Investment Rating - The report maintains an "Accumulate" rating for Shanghai Bank [1][7] Core Views - Revenue decline has narrowed, and profit continues to grow. In the first half of 2024, revenue and net profit attributable to shareholders decreased by 0.4% and increased by 1.0% year-on-year, respectively. In Q2, revenue and net profit grew by 0.1% and 0.4% year-on-year, respectively [2][4] - The bank is experiencing steady expansion, with corporate loans contributing the majority of the growth. In the first half of 2024, total loans increased by 5.0% year-on-year, with corporate loans up by 4.8% and retail loans up by 0.3% [2][4] - Asset quality remains stable, with a decrease in corporate non-performing loan (NPL) ratio and a slight increase in retail NPL ratio. The overall NPL ratio remained flat at 1.21% [5] Summary by Sections Revenue and Profitability - In H1 2024, Shanghai Bank achieved operating revenue of 26.247 billion yuan, a year-on-year decrease of 0.4%, and a net profit of 12.969 billion yuan, a year-on-year increase of 1.0.%. The decline in revenue has slowed down, while profit continues to grow [3][4] - Net interest income decreased by 10.8% year-on-year, primarily due to a narrowing net interest margin of 1.19%, which has contracted by 15 basis points since the beginning of the year [2][4] - Fee income decreased by 23.5% year-on-year, impacted by market fluctuations and reduced commission rates [2][4] Loan Growth and Composition - Total loans increased by 5.0% year-on-year in H1 2024, with corporate loans contributing 85% of the loan growth. Infrastructure-related industries, leasing and business services, and manufacturing contributed 37%, 24%, and 19% of the loan growth, respectively [2][4] - Retail loan balances decreased compared to the beginning of the year, mainly due to declines in mortgage, credit card, and consumer loans, while personal business loans continued to grow [2][4] Asset Quality - The NPL ratio remained stable at 1.21%, with a corporate NPL ratio decreasing to 1.40% and a retail NPL ratio increasing to 1.11% [5] - The provision coverage ratio decreased to 269%, and the overdue rate decreased to 1.60% [5] Earnings Forecast - The earnings per share (EPS) forecast for 2024 and 2025 has been slightly adjusted to 1.61 yuan and 1.64 yuan, respectively. The estimated net asset value per share at the end of 2024 is 16.52 yuan, corresponding to a price-to-book (PB) ratio of 0.46 times based on the closing price on August 28, 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company's foreign trade refined oil business has seen a significant recovery in gross profit margin, while the foreign trade crude oil transportation business remains stable. In the first half of 2024, the total revenue from foreign trade tanker operations was 7.753 billion yuan, a year-on-year increase of 2%, with a gross profit margin of 32.7%, down 3.8 percentage points year-on-year [1]. - The average TCE (Time Charter Equivalent) for VLCC routes in the first half of 2024 was $41,629 per day, a decrease of 4% compared to the same period last year. In contrast, the LR2 tanker type benefited from increased demand due to geopolitical events, with an average TCE of $55,867 per day, up 52% year-on-year [1]. - The company reported a net profit attributable to shareholders of 2.607 billion yuan for the first half of 2024, a year-on-year decrease of 7.11%, while the net profit excluding non-recurring items grew by 8.15% [2][3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 6.014 billion yuan, with an EPS of 1.26 yuan, corresponding to a PE ratio of 11.6 times. The expected growth rates for net profit are 79.5% in 2024, 13.5% in 2025, and 20.6% in 2026 [3]. - The gross profit margin is expected to improve from 29.9% in 2023 to 37.6% in 2024, indicating a positive trend in profitability [3]. - The company's total assets are projected to grow from 72.084 billion yuan in 2023 to 81.002 billion yuan in 2024, reflecting a strong asset base [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company announced a cash dividend of 0.182 CNY per share, totaling 13.516 billion CNY, with a dividend payout ratio of 32.36%, consistent with the previous year's payout [1][5]. - Revenue and net profit for the first half of 2024 decreased by 3.5% and 1.6% year-on-year, respectively, primarily due to a decline in non-interest income [1][4][5]. - The net interest income increased by 2.2% year-on-year, supported by steady asset growth and a recovery in interest margins [1][5]. - The company focused on stable asset expansion, with total assets growing by 2.6% year-on-year and loans increasing by 5.9% [2][5]. - The net interest margin for the first half of 2024 was 1.29%, showing a slight year-on-year decrease of 2 basis points but a quarter-on-quarter increase of 2 basis points [2][5]. - Asset quality remained stable, with a non-performing loan ratio of 1.32% at the end of the first half of 2024, unchanged from the previous quarter [2][6]. - The capital adequacy ratios at the end of the first half of 2024 were 10.30% for core Tier 1, 12.25% for Tier 1, and 16.34% for total capital [2][7]. - Earnings per share (EPS) for 2024 and 2025 are projected to be 1.25 CNY and 1.26 CNY, respectively, with a projected price-to-book (PB) ratio of 0.60 times by the end of 2024 [2][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance has improved due to increased iron ore sales and higher interest income, with a year-on-year net profit growth of 25.36% in H1 2024 [1][2]. - The copper phase II project is progressing, contributing positively to the company's future profitability [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 3.256 billion yuan, a year-on-year increase of 37.85%, and a net profit attributable to shareholders of 477 million yuan, up 25.36% [2][3]. - The average price of iron ore (62% grade) was 117.73 USD/ton in H1 2024, a slight decline of 0.48% year-on-year, while the shipment volume increased significantly by 61% to approximately 4.41 million tons [1][2]. Business Segments - Iron Ore: The company maintained strong performance with increased shipment volumes despite a slight price decline [1][2]. - Copper: The phase II project has begun partial production, with copper shipments reaching approximately 11,600 tons in H1 2024, a 26% increase year-on-year [1][3]. - Vermiculite: Shipment volume is expected to decline slightly, but its impact on overall performance is limited due to its lower profit contribution [1][2]. Future Outlook - The copper phase II project is expected to ramp up production, potentially reaching full capacity by 2026, which will enhance profitability [3][4]. - Profit forecasts for 2024-2026 are adjusted to 873 million, 1.187 billion, and 1.338 billion yuan respectively, with corresponding EPS of 1.34, 1.82, and 2.05 yuan [3][4].

Investment Rating - The investment rating for the company is "Add" [2][9] Core Views - The company reported a revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders was 3.642 billion yuan, an increase of 6.31% [6] - The second quarter of 2024 saw revenue of 9.918 billion yuan, down 8.89% year-on-year, but net profit attributable to shareholders increased by 3.55% to 2.044 billion yuan [6][9] - Despite weak consumer demand and inventory reduction at the factory level impacting sales, the company maintained a resilient upgrade capability with a total sales volume of 4.63 million tons, a year-on-year increase of 7.82% [7][9] Summary by Sections Market Data - Closing price as of August 29, 2024, was 57.90 yuan, with a total share capital of 1,364.20 million shares and a net asset value of 28,393.99 million yuan [3] Financial Performance - For 2024, the company expects revenues of 33.059 billion yuan, 33.551 billion yuan, and 34.025 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 4.741 billion yuan, 5.333 billion yuan, and 5.897 billion yuan [10] - The gross profit margin is projected to improve from 38.7% in 2023 to 44.5% in 2026 [10] Profitability and Cost Management - The net profit margin for Q2 2024 increased by 2.70 percentage points to 21.15%, with a gross margin of 42.79% [8] - The company is expected to benefit from cost elasticity due to declining raw material costs, which will support profit growth in the upcoming quarters [9] Long-term Outlook - The company is positioned as a quality investment with both offensive and defensive characteristics, supported by resilient upgrades and expected increases in dividend yield [9]

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 公 司 点 评 报 告 | --- | --- | |--------------------|-----------| | | | | 日期 | 2024-8-28 | | 收盘价（元） | 37.80 | | 总股本（百万股） | 800.00 | | | | | 流通股本（百万股） | 794.77 | | 净资产（百万元） | 9573.12 | | 总资产（百万元） | 11124.70 | | 每股净资产（元） | 11.97 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃dyCompany＃ 豪迈科技 （ 002595 ） 000009 ＃title＃ 轮胎模具维持高景气，数控机床高速增长 ＃creat ...

Investment Rating - Maintain "Overweight" rating [2][3] Core Views - The company achieved steady growth in the first half of 2024, with significant improvement in profitability [2] - Revenue in H1 2024 reached 2 748 billion yuan, up 26 80% YoY, while net profit attributable to shareholders was 738 million yuan, up 39 03% YoY [2] - Gross margin in H1 2024 was 73 54%, up 3 20pct YoY, and net profit margin was 26 88%, up 2 34pct YoY [2] - The company announced a high proportion of interim dividend, planning to distribute 11 44 yuan per 10 shares, with a total cash dividend of 737 million yuan, accounting for 99 77% of H1 2024 net profit [3] Financial Performance - Revenue in 2023 was 4 715 billion yuan, expected to grow to 5 621 billion yuan in 2024E, 6 521 billion yuan in 2025E, and 7 539 billion yuan in 2026E [2] - Net profit attributable to shareholders in 2023 was 1 151 billion yuan, expected to grow to 1 432 billion yuan in 2024E, 1 711 billion yuan in 2025E, and 2 036 billion yuan in 2026E [2] - Gross margin is expected to increase from 70 2% in 2023 to 72 6% in 2026E [2] - ROE is expected to increase from 10 7% in 2023 to 18 7% in 2026E [2] Business Highlights - The company's Ejiao series performed well in H1 2024, with revenue of 2 551 billion yuan, up 32 52% YoY, and gross margin increased by 2 48pct to 75 36% [3] - The company continues to strengthen its brand advantage and product competitiveness, driving strong performance [3] Valuation - Based on the closing price on August 23, 2024, the PE ratio is 22 0x for 2024E, 18 4x for 2025E, and 15 5x for 2026E [3] - The PB ratio is 3 1x for 2024E, 3 0x for 2025E, and 2 9x for 2026E [4]

p 司京评报 张晓云 zhangxiaoyun@xyzq.com.cn S0190514070002 公司大客户优质资源得到保障。招商南油重视大客户战略的执行，与大石 油公司建立了良好的合作关系，已与美孚、中石油、中石化等公司签订了 长期优质 COA 合同，具有优质货源保障。与其他国际大油公司和贸易商 等优质客户建立长期稳定合作关系。 肖祎 xiaoyiyjy@xyzq.com.cn S0190521080006 投资建议：预计公司 2024-2026 年归母净利润为 19.23/21.16/22.61 亿元， 对应 2024-2026 年 EPS 为 0.4/0.44/0.47 元，以公司 2024 年 8 月 23 日收盘 价计算，对应 2024-2026 年 PE 为 7.4/6.7/6.3 倍，维持公司"增持"评级。 王凯 wangkai21@xyzq.com.cn S0190521090002 | --- | --- | |------------------------------|-----------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6][12] Core Views - The company reported strong revenue and net profit growth in Q2 2024, with revenue reaching 1.14 billion yuan, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 32.2% [5][6] - The company's gross margin improved in Q2 2024, reaching 41.2%, with a decrease in expense ratio, indicating the realization of scale effects [6][12] - The acquisition of a 51% stake in Tianjin Tianping Quality Inspection Development Co., Ltd. is part of the company's strategy to enhance its competitive position and integrate its operations [6][12] - The company is well-positioned to benefit from the growing demand for intelligent testing services, particularly in the context of increasing penetration rates of advanced driver-assistance systems (ADAS) [6][12] Financial Summary - For H1 2024, the company reported revenue of 2.0 billion yuan, a year-on-year increase of 21.2%, and a net profit of 400 million yuan, up 17.1% year-on-year [5][6] - The automotive technology service segment generated revenue of 1.63 billion yuan in H1 2024, reflecting a 17.5% year-on-year growth, with the new energy and intelligent network development testing business growing by 38.1% [6][12] - The projected net profits for 2024-2026 are 972 million yuan, 1.203 billion yuan, and 1.450 billion yuan, respectively, indicating a positive growth trajectory [6][12]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 shows significant growth driven by the expansion of the new energy passenger vehicle business and improvements in the sales structure of commercial vehicles [2][6]. - The revenue for H1 2024 reached 6.15 billion yuan, a year-on-year increase of 16.9%, outperforming the automotive industry's growth rates of 4.9% in production and 6.1% in sales [2][6]. - The net profit attributable to shareholders for H1 2024 was 400 million yuan, reflecting a year-on-year increase of 41.1%, indicating that profit growth outpaced revenue growth [2][6]. Summary by Sections Financial Performance - H1 2024 revenue was 6.15 billion yuan, with a net profit of 400 million yuan, and a significant increase in the net profit margin to 6.6% [5][6]. - The company's comprehensive gross margin for H1 2024 was 21.2%, up 0.7 percentage points year-on-year [6]. - The revenue from the passenger vehicle segment reached 3.18 billion yuan, a year-on-year increase of 36.4%, accounting for 51.7% of total revenue [2][6]. Business Segments - The new energy passenger vehicle business is in the order fulfillment stage, with profitability expected to improve due to scale effects and customer upgrades [7][10]. - The commercial vehicle segment saw a decline in revenue to 2.34 billion yuan, down 1.5% year-on-year, while the digital and energy thermal management business grew by 23.5% to 440 million yuan [2][6]. Regional Performance - North America showed a revenue increase of 50.7% year-on-year, contributing 710 million yuan, with a net profit margin of 2.5% [6]. - The European market also improved, with revenue of 85.58 million yuan, marking a 90.7% increase year-on-year, although it still reported a loss [6]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 864 million yuan, 1.156 billion yuan, and 1.412 billion yuan for 2024, 2025, and 2026 respectively [4][10]. - The report highlights the potential of the third curve business in the new energy industrial sector, which is anticipated to become a new growth point for profitability [7][10].