Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][28]. Core Insights - The company achieved an operating income of 30.183 billion yuan in the first half of 2024, a year-on-year decrease of 4.18%, and a net profit attributable to shareholders of 10.570 billion yuan, down 6.51% year-on-year [4][6]. - The company’s investment income (including fair value changes) and other income have increased, while the proportions of brokerage, investment banking, asset management, and interest net income have all seen varying degrees of decline [7][10]. - The company remains a leader in wealth management and institutional brokerage, with a net income from brokerage business of 4.880 billion yuan, a decline of 7.75% year-on-year, which is better than the industry average [10][11]. - The investment banking sector faced significant pressure, with net income from investment banking fees down 54.63% year-on-year, while debt financing business showed stability with a slight increase [11][14]. - The company’s asset management fees decreased slightly, but the scale of public fund management continued to grow, with net income from asset management fees down 1.09% year-on-year [14][17]. - The company’s self-operated business has increased its non-directional investment layout, maintaining stable investment income (including fair value changes) with a year-on-year increase of 0.38% [17][22]. - The company’s overseas business revenue grew by 25.02% year-on-year, indicating robust performance in international markets [21][22]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a basic earnings per share (EPS) of 0.69 yuan, down 8.00% year-on-year, and a return on equity (ROE) of 3.96%, a decrease of 0.31 percentage points year-on-year [4][6][22]. - The company plans to distribute a dividend of 2.40 yuan per share (before tax), representing 34.89% of the net profit attributable to shareholders for the first half of the year [6][22]. Business Segments - The brokerage business accounted for 16.2% of net income, investment banking for 5.7%, asset management for 16.3%, interest income for 3.7%, and investment income for 39.6% in the first half of 2024 [7][10]. - The company’s wealth management business has focused on refined customer management and upgraded its advisory talent development strategy, achieving a customer base of 14.7 million, an increase of 500,000 from the end of 2023 [10][11]. Market Position - Despite challenges in equity financing, the company maintained its leading position in the market, with a market share of 18.44% in equity financing and 14.36% in debt financing, both ranking first in the industry [11][14]. - The company’s asset management business continues to lead the market with a market share of 13.23% [14][17]. Future Outlook - The company is expected to have an EPS of 1.19 yuan and 1.29 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 18.00 yuan and 19.00 yuan [22][26].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -18% -15% -12% -8% -5% -2% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：Wind，中原证券研究所 | --- | --- | --- | |---------------------|---------------------|------------| | | | | | 指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 深证成指 | 2,736.02 8,087.60 | 0.69 1.19 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 | 3,196.04 | 0.79 | | 300 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,077.61 | 0.63 | | 中证 500 | 4,520.39 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡上扬 ——市场分析 相关报告 《市场分析：金融地产行业领涨 A 股先抑后 扬》 2024-09-18 《市场分析：金融地产行业领涨 A 股小幅整 理》 2024-09-13 《市场分析：银行软件行业领涨 A 股小幅整 理》 2024-09-12 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 09 月 19 日 投资要点： ◼ A 股市场综述 周四（09 月 19 日）A 股市场探底回升、小幅震荡上涨，早盘股指高开后震 荡回落，沪指盘中在 2697 点附近获得支撑，随后股指企稳回升，午后维持 震荡，盘中软件开发、互联网服务、电网设备以及证券等行业表现较好； 船舶制造、银行以及房地产等行业表现较弱，沪指全天呈现小幅上扬的运 行特征。创业板市场周四震荡上行，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周四 A 股市场探底回升、小幅震荡上 ...

专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 中报扣非快速增长，设备更新加出海助力 成长 证券研究报告-公司深度分析 增持(首次) | --- | --- | |--------------------------|----------------------| | 市场数据 (2024-09-18) | | | 收盘价 ( 元 ) | 3.34 | | 一年内最高 / 最低 ( 元 ) | 4.92/3.34 | | 沪深 300 指数 | 3,171.01 | | 市净率 ( 倍 ) | 1.80 | | 流通市值 ( 亿元 ) | 144.94 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 1.86 | | 每股经营现金流 ( 元 ) | 0.07 | | 毛利率 (%) | 20.97 | | 净资产收益率 _ 摊薄 (%) | 2.37 | | 资产负债率 (%) | 55.21 | | 总股本 / 流通股 ( 万股 ) | 457,955.34/433,941.9 | | | 3 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1][5][16] Core Views - The company has maintained stable growth in its performance, with a half-year revenue of 2.62 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 341 million yuan, reflecting a year-on-year growth of 1.35% [1] - The company has increased its mid-term cash dividends, with a payout ratio of 91.52% for the first half of 2024, indicating a strong commitment to returning value to shareholders [3] - The entry of state-owned capital from Henan province is expected to enhance the company's development prospects, as it integrates its scale advantages with the resources of Henan Pipeline [4] Financial Performance - The company’s revenue from pipeline natural gas and urban gas sales for the first half of the year was 1.182 billion yuan and 1.001 billion yuan, respectively, showing a year-on-year decrease of 0.54% and 2.01% [1] - The company’s net profit for the second quarter was 139 million yuan, a year-on-year increase of 0.51% [1] - The company is projected to achieve net profits of 639 million yuan, 682 million yuan, and 730 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share of 0.91, 0.97, and 1.04 yuan [5][12] Market Dynamics - The natural gas industry in China is experiencing rapid growth in both supply and demand, with national gas consumption reaching 210.8 billion cubic meters in the first half of 2024, a year-on-year increase of 8.7% [1] - The company benefits from a natural monopoly in its operational region, which supports its stable revenue growth [5] Business Strategy - The company operates a dual business model of long-distance pipelines and urban gas, which provides a competitive advantage and ensures stable gas supply for downstream operations [4] - The company is expanding its pipeline network coverage and accelerating the development of urban gas businesses, enhancing its market presence [4]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15]. Core Insights - The company reported a revenue of 13.792 billion yuan for the first half of 2024, representing a year-on-year growth of 4.10%. The net profit attributable to shareholders was 1.721 billion yuan, up 36.40% year-on-year, with a basic earnings per share of 0.72 yuan [2][3]. - The recovery in titanium dioxide prices has driven growth in the company's performance, with domestic prices rising from 14,967 yuan/ton to 16,050 yuan/ton in 2023, a 7.23% increase. The average price in the first half of 2024 was 16,174 yuan/ton, up 4.62% year-on-year [2][3]. - The company has strengthened its competitive position through vertical integration, acquiring several upstream titanium resources, which has improved its cost structure and resource security [6][3]. Financial Performance - The company's gross margin for the first half of 2024 was 27.53%, an increase of 2.42 percentage points year-on-year, while the net margin improved by 2.95 percentage points to 12.47% [3]. - The titanium dioxide business achieved a gross margin of 33.51%, up 7.67 percentage points year-on-year, contributing significantly to the overall profitability [3]. - The company produced 1.049 million tons of titanium concentrate in the first half of 2024, a 73.00% increase year-on-year, all of which was used internally [6]. Future Outlook - The company anticipates a recovery in performance in the second half of 2024, driven by seasonal demand and improved product competitiveness [6]. - Earnings per share (EPS) are projected to be 1.47 yuan and 1.64 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 10.95 and 9.80 based on the closing price of 16.11 yuan on September 18, 2024 [6].

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 业绩虽有波动但仍呈现出较强的韧性 ——东吴证券(601555)2024 年中报点评 证券研究报告-中报点评 增持(维持) 发布日期：2024 年 09 月 19 日 | --- | --- | |-------------------------------|-----------| | 市场数据 (2024-09-18) | | | 收盘价 ( 元 ) | 6.10 | | 一年内最高 / 最低 ( 元 ) | 8.66/5.60 | | 沪深 300 指数 | 3,171.01 | | 市净率 ( 倍 ) | 0.75 | | 总市值 ( 亿元 ) | 303.09 | | 流通市值 ( 亿元 ) | 303.09 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 8.15 | | 总资产 ( 亿元 ) | 1,565.94 | | 所有者权益 ( 亿元 ) | 404.97 | | 净资产收益率 (%) | 2.88 | | 总股本 ( ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Views - The company has shown robust performance in the rapidly growing electric vehicle sector, with significant revenue growth in its core business of fuses and related components [1][2]. - The company's revenue for the first half of 2024 reached 594 million yuan, representing a year-on-year increase of 19.97%, while net profit attributable to shareholders was 65 million yuan, up 15% year-on-year [1]. - The electric fuse business has a wide range of applications, particularly in the electric vehicle, renewable energy, and communication markets, with strong market competitiveness and leading market share [1][2]. Financial Performance Summary - For the first half of 2024, the company's electric fuses and components generated revenue of 542 million yuan, a year-on-year increase of 14.10%, accounting for 91.27% of total sales [1]. - The electric vehicle segment alone achieved revenue of 365 million yuan, a year-on-year growth of 45.38%, with a sales share of 61.45% [1]. - The company expects continued growth in the energy storage sector, driven by collaborations with major players like CATL and BYD [1][2]. Earnings Forecast - The projected net profits for the company are 140 million yuan, 177 million yuan, and 218 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding fully diluted EPS of 2.11 yuan, 2.67 yuan, and 3.29 yuan [2][3]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 33.91, 26.83, and 21.80, respectively, indicating a favorable growth outlook [2][3]. Market Position and Competitive Advantage - The company has established early market presence in the electric vehicle and renewable energy sectors, enhancing its competitive edge through technological advancements and product iterations [1][2]. - The incentive fuses, which are gaining traction, offer higher unit value and margins compared to traditional fuses, presenting a new growth opportunity as production scales up [2].

分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 证券研究报告-行业月报 强于大市(维持) 新材料相对沪深 300 指数表现 -60% -50% -40% -30% -20% -10% 0% 10% 20% 2021-09 2022-05 2022-12 2023-07 2024-02 2024-09 新材料指数 沪深300 资料来源：Wind, 中原证券研究所 相关报告 《新材料行业点评报告：两部门对锑及超硬材 料实施出口管制，显现高端金刚石材料具有战 略属性》 2024-08-16 《新材料行业月报：两部门对锑和超硬材料实 施出口管制，7 月集成电路产量同比增长》 2024-08-16 《新材料行业月报：超硬制品出口景气，精细 化工创新发展方案发布》 2024-07-16 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 ⚫ 8 月新材料板块走势弱于沪深 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [22]. Core Views - The company achieved a revenue of 3.722 billion yuan in the first half of 2024, a year-on-year decrease of 8.18%, and a net profit attributable to shareholders of 1.351 billion yuan, down 6.15% year-on-year [4][6]. - The company has seen an increase in the proportion of investment income (including fair value changes) and asset management business net income, while brokerage, investment banking, interest, and other income have all decreased [7][11]. - The company has successfully countered the downward pressure on investment banking by focusing on debt financing, with a significant increase in bond underwriting income [11][12]. - The company's proprietary equity investments have yielded good returns, with a year-on-year increase of 13.53% in total investment income [13]. - The company is actively managing low-efficiency assets, including the sale of its stake in Credit Suisse Securities, which has improved operational efficiency [17]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a basic earnings per share (EPS) of 0.16 yuan, down 5.88% year-on-year, and a return on equity (ROE) of 2.93%, a decrease of 0.35 percentage points year-on-year [4][6]. - The company plans to distribute a dividend of 0.48 yuan per share (before tax), which represents 29.25% of the net profit attributable to shareholders for the first half of the year [6]. Business Segments - The brokerage business net income decreased by 6.51% year-on-year, while the company maintained a stable market share in institutional brokerage [9][10]. - The asset management business saw a net income increase of 32.61% year-on-year, despite a decrease in the total entrusted asset scale [12]. - The company’s proprietary fixed income business continued to grow, with a year-on-year increase of 166.55% in income [13]. Future Projections - The company expects EPS of 0.23 yuan and 0.25 yuan for 2024 and 2025, respectively, with book value per share (BVPS) projected at 5.70 yuan and 5.90 yuan [17]. - The report anticipates a price-to-book (P/B) ratio of 1.20 and 1.16 for 2024 and 2025, respectively, based on the closing price of 6.83 yuan on September 18 [17].