[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 公司研究报告 2024 年 09 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |---------------------------------------------------|-------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 11 日收盘价（元） ] | 34.18 | | | 52 周股价波动（元） | 28.06-72.77 | | | 总股本 / 流通 A 股（百万股） | 56/56 | | | 总市值 / 流通市值（百万元） 相关研究 | 1913/1913 | | | [Table_ReportInfo] | | | | 《营收端环比改善明显，努力扩大市场份额》 | | | | 2023.09.15 市场表现 | | | [Table_QuoteInfo] -43.46% -27.46% -11.46% 4.54% 20.54% 2023/9 2023/1 ...

[Table_MainInfo]行业研究/金融/保险 证券研究报告 行业信息点评 2024 年 09 月 12 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 保险 海通综指 -26.16% -19.99% -13.83% -7.66% -1.50% 4.66% 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] 《Q2 净利润表现亮眼，NBV 延续高景气 ——保险行业 2024 年中报回顾与展望》 2024.09.04 《保险行业 7 月月报：寿险仍延续较快增 长，非车险业务明显回暖》2024.08.29 《人身险产品预定利率再下调，动态调整 机制提升险企负债成本优化效率》 2024.08.20 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 分析师:曹锟 Tel:010-56760090 Email:ck14023@haitong.com ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 35.155 billion yuan for the first half of 2024, representing a year-on-year increase of 18.90%. The net profit attributable to shareholders was 594 million yuan, up 10.64% year-on-year, while the net profit excluding non-recurring items was 580 million yuan, reflecting a growth of 15.33% [5][6] - In the second quarter of 2024, the company achieved a revenue of 16.9 billion yuan, which is a 26% increase compared to the same period last year. However, the net profit attributable to shareholders decreased by 2.6% to 230 million yuan, and the net profit excluding non-recurring items fell by 6.6% to 210 million yuan [6] - The company added 43 stores in the first half of 2024, bringing the total number of stores to 4,266, with 4,166 being franchise stores and 100 being directly operated stores [7] Financial Summary - The company’s revenue is projected to grow from 56.364 billion yuan in 2023 to 67.786 billion yuan in 2024, with a year-on-year growth rate of 20.3%. The net profit is expected to increase from 973 million yuan in 2023 to 1.075 billion yuan in 2024, reflecting a growth rate of 10.4% [8][12] - The estimated earnings per share (EPS) for 2024 is 0.64 yuan, with a projected price-to-earnings (P/E) ratio of 14-16 times, leading to a reasonable market value range of 15-17.2 billion yuan [9][12] - The gross profit margin is expected to be 4.2% in 2024, with a net asset return rate of 14.0% [12][13]

[Table_MainInfo]行业研究/家用电器与器具/家用电器 证券研究报告 行业跟踪报告 2024 年 09 月 12 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 家用电器 海通综指 -11.63% -5.96% -0.29% 5.37% 11.04% 16.71% 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] 《7月空调数据简评：内销高基数下承压， 出口继续高增》2024.08.23 《以旧换新政策进一步落实，支持资金央 地共担》2024.07.26 《扫地机量价齐升，石头份额首位，洗地 机持续以价换量》2024.07.14 分析师:陈子仪 Tel:(021)23219244 Email:chenzy@haitong.com 证书:S0850511010026 | --- | --- | --- | --- | --- | --- | |-------|----------------------------| ...

[Table_MainInfo]行业研究/信息服务 证券研究报告 行业跟踪报告 2024 年 09 月 11 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -35.89% -27.85% -19.81% -11.78% -3.74% 4.30% 信息服务 海通综指 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] 《计算机行业跟踪周报 353 期：计算机行 | | 业 24H1&24Q2 分析，营收复苏，利润承 | | 压》 2024.09.09 | | 《轻工业数字化转型实施方案（征求意见 | | 稿）》发布，充分挖掘行业数字化需求》 | | 2024.09.04 《聚焦海思及华为全联接大会》 | 分析师:杨林 Tel:(021)23183969 Emai ...

[Table_MainInfo]行业研究/化工/基础化工材料制品 证券研究报告 行业专题报告 2024 年 09 月 11 日 [Table_AuthorInfo] 新材料专题研究（8）—2024H1 中报总结： 下游需求回暖，高端新材料加速发展 [Table_Summary] 投资要点： [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 基础化工材料制品 海通综指 2995.45 3277.72 3559.99 3842.25 4124.52 4406.79 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] 《新材料专题研究（6）：中国化工新材料 现状及趋势》2024.05.21 《国内供需紧平衡，尼龙 66 带动己二酸 需求增长》2024.03.26 《制冷剂配额发布，制冷剂价格持续上 涨》2024.03.07 分析师:刘威 Tel:(0755)82764281 Email:lw10053@haitong.com 证书:S0850515040001 分析师:张翠翠 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 兖矿能源（600188）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《煤炭业务有望以量补价，煤化工盈利现改 | | 善》 2024.05.10 | | 《 23Q4 环比量价双升盈利提升，持续高分红 | | 彰显价值》 2024.04.01 | | 《煤炭业务韧性彰显，煤化工持续改善》 | | 2023.11.04 市场表现 | 兖矿能源 海通综指 -6.65% 2.35% 11.35% 20.35% 29.35% 38.35% 2023/9 2023/12 2024 ...

[Table_MainInfo] 公司研究/信息设备/电子设备与仪器 证券研究报告 奥普特（688686）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | 46.72 | | 52 周股价波动（元） | 45.63-117.59 | | 总股本 / 流通 A 股（百万股） | 122/122 | | 总市值 / 流通市值（百万元） | 5711/5711 | | 相关研究 | | | [Table_ReportInfo] 《机器视觉核心部件的头部厂商》 | 2024.08.20 | 市场表现 [Table_QuoteInfo] -59.03% -47.03% -35.03% -23.03% -11.03% 0.97% 奥普特 海通综指 | --- | --- | --- | -- ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 春风动力（603129）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 11 日收盘价（元） ] | 147.30 | | 52 周股价波动（元） | 78.47-178.57 | | 总股本 / 流通 A 股（百万股） | 151/151 | | 总市值 / 流通市值（百万元） | 22306/22306 | | 相关研究 | | | [Table_ReportInfo] 《 Q1 利润表现较好，国内外产能建设推进》 | | | 2024.05.16 | | | 《三季度业绩承压，产品矩阵不断完善》 | | | 2023.10.24 | | | 《两轮新品推出大年，高增速有望延续》 | | | 2023. ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Viewpoints - The company's B2B office procurement business has shown steady growth, with digital capabilities enhancing operational efficiency and customer reach [5] - The company's proprietary brand business has strengthened its ability to reach end customers through online and offline channels, including live streaming [5] - The company's SaaS software service continues to face losses, with a significant decline in revenue [5] - The company's gross margin has improved, driven by the B2B business, while the SaaS segment has seen a sharp decline in gross margin [5] - The company's net profit margin has slightly increased due to improved cost control and operational efficiency [5] Financial Performance Summary - In H1 2024, the company achieved revenue of RMB 4.997 billion, a YoY increase of 12.22%, and net profit attributable to shareholders of RMB 95 million, a YoY increase of 17.55% [5] - In Q2 2024, the company achieved revenue of RMB 2.807 billion, a YoY increase of 10.39%, and net profit attributable to shareholders of RMB 45 million, a YoY increase of 25.68% [5] - The B2B office procurement and proprietary brand business generated revenue of RMB 4.970 billion in H1 2024, a YoY increase of 12.71%, with a net profit of RMB 146 million [5] - The SaaS software service revenue declined by 37.62% to RMB 27.14 million, with a loss of RMB 51 million [5] - The company's gross margin in H1 2024 was 9.58%, an increase of 0.46 percentage points YoY [5] Financial Forecasts - The company is expected to achieve net profits of RMB 230 million and RMB 280 million in 2024 and 2025, respectively, with YoY growth rates of 199.5% and 21.8% [6] - The company's revenue is forecasted to grow to RMB 12.727 billion in 2024, RMB 14.627 billion in 2025, and RMB 16.811 billion in 2026, with YoY growth rates of 14.7%, 14.9%, and 14.9%, respectively [7] - The company's EPS is expected to be RMB 0.32 in 2024, RMB 0.39 in 2025, and RMB 0.47 in 2026 [7] - The company's ROE is projected to increase from 7.0% in 2024 to 9.1% in 2026 [7] Valuation and Peer Comparison - The company's PE ratio is 15.0x for 2024 and 12.3x for 2025, based on the closing price on September 11, 2024 [6] - The company's valuation range is estimated at RMB 6.40 to RMB 7.04, based on a PE multiple of 20-22x for 2024 [6] - Peer companies such as Chenguang Stationery and Shuhua Sports have PE ratios of 14.06x and 19.63x, respectively, for 2024 [8] Operational Efficiency and Financial Health - The company's asset turnover ratio is expected to remain stable at 1.34 in 2024 and increase to 1.50 by 2026 [10] - The company's fixed asset turnover ratio is projected to improve significantly from 25.03 in 2023 to 58.15 in 2026 [10] - The company's debt-to-asset ratio is expected to increase slightly from 62.4% in 2023 to 66.8% in 2026 [9] - The company's liquidity ratios, including the current ratio and quick ratio, are expected to remain stable, indicating healthy short-term financial health [10]