Investment Rating - Maintained "Buy" rating for Industrial Bank (601166) [1][6] Core Views - Revenue growth turned positive, with net profit growth shifting from negative to positive in H1 2024 [1][4] - Corporate loans showed steady growth, with loan structure gradually optimizing [1][4] - Net interest margin decline was smaller than peers, with deposit costs continuing to decrease [1][4] - Asset quality remained stable overall, with slight decline in provision coverage [2][5] - Capital adequacy ratios were healthy, with convertible bonds in conversion period to supplement core tier-1 capital [6] Financial Performance - H1 2024 revenue increased by 1.8% YoY to 113 billion yuan, with net profit attributable to parent company up 0.9% YoY to 43 billion yuan [3][4] - Q2 2024 revenue decreased 0.6% YoY, but net profit increased 6.5% YoY [1][4] - Net interest income grew 4.2% YoY in H1 2024, while fee-based income declined 19.4% YoY [1][4] - Credit impairment losses increased 10.2% YoY, with loan impairment losses decreasing and debt investment impairment losses increasing [1][4] Loan Business - Total loans increased 8.7% YoY in H1 2024, with corporate loans up 14.8% YoY [1][4] - New loans in H1 2024 reached approximately 200 billion yuan, with corporate loans accounting for 266.6 billion yuan [1][4] - Retail loan balance decreased by 33.1 billion yuan, mainly due to declines in mortgage and credit card loans [1][4] Interest Margin and Deposit Costs - Net interest margin was 1.86% in H1 2024, down 7bp from end-2023 and 9bp YoY [1][4] - Loan yield decreased 25bp to 4.32%, with corporate/personal loan yields down 18bp/35bp respectively [1][4] - Deposit cost ratio decreased 18bp to 2.06%, with corporate/personal deposit costs down 22bp/6bp respectively [1][4] Asset Quality - NPL ratio increased 1bp QoQ to 1.08% in H1 2024 [2][5] - Provision coverage ratio decreased 8pct QoQ to 238%, while provision-to-loan ratio decreased 7bp to 2.56% [2][5] - Corporate NPL ratio increased 1bp to 0.97%, with real estate NPL ratio up from 0.84% to 1.08% [2][6] - Retail NPL ratio remained flat at 1.42%, with credit card NPL ratio down 5bp to 3.88% [2][6] Capital Position - Core tier-1 capital adequacy ratio was 9.48% at end-H1 2024 [6] - Tier-1 capital adequacy ratio stood at 10.98%, with total capital adequacy ratio at 14.44% [6] Earnings Forecast - 2024 EPS forecast adjusted to 3.77 yuan, with 2025 EPS forecast at 3.88 yuan [6] - Estimated 2024 year-end book value per share is 36.79 yuan [6] - Price-to-book ratio for 2024 year-end is estimated at 0.46x based on August 22, 2024 closing price [6]

Investment Rating - The report gives an "Accumulate" rating for the company, Huayang Group [4][7]. Core Views - The company reported a revenue of 4.19 billion yuan for H1 2024, representing a year-on-year increase of 46.2%, and a net profit attributable to shareholders of 290 million yuan, up 57.9% year-on-year [3][5]. - The automotive electronics business achieved a revenue of 3.07 billion yuan in H1 2024, a 65.4% increase year-on-year, driven by the mass production of new product lines [6][7]. - The company is expanding its production capacity with new facilities in Huizhou and plans for a new base in Zhejiang, which is expected to enhance local support and service capabilities [6][7]. Financial Summary - **Revenue and Profit Forecasts**: The company is expected to generate revenues of 8.995 billion yuan, 11.053 billion yuan, and 13.203 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits projected at 627 million yuan, 878 million yuan, and 1.172 billion yuan for the same years [2][10]. - **Profitability Metrics**: The gross margin for H1 2024 was 21.8%, slightly down by 0.5 percentage points year-on-year, while the net profit margin for Q2 2024 was 6.6%, showing a minor decline [6][7]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.20 yuan for 2024E, 1.67 yuan for 2025E, and 2.23 yuan for 2026E, with a corresponding price-to-earnings (P/E) ratio decreasing from 26.0 in 2023 to 10.3 in 2026 [2][10]. Market Position and Strategy - The company is focusing on the integration of cockpit and driving functions, launching new products based on Qualcomm chips, and expanding its customer base, including partnerships with major automotive manufacturers [6][7]. - The report highlights the trend of centralized electronic architecture in the industry, positioning the company favorably for future growth [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Viewpoints - The company reported a revenue of 33.679 billion yuan for H1 2024, a year-on-year decrease of 8.78%, while the net profit attributable to shareholders increased by 24.7% to 1.233 billion yuan [1]. - In Q2 2024, the company achieved a revenue of 16.806 billion yuan, a quarter-on-quarter decrease of 0.39% and a year-on-year decrease of 11.64%, with a net profit of 679 million yuan, reflecting a quarter-on-quarter increase of 22.65% and a year-on-year increase of 10.85% [1]. - The company is focusing on product transformation and upgrading, with high-end products steadily increasing their contribution to profits [2]. - The company’s steel production in H1 2024 was 4.7872 million tons, down 7.0% year-on-year, while steel sales were 4.7828 million tons, down 7.1% year-on-year [2]. - The company’s steel product exports reached 816,000 tons, a year-on-year increase of 64%, with an export volume of 685,000 tons, up 31% year-on-year, achieving record highs [2]. - The advanced steel materials segment accounted for 27.14% of total steel sales, with a gross margin of 17.94%, up 1.61 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 617 million yuan, which represents 50% of the net profit attributable to shareholders for H1 2024 [2]. - The company is developing a 6.5 million tons coke production base in Indonesia, with significant sales and revenue contributions expected from this project [3]. Financial Summary - For 2024-2026, the company’s projected net profits are 2.352 billion yuan, 2.668 billion yuan, and 2.861 billion yuan, respectively, with corresponding EPS of 0.38 yuan, 0.43 yuan, and 0.46 yuan [5]. - The company’s revenue is expected to grow from 72.543 billion yuan in 2023 to 89.439 billion yuan in 2026, with a compound annual growth rate of approximately 9.6% [6]. - The gross margin is projected to remain stable at around 11.0% for 2025 and 2026 [6]. - The company’s PE ratio is expected to decrease from 12.3 in 2023 to 9.2 in 2026, indicating potential for valuation improvement [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.37 yuan as of the market data date of 2024-08-23 [1][3] Core Views - The company's traditional rubber additive business benefits from the high prosperity of the tire industry, while its electronic materials business is developing rapidly [3] - In H1 2024, the company achieved revenue of 1.576 billion yuan (yoy +15.11%) and net profit attributable to the parent company of 313 million yuan (yoy +40.35%) [3] - The company's semiconductor photoresist business grew rapidly, with revenue of 128 million yuan (yoy +54.43%) in H1 2024 [4] - The company's display panel photoresist revenue reached 159 million yuan (yoy +27.8%) in H1 2024 [4] Financial Performance - The company's revenue is expected to grow from 2.944 billion yuan in 2023 to 5.066 billion yuan in 2026E, with a CAGR of 19.8% [2] - Net profit attributable to the parent company is forecasted to increase from 407 million yuan in 2023 to 699 million yuan in 2026E, with a CAGR of 19.7% [2] - The company's ROE is projected to improve from 11.9% in 2023 to 17.6% in 2026E [2] - EPS is expected to grow from 0.68 yuan in 2023 to 1.17 yuan in 2026E [2] Business Segments - The company's tire resin sales volume increased by over 9,000 tons (yoy +14.7%) in H1 2024, with sales revenue up by 130 million yuan (yoy +12.7%) [3] - Investment income from affiliated enterprises reached 209 million yuan in H1 2024 (yoy +51.98%) [3] - The company's fully biodegradable material revenue was 30 million yuan in H1 2024 (yoy -31.85%), with PBAT production facilities temporarily shut down [3] Industry Outlook - The company is a global leader in phenolic resin rubber additives for tires [4] - Through acquisitions of leading photoresist manufacturers, the company has become a domestic leader in the photoresist production field [4] - The company signed a cooperation agreement for the "Semiconductor Chip Advanced Polishing Pad Project" on May 27, 2024, with an expected annual capacity of 250,000 pieces [4]

证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 公 司 点 评 报 告 | --- | --- | |-----------------------------------------|------------| | | | | ＃市场数据 marketData ＃ 市场数据日期 | 2024-08-22 | | 收盘价（元） | 76.45 | | 总股本（百万股） | 132.60 | | 流通股本（百万股） | 132.60 | | 净资产（百万元） | 5418.83 | | 总资产（百万元） | 5756.77 | | 每股净资产 ( 元 ) | 40.87 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 ＃研究助理： assAuthor＃ 刘珂瑞 liukerui@xyzq.com.cn ⚫ 毛利率稳中有升，费用增幅有限。公司 2024 年上半年毛利率 48.03%，同 ...

公 司 研 究 证券研究报告 ＃industryId＃ 证券 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 相关报告 《财富管理多点开花，自营投资 贡献增量——方正证券 2023 年 报点评》2024-03-20 《经纪业务护城河稳固，资产负 债表持续扩张——方正证券 2023 年三季报点评》2023-10-27 《经纪业务优势稳固，自营投资 提振业绩——方正证券 2023 年 中报点评》2023-08-25 《财富管理基础扎实，轻装上阵 前景可期——方正证券 2023 年 一季报点评》2023-04-25 《业绩创六年新高，站在新起 点，开启新征程——方正证券 2022 年报点评》2023-03-25 ＃分析师： emailAuthor＃ 徐一洲 S0190521060001 陈静 S0190524070003 ＃dyCompany＃ 方正证券 （ 601901 ） 000009 经纪业务和固收投资为 ＃title＃ 公司收入压舱石 ——方正证券 2024 中报点评 ＃createTime1＃ 2024 年 8 月 23 日 投资要点 ＃⚫ ...

公 司 研 究 ＃分e析m师ail：Author＃ 公 司 点 评 报 告 ＃市场ma数rk据etData＃ 日期 2024-8-22 收盘价（元） 12.99 总股本（百万股） 8726.56 流通股本（百万股） 4969.16 净资产（百万元） 83981.42 总资产（百万元） 343596.50 每股净资产（元） 9.62 来源：WIND，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |-------------------------|------------------------------------------|-----------------|----------------------------|--------| | 董晓彬 | ＄会计zy年c度wzb|主要财务指标＄ | 2023 | 2024E | 2025E | | dongxiaobin@xyzq.com.cn | 营业收入(百万元) | 213958 | 234503 | 261764 | | S0190520080001 | 同比增长 | 22.2% | 9. ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-08-22 | | 收盘价（元） | 14.21 | | 总股本（百万股） | | | | 2991.41 | | 流通股本（百万股） | 2991.41 | | 净资产（百万元） | 46179.49 | | 总资产（百万元） | 81176.16 | | 每股净资产 ( 元 ) | 15.44 | ＃相关报告 relatedReport＃ 《【兴证煤炭】潞安环能 2023 年 报及 2024 一季报点评：60%高 分红延续，Q1 量价下滑拖累业 绩》2024-04-21 《【兴证煤炭】潞安环能 2023 年 中报点评：业绩环比回落明显， 毛利率维持高水平》2023-08-19 《【兴证煤炭】潞安环能 2022 年 报及 2023 年一季报点评：业绩 同比高增，分红率跃至 60%》 2023-05-01 ＃分析师： emailAuthor＃ liranran@xyzq.com. ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 轮胎轮毂 ＃investSuggestion＃ ＃分析师： emailAuthor＃ 张志扬 | --- | --- | |--------------------|------------| | ＃市场数据 | | | 市场数据日期 | 2024-08-22 | | 收盘价（元） | 12.18 | | 总股本（百万股） | 3288.10 | | 流通股本（百万股） | 3288.10 | | 净资产（百万元） | 17827.73 | | 总资产（百万元） | 36992.72 | | 每股净资产(元) | 5.42 | 来源：WIND，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |------------------------------------------|--------|-------|-------|-------| | ＄会计年度 zycwzb|主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | | | ...

公 司 研 究 证券研究报告 ＃industryId＃ 啤酒 ＃investSuggestion＃ 增持 ( 公 司 点 评 报 告 | --- | --- | |-------------------------|-----------| | ＃市场数据 marketData＃ | | | 日期 | 2024-8-22 | | 收盘价（元） | 8.48 | | 总股本（百万股） | 2213.33 | | 流通股本（百万股） | 2213.33 | | 净资产（百万元） | 10198.78 | | 总资产（百万元） | 15127.41 | | 每股净资产（元） | 4.61 | | | | ＃相关报告 relatedReport＃ 《珠江啤酒中报业绩预告点评： 量价表现强劲，业绩持续超预 期》20240711 《珠江啤酒一季报点评：业绩表 现超预期，高档纯生增持强劲》 20240426 《珠江啤酒年报点评：97 纯生 延续高增，期待营销改革持续强 化》20240329 ＃分析师： emailAuthor＃ 郭晓东 guoxiaodong@xyzq.com.cn S0190521080002 汪润 wa ...