Investment Rating - Maintain "Overweight" rating [2][3] Core Views - The company achieved steady growth in the first half of 2024, with significant improvement in profitability [2] - Revenue in H1 2024 reached 2 748 billion yuan, up 26 80% YoY, while net profit attributable to shareholders was 738 million yuan, up 39 03% YoY [2] - Gross margin in H1 2024 was 73 54%, up 3 20pct YoY, and net profit margin was 26 88%, up 2 34pct YoY [2] - The company announced a high proportion of interim dividend, planning to distribute 11 44 yuan per 10 shares, with a total cash dividend of 737 million yuan, accounting for 99 77% of H1 2024 net profit [3] Financial Performance - Revenue in 2023 was 4 715 billion yuan, expected to grow to 5 621 billion yuan in 2024E, 6 521 billion yuan in 2025E, and 7 539 billion yuan in 2026E [2] - Net profit attributable to shareholders in 2023 was 1 151 billion yuan, expected to grow to 1 432 billion yuan in 2024E, 1 711 billion yuan in 2025E, and 2 036 billion yuan in 2026E [2] - Gross margin is expected to increase from 70 2% in 2023 to 72 6% in 2026E [2] - ROE is expected to increase from 10 7% in 2023 to 18 7% in 2026E [2] Business Highlights - The company's Ejiao series performed well in H1 2024, with revenue of 2 551 billion yuan, up 32 52% YoY, and gross margin increased by 2 48pct to 75 36% [3] - The company continues to strengthen its brand advantage and product competitiveness, driving strong performance [3] Valuation - Based on the closing price on August 23, 2024, the PE ratio is 22 0x for 2024E, 18 4x for 2025E, and 15 5x for 2026E [3] - The PB ratio is 3 1x for 2024E, 3 0x for 2025E, and 2 9x for 2026E [4]

p 司京评报 张晓云 zhangxiaoyun@xyzq.com.cn S0190514070002 公司大客户优质资源得到保障。招商南油重视大客户战略的执行，与大石 油公司建立了良好的合作关系，已与美孚、中石油、中石化等公司签订了 长期优质 COA 合同，具有优质货源保障。与其他国际大油公司和贸易商 等优质客户建立长期稳定合作关系。 肖祎 xiaoyiyjy@xyzq.com.cn S0190521080006 投资建议：预计公司 2024-2026 年归母净利润为 19.23/21.16/22.61 亿元， 对应 2024-2026 年 EPS 为 0.4/0.44/0.47 元，以公司 2024 年 8 月 23 日收盘 价计算，对应 2024-2026 年 PE 为 7.4/6.7/6.3 倍，维持公司"增持"评级。 王凯 wangkai21@xyzq.com.cn S0190521090002 | --- | --- | |------------------------------|-----------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6][12] Core Views - The company reported strong revenue and net profit growth in Q2 2024, with revenue reaching 1.14 billion yuan, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 32.2% [5][6] - The company's gross margin improved in Q2 2024, reaching 41.2%, with a decrease in expense ratio, indicating the realization of scale effects [6][12] - The acquisition of a 51% stake in Tianjin Tianping Quality Inspection Development Co., Ltd. is part of the company's strategy to enhance its competitive position and integrate its operations [6][12] - The company is well-positioned to benefit from the growing demand for intelligent testing services, particularly in the context of increasing penetration rates of advanced driver-assistance systems (ADAS) [6][12] Financial Summary - For H1 2024, the company reported revenue of 2.0 billion yuan, a year-on-year increase of 21.2%, and a net profit of 400 million yuan, up 17.1% year-on-year [5][6] - The automotive technology service segment generated revenue of 1.63 billion yuan in H1 2024, reflecting a 17.5% year-on-year growth, with the new energy and intelligent network development testing business growing by 38.1% [6][12] - The projected net profits for 2024-2026 are 972 million yuan, 1.203 billion yuan, and 1.450 billion yuan, respectively, indicating a positive growth trajectory [6][12]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 shows significant growth driven by the expansion of the new energy passenger vehicle business and improvements in the sales structure of commercial vehicles [2][6]. - The revenue for H1 2024 reached 6.15 billion yuan, a year-on-year increase of 16.9%, outperforming the automotive industry's growth rates of 4.9% in production and 6.1% in sales [2][6]. - The net profit attributable to shareholders for H1 2024 was 400 million yuan, reflecting a year-on-year increase of 41.1%, indicating that profit growth outpaced revenue growth [2][6]. Summary by Sections Financial Performance - H1 2024 revenue was 6.15 billion yuan, with a net profit of 400 million yuan, and a significant increase in the net profit margin to 6.6% [5][6]. - The company's comprehensive gross margin for H1 2024 was 21.2%, up 0.7 percentage points year-on-year [6]. - The revenue from the passenger vehicle segment reached 3.18 billion yuan, a year-on-year increase of 36.4%, accounting for 51.7% of total revenue [2][6]. Business Segments - The new energy passenger vehicle business is in the order fulfillment stage, with profitability expected to improve due to scale effects and customer upgrades [7][10]. - The commercial vehicle segment saw a decline in revenue to 2.34 billion yuan, down 1.5% year-on-year, while the digital and energy thermal management business grew by 23.5% to 440 million yuan [2][6]. Regional Performance - North America showed a revenue increase of 50.7% year-on-year, contributing 710 million yuan, with a net profit margin of 2.5% [6]. - The European market also improved, with revenue of 85.58 million yuan, marking a 90.7% increase year-on-year, although it still reported a loss [6]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 864 million yuan, 1.156 billion yuan, and 1.412 billion yuan for 2024, 2025, and 2026 respectively [4][10]. - The report highlights the potential of the third curve business in the new energy industrial sector, which is anticipated to become a new growth point for profitability [7][10].

Investment Rating - The report maintains an "Overweight" rating for the company [2][6]. Core Views - The company is expected to continue its growth momentum in the second half of 2024, with adjusted net profit forecasts for 2024-2026 being CNY 11.29 billion, CNY 13.86 billion, and CNY 16.08 billion respectively, corresponding to PE ratios of 13.1, 10.7, and 9.2 times based on the closing price on August 26, 2024 [6]. Market Data - As of August 26, 2024, the closing price is CNY 71.44, with a total share capital of 2,073.21 million shares and circulating shares of 1,590 million [3]. Financial Performance - In H1 2024, the company achieved operating revenue of CNY 31.02 billion, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of CNY 4.959 billion, up 13.89% year-on-year [6]. - The quarterly breakdown shows Q1 revenue of CNY 12.614 billion (up 0.26% YoY) and Q2 revenue of CNY 18.406 billion (up 14.74% YoY) [6]. - The gross margin for H1 2024 improved by 3 percentage points to 32.42%, while the net margin increased by 0.86 percentage points to 16.27% [6]. Business Segments - The photovoltaic inverter business generated revenue of CNY 13.09 billion in H1 2024, reflecting a 12.63% year-on-year growth, with a gross margin of 37.62% [6][7]. - The energy storage business reported revenue of CNY 7.82 billion, down 8.3% year-on-year, but with a gross margin of 40.08%, up 12.61 percentage points [7]. - The renewable energy investment and development segment achieved revenue of CNY 8.95 billion, an 18.45% increase year-on-year, with a gross margin of 16.88% [7]. Future Outlook - The company is expected to maintain its leading position in the inverter industry and capitalize on opportunities in the energy storage market, with significant contracts signed for major projects [7].

公 司 点 评 报 告 ＃assAuthor＃ | --- | --- | |---------------------------------|-------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-26 | | 收盘价（元） | 8.90 | | 总股本（百万股） | 2,481.83 | | 流通股本（百万股） | 2,431.73 | | 净资产（百万元） | 12,695.37 | | 总资产（百万元） | 19,378.03 | | 每股净资产（元） 来源： iFinD | 5.12 ，兴业证券经济与金融研究院整理 | 《海格通信 2023 年年报点评： 北斗业务翻倍增长，布局卫星和 低空等新增长点》2024-04-12 《海格通信 2023 年三季报点 评：研发投入持续增长，定增赋 能未来发展》2023-11-08 《海格通信 2023 年中报点评： 持续深耕四大主业，卫星通信领 域成为系统研制厂家》2023-09- 04 shikang@xyzq.com.cn S1220517040001 李 ...

证券研究报告 ＃industryId＃ 软饮料 ＃investSuggestion＃ 公 司 研 究 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 承德露露 （ 000848 ） 000009 ＃title＃ 电商渠道增长靓丽，短期费投力度加大 ＃createTime1＃ 2024 年 08 月 28 日 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-27 | | 收盘价（元） | 7.49 | | 总股本（百万股） | 1,052.55 | | 流通股本（百万股） | 1,039.53 | | 净资产（百万元） | 3,052.36 | | 总资产（百万元） | 3,603.67 | | 每股净资产（元） | 2.90 | ＃相关报告 relatedReport＃ | --- | --- | |--------------|-------------------------------| | | ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][7]. Core Views - The company has experienced significant growth in both domestic and international markets, with a notable increase in net profit driven by improved sales structure and export performance [5][6]. - The demand for new energy vehicles is showing a recovery trend, which is expected to benefit from domestic policies promoting the replacement of old buses with new ones [6][7]. - The company is well-positioned to enhance its market share in overseas markets due to its competitive advantages and strong order continuity [7]. Summary by Sections Market Data - Closing price: 21.13 CNY - Total shares: 2,213.94 million - Net assets: 12,197.78 million CNY - Total assets: 30,567.03 million CNY - Earnings per share: 5.51 CNY [2]. Financial Performance - In H1 2024, the company reported revenue of 16.34 billion CNY, a year-on-year increase of 47.0% - The net profit attributable to shareholders was 1.67 billion CNY, up 255.8% year-on-year - The average selling price (ASP) increased to 795,000 CNY, reflecting an 8.2% year-on-year growth [5][6]. - In Q2 2024, revenue reached 9.72 billion CNY, with a year-on-year growth of 29.0% and a net profit of 1.02 billion CNY, marking a 190.6% increase year-on-year [5][6]. Sales Performance - Total sales volume for large and medium buses in H1 2024 was 18,300 units, a 41.5% increase year-on-year, outperforming the industry growth rate of 35.6% - Domestic and overseas sales volumes were 11,800 and 6,500 units, respectively, with year-on-year increases of 33.7% and 58.5% [6][7]. Profitability - The gross margin for H1 2024 was 25.6%, up 1.8 percentage points year-on-year - The net profit margin for Q2 2024 was 10.5%, reflecting a year-on-year increase of 5.8 percentage points [6][7]. Future Outlook - The company expects continued growth in the second half of 2024, driven by domestic demand for new energy buses and international projects in the Middle East [6][7]. - Profit forecasts for 2024-2026 have been adjusted to 3.518 billion, 4.135 billion, and 5.058 billion CNY, respectively [7].

and Art Print Production Comment Comment Comment Comment of Art Production Comment of Art Production Comment of Art Production Comment Comme yaokang@xyzq.com.cn | --- | --- | |-------------------------------------------|------------------| | | | | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | | | 收盘价（元） | 2024-08-26 18.91 | | | | | 总股本（百万股） 流通股本（百万股） | 658.59 540.62 | | 净资产（百万元） | | | 总资产（百万元） | 5070.54 | | | 8177.46 | | 每股净资产(元 ) | 7.52 | 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 印制电路板 ＃investSuggestion＃ 增持 ( ＃ invest ...

证券研究报告 ＃industryId＃ 通信网络设备及器件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 中际旭创 （ 300308 ） 300308 ＃title＃ 盈利能力显著提升，1.6T 产品放量在即 ＃createTime1＃ 2024 年 08 月 27 日 投资要点 | --- | --- | |--------------------|------------| | 市场数据日期 | 2024-08-26 | | 收盘价（元） | 114.34 | | 总股本（百万股） | 1,121.17 | | 流通股本（百万股） | 1,115.71 | | 净资产（百万元） | 16,180.33 | | 总资产（百万元） | 24,422.77 | | 每股净资产(元) | 14.43 | 来源：WIND，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 《【兴证通信】中际旭创年报和 一季报点评：季度业绩符合预 期，未来环比高增趋势明确》 2024-05-09 《【兴证通信】中际旭创三季 ...