Investment Rating - The report maintains an "Overweight" rating for the company [2][5] Core Views - The company reported a revenue of 39.06 billion yuan for H1 2024, a year-over-year decrease of 2.16%, while the net profit attributable to shareholders was 3.573 billion yuan, an increase of 4.80% year-over-year [5] - The excavator segment has turned to positive growth, with revenue of 15.215 billion yuan in H1 2024, a year-over-year increase of 0.43% [5] - The overseas market has shown significant growth, particularly in Africa, where revenue increased by 66.71% year-over-year [5] Financial Summary - For H1 2024, the company achieved a gross margin of 28.24%, up 0.03 percentage points year-over-year, and a net profit margin of 9.15%, up 0.63 percentage points year-over-year [5] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 8.438 billion yuan, a year-over-year increase of 2204.61% [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 6.410 billion, 7.674 billion, and 8.979 billion yuan, respectively, with corresponding P/E ratios of 21.3, 17.8, and 15.2 times [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 31.265 billion yuan and a net profit of 3.283 billion yuan for the first half of 2024, reflecting a year-on-year decline of 12.81% and 15.07% respectively [6][8]. - The decline in revenue is primarily attributed to a significant drop in sales in Hainan, with daily shopping visitors and duty-free sales decreasing [6][9]. - The gross profit margin improved to 33.53% in H1 2024, up 2.92 percentage points year-on-year, due to optimized product structure and enhanced supply chain efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, a slight increase of 0.25 percentage points year-on-year, but the Q2 net profit margin decreased to 9.73% [6][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 31.265 billion yuan, a net profit of 3.283 billion yuan, and a net profit excluding non-recurring items of 3.238 billion yuan, with year-on-year declines of 12.81%, 15.07%, and 16.00% respectively [6][8]. - Q2 2024 figures showed a revenue of 12.458 billion yuan, net profit of 0.976 billion yuan, and net profit excluding non-recurring items of 0.939 billion yuan, with year-on-year changes of -17.44%, -37.60%, and -39.79% [6][8]. Sales and Market Dynamics - The sales in Hainan faced significant pressure, leading to a revenue decline in H1 2024, with daily shopping visitors and duty-free sales showing negative trends [6][9]. - The company’s various segments showed mixed results, with significant declines in Hainan and Sanya, while the Shanghai duty-free store saw a remarkable recovery [6][22]. Profitability and Margins - The gross profit margin for H1 2024 was 33.53%, an increase of 2.92 percentage points year-on-year, attributed to product structure optimization and improved operational efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, with a decrease in Q2 to 9.73%, influenced by rising rental costs and higher tax rates [6][9]. Future Outlook - The company is expected to benefit from the implementation of city duty-free store policies, which may attract additional demand and open up growth opportunities in the industry [6][28]. - Forecasts for net profit from 2024 to 2026 are projected at 6.099 billion yuan, 7.187 billion yuan, and 8.639 billion yuan respectively, with corresponding price-to-earnings ratios of 19.9, 16.9, and 14.1 [6][28].

Investment Rating - The report maintains an "Accumulate" rating for Baosteel Co., Ltd. [2] Core Views - The company reported a revenue of 163.25 billion yuan for H1 2024, a year-on-year decrease of 3.89%, while the net profit attributable to shareholders was 4.545 billion yuan, a slight decline of 0.17%. However, the net profit excluding non-recurring items increased by 14.11% to 4.235 billion yuan [1][2] - In Q2 2024, the company achieved a revenue of 82.437 billion yuan, a quarter-on-quarter increase of 2.0% but a year-on-year decrease of 9.7%. The net profit attributable to shareholders rose by 35.9% quarter-on-quarter to 2.618 billion yuan, although it was down 3.3% year-on-year [1][2] - The company demonstrated strong resilience in a challenging industry environment, with its profit performance declining less than the industry average, as the national crude steel output fell by 1.1% in H1 2024 [2][4] Summary by Sections Financial Performance - For H1 2024, the company sold 25.514 million tons of steel, a slight decrease of 0.19% year-on-year. The average selling price per ton was 6,398 yuan, with a cost of 6,032 yuan, resulting in a gross profit of 367 yuan per ton [2][4] - The report forecasts the company's net profit for 2024-2026 to be 9.735 billion yuan, 11.525 billion yuan, and 12.487 billion yuan respectively, with corresponding EPS of 0.44, 0.52, and 0.56 yuan [4][5] Market Position and Strategy - The company has been actively upgrading its product structure and expanding its market reach, achieving a record high of 3.035 million tons in export orders during H1 2024 [2][4] - Cost control measures have been effective, with a reduction of 4.55 billion yuan in costs during H1 2024, supporting the company's operational performance [2][4] Industry Context - The steel industry is facing increased downward pressure, with rising procurement costs and widespread losses among key enterprises. However, Baosteel's strong market position and risk management capabilities have allowed it to maintain a leading performance in the domestic industry [2][4]

Investment Rating - The report maintains an "Accumulate" rating for Ganfeng Lithium [2] Core Views - The decline in lithium prices has negatively impacted the company's profitability, with a shift from profit to loss in the first half of 2024, primarily due to falling lithium salt prices [2][4] - The company is making steady progress in expanding its production capacity in the lithium battery sector, which is expected to drive future growth [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 9.589 billion yuan, a year-on-year decrease of 47.16%, and a net profit attributable to shareholders of -760 million yuan, marking a shift from profit to loss [2][4] - The average price of battery-grade lithium carbonate in the first half of 2024 was 103,700 yuan per ton, a year-on-year decline of 68.44% [2] - The company's lithium battery business achieved a gross profit of 267 million yuan in the first half of 2024, down 66.33% year-on-year [2] Production Capacity and Expansion - The company has a lithium compound production capacity exceeding 200,000 tons per year, with plans to expand to over 600,000 tons by 2030 [4][5] - Ongoing projects include the Goulamina lithium spodumene project and the Cauchari-Olaroz salt lake project, which are expected to enhance the company's self-sufficiency in lithium raw materials [4][5] Market Outlook - The report anticipates continued pressure on lithium salt prices due to an oversupply in the market, with expectations of sustained price declines in the medium term [5] - The company's net profit forecasts for 2024-2026 are -770 million, 1.054 billion, and 1.938 billion yuan, respectively, reflecting adjustments based on expected price fluctuations [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the media industry [2] Core Viewpoints - The media sector has returned to historical valuation lows and fund holdings have also reached historical bottoms, indicating significant investment value [9][11] - Recent breakout events, such as the success of "Black Myth: Wukong," have rekindled investor interest in the media sector, leading to a rebound trend [9][13] - The AI industry is experiencing continuous upgrades, with domestic AI applications gaining traction and user numbers increasing significantly [13][14] Summary by Sections Industry Performance Review - From September 2 to September 6, 2024, the Shenwan Media sector experienced a decline of 0.74%, outperforming the CSI 300 by 1.97 percentage points and the ChiNext Index by 1.94 percentage points [7][8] Key Data Tracking - In the variety show segment, Mango TV had 5 exclusive shows in the Top 20, while Tencent Video had 7, and iQIYI had 3 [32] - In the drama segment, Tencent Video led with 9 exclusive dramas in the Top 20, followed by iQIYI with 4 and Youku with 3 [34] Investment Insights - The report highlights three main investment themes: 1. **Gaming Sector**: The success of "Black Myth: Wukong" is expected to drive single-player games as a new growth point, benefiting companies like Kayi Network and Yaoji Technology [16][18] 2. **Traditional Culture**: The success of "Black Myth: Wukong" is anticipated to inspire more high-quality games and cultural products based on traditional IPs [16][19] 3. **AI Applications**: Continuous breakthroughs in AI applications are expected to drive growth in the media sector, with recommendations for companies involved in multi-modal AI applications [17][19] Important Sub-Sector and Key Company Insights - The gaming sector saw a record number of game approvals in August 2024, with 117 games receiving licenses, indicating a robust pipeline for new releases [18] - The report recommends companies such as Shanghai Film and Light Media for their potential in the film and long-video sectors, as well as companies like Mango Super Media and Huace Film for their strong positions in the long-video market [20][21]

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行业 外 研 周报 海 证券研究报告 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 相关报告 指数表现： 《关注业绩和派息稳健的公 《地产板块股价表现分化》 《 关 注 房 企 中 期 业 绩 》 20240819 《深圳安居拟收购商品房用作 保障房》20240811 《百强房企 7 月销售仍表现较 弱》20240804 《 地 产 板 块 继 续 回 调 》 20240728 《统计局发布上半年房地产市 场情况》20240721 《地产板块表现好于大市》 20240714 《 6 月 销 售 数 据 改 善 》 20240707 《 北 京 加 入 放 松 行 列 》 20240630 司》20240901 20240825 yanningxin@xyzq.com.cn SAC：S0190521010001 sunzhonglian@xyzq.com.cn SAC：S0190521080001 请注意：严宁馨、孙钟涟并非 香港证券及期货事务监察委员 会的注册持牌人，不可在香港 从事受监管的活动 推荐业绩派息稳健的香港本地股和优质龙头地产物管公司： 1） ...