Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY, maintaining the rating [4][8]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, a year-on-year increase of 3.77%, and a net profit of 221 million CNY, up 83.69% year-on-year [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, a 15.51% increase year-on-year, while domestic revenue faced pressure, declining by 18.98% to 385 million CNY [2]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. Financial Performance - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. - The company’s operating expenses decreased significantly due to the divestiture of its home furnishings segment, leading to a notable reduction in sales expenses [3]. - The projected revenue for 2024-2026 is expected to grow to 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with net profits forecasted at 458 million CNY, 549 million CNY, and 635 million CNY [8][9].

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 10.9 RMB per share, implying a 25x PE multiple for 2025 [5][10] Core Views - The company's gross margin improvement highlights its profitability, with a focus on the growth potential of emerging businesses [1] - The company's revenue and net profit showed steady growth in H1 2024, with revenue reaching 624 million RMB (+11.48% YoY) and net profit at 56 million RMB (+6.28% YoY) [1] - The company is actively investing in new projects, including the construction of a liquid rocket engine thrust chamber materials and components production facility, with a total investment of 1.33 billion RMB [4][9] Financial Performance - Gross margin in H1 2024 was 23.80%, up 3.5 percentage points YoY, with Q2 gross margin reaching 24.33%, up 1.16 percentage points QoQ and 5.58 percentage points YoY [2] - R&D expenses in H1 2024 were 32.44 million RMB, up 30.61% YoY, accounting for 5.20% of revenue, an increase of 0.76 percentage points YoY [2] - Export revenue in H1 2024 was 173 million RMB, up 27.79% YoY, driven by growth in high-conductivity and high-strength copper alloy materials and components in the semiconductor and generator industries [2] Business Development - The company is expanding its presence in key markets such as the US, Europe, and Japan, particularly in the semiconductor and generator industries [2] - The company has made breakthroughs in new technology and product applications with major clients like Siemens and Schneider in the medium and high-voltage electrical contact materials sector [2] - The company is deepening its cooperation with industry leaders like Siemens and Varex in the CT and DR tube materials and components sector [2] Future Outlook - The company is expected to achieve revenue of 1.619 billion RMB, 2.071 billion RMB, and 2.693 billion RMB in 2024, 2025, and 2026, respectively, with net profits of 133 million RMB, 179 million RMB, and 250 million RMB [10] - The company's EPS is projected to be 0.18 RMB, 0.25 RMB, and 0.34 RMB for 2024, 2025, and 2026, respectively, with corresponding PE multiples of 39.2x, 29.2x, and 20.9x [10]

本报告仅供 Choice 东方财富 使用，请勿传阅。 行业快报 2024 年 08 月 22 日 医药 国投证券医药产业链数据库之：中成药 零售端销售，H1 保持平稳，细分领域 大品种排名稳定 为了更前瞻和领先地观测中药 OTC 行业景气度，我们以中成药零售 药店终端销售情况为参考指标，汇总 2017-2024 年的销售数据，重 点关注感冒清热、滋补保健、心脑血管、肌肉骨骼、胃肠、止咳祛痰 等重要适应症领域。从 2024 年上半年的情况来看，中成药零售药店 终端销售规模整体保持平稳，细分领域大品种排名稳定。 整体情况：中成药零售药店终端销售规模整体保持平稳 中成药零售药店终端销售额从 2017 年的 1,439 亿元增长至 2023 年 的 1,743 亿元，年复合增长率 3.24%，整体规模保持平稳；2024 年 H1 中成药零售药店终端销售额为 833 亿元，同比下降 3.17%，我们 推测主要是因为受政策监管、消费降级等因素的影响，零售药店自身 经营压力较大 感冒清热：受呼吸道疫情需求刺激，销售额波动较大 感冒清热中成药零售药店终端销售额从 2017 年的 239 亿元增长至 2023 年的 307 亿 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 定期报告 证券研究报告 尹睿哲 分析师 SAC 执业证书编号：S1450523120003 yinrz@essence.com.cn 赵心茹 分析师 相关报告 2024 年 08 月 22 日 电厂日耗临近高位拐点_高频数据跟踪(2024 年 8 月第 3 周) 经济增长：电厂日耗临近高位拐点 生产：电厂日耗临近高位拐点。 （1） 电厂日耗临近高位拐点。8 月 19 日，6 大发电集团的平均日耗 为 94.0 万吨，较 8 月 12 日的 94.2 万吨下降 0.1%。8 月 15 日，南方八省电厂日耗为 243.3 万吨，较 8 月 8 日下降 1.3%。 立秋过后，北方地区秋意渐起，南方高温天气也有所缓解。虽 然沿海电厂日耗仍处于高位水平，但根据季节性特点，日耗已 临近拐点。 （2） 高炉开工率持续回落。8 月 16 日，全国高炉开工率 78.8%，较 8 月 9 日下降 1.4 个百分点；产能利用率 85.9%，较 8 月 9 日 下降 1.1 个百分点。8 月 16 日，唐山钢厂高炉开工率 88.1%， 较 8 月 9 日持平。目前钢厂亏损扩大，检 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.94 CNY over the next six months [7][10]. Core Insights - The company reported a revenue of 10.574 billion CNY for the first half of 2024, representing a year-on-year growth of 14.36%. The net profit attributable to shareholders was 1.541 billion CNY, up 16.7% year-on-year [4][10]. - The electricity segment saw a revenue increase to 8.018 billion CNY, a 12.67% rise year-on-year, driven by the commissioning of the new 1 million kW unit [4][10]. - The coal segment's revenue reached 2.19 billion CNY, marking a 22.49% increase year-on-year, supported by the production capacity enhancement from the new mine [4][10]. Summary by Sections Electricity Segment - The company achieved a total electricity generation of 24.099 billion kWh in the first half of 2024, a 12.58% increase compared to the same period last year. The average on-grid electricity price was 0.3519 CNY/kWh, showing a slight decrease [4][10]. - The commissioning of the new 6th unit at the Qing Shui Chuan Phase III project is expected to accelerate electricity generation growth in the second half of 2024 [4][10]. Coal Segment - The company’s coal production reached 11.6538 million tons, a 3.35% increase year-on-year. The external sales volume of self-produced coal surged to 3.8064 million tons, up 62.41% year-on-year [4][10]. - The coal segment's gross margin improved to 64.44%, an increase of 3.26 percentage points year-on-year, despite a decrease in coal prices [4][10]. Future Growth Prospects - The company has a robust project pipeline, with ongoing and planned projects expected to contribute to revenue growth from 2024 to 2026. The projected revenues for these years are 22.815 billion CNY, 25.544 billion CNY, and 27.992 billion CNY, respectively [10][11]. - The company’s cash flow remains strong, with net cash flow from operating activities reaching 4.15 billion CNY in the first half of 2024, a 7.39% increase year-on-year [10][11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 兆易创新(603986.SH) 一、二季度经营环比持续改善，平台化 能力厚积薄发 事件： 公司发布 2024 年半年度报告，上半年营收 36.09 亿元，同比增长 21.69%；归母净利润 5.17 亿元，同比增长 53.88%；归母扣非净 利润 4.73 亿元，同比增长 71.87%。 存储产品能力平台化，汽车、网通、TV 等多领域均有看点 根据公告内容，上半年存储产品线：1）FLASH：围绕大容量、高 性能、低功耗/低电压、小封装、高安全、高可靠、车规级等技术 需求，持续丰富产品矩阵、提升技术能级；SPI NOR 车规产品 2Mb~2Gb 容量全线铺齐，55nm 工艺节点全系量产并迭代制程；NAND 38nm 和 24nm 全面量产，24nm 为主，覆盖 1Gb~8Gb；2）DRAM： DDR4、DDR3L 产品，在网络通信、电视、机顶盒、工业、智慧家庭 等领域广泛应用，已覆盖网络通信、TV 等主要客户群。汽车市场 方面，公司车规闪存产品出货量保持良好增长。 MCU 产品矩阵持续丰富，光伏、工控、光模块等需求较好 根据 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 陕西能源(001286.SZ) 新项目投产+煤炭外销优化，上半年业 绩稳增 事件： 公司发布 2024 年半年报，上半年公司实现营业收入 105.74 亿元，同 比增长 14.36%；归母净利润 15.41 亿元，同比增长 16.7%；经营活动 产生的现金流量净额 41.5 亿元，同比增长 7.39%。 新机组投产带动发电量增长，内外销优化助力煤炭板块增强： 电力板块，2024 年上半年公司电力业务实现收入 80.18 亿元，同比 上升 12.67%，主要由于清水川三期 5 号机组（100 万千瓦）的投产带 来发电量提升。公司上半年发电量为 240.99 亿千瓦时，较去年同期 增长 12.58%；平均上网电价为 0.3519 元/kWh（含税），相较于持平 微降。煤炭板块，上半年公司煤炭业务实现收入 21.9 亿元，同比上 升 22.49%。煤炭收入规模的提升主要受益于园子沟矿井东翼（200 万 吨/年）的投产带来产能提升，上半年公司原煤产量 1165.38 万吨， 同比增长 3.35%；此外，公司大幅提升自产煤外销量，达 ...

huangwz1@essence.com.cn 2024 年 08 月 21 日 透视 A 股：四大行上涨的本质 报告摘要： 估值分化指数：上周行业估值分化指数有所下降 全球市场概览：上周 A 股涨跌互现，成交量相较上一周有所下 降 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，北向资金流出 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有色金属行业 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 月挖掘机销量同比增长 8.3% 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 | --- | --- | |---------------------------------|------------| | | | | | | | 缩量之下，何去何从？ | 2024-08-18 | ...

Investment Rating - The report maintains a "Buy - A" rating for the company [3][7]. Core Views - The company reported a revenue of 248 million yuan for H1 2024, a decrease of 5.9% year-on-year, and a net profit of 61 million yuan, down 13.64% year-on-year [1]. - The decline in revenue is attributed to a drop in sales from the core customer, FAW-Volkswagen, which saw a 28.12% year-on-year decrease in Q2 2024 [2]. - Despite the challenges, the company is expanding its new energy business and overseas operations, which are expected to drive future growth [3]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 123 million yuan, down 10.38% year-on-year and 1.53% quarter-on-quarter [2]. - The gross margin for Q2 2024 was 31.07%, a decline of 4.77 percentage points year-on-year [2]. - The net profit for Q2 2024 was 29 million yuan, reflecting a year-on-year decrease of 28.17% [2]. - The company expects net profits of 120 million yuan, 140 million yuan, and 160 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.2, 17.6, and 14.6 [3]. Growth Drivers - The company is focusing on expanding its nylon pipeline applications in new energy vehicles, which are lightweight and easy to process [3]. - New customer acquisitions in the new energy sector, including partnerships with BYD, Leap Motor, and others, are expected to contribute to revenue growth [3]. - The overseas business is also anticipated to grow, with significant cost advantages and new client acquisitions [3].

股价表现 2024 年 08 月 21 日 江中药业(600750.SH) 业绩平稳增长，启动中期分红 事件： 2024 年 8 月 21 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 21.73 亿元，同比下滑 8.02%；实现归母净利润 4.89 亿元，同比增长 8.66%；实现扣非归母净利润 4.71 亿元，同比增长 13.06%。单季度来看，2024 年 Q2 公司实现营业收入 9.45 亿元， 同比下滑 7.08%；实现归母净利润 2.22 亿元，同比增长 7.11%；实 现扣非归母净利润 2.07 亿元，同比增长 9.41%。 非处方药平稳增长，处方药和大健康出现下滑。 提质增效+控费效果显著，盈利能力大幅提升。 2024 年 H1 公司整体毛利率达到 69.04%，同比提升 1.05pct，其中公 司非处方药毛利率达到 75.05%，同比提升 2.20pct，对公司整体毛利 率提升贡献较高；我们推测公司毛利率的提升，主要得益于产品结构 的变化和生产成本的管控，公司坚持精益生产和智能制造，持续强化 节能减排，积极推进精益管理体系建设，促进公司提质增效。2024 年 H1 ...