Investment Rating - The report recommends a positive investment rating for the chemical transportation industry, specifically highlighting Xingtong Co., Ltd. (603209.SH) as a key investment target due to its strategic positioning in international chemical transportation [2][34]. Core Insights - The ongoing Russia-Ukraine conflict has significantly impacted energy trade flows into Europe, with the chemical industry being particularly affected due to its reliance on energy-intensive processes and raw materials derived from oil and natural gas, which account for 38% of energy consumption [2][15]. - The global chemical shipping capacity is expected to remain controlled over the next 2-3 years, with a slowdown in capacity growth due to an aging fleet and stricter environmental regulations. As of June 2024, the total capacity of global chemical ships is 130 million deadweight tons, with a current order backlog representing 12.9% of this capacity [2][34]. - The demand for chemical transportation is projected to grow at a rate between 3.3% and 6.3% from 2023 to 2025, driven by the need for long-distance transportation of chemical goods [2][28]. Summary by Sections Global Chemical Market Overview - The global chemical industry reached a market size of $5.7 trillion in 2022, reflecting a year-on-year growth of 12.9%. China has emerged as the largest chemical sales country, accounting for 44% of the global market [10][11]. - In 2022, the European Union exported $758.9 billion worth of chemicals, representing 42.3% of its total chemical trade, while imports amounted to $775.2 billion [10][15]. Chemical Transportation Dynamics - Chemical transportation is primarily centered around three production and sales hubs, with a focus on inter-regional transport [12]. - The report notes that the supply of core chemical ships is at a low level, particularly in the large stainless steel ship segment, with limited orders and long delivery times [34][35]. Supply and Demand Outlook - The supply of chemical shipping capacity is expected to slow down, with a significant portion of the fleet aging. The report indicates that 11.3% of the current fleet is over 20 years old [34]. - The combination of supply constraints and increasing demand is likely to strengthen the spot market for chemical transportation [38][40].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders reached 110 million yuan, up 153.6% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a growth of 169.8% [1]. - The company has shown significant improvement in profitability, with a gross margin of 40.1% in H1 2024, an increase of 4.15 percentage points year-on-year. The expense ratios for sales, management, and R&D have also improved, contributing to profit elasticity [1]. - The domestic DCS market is experiencing high demand, with the company successfully securing contracts for major projects, indicating a robust order growth trend [1]. - The company is expanding its industrial AI business and accelerating overseas expansion, which is expected to open up significant growth opportunities in the long term [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.9 billion yuan, with a growth rate of 35.03%. The net profit attributable to shareholders is expected to be 255.74 million yuan, reflecting a growth rate of 59.07% [3][5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.07 yuan, with a price-to-earnings (PE) ratio of 15.02 [3][5]. - The company’s return on equity (ROE) is projected to increase to 12.22% in 2024, up from 8.60% in 2023 [3][5].

[2024 Table_IndustryInfo 年 08 月 10 日 ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（8.5-8.9） 看好创新药底部个股 [行情回顾： Table_Summary 本周医药生物指数下跌 ] 0.41%，跑赢沪深 300 指数 1.15 个百分 点，行业涨跌幅排名第 10。2024 年初以来至今，医药行业下跌 21.12%，跑 输沪深 300 指数 18.22 个百分点，行业涨跌幅排名第 25。本周医药行业估值 水平(PE-TTM)为 24 倍，相对全部 A 股溢价率为 82.46% (+2.27pp)，相对剔 除银行后全部 A 股溢价率为 36.66% (+1.99pp)，相对沪深 300 溢价率为 117.59% (+2.46pp)。本周相对表现最好的是线下药店，上涨 1.6%。 政策利好频出、降息预期渐强，精选创新药底部个股。近期继北京、广州、 珠海、上海四地发布"全链条"支持创新政策以及国常会审议通过《全链条支 持创新药发展实施方案》后，"全链条"政策开始逐步落地。下半年创新药行 业潜在催化事件，包括重点品种医保谈判、ESMO/WCLC 临床数 ...

[Table_IndustryInfo] 2024 年 08 月 11 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0805-0811） 人形机器人软硬件进一步优化，产业进程持续加速 [Table_Summary] 行情回顾：本周（8月 5日-8月 11日）机器人指数跑输大盘。中证机器人指数 下跌 3.6%，跑输上证指数 2.1个百分点，跑输沪深 300指数约 2.0个百分点， 跑输创业板指约 1.0 个百分点；国证机器人指数下跌 3.1%，跑输上证指数 1.6 个百分点，跑输沪深 300指数约 1.5个百分点，跑输创业板指约 0.5个百分点。 Figure 发布新一代人形机器人，软硬件持续升级。8 月 6 日晚， Figure 正式 发布了新一代人形机器人 Figure 02，其可以与人类实时对话，自动学习如何装 配零件，目前正在宝马位于 Spartanburg 的工厂实习工作。工程和设计团队完 成了对 Figure 02硬件和软件的彻底重新设计，硬件升级主要围绕关节执行器、 部分关节处的蜂窝状缓冲组织复合材料、灵巧手、面部传感器以及模块化快速 拆装换型能力，同时在整体外观上相比 ...

45302 [Table_Summary 事件：公司 202] 4 上半年实现营业总收入 835 亿元，同比+17.6%，归母净利润 417 亿元，同比+15.9%；其中 24Q2实现收入 370亿元，同比+17.0%，归母净 利润 176 亿元，同比+16.1%；24Q2 收入和利润超市场预期。 茅台酒与系列酒双轮驱动，24H1 收入靓丽增长。1、在外部消费环境疲软的背 景下，公司通过调整品项投放，优化渠道结构等方式从容应对，24H1营业总收 入同比+17.6%，增长韧性超市场预期。2、分产品，24H1茅台酒/系列酒分别实 现收入 686/132 亿元，同比+15.7%/30.5%；其中单 Q2 分别实现收入 289/72 亿元，同比+12.9%/42.5%，24Q2茅台酒实现双位数以上稳健增长，茅台 1935 放量带动系列酒实现高增。3、分渠道，上半年批发代理渠道实现收入 480亿元， 同比+26.5%；直销渠道收入 337 亿元，同比+7.3%，直销增速放缓或与公司 6 月减少直销团购投放量有关；此外，上半年"i茅台"数字营销平台实现酒类不 含税收入 102 亿元，同比+9.8%。4、24H1 完成茅台 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 83.5 billion yuan in the first half of 2024, representing a year-on-year increase of 17.6%, with a net profit attributable to shareholders of 41.7 billion yuan, up 15.9% year-on-year [3] - The growth was driven by both Moutai liquor and series liquor, with Moutai liquor revenue reaching 68.6 billion yuan and series liquor revenue at 13.2 billion yuan in the first half of 2024 [3] - The company has a strong cash flow performance, with cash receipts of 87.1 billion yuan, a year-on-year increase of 26.1% [3] - The company plans to maintain a cash dividend payout ratio of no less than 75% for the period of 2024-2026, which is the highest among liquor companies [3] - The earnings per share (EPS) for 2024-2026 are projected to be 69.46 yuan, 80.18 yuan, and 91.87 yuan, respectively, with corresponding dynamic PE ratios of 21x, 18x, and 16x [3] Summary by Sections Revenue and Profit - In Q2 2024, the company achieved revenue of 37 billion yuan, a year-on-year increase of 17.0%, and a net profit of 17.6 billion yuan, up 16.1% year-on-year [3] - The revenue from wholesale and agency channels increased by 26.5% year-on-year to 48 billion yuan, while direct sales revenue grew by 7.3% to 33.7 billion yuan [3] Margin and Cash Flow - The gross margin for the first half of 2024 was 91.9%, remaining stable compared to the previous year [3] - The net profit margin decreased by 0.9 percentage points to 51.7%, but profitability remains high [3] Future Outlook - The company is confident in achieving its annual revenue growth target, supported by its dual-driven strategy of Moutai and series liquor [3] - The company is focusing on three transformations in the domestic market and expanding into overseas markets to meet consumer demand [3]

外贸化学品运输专题 小而美，景气度稳步提升 西南证券研究发展中心 交通运输研究团队 2024年8月 核心观点 俄乌冲突对进入欧洲的能源贸易流动产生了巨大的、可能是永久性的影响。化学工业受到的影响尤其 严重，因为它依赖能源密集型工艺和某些原料的石油和天然气（能耗占比38%）。高昂的能源成本， 加上高昂的生产成本和严格的监管，许多欧洲化工企业的产品可能难以与美国或亚洲同行竞争。 未来2-3年运力增速放缓，全球化学 品 船运力规模可控。船队正集中进入老化阶段，加上环保公约的 日趋严格，有效运力供给预计将低于名义运力供给，中、韩主要船厂新造船产能预计2028年之前处 于紧绷状态，全球航运业至少未来数年供给端规模可控。截至2024年6月底，全球化学品船合计运力 为1.3亿载重吨，目前在手订单占比为12.9%。以船龄结构来看，目前20岁以上的船舶占比为11.3% 。供应放缓叠加增长需求促使现货市场进一步坚挺。 推荐标的：兴通股份（603209.SH）。1）国际化学品运输需求庞大。不同航运机构预测2023-2025 年化学品运输需求增速 范围为3.3%-6.3%。2）公司积极布局国际散装液体化学品水上运输市场，已 成功开拓 ...

45302 [Table_ReportInfo] 2024 年 08 月 09 日 证券研究报告•宏观简评报告 数据点评 通胀超预期回升，背后结构性分化 ——2024 年 7 月通胀数据点评 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

41543 [Table_ReportInfo] 2024 年 08 月 09 日 证券研究报告•宏观简评报告 数据点评 通胀超预期回升，背后结构性分化 ——2024 年 7 月通胀数据点评 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_ReportInfo] 2024 年 08 月 09 日 证券研究报告•宏观定期报告 宏观周报（8.5-8.9） 45302 扩内需增新动力，全球资产价格波动加大 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...