公 司 研 究 ＃分e析m师ail：Author＃ 公 司 点 评 报 告 ＃市场ma数rk据etData＃ 日期 2024-8-22 收盘价（元） 12.99 总股本（百万股） 8726.56 流通股本（百万股） 4969.16 净资产（百万元） 83981.42 总资产（百万元） 343596.50 每股净资产（元） 9.62 来源：WIND，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |-------------------------|------------------------------------------|-----------------|----------------------------|--------| | 董晓彬 | ＄会计zy年c度wzb|主要财务指标＄ | 2023 | 2024E | 2025E | | dongxiaobin@xyzq.com.cn | 营业收入(百万元) | 213958 | 234503 | 261764 | | S0190520080001 | 同比增长 | 22.2% | 9. ...

公 司 点 评 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-08-22 | | 收盘价（元） | 14.21 | | 总股本（百万股） | | | | 2991.41 | | 流通股本（百万股） | 2991.41 | | 净资产（百万元） | 46179.49 | | 总资产（百万元） | 81176.16 | | 每股净资产 ( 元 ) | 15.44 | ＃相关报告 relatedReport＃ 《【兴证煤炭】潞安环能 2023 年 报及 2024 一季报点评：60%高 分红延续，Q1 量价下滑拖累业 绩》2024-04-21 《【兴证煤炭】潞安环能 2023 年 中报点评：业绩环比回落明显， 毛利率维持高水平》2023-08-19 《【兴证煤炭】潞安环能 2022 年 报及 2023 年一季报点评：业绩 同比高增，分红率跃至 60%》 2023-05-01 ＃分析师： emailAuthor＃ liranran@xyzq.com. ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 轮胎轮毂 ＃investSuggestion＃ ＃分析师： emailAuthor＃ 张志扬 | --- | --- | |--------------------|------------| | ＃市场数据 | | | 市场数据日期 | 2024-08-22 | | 收盘价（元） | 12.18 | | 总股本（百万股） | 3288.10 | | 流通股本（百万股） | 3288.10 | | 净资产（百万元） | 17827.73 | | 总资产（百万元） | 36992.72 | | 每股净资产(元) | 5.42 | 来源：WIND，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |------------------------------------------|--------|-------|-------|-------| | ＄会计年度 zycwzb|主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | | | ...

公 司 研 究 证券研究报告 ＃industryId＃ 啤酒 ＃investSuggestion＃ 增持 ( 公 司 点 评 报 告 | --- | --- | |-------------------------|-----------| | ＃市场数据 marketData＃ | | | 日期 | 2024-8-22 | | 收盘价（元） | 8.48 | | 总股本（百万股） | 2213.33 | | 流通股本（百万股） | 2213.33 | | 净资产（百万元） | 10198.78 | | 总资产（百万元） | 15127.41 | | 每股净资产（元） | 4.61 | | | | ＃相关报告 relatedReport＃ 《珠江啤酒中报业绩预告点评： 量价表现强劲，业绩持续超预 期》20240711 《珠江啤酒一季报点评：业绩表 现超预期，高档纯生增持强劲》 20240426 《珠江啤酒年报点评：97 纯生 延续高增，期待营销改革持续强 化》20240329 ＃分析师： emailAuthor＃ 郭晓东 guoxiaodong@xyzq.com.cn S0190521080002 汪润 wa ...

公 司 研 究 航空运输 买入 （ 维持 ） 公 司 点 评 报 告 证券研究报告 市场数据 marketData | --- | --- | |--------------------|-----------| | 日期 | 2024-8-19 | | 收盘价（元） | 11.07 | | 总股本（百万股） | 2214 | | 流通股本（百万股） | 2214 | | 净资产（百万元） | 8452.04 | | 总资产（百万元） | 46334.43 | | 每股净资产（元） | 3.82 | 来源：WIND，兴业证券经济与金融研究院整理 相关报告 relatedReport 《吉祥航空 2023 年年报点评： 全年实现扭亏为盈，静待 2024 年利润兑现》2024-4-9 《吉祥航空 2023 年半年报点 评：上半年实现扭亏为盈，宽体 机弹性显现，扣油单位成本低于 19 年同期》2023-8-23 《吉祥航空 2023 年一季报点 评：恢复比例行业领先，一季度 实现扭亏为盈》2023-4-29 分析师： 袁浩然 yuanhaoran@xyzq.com.cn S0190523070003 张晓云 zha ...

＃市场ma数rk据etData＃ 日期 2024-8-19 收盘价（元） 75.20 总股本（百万股） 293.29 流通股本（百万股） 293.29 净资产（百万元） 12909.63 总资产（百万元） 16719.16 每股净资产（元） 44.02 来源：WIND，兴业证券经济与金融研究院整理 ＃assAuthor＃ 请务必阅读正文之后的信息披露和重要声明 投资要点 ＃sum事ma件ry：＃ 公司公告 2024 年中报，24H1 公司实现营收/归母净利润/扣非归母净利润 75.44/8.03/7.72 亿元，同比+9.42%/+9.17%/+11.11%。24Q2 公司实现营收/归母净利润/扣非 归母净利润 37.89/3.64/3.52 亿元，同比+2.31%/-2.51%/+0.79%，业绩基本符合预期。24H1 基本 EPS 为 2.75 元。 H1 主业收入彰显韧性，小龙虾业务拖累较大。24H1 收入同比+9.42%，拆分如下：1）主 业：收入同比+16.6%，调制食品（鱼糜+肉制品）同比+21.9%，锁鲜同比+23.6%，快于主 业，预计贡献 7.3 亿，小厨同比增长超过 85%，贡献 2.6 ...

Investment Rating - The report maintains an "Increase" rating for Tianshan Aluminum (002532) [1] Core Views - The company has significantly benefited from the integration of the aluminum industry chain, with a notable increase in net profit by 103.45% year-on-year in the first half of 2024, despite a 6.83% decrease in revenue [1][2] - The report highlights the company's strong performance in both electrolytic aluminum and alumina, with the average price of electrolytic aluminum rising by 7.1% year-on-year and alumina by 20.2% year-on-year [1][3] - The company is expected to maintain high profitability levels due to its integrated operations and low-cost advantages in Xinjiang, with projected net profits of 4.29 billion, 4.83 billion, and 5.22 billion yuan for 2024, 2025, and 2026 respectively [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 13.785 billion yuan, a decrease of 6.83% year-on-year, while net profit attributable to shareholders reached 2.074 billion yuan, an increase of 103.45% year-on-year [1] - The average price of electrolytic aluminum was 19,801 yuan/ton, with a gross profit per ton of 3,682 yuan, up 630 yuan year-on-year [1][2] Production and Capacity - The company has established a 2.5 million ton alumina production line in Guangxi and is planning a 2 million ton alumina production line in Indonesia, ensuring a stable and low-cost supply of bauxite [2][3] - The company aims to produce 1.16 million tons of primary aluminum, 1.35 million tons of alumina, and 25,000 tons of high-purity aluminum in 2024 [3] Market Outlook - The report anticipates a tight supply-demand balance in the electrolytic aluminum market, with domestic consumption expected to grow by 8% year-on-year in the first seven months of 2024, driven by demand from the new energy vehicle sector and other industries [1][3] - The company is well-positioned to benefit from rising aluminum prices and is expected to maintain high profitability levels due to its integrated operations and low-cost advantages [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company reported a revenue of 16.254 billion yuan in the first half of 2024, reflecting a year-on-year increase of 1.78%, while the net profit attributable to shareholders decreased by 37.66% to 1.393 billion yuan [4]. - The company's coal production decreased by 7.56% year-on-year to 14.2082 million tons, but the production of premium coal increased by 6.6% to 6.59 million tons, with a premium coal yield of 46.4%, up by 6.2 percentage points [4]. - The controlling shareholder plans to increase its stake in the company by 300 to 600 million yuan within six months, which is expected to enhance the company's competitive advantage in the coal industry [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 8.01 billion yuan, a year-on-year increase of 9.14%, but a quarter-on-quarter decrease of 2.84% [4]. - The average net asset return rate for the first half of 2024 was 4.98%, down by 4.53 percentage points year-on-year [4]. Production and Sales - The company sold 13.4875 million tons of commodity coal in the first half of 2024, a decrease of 13.2% year-on-year, with self-produced coal sales down by 16.95% to 11.5452 million tons [4]. - The selling price per ton of coal was 1,088 yuan, up by 9.3% year-on-year, while the cost per ton was 772 yuan, an increase of 13.4% [4]. Cost Management - Management expenses increased by 68.6% year-on-year to 696 million yuan in the first half of 2024, primarily due to production stoppages at twelve mines [4]. - The company expects management expenses to return to normal levels in the second half of 2024 as production resumes [4]. Future Outlook - The company anticipates a recovery in production and sales in the second half of 2024, with downstream demand expected to stabilize [4]. - The expected asset injection from the controlling shareholder is likely to strengthen the company's competitive position in the coal sector [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Insights - The company's performance in Q2 exceeded expectations due to active loan expansion, stable interest margins, and reduced credit costs, with H1 revenue and net profit showing a year-on-year change of -3.3% and +16.6% respectively [1][3] - The bank's loan growth accelerated, with corporate loans increasing by 13.5% in H1 2024, while retail loan balances decreased [1][3] - The non-performing loan (NPL) ratio continued to decline, reaching 1.41% in H1 2024, with a slight increase in the provision coverage ratio to 175% [2][4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 882 billion and a net profit of 270 billion, with Q2 showing a revenue decline of 0.5% but a net profit increase of 30.9% [1][3] - Net interest income decreased by 3.9% year-on-year, while non-interest income showed a mixed performance with a 12.0% decline in fee income but a 6.4% increase in other non-interest income [1][3] Loan Growth - Total loans increased by 6.8% year-on-year in H1 2024, with corporate loans contributing significantly to this growth [1][3] - New loans issued in H1 2024 amounted to approximately 300 billion, surpassing the total for the previous year [1][3] Interest Margin and Costs - The net interest margin for H1 2024 was 1.48%, with a slight improvement in Q2 due to reduced funding costs [2][3] - The loan yield decreased to 4.03%, while the deposit cost rate fell to 2.06%, reflecting effective cost management strategies [2][3] Asset Quality - The NPL ratio decreased to 1.41%, with corporate NPLs down to 1.48% and real estate NPLs significantly reduced from 4.11% to 2.74% [2][4] - The bank maintained strong efforts in asset recovery, leading to increased write-offs and recoveries in H1 2024 [4] Earnings Forecast - The EPS for 2024 and 2025 has been slightly adjusted to 1.45 and 1.48 respectively, with an expected net asset value per share of 21.89 by the end of 2024 [5]

Investment Rating - The report maintains an "Add" rating for the company [2][4][11] Core Insights - The company has demonstrated sustained high growth in revenue and profit, with a significant increase in sales driven by the product Vomeletin, which has been approved for first-line treatment of EGFR mutation NSCLC and included in the national medical insurance directory [6][7][9] - The company achieved a revenue of 1.576 billion yuan in the first half of 2024, representing a year-on-year increase of 111%, and a net profit attributable to shareholders of 656 million yuan, up 215% year-on-year [6][7][9] - The gross margin remains high at 95.63%, with a notable decrease in sales, management, and R&D expense ratios, showcasing the benefits of scale [9] Financial Performance Summary - For 2024, the company expects earnings per share (EPS) of 2.76 yuan, with projected EPS for 2025 and 2026 at 3.21 yuan and 3.70 yuan respectively, corresponding to price-to-earnings ratios of 20.1X, 17.2X, and 15.0X based on the closing price on August 20, 2024 [4][9] - The company has achieved a continuous increase in sales revenue for 10 consecutive quarters, with a quarter-on-quarter revenue growth of 12% in Q2 2024 [7][9] - The report highlights the successful expansion of the product pipeline, including clinical trials for various indications and collaborations to enhance market presence [8][9]