Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported strong performance in H1 2024, with operating revenue of 13.083 billion yuan, a year-on-year increase of 11.30%, and a net profit attributable to shareholders of 1.174 billion yuan, up 43.43% year-on-year [3]. - The life insurance segment showed steady growth, with premium income of 10.907 billion yuan, a 24% increase year-on-year, while new single premium income decreased by 28.16% [3]. - The futures business faced challenges, with a net profit of 134 million yuan, down 14.65% year-on-year, but showed resilience through innovative risk management and service improvements [3]. - The trust business expanded significantly, with total assets reaching 389.5 billion yuan, a 29% increase quarter-on-quarter, and net profit of 403 million yuan, up 13% year-on-year [3]. Summary by Sections Financial Performance - H1 2024 operating revenue was 13.083 billion yuan, up 11.30% year-on-year - Net profit attributable to shareholders was 1.174 billion yuan, up 43.43% year-on-year - Return on equity (ROE) was 5.73%, an increase of 1.37 percentage points year-on-year [3]. Life Insurance Business - Premium income from the subsidiary, Zhongying Life, was 10.907 billion yuan, a 24% increase year-on-year - New single premium income was 2.464 billion yuan, down 28.16% - Comprehensive solvency ratio was 239.84%, down 1.33 percentage points year-on-year [3]. Futures Business - Zhongliang Futures reported a net profit of 134 million yuan, down 14.65% year-on-year - The brokerage business saw a 13% increase in client transaction volume year-on-year - Asset management scale reached 7.7 billion yuan, up 35.09% year-on-year [3]. Trust Business - Zhongliang Trust's total assets expanded to 389.5 billion yuan, a 29% increase quarter-on-quarter - Trust business fee income was 681 million yuan, up 15% year-on-year - Net profit from trust operations was 403 million yuan, up 13% year-on-year [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 [1][7]. Core Views - The company achieved a revenue of 54.50 billion yuan in the first half of 2024, a year-on-year decrease of 31.76%. The net profit attributable to shareholders was 2.37 billion yuan, down 81.56% year-on-year, while the net profit excluding non-recurring items was 1.86 billion yuan, a decrease of 85.35% year-on-year [2][3]. - The company is enhancing its market share through the external sale of lithium salts and is improving its integrated capabilities. Strategic cooperation agreements with key clients are expected to stabilize market share, while adjustments in sales strategies for lithium-ion battery materials are actively being pursued [2][3]. - The company is expanding its overseas business, with several international projects entering the pilot stage, thereby enhancing its global competitiveness [2][3]. Financial Summary - The company forecasts revenues of 123 billion yuan, 152 billion yuan, and 250 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -20%, +24%, and +65% [3][5]. - The net profit attributable to shareholders is projected to be 6 billion yuan, 14 billion yuan, and 23 billion yuan for the same years, with corresponding year-on-year growth rates of -70%, +148%, and +65% [3][5]. - The earnings per share (EPS) are expected to be 0.3 yuan, 0.7 yuan, and 1.2 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (PE) ratio of 47, 19, and 12 for those years [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price 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 business segments, including life and health insurance, property insurance, and banking, collectively generated an operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - The new business value for 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 segment reported a net profit of 25.88 billion yuan, up 1.9% year-on-year, with a non-performing loan ratio of 1.07% [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 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].

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 total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company stands at 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The new life insurance strategy has shown significant results, driving both premium and value growth. The subsidiary Sunshine Life achieved total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment also demonstrated steady growth, with Sunshine Property and Casualty achieving original insurance premium income of 24.65 billion yuan, a 12.4% increase year-on-year [3]. - The company's total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Financial Projections - The company is projected to achieve total revenue of 85.70 billion yuan in 2024, with a growth rate of 9.56%. By 2026, total revenue is expected to reach 101.79 billion yuan [4]. - Net profit is forecasted to grow significantly, with estimates of 4.70 billion yuan in 2024, 5.70 billion yuan in 2025, and 6.85 billion yuan in 2026, reflecting growth rates of 25.86%, 21.16%, and 20.25% respectively [4]. - The earnings per share (EPS) are projected to be 0.41 yuan in 2024, 0.50 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 6.22x, 5.13x, and 4.27x [4].

公 司 研 究 | --- | --- | |-----------|-------| | | | | | | | | | | | | | | | | | | | | | | 2024 年 | | | | | | | | 中粮资本(002423) 目标价: 昨收盘:7.58 非银金融 多元金融 中粮资本 2024 半年报点评：业绩增长强劲，战略转型彰显成效 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 中粮资本 沪深300 ◼ 股票数据 总股本/流通(亿股) 总市值/流通(亿元) 12 个月内最高/最低价 (元) | --- | --- | --- | |-------|---------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | 23.04/23.04 | | | | | | | | | | | | 174.65/174.65 | | | | 9.19/6.01 | | 相关研究报告 <<中粮资本 2023 ...

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 ...

公 司 研 究 2024 年 09 月 03 日 公司点评 买入/维持 登康口腔(001328) 目标价: 昨收盘:23.32 2024H1 财报点评：经营稳健符合预期，电商渠道增速亮眼 ◼ 走势比较 (60%) (48%) (36%) (24%) (12%) 0% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 登康口腔 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.72/1.72 总市值/流通(亿元) 40.15/40.15 12 个月内最高/最低价 (元) 37.72/17.52 相关研究报告 <<登康口腔深度报告：抗敏龙头地位 夯实，产业延展成长可期>>--2024- 07-16 <<登康口腔：Q3 线下拖累短暂承压， 毛利率表现优异>>--2023-11-03 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tpyzq.com 一般证券业务登记编号：S1190122070007 事件：公司近期发布 2024 年中报。24H1 收入 7.03 亿元/ ...

2024 年 09 月 04 日 公司点评 买入/维持 天赐材料(002709) 目标价: 昨收盘:14.32 天赐材料 2024 半年报点评：锂盐外售提升市占率，一体化能力 持续提升 ◼ 走势比较 (60%) (48%) (36%) (24%) (12%) 0% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 天赐材料 沪深300 ◼ 股票数据 总股本/流通(亿股) 19.19/19.19 总市值/流通(亿元) 274.78/274.78 12 个月内最高/最低价 (元) 33.58/13.31 相关研究报告 <<天赐材料点评：电解液龙头有望率 先见底，看好后续量利齐升带来的弹 性机会>>--2024-03-14 <<【太平洋新能源】天赐材料 2023 年 中报点评报告—一体化布局优势明 显，海外布局、新技术增强穿越周期 的成长能力>>--2023-08-17 <<【太平洋新能源】天赐材料 2022 年 年报点评报告：一体化布局穿越周 期，新技术、新产品引领长期成长>>- -2023-04-12 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.co ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company is 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The life insurance subsidiary achieved a total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment reported a premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 42.449 billion yuan, with a year-on-year growth of 8.9% [3]. - The net profit attributable to shareholders was 3.14 billion yuan, marking an 8.6% increase [3]. - The embedded value (EV) stood at 112.64 billion yuan, reflecting an 8.2% quarter-on-quarter growth [3]. Business Segments - Life insurance segment reported total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - Property and casualty insurance segment achieved premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. Investment Performance - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year [3]. - Total investment income was 8.33 billion yuan, up 8.2% year-on-year, with a significant increase in comprehensive investment returns [3].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 914.29 billion yuan, up 30.67% year-on-year, and net profit attributable to shareholders at 70.79 billion yuan, up 419.99% year-on-year [1]. - The company achieved a record high in single-vehicle net profit, with a notable improvement in profitability driven by exports and the growth of the Tank series [1]. - The company is focusing on international expansion and has established over 1,300 sales channels overseas, with production bases in Southeast Asia, Eurasia, and Central and South America [1]. Financial Summary - Revenue projections for 2024-2026 are 2,194 billion yuan, 2,499 billion yuan, and 2,893 billion yuan, respectively, with net profits of 129.17 billion yuan, 155.44 billion yuan, and 189.44 billion yuan [3]. - The company’s gross margin for the first half of 2024 was 20.74%, an increase of 3.9 percentage points year-on-year, while the net margin was 7.74%, up 5.8 percentage points year-on-year [1]. - The earnings per share (EPS) are projected to be 1.51 yuan, 1.82 yuan, and 2.22 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14.60, 12.13, and 9.96 [3].