Investment Rating - The report maintains an "Overweight" rating for SQM, suggesting a potential upside of 5%-15% relative to the market index [2][5] Core Views - SQM is a global leader in lithium and iodine businesses, with additional operations in fertilizers and other industrial chemicals [2] - The company benefits from low-cost lithium extraction advantages in the Atacama Salt Flat and has strategic capacity expansions in China and Australia [2] - SQM's partnership with Codelco extends lithium extraction rights until 2060 and increases extraction quotas, enhancing long-term growth prospects [2] - The company expects to achieve a lithium production capacity of 305,000 tons by the end of 2025, maintaining its position as a global leader [2] Financial Performance - SQM's 2024Q2 revenue, gross profit, adjusted EBITDA, and net income were $1.294 billion, $384 million, $413 million, and $214 million, respectively, reflecting YoY declines of 37%, 55%, 53%, and 63% due to lower lithium and fertilizer prices [2] - Lithium sales in 2024Q2 were $665 million, down 55% YoY but up 21% QoQ, driven by increased sales volume despite a 73% YoY drop in average selling price to $12,700/ton [2] - The company's adjusted EBITDA for 2024-2026 is projected to be $1.58 billion, $1.757 billion, and $2.278 billion, with YoY growth rates of -50.3%, +11.2%, and +29.6%, respectively [2][3] Capacity Expansion and Production Guidance - SQM plans to expand its lithium capacity to 305,000 tons by the end of 2025, including 240,000 tons in Chile, 40,000 tons in China, and 25,000 tons in Australia [2] - The company expects 2024 lithium production to reach 210,000 tons, with sales guidance of 190,000 tons, allowing for inventory accumulation [2] Valuation Metrics - As of September 11, 2024, SQM's stock price implies EV/EBITDA multiples of 6.9x, 6.2x, and 4.8x for 2024-2026, respectively [2] - The company's market capitalization stands at $10.96 billion, with a total equity of $4.94 billion and total assets of $10.77 billion [1] Market Position - SQM held an 18% global market share in lithium sales in 2023, slightly ahead of Albemarle's 17% [2] - Over 90% of SQM's lithium sales are concentrated in the Asian market, highlighting its strong regional presence [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for growth compared to the market index [2]. Core Insights - The company achieved a revenue of 352 million yuan in the first half of 2024, representing a year-on-year growth of 22.41%. The net profit attributable to the parent company was 103 million yuan, up 40.68% year-on-year [2]. - In Q2 2024, the company reported a revenue of 186 million yuan, a year-on-year increase of 18.76%, with a net profit of 48 million yuan, growing 19.45% year-on-year [2]. - The gross margin improved to 97.16% in the first half of 2024, an increase of 1.41 percentage points year-on-year, while the overall expense ratio decreased by 2.93 percentage points to 74.71% [2]. - The company is focused on continuous product iteration and market expansion, particularly in the financial sector, enhancing its competitive edge and market influence [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 937 million yuan, with a year-on-year growth of 18.0%. The net profit is expected to reach 355 million yuan, reflecting a growth of 19.8% [3]. - The gross margin is forecasted to remain stable at 95.8% for 2024, with a slight increase to 95.9% in 2025 and 2026 [3]. - The earnings per share (EPS) is projected to be 4.67 yuan in 2024, increasing to 6.81 yuan by 2026 [3].

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a total revenue of 21.96 billion yuan and a net profit attributable to shareholders of 1.239 billion yuan for the first half of 2024, with Q2 alone contributing 12.36 billion yuan in revenue and 661 million yuan in net profit [2] - Despite significant inventory impairment affecting short-term performance, the photovoltaic business remains profitable, with Q2 profits from the components segment reaching 220 million yuan, driven by strong performance in the North American market, which accounted for over 25% of total sales in H1 2024 [2] - The energy storage business is on track, with H1 sales reaching 2.6 GWh, a year-on-year increase of 3309%, and the annual shipment forecast has been raised to 6.5-7.0 GWh, supported by a backlog of approximately 66 GWh in orders valued at 2.6 billion USD [2] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 21.96 billion yuan and a net profit of 1.239 billion yuan, with Q2 figures showing revenue of 12.36 billion yuan and net profit of 661 million yuan [2] - The company adjusted its net profit forecasts for 2024-2026 to 2.615 billion yuan, 3.620 billion yuan, and 4.730 billion yuan respectively, with corresponding PE ratios of 15.8x, 11.4x, and 8.8x for 2024 [2][4] Business Outlook - The company is focusing on balancing shipment volume and pricing under the principle of "profit first," with Q3 component shipment expectations set at 9-9.5 GW and an annual target of 32-36 GW [2] - The energy storage segment is expected to see significant growth, with a forecasted shipment of 1.4-1.7 GWh in Q3 and a total of 6.5-7.0 GWh for the year, indicating a strong second growth curve for the company [2] Market Data - As of September 12, 2024, the company's closing price was 11.23 yuan, with a total share capital of approximately 3.688 billion shares and a net asset value of 21.644 billion yuan [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Viewpoints - The company achieved a revenue of 169 million yuan in H1 2024, representing a year-on-year growth of 63.48%, and a net profit attributable to shareholders of 14 million yuan, up 35.21% year-on-year [3]. - The revenue growth is attributed to significant increases in procurement from major clients like Huawei, effective expansion in sectors such as healthcare, telecommunications, and electricity, and the consolidation of Jiangnan Keyou into the company's financials [3]. - The company has improved cash flow management, with operating cash flow improving from -28 million yuan in the previous year to -22 million yuan in H1 2024 [3]. - Increased sales investment led to a rise in gross margin, with a comprehensive gross margin of 76.83% in H1 2024, up 5.91 percentage points year-on-year [3]. Financial Summary - Revenue projections for 2023 to 2026 are 359 million, 465 million, 587 million, and 719 million yuan respectively, with year-on-year growth rates of 5.5%, 29.6%, 26.3%, and 22.4% [2]. - Net profit attributable to shareholders is forecasted to be 67 million, 92 million, 113 million, and 139 million yuan for the same years, with growth rates of -37.3%, 37.0%, 23.0%, and 22.7% respectively [2]. - The company's gross margin is expected to decline slightly from 73.2% in 2023 to 71.9% in 2026 [2]. - Return on equity (ROE) is projected to improve from 3.5% in 2023 to 6.4% in 2026 [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company reported a revenue of 20.086 billion yuan for H1 2024, representing a year-on-year growth of 16.33%, with a net profit attributable to shareholders of 864 million yuan, up 12.48% year-on-year [6]. - The company's integrated layout is enhancing its profitability, with a projected self-supply ratio of nearly 50% for nickel by the end of the year, expected to improve further next year as new projects ramp up [6]. - Sales volume for nickel, cobalt, phosphorus, and sodium products exceeded 140,000 tons in H1 2024, marking a 15% increase year-on-year, supported by a strong product structure [6]. Financial Summary - Revenue projections for 2024-2026 are 43.572 billion yuan, 53.973 billion yuan, and 60.632 billion yuan, with year-on-year growth rates of 27.1%, 23.9%, and 12.3% respectively [5]. - Net profit attributable to shareholders is expected to be 2.038 billion yuan, 2.492 billion yuan, and 2.972 billion yuan for the same period, with growth rates of 4.7%, 22.3%, and 19.3% respectively [5]. - The gross profit margin is projected to be 12.6% in 2024, 12.4% in 2025, and 12.6% in 2026 [5].

证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 天融信 （ 002212 ） 002212 ＃title＃ 新业务景气增长，持续推进降本增效 ＃createTime1＃ 2024 年 09 月 14 日 投资要点 ＃summary＃ ⚫ 事件：2024 年 H1，公司实现营业收入 8.73 亿元，同比下滑 13.07%；归母净 利润亏损 2.06 亿元，去年同期亏损 2.12 亿元；扣非归母净利润亏损 2.16 亿 元，去年同期亏损 2.22 亿元。2024 年 Q2 单季，公司实现收入 4.51 亿元，同 比下滑 15.82%；归母净利润亏损 1.16 亿元，去年同期亏损 1.21 亿元；扣非 净利润亏损 1.21 亿元，去年同期亏损 1.26 亿元。 ⚫ 新业务景气增长，现金流改善。分产品看，公司新业务新方向实现景气增长， 2024H1 公司云安全收入同比增长 51.52%，云计算收入同比增长 35.80%， 信创安全收入同比增长 22.99%。分行业看，2024 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company reported a revenue of 5.45 billion yuan for H1 2024, a year-on-year decrease of 31.76%, and a net profit attributable to shareholders of 238 million yuan, down 81.56% year-on-year [4]. - The company's gross margin for H1 2024 was 18.85%, a decline of 11.58 percentage points, primarily due to price reductions in lithium battery materials, especially electrolyte products [4]. - A supply agreement with CATL has been signed, securing the supply of 58,600 tons of solid lithium hexafluorophosphate, which is expected to stabilize the company's profitability in electrolyte products [4]. - The company has achieved over 97% self-sufficiency in core raw materials, ensuring a cost advantage and maintaining industry-leading profitability levels [4]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 601 million yuan, 1.505 billion yuan, and 2.134 billion yuan respectively, with corresponding P/E ratios of 45.8, 18.3, and 12.9 based on the closing price on September 12, 2024 [5][6]. - The company's revenue is projected to decline by 21.6% in 2024, followed by a growth of 38.3% in 2025 and 26.3% in 2026 [6]. - The gross margin is expected to be 16.3% in 2024, improving to 20.7% in 2025 and 21.8% in 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 2.473 billion yuan in H1 2024, a YoY increase of 29.94%, with net profit attributable to shareholders of 246 million yuan, a YoY increase of 52.36%, exceeding expectations [1] - Multiple business lines showed rapid growth, with photovoltaic sector up 32%, wind power sector up 25%, and energy storage sector up 62% YoY [2] - Transformer products revenue reached 474 million yuan in H1 2024, more than doubling YoY [2] - Q2 2024 gross margin improved to 23.40%, up 0.33 percentage points QoQ despite rising copper prices [2] - Q2 2024 net margin reached 10.88%, up 2.20 percentage points QoQ [2] - The company has obtained international certifications (IEEE, IEC, CQC, UL, CE, DNV-GL), laying foundation for overseas expansion [2] - Forecasted net profit for 2024-2026 is 652/840/1039 million yuan, with PE ratios of 15.0/11.6/9.4x based on Sep 12, 2024 closing price [2] Financial Performance - 2024E revenue is projected at 6.421 billion yuan, with 28.1% YoY growth [3] - 2024E net profit is forecasted at 652 million yuan, with 31.0% YoY growth [3] - 2024E gross margin is expected to remain stable at 22.9% [3] - 2024E ROE is projected to improve to 14.0% [3] - 2024E EPS is estimated at 2.09 yuan [3] - 2024E operating cash flow is expected to be -589 million yuan [4] - 2024E total assets are projected to reach 8.577 billion yuan [4] - 2024E liabilities are forecasted at 3.918 billion yuan, with a debt-to-asset ratio of 45.7% [4] Business Development - The company has strengthened cost control and secured some material supplies in advance [2] - Indirect export business with higher margins contributed to profitability improvement [2] - The company is accelerating direct sales channel layout overseas [2] - Overseas business is expected to become a new growth driver [2]

Investment Rating - The investment rating for the company is "Add" [2][3] Core Views - The company's revenue for Q2 2024 reached 547 million yuan, representing a year-on-year increase of 14.74% and a quarter-on-quarter increase of 17.03%. The net profit attributable to the parent company was 229 million yuan, up 22.33% year-on-year and 104.41% quarter-on-quarter [3] - The company's profitability has significantly improved, with a gross margin of 53.17% in Q2 2024, an increase of 11.78 percentage points quarter-on-quarter, and a net profit margin of 42.17%, up 18.86 percentage points quarter-on-quarter. This improvement is attributed to the company's technological innovation and smart manufacturing advantages [3] - The company is expected to benefit from an upward cycle in its electric meter business, with charging pile and energy IoT businesses anticipated to become new growth points. Projected net profits for 2024-2026 are 629 million, 728 million, and 870 million yuan, respectively, corresponding to valuations of 12.0, 10.3, and 8.7 based on the closing price on September 13 [3][4] Financial Summary - The company's operating revenue is projected to grow from 1,771 million yuan in 2023 to 2,907 million yuan in 2026, with year-on-year growth rates of 17.6%, 23.1%, 13.2%, and 17.8% for the respective years [2] - The net profit attributable to the parent company is expected to increase from 607 million yuan in 2023 to 870 million yuan in 2026, with growth rates of 28.6%, 3.6%, 15.8%, and 19.5% [2] - The gross margin is projected to decline slightly from 44.8% in 2023 to 43.1% in 2026, while the return on equity (ROE) is expected to remain stable around 15.9% to 16.3% during the same period [2][3]

公 司 研 究 | --- | --- | |------------------------------|--------------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 14.19 | | 总股本（亿股） | 675.26 | | | | | 流通股本（亿股） | 672.23 | | 净资产（百万元） | 7,757.14 | | 总资产（百万元） | 11,816.02 | | 每股净资产（元） 来源： | 11.47 ，兴业证券经济与金融研究院整理 | 公 司 点 评 报 告 WIND 投资要点 ＃summary＃ 公司公告：2024H1 公司实现营收 33.21 亿元，同比-8.51%；归母净利润 2.38 亿元，同比-20.93%； 扣非归母净利润 2.35 亿元，同比-10.36%，若按同口径计算，则提升 9.06%；毛利率 61.13%， 同比+0.88pct；归母净利率 7.17%，同比-1.13pct。其中 24Q2 公司实现营收 14.15 亿元，同比 ...