Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - The company's performance in the refining sector has significantly improved, driven by high oil prices and steady demand in the chemical fiber industry [2][6]. - The company is advancing multiple quality enhancement projects to increase product value, which is expected to further boost performance [6][7]. - The controlling shareholder has initiated a share buyback plan to enhance investor confidence and stabilize the company's development [6][7]. Financial Summary - The company's revenue for 2024 is projected to be 354.25 billion, with a year-on-year growth rate of 9.0% [1]. - The net profit attributable to shareholders is expected to reach 3.17 billion in 2024, reflecting a significant recovery with a year-on-year growth of 173.3% [1][7]. - The company's operating cash flow has improved dramatically, with a net cash flow from operating activities of 8.39 billion in the first half of 2024, up 468.29% year-on-year [2][6]. Segment Performance - The refining segment remains the largest contributor to revenue, with a revenue of 59.84 billion in the first half of 2024, up 8.68% year-on-year [2][6]. - The chemical products segment showed a slight decline in revenue, but profitability has improved, indicating a recovery in margins [2][6]. - The company has successfully launched a new α-olefin pilot plant, which is expected to enhance the supply of high-value products in the domestic market [6]. Market Position - The company has a total market capitalization of approximately 87.59 billion, with a circulating market value of about 82.16 billion [3]. - The stock price as of September 4, 2024, was 8.65, reflecting the market's response to the company's recent performance and strategic initiatives [3]. Future Outlook - The company is expected to achieve revenues of 401.04 billion and 451.37 billion in 2025 and 2026, respectively, indicating a positive growth trajectory [1][7]. - The projected EPS for 2024, 2025, and 2026 are 0.31, 0.46, and 0.55, respectively, suggesting a recovery in profitability [1][7].

Investment Rating - The report maintains a "Buy" rating for Guotou Electric Power, expecting a price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company's hydropower fundamentals remain solid in H1 2024, while cost reductions in thermal power have improved profitability [1]. - The report anticipates revenue growth from 62.39 billion yuan in 2024 to 69.60 billion yuan in 2026, with net profit expected to rise from 7.74 billion yuan to 9.41 billion yuan during the same period [2]. - The complementary advantages of various power sources and the rhythm of project planning and implementation will sustain growth [2]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 27.102 billion yuan, a year-on-year increase of 2.79%, and a net profit of 3.744 billion yuan, up 12.19% year-on-year [1]. - For Q2 2024, the company reported operating revenue of 12.994 billion yuan, a decrease of 0.89% year-on-year, and a net profit of 1.708 billion yuan, down 0.87% year-on-year [1]. - The hydropower generation from the Yalong River increased by 37.24% in Q2 2024, while the average on-grid electricity price decreased by 9.65% [2]. - The thermal power generation decreased by 10.82% in Q2 2024, but profitability improved due to lower fuel costs [2]. Future Projections - The report projects operating revenues of 62.39 billion yuan, 66.74 billion yuan, and 69.60 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 7.74 billion yuan, 8.76 billion yuan, and 9.41 billion yuan [2]. - The expected EPS for 2024, 2025, and 2026 are 1.04 yuan, 1.17 yuan, and 1.26 yuan, respectively, with P/E ratios of 14.8, 13.1, and 12.2 [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company achieved a steady growth in net profit in H1 2024, with a year-on-year increase of 21.88%, driven by technological innovation and product diversification [2][3]. - The gross margin for H1 2024 was 25.22%, up by 1.03 percentage points year-on-year, indicating an improvement in profitability [2]. - The company has successfully developed over 1,000 product models, including high-precision TCXO and OCXO series, which are essential for automotive applications [3]. - The global market for new energy vehicles is projected to grow significantly, providing a substantial opportunity for the company's automotive business [2][3]. Financial Summary - In H1 2024, the company reported revenue of 393 million yuan, a year-on-year increase of 1.98%, and a net profit of 57 million yuan, reflecting a growth of 21.88% [1][2]. - The company's revenue is expected to grow from 875 million yuan in 2024E to 1,300 million yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 20.7% [1][6]. - The projected net profit for 2024E is 125 million yuan, increasing to 220 million yuan by 2026E [1][6]. Product Development and Market Position - The company has enhanced its R&D capabilities, focusing on high-end products and optimizing production processes to meet the growing demand in the automotive sector [2][3]. - The automotive electronics market is expanding due to trends in vehicle intelligence, electrification, and connectivity, which increases the demand for high-grade crystal oscillators [3]. - The company has established partnerships with several major automotive manufacturers and Tier 1 suppliers, positioning itself well in the market [3].

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 创耀科技（688259.SH） 24H1 收入短期承压，布局工业互联与新短距通信领域助力公司发 展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|----------|-----------|----------|----------|------------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 营业收入（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 增长率 yoy （ % ） | 932 45.4 | 661 -29.0 | 767 16.0 | 900 17.3 | 1,066 18.5 | 股票信息 | | | 归母净利润（百万元） | 91 | 58 | 72 | 94 | 113 | 行业 | ...

证券研究报告 | 公司动态点评 2024 年 09 月 01 日 五粮液（000858.SZ） 高质量增长释放转向信号 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------------------------|---------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 73,969 | 83,272 | 92,265 | 102,415 | 112,656 | | 增长率 yoy （ % ） | 11.7 | 12.6 | 10.8 | 11.0 | 10.0 | | 归母净利润（百万元） | 26,690 | 30,211 | 34,277 | 38,662 | 43,035 | | 增长率 yoy （ % ） | 14.2 | 13.2 | 13.5 | 12.8 | 11.3 | | ROE （ % ） | 24.0 | 23.8 | 23.9 | 23.5 | 22.7 | ...

证券研究报告 | 行业动态点评 2024 年 09 月 02 日 电力设备及新能源 国网第二批次计量设备中标公示，整体集中度由降转升 事件：2024 年 8 月 28 日，国家电网公示 2024 年第二次电能表（含用电信 息采集）招标采购推荐的中标候选人，本次招标设备共 1595 万只，总中标 金额约 45.32 亿元，共 73 家企业中标。 全年总体需求或将持续高增，本批次招标价格同比降幅较大。数量方面，除 D 级三相智能电能表需求同比大幅增长，同比增长约 51.50%，其他分标物资 需求量均呈现下降状态，但由于 2024 年国家电网计划集采计量设备共 3 个 批次，较往年增加一个批次，参考 2022 年同样增加集采批次的情况，且本 年度前两批招标量已经超过 2023 年的 83%，我们预计全年需求总量仍将保 持同比快速增长的状态。价格方面，本批次价格下降幅度较大，A 级单相智 能电能表、B 级三相智能电能表分标降幅约 5%，C 级三相智能电能表分标降 幅约 8%，D 级三相智能电能表分标单价下降至 700 元以内，降幅高达 26%。 电能表中标集中度由连续下降转为上升，用电信息采集终端集中度仍保持下 降趋 ...

Investment Rating - The report assigns an "Accumulate" rating for Huaihe Energy, marking the first coverage of the company [1]. Core Views - The company's electricity business has seen significant growth, leading to a notable improvement in profitability across the sector [1]. - For the first half of 2024, Huaihe Energy reported a revenue of 15.822 billion yuan, a year-on-year increase of 14.74%, with a net profit attributable to shareholders of 575 million yuan, up 58.94% year-on-year [2]. - The company has a robust coal supply and transportation business, with a focus on sustainable development and stable profit distribution policies [3][4]. Financial Performance Summary - **Revenue and Profitability**: - Revenue for 2022 was 25.382 billion yuan, increasing to 27.333 billion yuan in 2023, with projections of 31.870 billion yuan for 2024 [1]. - Net profit attributable to shareholders rose from 284 million yuan in 2022 to 840 million yuan in 2023, with an expected increase to 1.164 billion yuan in 2024 [1]. - The company's gross profit margin for the electricity business was 39.10% in the first half of 2024, up 2.01 percentage points year-on-year [3]. - **Earnings Per Share (EPS)**: - The latest diluted EPS was 0.22 yuan in 2023, projected to rise to 0.30 yuan in 2024 and 0.32 yuan in 2026 [1][4]. - **Return on Equity (ROE)**: - ROE improved from 4.0% in 2022 to 7.1% in 2023, with expectations of reaching 9.3% in 2024 [1]. Business Growth and Strategy - **Electricity Generation**: - The company generated 8.679 billion kWh of thermal power in the first half of 2024, a year-on-year increase of 27.81% [2]. - The average selling price of electricity was 408.31 yuan/MWh, with a slight decrease of 0.15% year-on-year, while the unit cost of electricity sold decreased by 3.29% [2]. - **Coal Supply and Transportation**: - The coal supply business reached a record high of 15.61 million tons in the first half of 2024, up 33.08% year-on-year [3]. - The railway freight volume remained stable at 24.97 million tons, with a slight decrease of 0.12% year-on-year [3]. - **Future Outlook**: - The company plans to implement a stable profit distribution policy, prioritizing cash dividends while also considering stock options [3][4]. - The acquisition of Panji Power Plant is expected to enhance the company's sustainable development capabilities [4]. Financial Projections - Revenue projections for 2024-2026 are 31.870 billion yuan, 32.870 billion yuan, and 34.847 billion yuan respectively, with net profits expected to be 1.164 billion yuan, 1.220 billion yuan, and 1.235 billion yuan [4].

证券研究报告|公司动态点评 2024 年 09 月 03 日 联化科技（002250.SZ） 2Q24 业绩环比改善，关注公司中长期成长性与英国基地改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 7,865 | 6,442 | 6,317 | 7,858 | 9,472 | 股票信息 | | | 增长率 yoy （ % ） | 19.4 | -18.1 | -1.9 | 24.4 | 20.5 | | | | 归母净利润（百万元） | 697 | -465 | 86 | 351 | 614 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects driven by AI and SiP technologies [1][4] Core Views - The company's 24H1 performance showed steady growth with revenue of 27.386 billion yuan, up 1.94% YoY, and net profit of 784 million yuan, up 2.23% YoY [1] - The company's SiP business is expected to benefit from the recovery in consumer electronics demand and the "AI+" trend, while its cloud storage business is poised for growth due to increasing demand for AI servers and switches [4] - The automotive electronics business is expected to grow rapidly, driven by the acquisition of Hirschmann Car Communication and the company's existing strengths in wireless communication modules [4] Financial Performance - Revenue for 2024E is projected at 65.205 billion yuan, with a YoY growth of 7.3%, and net profit is expected to reach 2.144 billion yuan, up 10.1% YoY [1] - The company's ROE is forecasted to improve from 11.5% in 2024E to 14.4% in 2026E, reflecting enhanced profitability [1] - EPS is expected to grow from 0.97 yuan in 2024E to 1.50 yuan in 2026E, with a corresponding decline in P/E ratio from 16.0x to 10.3x [1] Business Segments - Cloud and storage revenue grew by 38.96% YoY in 24H1, driven by industry demand recovery and new technology applications [2] - Automotive electronics revenue increased by 37.24% YoY in 24H1, benefiting from the consolidation of Hirschmann Car Communication and organic growth [2] - Industrial product revenue declined by 17.55% YoY in 24H1 due to weak downstream demand, despite a sequential recovery in Q2 [2] Technological Advancements - The company is investing in advanced SiP technology to meet the demand for highly integrated smart terminal products, driven by AI advancements [2] - SiP technology is expected to play a key role in addressing the design complexity of smart wearable devices, particularly in space-constrained products like smart glasses [2] Future Outlook - The company expects Q3 revenue growth to outperform the 16.8% YoY growth seen in the same period last year, with improved operating margins [2] - The cloud storage business is projected to grow significantly in 2024, with AI-related server business expected to nearly double [4] - The automotive electronics business is expected to maintain strong growth momentum, supported by investments in powertrain and power module technologies [4]

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 鸿合科技（002955.SZ） 归母净利润稳步提升，海外业务持续拓展，AI 赋能教育业务创新 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,549 | 3,929 | 4,464 | 5,147 | 6,104 | 股票信息 | | | 增长率 yoy （ % ） | -21.7 | -13.6 | 13.6 | 15.3 | 18.6 | | | | 归母净利润（百万元） | 396 | 323 | 402 | 483 | 585 | 行业 | 电子 | | 增 ...