Investment Rating - The report maintains an "Add" rating for the company [2][3][4] Core Views - The company reported a revenue of 9.073 billion yuan in the first half of 2024, a year-on-year decrease of 15.15%, while the net profit attributable to shareholders increased by 22.43% to 420 million yuan [3][4] - The company signed new contracts worth 9.699 billion yuan in the first half of 2024, a year-on-year increase of 3.47%, with domestic contracts decreasing significantly due to falling steel prices, while international contracts grew due to competitive advantages in low-carbon metallurgy technology [3][5] - The company's overseas revenue accounted for 51.66% of total revenue in the first half of 2024, indicating a successful expansion in international markets [3][6] Financial Summary - The company expects total revenue for 2024 to be 26.950 billion yuan, with a year-on-year growth of 2.2%, and net profit attributable to shareholders projected at 887 million yuan, a growth of 16.5% [2][10] - The gross margin for the first half of 2024 was 11.46%, an increase of 2.75 percentage points year-on-year, driven by improved project cost management [6][9] - The company’s operating cash flow per share was -1.08 yuan, indicating a cash outflow primarily due to decreased revenue and extended payment cycles for domestic projects [8][9] Future Outlook - The company is expected to benefit from the ongoing low-carbon transformation in the steel industry, leveraging its low-carbon metallurgy technology [9] - The international engineering demand is strong, with the company having established a significant presence in over 50 countries, particularly along the Belt and Road Initiative [9] - The integration into China Baowu Steel Group is anticipated to enhance resource allocation and access to high-quality orders [9]

Investment Rating - The investment rating for the industry is "Buy" based on the expectation of significant outperformance compared to the relevant market index [6]. Core Viewpoints - High dividend yields and low valuations continue to attract investment in state-owned banks, with a long-term dividend payout ratio maintained above 30% [2][4]. - The average dividend yield for the five major state-owned banks has decreased from approximately 7% at the beginning of 2023 to around 5% currently, yet it still offers a premium of about 270 basis points over the ten-year government bond yield, indicating substantial dividend potential [2][4]. - The price-to-book (PB) ratio for state-owned banks is at 0.66, which is historically low, suggesting that these banks remain attractive for dividend-focused investment strategies [2][4]. Summary by Sections Dividend and Valuation - State-owned banks have announced their mid-year dividend plans for 2024, enhancing the stability and sustainability of dividends, which strengthens investor expectations [2][4]. - The "中特估" market trend in 2023 and the anticipated dividend market in 2024 are expected to elevate the valuation levels of state-owned banks [2][4]. Operational Stability - Over the past decade, state-owned banks have experienced a compound annual growth rate (CAGR) of 4-5% in revenue and profit, with a stable return on equity (ROE) above 10% over the last five years [2][4]. - Despite a slight decline in net profit in the first half of 2024 due to high-quality credit growth and narrowing interest margins, the second quarter is expected to show an improvement in profit growth decline [2][4]. Interest Margin and Asset Quality - The net interest margin has been under pressure since 2022 due to various factors, but recent regulatory measures have stabilized the cost of bank liabilities, leading to a stabilization of interest margins in the first half of 2024 [3][4]. - The asset quality of state-owned banks has remained stable, with a decreasing non-performing loan (NPL) ratio and an increasing provision coverage ratio, which supports smoother performance through economic cycles [5].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) [4][8] Core Views - The company reported a revenue of 135.623 billion yuan for H1 2024, representing a year-on-year increase of 3.03%. The net profit attributable to shareholders was 10.42 billion yuan, up 16.26% year-on-year [1] - The company experienced steady growth in overseas sales, with revenue from international markets reaching 70.8 billion yuan, a year-on-year increase of 3.7%. Domestic sales faced short-term pressure due to the consumption environment [2] - The gross profit margin improved slightly to 30.61% in H1 2024, with a net profit margin of 7.68%, reflecting ongoing efficiency improvements and cost control measures [2][5] Summary by Sections Financial Performance - H1 2024 revenue: 135.623 billion yuan (+3.03% YoY) - H1 2024 net profit: 10.42 billion yuan (+16.26% YoY) - H1 2024 gross margin: 30.61% (+0.17 percentage points YoY) - H1 2024 net profit margin: 7.68% (+0.87 percentage points YoY) [1] Revenue Breakdown - Domestic revenue: 64.8 billion yuan (+2.3% YoY) - Overseas revenue: 70.8 billion yuan (+3.7% YoY) - Notable growth in regions: Southeast Asia (+26.8% YoY), Middle East (+12.4% YoY) [2] Cost and Efficiency - Cost reduction and efficiency improvements led to a decrease in sales, management, and R&D expense ratios in Q2 2024 [2] - Q2 2024 gross margin: 32.33% (+0.18 percentage points YoY) [2] Earnings Forecast - Adjusted EPS for 2024-2026: 2.02 yuan, 2.28 yuan, 2.57 yuan respectively - Corresponding dynamic PE ratios: 11.9x, 10.5x, 9.4x [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The bank's non-performing loan (NPL) ratio and attention rate have slightly increased, but real estate risks show marginal improvement. As of mid-2024, the NPL ratio is 1.19%, up 1 basis point quarter-on-quarter, with corporate NPLs down 12 basis points to 1.25% and retail NPLs up 9 basis points to 1.30% [4] - The bank's mid-term dividend payout ratio has increased, with a cash dividend of 1.847 yuan per 10 shares, totaling 9.873 billion yuan, resulting in a payout ratio of 29.20%, slightly up from 28.01% in 2023 [3][4] - Revenue growth remains positive, but profit growth has slowed. For the first half of 2024, revenue and net profit attributable to shareholders grew by 2.7% and decreased by 1.6% year-on-year, respectively [2][3] - The bank's total assets increased by 3.1% year-on-year, with loans up by 4.0%. Corporate and retail loans grew by 6.5% and 5.3%, respectively [2][3] - The net interest margin for the first half of 2024 is 1.77%, down 8 basis points year-on-year but up 7 basis points quarter-on-quarter, primarily due to improved deposit costs and a shift in the asset structure [2][4] Summary by Sections Earnings Forecast and Rating - The company is expected to have an EPS of 1.34 yuan and 1.36 yuan for 2024 and 2025, respectively, with a projected book value per share of 13.27 yuan by the end of 2024, resulting in a price-to-book (PB) ratio of 0.50 times [5][6]

司总 评 报 公 研 司 张晓云 zhangxiaoyun@xyzq.com.cn S0190514070002 内外贸市场协动，优化船舶资产布局。受国际地缘政治局势紧张影响，外贸 集运市场景气度有所回升。与此同时，公司新建造的 18 艘 4,600TEU 大船 ＃relatedReport＃ 分析师： 全部下水，自有运力比例稳步提升，运力把控能力持续增强。面对复杂多变 的市场环境，公司积极调配运力，优化船舶资产布局，借助外贸集运市场当 前较高的景气度，锁定部分船舶收益。 肖祎 xiaoyiyjy@xyzq.com.cn S0190521080006 王凯 wangkai21@xyzq.com.cn S0190521090002 | --- | --- | |------------------------------|--------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-8-28 | | 收盘价（元） | 7.89 | | 总股本（亿股） | 21.00 | | 流通股本（亿股） | 21.00 | ...

Investment Rating - The investment rating for the company is "Add" [1][5] Core Views - The company reported a revenue of 32.565 billion yuan for H1 2024, representing a year-on-year increase of 20.61%, and a net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year. The express delivery segment contributed a net profit of 2.097 billion yuan, reflecting a 13.48% increase year-on-year [4][5] - The company has shown improvements in operational efficiency, with a significant reduction in service delays and customer complaints, indicating enhanced customer satisfaction and operational effectiveness [4][5] - The ongoing digital transformation efforts are beginning to yield results, with a notable increase in market share and profitability, suggesting a strong competitive position in the industry [4][5] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan. The express delivery segment's net profit was 2.097 billion yuan, with a market share of 15.2% [4][5] - Quarterly net profits for the express delivery segment were 0.96 billion yuan in Q2 2023, 0.86 billion yuan in Q3 2023, 1.13 billion yuan in Q4 2023, 0.99 billion yuan in Q1 2024, and 1.10 billion yuan in Q2 2024, showing a consistent upward trend [4][10] Operational Metrics - The company has improved service metrics, with a 23% reduction in delivery delays and over 30% decrease in false delivery rates. Customer complaint rates have also decreased by 4% [4][5] - The company operates a robust logistics network with nearly 7,000 trunk vehicles and 73 self-operated transfer centers, indicating strong infrastructure support for its operations [4][8] Profitability Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 4.37 billion yuan, 5.25 billion yuan, and 6.10 billion yuan, respectively, with corresponding PE ratios of 11.8, 9.8, and 8.5 [5][9] - The express delivery business is expected to maintain a net profit margin of approximately 0.170 yuan per package in 2024, with projected growth in profitability over the next few years [9][10]

Investment Rating - The report maintains an "Add" rating for the company [2][25] Core Views - The company reported a revenue of 1.156 billion yuan for the first half of 2024, a year-on-year decrease of 5.53%, and a net profit attributable to shareholders of 368 million yuan, down 10.87% year-on-year [6][8] - The company's gross margin for the first half of 2024 was 44.64%, a decrease of 1.82 percentage points year-on-year, while the net margin was 30.18%, down 2.21 percentage points year-on-year [6][17] - The carbon fiber business remains stable, with revenue from carbon fiber and fabric products at 682 million yuan, a year-on-year decrease of 11.16% [6][13] - The wind power carbon beam business showed recovery growth, achieving revenue of 249 million yuan, up 8.24% year-on-year [6][13] - The company adjusted its profit forecast, expecting net profits of 927 million, 1.068 billion, and 1.230 billion yuan for 2024, 2025, and 2026 respectively [6][25] Financial Summary - As of the end of the first half of 2024, the company's total assets were 7.53178 billion yuan, with net assets of 5.66647 billion yuan [3] - The company reported a basic earnings per share (EPS) of 0.45 yuan for the first half of 2024, a decrease of 10.54% year-on-year [6][8] - The company's cash flow from operating activities increased slightly to 364 million yuan, a year-on-year growth of 2.62% [21] - Accounts receivable increased significantly to 913 million yuan, a growth of 37.46% compared to the beginning of the year [24]

Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [1][5] Core Insights - Interest income shows high growth, with revenue and net profit for H1 2024 increasing by 7.1% and 5.4% year-on-year, respectively. The profit growth is primarily affected by credit impairment and rising tax rates [1][4] - Strong expansion in scale, with loan growth reaching 21%, supported by both corporate and retail sectors. New loans exceeded 150 billion yuan in H1 2024 [1][4] - The narrowing decline in net interest margin, with a net interest margin of 1.87% for H1 2024, reflecting a slight decrease compared to the previous year [1][4] Revenue and Profitability - H1 2024 revenue reached 34.4 billion yuan, with a year-on-year growth of 7.1%. The net profit attributable to shareholders was 13.6 billion yuan, up 5.4% year-on-year [3][4] - Net interest income increased by 14.7% year-on-year, while fee income decreased by 25% due to a decline in agency business [1][4] Loan Growth and Asset Quality - Total loans increased by 21% year-on-year, with corporate loans growing by 24.3% and retail loans by 18.6% [1][4] - The non-performing loan (NPL) ratio remained stable at 0.76%, with a slight increase in the attention rate to 1.02% [2][4] Capital Adequacy - As of H1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.61%, 10.85%, and 15.28%, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on performance and market conditions [3]. Core Views - The company's performance in the first half of 2024 showed significant growth, with operating revenue reaching 45.773 billion yuan, a year-on-year increase of 66.90%, and net profit attributable to shareholders of 1.383 billion yuan, up 57.24% [1]. - The increase in performance is attributed to the acquisition of Shanjin International, which significantly boosted gold production, alongside a rise in gold prices, with the average price of Au9999 in the Shanghai Gold Exchange increasing by 20.0% year-on-year [1]. - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders [1]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved operating revenue of 45.773 billion yuan, a 66.90% increase year-on-year, and a net profit of 1.383 billion yuan, reflecting a 57.24% increase [1]. - The gold production for the first half of 2024 was 24.52 tons, a 25.28% increase year-on-year, with Shanjin International contributing 4.16 tons [1]. Market Conditions - The report highlights that the expectation of interest rate cuts in the U.S. is likely to support high gold prices, which recently peaked at over 2530 USD per ounce [3]. - The ongoing geopolitical tensions and the trend of de-dollarization in emerging markets are expected to increase the demand for gold as a safe-haven asset [3]. Future Projections - The company is expected to maintain a gold production target of no less than 47 tons for 2024, with projected net profits for 2024-2026 estimated at 3.948 billion, 5.558 billion, and 6.335 billion yuan respectively [4]. - Earnings per share (EPS) are projected to be 0.88, 1.24, and 1.42 yuan for the years 2024, 2025, and 2026, respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, with projected net profits for 2024-2026 being 7.26 billion, 7.87 billion, and 8.668 billion yuan respectively, corresponding to EPS of 0.89, 0.97, and 1.06 yuan, and PE ratios of 9.2, 8.5, and 7.7 times for the same years [1][4]. Core Insights - The company reported a net profit of 2.497 billion yuan for the first half of 2024, a year-on-year decrease of 9.88%. The total revenue was 13.235 billion yuan, reflecting a year-on-year growth of 1.88%. The decline in net profit was primarily due to the oil tanker segment, while the container and bulk shipping segments provided significant support [2][3]. - The oil tanker segment generated a revenue of 4.963 billion yuan with a net profit of 1.675 billion yuan, down 7.66% year-on-year. The container segment saw a revenue of 2.722 billion yuan and a net profit of 240 million yuan, down 48.05%. In contrast, the bulk shipping segment achieved a revenue of 3.958 billion yuan and a net profit of 800 million yuan, marking a substantial increase of 125.35% [2][3]. Financial Summary - The company’s projected financials for 2024-2026 indicate a recovery in revenue and profit growth, with total revenues expected to rise from 31.777 billion yuan in 2024 to 35.909 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.0% [3]. - The gross profit margin is projected to improve from 30.9% in 2024 to 31.8% in 2026, while the return on equity (ROE) is expected to decrease from 18.1% in 2024 to 15.3% in 2026 [3]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, amounting to a total of 814 million yuan, which represents 32.62% of the net profit for the period [3].