证 券 2024 年 08 月 22 日 研 告 究 上半年业绩高增，打造半导体材料平台型企业 报 —鼎龙股份（300054.SZ）公司事件点评报告 增持(首次) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 基本数据 2024-08-21 | --- | --- | |----------------------|-------------| | 当前股价（元） | 19.51 | | 总市值（亿元） | 183 | | 总股本（百万股） | 938 | | 流通股本（百万股） | 728 | | 52 周价格范围（元） | 16.36-24.88 | | 日均成交额（百万元） | 184.32 | 资料来源：Wind，华鑫证券研究 鼎龙股份发布 2024 半年度业绩报告：2024 年上半年，公司 实现营收 15.2 亿元，同比增长 31.01%；实现归母净利润 2.2 亿元，同比增长 127.22%。 投资要点 ▌开拓卓有成效，Q2 收入利润同环比双增 公司 Q2 单季度现营业收入 ...

证 券 研 报 告 公 司 研 究 2024 年 08 月 22 日 究 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company reported a revenue of 706 million yuan for the first half of 2024, a decrease of 6.33% year-on-year, with a net profit attributable to shareholders of 169 million yuan, down 29.78% compared to the same period last year [1]. - There is a recovery in orders for home respiratory machine components, leading to a quarter-on-quarter improvement in revenue [1]. - The company’s revenue from home respiratory machine components for the first half of 2024 was 448 million yuan, a year-on-year decline of 11.89%, primarily due to inventory destocking by downstream customers [1]. - The company expects continued improvement in its home respiratory machine component business in the second half of 2024, supported by a global growth rate of 6% for main respiratory machines and 15% for masks and related consumables in Q2 2024 [1]. - Revenue from artificial cochlear implant components grew by 12.08% year-on-year in the first half of 2024, indicating stable growth [1]. - The company has established solid cooperative relationships with downstream clients in the home respiratory machine and artificial cochlear implant sectors, sharing in the stable market growth [2]. Summary by Sections Financial Performance - The company’s revenue projections for 2024-2026 are 1.723 billion, 2.156 billion, and 2.672 billion yuan, respectively, with net profits of 392 million, 497 million, and 624 million yuan [2]. - Earnings per share (EPS) are forecasted to be 0.96, 1.22, and 1.53 yuan for the same periods, with corresponding price-to-earnings (PE) ratios of 29.3, 23.1, and 18.4 times [2]. - The company’s revenue growth rates are projected at 28.8%, 25.1%, and 23.9% for the years 2024, 2025, and 2026, respectively [4]. Market Position - The company has a significant international presence, with overseas revenue accounting for 93.90% of total revenue in the first half of 2024 [1]. - The company is involved in various medical device sectors, providing development and manufacturing services to over ten global medical device companies [1].

Investment Rating - The report maintains a "Buy" rating for the company Mango TV [2] Core Views - The report highlights that Mango TV's membership revenue has grown significantly, while advertising revenue has slightly declined. The company is expected to benefit from a recovery in the advertising market and ongoing content investments [2][4] - The report anticipates that the company's international expansion plan for Mango TV will yield positive results, enhancing its cultural and technological integration [3][4] Summary by Sections Financial Performance - In the first half of 2024, Mango TV reported revenue of 6.96 billion yuan, a year-over-year increase of 2.46%. However, net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [2] - For Q2 2024, total revenue was 3.64 billion yuan, showing a year-over-year decline of 1.52% but a quarter-over-quarter increase of 9.36% [2] - Membership revenue reached 2.486 billion yuan, up 27% year-over-year, while advertising revenue fell by 4% to 1.721 billion yuan [2] Content Strategy - In the first half of 2024, Mango TV launched 56 new variety shows, an increase of 17 compared to the same period in 2023. The company is also investing heavily in drama series, with over 80 new projects in the pipeline [2][3] - The introduction of a new short drama channel is expected to further enhance content offerings and drive membership growth [2] Future Projections - The report forecasts revenues of 15.6 billion yuan in 2024, 17.2 billion yuan in 2025, and 19.3 billion yuan in 2026, with net profits projected at 1.92 billion yuan, 2.14 billion yuan, and 2.41 billion yuan respectively [4][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.14 yuan, and 1.29 yuan, respectively [4][6]

Investment Rating - The report maintains a "Buy" rating for the company Mango TV [2][4]. Core Views - The report highlights that Mango TV's membership revenue has shown significant growth, while advertising revenue has slightly declined. The company is expected to benefit from a recovery in the advertising market and the successful implementation of its international expansion plan [2][4]. - The report emphasizes the company's strong content supply and its investment in technology, particularly AI, which is anticipated to enhance its cultural content development [3][4]. Summary by Sections Financial Performance - In the first half of 2024, Mango TV reported total revenue of 6.96 billion yuan, a year-on-year increase of 2.46%. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [2]. - For Q2 2024, the company achieved total revenue of 3.64 billion yuan, reflecting a year-on-year decline of 1.52% but a quarter-on-quarter increase of 9.36% [2]. - Membership revenue reached 2.486 billion yuan, up 27% year-on-year, while advertising revenue fell by 4% to 1.721 billion yuan [2]. Content Development - In the first half of 2024, Mango TV launched 56 new variety shows, an increase of 17 compared to the same period in 2023. The company is also expanding its drama offerings with 17 new series and plans to launch at least 300 short dramas throughout the year [2][3]. - The report notes that the company is actively increasing its content investment, with over 80 dramas in reserve, which is expected to drive membership growth and enhance content-related e-commerce [2][3]. Future Projections - The report forecasts that Mango TV's revenue will reach 15.6 billion yuan in 2024, with net profit projected at 1.92 billion yuan. The earnings per share (EPS) are expected to be 1.03 yuan, with a price-to-earnings (P/E) ratio of 19.4 times [4][6]. - The company is expected to see a recovery in its main business driven by content supply and technological advancements, particularly through collaborations with platforms like Douyin [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company has shown significant improvement in both revenue and profit in Q2 2024, with a revenue of 1.2 billion yuan, representing a year-over-year increase of 18% and a quarter-over-quarter increase of 21%. The net profit for the same period reached 33 million yuan, marking a year-over-year increase of 13% and a quarter-over-quarter increase of 39% [3]. - The company is experiencing growth across multiple sectors, particularly in consumer electronics and server-related businesses, benefiting from an overall recovery in the industry [4]. - The company is focusing on major clients such as Huawei, Sunpower, Meta, Microsoft, and Lenovo, enhancing its core competitiveness in thermal management and electromagnetic shielding products [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 2.169 billion yuan, a year-over-year increase of 22%, and a net profit of 57 million yuan, reflecting a substantial year-over-year increase of 1307% [2]. - The company's gross margin has recovered to 19% in Q2 2024, with a net margin of 2.6%, both showing significant improvements [3]. Market Position - The global smartphone sales reached 288 million units in Q2 2024, up 12% year-over-year, while the PC market also showed recovery with sales of 62.8 million units, a 3.4% year-over-year increase. The company is gaining market share in the consumer electronics sector [4]. - The company has successfully developed various liquid cooling products and special heat dissipation devices for server applications, with some products already delivered in small batches [4]. Profit Forecast - The company is projected to achieve net profits of 231 million yuan, 349 million yuan, and 456 million yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are expected to be 0.40 yuan, 0.60 yuan, and 0.79 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 38, 25, and 19 times [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) for 2024H1 [2] Core Views - The significant increase in net profit is attributed to the rise in aluminum prices and cost advantages [2] - The company reported a revenue of 13.785 billion yuan for the first half of 2024, a year-on-year decrease of 6.83%, while the net profit attributable to shareholders was 2.074 billion yuan, a year-on-year increase of 103.45% [2][4] - The average selling price of electrolytic aluminum increased by approximately 6.7% year-on-year, while the production of electrolytic aluminum reached 585,400 tons, a year-on-year increase of 1.28% [2][4] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 13.785 billion yuan, down 6.83% year-on-year; net profit attributable to shareholders was 2.074 billion yuan, up 103.45% year-on-year; and net profit after deducting non-recurring gains and losses was 1.961 billion yuan, up 168.42% year-on-year [2] - For Q2 2024, the company reported a revenue of 6.960 billion yuan, down 11.36% year-on-year but up 1.97% quarter-on-quarter; net profit attributable to shareholders was 1.354 billion yuan, up 161.47% year-on-year and up 88.06% quarter-on-quarter [2] Production and Sales - The production of electrolytic aluminum in H1 2024 was 585,400 tons, up 1.28% year-on-year; the production of alumina was 1.093 million tons, up 6.81% year-on-year [2] - The sales volume of alumina increased by 4%, and the average selling price of alumina rose by 26.1% year-on-year [2] Price Trends - The average price of electrolytic aluminum in H1 2024 was 19,781 yuan per ton, up 6.99% year-on-year and up 4.58% quarter-on-quarter; the average price of alumina was 3,505 yuan per ton, up 12.76% year-on-year [2][4] Future Outlook - The company forecasts revenues of 33.07 billion yuan, 35.267 billion yuan, and 38.501 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.211 billion yuan, 4.774 billion yuan, and 5.257 billion yuan for the same years [4] - The current stock price corresponds to a PE ratio of 7.6, 6.7, and 6.1 for the years 2024, 2025, and 2026 respectively [4]

证 2024 年 08 月 21 日 告 基本数据 2024-08-20 当前股价（元） 5.61 总市值（亿元） 24 总股本（百万股） 428 流通股本（百万股） 428 52 周价格范围（元） 5.51-10.5 日均成交额（百万元） 32.25 公 司 研 究 营收稳健增长，原材料高位致使盈利承压 买入(维持) 事件 —有友食品（603697.SH）公司事件点评报告 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 2024 年 8 月 19 日，有友食品发布 2024 年半年度报告。 投资要点 ▌营收稳健增长，原材料高位拖累毛利 公司 2024H1 营收 5.30 亿元（同增 10%），主要系凤爪主业 稳健增长，归母净利润 0.76 亿元（同减 5%），扣非归母净 利润 0.61 亿元（同减 11%）。2024Q2 营收 2.54 亿元（同增 3%），归母净利润 0.33 亿元（同减 0.1%），扣非归母净利 润 0.26 亿元（同减 13%）。盈利端，2024Q2 公司毛利率同减 2pct 至 30.20%，主要系鸡爪成本高位所致，关注后续成本优 化空间，销售费用率 ...

证 2024 年 08 月 20 日 告 研 究 究 报 2024H1 因煤炭量价下降影响盈利，但 Q2 盈利环 比 Q1 改善 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-20 | | 当前股价（元） | 15.91 | | 总市值（亿元） | 358 | | 总股本（百万股） | 2250 | | 流通股本（百万股） | 2243 | | 52 周价格范围（元） | 14.19-25.21 | | 日均成交额（百万元） | 516.11 | 市场表现 -20 0 20 40 60 80 100 (%) 神火股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《神火股份（000933）：煤铝价 格下跌影响盈利，煤炭扩建项目将 释放增量》2024-03-28 2、《神火股份（000933）：主业稳 中求进，铝加工板块持续发 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is benefiting from the implementation of the Golden Tax Phase IV, which is driving demand for tax compliance solutions and leading to sustained profit growth in the B-end market [2][4] - The company's revenue and profit growth are stable, with a notable improvement in cash flow [3][4] - The company is transitioning towards high-quality development with investments in digital tax services and government digital services [4][5] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 452 million yuan, a year-on-year increase of 5.74%, while the net profit was 55 million yuan, a slight decrease of 0.04% [3] - For H1 2024, the company reported revenue of 814 million yuan, up 7.45% year-on-year, with net profit of 88 million yuan, reflecting a growth of 0.86% [3] - The gross margin for H1 2024 was 61.11%, and the net margin was 10.84%, showing a slight decline compared to the previous year [3] Business Segments - The B-end digital tax service cloud business generated revenue of approximately 554.84 million yuan, growing 10.4% year-on-year, with a net profit of 146.76 million yuan, up 11.0% [4] - The G-end digital government business achieved revenue of approximately 257.37 million yuan, a growth of 2.1% year-on-year, with the company actively participating in key projects related to the Golden Tax Phase IV [4] Future Outlook - The company forecasts net profits of 185 million yuan, 310 million yuan, and 378 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.46, 0.76, and 0.93 yuan [5] - The current stock price corresponds to PE ratios of 52.4, 31.3, and 25.7 for the respective years [5]