证券研究报告 （优于大市，维持） 美联储降息周期有望开启，关注黄金股修复机会 陈先龙（有色金属行业首席分析师） SAC号码：S0850522120002 甘嘉尧（有色金属高级分析师） SAC号码：S0850520010002 张恒浩（有色金属分析师） SAC号码：S0850524070008 联系人：梁琳、谭伊珊 2024年9月17日 投资要点 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------- ...

[Table_MainInfo]行业研究/环保 证券研究报告 行业半年报 2024 年 09 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |--------------------------------------------------------|--------------------------------------| | | | | [Table_QuoteInfo] 4.59% | 海通综指 | | -26.16% -20.01% -13.86% -7.71% -1.56% 2023/9 2023/12 | 2024/6 | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 2024.09.11 | 《碳市场持续扩容，碳价有望再提升》 | | 《绿证体系进一步完善， 发展》 2024.09.09 | 促进绿色金融 | | 下跌》 2024.08.29 | 《推动能源设备更新；国内原料收油成本 | 分析师:戴元灿 Tel:(021)23 ...

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Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's big data business has achieved significant breakthroughs, with a strong order backlog supporting future growth. In the first half of 2024, revenue from big data products and solutions reached 1.277 billion yuan, a year-on-year increase of 17%, with a compound annual growth rate (CAGR) of 26% over the past four years. Excluding the impact of a subsidiary, revenue growth was 31% year-on-year, with a CAGR of 51% [5][6] - The company places a high emphasis on technology research and development, continuously advancing AI application scenarios. The dual-core technology approach, focusing on standardized products and solutions, aims to enhance operational efficiency and reduce costs for enterprises [4][6] - The company's overseas revenue has been growing, with a 55% year-on-year increase in the first half of 2024, marking a rise in the proportion of overseas income from 1% in the first half of 2022 to 7% in the first half of 2024 [6][7] Financial Summary - The company's revenue for 2023 is projected at 18.277 billion yuan, with a year-on-year growth of 3%. The net profit is expected to recover to 506 million yuan in 2024, following a significant loss in 2023 [5][9] - The gross profit margin is expected to improve from 14.67% in 2023 to 15.64% in 2024, with a projected net asset return rate of 7.44% in 2024 [5][9] - The company has a strong cash flow position, with operating cash flow expected to reach 988 million yuan in 2024 [10]

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Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue of 4.729 billion yuan for the first half of 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 759 million yuan, down 8.48% year-on-year. The second quarter of 2024 saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year, with a net profit of 361 million yuan, down 18.15% year-on-year [6][9] - The company maintains a leading market share in its core product categories, with offline retail market shares of 32% for range hoods, 31% for gas stoves, 27% for integrated steam ovens, and 18% for dishwashers. The online retail market shares for smoke and stove packages and kitchen appliance packages are 28% and 27%, respectively [6][9] - Despite short-term pressures from the real estate market, the company is expected to maintain its market position and return to growth in the long term, with projected EPS of 1.70, 1.84, and 1.99 yuan per share for 2024-2026 [6][9] Financial Summary - For 2023, the company is projected to have a total revenue of 11.202 billion yuan, with a net profit of 1.733 billion yuan. The EPS is expected to be 1.84 yuan, with a gross margin of 50.7% [7][9] - The company’s gross margin is projected to be 50.3% in 2024, with a net profit margin of 15.0% [9][10] - The company’s asset-liability ratio is expected to decrease from 36.6% in 2023 to 29.9% in 2026, indicating improved financial stability [10]

[Table_MainInfo]行业研究/医药与健康护理/中药 证券研究报告 行业信息点评 2024 年 09 月 17 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | --- | --- | |-----------------------------------------------------------------------|---------|------------|------------------------------------------------------| | | | | | | [Table_QuoteInfo] 4.67% | 中药 | | 海通综指 | | -17.91% -12.26% -6.62% -0.98% | | | | | -23.55% 2023/9 | 2023/12 | 2024/3 | 2024/6 | | 资料来源：海通证券研究所 | | | | | | | | | | 相关研究 [Table_ReportInfo] 《山东牵头 集采，有望推动行业高质 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company's net profit growth rate has improved compared to Q1, with a focus on expanding credit in key areas, and overall asset quality remains stable [3]. - The company actively implements national strategic directives, increasing loan allocations to key sectors, resulting in significant growth in green credit and loans to small and micro enterprises [3]. - The overall asset quality is stable, with a slight increase in the non-performing loan ratio, while the non-performing loan ratio for corporate loans has decreased [3]. Financial Performance Summary - For the first half of 2024, the company's revenue is projected to decline by 3.09% year-on-year, while net profit is expected to decrease by 1.33%, showing improvement from Q1 [4]. - The core Tier 1 capital adequacy ratio for Q2 2024 is 13.86%, an increase of 0.77 percentage points year-on-year [3]. - The company forecasts earnings per share (EPS) for 2024-2026 to be 5.8, 6.16, and 6.47 yuan, with net profit growth rates of 2.03%, 6.17%, and 4.98% respectively [4]. Valuation Metrics - The reasonable value range for the company is estimated between 34.59 and 36.15 yuan, corresponding to a 2024 price-to-earnings (PE) ratio of 5.96-6.23 times [4]. - The company is assigned a price-to-book (PB) ratio of 0.90 times for 2024E, compared to a peer average of 0.41 times [4].

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 老凤祥（600612）公司半年报点评 2024 年 09 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|----------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 50.24 | | 52 周股价波动（元） | 46.71-89.49 | | 总股本 / 流通 A 股（百万股） | 523/317 | | 总市值 / 流通市值（百万元） | 26281/26281 | | 相关研究 | | | [Table_ReportInfo] 《 1Q24 净利增 12% | ，渠道改革持续推进》 | | 2024.05.16 | | | 《 3Q23 净利增 49% ，黄金高景气 | & 强品牌力 | | 驱动毛利高增》 2023.12.27 | | | 《百年珠宝龙头，好机制 & | 强品牌加 ...