业绩稳步增长，持续深化资源和产业链优势 投资要点 事件：龙佰集团发布 2024 半年报，24H1 实现收入 138.04 亿元，同比增长 4.09%； 归母净利润 17.21 亿元，同比增长 36.40%；扣非归母净利润 16.75 亿元，同比增长 40.06%；毛利率 27.53%，同比提升 2.42pct。单季度看，24Q2 实现收入 65.10 亿元， 同比增长 3.59%，环比下降 10.75%；归母净利润 7.70 亿元，同比增长 12.85%，环 比下降 19.00%；扣非归母净利润 7.50 亿元，同比增长 16.71%，环比下降 18.88%； 毛利率 26.68%，同比下滑 0.72pct，环比下滑 1.61pct。 一年股价表现 钛白粉先涨后跌，积极应对挑战，业绩稳步增长。2024 年上半年，国内外供需钛 维持紧平衡，钛矿价格维持高位震荡。2024 年上半年，中国钛白粉市场年初多为消 化库存加之认为价格已触底，备货需求增加，钛白价格开始回升，市场迎来三连涨， 价格稳中有升；随着市场淡季来临，企业出货压力大，价格竞争压力大，加之欧盟 反倾销事件影响，欧盟地区钛白出口受限，厂家库存压力增加，二 ...

http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------| | 2024 \n投资要点 | 年 09 月 06 日 \n合合信息（ 688615.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（ 9 月 10 日）有一只科创板新股"合合信息"询价。 | 交易数据 | | | | 合合信息（ 688615.SH ）：公司基于智能文字识别、图像处理、NLP、知识图谱等 | 总市值（百万元） | | | | 核心技术，为 C 端及 B 端用户提供相关商品及服务。公司 ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has demonstrated stable growth in performance, with a notable integrated advantage in its operations. The revenue for the first half of 2024 was 31.993 billion yuan, a decrease of 9.16% year-on-year, while the net profit attributable to shareholders increased by 6.10% year-on-year to 2.841 billion yuan [1][2]. - The company maintains a strong operational strategy focused on high load, quick turnover, and risk mitigation, which has resulted in stable production and sales of its main products [1]. - The company benefits from a robust supply chain and strategic procurement advantages, leading to a decrease in the cost of major raw materials such as sulfur and coal, effectively offsetting adverse price fluctuations [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 16.61%, an increase of 1.49 percentage points year-on-year. The second quarter of 2024 saw a revenue of 18.136 billion yuan, a year-on-year decrease of 6.19% but a quarter-on-quarter increase of 30.88% [1]. - The company plans to produce and sell 2.5449 million tons of urea, 4.5415 million tons of ammonium phosphate, and 1.9251 million tons of compound fertilizer in 2024 [1][2]. - The company’s total fertilizer production capacity is 10 million tons per year, making it one of the largest fertilizer producers in China [2]. Industry Insights - The company is one of the largest phosphate mining enterprises in China, with a current phosphate ore reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons [2]. - The domestic phosphate industry is characterized by high concentration and integration levels, with a stable supply-demand relationship expected to continue in the coming years [1][2]. - The market price for phosphate ore is expected to remain high, with overall demand maintaining stability [1][2].

http://www.huajinsc.cn/ 1 / 13 请务必阅读正文之后的免责条款部分 44 下 下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------| | 2024 年 09 月 06 日 \n降息还是降准？ \n华金宏观·双循环周报（第 74 期） | 宏观类●证券研究报告 \n定期报告 \n 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 | | | qintai@huajinsc.cn | | 近期国内外经济金融环境变化，存量房贷利率能否大幅下调？降准是否还有空间？ | 报告联系人 周欣然 | | 经济结构加快转型、对货币刺激敏感度降低 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the expected investment return over the next six months will be in line with the fluctuations of the CSI 300 index [31]. Core Viewpoints - The company, Wireless Media (301551.SZ), specializes in IPTV integrated broadcasting and control services and is the sole operator of the IPTV integrated broadcasting platform in Hebei Province. The company has a significant user base but still has room for growth compared to national penetration rates [22][24]. - The company has experienced a decline in revenue and net profit in recent periods, with a forecasted revenue drop of 5.62% to 2.53% and a net profit decrease of 22.51% to 15.46% for 2024 [9][26]. - The company is innovating by expanding its services into smart education, smart homes, and smart communities, which are expected to drive future growth [23]. Summary by Sections Basic Financial Status - The company reported revenues of 672 million, 654 million, and 646 million yuan for 2021, 2022, and 2023 respectively, with year-over-year changes of 6.60%, -2.75%, and -1.12%. The net profit for the same years was 356 million, 291 million, and 284 million yuan, with year-over-year changes of 11.13%, -18.15%, and -2.49% [9][2][8]. Industry Situation - The IPTV industry is characterized by high user engagement and offers various functionalities such as live broadcasting, on-demand, and time-shifting. The industry has been growing rapidly due to the "three-network integration" policy, with a user base of 401 million in China as of the end of 2023 [17][21]. Company Highlights - The company is the only legal IPTV integrated broadcasting operator in Hebei Province, with a user base of 15.3 million, representing 58.04% of local households. This is below the national IPTV penetration rate of 74.98%, indicating significant growth potential [22][24]. - The company is developing a "Smart Education Cloud Platform" in collaboration with the Hebei Provincial Education Department, which is expected to enhance its revenue streams [23]. Investment Projects - The company plans to invest in three main projects through its IPO: upgrading the IPTV integrated broadcasting platform, content copyright procurement, and building a smart media business cloud platform [24][25]. Comparison with Industry Peers - In 2023, the company achieved a revenue of 646 million yuan, which is significantly lower than the average revenue of comparable companies in the industry, which stood at 5.715 billion yuan. However, the company's gross profit margin is relatively high at 54.08% [26][29].

446 下 企 产销显著提升，业绩持续增长 投资要点 事件：华鲁恒升发布 2024 半年报，2024H1 实现营收 169.75 亿元，同比增长 37.35%； 归母净利润 22.24 亿元，同比增长 30.10%；扣非归母净利润 22.36 亿元，同比增长 32.14%；毛利率 21.20%，同比提升 0.34pct。单 2024Q2 看，实现营收 89.97 亿元， 同比增长 42.69%，环比增长 12.78%；归母净利润 11.59 亿元，同比增长 24.89%， 环比增长 8.78%；扣非归母净利润 11.68 亿元，同比增长 27.40%，环比增长 9.36%； 毛利率 20.59%，同比下滑 0.92pct，环比下滑 1.3pct。公司拟向全体股东每 10 股 派发现金红利 3.00 元（含税），分红总金额 6.37 亿元，占 2024H1 年度归母净利 一年股价表现 润 28.64%。 降本增效，以量补价，实现业绩增长。2024 年上半年，受经济企稳回升向好基础 不够牢固，有效需求不足，社会预期偏弱等因素影响，行业景气度依然较低，企业 盈利空间受限。公司统筹运营发展，系统挖潜、降本增效，根据行 ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------| | 盈利回升趋势延续 | 主题报告 | | 投资要点 | 邓利军 | | 全部 A 股中报盈利增速降幅收窄，农林牧渔、有色金属、汽车、非银行金融、电 | 分析师 SAC 执业证书编号： S0910523080001 | | 子等中报盈利增速排名靠前。（1）总体盈利：中报增速降幅收窄。一是盈利增速 | denglijun@huajinsc.cn | | 上，全部 A 股二季度和中报盈利同比增速分别为较一季报分别回升 3.2pcts 和 | 相关报告 | | 1.6pcts 至 -1.6%和-3.2% ；而非金融石化 A 股二季度和中报盈利同比增速分别回落 | 近端新股上周有走强迹象，新股新一轮上行 | | 0.9pcts、0. ...

Investment Rating - The investment rating for the company is maintained at "Buy-B" [6]. Core Views - The company demonstrates operational resilience amid economic downturns, with multiple projects underway to release long-term potential [1]. - The company reported a revenue of 97.067 billion RMB for H1 2024, a year-on-year increase of 10.77%, while the net profit attributable to shareholders was 8.174 billion RMB, showing a decline of 4.60% [1]. - The company is expected to benefit from macroeconomic stabilization and recovery, with projected revenues for 2024-2026 of 203.896 billion RMB, 230.145 billion RMB, and 253.999 billion RMB, representing year-on-year growth rates of 16.3%, 12.9%, and 10.4% respectively [8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 97.067 billion RMB, with a net profit of 8.174 billion RMB, reflecting a decline of 4.60% year-on-year [1]. - The gross profit margin for H1 2024 was 16.41%, a slight decrease of 0.01 percentage points compared to the previous year [1]. - The company announced a cash dividend of 0.52 RMB per share, totaling 1.633 billion RMB, which accounts for 20% of the net profit for H1 2024 [1]. Business Segments - The polyurethane segment generated revenue of 35.455 billion RMB in H1 2024, up 8.19% year-on-year, with a gross margin of 28.00% [5]. - The petrochemical segment reported revenue of 39.575 billion RMB in H1 2024, a year-on-year increase of 9.53%, with a gross margin of 4.52% [5]. - The fine chemicals and new materials segment achieved revenue of 12.979 billion RMB in H1 2024, reflecting a year-on-year growth of 15.23% [5]. Market Dynamics - The company is the largest global supplier of MDI and TDI, with a production capacity utilization rate of 98% as of the end of 2023 [6]. - The company is expanding its production capacity in the polyurethane sector, with plans to increase MDI capacity from 400,000 tons/year to 800,000 tons/year [6]. - The company is also investing in new projects, including a 1.6 million tons/year specialty polyolefin project in partnership with ADNOC and Nordic Chemicals [6].

446 国 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|--------------------|--------------------------|---------------------------------------|---------------------------------------------| | 2024 年 09 月 05 日 \n平安电工（ 001359.SZ ） \n新能源领域需求强劲叠加多重利好政策推行，公司业绩有望持续 \n增长 | 投资评级 股价 | 电子 \n(2024-09-05) | 公司研究●证券研究报告 \n\| \n买入 -A( | 公司快报 \n其他电子零组件Ⅲ \n首次) 20.88 元 | | 投资要点 | | | | | | 事件内容： 8 月 27 日盘后，公 ...

446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|--------------------|-----------------------|---------------------------------------------|----------------------------------------| | 2024 年 09 月 04 日 \n联美控股（ 600167.SH ） \n清洁供热布局加码，传媒业务持续突破 \n投资要点 | 投资评级 \n股价 | (2024-09-03) | 公司研究●证券研究报告 \n电力及公用事业 增持 | 公司快报 \n\| 火电Ⅲ -A(首次) \n5.24 元 | | | 交易数据 | | | | | | | | | | | 事件：公司发布 2024 年中报， 2024H1 实现营业收入 19.50 亿元，同比 +5.20 ...