Investment Rating - Buy (Maintained) [1] Core Views - The industrial control industry has significant potential, and the company is well-positioned to benefit from the cyclical upturn [1] - The company's revenue grew slightly in H1 2024, but net profit declined due to increased manufacturing costs and higher R&D and marketing expenses [1] - The company's robot industry continues to grow steadily, with revenue increasing by 11.90% YoY in H1 2024 [1] - The industrial automation market is expanding, driven by traditional manufacturing upgrades and government support, with the market size expected to reach 322.7 billion yuan by 2025 [1] - The company's fundraising project will enhance its integrated product layout, particularly in servo modules and electromechanical integration [2] Financial Performance - H1 2024 revenue: 256 million yuan (+9.16% YoY) [1] - H1 2024 net profit: 23 million yuan (-26.25% YoY) [1] - H1 2024 non-GAAP net profit: 19 million yuan (+32.06% YoY) [1] - 2024-2026 revenue forecast: 590 million yuan, 720 million yuan, 908 million yuan [3] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [3] - 2024-2026 PE ratio: 41x, 29x, 23x [3] Industry Analysis - The industrial control market in China grew from 139.9 billion yuan in 2015 to 264.3 billion yuan in 2022, with a CAGR of 9.5% [1] - The company's main product sales CAGR from 2018 to 2023 was 14.48% [1] - The company's robot industry revenue in H1 2024 was 97 million yuan (+11.90% YoY) [1] - Revenue from machine IoT, medical imaging equipment, and other general automation industries in H1 2024 was 74 million yuan, 20 million yuan, and 64 million yuan, respectively [1] Fundraising and Product Development - The company has approved an additional investment of 661 million yuan for its "Intelligent Manufacturing Production Base Construction Project" [2] - The project aims to enhance the company's servo module production capacity and electromechanical integration layout [2] - The company has successfully launched an innovative integrated machine (servo motor, servo driver, reducer, etc.) in bulk [2] Financial Forecasts - 2024-2026 revenue growth forecast: 16.5%, 22.1%, 26.1% [5] - 2024-2026 net profit growth forecast: 16.7%, 40.1%, 28.6% [5] - 2024-2026 ROE forecast: 9.5%, 12.4%, 14.7% [5] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [5]

证券研究报告 公司盈利预测（百万元） | --- | --- | --- | --- | --- | |-------------------|-----------|-------------------------|-----------|-----------| | 资产负债表 | | 2023A 2024E 2025E 2026E | | | | 流动资产 : | | | | | | 现金及现金等价 物 | 150,562 | 214,277 | 278,758 | 346,111 | | 应收款 | 36,386 | 39,710 | 42,409 | 44,527 | | 存货 | 6,451 | 7,481 | 8,069 | 8,298 | | 其他流动资产 | 56,876 | 58,024 | 58,957 | 59,689 | | 流动资产合计 | 250,275 | 319,492 | 388,194 | 458,625 | | 非流动资产 : | | | | | | 金融类资产 | 44,304 | 44,304 | 44,304 | 44,304 | | 固定资产 | 7,010 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][7]. Core Insights - The significant profit growth in the first half of 2024 is primarily attributed to the increase in both the volume and price of aluminum products, with revenue reaching 24.648 billion yuan, a year-on-year increase of 39.49%, and net profit attributable to shareholders of 2.519 billion yuan, up 66.26% [3][4]. Summary by Sections Financial Performance - In H1 2024, the company produced 1.3507 million tons of primary aluminum, a year-on-year increase of 38.68%, while the average price of A00 aluminum in the market was 19,781 yuan per ton, up 6.99% year-on-year [4]. - The company’s production of alumina was 723,000 tons, down 1.39% year-on-year, and aluminum alloy and processed aluminum products reached 587,700 tons, up 1.94% year-on-year [4]. Production and Capacity - The second quarter of 2024 saw a significant increase in primary aluminum production, with 713,800 tons produced, a quarter-on-quarter increase of 12.07% [4]. - The company has strengthened its resource security by increasing the development of bauxite resources in Yunnan, achieving an annual production capacity of 1.4 million tons of alumina [5]. Market Outlook - Revenue forecasts for 2024 to 2026 are projected at 48.765 billion yuan, 49.592 billion yuan, and 50.419 billion yuan respectively, with net profits expected to be 5.046 billion yuan, 5.418 billion yuan, and 5.791 billion yuan [7][9]. - The current price-to-earnings ratio (PE) is projected to be 8.2, 7.6, and 7.1 for the years 2024 to 2026 [7].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Insights - The company's main business is experiencing rapid recovery, with significant growth potential from capacity release [1]. - In H1 2024, the company reported revenue of 725 million yuan, a year-on-year increase of 42%, and a net profit attributable to shareholders of 65 million yuan, up 79% year-on-year [1]. - The gross profit margin improved due to low raw material costs, with a gross margin of 30.86% in Q2 2024, an increase of 6 percentage points year-on-year [1]. Summary by Sections Business Performance - The company's plant extraction business and other operations generated revenues of 708 million yuan and 18 million yuan respectively in H1 2024, both showing year-on-year increases of 42% and 24% [1]. - The sales of stevia extract significantly boosted revenue, with the factory construction progressing ahead of schedule, expected to commence operations by the end of September [1]. Financial Forecast - The company is projected to achieve revenues of 1.793 billion yuan in 2024, with a growth rate of 20% [4]. - The net profit attributable to shareholders is forecasted to reach 180 million yuan in 2024, reflecting a growth rate of 118.1% [4]. - The diluted earnings per share (EPS) is expected to be 0.24 yuan in 2024, with a price-to-earnings (P/E) ratio of 28 [4]. Market Position - The company is positioned as a leader in the plant extraction industry, leveraging its R&D, process, and management advantages to enhance its core competitiveness [1]. - The report highlights the company's strategic focus on the natural sweetener market and its plans to explore the industrial hemp sector in the U.S. [1].

证 报 0 0 2 公 司 研 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 告 公 司 研 究 究 报 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 告 公 司 研 究 2024 年 08 月 29 日 究 报 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 报 公 司 研 2024 年 08 月 29 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Shenling Environment (301018 SZ) [1][5] Core Views - Shenling Environment's Q2 2024 revenue increased significantly, with a YoY growth of 18% and QoQ growth of 64%, reaching RMB 800 million Net profit also rose by 32% YoY and 19% QoQ to RMB 60 million, meeting expectations [2] - The data center business performed exceptionally well, with H1 2024 revenue up 61% YoY New orders in H1 2024 were approximately 3 times those of the same period last year, nearly matching the total new orders for the entire previous year Liquid cooling products saw a 6 5-fold increase in revenue compared to the same period last year [3] - The company's data center business is entering a growth phase, with strong order momentum and significant potential for future expansion, driven by the rapid development of the AI industry [4] Financial Performance and Forecast - For H1 2024, the company achieved revenue of RMB 1 3 billion, a YoY increase of 13 5%, and a net profit of RMB 110 million, up 27% YoY [1] - The company's revenue is expected to grow significantly from 2024 to 2026, with projected revenues of RMB 3 28 billion, RMB 4 59 billion, and RMB 5 92 billion, respectively, representing growth rates of 30 6%, 39 9%, and 29 0% [7] - Net profit is forecasted to be RMB 271 million, RMB 364 million, and RMB 468 million for 2024, 2025, and 2026, respectively, with EPS of RMB 1 02, RMB 1 37, and RMB 1 76 [5][8] - The company's ROE is expected to improve significantly, reaching 10 6%, 13 8%, and 16 9% in 2024, 2025, and 2026, respectively [8] Business Segment Performance - Data center business: H1 2024 revenue increased by 61% YoY, with liquid cooling products revenue growing 6 5 times YoY [3] - Industrial sector: H1 2024 revenue grew by 53% YoY, though growth was slowed by delayed project deliveries [3] - Special sectors: H1 2024 revenue increased by 45% YoY, with hospital and nuclear power sectors growing by 170% and 110%, respectively [3] - Public and commercial air conditioning: H1 2024 revenue surged by 102% YoY [3] Valuation and Market Performance - The current stock price is RMB 18 48, with a total market capitalization of RMB 4 9 billion and a 52-week price range of RMB 15 5 to RMB 30 97 [1] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 18x, 14x, and 11x, respectively [5]

2024 年 08 月 29 日 | --- | --- | |------------------------------|------------------------------------------------------------------------------------------------------------| | | —五粮液（000858.SZ）公司事件点评报告 | | 买入(维持) | 事件 | | 分析师：孙山山 | 2024 年 8 月 28 日，五粮液发布 2024 年中报。 | | sunss@cfsc.com.cn | | | | 投资要点 | | 基本数据 | ▌收入利润略超预期，净现金流实现高增 | | 当前股价（元） | 业绩略超预期，实现稳步增长。2024H1 总营收 506.48 亿元 | | 总市值（亿元） | （同增 11.30% ） ， 归 母 净 利 润 190.57 亿 元 （ 同 增 | | 总股本（百万股） | 11.86%），扣非净利润 189.39 亿元（同增 11.79%）。 | | 流通股本（百万股） | 2024Q2 总营收 1 ...