详解江苏银行 2024 年半年报：业绩持续性强；资产质量稳健；消金稳步发力 江苏银行(600919)/银行 证券研究报告/公司点评 2024 年 08 月 17 日 [Table_Industry] [Table_Title] 评级：买入(维持) 市场价格：7.67 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 18,351 | | 流通股本(百万股) | 18,351 | | 市价(元) | 7.67 | | 市值(百万元) | 140,755 | | 流通市值(百万元) | 140,755 | [Table_QuotePic] 股价与行业-市场走势对比 -20% -10% 0% 10% 20% 30% 2023-08-16 ...

美国大选格局变化对市场影响如何？ 证券研究报告/策略周刊 2024 年 8 月 17 日 [Table_Industry] [Table_Title] 分析师：徐驰 执业证书编号：S0740519080003 Email:xuchi@zts.com.cn 投资要点 ◼ 一、美国大选格局变化对市场影响如何？ 本周市场涨跌不一，银行、煤炭等稳健板块相对占优。我们认为，造成近期海外 市场大幅波动的几大风险或均低于预期。但是，美国大选超预期变化或将使得中 期美国风险显著提升，且焦点地缘局势近期亦有新的变化。国内消费、地产收储 等刺激政策今年下半年仍将延续定力持续超预期的特点。 我们此前强调：考虑到大选年的规律，下半年美国经济硬着陆风险相对较低；另 外，从伊朗反应来看，虽然反制不可避免，但程度上会保持一定克制，中东风险 失控概率较低。本周公布的美国经济数据有效降低了市场对于美国经济"硬着 陆"的担忧，纳斯达克指数连续上涨。就国内市场而言，海外市场动荡对市场整 体影响有限，待海外市场流动性危机逐步消除后北上资金情绪或好转。 当前海外最大的中长期风险依然是今年美国大选带来的不确定性。此前市场认为 民主党或选择一位关键摇摆州 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company is positioned as a leading player in the publishing and distribution sector in Jiangxi, focusing on diversifying its business model and enhancing its operational capabilities [6][14]. - The report highlights the stability of the book market and anticipates a continued increase in the payment rates for SLG (Simulation Game) types of games, indicating a positive outlook for the company's gaming segment [7][33]. Company Overview - The company primarily engages in publishing, distribution, printing, packaging, material trade, new media, and investment, characterized by a multi-medium, platform-based, and full industry chain approach [6][14]. - In 2023, the company achieved a net profit attributable to shareholders of 1.97 billion yuan, with a four-year compound annual growth rate (CAGR) of 3.3% [6]. Industry Analysis - The book market is stable, with a notable increase in the efficiency of new book publishing. The demand for educational materials remains robust, and the decline in birth rates is not expected to impact this segment in the short to medium term [7][33]. - The overseas gaming market is maturing, with stable market shares for SLG games and an expected rise in overall payment rates [7][33]. Operational Analysis - The company's core publishing and distribution business shows resilience, with significant internal brand advantages and ongoing channel expansion efforts [8]. - The company is actively exploring new business models, leveraging its strengths in capital, content, and distribution to drive growth in gaming, education, and marketing sectors [8][14]. - The company plans to utilize its cash reserves for external investments and acquisitions to optimize its industry layout and enhance operational efficiency [8][14]. Financial Forecast and Valuation - The company is projected to achieve revenues of 119.63 billion yuan, 133.58 billion yuan, and 144.68 billion yuan for the years 2024 to 2026, reflecting year-on-year growth rates of 18.63%, 11.67%, and 8.31% respectively [8]. - The net profit attributable to shareholders is expected to be 1.76 billion yuan, 1.89 billion yuan, and 2.03 billion yuan for the same period, with corresponding year-on-year growth rates of -10.47%, 7.41%, and 7.11% [8].

继峰股份(603997.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 15 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|------------------------|-----------|---------------------------|-------------|-----------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 11.03 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 17,967 | 21,571 | 24,570 | 28,968 | 33,6 ...

投资和生产走弱，怎么看？——7 月经济数据点评 证券研究报告/固定收益点评 2024 年 8 月 15 日 [Table_Industry] [Table_Title] 分析师：肖雨 投资要点 执业证书编号：S0740520110001 Email：xiaoyu@zts.com.cn 分析师：游勇 执业证书编号：S0740524070004 Email：youyong@zts.com.cn [Table_Repo 相关报告 rt] ◼ 2024 年 8 月 15 日，国家统计局公布 7 月经济数据，7 月工增同比 5.1%，社零同比 2. 7%，失业率 5.2%，分别较上月-0.2pct、+0.7pct、+0.2pct。 ◼ 经济外需强于内需，生产强于消费的分化特征延续。新旧动能转换背景下，7 月地产依 旧没有大的起色，但以往拉动投资与生产的汽车、电气机械等中游高技术行业的景气度 在转弱，产能过剩似乎显现。政策方面，财政发力仍有空间，设备更新与消费品以旧换 新、以及促服务消费政策的落地或是短期重点。 ◼ 7 月生产小幅走弱，主要受部分中游设备制造业、基建地产链拖累，上游景气度提升。 生产整体小幅降温，采矿业和 ...

【中泰研究丨晨会聚焦】地产由子沛：保障房项目收益率与运营成本和收储价格的 关系-基于上市保障房 REITs 项目财报的深度研究 证券研究报告 2024 年 8 月 15 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 >> 【地产】由子沛：保障房项目收益率与运营成本和收储价格的关系-基于 上市保障房 REITs 项目财报的深度研究 研究分享 >> 【宏观】张德礼：人民币贷款拖累 7 月社融 【固收】肖雨：9 月降息已成共识——7 月美国通胀数据点评 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 ►【地产】由子沛：保障房项目收益率与运营成本和收储价格的关系-基于上市保障房 REITs 项目 财报的深度研究 由子沛｜中泰地产首席 S0740523020005 2021 年以来，随着保租房提出和相关政策推动，住房租赁行业快速发展，2023 年 7 月，党中央在 政治局会议中首次提出房地产市场供求关系发生重大变化， ...

[Table_Industry] [公Ta司ble盈_F利in预anc测e]及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,738 8,553 10,222 12,423 14,729 增长率 yoy% 28.6% 10.5% 19.5% 21.5% 18.6% 净利润（百万元） 710 664 1,078 1,352 1,606 增长率 yoy% -30.1% -6.5% 62.4% 25.4% 18.8% 每股收益（元） 1.01 0.94 1.53 1.92 2.27 每股现金流量 0.10 0.09 1.91 1.69 2.27 净资产收益率 10.3% 9.0% 13.1% 14.6% 15.4% P/E 15.9 17.0 10.5 8.4 7.0 P/B 1.6 1.5 1.4 1.2 1.1 备注：股价信息为 8 月 15 日收盘价 仙鹤股份（603733）/轻工 证券研究报告/公司点评 2024 年 8 月 15 日 [评Ta级ble：_T买itle入] （维持） 市场价格：16.01 元 分析师：张潇 执业证书编号：S07405230300 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with a significant increase in R&D investment. The revenue for the first half of 2024 reached 525.06 million yuan, representing a year-on-year growth of 23.88%, while the net profit attributable to the parent company was 134.21 million yuan, up 12.35% year-on-year [2][3] - The company is expected to maintain robust order growth, with new orders in the first half of 2024 amounting to 711 million yuan, a year-on-year increase of 13.38% [2][3] - The company anticipates revenue growth to outpace profit growth due to increased R&D spending and a decline in revenue from equity-sharing businesses [2][3] Financial Performance Summary - Revenue and Profit Forecast: - 2024E Revenue: 1,338.87 million yuan (31.59% growth) - 2025E Revenue: 1,756.74 million yuan (31.21% growth) - 2026E Revenue: 2,269.90 million yuan (29.21% growth) - 2024E Net Profit: 333.35 million yuan (22.57% growth) - 2025E Net Profit: 411.31 million yuan (23.39% growth) - 2026E Net Profit: 515.12 million yuan (25.24% growth) [2][3][7] - Key Financial Metrics: - Gross Margin for H1 2024: 68.75% (up 2.19 percentage points) - Net Margin for H1 2024: 25.56% (down 2.62 percentage points) - R&D Expenses for H1 2024: 149 million yuan (up 61.94%) [2][3][5] Business Segment Performance - The company’s revenue from entrusted R&D services in H1 2024 was approximately 206 million yuan (up 5.8%), while revenue from self-developed technology transfer was about 290 million yuan (up 52.4%) [3] - The CDMO segment saw a significant decline in revenue, amounting to 5.12 million yuan (down 70.4%), but is expected to recover as production capacity ramps up [3] - The innovative drug development segment is progressing, with the BIOS-0618 clinical trial ongoing, which is anticipated to contribute positively to future performance [3] Valuation Metrics - P/E Ratio for 2024E: 13.89 - P/B Ratio for 2024E: 1.53 - PEG Ratio for 2024E: 0.62 [1][7]

Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Buy" (maintained) with a market price of 59.38 [1]. Core Views - The report indicates that the company achieved revenue of 8.861 billion yuan in H1 2024, representing a year-on-year growth of 4.18%. The net profit attributable to shareholders was 900 million yuan, also showing a year-on-year increase of 4.19% [1]. - The report highlights stable sales growth in beer volume, although the average price decreased year-on-year. The company’s beer revenue for Q2 2024 was 4.446 billion yuan, with beer sales volume reaching 917,000 kiloliters, reflecting a year-on-year growth of 1.53% [1]. - The report notes a decline in gross margin and an increase in expense ratios in the short term, impacting profitability. The forecast for 2024 revenue is set at 15.277 billion yuan, with net profit expected to be 1.344 billion yuan [1][2]. Financial Forecasts and Valuation - Revenue projections for Chongqing Beer are as follows: - 2023A: 14,815 million yuan - 2024E: 15,277 million yuan - 2025E: 15,932 million yuan - 2026E: 16,590 million yuan - Net profit forecasts are: - 2023A: 1,337 million yuan - 2024E: 1,344 million yuan - 2025E: 1,471 million yuan - 2026E: 1,561 million yuan - Earnings per share (EPS) estimates are: - 2023A: 2.76 yuan - 2024E: 2.78 yuan - 2025E: 3.04 yuan - 2026E: 3.23 yuan [1][2]. Key Financial Ratios - The report provides the following key financial ratios: - P/E ratio for 2024E is 21.4 - P/B ratio for 2024E is 12.9 - Gross margin is projected to be 49.2% in 2024E - Net margin is expected to be 17.9% in 2024E - ROE is forecasted at 26.2% in 2024E [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in the first half of 2024 exceeded the forecast median, with significant improvement in profitability [1]. - The smart acoustic business experienced substantial growth, primarily driven by increased utilization rates in the headphone segment [1]. - The company is actively integrating production lines to enhance operational efficiency, leading to a rapid recovery in profitability [1]. Financial Summary - **Revenue Forecasts**: - 2022A: 104,894 million - 2023A: 98,574 million (down 6% YoY) - 2024E: 98,771 million (0% YoY) - 2025E: 120,004 million (21% YoY) - 2026E: 144,268 million (20% YoY) [1][2] - **Net Profit Forecasts**: - 2022A: 1,749 million - 2023A: 1,088 million (down 38% YoY) - 2024E: 2,509 million (up 131% YoY) - 2025E: 3,526 million (up 41% YoY) - 2026E: 4,539 million (up 29% YoY) [1][2] - **Earnings Per Share (EPS)**: - 2023: 0.32 - 2024E: 0.73 - 2025E: 1.03 - 2026E: 1.33 [1][2] - **Return on Equity (ROE)**: - 2023: 3% - 2024E: 8% - 2025E: 10% - 2026E: 12% [1][2] - **Profitability Ratios**: - Gross Margin: 11.5% (up 4.2 percentage points YoY) - Net Margin: 3.0% (up 2.0 percentage points YoY) [1][2] Investment Insights - The company is expected to achieve a net profit of 2,509 million in 2024, with a corresponding P/E ratio of 28 times [1]. - The report highlights the potential for a new product cycle driven by advancements in AI and AR technologies, which are expected to enhance the company's market position [1]. - The company is well-positioned to benefit from collaborations with major tech firms, enhancing its product offerings in the smart acoustic and AR sectors [1].