Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][7]. Core Insights - The company reported a strong performance in its OEM business, with a revenue increase of 17.6% year-on-year to 1.83 billion yuan in H1 2024, and a net profit increase of 230% year-on-year to 250 million yuan [3]. - The acquisition of Shanghai Jiale contributed significantly to the earnings, with a one-time gain of 96.31 million yuan recognized during the acquisition [3]. - The company's gross margin improved by 2.3 percentage points to 23.94% in H1 2024, driven by enhanced production efficiency and cost reduction efforts [3]. Summary by Sections Financial Performance - H1 2024 revenue reached 1.83 billion yuan, up 17.6% year-on-year, while net profit was 250 million yuan, reflecting a 230% increase [3]. - Q2 2024 revenue was 920 million yuan, a 12.8% year-on-year increase, with net profit soaring by 341% to 180 million yuan [3]. Business Segments - OEM business revenue grew by 21.6% to 1.53 billion yuan, with bag and apparel segments contributing 1.255 billion yuan and 273 million yuan respectively [3]. - Brand business revenue decreased by 2.5% to 281 million yuan, with online sales increasing by 25.2% while distribution channel sales fell by 11.1% [3]. Acquisition Impact - The acquisition of Jiale, which now holds 51.85% of the company, is expected to enhance revenue and profit through improved production efficiency and capacity release [3]. - Jiale's revenue in H1 2024 was 640 million yuan, up 17.3% year-on-year, with net profit increasing by 168% to 21 million yuan [3]. Future Outlook - The company is positioned as a leader in the bag OEM sector and aims to develop its apparel OEM business as a second growth driver [3]. - Projected net profits for 2024, 2025, and 2026 are 390 million yuan, 402 million yuan, and 500 million yuan respectively, with corresponding PE ratios of 12, 12, and 10 times [5].

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 保隆科技(603197) 目标价: 昨收盘:29.80 空悬龙头再起航 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------|---------|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry is rated as "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [48]. Core Views - The report highlights a strong performance in precious metals, with expectations for continued price increases due to anticipated interest rate cuts and geopolitical factors affecting market dynamics [38][48]. - Base metals are experiencing price fluctuations, with supply tightening and demand remaining resilient, particularly in copper and aluminum sectors [15][18]. - Energy metals are currently at a cyclical low, with prices under pressure due to weak supply-demand dynamics [41]. Summary by Sections 1. Non-ferrous Metal Sector Performance - The SW Non-ferrous Metal Industry Index increased by 1.06% during the week, while the CSI 300 Index decreased by 0.17% [7][12]. - Among sub-sectors, energy metals and new metal materials showed significant weekly gains of +5.98% and +5.78%, respectively [7][12]. 2. Base Metals - Copper prices on the LME decreased by 0.50% to $9,252 per ton, while domestic copper prices increased by 0.52% to ¥73,922 per ton [14][15]. - The average price of copper concentrate was $5.73 per ton, reflecting tight supply conditions [15]. - Aluminum prices fell by 3.45% to $2,446 per ton, with domestic prices at ¥19,643 per ton [18]. 3. Precious Metals - Comex gold prices rose by 0.52% to $2,765 per ounce, while domestic gold prices increased by 0.30% to ¥573 per gram [38]. - The report maintains a positive outlook on gold prices due to weakening dollar credit and geopolitical tensions [38]. 4. Energy Metals - Battery-grade lithium carbonate prices increased by 0.40% to ¥74,600 per ton, while battery-grade lithium hydroxide prices decreased by 1.64% to ¥71,871 per ton [41]. - The sector is currently experiencing a cyclical low, with expectations of production cuts due to cost pressures [41].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances, with a target price based on the last closing price of 24.75 [1][3]. Core Insights - Hisense Home Appliances reported a rapid growth in Q2 2024, with revenue reaching 25.156 billion yuan, a year-on-year increase of 6.98%, and net profit of 1.035 billion yuan, up 17.26% [2][3]. - The company's H1 2024 revenue was 48.642 billion yuan, reflecting a growth of 13.27%, while the net profit attributable to shareholders was 2.016 billion yuan, up 34.61% [2][3]. - The report highlights significant growth in the Americas and ASEAN regions, with revenue from the Americas increasing by 40% year-on-year and ASEAN revenue growing by 39.46%, driven by the establishment of a joint venture for brand development [2][3]. Summary by Sections Financial Performance - In H1 2024, the revenue from major product lines was as follows: HVAC (22.767 billion yuan, +7.59%), washing machines (14.693 billion yuan, +26.81%), and other products (6.074 billion yuan, +1.97%) [2][3]. - The gross margin for Q2 2024 was 20.95%, a decrease of 0.92 percentage points, attributed to increased competition and rising material costs [2][3]. Future Outlook - The report anticipates continued revenue growth for Hisense, projecting net profits of 3.338 billion yuan in 2024, 3.817 billion yuan in 2025, and 4.272 billion yuan in 2026, with corresponding EPS of 2.41, 2.75, and 3.08 yuan [3][4]. - The overall industry outlook is positive, with expectations of sustained recovery in white goods demand due to new policies and the growth of the electric vehicle sector benefiting upstream components [3][4].

2024 年 09 月 02 日 公司点评 买入/维持 格力电器(000651) 目标价: 昨收盘:39.70 格力电器：2024Q2 盈利能力持续提升，空调品类和外销业务实现较快增长 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 格力电器 沪深300 ◼ 股票数据 总股本/流通(亿股) 56.31/56.31 总市值/流通(亿元) 2,235.67/2,23 12 个月内最高/最低价 (元) 43.83/30.78 5.67 相关研究报告 <<格力电器系列深度（一）：家空主业 为锚龙头地位稳固，铜价上涨+红海 事件拉动行业排产快增>>--2024- 06-17 <<格力电器：2024Q1 盈利能力持续提 升，投资 30 亿元启动"以旧换新"活 动>>--2024-05-05 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S119012403000 ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli (603338) with a target price of 62.52, compared to the last closing price of 48.43 [1][5]. Core Insights - The company's revenue for the first half of 2024 reached 3.859 billion yuan, a year-on-year increase of 24.56%, while the net profit attributable to shareholders was 824 million yuan, a slight decline of 0.88% [5]. - In Q2 2024, the company achieved a revenue of 2.408 billion yuan, reflecting a year-on-year growth of 34.00%, and a net profit of 522 million yuan, which is a 1.95% increase year-on-year [5]. - The arm-type products have seen significant growth, with revenue increasing by 57.67% year-on-year, accounting for 48.57% of the main business revenue [5]. - The acquisition of CMEC, which has been consolidated into the company, is expected to accelerate the expansion into the North American market, with CMEC generating revenue of 1.911 billion yuan and a net profit of 185 million yuan in the first half of 2024 [5]. Financial Performance - The gross margin for the first half of 2024 was 35.30%, an increase of 0.9 percentage points year-on-year, while the net margin decreased by 5.47 percentage points to 21.37% [5]. - The company forecasts revenues of 7.686 billion yuan, 9.190 billion yuan, and 10.909 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.110 billion yuan, 2.520 billion yuan, and 3.063 billion yuan for the same years [6][5]. - The report indicates a projected PE ratio of 15 times for 2024, supporting the "Buy" rating [5].

Investment Rating - The report maintains a positive outlook on the power equipment and new energy sector [1]. Core Insights - The report highlights the acceleration of overseas capacity deployment and the increase in photovoltaic prices, indicating a recovery in pricing power for leading companies like Longi and Zhonghuan [2][5]. - The new energy vehicle sector is expected to enter a new cycle, driven by strong product capabilities and policy support for battery replacements in urban public transport [2][6]. - The photovoltaic industry is seeing a significant price increase in silicon wafers, with major companies adjusting their prices upward, leading to a potential recovery in profitability [5][6]. - The wind power sector is witnessing accelerated project approvals and a shift towards large-capacity high-voltage transmission becoming mainstream [8][18]. Summary by Sections New Energy Vehicles - Penghui Energy has launched a solid-state battery with a first-generation energy density of 280Wh/kg, expected to reach over 300Wh/kg by 2025 [3][15]. - The solid-state battery technology utilizes a wet coating process, simplifying production and reducing costs compared to conventional lithium batteries by approximately 15% [15][16]. - Key beneficiaries in the supply chain include leading companies like CATL, Putailai, and Tianci Materials [16]. Photovoltaic Industry - The report notes a clear upward trend in silicon wafer prices, with Longi Green Energy officially raising prices on August 29, leading to increased shipment volumes [5][6]. - The overall profitability of leading companies is expected to return to reasonable levels as the industry adjusts pricing to alleviate previous losses [5][6]. - The report identifies integrated companies such as Longi Green Energy, JinkoSolar, and Tongwei as key players in the photovoltaic sector [17]. Wind Power Sector - The Zhuhai Gaolan offshore wind project is progressing, with a scale of 500MW and expected to start construction in September 2024 [8][18]. - The report highlights the approval of a 1000MW capacity project for the Yangjiang Sanshan Island offshore wind farm, indicating a trend towards high-capacity and high-voltage transmission systems [8][18]. - Recommended companies in this sector include Yunda Co., Goldwind Technology, and Sany Heavy Energy [18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.1, compared to the last closing price of 9.58 [1]. Core Insights - The company's performance aligns with the forecast range, driven by reforms that enhance profitability [1]. - In H1 2024, the company achieved revenue of 16.06 billion, a year-on-year increase of 6.81%, and a net profit attributable to shareholders of 984 million, up 60.20% year-on-year [2]. - The core business of earth-moving machinery shows strong demand, with domestic excavator sales turning positive with a year-on-year growth of 29.5% [2]. - The company is advancing its internationalization strategy, with overseas revenue reaching 7.71 billion, an increase of 18.82% year-on-year [2]. - The company's gross margin improved to 23.40%, up 3.26 percentage points year-on-year, and the net profit margin increased to 6.33%, up 2.21 percentage points year-on-year [2]. Financial Projections - Revenue projections for 2024-2026 are 30.19 billion, 35.00 billion, and 41.16 billion respectively, with net profits of 1.55 billion, 2.10 billion, and 2.71 billion [3]. - The expected growth rates for revenue are 9.7% in 2024, 15.9% in 2025, and 17.6% in 2026 [3]. - The projected diluted earnings per share for 2024-2026 are 0.78, 1.06, and 1.37 respectively, with corresponding price-to-earnings ratios of 12.2, 9.0, and 7.0 [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 16.897 billion yuan in the first half of 2024, representing a year-on-year growth of 29.09%, and a net profit of 3.305 billion yuan, up 46.44% year-on-year [4] - The significant increase in profitability is driven by reduced costs in coal-to-olefins production, with a net profit margin reaching 19.56%, an increase of 2.32 percentage points year-on-year [4] - The company is progressing well with its projects in Inner Mongolia, which are expected to support future growth [4] Summary by Sections Financial Performance - In Q2 2024, the company reported revenues of 8.670 billion yuan and a net profit of 1.884 billion yuan, with year-on-year growth rates of 36.39% and 75.80% respectively [4] - Major products such as polyolefins and coke saw production increases of 87% and 3% year-on-year, respectively [4] - Polyethylene sales reached 575,000 tons, up 68.4% year-on-year, while polypropylene sales were 572,200 tons, up 79.2% year-on-year [4] Project Development - The company is advancing its Inner Mongolia project, which includes a 2.6 million tons/year coal-to-olefins project and a 400,000 tons/year green hydrogen coupling project, expected to be operational in 2024 [4] - The Ningdong Phase 3 project has commenced production, adding 1.5 million tons/year of methanol and 1 million tons/year of olefins capacity [4] - The company has also initiated preparations for the Ningdong Phase 4 olefins project [4] Future Projections - The company is expected to have EPS of 1.1, 1.7, and 1.9 yuan for the years 2024, 2025, and 2026 respectively [4] - Revenue projections for 2024, 2025, and 2026 are 39.351 billion yuan, 55.066 billion yuan, and 62.603 billion yuan, with growth rates of 35.06%, 39.94%, and 13.69% respectively [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, Huamao Technology (603181) [1][2][7] Core Views - The company has shown initial success in product structure adjustments, leading to rapid growth in strategic emerging sectors. In the first half of 2024, the company achieved operating revenue of 1.109 billion yuan, a year-on-year increase of 23.65%, and a net profit attributable to shareholders of 191 million yuan, up 26.98% year-on-year [2][5] - The strategic shift from traditional "large varieties" to focusing on "small varieties" has resulted in improved revenue and profitability. In Q2 2024, the company reported operating revenue of 577 million yuan, a year-on-year increase of 24.18%, and a net profit of 103 million yuan, up 44.11% year-on-year [2][5] - New projects and products are expected to support the company's continuous growth. As of June 30, 2024, several new projects are in progress, including a 0.9 million-ton polyether amine technical transformation project and a 200-ton polyimide project aimed at the aerospace sector [2][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.109 billion yuan, a 23.65% increase year-on-year, and a net profit of 191 million yuan, a 26.98% increase year-on-year [2][5] - For Q2 2024, operating revenue reached 577 million yuan, a 24.18% year-on-year increase, with a net profit of 103 million yuan, reflecting a 44.11% year-on-year growth [2][5] Strategic Initiatives - The company has successfully adjusted its product structure, focusing on strategic emerging sectors, which has led to significant improvements in revenue and profitability [2][5] - The strategic emerging sector achieved sales volume of 22,100 tons and revenue of 285 million yuan in the first half of 2024, with Q2 showing a sales volume of 11,500 tons and revenue of 145 million yuan [2][5] Future Outlook - The company is expected to continue its growth trajectory with new projects and products, having established 16 major segments, including functional new materials and high-end electronic chemicals [2][5] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 0.68 yuan, 0.83 yuan, and 0.99 yuan, respectively [2][3]