深南电路：24H1 业绩高增，PCB 龙头深度受益 AI 大周期 深南电路（002916.SZ）/电子 证券研究报告/公司点评 2024 年 8 月 28 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.927 billion yuan in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was 308 million yuan, down 13.8% year-on-year [3] - The company is actively responding to the trend of high cost-performance consumption, with strong growth in third-party business and an accelerated expansion into e-commerce, third-party B-end, and overseas channels [3] - Due to operational pressures from affiliated parties, the profitability of the company is under pressure, leading to a downward adjustment in profit forecasts for 2024-2026 [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 68.30 billion yuan, 76.59 billion yuan, and 83.65 billion yuan, respectively, with net profits of 8.24 billion yuan, 9.82 billion yuan, and 11.00 billion yuan [3] - Earnings per share (EPS) are expected to be 0.79 yuan, 0.95 yuan, and 1.06 yuan for the years 2024, 2025, and 2026, respectively [1][3] - The price-to-earnings (P/E) ratios are projected to be 13.0, 10.9, and 9.7 for the same years [1][3] Market Performance - The company's stock price is currently at 11.30 HKD, with a market capitalization of 11.715 million HKD [1] - The company has a total share capital of 1,037 million shares, all of which are tradable [1] Key Financial Metrics - The company reported a gross margin of 30.0% in H1 2024, a decrease of 0.5 percentage points year-on-year [3] - The return on equity (ROE) is projected to be 16% for 2024, with a net profit margin of 12.1% [1][3] - The company's sales expense ratio increased significantly due to higher advertising and freight costs [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 112.56 CNY [2][8]. Core Views - The company has shown continuous improvement in profitability, with a significant increase in revenue and net profit for the first half of 2024. The gross margin has improved due to cost reduction and efficiency enhancement measures [2][8]. - The company is expected to enter mass production of its 1.6T products by the end of the year, which is anticipated to sustain high growth in performance [2][8]. - The company is recognized as a global leader in optical modules, with strong technological capabilities and significant scale advantages [2][8]. Financial Summary - Revenue is projected to grow from 10,718 million CNY in 2023 to 25,575 million CNY in 2024, representing a year-on-year growth rate of 139% [2][8]. - Net profit is expected to increase from 2,174 million CNY in 2023 to 5,146 million CNY in 2024, with a year-on-year growth rate of 137% [2][8]. - Earnings per share (EPS) is forecasted to rise from 1.94 CNY in 2023 to 4.59 CNY in 2024 [2][8]. Investment Highlights - The company achieved a significant increase in revenue and profit margins in the first half of 2024, with a gross margin of 33.13%, up 2.74 percentage points year-on-year [2][8]. - The company has successfully expanded its production capacity and is in a healthy operational cycle, with plans for further capacity expansion to meet increasing demand [2][8]. - The company has a strong research and development capability, focusing on innovative technologies in high-speed optical communication modules [2][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [5]. Core Insights - The company reported a revenue of 11.051 billion yuan for the first half of 2024, reflecting a year-on-year increase of 10.95%. The net profit attributable to shareholders was 633 million yuan, up 4.71% year-on-year [1][2]. - The company's traditional core business and new business segments are driving growth, with a focus on long-term stable development [1][4]. - The report anticipates a downward adjustment in profit forecasts due to the impact of stock incentive expenses related to the company's subsidiary [1][2]. Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 23.351 billion yuan in 2023, with projected revenues of 26.200 billion yuan in 2024 and 29.883 billion yuan in 2025, reflecting growth rates of 16.8% and 12.2% respectively [1][4]. - **Net Profit**: The net profit for 2023 is projected at 1.527 billion yuan, with expectations of 1.687 billion yuan in 2024 and 1.914 billion yuan in 2025, indicating growth rates of 19.1% and 10.5% respectively [1][4]. - **Earnings Per Share (EPS)**: The EPS is expected to increase from 1.65 yuan in 2024 to 2.07 yuan in 2025 [1][4]. - **Cash Flow**: The company is expected to maintain robust cash flow, with operating cash flow projected at 1.726 billion yuan in 2024 [4]. Business Segment Performance - **Traditional Business**: The traditional business segment reported a revenue of 37.2 billion yuan, with a year-on-year growth of 6.4% [1]. - **New Business Growth**: The new business segment, particularly the lifestyle stores, showed significant growth with a revenue increase of 22% year-on-year [1]. - **Product Performance**: The writing tools segment demonstrated strong growth, with a revenue of 11.38 billion yuan, while office supplies and other products also showed positive trends [1][4]. Market Position and Outlook - The company is positioned as a leader in the stationery industry, benefiting from both traditional and new business models [1][4]. - The report maintains a positive outlook on the company's long-term growth potential, despite short-term adjustments in profit forecasts [1][4].

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) [1] Core Views - Chengdu Bank's net profit growth has slowed to 10.6% year-on-year, primarily due to a decline in net interest income amid slowing credit growth and decreasing interest margins [3][9] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 496.04% [27] - The bank's business structure is continuously optimizing, with significant contributions from wealth management and infrastructure loans [6][21] Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue (in million CNY): 2024E: 20,240; 2025E: 21,701; 2026E: 22,957 [1] - Net Profit (in million CNY): 2024E: 10,042; 2025E: 11,670; 2026E: 12,850 [1] - Earnings per Share (CNY): 2024E: 2.69; 2025E: 3.06; 2026E: 3.37 [1] - **Growth Rates**: - Revenue growth rate (yoy%): 2024E: 5.8%; 2025E: 5.9%; 2026E: 8.5% [1] - Net profit growth rate (yoy%): 2024E: 10.1%; 2025E: 8.3%; 2026E: 9.8% [1] Asset and Liability Management - **Loan Growth**: - Total loan issuance in Q2 was 16.92 billion CNY, a significant decrease of 15.38 billion CNY year-on-year [5][17] - Infrastructure loans accounted for 84% of new loans, reflecting a strong focus on public sector lending [21] - **Deposit Growth**: - New deposits totaled 74.52 billion CNY in the first half of 2024, down 18.2% year-on-year [18][23] - The proportion of savings deposits increased to 48.6%, with a growth rate of 25.4% [21][23] Non-Interest Income - **Performance**: - Non-interest income grew by 13.8% year-on-year, driven by a 31.9% increase in management fees from wealth management products [25] - Other non-interest income also turned positive, growing by 10.5% [25] Asset Quality - **Indicators**: - NPL ratio remains stable at 0.66%, with a slight increase in the overdue rate to 0.9% [27] - Provision coverage ratio decreased slightly to 496.04% [27]

【中泰研究丨晨会聚焦】固收肖雨：保险机构如何买债？ 证券研究报告 2024 年 8 月 28 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 今日重点 >> 【固收】肖雨：美国经济衰退了吗？ 【固收】肖雨：保险机构如何买债？ 研究分享 >> 【固收】肖雨：信用调整是否临近尾声？ 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【固收】肖雨：美国经济衰退了吗？ 肖雨｜中泰固收行业负责人 S0740520110001 7 月美国就业数据公布之后，萨姆法则触发，引发市场的衰退担忧。但后续发布的通胀、零售、PMI 等指标再度证伪了"衰退交易"。如何理解预期反复的"美国衰退"论？美国经济走势又将怎么看？ "衰退"实际上有两种，有经济意义的"衰退"和市场交易的"衰退"两重含义。 经济意义上的衰退，是一种宏观经济现象，指经济活动严重、广泛且持续的低迷。 经济层面的衰退常用两个标准进行判断：（1）技术性衰退标准：连续两个季度的实际 ...

[Table_Industry] 证券研究报告/月度报告 2024 年 8 月 28 日 低基数推动工业企业利润同比回升 ——2024 年 7 月工业企业利润数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月 27 日，国家统计局公布 2024 年 1-7 月规模以上工业企业的经营 数据。前 7 个月全国规模以上工业企业实现利润总额 40991.7 亿元，同比增 长 3.6%，较上半年的增速小幅提高 0.1 个百分点。看单月数据，2024 年 7 月规上工业企业利润总额当月同比增长 4.1%，较 6 月涨幅走阔 0.5 个百分 点。 ◼ 做量、价和利润率三因素拆分可以发现，量、价和利润率的贡献并未边际增 加，低基数或是支撑 7 月利润同比回升的主要因素： ◼ 量的角度看，2024 年 7 月工业增加值同比增长 5.1%，较 6 月增速回落 0.2 个百分点，工业生产边际放缓；价的角度看，7 月 PPI 同比为-0.8%，降幅与 6 月持平，价格因素对工业企业利润的拖累并未减弱 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：20.17 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,355 3,913 3,959 4,628 5,218 增长率 yoy% 21% 17% 1% 17% 13% 净利润（百万元） 446 497 509 614 712 增长率 yoy% 16% 11% 2% 21% 16% 每股收益（元） 1.87 2.08 2.13 2.57 2.98 每股现金流量 1.19 2.14 2.93 2.70 3.29 净资产收益率 24% 12% 11% 12% 12% P/E 10.8 9.7 9.5 7.8 6.8 P/B 2.6 1.1 1.0 0.9 0.8 备注：数据截至 2024/08/26 [Table_Profit] 基本状况 总股本(百万股) 239 流通股本(百万股) 61 市价(元) 20.17 市值(百万元) 4,818 流通市值(百万元) 1,223 多利科技(001311.SZ)/汽车 证券研究报 ...

成都银行(601838.SH)/银行 证券研究报告/公司点评 2024 年 08 月 27 日 [Table_Title] 评级：增持(维持) [Table_Finance] 公司盈利预测及估值 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|--------|--------|--------|--------|--------| | 市场价格：14.96 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师 戴志锋 | 营业收入（百万元） | | | | | | | 执业证书编号：S0740517030004 | 增长率 yoy% 净利润（百万元） | 13.1% | 7.2% | 5.8% | 5.9% | 8.5% | | Email： daizf@zts.com.cn | 增长率 yoy% | 28.2% | 16.2% | 10.1% | 8.3% ...

天岳先进(688234.SH)/电子 证券研究报告/公司点评 2024 年 8 月 28 日 [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|-----------|----------|---------------------|---------|--------| | 市场价格：46.85 元/股 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | 营业收入（百万元） | 417 | 1,251 | 2,410 | 3,450 | 5,000 | | 执业证书编号：S0740521120002 | 增长率 yoy% 净利润（百万元） | -16% -175 | 200% -46 | 93% 147 | 43% 374 | 45%559 | | ...