公司快报 2024 年 08 月 27 日 麦加芯彩(603062.SH) Q2 营收/业绩环比高增，集装箱涂料单 价环比提升 事件：公司发布 2024 年半年报，实现营业收入 7.58 亿元， yoy+39.59%；实现归母净利润 7396.77 万元，yoy-34.69%；实现 扣非归母净利润 6080.89 万元，yoy-39.28%。 Q2 增长势头强劲，营收/归母业绩均环比高增。2024H1 公司实 现营业收入 7.58 亿元，yoy+39.59%，其中 Q1、Q2 各季度公司营 收增速分别 31.02%、45.90%，Q2 营收环比高增 51.08%，营收增 速逐季提升。2024H1 公司实现归母净利润 0.74 亿元（yoy34.69%）,主要由于毛利率大幅下滑拖累业绩增速，其中 Q1、Q2 各季度归母净利润增速分别-49.84%、-19.68%，Q2 归母净利润环 比高增 61.65%。2024H1 公司整体毛利率为 19.62%，同比16.89pct，或由于集装箱涂料和风电涂料毛利率均下滑，且高毛 利风电涂料营收占比大幅收缩。 H1 集装箱涂料销量和营收均翻倍增长，Q2 集装箱涂料单价环比 ...

Investment Rating - The report assigns an **"Overweight-A"** rating to Chengdu Bank, with a 6-month target price of **17.03 CNY**, implying a **0.90X PB** for 2024 [3] Core Views - Chengdu Bank's **H1 2024 revenue growth** was **4.28%**, with **pre-provision profit growth** of **3.35%** and **net profit attributable to parent company growth** of **10.60%**, meeting expectations [1] - The bank's performance was driven by **scale expansion**, **non-interest income growth**, and **provision release**, while **narrowing net interest margin** and **slightly higher cost-to-income ratio** weighed on results [1] - **Government-related business** remains the bank's "ballast stone", with significant credit deployment in H1, while **retail and SME lending** will be the focus in H2 [2] Business Performance Asset Side - Total assets grew **16.73% YoY** by H1 2024, with interest-bearing assets up **17.60% YoY** [1] - **Corporate loans (including discounts)** accounted for **52.76%** of total loans, with **general infrastructure loans** making up the majority [1] - **Retail loan demand** was weak, with only **0.49% growth** in mortgage balances and **10.44%** and **12.58% growth** in personal consumption and business loans respectively [1] Liability Side - **Deposits** accounted for **76.98%** of interest-bearing liabilities, with **time deposits** rising to **66.01%** and **retail deposits** increasing to **48.57%** [2] Profitability - **Net interest margin** declined **26bps YoY** to **1.66%**, mainly due to a **24bps drop** in interest-earning asset yield to **3.88%** [6] - **Non-interest income** turned positive in Q2, growing **26.81% YoY**, with **net fee income** up **43.13%** [6] Asset Quality - **Non-performing loan ratio** remained stable at **0.66%**, with **provision coverage ratio** at **496.02%** [6] - **Corporate loan NPL ratio** improved to **0.66%**, while **retail loan NPL ratio** rose to **0.68%** [6] Future Outlook - The bank is expected to maintain **steady performance**, with **2024 revenue growth** forecast at **4.55%** and **profit growth** at **13.39%** [7] - **Government-related business opportunities** are expected to continue, supported by regional economic vitality and national development policies [7] Valuation - The bank trades at **4.44X 2024E P/E** and **0.79X 2024E P/B**, with a **6.60% dividend yield** [9]

公司快报 2024 年 08 月 27 日 上海医药(601607.SH) 南北整合阶段性成果突出，创新业务蓬 勃发展 事件：公司发布 2024 年中报，整体业绩稳健，单 Q2 工商业贡 献利润稳增。 2024H1 公司实现营业收入 1,394.13 亿元/+5.14%，其中：医药工 业收入 127.34 亿元/-13.37%，医药商业收入 1,266.79 亿元 /+7.45%；归母净利润 29.42 亿元/+12.72%，其中：工业、商业贡 献利润分别约为 13.12 亿元/-1.20%、17.93 亿元/+1.30%，主要 参股企业贡献利润 3.41 亿元；扣非净利润 27.05 亿元/+23.00%。 单 Q2 来看，公司实现营收 692.60 亿元/+4.36%，其中：工业收入 约 57.90/-16.06%，商业收入约 634.70/+6.73%；归母净利润 14.00 亿元/+28.15%，其中：商业、工业贡献利润分别约为 9.61 亿元 /+5.72%、6.38 亿元/+2.90%，单 Q2 公司工业及商业板块经营性 利润实现稳定增长。 Q2 费用端优化，盈利水平有所提升。2024H1 公司销 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 11.16 CNY, corresponding to an 18x PE ratio [7][10]. Core Insights - The company reported a revenue of 3.053 billion CNY for the first half of 2024, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 631 million CNY, up 56.18% year-on-year [2]. - The gaming and ICT business segments continue to show strong growth, with significant optimization in sales expense ratios [3][4]. Financial Performance - The company's gross margin stood at 62.31%, with a net profit margin of 20.67%, benefiting from effective cost control. The sales expense ratio decreased to 18.02%, a reduction of 8.43 percentage points year-on-year [3]. - The gaming segment generated revenue of 2.426 billion CNY, a 12.03% increase year-on-year, while the ICT operations management revenue surged by 27.06% to 543 million CNY [4]. Business Segments - The subsidiary, Kemu Games, achieved a revenue of 2.427 billion CNY, with a net profit increase of 50.11% year-on-year. The main games, "Age of Origins" and "War and Order," showed stable performance [5]. - The company expects revenue growth of 16.2%, 14.9%, and 11.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 37.5%, 13.9%, and 13.3% for the same periods [6]. Valuation Metrics - The total market capitalization is approximately 15.877 billion CNY, with a circulating market cap of 14.729 billion CNY. The stock price as of August 26, 2024, was 8.09 CNY [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 CNY, 0.71 CNY, and 0.80 CNY, respectively [6][11].

Investment Rating - The investment rating for Tianshan Aluminum is maintained at "Buy-A" with a target price of 9.75 CNY per share [4]. Core Views - The report highlights significant profit growth due to rising aluminum prices, with a year-on-year increase in net profit of 103.45% in the first half of 2024 [1]. - The company is advancing its integration strategy, which is expected to enhance long-term competitive advantages [10]. - Government subsidies and the completion of the Tianzu Railway are contributing to profit growth and reducing transportation costs [2]. Financial Performance Summary - In the first half of 2024, Tianshan Aluminum achieved operating revenue of 13.785 billion CNY, a decrease of 6.83% year-on-year, while net profit reached 2.074 billion CNY, an increase of 103.45% year-on-year [1]. - For Q2 2024, the company reported operating revenue of 6.960 billion CNY, down 11.36% year-on-year, but net profit increased by 88.06% quarter-on-quarter [1]. - The company’s production figures for H1 2024 included 585,400 tons of electrolytic aluminum, a slight increase of 0.74% year-on-year, and 1.093 million tons of alumina, up 6.97% year-on-year [3]. Price and Volume Trends - The average price of aluminum in H1 2024 was 19,856 CNY per ton, reflecting a year-on-year increase of 7.5% [3]. - The average price of alumina in H1 2024 was 3,508 CNY per ton, up 18.3% year-on-year [3]. Future Projections - The company is projected to achieve operating revenues of 31.188 billion CNY, 37.452 billion CNY, and 39.576 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to be 4.219 billion CNY, 4.435 billion CNY, and 4.696 billion CNY [11]. - The earnings per share (EPS) are forecasted to be 0.91 CNY, 0.95 CNY, and 1.01 CNY for the same years [11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 27 日 兴瑞科技(002937.SZ) 公司快报 汽车电子持续高增，国内外产能布局有 序推进 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 10.04 亿 元，同比增长 3.71%；公司实现归母净利润 1.48 亿元，同比增长 27.62%。其中 24Q2 单季度，公司实现营业收入 5.04 亿元，同比增长 3.37%，环比增长 0.92%；归母净利润 7504 万元，同比增长 17.47%， 环比增长 3.38%。公司 24Q2 单季度实现销售毛利率 27.48%，同比提 升 2.13 个 pct。 汽车电子收入高增长，盈利能力持续提升： 在新能源汽车领域，公司前期所累积的终端车型陆续放量为新能源汽 车业务持续成长提供了坚实保障。同时，以镶嵌技术为核心，依托不 同结构的产品矩阵，叠加与全球头部客户所积累的快速响应、供应链 及成本控制意识，公司新能源汽车业务质量夯实增长。2024H1 公司 汽车电子业务实现收入 5.82 亿元，同比增长 28.36%，其中新能源汽 车业务占汽车电子比例达 80%以上，同 ...

huangwz1@essence.com.cn 2024 年 08 月 27 日 透视 A 股：最新央地财政支出增速差环比小幅抬升 报告摘要： 估值分化指数：上周行业估值分化指数有所上升 全球市场概览：上周 A 股涨跌互现，成交量相较上一周有所上 涨 市场风格：上周大盘风格占优 货币市场：上周流动性边际宽松 基金发行：上周发行下降，仓位处历史中位 市场情绪：上周 A 股换手率下降，美国恐慌指数下降 国债及外汇市场：上周国债收益率下降，人民币升值 资金流向：上周两融余额下降，A 股资金流出 重要股东减持：上周食品饮料减持最多 机构调研：近一个月机构密集调研银行行业 出口：7 月船舶出口持续增长 货币供给与社融：7 月 M2 增速上升、社融增速上升 中游景气：7 月居民用电量同比增长 20.8% 风险提示：政策不及预期，地域政治冲突超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 相关报告 | --- | --- | --- | |-------------|--------------------------|------------| | | | | | | | | | 相比经济，A ...

股价表现 2024 年 08 月 27 日 康恩贝(600572.SH) 公司快报 全品类中药阶段性承压，换届完成公司 进入新时期 事件： 2024 年 8 月 23 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 34.48 亿元，同比下滑 8.40%；实现归母净利润 3.82 亿元，同比下滑 25.95%；实现扣非归母净利润 3.36 亿元，同比下滑 19.02%。单季度来看，2024 年 Q2 公司实现营业收入 16.24 亿元， 同比下滑 0.60%；实现归母净利润 1.66 亿元，同比下滑 28.37%； 实现扣非归母净利润 1.35 亿元，同比下滑 11.11%。 全品类中药阶段性承压，同期高基数压力。 公司坚持以全品类中药产品为主体，以特色化学药品、特色健康消费 品为两翼的战略定位，受去年同期高基数压力，全品类中药阶段性承 压，特色化学药品和特色健康消费品表现稳健。 1）全品类中药：2024 年 H1 公司全品类中药业务实现收入 17.16 亿 元，同比下降 17.67%，其中中成药实现收入 11.31 亿元，同比下降 32.10%，主要是因为肠炎宁系列、复方鱼腥草合剂 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 27 日 伟星新材(002372.SZ) 零售管材龙头韧性十足，同心圆持续推 进，毛利率同比提升 事件：公司发布 2024 年半年度报告，实现营收 23.43 亿元， yoy+4.73%；实现归母净利润 3.40 亿元，yoy-31.23%；实现扣非 归母净利润 3.40 亿元，yoy-0.37%。2024Q2 公司实现营收 13.46 亿元，yoy+0.41%；实现归母净利润 1.86 亿元，yoy-41.88%；实 现扣非归母净利润 1.98 亿元，yoy-16.85%。 零售营收增长凸显经营韧性，境外业务积极推进快速增长。 2024H1 公司实现营收 23.43 亿元，yoy+4.73%，其中 Q1、Q2 各季 度公司营收增速分别为 11.19%和 0.41%。2024H1 各产品营收及增 速分别为：PPR 系列产品 10.73 亿元（yoy+3.21%），PE 系列产品 4.74 亿元（yoy-3.11%）、PVC 系列产品 3.03 亿元（yoy-12.73%）、 防水/净水等其他产品 4.63 亿元（yoy+45.30% ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 74.85 CNY, corresponding to a 38x PE for 2024 [5][6]. Core Views - The company reported a revenue of 450 million CNY for H1 2024, representing a 41% year-on-year increase, and a net profit of 100 million CNY, up 38.6% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 250 million CNY, a 55% increase year-on-year, with a net profit of 60 million CNY, also up 56% year-on-year. The gross margin for Q2 was 40.3%, impacted by accounting changes, but would have been 48.2% under previous accounting standards [2]. - The company is benefiting from the transfer of PCB production lines to Southeast Asia, with successful equipment sales to countries like Thailand and Vietnam, indicating strong overseas market expansion [3]. - The company is diversifying into advanced applications in the semiconductor sector, making progress in IC substrates and advanced packaging, with successful client collaborations and technology validation [4]. Financial Summary - Revenue projections for 2024-2026 are 1.18 billion CNY, 1.56 billion CNY, and 2.03 billion CNY, with year-on-year growth rates of 42.0%, 32.4%, and 30.1% respectively [6][8]. - Net profit forecasts for the same period are 260 million CNY, 360 million CNY, and 510 million CNY, with growth rates of 44.4%, 40.8%, and 41.0% respectively [6][8]. - The company’s PE ratios for 2024-2026 are projected at 27.8, 19.8, and 14.0 times [6][8].