Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [1] Core Views - Jiufeng Energy achieved a revenue of 11.267 billion yuan in the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.106 billion yuan, up 55.23% year-on-year [1] - The company has set a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million, 850 million, and 1 billion yuan, and a special dividend plan if net profit growth exceeds 18% for three consecutive years [1] - The company benefits from dual gas source advantages and strong pricing power, with LNG production exceeding 330,000 tons and significant sales growth in industrial terminals and gas power plant users [1][2] - Jiufeng Energy is actively developing its LPG projects, with a 50,000-ton liquefied hydrocarbon terminal project expected to be completed by 2025 [1] - The company’s energy service and logistics businesses are steadily growing, with a service volume of 180,000 tons in recovery and processing, and the acquisition of new LPG vessels [1] Financial Summary - The forecasted net profit for Jiufeng Energy is expected to be 1.55 billion yuan in 2024, 1.8 billion yuan in 2025, and 2.08 billion yuan in 2026, corresponding to PE ratios of 11.2, 9.7, and 8.4 times respectively [2][3] - The company’s revenue is projected to grow from 26.566 billion yuan in 2023 to 35.329 billion yuan in 2026, with a compound annual growth rate of approximately 9.42% [3] - The net profit attributable to shareholders is expected to increase from 1.314 billion yuan in 2023 to 2.075 billion yuan in 2026, reflecting a growth rate of 15.05% [3] - The company’s return on equity (ROE) is projected to remain stable around 16% over the forecast period [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 25.80 CNY [1]. Core Views - The company's H1 performance exceeded expectations, driven by strong sales of key products, leading to an increase in profit margins. Revenue for H1 2024 reached 3.23 billion CNY, a year-on-year increase of 20.2%, while net profit attributable to shareholders was 420 million CNY, up 54.0% [1]. - The company has optimized its product structure, with significant sales growth in its industrial sewing machine segment, which generated 2.80 billion CNY in revenue, a 19.1% increase year-on-year, and a gross margin increase of 3.3 percentage points to 30.2% [1]. - Domestic sales saw a substantial increase of 42.3% year-on-year, benefiting from the company's focus on "explosive products" [1]. - The company is focusing on core categories to create blockbuster products, with notable success from the "Fast Response King" and "Overpass King" products, which have significantly boosted market presence and sales [1]. Summary by Sections Financial Performance - H1 2024 revenue was 3.23 billion CNY, up 20.2% year-on-year, with Q2 revenue at 1.61 billion CNY, a 29.2% increase year-on-year [1]. - The gross margin for H1 2024 was 31.8%, an increase of 3.4 percentage points year-on-year, while the net margin was 13.0%, up 2.8 percentage points [1]. - The company expects net profits for 2024-2026 to be 770 million CNY, 990 million CNY, and 1.22 billion CNY, respectively, with a compound annual growth rate of 31.2% [1][2]. Product Segmentation - The industrial sewing machine segment is the core business, projected to grow at rates of 26.0%, 22.7%, and 15.4% from 2024 to 2026, with gross margins expected to be 29.0%, 30.0%, and 30.5% [4]. - The cutting and spreading machine segment is expected to grow at 23.6%, 18.5%, and 17.3% over the same period, with gross margins of 41.5%, 42.0%, and 42.5% [4]. - The shirt and denim automatic sewing equipment segment is anticipated to grow at 26.5%, 15.5%, and 15.5%, with gross margins of 38.0%, 38.5%, and 38.5% [4]. Market Dynamics - The company has seen a recovery in domestic demand and a slight improvement in overseas demand, with overseas revenue reaching 1.45 billion CNY, a 0.9% increase year-on-year [1]. - The global textile machinery industry is entering an upward cycle, with a 10.2% year-on-year increase in exports of sewing machinery products from China [1]. Strategic Focus - The company is increasing R&D investment and focusing on core categories to enhance product competitiveness, with successful launches of key products driving market penetration [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, corresponding to a 2024 target PE of 18 times [2][9]. Core Insights - The company reported a revenue of 2.113 billion CNY for H1 2024, a year-on-year decline of 4.17%, and a net profit attributable to shareholders of 109 million CNY, down 50.92% year-on-year [1]. - The industrial automation segment showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines [1]. - The gross margin for H1 2024 was 31.34%, a slight decrease of 0.1 percentage points year-on-year, with varying margins across different business segments [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.113 billion CNY, down 4.17% year-on-year, with Q2 revenue at 1.164 billion CNY, down 2.35% year-on-year [1]. - Net profit for H1 2024 was 109 million CNY, a decrease of 50.92% year-on-year, with Q2 net profit at 62 million CNY, down 51.26% year-on-year [1]. Business Segments - Industrial Automation: Q1 revenue was 560 million CNY (up 1.4% YoY), and Q2 revenue was 710 million CNY (up 6% YoY) [1]. - Network Energy: Q1 revenue was 180 million CNY (up 7.5% YoY), and Q2 revenue was 200 million CNY (down 6.3% YoY) [1]. - New Energy Vehicles: Q1 revenue was 150 million CNY (up 18.3% YoY), and Q2 revenue was 160 million CNY (up 12.6% YoY) [1]. - Photovoltaic Energy Storage: Q1 revenue was 35 million CNY (down 70% YoY), and Q2 revenue was 67 million CNY (down 33% YoY) [1]. Margins and Expenses - The overall gross margin for H1 2024 was 31.34%, with specific margins for industrial automation at 37.7%, network energy at 30.5%, new energy vehicles at 17.9%, and photovoltaic energy storage at 5.7% [1]. - The expense ratio increased to 25.80%, up 3.66 percentage points year-on-year, impacting the net profit margin, which was 4.19%, down 5.82 percentage points year-on-year [1].

Investment Rating - The report assigns a "Buy" rating for Dingjie Software (300378) with a target price of 18.76 CNY over the next six months [1]. Core Views - Dingjie Software has demonstrated steady revenue growth, achieving 1 billion CNY in revenue for H1 2024, a year-on-year increase of 11.0%. The net profit attributable to shareholders reached 42.44 million CNY, up 17.5% year-on-year, while the net profit after deducting non-recurring items surged by 54.0% to 40.48 million CNY [1][17]. - The company is experiencing significant growth in its AIoT segment, with revenue increasing by 51.0% year-on-year, driven by its Athena industrial internet platform [1][12]. - Dingjie Software is actively expanding its market presence in Southeast Asia and has established subsidiaries in Thailand, Vietnam, and Malaysia, with revenue from non-mainland regions growing by 14.2% in H1 2024 [1][14]. Summary by Sections Financial Performance - For H1 2024, Dingjie Software reported revenue of 1 billion CNY, a growth of 11.0% year-on-year. The net profit attributable to shareholders was 42.44 million CNY, reflecting a 17.5% increase, while the net profit after non-recurring items was 40.48 million CNY, up 54.0% [1][17]. - The company forecasts revenue growth rates of 13.3%, 16.2%, and 16.4% for 2024, 2025, and 2026, respectively, with EPS projected at 0.67 CNY, 0.81 CNY, and 0.99 CNY for the same years [2][25]. Business Segments - **R&D Design**: Revenue reached 51.34 million CNY in H1 2024, up 15.3% year-on-year, with the launch of an AI-integrated PLM product [1][12]. - **Digital Management**: Generated 550 million CNY in revenue, a slight increase of 0.2% year-on-year, focusing on enhancing industry solution reuse [1][12]. - **Production Control**: Revenue was 130 million CNY, down 1.2% year-on-year, as the company upgraded its software architecture [1][12]. - **AIoT**: Revenue surged to 270 million CNY, marking a 51.0% increase year-on-year, driven by the expansion of OT device products and integrated applications [1][12]. Market Expansion - The company is capitalizing on the trend of Chinese enterprises going global, with H1 2024 revenue from non-mainland regions reaching 550 million CNY, a 14.2% increase. In mainland China, revenue was 450 million CNY, up 7.4% [1][14]. Technological Advancements - Dingjie Software is enhancing its Athena platform by integrating Microsoft Azure GPT and developing various AI applications, which have already been implemented in over 120 clients [1][12][13]. Investment Outlook - The company is expected to benefit from the recovery in downstream demand and its proactive embrace of AIGC technology, with a solid competitive advantage built over 40 years in the industry [1][23].

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的 尊敬的各位投资者 大家晚上好我是声望机械团队的王柯那么今天我们华工和我们机械两大团队在线上进行对这次大家关注度比较高的西南水电的开发相关的受益方向进行一个核心的解读那么今天同时参会的还有我们华工的任杰老师以及我们机械团队的建伟 應該說從上週的週末我們化工團隊的老師們就率先的提示了摩托相關的投資機會我們也看到編輯上一些招標的一些非常大的一些變化可以說見微知著實際上對今年下半年這個已經從高層定調的這個西南水電大開發的這個角度來看還是隱藏著非常多的機會的其中有我們化工這邊 好的 谢谢柯总各位领导好 我是华工建男的艺术人杰 重点汇报下跟这个水电站相关的投资板块明豹和这个水基首先主要是这个明豹板块明豹也是我们今年持续推荐的一个化工子方向那现在来看的话首先从全国来看整个明豹板块目前就是处在一个供需紧急中的状态那么在西部地区像新疆和西藏目前的价格景气要是比这个东部景 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加西南水电和配电网等新型电力系统的投资机会解读目前所有参会者均处于静音状态下面有请主持人讲话谢谢各位投资者各位朋友晚上好我是国军舰救韩岐成今天晚上给大家汇报一下西南大型水电和国家配电网新型电力系统的投资机会 推荐中国能建、中国电建其中中国能建是最近两个月我们坚定的首推但是这个时间点上如果说建筑选一家公司推的话我们把中国能建做我们的首推这也是我们最近两个月的一个首推事实上我们看最近大盘跌了10个点创新低中国能建涨了10个点创新高也印证了我们这样一个坚定的一个判断这是第一 今天我们分享题目要给大家汇报首先把最近的这个政策和逻辑的细节给大家舒展一下 第二把中国能建和中国电建详细作为对比和拆分这是两个主要内容今年我们节奏上踩的还可以在春节前后 ...

[Table_IndustryInfo] 2024 年 08 月 11 日 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0804-0810） 阿里开源 Qwen2-Math 系列，看好游戏低位布局机会 [Table_Summary] 行情回顾：本周，传媒板块表现一般，下跌 0.76%，跑赢创业板约 1.85 个百 分点（创业板指下跌 2.60%）；跑赢市场约 0.80 个百分点（沪深 300 下跌 1.56%）。 细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）上涨 1.14%， 沪深 300下跌 1.56%。中信游戏指数相对于沪深 300指数上涨 2.70%；（2） 广告指数跑输市场：中信广告指数（CI005847）下跌 1.58%，沪深 300 下跌 1.56%。中信广告指数相对于沪深 300 指数下跌 0.02%；（3）体育指数跑赢 市场：中证体育指数（399804）上涨 0.13%，沪深 300 下跌 1.56%。中证体 育指数相对于沪深 300 指数上涨 1.69%；（4）A 股教育公司跑赢沪深 300， 港股教育公司跑赢恒生指数。中信教育指数（CI00581 ...

Group 1: Market Trends - The normalization of centralized procurement has become a consensus in the market, with a gradual shift towards price-for-volume and increased domestic production rates[2] - Since 2019, the range of high-value consumables subject to centralized procurement has expanded, achieving near-complete coverage except for certain products like aortic intervention and structural heart disease[2] - The average price drop for coronary stents reached 93% in 2020, while the average price for artificial lenses in 2023 was reduced by 60%[2] Group 2: Growth Opportunities - Low penetration and low domestic production rates in certain sectors such as electrophysiology (10% penetration, 12.5% domestic production), left atrial appendage occluders (6% penetration, 25% domestic production), and peripheral artery stents (1% penetration, 10% domestic production) present long-term growth potential[2] - The overseas revenue growth rate for high-value consumables is promising, particularly in the ophthalmology and orthopedic sectors, with electrophysiology contributing 15.3% to revenue[3] Group 3: Risks and Challenges - The industry faces risks including performance not meeting expectations, deteriorating market competition, and declining industry prosperity[3] - Domestic companies may struggle with international expansion due to a lack of academic support and reliance on distributors for high-value consumables[3]

| --- | --- | |--------------------------------------------|---------------------------------------------------------------------------------------| | | | | | | | 后集采时代，如何看高值耗材投资机遇与挑战？ | | | | 西南证券研究发展中心 2024年8 月 | | | 分析师：杜向阳 执业证号： S1250520030002 电话： 021-68416017 邮箱： duxy@swsc.com.cn | | | 分析师：张殊豪 执业证号： S1250524030002 电话： 021-68416017 邮箱： zhshh@swsc.com.cm | 核心观点 1 常态化、有兜底的集采逐渐成为市场共识，以价换量、国产化率提升逻辑走通。1）范围基本全覆盖，自2019年以来，国内高值耗材带量采购品类逐渐完 善，目前除主动脉介入、结构性心脏病等产品外，高值耗材领域基本实现全部集采；2）降幅逐渐温和，以国采为例，从20年冠脉支架的93%到23年人工 晶体 ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved revenue of 8.96 billion yuan, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 560 million yuan, up 32.7% year-on-year [1] - The growth was driven by the external ODM business, with significant increases in sales of refrigerators and washing machines, outperforming industry growth rates [1][2] - The company is positioned for future growth with a focus on smart home appliances, expecting EPS of 0.87 yuan, 1.04 yuan, and 1.20 yuan for 2024-2026 [2] Financial Performance Summary - Revenue for 2024 is projected at 17.72 billion yuan, with a growth rate of 16.75% [3] - Net profit attributable to shareholders is expected to reach 945.68 million yuan in 2024, reflecting a growth rate of 20.22% [3] - The company's gross margin for the first half of 2024 was 23%, a decrease of 5.2 percentage points year-on-year, primarily due to changes in product mix [1][2] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth [2] - The company has maintained a leading position in technology, design, product quality, manufacturing costs, and operational efficiency [2] Future Outlook - The company aims to continue expanding its product categories in smart home appliances, which is expected to contribute to growth momentum [2] - The report anticipates stable financial performance with a focus on maintaining competitive advantages in the market [2][3]