Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company's H1 2024 performance was below expectations, with revenue of 3.757 billion yuan, a year-on-year decrease of 8.92%, and a net profit attributable to shareholders of 774 million yuan, down 16.72% [2][6] - The decline in revenue was influenced by multiple factors, including adverse weather conditions and increased free periods for small passenger cars on highways during statutory holidays [6] - The opening of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a positive impact on traffic flow for the company's highways [6] - The company plans to conduct a private placement to raise up to 4.9 billion yuan for investment in the Outer Ring Project and to repay interest-bearing debts [6] Summary by Sections Financial Performance - In H1 2024, the company's toll revenue decreased by 6.35% to 2.433 billion yuan, primarily due to adverse weather and increased free periods for small passenger cars [6] - The clean energy generation business reported revenue of 302 million yuan, down 13.22%, while the kitchen waste treatment business saw a revenue increase of 9.51% to 309 million yuan [6] - The company expects revenues for 2024-2026 to be 9.012 billion, 9.936 billion, and 10.443 billion yuan, with year-on-year growth rates of -3.05%, 10.25%, and 5.11% respectively [6][7] Investment and Capital Expenditure - The company is focusing on the Outer Ring Phase III and the Jihe Expressway projects, with total investments of 8.447 billion yuan and 19.23 billion yuan respectively [6] - Capital expenditure plans for 2024, 2025, and 2026 are projected at 2.659 billion, 3.956 billion, and 4.138 billion yuan respectively [6] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.016 billion, 2.260 billion, and 2.367 billion yuan, with year-on-year growth rates of -13.36%, 12.09%, and 4.73% respectively [6][7] - Earnings per share (EPS) are expected to be 0.92, 1.04, and 1.09 yuan for the same period [7]

证券研究报告 非金融公司|公司深度|徐工机械（000425） 优质资产注入增长动能，海外业务提升 盈利能力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司为国内工程机械龙头企业，2022 年徐工机械反向收购徐工有限，实现徐工集团工程机械 板块的整体上市。上市后公司传统优势起重机械仍保持强势；土方机械、混凝土机械等高毛利 产品竞争力增强；高空作业机械、矿山机械等业务加速发展。同时公司加大海外市场销售力 度，海外经销商超过 300 家，高毛利产品占比及海外业务占比提升有望推动公司盈利能力持 续增强。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 38 非金融公司|公司深度 glzqdatemark2 2024年08月27日 徐工机械(000425) 优质资产注入增长动能，海外业务提升盈利 能力 | --- | --- | |------------|-------------------| | 行 业： | 机械设备/工程机械 | | 投资评级： | 买入（维持） | | 当前价格： | 6. ...

Investment Rating - The investment rating for the company is "Buy" [7][10]. Core Views - The company is expected to achieve steady revenue growth with projected revenues of 14.86 billion, 16.25 billion, and 17.83 billion CNY for 2024, 2025, and 2026, respectively, corresponding to growth rates of 9.3%, 9.4%, and 9.7% [10][11]. - Adjusted net profits are forecasted to be 768 million, 1.18 billion, and 1.62 billion CNY for the same years, with growth rates of 59.6%, 53.8%, and 37.1% [10][11]. - The adjusted EPS is projected to be 0.95, 1.45, and 1.99 CNY per share for 2024, 2025, and 2026, respectively [10][11]. - The adjusted PE ratios are expected to be 17.0x, 11.0x, and 8.0x for the years 2024 to 2026 [10][11]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 7.13 billion CNY, representing a year-on-year increase of 9.3%, and an adjusted net profit of 360 million CNY, up 67.3% year-on-year [10][11]. - The number of transaction users reached 21.4 million, an increase of 18.8% year-on-year, and the total number of Tuhu workshop stores grew to 6,311, with 402 new stores added since the end of 2023 [10][11]. Revenue Breakdown - Revenue from tires and chassis components, automotive maintenance, and other automotive products and services showed year-on-year growth rates of 11.0%, 10.7%, and 4.3%, respectively [10][11]. - The growth in the automotive maintenance segment was slightly lower due to macroeconomic influences, while the automotive beauty business was a significant growth driver for other automotive products and services [10][11]. Profitability - The company achieved a comprehensive gross margin of 25.9% in H1 2024, an increase of 1.7 percentage points year-on-year [11]. - The gross margins for various segments were as follows: tires and chassis components (+1.5 percentage points), automotive maintenance (-0.6 percentage points), and other automotive products and services (+5.5 percentage points) [11]. - The adjusted net profit margin improved to 5.0%, up 1.7 percentage points year-on-year, due to enhanced internal management efficiency [11].

Investment Rating - The investment rating for Yadea Holdings is "Buy" (maintained) [5] Core Views - In the first half of 2024, Yadea Holdings experienced short-term revenue pressure due to stricter industry regulations and the pending implementation of new national standards. However, core profitability showed growth despite fluctuations caused by foreign exchange and government subsidies. Looking ahead, the gradual rollout of the trade-in policy is expected to boost industry demand, coupled with an accelerated market share increase for the company under the stringent regulatory environment, indicating an imminent operational turning point [2][6]. Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 144.14 billion yuan, a year-on-year decrease of 15.4%. Gross profit fell by 9.8% to 25.94 billion yuan, and net profit attributable to shareholders decreased by 12.9% to 10.34 billion yuan, with basic earnings per share down 13.5% to 0.345 yuan [6][9]. - The company faced significant operational pressure due to comprehensive regulatory tightening and the adjustment of new national standards, leading to a 22% year-on-year decline in sales volume to 6.38 million units. The average selling price remained stable, while sales revenue from complete vehicles dropped by 20% to 9.8 billion yuan. Battery and charger revenue decreased by 9.6% to 4.1 billion yuan, while revenue from electric two-wheeler components surged by 72.5% to 600 million yuan [6][9]. Profitability and Cost Management - The gross margin improved by 1.1 percentage points year-on-year to 18.0%, primarily due to optimized product mix and increased margins in battery and electric drive products, which saw a revenue increase of 31%. The operating profit margin also improved by 1.4 percentage points to 7.3% after excluding three major expenses [6][10]. - The net profit margin attributable to shareholders increased slightly by 0.2 percentage points to 7.2%, despite fluctuations from government subsidies and foreign exchange losses [6][10]. Market Position and Future Outlook - The company is expected to see an accelerated increase in market share in the second half of the year, driven by the new national standards that raise safety and regulatory requirements for complete vehicles. The introduction of a whitelist system for manufacturers will favor leading companies like Yadea, which has three entities listed on the initial whitelist [6][10]. - Revenue projections for 2024-2026 are estimated at 347.6 billion, 447.6 billion, and 542.0 billion yuan, respectively, with year-on-year growth rates of 0.0%, 28.8%, and 21.1%. Net profit attributable to shareholders is projected to be 27.5 billion, 36.8 billion, and 46.3 billion yuan, with corresponding growth rates of 4.2%, 33.7%, and 25.9% [6][7].

资产管理的工业化 ——组合管理新时代 分析师：包承超、邓宇林 证券研究报告 2024年08月26日 请务必阅读报告末页的重要声明 主动权益的痛点 ——Alpha很难赚，Beta不太会赚 资产管理行业的痛点1 -- 职业技能的"可积累性"不一定强，业绩的延续性较弱。过去 tl秀不代表未来优秀，这是导致负债端缺乏信任的根源， 2016 vs 2017 2017 vs 2018 2022 vs 2023 2019 vs 2020 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 图:过去的业绩是否能代表未来? 主动权益基金当年超额收益率&次年收益率的相关系数 图:单年度跑赢基准并不难,难的是每年都跑赢,连续5年连 续跑赢基准的基金经理占比不到11% -不同时间长度,跑赢基准的主动型基金占比 100% 90% | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|----------------------|-------|- ...

证券研究报告 行业研究|行业专题研究|电力（214101） 全球核电发展景气共振，产业链充分受 益 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 核电具备"清洁、高效、稳定、相对可控"等属性，成为各国重塑能源供应体系的"解题答 案"。截至 2023 年底全球核电在运台数为 413 台，在运净规模约为 371.5GW 左右。以新增开 工规模角度来看，2021/2022/2023 年全球新增开工机组规模分别为 9.72/9.85/8.61GW。依据 IAEA 预测，2030 年全球核电装机净容量低预测/高预测分别为 4.03/4.62 亿千瓦，全球核电 发展景气共振，产业链端有望充分受益。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 16 行业研究|行业专题研究 glzqdatemark2 2024年08月26日 电力 全球核电发展景气共振，产业链充分受益 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力 沪深300 -20% -7% 7% 20% 2023/8 2023/ ...

证券研究报告 行业研究|行业专题研究|食品饮料（2134） 股息率中等偏上，期待进一步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 新国九条鼓励上市公司以分红、回购等方式回报投资者，引导市场在投资决策时更加关注上 市公司的分红水平，整体向中长期投资和价值投资风格发展。食品饮料行业整体商业模式较 优，业绩和现金流具备较好的稳健性，具备分红提升的基础。通过横向对比近 12 个月股息率 情况，我们发现食品饮料的股息率处行业中上游水平，但个股表现分化、A 股食品饮料企业的 股息率提升仍有空间，建议关注高盈利、高股息的优质龙头企业。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1/11 行业研究|行业专题研究 glzqdatemark2 2024年08月26日 食品饮料 股息率中等偏上，期待进一步提升 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 食品饮料 沪深300 -30% -17% -3% 10% 2023/8 2023/12 202 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 14.001 billion yuan for H1 2024, representing a year-on-year increase of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, up 83.06% year-on-year [2][6] - The electricity demand in Anhui province is strong, with a power consumption growth rate of 13.3% in H1 2024, surpassing the national average [6] - The company is expanding its installed capacity through new projects, which is expected to drive continuous performance improvement [6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 14.001 billion yuan, with a net profit of 1.071 billion yuan, showing significant growth compared to the previous year [2][6] - For Q2 2024, the revenue was 7.016 billion yuan, with a net profit of 618 million yuan, reflecting year-on-year increases of 16.46% and 44.46% respectively [2][6] Business Expansion - The company has seen a 25.7% year-on-year increase in revenue from its main electricity business, totaling 11.148 billion yuan in H1 2024, primarily due to new power generation units coming online [6] - New projects include the Jiangbu Power Plant (2×660MW) and gas-fired units (2×450MW) that were commissioned in H1 2024 [6] - The company is also investing in coal power joint ventures, with investment income from these partnerships reaching 581 million yuan in H1 2024, an increase of 1.4 million yuan year-on-year [6] Market Position and Outlook - The company benefits from a favorable location in Anhui, where the GDP growth rate was 5.3% in H1 2024, higher than the national average [6] - The company is positioned as a platform for power asset integration, with expectations for continued asset injections from its controlling shareholder, Waneng Group [6] - Revenue projections for 2024-2026 are 28.93 billion yuan, 32.918 billion yuan, and 33.074 billion yuan, with corresponding net profits of 1.986 billion yuan, 2.369 billion yuan, and 2.437 billion yuan, indicating strong growth potential [6][7]

2024年08月25日 证券研究报告 宏观经济|宏观专题 哈里斯的选情明显改观 ——美国大选观察（一） 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 |报告要点 哈里斯的经济主张希望通过降低食品、住房、医疗保健和儿童保育成本创造一个"机会经济"。 摇摆州选民的民调显示经济是美国投票人最关心的话题。哈里斯在全国民调反超特朗普，在 关键摇摆州中也显示一些领先优势。哈里斯若能赢得威斯康辛(10)、密歇根(15)、宾夕法尼亚 (19)，总共会拿到 44 张选举人票，或就能入主白宫。回顾历史，我们认为哈里斯的竞选可能 最类似于竞选连任的情形，当经济出现比较明显负增长的时候竞选连任的候选人很可能败选。 经济好的时候连任都成功了，哈里斯能否胜选的关键或在经济。 |分析师及联系人 樊磊 王博群 SAC：S0590521120002 SAC：S0590524010002 请务必阅读报告末页的重要声明 1 / 20 宏观经济|宏观专题 glzqdatemark2 2024年08月25日 宏观专题 哈里斯的选情明显改观 ——美国大选观察（一） 相关报告 1、《静待柳暗花明——7 月经济数据点评》 2024 ...

证券研究报告 行业研究|行业专题研究|食品饮料（2134） 股息率中等偏上，期待进一步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 新国九条鼓励上市公司以分红、回购等方式回报投资者，引导市场在投资决策时更加关注上 市公司的分红水平，整体向中长期投资和价值投资风格发展。食品饮料行业整体商业模式较 优，业绩和现金流具备较好的稳健性，具备分红提升的基础。通过横向对比近 12 个月股息率 情况，我们发现食品饮料的股息率处行业中上游水平，但个股表现分化、A 股食品饮料企业的 股息率提升仍有空间，建议关注高盈利、高股息的优质龙头企业。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1/11 行业研究|行业专题研究 glzqdatemark2 2024年08月26日 食品饮料 股息率中等偏上，期待进一步提升 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 食品饮料 沪深300 -30% -17% -3% 10% 2023/8 2023/12 202 ...