Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's short-term performance is under pressure due to industry fluctuations, but its satellite business is expected to see significant growth [2] - The company is deeply involved in the construction of satellite internet through the Qianfan Constellation project, which aims to provide global network coverage by 2030 [4] - The company has a comprehensive industry chain layout and is increasing its R&D investment, which is expected to drive future growth [4] Financial Performance - The company reported a revenue of 106 million yuan in the first half of 2024, a year-on-year decrease of 27.56%, and a net profit attributable to the parent company of -52 million yuan, a year-on-year decrease of 252.81% [3] - The company's gross margin improved in Q2 2024, reaching 74.09%, up 38.33 percentage points year-on-year and 8.99 percentage points quarter-on-quarter [3] - The company's R&D investment in the first half of 2024 was 123 million yuan, remaining stable compared to the previous year [4] Industry and Market Position - The company is a leader in the military broadband communication market and is expected to benefit from the upgrade of military communication from narrowband to broadband [5] - The company has a strong position in the low-orbit satellite industry chain and is expected to see significant growth as the satellite internet market expands [5] Future Outlook - The company's new products are expected to drive performance recovery as the demand for military products normalizes [3] - The company's participation in the Qianfan Constellation project and its R&D achievements are expected to provide sustained growth momentum [4] - The company's profit forecast for 2024-2026 has been adjusted, with expected net profits of 21 million yuan, 263 million yuan, and 345 million yuan, respectively [5] Valuation - The company's 2025 PE ratio is 33x, which is below the 5-year historical average of 64x and the average PE ratio of comparable companies for 2025, which is 36x [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decrease in revenue and net profit for the first half of 2024, with revenue at 5.477 billion yuan, down 15.33%, and net profit at 550 million yuan, down 59.50% [1] - In Q2 2024, the company achieved revenue of 3.215 billion yuan, a year-on-year decrease of 6.86% but a quarter-on-quarter increase of 42.12% [1] - The coal business showed improved performance with increased production and sales, leading to a quarter-on-quarter improvement in results [1] - The company is expected to face challenges due to declining coal prices, leading to revised revenue forecasts for 2024-2026 [1][2] Financial Performance Summary - Revenue projections for 2023, 2024, 2025, and 2026 are 13.284 billion yuan, 13.996 billion yuan, 15.207 billion yuan, and 16.303 billion yuan respectively, with growth rates of -6%, 5%, 9%, and 7% [1][2] - Net profit projections for the same years are 2.098 billion yuan, 1.675 billion yuan, 2.029 billion yuan, and 2.301 billion yuan, with growth rates of -35%, -20%, 21%, and 13% [1][2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a P/E ratio of 5.7 [1][2] Business Segment Performance - Coal production in the first half of 2024 was 7.0561 million tons, a year-on-year increase of 9.34%, with sales of 5.7585 million tons, also up year-on-year [1] - The average selling price of coal was 637 yuan per ton, with a gross profit margin of 41.57% [1] - The chemical segment, including urea and caprolactam, saw significant improvements in production and sales compared to the previous quarter [1]

产销有望逐季改善，化工带来盈利增量 淮北矿业（600985.SH）/煤 炭证券研究报告/公司点评 2024 年 9 月 7 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|-------------------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格 13.79 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 69,062 | 73,387 | 71,641 | 74,196 | 76,029 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target market price of 29.10 [1][2]. Core Insights - The company is expected to experience stable revenue growth, with overseas business likely to continue gaining momentum. The revenue for 2024 is projected to be 11.49 billion, reflecting a growth rate of 5.26% [3][4]. - The company has been expanding its product offerings, with a focus on new drug molecular blocks and increasing its presence in overseas markets, which accounted for approximately 56.24% of total revenue in the first half of 2024 [3][4]. - Despite a stable revenue outlook, the company faces pressure from rising expenses, which have impacted profit margins. The net profit for 2024 is expected to be 1.19 billion, with a growth rate of 8.86% [3][4]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 833.83 million - 2023A: 1,091.86 million - 2024E: 1,149.33 million - 2025E: 1,286.15 million - 2026E: 1,480.19 million - Growth rates: 37.55% (2022A), 30.94% (2023A), 5.26% (2024E), 11.90% (2025E), 15.09% (2026E) [1][3]. - **Net Profit Forecast**: - 2022A: 145.97 million - 2023A: 109.57 million - 2024E: 119.28 million - 2025E: 138.32 million - 2026E: 166.36 million - Growth rates: 49.60% (2022A), -24.94% (2023A), 8.86% (2024E), 15.96% (2025E), 20.27% (2026E) [1][3]. - **Earnings Per Share (EPS)**: - 2022A: 1.61 - 2023A: 1.21 - 2024E: 1.31 - 2025E: 1.52 - 2026E: 1.83 [1][3]. - **Valuation Ratios**: - P/E: 18.12 (2022A), 24.14 (2023A), 22.17 (2024E), 19.12 (2025E), 15.90 (2026E) - P/B: 1.27 (2022A), 1.27 (2023A), 1.24 (2024E), 1.17 (2025E), 1.09 (2026E) [1][3].

黄金 ETF 增持及央行购金支撑下，贵金属上行趋势不变 行业-市场走势对比 行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |-----------------------|-----------| | | | | 上市公司数 | 131 | | 行业总市值 ( 亿元 ) | 23,603.05 | | 行业流通市值 ( 亿元 ) | 20,900.94 | -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-092023-102023-112023-122024-012024-022024-0320 ...

收入快速增长，前端业务恢复显著 [Table_Industry] [Table_Title] 评级：买入(维持) 市场价格：24.03 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1358.05 1880.05 2256.09 2792.34 3523.00 增长率 yoy% 40.12% 38.44% 20.00% 23.77% 26.17% 净利润（百万元） 193.64 127.45 162.33 220.92 296.22 增长率 yoy% 1.39% -34.18% 27.37% 36.09% 34.09% 每股收益（元） 0.92 0.61 0.77 1.05 1.41 每股现金流量 -1.14 -0.30 0.43 -0.18 0.04 净资产收益率 8.35% 5.08% 6.15% 7.72% 9.38% P/E 26.13 39.70 31.17 22.90 17.08 PEG 18.73 -1.16 1.14 0.63 0.50 P/B 2.18 2.02 1.92 1.77 1.60 备注：截 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 数据库专题系列一： 挑战与机遇并存，数据库行业渐成百家争鸣之势 2024 . 9 . 6 | --- | --- | |----------------|----------------| | | | | 分析师：闻学臣 | | | 执业证书编号： | S0740519090007 | | 分析师：苏仪 | | | 执业证书编号： | S0740520060001 | 研究助理：王雪晴 Email：wangxq03@zts.com.cn 摘 要 ◼ 从全球视角来看，目前全球数据库产品数量整体分布以非关系型及混合型数据库为主；在流行程度方面，关系型数据 库占据主导地位，根据DB-engines的数据显示，Oracle、MySQL、Microsoft SQL Server稳居前三，同时随着业务的 多样化，多模数据库将成为新趋势；在市场份额方面，"云+数据库"战略成为技术发展新趋势，AWS以及微软占领市 场前二。 ◼ 从国内视角来看，我国数据库产品数量呈现以关系型为主，非关系型数据库为辅的局面；在流行程度方面， ...

食品饮料 证券研究报告/行业季度报告 2024 年 9 月 6 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|----------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | 评级：增持（ 维持 ） \n分析师：熊欣慰 \n执业证书编号： S0740519080002 | [Table_Finance] 重点公司基本状况 | | | | | | | | | | | | 电话： 021-20315733 | | | | | | | | | | | | | | | | | | | | | | | | | | Email ： xiongxw@zts.com.cn | | | | | | | | | | ...

开立医疗（300633.SZ）/医疗 器械 证券研究报告/公司点评 2024 年 9 月 1 日 评级：买入(维持) 分析师：祝嘉琦 市场价格：30.60 元 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | --- | --- | |---------------------|--------| | | | | 基本状况 | | | 总股本 ( 百万股 ) | 433 | | 流通股本 ( 百万股 ) | 433 | | 市价 ( 元 ) | 30.60 | | 市值 ( 百万元 ) | 13,241 | | 流通市值 ( 百万元 ) | 13,241 | 股价与行业-市场走势对比 -40% -30% -20% -10% 0% 10% 20% 2023-082023-092023-10202 ...

短期业绩承压，毛利率进一步提升 欧派家居(603833.SH)/轻工 证券研究报告/公司点评 2024 年 09 月 02 日 [Table_Industry] 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 [Table_Title] 评级：买入（维持） 市场价格：44.35 元 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | --- | --- | |---------------------------|-----------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 609.15 | | 流通股本 ( 百万股 ) | 609.15 | | 市价 ( 元 ) | 44.35 | | 市值 ( 百万元 ) | 27, ...