[Table_MainInfo] 公司研究/金融/券商 证券研究报告 中原证券（601375）公司半年报点评 2024 年 09 月 13 日 [Table_InvestInfo] 投资评级 中性 维持 | --- | --- | |--------------------------------------------------------|-----------| | 股票数据 | | | [ 09 Table_StockInfo 月 12 日收盘价（元） ] | 3.41 | | 52 周股价波动（元） | 3.25-4.12 | | 股本结构 [ 总股本（ Table_CapitalInfo 百万股） ] | | | 流通 A 股（百万股） | 4643 3448 | | B 股 /H 股（百万股） 相关研究 | 0/1195 | 市场表现 [Table_QuoteInfo] -18.92% -12.92% -6.92% -0.92% 5.08% 11.08% 2023/9 2023/12 2024/3 2024/6 中原证券 海通综指 | --- | --- | --- | --- | |---- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 1.071 billion yuan in the first half of 2024, representing a year-on-year increase of 26.02%. The net profit attributable to shareholders reached 262 million yuan, up 36.57% year-on-year [5] - The company plans to invest no more than 500 million yuan to build a microsphere project, aiming for commercialization [5] - The company has a strong demand for its products, with sales volume reaching a historical high, particularly in the silica market [5] Financial Performance - In Q2 2024, the company reported revenue of 548 million yuan, a year-on-year increase of 26.14% and a quarter-on-quarter increase of 4.94% [5] - The gross profit margin for the first half of 2024 was 32.79%, an increase of 7.22 percentage points year-on-year [5] - The company expects net profits for 2024-2026 to be 514 million, 600 million, and 686 million yuan respectively, with corresponding EPS of 1.24, 1.44, and 1.65 yuan [6] Market Position and Strategy - The company has established a strong customer base in the rubber industry, including major international tire manufacturers and rapidly growing Chinese tire companies [5] - The company is actively expanding into international markets, responding to strong demand for low-carbon, high-dispersion products [5] - The company’s sales volume for silica in Q2 2024 was 89,500 tons, a year-on-year increase of 22.4% [5] Product Pricing and Cost Structure - The average price of products in Q2 2024 increased by 2.34% year-on-year and 0.5% quarter-on-quarter [5] - The procurement price of key raw materials such as soda ash and quartz sand decreased by 22.95% and 5.37% year-on-year, respectively [5] Future Outlook - The company is expected to see significant revenue growth, with projected revenues of 2.225 billion, 2.517 billion, and 2.772 billion yuan for 2024, 2025, and 2026 respectively [7] - The company aims to improve its product structure by increasing the proportion of high-dispersion products [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's gross profit margin is under pressure, and impairment provisions have significantly impacted its operating performance [4] - Despite market challenges, the company remains a top-tier player in sales, focusing on high-tier cities [4] - Diversified businesses continue to show high-quality growth, with improvements in key operating indicators for commercial properties and property services [4] - The company is actively disposing of assets to maintain financial safety, with a net debt ratio of 53.0% and a weighted average cost of debt financing at 4.38% [4] - The report suggests that the current net profit does not reflect potential future earnings, and there is room for asset price recovery [5] Financial Performance - In 1H24, the company reported revenue of RMB 21.129 billion, a YoY decrease of 42.67%, with real estate business revenue dropping by 54.72% [4] - Net profit attributable to shareholders in 1H24 was RMB -3.361 billion, a YoY decrease of 319.39% [4] - The gross profit margin for real estate business settlement was 9.24%, down by 5.63 percentage points YoY [4] - The company's total land reserves are approximately 35.89 million square meters, with 75% located in first and second-tier cities [4] Valuation and Forecast - The report forecasts a 2024 EPS of RMB -0.38 and a net asset value per share of RMB 14.03, with a PB valuation range of 0.35-0.40x, corresponding to a reasonable value range of RMB 4.91-5.61 per share [5] - Revenue is expected to decline by 22.6% YoY in 2024, with a net profit of RMB -1.736 billion [6] - The gross profit margin is projected to be 11.0% in 2024, with a net profit margin of -2.3% [6] Industry Comparison - The company's valuation is compared with peers such as Vanke A, China Merchants Shekou, and Poly Development, showing a lower market cap and negative EPS for 2024 [9] Financial Ratios and Metrics - The company's debt-to-asset ratio was 68.3% as of 1H24, with a net debt ratio of 53.0% [4] - The company's cash and cash equivalents stood at RMB 23.116 billion as of 1H24, a YoY decrease of 49.8% [8] - The company's ROE (diluted) was -5.30% in 1H24, down by 7.63 percentage points YoY [8]

[Table_MainInfo]行业研究/汽车与零配件 证券研究报告 行业信息点评 2024 年 09 月 13 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -18.49% -12.88% -7.27% -1.66% 3.94% 9.55% 2023/9 2023/12 2024/3 2024/6 汽车与零配件 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月汽车产销整体平稳，静待"金九银 十"》2024.09.12 《地方以旧换新相继展开，消费者置换新 车意愿增加》2024.09.09 《新车密集上市，经济型乘用车中报盈利 整体走强》2024.09.02 | --- | |----------------------------| | | | 分析师 : 王猛 | | Tel:(021)23185692 | | Email:wm10860@haitong.com | | 证书 :S0850517090004 | | 分析师 : 刘一鸣 | | Tel:(02 ...

证券研究报告 （优于大市，维持） 8月智能驾驶月报 刘一鸣（汽车行业首席分析师） SAC号码：S0850522120003 2024年9月13日 新势力品牌智驾里程覆盖度 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|-----------------------------------------------------------------------|----------------------------|----------------------------------------|-------|-------|------------------------|-------|-------------|------------------------|-------|----------------------------------------|-------| | | | | | | | | | | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue growth of 13% and a net profit growth of 35% for the first half of 2024, achieving a revenue of 48.64 billion yuan and a net profit of 2.02 billion yuan [5][6] - The company maintains a strong performance in both domestic and international markets, with significant growth in its washing machine segment and a leading position in the multi-split air conditioning market [6][10] - The company is expected to continue its global strategy and improve its governance structure, with projected EPS for 2024-2026 being 2.41, 2.75, and 3.13 yuan per share, respectively [6][10] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.64 billion yuan, a year-on-year increase of 13.3%, and a net profit of 2.02 billion yuan, up 34.6% [5] - The gross profit margin for H1 2024 was 21.28%, a slight decrease of 0.25 percentage points year-on-year, while the net profit margin improved to 4.14%, an increase of 0.66 percentage points [5][6] Business Segments - The cold appliance segment generated revenue of 14.69 billion yuan, with a growth rate of 26.8%, while the HVAC segment achieved revenue of 22.77 billion yuan, growing by 7.6% [6] - Domestic sales reached 25.33 billion yuan, a 3.5% increase, and the overseas market saw revenue of 18.21 billion yuan, up 27.9% [6] Profitability Forecast - The company is projected to have a revenue of 85.6 billion yuan in 2023, with a year-on-year growth of 15.5%, and a net profit of 2.84 billion yuan, reflecting a growth of 97.7% [7][10] - The gross margin is expected to improve gradually, reaching 23.1% by 2026 [10] Valuation - The company is assigned a valuation range of 31.33 to 36.15 yuan based on a PE ratio of 13-15x for 2024 [6][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Insights - The company maintains a leading position in precursor materials, with steady revenue growth expected in H1 2024, achieving a revenue of 20.086 billion yuan, a year-on-year increase of 16.33%, and a net profit of 864 million yuan, up 12.48% year-on-year [5][6] - The company has seen rapid growth in precursor shipments, with a total shipment of over 140,000 tons in H1 2024, representing a 15% year-on-year increase, maintaining the global market share leader position in nickel and cobalt products [6][7] - The company is accelerating its integrated production capacity in nickel, with a total capacity nearing 200,000 tons, and is expected to achieve a self-supply ratio of nearly 50% in 2024 [6][9] - The company is expanding its international production capabilities, with projects in South Korea and Morocco, aiming to cover markets in Europe, North America, and Southeast Asia [6][9] - Continuous focus on R&D innovation, with advancements in nickel, cobalt, phosphorus, sodium, and manganese precursor technologies, leading to a 20% reduction in comprehensive costs [6][9] Financial Summary - The company is projected to achieve revenues of 40.556 billion yuan in 2024, with a year-on-year growth of 18.3%, and net profits of 1.928 billion yuan, reflecting a slight decrease of 0.9% [7][10] - The estimated earnings per share (EPS) for 2024 is 2.06 yuan, with a projected price-to-earnings (P/E) ratio of 18-20 times, indicating a reasonable valuation range of 37.08-41.20 yuan [8][10] - The company’s gross margin is expected to be 12.3% in 2024, slightly decreasing from previous years, while the net asset return rate is projected to be 9.0% [7][12]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant increase in revenue, achieving 303 million yuan in the first half of 2024, a year-on-year growth of 1071.20%. Excluding the impact of estimated returns of COVID-19 vaccines from the previous year, the revenue growth is 15.36% [6] - The net profit attributable to the parent company narrowed by 73.22% to -225 million yuan in the same period, indicating improved operational efficiency and cost control [6] - The sales revenue from the company's two types of meningococcal vaccines reached approximately 260 million yuan, a growth of about 18% year-on-year, with ongoing clinical trials for expanding age indications [6] - The company is progressing well in its pipeline development, with several products at various clinical trial stages, including PCV13i and DTcP vaccines [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 303 million yuan, with a year-on-year increase of 1071.20%. The net profit loss narrowed to -225 million yuan, a reduction of 73.22% [6] - For Q2 2024, the revenue was 189 million yuan, reflecting a year-on-year growth of 353.40%, with a net profit loss of -55 million yuan, a 92.12% reduction in loss compared to the previous year [6] Cost Management - The company has improved its cost management, with sales expenses decreasing by 12.70% year-on-year to 112 million yuan, and the sales expense ratio at 37.07% [6] - Management expenses were reduced by 38.45% year-on-year to 84 million yuan, with a management expense ratio of 27.52% [6] - R&D expenses decreased by 45.06% year-on-year to 186 million yuan, with an R&D expense ratio of 61.27% [6] Product Sales and Market Expansion - The sales revenue from meningococcal vaccines grew by 18% year-on-year, with ongoing market introduction efforts [6] - The company is conducting clinical trials for expanding the age indication for MCV4 vaccines, which could significantly increase market potential if approved [6] Pipeline Development - As of the first half of 2024, the company has several products in various stages of clinical trials, including PCV13i, DTcP, and Tdcp vaccines [6] - The company has received acceptance for the market application of PCV13i and is progressing with other vaccine candidates [6] Earnings Forecast and Valuation - The company is expected to generate revenues of 840 million yuan, 1.16 billion yuan, and 1.98 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 135%, 38%, and 70% [7] - The estimated reasonable value range for the company's stock is between 59.85 and 68.68 yuan per share, corresponding to a market capitalization of 14.81 billion to 16.99 billion yuan [7]

[Table_MainInfo] 公司研究/信息设备/电子设备与仪器 证券研究报告 新国都（300130）公司半年报点评 2024 年 09 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | 15.47 | | 52 周股价波动（元） | 14.27-26.35 | | 总股本 / 流通 A 股（百万股） | 560/427 | | 总市值 / 流通市值（百万元） | 8668/6610 | | 相关研究 | | | [Table_ReportInfo] 《收单业务持续发力， AI 产品创新发展》 | | | 2024.04.09 | | | 《分红位于计算机板块前列》 | | | 《 发 布 业 绩 预 告 ， 利 润 端 实 现 高 增 》 | | | 2024.01.25 市场表现 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved revenue of 18.258 billion yuan in the first half of 2024, a year-on-year decrease of 25.31%, with a net profit attributable to the parent company of 2.234 billion yuan, down 47.55% [4] - Sales of the shingles vaccine continue to progress, with over 20,000 terminal usage units covered nationwide and 1.6069 million doses approved for sale in the first half of 2024, indicating significant market potential [4] - The company is advancing its research pipeline, with several projects making positive progress, including a quadrivalent recombinant norovirus vaccine entering phase III clinical trials and a 26-valent pneumonia conjugate vaccine entering phase I/II trials [4] Financial Performance and Forecast - The company is expected to have net profits of 6.974 billion yuan, 8.175 billion yuan, and 10.929 billion yuan for 2024-2026, with year-on-year growth rates of -13.5%, 17.2%, and 33.7% respectively [4] - The revenue forecast for 2024 is 40.682 billion yuan, reflecting a year-on-year decline of 23.1%, followed by a recovery in subsequent years [6][8] - The company's P/E ratio is projected to be between 10 and 12 times for 2024, with a reasonable value range of 29.14 to 34.96 yuan per share, leading to a market capitalization estimate of 69.7 billion to 83.7 billion yuan [4][7]