrease of 18.67% but a quarter-on-quarter increase of 21.27%, with a net profit of 123 million yuan, down 79.26% year-on-year but up 7.64% quarter-on-quarter [11][12] - The decline in profits is attributed to falling lithium carbonate prices and low operating rates due to insufficient downstream demand [12] - The company signed a supply agreement with CATL to supply 58,600 tons of solid lithium hexafluorophosphate by December 31, 2025, which is expected to improve operating rates in H2 2024 [12] - The self-supply ratio of lithium hexafluorophosphate and LiFSI exceeded 97% in H1 2024, enhancing cost advantages [13] - The company is expanding its overseas production, with a factory in Germany starting mass production and a project in Texas expected to contribute to new growth [14] Financial Summary - For 2024-2026, the projected revenues are 14.36 billion yuan, 18.81 billion yuan, and 22.53 billion yuan, with year-on-year changes of -6.8%, +30.9%, and +19.8% respectively [15] - The projected net profits for the same period are 585 million yuan, 1.33 billion yuan, and 2.03 billion yuan, with year-on-year changes of -69.1%, +127.9%, and +52.0% respectively [15] - The earnings per share (EPS) are expected to be 0.30 yuan, 0.69 yuan, and 1.06 yuan, with price-to-earnings (P/E) ratios of 45, 20, and 13 respectively [15][16]

证券研究报告 金融公司|公司点评|江阴银行（002807） 营收增速边际改善，息差边际回升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 江阴银行公布 2024 年半年报，2024H1 公司实现营收 21.74 亿元，同比+5.46%，增速较 2024Q1 +2.90pct；实现归母净利润 7.25 亿元，同比+10.50%，增速较 2024Q1 -2.22pct。 |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 金融公司|公司点评 glzqdatemark2 2024年08月28日 江阴银行(002807) 营收增速边际改善，息差边际回升 | --- | --- | |----------------------------|------------------------| | | | | 行 业： | 银行/农商行Ⅱ | | 投资评级： 当前价格： | 买入（维持） 3.79 元 | | 基本数据 | | | 总股本/流通股本(百万股 ) | 2,461.39/2,458.47 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Views - The company is expected to benefit from a prolonged supply-demand imbalance in the aircraft leasing market, leading to sustained revenue growth and improved asset yields [10][12]. - The company's financial performance is projected to improve due to a favorable debt structure and potential interest rate cuts by the Federal Reserve [10][12]. Summary by Sections Company Overview - The company, backed by Bank of China, has over 30 years of experience in the aircraft leasing industry, primarily generating 80% of its revenue from operating lease income [10][19]. - The management team has extensive experience, with most members having over 25 years in the industry, which has helped the company navigate various market cycles [25][27]. Industry Outlook - The aircraft leasing market is expected to grow significantly, with the global fleet projected to reach 48,600 aircraft by 2042, representing a CAGR of 3.5% over the next 20 years [10][36]. - The penetration rate of aircraft leasing is anticipated to rise from 51.3% in 2023 to 60% in the coming years, indicating a shift towards leasing as a preferred method for airlines to acquire aircraft [10][36]. Asset and Liability Analysis - The demand for aircraft remains strong, with a year-on-year increase of 10.7% in global RPKs as of May 2024, and a projected annual demand for new aircraft exceeding 2,000 units [10][12]. - The supply side is constrained, with Airbus and Boeing's average monthly production at 72 aircraft, the second-lowest level since 2015, leading to a continued upward trend in aircraft rental prices [10][12]. - Approximately 30% of the company's debt is floating rate, and potential interest rate cuts by the Federal Reserve could lower the company's funding costs, enhancing profitability [10][12]. Financial Projections and Valuation - The company is projected to achieve total revenues of $25.26 billion, $27.40 billion, and $29.40 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.63%, 8.47%, and 7.28% [10][11]. - Net profit is expected to be $720 million, $835 million, and $945 million for the same years, with a CAGR of 7.34% [10][11]. - The report sets a target price of HKD 83.98, based on a historical valuation of 1.2 times PB for 2024 [10][12].

证券研究报告 非金融公司|公司点评|荣盛石化（002493） 短期承压，期待复苏 glzqdatemark1 证券研究报告 |报告要点 荣盛石化于 2024 年 8 月 27 日发布 2024 年半年度报告，2024H1 公司实现营业收入 1612.50 亿元，同比增加 4.35%，实现归母净利润 8.58 亿元，同比增加 176.15%。其中，2024Q2 实现 营业收入 801.61 亿元，同比减少 5.48%，环比减少 1.14%，2024Q2 实现归母净利润 3.06 亿元， 同比减少 10.44%，环比减少 44.68%。 |分析师及联系人 许隽逸 陈律楼 SAC：S0590524060003 SAC：S0590524080002 荣盛石化(002493) 短期承压，期待复苏 | --- | --- | |------------|---------------------| | 行 业： | 石油石化/炼化及贸易 | | 投资评级： | 买入（首次） | | 当前价格： | 8.60 元 | 基本数据 | --- | --- | |-------------------------|------- ...