中报业绩符合预期，上半年净利率创十年新高 中航西飞（000768）/国防军工 证券研究报告/公司点评 2024 年 8 月 27 日 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|-----------------------------------|---------|--------|-----------|-----------|----------| | 市场价格：23.29 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈鼎如 | 营业收入（百万元） | 37,660 | 40,301 | 46,082 | 52,722 | 60,532 | | 执业证书编号：S0740521080001 | 增长率 yoy% 净利润（百万元） | 15% 523 | 7% 861 | 14% 1,082 | 14% 1,349 | 15%1,669 | ...

24H1 点评：收入增长符合预期，AI 生态稳固产品竞争力 科大讯飞（002230.SZ）/计算机 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：33.33 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣执业证书编号：S0740519090007 | 营业收入（百万元） 增长率 yoy% 净利润（百万元） | 18,820 3% 561 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.21 CNY [1]. Core Views - The company achieved record high performance in Q2 2024, with significant increases in both revenue and net profit, driven by rising production and effective cost control [7][8]. - The company reported a revenue of 150.42 billion CNY in H1 2024, a slight increase of 0.06% year-on-year, and a net profit of 15.08 billion CNY, up 46.42% year-on-year [7]. - The company is focusing on internal growth through exploration and external growth via acquisitions, enhancing its resource base and operational capacity [10][11]. Financial Performance - In H1 2024, the company achieved a revenue of 1504.17 billion CNY, with a net profit of 150.84 billion CNY, marking a year-on-year increase of 46.42% [7]. - The company’s Q2 2024 revenue reached 756.40 billion CNY, reflecting a year-on-year growth of 0.33% and a quarter-on-quarter growth of 1.15% [7]. - The production of key minerals showed positive growth, with gold production increasing by 9.49% to approximately 35.41 tons and copper production rising by 5.35% to about 518,500 tons [8]. Cost Management - The company demonstrated effective cost control, with a decrease in the expense ratio to 3.88%, down 0.17 percentage points year-on-year [9]. - The sales cost for gold ingots was reported at 284.78 CNY per gram, reflecting a year-on-year increase of 4.90%, while the cost for copper concentrate decreased by 5.41% to 18,578 CNY per ton [8][9]. Growth Prospects - The company is expected to see a compound annual growth rate (CAGR) of around 10% for copper production over the next two years, supported by ongoing projects and expansions [12]. - The forecast for gold production indicates a CAGR of approximately 15% over the same period, with several key projects expected to contribute significantly to output [12]. - The company’s strategic acquisitions and exploration efforts have resulted in an increase in copper resources by 619.7 million tons and gold resources by 53.71 tons as of H1 2024 [11]. Valuation and Forecast - The company is projected to achieve a net profit of 314.14 billion CNY in 2024, with estimates for 2025 and 2026 at 415.82 billion CNY and 456.76 billion CNY, respectively [13]. - The current stock price of 16.21 CNY corresponds to a price-to-earnings (P/E) ratio of 14 for 2024, decreasing to 9 by 2026, indicating strong growth potential [13].

【中泰研究丨晨会聚焦】银行戴志锋：专题｜银行个人经营贷风险高吗？——测算 高风险资产占比总贷款 0.27% 证券研究报告 2024 年 8 月 26 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>> 【银行】戴志锋：专题｜银行个人经营贷风险高吗？——测算高风险资产占 比总贷款 0.27% 【传媒互联网】康雅雯：特币深度专题之三：币价影响因素分析——对比利 率、M2、纳指、美元指数、黄金走势 研究分享>> 欢迎关注中泰研究所订阅号 晨报内容回顾： 【科技】孙行臻：华为及海思全联接大会在即，关注鸿蒙+星闪+算力投资机 会 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【银行】戴志锋：专题｜银行个人经营贷风险高吗？——测算高风险资产占比总贷款 0.27% 戴志锋｜中泰银行业首席 S0740517030004 核心要点：1、概况：过去四年个人经营贷规模翻倍至 24 万亿；样本银行不良率下降 74bp 至 1.1%， 国有行扩张幅度最大，但集中度（个人经 ...

【中泰研究丨晨会聚焦】计算机苏仪：举旗定向——电力信息化系列报告之一 证券研究报告 2024 年 8 月 27 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 今日重点>> 【计算机】苏仪：举旗定向——电力信息化系列报告之一 研究分享 >> 【宏观】张德礼：公共财政支出开始提速——2024 年 7 月财政数据解读 欢迎关注中泰研究所订阅号 晨报内容回顾： Email： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【计算机】苏仪：举旗定向——电力信息化系列报告之一 苏仪｜中泰计算机联席首席 S0740520060001 我国电力工业一直在不断变革中发展壮大。自 20 世纪 80 年代起，我国电力体制改革先后经历了集 资办电、政企分开、厂网分开及深化改革的阶段，以及以中发 9 号文发布为标志的新一轮电力体制 改革。多轮电改坚持立足我国国情，坚持市场化改革思路，基本遵循"开放—多元—竞争—市场— 规则—监管—完善"的改革逻辑，让电力行业从半封闭走向开放，从集中单一走向分散多 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 787 million yuan, up 26.63% year-on-year, and net profit of 404 million yuan, up 44.36% year-on-year [2][4] - The company is experiencing strong growth in its core vascular intervention business, with a focus on expanding into lower-tier cities and international markets [2][4] - The company has successfully launched multiple innovative products, enhancing its product matrix and competitive edge in the market [2][4] - The forecast for revenue and net profit growth remains positive, with expected revenues of 15.10 billion yuan, 19.19 billion yuan, and 24.25 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 27%, 27%, and 26% [2][4] Financial Summary - Total shares outstanding: 123 million [1] - Market price: 83.16 yuan [1] - Market capitalization: 10,250 million yuan [1] - Revenue forecast for 2024: 1,510 million yuan, with a year-on-year growth rate of 27% [2][4] - Net profit forecast for 2024: 655 million yuan, with a year-on-year growth rate of 33% [2][4] - Gross margin for H1 2024: 76.57%, net margin: 50.76% [2][4] - The company’s P/E ratio is projected to decrease from 29 in 2022 to 16 in 2024 [2][4]

产量超预期释放，Q2 业绩高增 洛阳钼业（603993）/基本金 属证券研究报告/公司点评 2024 年 8 月 27 日 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|------------------------------|-------------------------|---------------------------------------|--------------------------------------|-----------------------|-----------------------------------------|--------------------------| | 市场价格：7.64 | | 指标 | 2022A | 2023A | ...

Investment Rating - The report maintains a "Buy" rating for Sinopec (600028.SH) [1] Core Views - The company reported a year-on-year revenue growth of -1.1% for H1 2024, with a net profit increase of 1.7% [4] - The upstream business achieved record highs, while the midstream and downstream sectors showed relative weakness [4] - Capital expenditures have slowed down, leading to improved cash flow and a higher dividend payout ratio [4] - The company plans to increase its cash dividend payout ratio to no less than 65% over the next three years [4] - The expected net profits for 2024-2026 are projected to be 708.0 billion, 753.5 billion, and 806.2 billion respectively, with corresponding P/E ratios of 11.8, 11.1, and 10.4 [4] Financial Performance Summary - For H1 2024, the company achieved a revenue of 15,761.3 billion, with a net profit of 357.0 billion [4] - The average Brent oil price for H1 2024 was $83.42 per barrel, up 4.4% year-on-year [4] - The company's operating cash flow for H1 2024 was 422.69 billion, an increase of 147.07 billion year-on-year [4] - The company plans to distribute a cash dividend of 0.146 yuan per share [4] Business Segment Performance - Upstream exploration and development saw a production of 257.66 million barrels of oil equivalent, a 3.1% increase year-on-year [4] - The refining and chemical sales segments faced challenges due to weak demand for gasoline and diesel, with operating profits of 71.25 billion and -31.64 billion respectively [4] - The company’s capital expenditures for H1 2024 were 558.93 billion, a decrease of 187.74 billion year-on-year [4]

华勤技术(603296.SH)/电子 证券研究报告/公司点评 2024 年 8 月 27 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：44.82 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师： 王芳 | 营业收入（百万元） | 92,646 | 85,338 | 98,139 | 118,454 | 144,277 | | 执业证书编号： S0740521120002 | 增长率 yoy% | 11% | -8% | 15.0% | 20.7% | 21.8% | | | 净利润（百万元） | 2,564 | 2,707 | 3,092 | 3,65 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a net profit of 4,681 million yuan for the first half of 2024, representing a year-on-year increase of 13% [1] - The company's revenue for Q2 2024 reached 1.60 billion yuan, a year-on-year increase of 40% [1] - The report highlights strong growth in both sensor and actuator segments, with sensors achieving a revenue of 2.14 billion yuan, up 37% year-on-year [1] - The company is recognized as a leader in the domestic ultrasonic sensor industry, focusing on continuous innovation and market expansion [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2022A: 378 million yuan - 2023A: 467 million yuan (24% growth) - 2024E: 565 million yuan (21% growth) - 2025E: 683 million yuan (21% growth) - 2026E: 809 million yuan (18% growth) [1] - Net profit projections are: - 2022A: 53 million yuan - 2023A: 77 million yuan (45% growth) - 2024E: 96 million yuan (24% growth) - 2025E: 116 million yuan (21% growth) - 2026E: 139 million yuan (20% growth) [1] - The company's gross margin for the first half of 2024 was 35.59%, a slight decrease from the previous year [1] Business Segment Analysis - The sensor segment accounted for 75% of total revenue in the first half of 2024, with a gross margin of 37.97% [1] - The actuator segment generated revenue of 654.8 million yuan, representing a year-on-year increase of 26% [1] - Domestic market revenue increased by 63% year-on-year, while the overseas market revenue decreased by 9.68% [1] Market Position and Strategy - The company is expanding its product applications into smart vehicles, smart instruments, and industrial control [1] - The report emphasizes the importance of R&D, with a focus on new technologies and products, including lead-free pressure sensors [1] - The company aims to maintain a competitive edge through continuous innovation and market development [1]