证券研究报告 | 公司动态点评 2024 年 09 月 02 日 兖矿能源（600188.SH） 煤炭业务产销量增长明显，煤化工业务降本增效出色 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 224,973 | 150,025 | 145,903 | 151,048 | 157,041 | | 增长率 yoy （ % ） | 48.0 | -33.3 | -2.7 | 3.5 | 4.0 | | 归母净利润（百万元） | 33,819 | 20,584 | 15,286 | 15,880 | 16,302 | | 增长率 yoy （ % ） | 105.7 | -39.1 | -25.7 | 3.9 | 2.7 | | ROE （ % ） | 32.0 | 22.9 | 14.0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company achieved a revenue of 1.042 billion yuan in H1 2024, representing a year-on-year growth of 34.78%. However, the net profit attributable to shareholders was -30 million yuan, a decline of 168.77% year-on-year [1]. - The company is focusing on expanding its glass-based applications in MiniLED backlighting, direct display, and advanced semiconductor packaging, which is expected to drive revenue growth [2]. - The company is actively developing its AMOLED display glass processing project, which is anticipated to start production in 2026, enhancing its competitive position in the display technology market [3][4]. Financial Summary - In H1 2024, the company reported a gross margin of 16.46%, down 2.92 percentage points year-on-year, and a net margin of -1.19%, down 1.34 percentage points year-on-year [2]. - The company's revenue is projected to grow from 2.066 billion yuan in 2024E to 3.488 billion yuan in 2026E, with corresponding net profits expected to improve from -40 million yuan in 2024E to 208 million yuan in 2026E [4][6]. - The company’s R&D expenses increased by 43.11% year-on-year in H1 2024, reflecting its commitment to product development [2]. Business Development - The company’s display business is the primary revenue driver, with significant projects underway, including a strategic partnership with SK mws for OLED display production materials [2][3]. - The company is also advancing its semiconductor business, with a project in Hubei expected to begin trial production by the end of 2024, focusing on high-performance computing applications [3][4]. - The report highlights the potential of glass substrates as a competitive alternative in semiconductor packaging due to their superior properties [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][11]. Core Views - The company has shown steady revenue performance in Q3, although profits are slightly under pressure. The revenue for H1 2024 was 350 million yuan, a year-on-year decrease of 5.1%, while the net profit attributable to shareholders was 100 million yuan, an increase of 11.8% year-on-year [1][2]. - The company is experiencing a decline in revenue from major products due to insufficient consumer demand, but the domestic market remains stable. Revenue from key product categories such as Ganoderma lucidum spore powder and Dendrobium officinale has decreased by 6.6% and 6.0% respectively [2]. - The company is actively optimizing its marketing structure and expanding its channels, with the addition of 7 new specialty stores and 14 new channels in the first half of the year. This is expected to enhance product demand in the upcoming peak seasons [2][3]. Financial Summary - For the fiscal year 2022, the company reported a revenue of 829 million yuan, which is projected to decrease to 784 million yuan in 2023, followed by a recovery to 850 million yuan in 2024 [1][5]. - The net profit attributable to shareholders is expected to recover from 254 million yuan in 2023 to 284 million yuan in 2024, with a projected growth rate of 11.7% [1][5]. - The company's gross margin for H1 2024 was 81.3%, a slight decrease of 0.8 percentage points year-on-year, primarily due to reduced scale effects and the impact of new production areas [2][6]. Market and Product Insights - The company’s revenue from the domestic market was 250 million yuan, reflecting a year-on-year growth of 7.4%, while revenue from outside the province and online sales saw significant declines of 24.7% and 26.6% respectively [2]. - The report anticipates stable growth in the traditional Chinese medicine and health products industry, supported by the company's core competitive advantages and ongoing research and innovation efforts [2][3]. Future Projections - The company is expected to achieve net profits of 280 million yuan, 310 million yuan, and 350 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 14, 13, and 11 times [2][3].

证券研究报告 | 公司动态点评 2024 年 08 月 30 日 宏微科技（688711.SH） 新能源汽车业务快速增长，24Q2 净利润环比大幅扭亏 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 926 | 1,505 | 1,740 | 2,138 | 2,633 | | | | 增长率 yoy （ % ） | 68.2 | 62.5 | 15.7 | 22.9 | 23.2 | 股票信息 | | | 归母净利润（百万元） | 79 | 116 | 92 | 153 | 225 | 行业 | 电子 | | 增长率 yoy （ ...

证券研究报告 | 公司动态点评 2024 年 08 月 30 日 蓝色光标（300058.SZ） 出海业务增长亮眼，行业竞争下毛利率承压 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 36,683 | 52,616 | 62,481 | 69,554 | 75,362 | 股票信息 | | | 增长率 yoy （ % ） | -8.5 | 43.4 | 18.8 | 11.3 | 8.4 | | | | 归母净利润（百万元） | -2,175 | 117 | 357 | 455 | 594 | 行业 | 传媒 | | 增长率 yoy （ % ） | -516.8 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5]. Core Views - The company has achieved a revenue growth of 6.21% year-on-year in H1 2024, with a net profit of 1.52 billion yuan, reflecting a stable increase of 1.14% [1][2]. - The company's three main business segments, women's fashion, medical beauty, and green baby products, are all experiencing rapid growth, contributing to the overall revenue increase [2][5]. - The company is positioned in the mid-to-high-end women's fashion market, creating a synergistic ecosystem across its various business sectors [2][5]. Financial Summary - Revenue for 2023 is projected at 5,145 million yuan, with a year-on-year growth rate of 24.4% [1][6]. - The net profit for 2023 is expected to reach 225 million yuan, showing a significant increase of 953.4% compared to the previous year [1][6]. - The company's gross margin for H1 2024 is reported at 59.78%, with a net profit margin of 6.21% [2][5]. - The earnings per share (EPS) for 2024 is projected to be 0.72 yuan, with corresponding price-to-earnings (P/E) ratios of 17.6X for 2024, 14.9X for 2025, and 12.4X for 2026 [1][5][6]. Business Segment Performance - In H1 2024, the women's fashion segment generated revenue of 1.012 billion yuan, growing by 11.41% year-on-year, while the medical beauty segment achieved 1.194 billion yuan, with a growth of 6.02% [2][5]. - The company operates seven proprietary brands in the women's fashion market, catering to diverse consumer needs [2][5]. - The medical beauty segment is expanding through a combination of self-built and acquired institutions, enhancing its market presence [2][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company achieved impressive performance in H1 2024, with revenue reaching 1.531 billion yuan, a year-on-year increase of 68.26%, and a net profit attributable to shareholders of 148 million yuan, up 199.76% year-on-year [1][2]. - The new BES2800 chip is expected to ramp up production in the second half of the year, contributing to revenue growth [2][4]. - The company is expanding its product offerings in the wearable and smart home markets, with the BES2700 series and the new BES2800 chip being key products [2][4]. Financial Performance Summary - **Revenue**: - 2022A: 1,485 million yuan - 2023A: 2,176 million yuan - 2024E: 3,260 million yuan - 2025E: 4,202 million yuan - 2026E: 5,145 million yuan - Year-on-year growth rates: 2023A: 46.6%, 2024E: 49.8% [1][7] - **Net Profit**: - 2022A: 122 million yuan - 2023A: 124 million yuan - 2024E: 378 million yuan - 2025E: 560 million yuan - 2026E: 780 million yuan - Year-on-year growth rates: 2023A: 1.0%, 2024E: 206.1% [1][7] - **Gross Margin**: - H1 2024 gross margin: 33.19%, with a slight decrease of 1.92 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - 2022A: 1.02 yuan - 2023A: 1.03 yuan - 2024E: 3.15 yuan - 2025E: 4.66 yuan - 2026E: 6.50 yuan [1][7]. Market and Product Development - The company is focusing on the smart home market, adapting its technology to meet IoT demands, and has launched the BES2600 series for smart speakers and home applications [4]. - The BES2800 chip, produced using advanced 6nm FinFET technology, is designed to enhance performance in wearable devices and is expected to see increased adoption in the second half of the year [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has experienced a slowdown in store expansion and pressure on single-store revenue, with a focus on improving store quality. The first half of 2024 saw a revenue of 1.06 billion yuan, a year-on-year decrease of 7.53%, and a net profit of 61 million yuan, down 26.59% year-on-year [2][3]. - The company is optimizing its store structure through closures and relocations, which may lead to a temporary slowdown in store expansion while enhancing overall store quality [2]. - The gross margin has improved due to a decrease in raw material prices, with the gross margin for meat products rising by 6.83 percentage points to 36.38% in the first half of 2024 [2]. Financial Summary - The company reported a revenue of 1.92 billion yuan for 2023, with a slight projected increase to 1.92 billion yuan in 2024, followed by 2.19 billion yuan in 2025 and 2.49 billion yuan in 2026, reflecting growth rates of 0.1%, 13.9%, and 13.7% respectively [1][2]. - The net profit is expected to grow from 91 million yuan in 2024 to 115 million yuan in 2025 and 143 million yuan in 2026, with year-on-year growth rates of 29%, 26%, and 24% respectively [2]. - The report highlights an overall gross margin of 32.43% for the first half of 2024, an increase of 4.71 percentage points year-on-year [2]. Operational Insights - As of June 2024, the company operates 4,052 specialty stores, with a reduction of 445 stores since the beginning of the year, indicating a strategic shift towards enhancing store quality over quantity [2]. - The company has increased its marketing and management expenditures, which contributed to the decline in net profit despite the improvement in gross margins [2].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company benefits from the development of smart grids, with multiple business prospects looking positive [1] - The company's revenue for H1 2024 was 508 million yuan, a year-on-year increase of 2.68%, while net profit attributable to shareholders was 87 million yuan, a year-on-year decrease of 1.07% [1][2] - The company is expected to see significant growth in revenue and net profit from 2024 to 2026, with projected revenues of 1.369 billion yuan, 1.551 billion yuan, and 1.769 billion yuan respectively, and net profits of 246 million yuan, 303 million yuan, and 359 million yuan [4][5] Financial Performance - Revenue growth rates are projected at 24.8% for 2024, 13.3% for 2025, and 14.0% for 2026 [1][7] - The gross profit margin for H1 2024 was 39.69%, an increase of 4.26 percentage points year-on-year, indicating improved profitability [2] - The company’s return on equity (ROE) is expected to be 22.6% in 2024, 22.1% in 2025, and 21.1% in 2026 [1][7] Market Opportunities - The expansion of grid investment and the broad space for intelligent development are expected to provide significant market opportunities for the company [2] - The company has seen an increase in its bidding share for the State Grid, with a 2.41% share in the first batch of 2024, amounting to nearly 300 million yuan, a year-on-year increase of 17.4% [2][4] - The total investment scale for grid construction is expected to exceed 500 billion yuan, with the Southern Grid planning to invest 670 billion yuan during the 14th Five-Year Plan period, a 33% increase compared to the previous plan [2][4]

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 山煤国际（600546.SH） 24Q2 吨煤毛利环比增长，下半年煤炭产销有望修复 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 46,394 | 37,371 | 29,384 | 30,594 | 31,825 | | | | 增长率 yoy （ % ） | -3.5 | -19.4 | -21.4 | 4.1 | 4.0 | 股票信息 | | | 归母净利润（百万元） | 6,929 | 4,260 | 2,617 | 2,848 | 3,070 | 行业 | 煤炭 | | 增长率 yoy （ ...