Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The report highlights that the coal business remains stable while the power sector has significantly increased profitability. The company is expected to benefit from its high proportion of long-term coal contracts, which provide stable profitability. Additionally, new operational thermal power installations are anticipated to contribute to incremental growth [9][11]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 168.1 billion yuan and a net profit attributable to shareholders of 29.5 billion yuan, reflecting a year-on-year decrease of 0.8% and 11.3% respectively. The adjusted net profit was 29.48 billion yuan, down 10.6% year-on-year [6][9]. - The coal segment reported a production and sales volume of 163.2 million tons and 162.8 million tons respectively, with a year-on-year increase of 1.6% and 2.2%. The average selling price decreased by 5.8% year-on-year to 566 yuan per ton [6][9]. - The power segment saw a total power generation and sales volume of 104.04 billion kWh and 97.89 billion kWh respectively, with a year-on-year increase of 3.8% and 3.9%. The average selling price for electricity was 0.404 yuan per kWh, down 3.3% year-on-year [7][9]. Segment Analysis Coal Segment - The coal production cost per ton increased by 2% year-on-year to 191.7 yuan, primarily due to an 18.3% rise in labor costs [6][9]. - The coal segment's revenue and total profit for H1 were 134.33 billion yuan and 26.04 billion yuan respectively, with a gross margin of 28.3%, down 3.5 percentage points year-on-year [6][9]. Power Segment - The power segment's revenue and total profit for H1 were 44.35 billion yuan and 5.25 billion yuan respectively, with a gross margin of 16%, down 0.8 percentage points year-on-year [7][9]. - The company has over 10 GW of power generation units under construction or planned, representing a 23% increase over the current capacity [7][9]. Railway Segment - The railway segment's turnover volume increased by 7% year-on-year to 161.4 billion ton-kilometers, with revenue of 22.44 billion yuan and total profit of 6.92 billion yuan, reflecting a year-on-year increase of 1.4% and 1.9% respectively [9][11]. Earnings Forecast - The company is expected to achieve net profits of 58.3 billion yuan, 59.6 billion yuan, and 60.1 billion yuan for the years 2024 to 2026, with corresponding EPS of 2.93, 3.00, and 3.02 yuan [9][11]. - The report suggests a reasonable valuation range of 43.99 to 46.92 yuan based on a PE ratio of 15 to 16 times for 2024 [9][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant revenue growth of 29.31% year-on-year for the first half of 2024, achieving an operating income of 812 million yuan and a net profit of 95.19 million yuan, which is a 111.71% increase year-on-year [5] - The company has established a stable customer resource system, with domestic and international sales both showing growth, achieving revenues of 53.70 million yuan and 759 million yuan respectively, reflecting year-on-year growth of 28.71% and 29.35% [5] - The company is recognized as a leading enterprise in the hygiene care sector, with a projected net profit growth of 63.2%, 18.0%, and 14.9% for 2024, 2025, and 2026 respectively [6][11] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating income of 429 million yuan, a year-on-year increase of 24.47%, and a net profit of 52.92 million yuan, up 12.08% year-on-year [5] - The gross profit margin for Q2 2024 was 19.47%, an increase of 0.89 percentage points year-on-year [6] - The company’s revenue forecast for 2024 is 1.658 billion yuan, with a year-on-year growth of 24.0% [11] Business Segments - The revenue from the pet disposable hygiene products segment reached 76.32 million yuan, growing by 29.07% year-on-year, while the non-woven fabric and personal disposable hygiene products segments also showed strong growth [5] - The company has become a unique supplier for several well-known multinational companies, establishing long-term cooperative relationships [5] Valuation and Forecast - The company is expected to have a price-to-earnings (P/E) ratio of 14 and 11 times for 2024 and 2025 respectively, with a reasonable valuation range of 21.87 to 22.78 yuan based on comparable companies [6][10] - The projected earnings per share (EPS) for 2024 is 0.91 yuan, with a net profit forecast of 169 million yuan [11]

[Table_MainInfo] 公司研究/传媒 证券研究报告 凤凰传媒（601928）公司研究报告 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 11.37 | | 52 周股价波动（元） | 8.29-12.22 | | 总股本 / 流通 A 股（百万股） | 2545/2545 | | 总市值 / 流通市值（百万元） | 28936/28936 | | 市场表现 | | 凤凰传媒 海通综指 -24.75% -15.75% -6.75% 2.25% 11.25% 20.25% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 [Table_AuthorInfo] | --- | --- | --- | --- | |------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company is expected to benefit significantly from the accelerated construction of ultra-high voltage (UHV) projects and the ongoing development of the main grid [4][6]. - In the first half of 2024, the company achieved a revenue of 5.042 billion yuan, a year-on-year increase of 4.50%, and a net profit attributable to the parent company of 534 million yuan, a year-on-year increase of 60% [3][4]. - The gross profit margin for the first half of 2024 was 23.53%, up by 4.32 percentage points year-on-year, indicating effective cost reduction and efficiency improvements [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.998 billion yuan, a year-on-year increase of 4.53%, and a net profit of 304 million yuan, a year-on-year increase of 66.02% [4][8]. - The company’s gross profit margin for Q2 2024 was 22.37%, an increase of 4.24 percentage points year-on-year [4][8]. - The company plans to distribute a cash dividend of 1.38 yuan per 10 shares (including tax) for the first half of 2024 [3]. Cost Structure - The company’s expense ratio for the first half of 2024 was 9.43%, an increase of 0.68 percentage points year-on-year, with sales, management, and financial expense ratios all increasing, while R&D expense ratio decreased [3][4]. - Specific expense ratios included: sales expense ratio at 3.92% (up 0.34 percentage points), management expense ratio at 2.84% (up 0.24 percentage points), and R&D expense ratio at 3.20% (down 0.59 percentage points) [3][4]. Market Outlook - The company is positioned to benefit from the ongoing acceleration of UHV and main grid construction, with several UHV projects already underway [4][6]. - The National Energy Administration has outlined key projects to enhance the power system's capacity for renewable energy consumption, which is expected to drive demand for the company's products [6][7]. - The company has a leading position in ultra-high voltage technology and a complete industrial chain for switchgear, which enhances its competitive edge [6][7]. Earnings Forecast - The projected net profit for the company is expected to reach 1.25 billion yuan in 2024, 1.59 billion yuan in 2025, and 1.92 billion yuan in 2026, with corresponding EPS of 0.92 yuan, 1.17 yuan, and 1.42 yuan respectively [5][9]. - The company is assigned a PE ratio of 25-30X for 2024, leading to a reasonable price range of 23 yuan to 27.6 yuan [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][10] Core Views - The company reported a 10.85% year-on-year decline in revenue for the first half of 2024, amounting to 1.891 billion yuan, and a 43.39% drop in net profit to 269 million yuan [5][7] - The decline in performance is attributed to intensified competition in the domestic lithium battery industry and extended equipment acceptance cycles, leading to decreased sales revenue [5][9] - The company has received significant overseas orders, including a contract from Volkswagen worth over 45% of its 2023 revenue, indicating strong growth potential in international markets [5][9] Financial Summary - For the first half of 2024, the company's gross margin and net margin were 29.9% and 14.2%, respectively, reflecting a year-on-year decrease of 9.8 and 8.2 percentage points [5][12] - The operating cash flow for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year, primarily due to slower domestic sales collections [5][12] - The company forecasts net profits of 650 million yuan, 773 million yuan, and 912 million yuan for 2024, 2025, and 2026, respectively, with a projected EPS of 1.08 yuan for 2024 [6][12] Business Segment Analysis - The company is a leading supplier of charging and discharging equipment for various lithium battery types, with a focus on increasing its share in overseas markets due to reduced domestic orders [9][10] - Revenue from charging and discharging equipment is expected to decline by 15% in 2024, followed by a recovery of 10% in the subsequent years [10][12] - The company maintains a strong client base, including major players like Samsung, LG, and BYD, which positions it well for future growth in the expanding overseas lithium battery market [5][9]

Investment Rating - The investment rating for the company is Neutral, downgraded from a previous rating [1] Core Views - The company reported a revenue of 518 million yuan for the first half of 2024, an increase of 4.01% year-on-year, while the net profit attributable to shareholders decreased by 72.83% to 23 million yuan [5] - The increase in revenue is attributed to improved occupancy rates of new and ramp-up projects, as well as marginal improvements in existing project occupancy rates [5] - The company has a total of 71 managed projects covering over 1.4 million square meters, primarily located in major cities like Shanghai and Beijing [5][6] - The company benefits from urban renewal policies in major cities, positioning itself as a light-asset service provider focused on the design, renovation, leasing, and operation of old and inefficient commercial properties [5][6] Financial Summary - The company’s operating cash flow increased by 10.07% year-on-year to 340 million yuan [5] - The projected earnings per share (EPS) for 2024 is 0.11 yuan, with a book value per share (BPS) of 2.45 yuan [6] - Revenue is expected to grow from 1,032 million yuan in 2023 to 1,134 million yuan in 2024, reflecting a year-on-year growth rate of 9.9% [7] - The net profit is projected to decline significantly to 51 million yuan in 2024, a decrease of 48.3% compared to 2023 [7] Valuation - The company is valued using a price-to-book (PB) ratio, with a target range of 3.19 to 3.92 yuan based on a dynamic PB of 1.3 to 1.6 times [6] - The company’s financial metrics indicate a gross margin of 28.7% in 2023, expected to slightly improve to 28.8% in 2024 [9] - The net asset return rate is projected to decrease from 8.8% in 2023 to 4.4% in 2024 [9]

[Table_MainInfo]行业研究/金融/券商 证券研究报告 行业深度报告 2024 年 09 月 06 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 券商 海通综指 -17.58% -13.05% -8.52% -3.98% 0.55% 5.08% 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] 《市场大幅波动，高基数下利润同比下滑 ——证券行业 2024 年一季报回顾与展 望》2024.05.07 《公募基金证券交易管理规定出炉，费改 稳步推进》2024.04.22 《新"国九条"出台，推动资本市场高质 量发展》2024.04.14 分析师:孙婷 Tel:(010)50949926 Email:st9998@haitong.com 证书:S0850515040002 分析师:何婷 Tel:(021)23219634 Email:ht10515@haitong.com 证书:S0850516060001 联系人:肖 ...

[Table_MainInfo]行业研究/信息设备/半导体产品与半导体设备 证券研究报告 行业信息点评 2024 年 09 月 06 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 半导体产品与半导体设备 海通综指 -34.25% -26.85% -19.44% -12.04% -4.63% 2.77% 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] 《关注 MEMS 扬声器应用落地》 2024.08.19 《半导体材料专题 1：硅片，从奋力追赶 到不断夯实技术竞争力》2024.07.11 《G8.6 OLED 生产线建设潮，建议关注 相关设备、材料公司业绩持续高增》 2024.07.05 分析师:张晓飞 Email:zxf15282@haitong.com | --- | |---------------------------| | | | | | 证书 :S0850523030002 | | 分析师 : 张幸 | | ...

证券研究报告 （优于大市，维持） 《估值处于底部区域，中期分红亮点明显》 物业板块1H2024综述 谢盐（地产行业分析师） SAC号码：S0850511010019 涂力磊（地产行业分析师） SAC号码：S0850510120001 曾佳敏（地产行业联系人） 陈昭颖（地产行业联系人） 2024年9月6日 概要 1. 24家重点物业企业财报分析 2. 24家重点物业企业运营管理效率分析 3. 24家重点物业企业估值分析 4. 投资建议及风险提示 2 请务必阅读正文之后的信息披露和法律声明 1. 24家重点物业企业财报分析 | --- | --- | --- | --- | |-------|-------|----------------------------------------|-------| | | | | | | | | 行业营收增速继续回落，企业间分化明显 | | | | | 企业利润首次负增长，部分企业亏损较多 | | | | | 毛利率均值下降，毛利率下降家数占多数 | | | | | 行政开支平均占比下降，占比下降企业较多 | | | | | 部分企业在手现金超百亿，抗风险能力强 | | ...

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 湖北宜化（000422）公司研究报告 2024 年 09 月 06 日 [Table_InvestInfo] [Table_ReportInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 12.10 | | 52 周股价波动（元） | 7.04-13.86 | | 总股本 / 流通 A 股（百万股） | 1083/1007 | | 总市值 / 流通市值（百万元） | 13103/12188 | 市场表现 [Table_QuoteInfo] -36.05% -25.05% -14.05% -3.05% 7.95% 湖北宜化 海通综指 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |-------------------- ...