Investment Rating - The report maintains an "Accumulate" rating for Conch Cement (600585) [1] Core Views - The company reported a revenue of 45.566 billion yuan for the first half of 2024, a year-on-year decrease of 30.44%, primarily due to falling cement prices and reduced clinker revenue. The net profit attributable to shareholders was 3.326 billion yuan, down 48.56% year-on-year [2][3] - In Q2, the company achieved a revenue of 24.238 billion yuan, a year-on-year decline of 28.92%, with a net profit of 1.823 billion yuan, down 53.40% year-on-year [2] - The company’s capital expenditure for the first half of 2024 was approximately 7.664 billion yuan, mainly for project construction investments [2] Financial Performance Summary - The company’s self-produced 42.5 and above grade cement, 32.5 grade cement, clinker, aggregates, and ready-mixed concrete generated revenues of 23.687 billion yuan, 3.878 billion yuan, 2.645 billion yuan, 2.191 billion yuan, and 1.178 billion yuan respectively, with year-on-year changes of -22.76%, -23.26%, -34.29%, +29.84%, +20.60%, and -64.08% [2] - The average selling price of self-produced cement clinker in the first half of 2024 was 240 yuan/ton, down 66 yuan/ton year-on-year, while the unit cost was 188 yuan/ton, down 36 yuan/ton year-on-year [2] - The overall gross profit margin for the first half of 2024 was 18.93%, a decrease of 0.53 percentage points year-on-year [3] Profitability and Cash Flow - The company’s net profit margin for the first half of 2024 was 7.43%, down 2.98 percentage points year-on-year, with an operating cash flow net amount of 6.871 billion yuan, an increase of 1.793 billion yuan year-on-year [3] - The report forecasts net profits attributable to shareholders for 2024-2026 to be 8.652 billion yuan, 9.414 billion yuan, and 10.258 billion yuan respectively, with corresponding PE ratios of 12.6, 11.5, and 10.6 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company reported a robust revenue growth of 13.87% year-on-year for H1 2024, achieving a total revenue of 6.346 billion yuan [3]. - The net profit attributable to shareholders increased by 44.02% year-on-year, reaching 474 million yuan [3]. - The company’s gross margin for H1 2024 was 18.00%, a decrease of 1.19 percentage points compared to the previous year [3]. - The report highlights strong growth in the automotive parts business, with significant contributions from core customers [3][4]. Financial Summary - For 2023, the company’s revenue is projected at 11,382 million yuan, with a year-on-year growth of 11.5% [2]. - The net profit attributable to shareholders for 2023 is estimated at 738 million yuan, reflecting a decline of 11.5% year-on-year [2]. - The gross margin is expected to be 19.2% in 2023, with a projected return on equity (ROE) of 16.7% [2]. - The earnings per share (EPS) for 2024 is forecasted to be 0.91 yuan, with a dynamic PE ratio of 11.0 [3][2].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6][9] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 994 million yuan, down 35.50% year-on-year, and net profit at 121 million yuan, down 71.32% year-on-year [3][4] - The second quarter showed a revenue of 500 million yuan, reflecting a year-on-year increase of 13.27%, while net profit was 48 million yuan, down 60.87% year-on-year [3][4] - The company is actively pursuing marketing transformation and has seen a substantial increase in consumer engagement through activities such as scanning and banquet events [4][6] Financial Performance Summary - For the first half of 2024, the company experienced a revenue decline of 48.80% in Q1 and a reduced decline of 13.27% in Q2, indicating a gradual recovery [4][6] - The revenue breakdown shows significant declines in certain product lines, with "Neican" down 60.85% and "Jiugui" down 30.11%, while "Xiangquan" saw a growth of 36.33% [4] - The company’s gross margin decreased to 75.59% in Q2, down 2.23 percentage points year-on-year, attributed to a higher proportion of lower-priced products [5][6] Profitability and Forecast - The net profit margin for Q2 was 9.52%, down 11.59 percentage points year-on-year, due to rising expense ratios [5] - The report projects revenues for 2024, 2025, and 2026 to be 2,402 million yuan, 2,644 million yuan, and 2,981 million yuan respectively, with corresponding net profits of 312 million yuan, 359 million yuan, and 423 million yuan [6][7] - Earnings per share (EPS) are forecasted to be 0.96 yuan, 1.10 yuan, and 1.30 yuan for the years 2024, 2025, and 2026 respectively [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company achieved a Q2 profit growth rate of 26%, with revenue growth turning positive in the same quarter. For H1 2024, revenue and net profit attributable to the parent company decreased by 1.3% and increased by 5.3% year-on-year, respectively. Q2 figures showed a revenue increase of 0.2% and a net profit increase of 26.3% year-on-year, exceeding expectations [1][3]. - Loan growth was steady, with corporate loans contributing over 90%. In H1 2024, total loans increased by 4.9% year-on-year, with corporate loans rising by 8%. New loans added in H1 2024 were approximately 30 billion, which was a decrease of about 10 billion year-on-year, primarily due to retail loan performance [1][2][3]. - The cost of liabilities improved significantly, with a slight decrease in net interest margin in Q2. The net interest margin for H1 2024 was 1.63%, down 16 basis points year-on-year, with a slight decrease of 2 basis points in Q2. The loan yield decreased by 43 basis points to 4.25% [2][3]. - The non-performing loan (NPL) ratio remained stable at 1.19%, with a provisioning coverage ratio decreasing by 7 percentage points to 360%. The overdue and attention rates increased, influenced by retail loans. The overdue rate rose to 1.52%, with the estimated NPL generation rate increasing to approximately 0.82% [4][5]. - Earnings forecasts have been slightly adjusted, with EPS for 2024 and 2025 projected at 1.02 yuan and 1.07 yuan, respectively. The estimated net asset value per share by the end of 2024 is expected to be 10.92 yuan, corresponding to a price-to-book (PB) ratio of 0.48 times based on the closing price on August 28, 2024 [5][7].

Investment Rating - The report maintains an "Accumulate" rating for Shanghai Bank [1][7] Core Views - Revenue decline has narrowed, and profit continues to grow. In the first half of 2024, revenue and net profit attributable to shareholders decreased by 0.4% and increased by 1.0% year-on-year, respectively. In Q2, revenue and net profit grew by 0.1% and 0.4% year-on-year, respectively [2][4] - The bank is experiencing steady expansion, with corporate loans contributing the majority of the growth. In the first half of 2024, total loans increased by 5.0% year-on-year, with corporate loans up by 4.8% and retail loans up by 0.3% [2][4] - Asset quality remains stable, with a decrease in corporate non-performing loan (NPL) ratio and a slight increase in retail NPL ratio. The overall NPL ratio remained flat at 1.21% [5] Summary by Sections Revenue and Profitability - In H1 2024, Shanghai Bank achieved operating revenue of 26.247 billion yuan, a year-on-year decrease of 0.4%, and a net profit of 12.969 billion yuan, a year-on-year increase of 1.0.%. The decline in revenue has slowed down, while profit continues to grow [3][4] - Net interest income decreased by 10.8% year-on-year, primarily due to a narrowing net interest margin of 1.19%, which has contracted by 15 basis points since the beginning of the year [2][4] - Fee income decreased by 23.5% year-on-year, impacted by market fluctuations and reduced commission rates [2][4] Loan Growth and Composition - Total loans increased by 5.0% year-on-year in H1 2024, with corporate loans contributing 85% of the loan growth. Infrastructure-related industries, leasing and business services, and manufacturing contributed 37%, 24%, and 19% of the loan growth, respectively [2][4] - Retail loan balances decreased compared to the beginning of the year, mainly due to declines in mortgage, credit card, and consumer loans, while personal business loans continued to grow [2][4] Asset Quality - The NPL ratio remained stable at 1.21%, with a corporate NPL ratio decreasing to 1.40% and a retail NPL ratio increasing to 1.11% [5] - The provision coverage ratio decreased to 269%, and the overdue rate decreased to 1.60% [5] Earnings Forecast - The earnings per share (EPS) forecast for 2024 and 2025 has been slightly adjusted to 1.61 yuan and 1.64 yuan, respectively. The estimated net asset value per share at the end of 2024 is 16.52 yuan, corresponding to a price-to-book (PB) ratio of 0.46 times based on the closing price on August 28, 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company's foreign trade refined oil business has seen a significant recovery in gross profit margin, while the foreign trade crude oil transportation business remains stable. In the first half of 2024, the total revenue from foreign trade tanker operations was 7.753 billion yuan, a year-on-year increase of 2%, with a gross profit margin of 32.7%, down 3.8 percentage points year-on-year [1]. - The average TCE (Time Charter Equivalent) for VLCC routes in the first half of 2024 was $41,629 per day, a decrease of 4% compared to the same period last year. In contrast, the LR2 tanker type benefited from increased demand due to geopolitical events, with an average TCE of $55,867 per day, up 52% year-on-year [1]. - The company reported a net profit attributable to shareholders of 2.607 billion yuan for the first half of 2024, a year-on-year decrease of 7.11%, while the net profit excluding non-recurring items grew by 8.15% [2][3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 6.014 billion yuan, with an EPS of 1.26 yuan, corresponding to a PE ratio of 11.6 times. The expected growth rates for net profit are 79.5% in 2024, 13.5% in 2025, and 20.6% in 2026 [3]. - The gross profit margin is expected to improve from 29.9% in 2023 to 37.6% in 2024, indicating a positive trend in profitability [3]. - The company's total assets are projected to grow from 72.084 billion yuan in 2023 to 81.002 billion yuan in 2024, reflecting a strong asset base [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company announced a cash dividend of 0.182 CNY per share, totaling 13.516 billion CNY, with a dividend payout ratio of 32.36%, consistent with the previous year's payout [1][5]. - Revenue and net profit for the first half of 2024 decreased by 3.5% and 1.6% year-on-year, respectively, primarily due to a decline in non-interest income [1][4][5]. - The net interest income increased by 2.2% year-on-year, supported by steady asset growth and a recovery in interest margins [1][5]. - The company focused on stable asset expansion, with total assets growing by 2.6% year-on-year and loans increasing by 5.9% [2][5]. - The net interest margin for the first half of 2024 was 1.29%, showing a slight year-on-year decrease of 2 basis points but a quarter-on-quarter increase of 2 basis points [2][5]. - Asset quality remained stable, with a non-performing loan ratio of 1.32% at the end of the first half of 2024, unchanged from the previous quarter [2][6]. - The capital adequacy ratios at the end of the first half of 2024 were 10.30% for core Tier 1, 12.25% for Tier 1, and 16.34% for total capital [2][7]. - Earnings per share (EPS) for 2024 and 2025 are projected to be 1.25 CNY and 1.26 CNY, respectively, with a projected price-to-book (PB) ratio of 0.60 times by the end of 2024 [2][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance has improved due to increased iron ore sales and higher interest income, with a year-on-year net profit growth of 25.36% in H1 2024 [1][2]. - The copper phase II project is progressing, contributing positively to the company's future profitability [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 3.256 billion yuan, a year-on-year increase of 37.85%, and a net profit attributable to shareholders of 477 million yuan, up 25.36% [2][3]. - The average price of iron ore (62% grade) was 117.73 USD/ton in H1 2024, a slight decline of 0.48% year-on-year, while the shipment volume increased significantly by 61% to approximately 4.41 million tons [1][2]. Business Segments - Iron Ore: The company maintained strong performance with increased shipment volumes despite a slight price decline [1][2]. - Copper: The phase II project has begun partial production, with copper shipments reaching approximately 11,600 tons in H1 2024, a 26% increase year-on-year [1][3]. - Vermiculite: Shipment volume is expected to decline slightly, but its impact on overall performance is limited due to its lower profit contribution [1][2]. Future Outlook - The copper phase II project is expected to ramp up production, potentially reaching full capacity by 2026, which will enhance profitability [3][4]. - Profit forecasts for 2024-2026 are adjusted to 873 million, 1.187 billion, and 1.338 billion yuan respectively, with corresponding EPS of 1.34, 1.82, and 2.05 yuan [3][4].

Investment Rating - The investment rating for the company is "Add" [2][9] Core Views - The company reported a revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders was 3.642 billion yuan, an increase of 6.31% [6] - The second quarter of 2024 saw revenue of 9.918 billion yuan, down 8.89% year-on-year, but net profit attributable to shareholders increased by 3.55% to 2.044 billion yuan [6][9] - Despite weak consumer demand and inventory reduction at the factory level impacting sales, the company maintained a resilient upgrade capability with a total sales volume of 4.63 million tons, a year-on-year increase of 7.82% [7][9] Summary by Sections Market Data - Closing price as of August 29, 2024, was 57.90 yuan, with a total share capital of 1,364.20 million shares and a net asset value of 28,393.99 million yuan [3] Financial Performance - For 2024, the company expects revenues of 33.059 billion yuan, 33.551 billion yuan, and 34.025 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 4.741 billion yuan, 5.333 billion yuan, and 5.897 billion yuan [10] - The gross profit margin is projected to improve from 38.7% in 2023 to 44.5% in 2026 [10] Profitability and Cost Management - The net profit margin for Q2 2024 increased by 2.70 percentage points to 21.15%, with a gross margin of 42.79% [8] - The company is expected to benefit from cost elasticity due to declining raw material costs, which will support profit growth in the upcoming quarters [9] Long-term Outlook - The company is positioned as a quality investment with both offensive and defensive characteristics, supported by resilient upgrades and expected increases in dividend yield [9]

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 公 司 点 评 报 告 | --- | --- | |--------------------|-----------| | | | | 日期 | 2024-8-28 | | 收盘价（元） | 37.80 | | 总股本（百万股） | 800.00 | | | | | 流通股本（百万股） | 794.77 | | 净资产（百万元） | 9573.12 | | 总资产（百万元） | 11124.70 | | 每股净资产（元） | 11.97 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃dyCompany＃ 豪迈科技 （ 002595 ） 000009 ＃title＃ 轮胎模具维持高景气，数控机床高速增长 ＃creat ...