3、 《 从运 营资 产角 度看 煤 炭公 司盈 利确 定性 》 2024-08-27 证券研究报告 | 行业月报 2024 年 09 月 19 日 煤炭 港口库存持续去化，煤价底部支撑较强 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 600256.SH | 广汇能源 | 买入 | 0.77 | 0.95 | 7.56 | 6.13 | | 600985.SH | 淮北矿业 | 买入 | 2.27 | 2.47 | 6.0 | 5.51 | | 601088.SH | 中国神华 | 增持 | 3.01 | 3.23 | 12.7 | 11.84 | | 601225.SH | 陕西煤业 | 增持 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [8]. Core Views - The company is projected to achieve operating revenues of 623.93 billion, 667.37 billion, and 695.96 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 77.40 billion, 87.56 billion, and 94.08 billion CNY, reflecting year-on-year growth rates of 15.4%, 13.1%, and 7.4% [1][2]. - The introduction of 7 billion CNY from social security funds is expected to enhance the dividend payout ratio to 55%, indicating a commitment to shareholder returns [2]. - The company plans to invest 34.65 billion CNY in clean energy projects, which will alleviate financial pressure and improve its debt ratio, reducing the debt ratio from 63.82% to 62.29% post-fundraising [2][3]. Financial Summary - For the fiscal year 2022, the company reported operating income of 50,489 million CNY, which is expected to grow to 56,712 million CNY in 2023, and further to 62,393 million CNY in 2024, with a year-on-year growth rate of 15.4% [2][4]. - The net profit attributable to the parent company was 4,081 million CNY in 2022, projected to rise to 6,705 million CNY in 2023 and 7,740 million CNY in 2024, with growth rates of 66.2% and 15.4%, respectively [2][4]. - The company's return on equity (ROE) is expected to improve from 8.2% in 2022 to 12.9% in 2024, indicating enhanced profitability [4]. Project Development - The funds raised will be allocated to the construction of the Mengdigou/Kala hydropower stations, which are expected to generate an average annual power output of 10.4 billion kWh and 4.524 billion kWh, respectively [2][3]. - The financial internal rate of return for the projects is estimated at 8%, with a payback period of approximately 20.4 years for Mengdigou and 19.06 years for Kala, suggesting a favorable economic outlook for these investments [2].

证券研究报告|公司动态点评 2024 年 09 月 18 日 森麒麟（002984.SZ） 1H24 公司订单需求良好，看好摩洛哥项目逐步建成放量 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 6,292 | 7,842 | 9,621 | 11,827 | 13,865 | | | | 增长率 yoy （ % ） | 21.5 | 24.6 | 22.7 | 22.9 | 17.2 | 股票信息 | | | 归母净利润（百万元） | 801 | 1,369 | 2,226 | 2,605 | 3,065 | 行业 | 基础 ...

Investment Rating - The report maintains a "Buy" rating for Linglong Tire, expecting the stock price to outperform the industry index by over 15% in the next six months [14]. Core Views - Linglong Tire achieved significant growth in 1H24, with revenue reaching 10.38 billion yuan, up 12.37% year-on-year, and net profit attributable to shareholders increasing by 64.95% to 0.925 billion yuan [1][2]. - The company is expanding its production capacity in Serbia, which is expected to drive revenue and profit growth in the coming years [6][2]. - The report highlights the company's strong position in the high-end tire market, with numerous new projects in both domestic and international markets [2][6]. Financial Summary - **Revenue Growth**: The company’s revenue is projected to grow from 23.975 billion yuan in 2024 to 31.129 billion yuan in 2026, with year-on-year growth rates of 18.9%, 15.9%, and 12.0% respectively [1][6]. - **Net Profit**: The net profit is expected to increase from 2.225 billion yuan in 2024 to 3.361 billion yuan in 2026, with growth rates of 60.0%, 22.4%, and 23.4% [1][6]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 1.51 yuan in 2024 to 2.28 yuan in 2026 [1][6]. - **Return on Equity (ROE)**: ROE is expected to improve from 9.8% in 2024 to 11.9% in 2026 [1][6]. Operational Highlights - In 1H24, the company produced 43.39 million tires, a year-on-year increase of 18.71%, and sold 39.91 million tires, up 10.88% [2][6]. - The company has made significant strides in the high-end tire market, securing new projects with major domestic and international automotive brands [2][6]. - The expansion of the Serbian facility is anticipated to enhance production capacity significantly, with plans to produce 1.1 million high-performance tires annually upon completion [6].

3、 《 从运 营资 产角 度看 煤 炭公 司盈 利确 定性 》 2024-08-27 证券研究报告 | 行业月报 2024 年 09 月 19 日 煤炭 港口库存持续去化，煤价底部支撑较强 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 600256.SH | 广汇能源 | 买入 | 0.77 | 0.95 | 7.56 | 6.13 | | 600985.SH | 淮北矿业 | 买入 | 2.27 | 2.47 | 6.0 | 5.51 | | 601088.SH | 中国神华 | 增持 | 3.01 | 3.23 | 12.7 | 11.84 | | 601225.SH | 陕西煤业 | 增持 ...

证券研究报告|公司动态点评 2024 年 09 月 18 日 确成股份（605183.SH） 产销量提升带动业绩增长，看好公司高端化产品布局 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 1,746 | 1,810 | 2,118 | 2,474 | 2,779 | 股票信息 | | | 增长率 yoy （ % ） | 16.2 | 3.7 | 17.0 | 16.8 | 12.3 | | | | 归母净利润（百万元） | 380 | 413 | 517 | 618 | 719 | 行业 | 基 ...

3206.65/6212.31/4203.45/4082.11/2539.41/323.67/2467.13 元/吨，YoY 分 别为 14.25%/-25.10%/-25.39%/-19.88%/15.87%/31.26%/-0.92%。 证券研究报告 | 公司动态点评 2024 年 09 月 18 日 三美股份（603379.SH） 制冷剂行业景气提升，公司业绩改善，看好公司氟化工一体化布局 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|---------------------------------|----------------|--------------------------|-------------------------------------------------------|---------------------|----------- ...

电力及公用事业 24H1 公用事业行业总结 证券研究报告 | 行业专题报告 2024 年 09 月 18 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------|--------------------------------------------|----------------------------------------------|---------------------- ...

电力及公用事业 24H1 公用事业行业总结 证券研究报告 | 行业专题报告 2024 年 09 月 18 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------|--------------------------------------------|----------------------------------------------|---------------------- ...

| --- | --- | --- | --- | |------------------------|-------|----------|--------------| | | | | | | | | | | | 证券研究报告 | | | | | | | | | | 华为首款三折机 Mate XT | | 问世， 7 | 月全球半导体 | 重点推荐公司盈利预测 | --- | --- | --- | --- | --- | |----------------------------------|----------------|----------------|----------|-------| | 股票名称 | EPS （元 \n24E | / 股） \n25E | PE \n24E | 25E | | 光弘科技 | 0.68 | 0.87 | 24 | 19 | | 华勤技术 | 2.98 | 3.50 | 16 | 13 | | 南芯科技 | 0.83 | 1.13 | 32 | 23 | | 甬矽电子 | 0.05 | 0.39 | 334 | 43 | | 兴瑞科技 | 1.16 | 1.5 ...