Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price exceeding 15% compared to the CSI 300 index over the next six months [1][7]. Core Insights - The highlight of the report is the commencement of photovoltaic production capacity in Indonesia, which is expected to benefit the company's growth [1][3]. - The company reported a revenue of 9.567 billion yuan for the first half of 2024, a year-on-year decrease of 6.62%, and a net profit of 640 million yuan, down 47.29% year-on-year [2][3]. - The photovoltaic business generated approximately 5.9 billion yuan in revenue, with a shipment volume of about 8.1 GW, reflecting a year-on-year growth of approximately 78% [2][3]. - The report indicates that the company is focusing on the European photovoltaic market, although it faces challenges from increased inventory levels and competition, leading to a reduction in gross margin to 11.90%, down 12.40 percentage points [2][3]. - The lithium battery business revenue reached 1.236 billion yuan, with a shipment volume of 2.68 million units, showing a year-on-year growth of approximately 91.43% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 9.567 billion yuan, with a net profit of 640 million yuan [2][3]. - The second quarter of 2024 saw a revenue of 5.334 billion yuan, a year-on-year decrease of 4.99%, but a quarter-on-quarter increase of 25.99% [2][3]. - The gross margin for the photovoltaic business decreased to 11.90%, while the gross margin for the magnetic materials business was approximately 26.5% [2][3]. Future Outlook - The report anticipates that the company will benefit from the upcoming production capacity in Indonesia, which is expected to enhance its market presence, particularly in the U.S. market [2][3]. - The company is also focusing on expanding its lithium battery business, with expectations of continued high growth in shipments [2][3]. - The report suggests that the company is well-positioned to maintain a leading profitability level due to its strong overseas brand channels [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company reported a steady revenue growth with a total revenue of 11.344 billion yuan in H1 2024, representing a year-on-year increase of 9.41% [1]. - The net profit attributable to shareholders was -1.30 billion yuan, a significant decline of 140.66% year-on-year, while the net profit excluding non-recurring items was -1.35 billion yuan, down 147.07% year-on-year [1]. - The company’s smart cable network business achieved revenue of 10.287 billion yuan in H1 2024, up 5.98% year-on-year, but net profit decreased by 72.78% to 0.155 billion yuan due to rising raw material prices [1]. - The company is nearing the completion of its submarine cable factory, which is expected to enhance growth opportunities in the smart cable network business [1]. Financial Summary - For H1 2024, the company’s comprehensive gross margin was 9.86%, down 4.00 percentage points year-on-year, with Q2 gross margin at 9.13% [1]. - The company’s revenue projections for 2024-2026 are 27.460 billion yuan, 30.782 billion yuan, and 34.407 billion yuan, respectively, with expected growth rates of 12.24%, 12.09%, and 11.78% [3]. - The net profit forecasts for the same period are 0.451 billion yuan, 0.721 billion yuan, and 0.837 billion yuan, with growth rates of 41.09%, 59.89%, and 16.06% respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a closing price of 4.94 [1][2]. Core Views - The company has shown significant improvement in profitability due to increased pig farming volume and reduced costs, resulting in a turnaround from losses to profits in the first half of 2024 [1][2]. - The company reported a revenue of 10.837 billion yuan for H1 2024, a decrease of 19.6% year-on-year, but achieved a net profit of 4.658 million yuan, compared to a loss of 664 million yuan in the same period last year [1][2]. - The pig farming business saw an increase in the number of pigs sold, with 1.8828 million pigs marketed, a year-on-year increase of 13.46%, and revenue from this segment reached 2.584 billion yuan, up 11.91% year-on-year [1][2]. Summary by Sections Financial Performance - The company achieved a gross margin of 12.94%, an increase of 31.98 percentage points compared to the previous year, benefiting from rising pig prices and ongoing cost optimization [1][2]. - The report forecasts a revenue growth rate of 17.88% for 2024, with expected revenues of 31.767 billion yuan, and a projected net profit of 771 million yuan [2][3]. Operational Insights - The company has improved its operational management, leading to enhanced production efficiency, with the cost of raising fattening pigs decreasing from 16.7 yuan/kg in Q1 to 16.2 yuan/kg in Q2 [1][2]. - The company has a production capacity utilization rate of approximately 60%, with several projects in Guangxi and Hunan expected to be completed and operational within the year, which will further increase capacity [1][2]. Market Position - The company is positioned as a leading player in the domestic feed and meat industry, with integrated operations expected to enhance its competitive advantages and market share over time [1][2].

证券研究报告|行业深度报告 2024年9月6日 周期行业供需格局有望改善，优选高景气新材料产品 ——化工行业2024年半年报总结 证券分析师：王亮 E-MAIL:wangl@tpyzq.com 执业资格证书编码： S1190522120001 证券分析师：王海涛 E-MAIL:wanght@tpyzq.com 执业资格证书编码： S1190523010001 请务必阅读正文后的重要声明 化工&新材料产业链上下游概览 工业活业务 ACIFIC SECURITIES 细分子行业 农用化工 化学纤维 基础化工 化学原料 塑料及制品 轮胎及制品 矿资源 原油、煤炭、天然气 其他化学制品 (新材料) 磷、原盐、萤石等 石油开采、油服工程 石油石化 典型产品 主要下游 农业、粮食 氮磷钾肥、复合肥、农药 涤纶长丝、黏胶、氨纶、芳纶、碳纤维 纺服、家居、风电/军工 玻璃、食盐、涂料、地产建筑 纯碱、氯碱、无机盐、钛白粉等 膜材料、改性塑料、EVA/POE、树脂等 轮胎、橡胶等 锂电化学品: 电解液、隔膜、正负极材料等 电子化学品：光刻胶、抛光材料等 氟化工材料: PVDF、制冷剂、FEP等 聚氨酯: MDI、TDI、TPU ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 5.506 billion yuan, up 12.03% year-on-year, and net profit attributable to shareholders at 1.734 billion yuan, up 19.58% year-on-year [2]. - The return on equity (ROE) was 13.28%, an increase of 0.88 percentage points compared to the previous year [2]. - The non-performing loan ratio stood at 0.76%, with a provision coverage ratio of 538.81%, reflecting strong asset quality and risk mitigation capabilities [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 5.506 billion yuan and a net profit of 1.734 billion yuan, marking year-on-year growth rates of 12.03% and 19.58% respectively [2]. - The company's total assets reached 367.303 billion yuan, a year-on-year increase of 9.82% [2]. - The growth in interest income and non-interest income was driven by expansion and investment gains, with interest income at 4.602 billion yuan (up 6.10%) and non-interest income at 904 million yuan (up 56.59%) [2]. Asset Quality - The company maintained a non-performing loan ratio of 0.76% and a provision coverage ratio of 538.81%, indicating robust asset quality [2]. - The company’s total deposits reached 282.760 billion yuan, a year-on-year increase of 14.04% [2]. Future Projections - Revenue is projected to grow at rates of 12.09%, 11.03%, and 12.90% for 2024, 2025, and 2026 respectively, while net profit is expected to grow by 20.37%, 16.21%, and 16.92% in the same years [3]. - The projected book value per share (BVPS) for the next three years is 8.27 yuan, 9.46 yuan, and 10.94 yuan, with corresponding price-to-book (P/B) ratios of 0.78, 0.68, and 0.59 [3].

| --- | |-------| | | | | | | | | 易普力(002096) 开拓高效市场+降本增效，推动公司业绩稳健增长 ◼ 走势比较 (30%) (16%) (2%) 12% 26% 40% 23/9/5 23/11/1724/1/2924/4/1124/6/2324/9/4 易普力 沪深300 ◼ 股票数据 总股本/流通(亿股) 12.4/12.4 总市值/流通(亿元) 147.61/147.61 12 个月内最高/最低价 (元) 15.27/8.59 相关研究报告 << 易普力（002096.SZ）： 新公司完 成首份答卷，公司有望步入新阶 段>>--2024-06-24 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 39.14 亿元，同比下降 2.15%，归母净利润 3.51 亿元，同比增长 15.43%。 维持"买入"评级。 依靠高效市场 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [3]. Core Insights - The pharmaceutical sector showed a performance increase of 1.04% on September 5, 2024, outperforming the CSI 300 Index by 0.87 percentage points, ranking 9th among 31 sub-industries in the Shenwan classification [2]. - Notable sub-industry performances include offline pharmacies (+4.90%), hospitals (+1.59%), and medical consumables (+1.50%), while blood products (-0.01%) and vaccines (+1.05%) lagged behind [2]. - Novartis' Iptacopan received approval for a new indication in China, specifically for treating adult patients with Paroxysmal Nocturnal Hemoglobinuria (PNH), marking a significant development in the market [2][3]. Summary by Sections Market Performance - The pharmaceutical sector's performance on September 5, 2024, was +1.04%, with a notable outperformance against the CSI 300 Index [2]. - The top three gainers in individual stocks were Shuyuan Pingmin (+20.00%), Renmin Tongtai (+10.02%), and Jianzhijia (+10.00%), while the largest decliners included Sailun Biology (-4.85%), Norsland (-4.53%), and Nanhua Biology (-4.16%) [2]. Industry News - On September 5, 2024, the CDE announced the acceptance of Novartis' application for Iptacopan, a specific complement pathway factor B inhibitor, which is expected to be approved for its first indication in April 2024 [2]. - China National Pharmaceutical Modern (600420) received approval for the listing of Clonazepam, while China Resources Double Crane (600062) was granted permission to conduct clinical trials for its product ZP036 [2]. Company Ratings - The report does not provide specific ratings for individual companies but highlights significant developments and approvals that may impact their market positions [2].

2024 年 09 月 06 日 公司点评 买入/维持 江苏金租(600901) 目标价: 昨收盘:4.51 非银金融 多元金融 江苏金租 2024 年中报点评：利差环比改善，资产质量向好 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 23/9/5 23/11/1724/1/2924/4/1124/6/2324/9/4 江苏金租 沪深300 ◼ 股票数据 总股本/流通(亿股) 46.01/45.98 总市值/流通(亿元) 207.51/207.37 12 个月内最高/最低价 (元) 5.49/4.37 相关研究报告 <<江苏金租 2023 年年报&24 年一季 报点评：多业务板块增长，高盈利支 撑高分红>>--2024-05-22 <<江苏金租 Q3 点评：业绩维持两位 数增长，资产质量稳健向好>>-- 2023-11-06 <<净利差逆周期扩大，厂商模式优化 迭代>>--2023-08-30 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core businesses, including life and health insurance, property insurance, and banking, generated a total operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - New business value in life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking sector reported a net profit of 25.88 billion yuan, a year-on-year increase of 1.9%, with a non-performing loan ratio of 1.07% [3]. - The investment portfolio of insurance funds expanded significantly, reaching 5.20 trillion yuan, a growth of 10.2% since the beginning of the year, with a stable annualized investment return of 4.2% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The diluted earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].

公 司 研 究 2024 年 09 月 04 日 公司点评 买入/维持 方正证券(601901) 目标价: 昨收盘:6.72 非银金融 证券 方正证券 2024 年半年报点评：财富管理收入微降，投资交易业 务收益激增 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 方正证券 沪深300 ◼ 股票数据 总股本/流通(亿股) 82.32/82.32 总市值/流通(亿元) 553.2/553.2 12 个月内最高/最低价 (元) 10.24/6.18 相关研究报告 <<方正证券 2023 年年报点评：传统 优势稳固，财务杠杆抬升>>--2024- 04-02 <<方正证券中报点评：受益于市场改 善，业绩实现较快增长>>--2019-08- 21 <<方正证券 2016 年报点评：传统业 务优势仍在，静待协同效应释放>>-- 2017-03-31 事件：方正证券发布 2024 年半年报。公司 2024H1 实现营业收入 37.22 亿元，同比-8.18%；实现归母净利润 13.51 亿元，同比-6.15%。加权平均 ...