公 司 研 究 航空运输 买入 （ 维持 ） 公 司 点 评 报 告 证券研究报告 市场数据 marketData | --- | --- | |--------------------|-----------| | 日期 | 2024-8-19 | | 收盘价（元） | 11.07 | | 总股本（百万股） | 2214 | | 流通股本（百万股） | 2214 | | 净资产（百万元） | 8452.04 | | 总资产（百万元） | 46334.43 | | 每股净资产（元） | 3.82 | 来源：WIND，兴业证券经济与金融研究院整理 相关报告 relatedReport 《吉祥航空 2023 年年报点评： 全年实现扭亏为盈，静待 2024 年利润兑现》2024-4-9 《吉祥航空 2023 年半年报点 评：上半年实现扭亏为盈，宽体 机弹性显现，扣油单位成本低于 19 年同期》2023-8-23 《吉祥航空 2023 年一季报点 评：恢复比例行业领先，一季度 实现扭亏为盈》2023-4-29 分析师： 袁浩然 yuanhaoran@xyzq.com.cn S0190523070003 张晓云 zha ...

＃市场ma数rk据etData＃ 日期 2024-8-19 收盘价（元） 75.20 总股本（百万股） 293.29 流通股本（百万股） 293.29 净资产（百万元） 12909.63 总资产（百万元） 16719.16 每股净资产（元） 44.02 来源：WIND，兴业证券经济与金融研究院整理 ＃assAuthor＃ 请务必阅读正文之后的信息披露和重要声明 投资要点 ＃sum事ma件ry：＃ 公司公告 2024 年中报，24H1 公司实现营收/归母净利润/扣非归母净利润 75.44/8.03/7.72 亿元，同比+9.42%/+9.17%/+11.11%。24Q2 公司实现营收/归母净利润/扣非 归母净利润 37.89/3.64/3.52 亿元，同比+2.31%/-2.51%/+0.79%，业绩基本符合预期。24H1 基本 EPS 为 2.75 元。 H1 主业收入彰显韧性，小龙虾业务拖累较大。24H1 收入同比+9.42%，拆分如下：1）主 业：收入同比+16.6%，调制食品（鱼糜+肉制品）同比+21.9%，锁鲜同比+23.6%，快于主 业，预计贡献 7.3 亿，小厨同比增长超过 85%，贡献 2.6 ...

Investment Rating - The report maintains an "Increase" rating for Tianshan Aluminum (002532) [1] Core Views - The company has significantly benefited from the integration of the aluminum industry chain, with a notable increase in net profit by 103.45% year-on-year in the first half of 2024, despite a 6.83% decrease in revenue [1][2] - The report highlights the company's strong performance in both electrolytic aluminum and alumina, with the average price of electrolytic aluminum rising by 7.1% year-on-year and alumina by 20.2% year-on-year [1][3] - The company is expected to maintain high profitability levels due to its integrated operations and low-cost advantages in Xinjiang, with projected net profits of 4.29 billion, 4.83 billion, and 5.22 billion yuan for 2024, 2025, and 2026 respectively [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 13.785 billion yuan, a decrease of 6.83% year-on-year, while net profit attributable to shareholders reached 2.074 billion yuan, an increase of 103.45% year-on-year [1] - The average price of electrolytic aluminum was 19,801 yuan/ton, with a gross profit per ton of 3,682 yuan, up 630 yuan year-on-year [1][2] Production and Capacity - The company has established a 2.5 million ton alumina production line in Guangxi and is planning a 2 million ton alumina production line in Indonesia, ensuring a stable and low-cost supply of bauxite [2][3] - The company aims to produce 1.16 million tons of primary aluminum, 1.35 million tons of alumina, and 25,000 tons of high-purity aluminum in 2024 [3] Market Outlook - The report anticipates a tight supply-demand balance in the electrolytic aluminum market, with domestic consumption expected to grow by 8% year-on-year in the first seven months of 2024, driven by demand from the new energy vehicle sector and other industries [1][3] - The company is well-positioned to benefit from rising aluminum prices and is expected to maintain high profitability levels due to its integrated operations and low-cost advantages [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company reported a revenue of 16.254 billion yuan in the first half of 2024, reflecting a year-on-year increase of 1.78%, while the net profit attributable to shareholders decreased by 37.66% to 1.393 billion yuan [4]. - The company's coal production decreased by 7.56% year-on-year to 14.2082 million tons, but the production of premium coal increased by 6.6% to 6.59 million tons, with a premium coal yield of 46.4%, up by 6.2 percentage points [4]. - The controlling shareholder plans to increase its stake in the company by 300 to 600 million yuan within six months, which is expected to enhance the company's competitive advantage in the coal industry [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 8.01 billion yuan, a year-on-year increase of 9.14%, but a quarter-on-quarter decrease of 2.84% [4]. - The average net asset return rate for the first half of 2024 was 4.98%, down by 4.53 percentage points year-on-year [4]. Production and Sales - The company sold 13.4875 million tons of commodity coal in the first half of 2024, a decrease of 13.2% year-on-year, with self-produced coal sales down by 16.95% to 11.5452 million tons [4]. - The selling price per ton of coal was 1,088 yuan, up by 9.3% year-on-year, while the cost per ton was 772 yuan, an increase of 13.4% [4]. Cost Management - Management expenses increased by 68.6% year-on-year to 696 million yuan in the first half of 2024, primarily due to production stoppages at twelve mines [4]. - The company expects management expenses to return to normal levels in the second half of 2024 as production resumes [4]. Future Outlook - The company anticipates a recovery in production and sales in the second half of 2024, with downstream demand expected to stabilize [4]. - The expected asset injection from the controlling shareholder is likely to strengthen the company's competitive position in the coal sector [4].

公 司 研 究 证券研究报告 ＃industryId＃ 银行 II 浦发银行（600000） ＃investSuggestion 增持 ＃(＃ investS uggesti onChan ge＃ 维持 ) ＃分析师： relatedReport＃ ＃陈绍兴assAuthor＃ SAC：S0190517070003 chenshaox@xyzq.com.cn 曹欣童 SAC：S0190522060001 caoxintong@xyzq.com.cn ＃title＃ 利润亮眼，资产质量持续改善 ——浦发银行 2024 年半年报点评 ＃createTime1＃ 2024 年 8 月 21 日 投资要点 ＃⚫ summary 扩张积极＃ +息差企稳+信用成本节约，驱动 Q2 业绩超预期。2024H1 营收/ 归母净利润同比分别-3.3%/+16.6%，Q2 单季度同比分别为-0.5%/+30.9%， Q2 单季度业绩增速靓丽领跑，主要受益于贷款增速提升+息差企稳+信用 成本节约。具体来看：1）净利息收入同比-3.9%（Q2 同比-1.5%），其中 贷款扩张积极，增速增量预计同业靠前；息差环比企稳，同比降幅持续收 窄 ...

Investment Rating - The report maintains an "Add" rating for the company [2][4][11] Core Insights - The company has demonstrated sustained high growth in revenue and profit, with a significant increase in sales driven by the product Vomeletin, which has been approved for first-line treatment of EGFR mutation NSCLC and included in the national medical insurance directory [6][7][9] - The company achieved a revenue of 1.576 billion yuan in the first half of 2024, representing a year-on-year increase of 111%, and a net profit attributable to shareholders of 656 million yuan, up 215% year-on-year [6][7][9] - The gross margin remains high at 95.63%, with a notable decrease in sales, management, and R&D expense ratios, showcasing the benefits of scale [9] Financial Performance Summary - For 2024, the company expects earnings per share (EPS) of 2.76 yuan, with projected EPS for 2025 and 2026 at 3.21 yuan and 3.70 yuan respectively, corresponding to price-to-earnings ratios of 20.1X, 17.2X, and 15.0X based on the closing price on August 20, 2024 [4][9] - The company has achieved a continuous increase in sales revenue for 10 consecutive quarters, with a quarter-on-quarter revenue growth of 12% in Q2 2024 [7][9] - The report highlights the successful expansion of the product pipeline, including clinical trials for various indications and collaborations to enhance market presence [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 11.69 billion yuan, a year-on-year increase of 34.0%, and net profit attributable to shareholders at 840 million yuan, up 38.1% year-on-year [4][5]. - The second quarter of 2024 saw revenue of 6.04 billion yuan, with year-on-year growth of 27.5% and a net profit of 450 million yuan, reflecting a 64.1% increase year-on-year [4][5]. - The company is accelerating its expansion in the European market, establishing a new technology park in Weimar, Germany, and opening an office in Paris, France [5][6]. - The gross margin improved in Q2 2024, attributed to the price reduction of NVIDIA chips and an increase in new projects from companies like Xiaomi [5][6]. Summary by Sections Financial Performance - For H1 2024, the company's revenue was 11.69 billion yuan, with a net profit of 840 million yuan and a non-recurring net profit of 790 million yuan, showing year-on-year increases of 34.0%, 38.1%, and 49.7% respectively [4][5]. - In Q2 2024, the gross margin was 21.3%, up 1.9 percentage points year-on-year, driven by cost reductions and new project contributions [5][6]. Business Segments - The smart cockpit business generated 7.97 billion yuan in H1 2024, a 27.4% increase year-on-year, while the smart driving business reached 2.67 billion yuan, up 22.8% year-on-year [4][5]. - The company has secured multiple new project orders from major automotive clients, including Li Auto, GAC, and Geely, for its fourth-generation smart cockpit and high-performance smart driving controllers [6]. Market Expansion - The company is focusing on local production capabilities in Europe to enhance delivery speed and service responsiveness to market demands [5][6]. - The establishment of a smart factory in Spain is part of the company's strategy to strengthen its presence in the European market [5][6]. Profitability Forecast - The company has adjusted its net profit forecasts for 2024-2026 to 2.044 billion yuan, 2.884 billion yuan, and 3.660 billion yuan respectively, reflecting strong growth expectations [6].

证券研究报告 ＃钢in铁dustryId＃ 钢价震荡寻底，静待需求回暖 ＃createTime1＃ 2024 年 08 月 25 日 ＃ investSuggestion ＃ 推荐 （ ＃ investSugge stionChang e＃ 维持 ） 相关公司 相关公司 评级 宝钢股份 增持 华菱钢铁 增持 南钢股份 增持 河钢资源 增持 久立特材 增持 甬金股份 增持 来源：iFinD，兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ 《【兴证金属】钢铁：悲观情绪 宣泄，黑色商品价格延续下跌》 2024-08-18 《【兴证金属】钢铁：需求持续 疲弱，黑色商品价格承压下行》 2024-08-11 《【兴证金属】钢铁：钢价阶段 性反弹》2024-08-04 laifuyang@xyzq.com.cn S0190522050001 投资要点 需求有所回暖，钢价震荡寻底 随着上周甩货情绪再度释放，螺纹钢已经呈现"低产量+低库存"的结构，Mysteel 统计的 螺纹钢表需也有一定修复，供需矛盾不大之下钢价跌势趋缓。此外，热轧此前的"低产量+ 高库存+低需求"结构在本期得到改善，对应表需为 318.6 ...

行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 维持 ） 国家电网加快特高压工程建设，持续看好特高压需求 ＃createTime1＃ 2024 年 08 月 25 日 细分行业 锂电：固态电池持续推进，产业链企业重点布局。近期锂电产业链公司持续推进固态电池研 发，鹏辉能源计划 8 月 28 日直播固态电池产品技术，智己汽车官宣 L6 车型搭载固态电池， 蔚来汽车已上线 150kWh 固态电池。智己汽车使用清陶能源第二代技术，蔚来汽车使用卫蓝 新能源固态技术，虽然两款产品均为半固态电池，但固态电池的技术不断进步。电池公司也 在积极推进固态电池研发，全产业链也在更加积极推进攻关固态电池核心难点，预计未来 1~2 年固态电池从技术到产品都会不断有边际利好。 光伏：美国上调 201 关税豁免额度，组件出口季节性回落。8 月 12 日，美国宣布将光伏电 池的 201 关税豁免配额由原来的 5GW 上调至 12.5GW，据 Infolink Consulting 统计，2024 年 底美国市场组件名义产能预计达到 40GW，而目前美国电池产能还在起步阶段，短期无法获 得充足本土供应，预计本次政策目标为适 ...

证券研究报告 ＃industryId＃ 房地产 ＃title＃ 新房二手房周报：收储细则持续落地，研究建立房 屋养老金等长效机制 2024 年 8 月 25 日 ＃相r关el报ate告dReport＃ 投资要点 《2024 年房地产行业中期策略 报 告 ： 渐 行 渐 近 的 拐 点 》 2024-6-25 ＃emailAuthor＃ 分析师： 我们跟踪 12 个城市新房+二手房合计成交面积：本周成交面积 229.7 万方，环 比+7.6%，同比-3.4%。2024 年 8 月以来，新房二手房整体成交面积环比-9.2%， 同比+1.7%。2024 年年初以来，新房二手房整体成交面积同比-19.1%，其中， 一/二/三四线新房二手房整体成交面积累计同比-5.5%/-22.4%/-21.8%。注：12 城为有周频新房二手房数据更新的北京、深圳、杭州、成都、青岛、苏州、厦 门、南宁、扬州、金华、江门、佛山。（数据口径：本周为 8 月 16 日至 8 月 22 日， 2024 年 8 月以来为 8 月 1 日至 8 月 22 日，2024 年年初以来为 1 月 1 日至 8 月 22 日，下文同。） 靳璐瑜 研究建立 ...