[Table_MainInfo]行业研究/金融/综合金融服务 证券研究报告 行业周报 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] 综合金融服务 海通综指 -30.08% -23.13% -16.18% -9.23% -2.28% 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] 《国常会研究推动保险业高质量发展》 | | | 2024.09.04 《继续看好保险行业中报行情》 | | | 2024.08.28 《投资收益改善，关注保险中报》 | | 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 ...

[Table_MainInfo]行业研究/环保 证券研究报告 行业信息点评 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] -24.90% -18.91% -12.91% -6.91% -0.92% 5.08% 环 保 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] 《绿证体系进一步完善， 促进绿色金融 发展》2024.09.09 《推动能源设备更新；国内原料收油成本 下跌》2024.08.29 《推动能源设备更新，以标准促进技术改 造》2024.08.25 分析师:戴元灿 Tel:(021)23185629 Email:dyc10422@haitong.com 证书:S0850517070007 联系人:杨寅琛 Email:yyc15266@haitong.com 碳市场持续扩容，碳价有望再提升 [Table_Summary] 投资要点： 事件：9 月 9 日，生态环境部办公厅发布关 ...

[Table_MainInfo]行业研究/造纸轻工 证券研究报告 行业半年报 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 市场表现 [Table_QuoteInfo] -37.08% -28.95% -20.81% -12.68% -4.54% 3.59% | --- | |-----------------------------------------------------------------------------------------------| | | | 资料来源：海通证券研究所 | | 相关研究 | | [Table_ReportInfo] 《易拉罐价格延续同比提升趋势，二片罐 行业集中度可进一步提升》 2024.09.04 | | | | 《排插及墙开行业稳步增长，公牛集团产 品创新引领市场》 | | 2024.08.21 《 看 好 家 居 跨 境 电 商 海 外 扩 展 》 | 分析师 证书::S0850521050003 郭庆龙 Email:gql13820@haitong.com 证书:S0850521050003 分析师:高翩 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the short-term demand for optical fibers and cables is under pressure, but there are expectations for new technologies like hollow-core fibers to open up long-term growth opportunities [5][6] - The company reported a revenue of 5.348 billion yuan for the first half of 2024, a year-on-year decrease of 22.66%, with a net profit of 378 million yuan, down 37.77% year-on-year [5] - The gross margin improved to 27.90%, up 1.81 percentage points year-on-year, while the net margin was 7.06%, down 1.71 percentage points year-on-year [5] - The international strategy has shown significant results, with overseas revenue accounting for over 30% of total revenue, reaching 1.766 billion yuan in the first half of 2024 [5][6] Financial Summary - The company is expected to generate revenues of 13.174 billion yuan, 13.738 billion yuan, and 14.339 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.002 billion yuan, 1.039 billion yuan, and 1.168 billion yuan for the same years [6][10] - The earnings per share (EPS) are projected to be 1.32 yuan, 1.37 yuan, and 1.54 yuan for 2024, 2025, and 2026 respectively [6][10] - The report provides a dynamic PE range of 20-22X for 2024, corresponding to a fair value range of 26.44-29.09 yuan [6] Business Segment Analysis - The revenue from the optical fiber and preform business is expected to decline to 2.985 billion yuan in 2024, while the cable business is projected to generate 5.052 billion yuan [8] - The optical devices and modules segment is anticipated to grow to 1.617 billion yuan in 2024, with a year-on-year growth of 10% [8] - Other products and services are expected to generate 3.259 billion yuan in 2024, reflecting a growth of 5% year-on-year [8] Market Comparison - The report compares the company with peers, indicating that the average PE for comparable companies is around 21 for 2024, suggesting a competitive market environment [9]

证券研究报告 （优于大市，维持） 半导体存储板块24半年报业绩总结及跟踪（上） 张晓飞（SAC号码：S0850523030002） 联系人：郦奕滢 2024年09月11日 投资策略 | --- | --- | --- | |-------|----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | NOR Flash | 广泛应用于需要存储系统程序代码的电子设备。 NOR Flash 是除 DRAM 和 NAND Flash 之外市场规模最大的存储芯片。随着智能手机、物联网、 TWS 耳机、 5G 及汽车电子等下游应用需求 | | | 的增长， NOR Flash 市场规模逐步增 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes the company's stable revenue growth while facing profit pressure due to market conditions. In the first half of 2024, the company achieved operating revenue of 2.836 billion yuan, a year-on-year increase of 0.32%, but the net profit attributable to shareholders dropped by 93.30% to 30 million yuan [6][9] - The company has launched a new stock option incentive plan, reflecting confidence in its medium to long-term development. The plan involves granting 34 million stock options, accounting for 1.80% of the total share capital, with performance targets set for the years 2024-2026 [6][9] - The company is actively working on cost reduction and efficiency improvement measures, achieving a 0.66% year-on-year decrease in overall costs in the first half of 2024 [7] Summary by Sections Financial Performance - In 2024H1, the company reported a revenue of 2.836 billion yuan, with a year-on-year growth of 0.32%. However, the net profit attributable to shareholders fell to 30 million yuan, a decline of 93.30% [6] - The company’s revenue from wealth technology services decreased by 16.99% to 549 million yuan, while asset management technology services saw a growth of 9.17% to 722 million yuan [6] - The forecast for revenue from 2024 to 2026 is 7.533 billion yuan, 8.315 billion yuan, and 9.366 billion yuan, respectively, with expected growth rates of 3.5%, 10.4%, and 12.6% [8][9] Research and Development - The company continues to increase its R&D investment, with 8,913 technical personnel and R&D expenses of 1.162 billion yuan, representing a R&D expense ratio of 40.96% [9] - The company is focused on maintaining its technological leadership through continuous iteration of its core systems and platforms [9] Market Position and Strategy - The company is building a comprehensive innovation ecosystem, providing a full-stack service for financial institutions, and has successfully launched integrated solutions at industry events [7][9] - The report highlights the company's strategic adjustments in response to market changes, aiming to enhance product quality and operational efficiency [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9][13] Core Views - The company reported a revenue of 1.367 billion yuan for the first half of 2024, representing a year-on-year increase of 2.61%, while the net profit attributable to shareholders was 347 million yuan, up 28.8% year-on-year [6][10] - The company is focusing on global expansion and has established sales subsidiaries in over 80 countries, including the US, UK, Germany, and Australia [9][11] - The company has received recognition for its innovative products, such as the "French Fry Automatic Box Machine," which won the 2024 Kitchen Technology Innovation Award [9][11] Financial Performance - The gross margin and net margin for the first half of 2024 were 46.51% and 25.36%, respectively, showing an increase of 5.79 percentage points and 5.16 percentage points year-on-year [7] - The company’s operating cash flow for the first half of 2024 was 302 million yuan, a decrease of 27.92% year-on-year [7][10] - The company’s revenue is projected to reach 2.842 billion yuan in 2024, with a year-on-year growth of 7.1%, and net profit is expected to be 641 million yuan, reflecting a growth of 25.5% [10][15] Segment Analysis - Revenue from commercial refrigeration equipment was 1.014 billion yuan, up 3.51% year-on-year, while revenue from Western kitchen equipment was 215 million yuan, down 10.08% year-on-year [8] - The overseas market generated 1.291 billion yuan in revenue, an increase of 7.37% year-on-year, while the domestic market saw a decline to 74 million yuan, down 42.71% year-on-year [8][9] Valuation - The company is expected to achieve a PE valuation of 19-20 times for 2024, slightly above comparable companies, with a reasonable value range of 28.69-30.20 yuan per share [9][13] - The projected PB for 2024 is estimated to be between 3.76-3.96 times, which is considered reasonable compared to the range of comparable companies [9][13]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][8] Core Views - The report highlights that the company's net interest margin has increased quarter-on-quarter, with a significant decrease in the non-performing loan ratio for corporate loans. The overall asset quality remains stable, and there has been an increase in total credit issuance, particularly in inclusive loans, leading to the maintenance of the "Outperform the Market" rating [5][6][8] Financial Performance Summary - For the first half of 2024, the company's revenue decreased by 3.5% year-on-year, while net profit attributable to shareholders fell by 1.6%. The net interest income increased by 2.24 percentage points, accounting for 63.65% of total revenue. The net interest margin for the first half of 2024 was 1.29%, up from 1.27% in the previous quarter [5][6][7] - The company plans to distribute a mid-term dividend of 0.182 yuan per share (before tax) [5][6] Asset Quality and Loan Growth - The non-performing loan ratio slightly decreased to 1.32% in the second quarter of 2024, with the corporate loan non-performing ratio dropping by 11 basis points to 1.54% compared to the end of 2023. The company has intensified efforts to recover non-performing assets, resolving 29.59 billion yuan in non-performing loans in the first half of 2024 [5][6][7] - As of the second quarter of 2024, total loans increased by 6.1% year-on-year, with inclusive loans for small and micro enterprises growing by 15.74% compared to the end of 2023 [6][7][8] Earnings Forecast - The forecasted EPS for 2024-2026 is 1.13, 1.17, and 1.22 yuan, with net profit growth rates of -1.25%, 2.77%, and 3.92% respectively. The report estimates a reasonable value range of 7.54 to 7.83 yuan based on the DDM and PB-ROE models [6][7][8]

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 成都银行（601838）公司半年报点评 2024 年 09 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | [ 09 Table_StockInfo 月 09 日收盘价（元） ] | 13.18 | | 52 周股价波动（元） 股本结构 | 10.70-16.24 | | [ 总股本（ Table_CapitalInfo 百万股） ] | 3814 | | 流通 A 股（百万股） | 3807 | | B 股 /H 股（百万股） 相关研究 | 0/0 | 市场表现 [Table_QuoteInfo] 成都银行 海通综指 -20.57% -12.57% -4.57% 3.43% 11.43% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |------------ ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 沪电股份（002463）公司半年报点评 2024 年 09 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | 30.00 | | 52 周股价波动（元） | 18.42-41.96 | | 总股本 / 流通 A 股（百万股） | 1915/1914 | | 总市值 / 流通市值（百万元） | 57455/57421 | | 相关研究 | | | [Table_ReportInfo] 《 AI 业务步入加速期，季度业绩连续高增》 | | | 2024.06.01 | | | 《 Q3 业绩加速获双位数增长，海外业务继续 | | | 加码》 2023.11.06 | | 市场表现 [Table_QuoteInfo] - ...