证券研究报告 非金融公司|公司点评|通用股份（601500） 业绩高增，海外双基地持续发力 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 2024 年上半年公司实现营业收入 30.68 亿元，同比增长 37%；归母净利润 2.87 亿元，同比增 长 393%。其中 2024Q2 实现营业收入 16.25 亿元，同比增长 36%，环比增长 13%；归母净利润 1.34 亿元，同比增长 185%，环比下降 12%。2024H1 公司业绩实现大幅增长，主要系海外双基 地放量带动产销量增长叠加去年低基数。公司积极把握"出海 2.0"机遇，短期来看，海外双 基地将持续发力，贡献未来两年增量。中长期来看，公司力争十年内实现全球 5 大生产基地， 5 千万条轮胎产能，将进一步推动海外生产基地选址建设，未来成长可期。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 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28日 通用股份(601500) ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - In H1 2024, the company benefited from a significant increase in inverter demand in emerging markets such as Pakistan, India, the Philippines, and Myanmar due to severe power shortages and policy support, which helped offset declines in the South African market [3][9]. - The company's differentiated layout in emerging markets is expected to lead to further sales growth [3][9]. - The traditional business showed strong growth, with the energy storage battery pack business expected to contribute to new growth [9]. Financial Performance Summary - In H1 2024, the company achieved revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%, and a net profit attributable to shareholders of 1.236 billion yuan, down 2.21% year-on-year [9]. - In Q2 2024, the company reported revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06%, with a net profit of 803 million yuan, up 18.97% year-on-year and 85.44% quarter-on-quarter [9]. - The inverter business revenue in H1 2024 was 2.322 billion yuan, down 26.06% year-on-year, primarily due to reduced power shortages in South Africa and increased market competition [9]. - The energy storage battery pack business revenue was 765 million yuan, up 74.82% year-on-year, benefiting from high integration, safety, and long cycle life of products [9]. Revenue and Profit Forecast - The company forecasts revenues of 12.593 billion yuan, 15.852 billion yuan, and 19.220 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 68.36%, 25.88%, and 21.25% [9][10]. - Net profit attributable to shareholders is expected to be 2.938 billion yuan, 3.661 billion yuan, and 4.331 billion yuan for the same years, with growth rates of 64.06%, 24.58%, and 18.30% [9][10]. - Earnings per share (EPS) are projected to be 4.60 yuan, 5.74 yuan, and 6.79 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 34.22% [9][10].

证券研究报告 港股公司|公司点评|众安在线（06060） COR 同比抬升影响公司业绩表现 glzqdatemark1 证券研究报告 |报告要点 众安在线发布 2024 年半年报。2024H1 公司实现保险服务收入 150.88 亿元，同比增长 19.0%； 综合成本率为 97.9%，同比抬升 2.1PCT；实现归母净利润 0.55 亿元，同比下降 75.1%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 众安在线(06060) COR 同比抬升影响公司业绩表现 | --- | --- | |-------------------------|-------------------| | 业： | 非银金融/保险Ⅱ | | 投资评级： | | | 当前价格： | 10.42 港元 | | 基本数据 | | | 总股本/流通股本(百万股) | 1,469.81/1,419.81 | | (百万港元) | 14,794.45 | | 每股净资产(元) | 15.09 | | (%) | 52.97 | | 一年内最高/最低(港元) | 24.90/10.08 | 股价相对走势 众安在线 ...

证券研究报告 非金融公司|公司点评|山西汾酒（600809） 2024 年半年报点评： 淡季调结构去库存，锚定全年目标推进 glzqdatemark1 证券研究报告 |报告要点 考虑到消费弱复苏，我们预计公司 2024-2026 年营业收入分别为 383.38/441.40/507.75 亿 元，同比分别增长 20.08%/15.13%/15.03%，归母净利润分别为 129.32/150.12/174.16 亿元， 同比分别增长 23.89%/16.09%/16.02%，对应三年 CAGR 为 18.61%，对应 2024-2026 年 PE 估值 分别为 17/14/12X。鉴于公司品类与产品矩阵优势明显，全国化延续推进，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 山西汾酒(600809) 2024 年半年报点评： 淡季调结构去库存，锚定全年目标推进 | --- | --- | |-------------------------|------------------ ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Insights - 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 [6] - 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 [10][12] - 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 [15][17] - The software sector is also anticipated to gradually achieve domestic substitution, with significant room for improvement in the localization rates of operating systems and middleware [21][24] 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% [10] - The market is segmented into infrastructure (53.60%), application software (38.20%), basic software (6.40%), and information security (1.80%) [10][12] 2. Benefits from Ultra-Long-Term Bonds - The government plans to issue ultra-long-term special bonds to address funding issues for major projects, with the Xinchuang industry likely to benefit [6][13] 3. Hardware Sector Growth - The server market is expected to grow significantly, with x86 servers dominating the market [15][17] - The domestic chip self-sufficiency rate is projected to increase from 23.26% in 2023 to 26.63% by 2027 [19] 4. Software Sector Development - The industrial software market is expected to grow at a CAGR of 13.20% from 2019 to 2023, with significant room for improvement in the adoption rates of various software types [21] - The localization rate of PC and server operating systems was approximately 4.70% in 2022, indicating substantial potential for growth [24] 5. Investment Recommendations - Recommended companies include Unisplendour, Inspur, China Software, Nasda, Kingsoft, and Yonyou, which are leading players in the Xinchuang industry chain [34]

Investment Rating - The investment rating for Shanghai Steel Union is "Buy (Maintain)" [5] Core Views - In the first half of 2024, Shanghai Steel Union achieved revenue of 43.895 billion yuan, a year-on-year increase of 12.43%, while the net profit attributable to shareholders was 0.84 billion yuan, a decrease of 29.41% [2][7] - The company’s data subscription revenue grew by 4.76% year-on-year, indicating a strong increase in the number of data terminal users [7] - The steel trading settlement volume increased by 16.23% year-on-year, but net profit was impacted by a significant reduction in other income [7] Financial Performance Summary - For the first half of 2024, the company reported a gross profit margin of 1.36%, down 0.20 percentage points year-on-year [2][7] - The second quarter of 2024 saw revenue of 26.353 billion yuan, a year-on-year increase of 22.40%, but net profit fell by 45.87% [2][7] - The company’s operating cash flow turned positive, reaching 6.03 billion yuan, due to improved collection of accounts receivable [7] Revenue and Profit Forecast - Revenue projections for 2024-2026 are adjusted to 95.716 billion yuan, 105.284 billion yuan, and 115.852 billion yuan, with year-on-year growth rates of 10.89%, 10.00%, and 10.04% respectively [7][8] - Net profit forecasts for the same period are 2.18 billion yuan, 2.80 billion yuan, and 3.45 billion yuan, with year-on-year growth rates of -9.34%, 28.30%, and 23.44% respectively [7][8] - The earnings per share (EPS) are projected to be 0.68 yuan, 0.87 yuan, and 1.07 yuan for 2024, 2025, and 2026 respectively [8] Market Position and Future Outlook - Shanghai Steel Union is recognized as a leading global provider of commodity and related industry data services, benefiting from the development of the data factor industry [7] - The company was selected as one of the first 20 "data factor ×" typical cases by the national government, indicating its strategic importance in the industry [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.656 billion yuan in H1 2024, a year-on-year decrease of 0.84%, while the net profit attributable to shareholders was 130 million yuan, an increase of 9.45% year-on-year [2][6] - The increase in profitability is attributed to a high proportion of foreign sales revenue [2] - In Q2 2024, the company achieved a revenue of 1 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 52.0% [6] Financial Performance - In H1 2024, the company's onshore wind power business generated revenue of 1.5 billion yuan, a year-on-year increase of 17.2%, while the offshore wind business generated 110 million yuan, a year-on-year decrease of 65.5% [6] - The company has a strong order backlog, with new onshore wind orders amounting to 1.87 billion yuan and pending orders of 3.28 billion yuan [6] - The company's foreign sales revenue reached 890 million yuan in H1 2024, a year-on-year increase of 36.8%, accounting for 54% of total revenue [6] Profitability and Forecast - The gross margin for H1 2024 was 20.0%, an increase of 1.0 percentage point year-on-year, and the net profit margin was 7.8%, an increase of 0.8 percentage points year-on-year [6] - The company expects revenue for 2024, 2025, and 2026 to be 5.209 billion yuan, 7.002 billion yuan, and 8.390 billion yuan respectively, with year-on-year growth rates of 8.23%, 34.42%, and 19.83% [7] - The net profit attributable to shareholders is projected to be 450 million yuan, 660 million yuan, and 850 million yuan for the years 2024, 2025, and 2026, with growth rates of 52.61%, 47.98%, and 28.91% respectively [7]

Investment Rating - The investment rating for the company is upgraded to "Buy" [7][10]. Core Insights - The company reported a revenue of 6.332 billion yuan for the first half of 2024, representing a year-on-year increase of 12.93%. The net profit attributable to shareholders was approximately 193 million yuan, up 105.26% year-on-year, while the net profit excluding non-recurring items reached 160 million yuan, a significant increase of 173.71% [10][11]. - The charging business continues to grow rapidly, with the company achieving a charging volume of over 5.8 billion kWh in the first half of 2024, a year-on-year increase of 42%. The revenue from the electric vehicle charging network business was 2.658 billion yuan, up 12.32% year-on-year, with a gross margin of 18.6%, an increase of 4.8 percentage points year-on-year [10][11]. - The traditional power equipment business is steadily growing, with revenue from the "smart manufacturing + integrated services" segment reaching 3.674 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 213 million yuan, up 44.64% year-on-year [10][11]. Financial Performance - For Q2 2024, the company achieved a revenue of 3.763 billion yuan, a year-on-year increase of 3.67% and a quarter-on-quarter increase of 46.49%. The net profit attributable to shareholders was 132 million yuan, up 78.29% year-on-year and 113.55% quarter-on-quarter [10][11]. - The company expects revenues for 2024-2026 to be 18.51 billion, 23.27 billion, and 28.11 billion yuan, respectively, with year-on-year growth rates of 26.8%, 25.7%, and 20.7% [10][11]. Market Position and Outlook - The company is recognized as a leading player in the domestic charging operation sector, with a strong development trajectory in its traditional business and ongoing expansion into international markets [10][11]. - The company has successfully established its power equipment in over 50 countries globally, indicating a robust international presence and growth potential [10][11].

证券研究报告 非金融公司|公司点评|乖宝宠物（301498） 业绩表现亮眼，品牌高端化持续进行 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 公司披露 2024 年中报，实现营收 24.27 亿元，同比增长 17.48%；归母净利润 3.08 亿元，同 比增长 49.92%。分产品看：2024 年上半年公司宠物主粮实现营收 11.99 亿元（同比+18.45%）， 毛利率为 44.70%（同比+12.78pcts）；宠物零食实现营收 11.94 亿元（同比+17.32%），毛利率 为 39.19%（同比+3.19pcts），主粮及零食业务均实现收入盈利双增长。直销渠道销售来看， 公司第三方平台（阿里系、抖音平台、京东、拼多多等）营收增长显著，2024 年上半年实现 营收 8.66 亿元（同比+61.24%），实现总订单 1097.99 万笔。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company is expected to achieve revenues of 8.078 billion, 9.803 billion, and 11.499 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 23.94%, 21.35%, and 17.30%. The net profit attributable to the parent company is projected to be 342 million, 440 million, and 537 million yuan for the same years, with growth rates of 3.09%, 28.49%, and 22.03% respectively. The EPS is expected to be 0.85, 1.09, and 1.33 yuan per share, leading to corresponding PE ratios of 13.1x, 10.2x, and 8.4x for 2024-2026 [2][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 3.519 billion yuan (up 17.6% year-on-year) and a net profit of 135 million yuan (down 35.3% year-on-year). For Q2 2024, revenue was 1.822 billion yuan (up 12.9% year-on-year) with a net profit of 53 million yuan (down 60.1% year-on-year) [6]. - The company's gross margin for H1 2024 was 36.7% (down 1.6 percentage points year-on-year), and the net profit margin was 3.8% (down 3.1 percentage points year-on-year) [6]. Revenue Breakdown - The cross-border e-commerce revenue grew steadily, with cross-border export e-commerce and comprehensive services achieving revenues of 3.03 billion and 490 million yuan respectively, representing year-on-year growth of 13.7% and 54.1%. The average transaction price for general merchandise was approximately 107 yuan, while for premium products it was about 385 yuan [6]. Business Strategy - The company is actively expanding into new channels, reducing reliance on single e-commerce platforms. Sales on the Amazon platform accounted for 73% of total revenue in H1 2024, down from 76% in H1 2023, as the company explores platforms like Temu and TikTok [6]. Long-term Outlook - Despite short-term impacts on profit margins due to new business expansions, the company is expected to maintain growth through its focus on "premium + Yimai platform" and the integration of Tongtuo Technology, leading to a reasonable valuation and sustained growth [2][7].