2024 年 08 月 28 日 恒立液压(601100.SH) 成长性 事件：恒立液压发布 2024 年半年报，上半年，公司实现营业收 入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元， 同比增长 0.71%；单 Q2，公司实现营业收入 24.71 亿元，同比增 长 22.05%，实现归母净利润 6.86 亿元，同比增长 5%。 挖机行业筑底复苏，"海外市场+非标产品"支撑收入提升。根 据工程机械工业协会，2024 年 1-6 月我国挖机销量 10.32 万台， 同比-5.15%，其中内销 5.34 万台，同比+4.66%，出口 4.98 万台， 同比-13.81%。内销整体筑底复苏、中挖内销增速转正带动结构性 优化；出口整体降幅收窄、下半年由于低基数改善确定性较强。 公司层面，上半年，分市场来看，海外收入同比增长 15.29%，出 口驱动收入增长；分产品来看，挖机行业筑底背景下，非挖业务 表现亮眼，支撑公司整体收入增长：①非标油缸：公司销量 13.89 万只，同比增长 21.53%；②非标泵阀：公司收入同比增长 24.30%。 高基数下，公司盈利能力韧性凸显。2024 年上半年 ...

Investment Rating - The report assigns a "Buy - A" investment rating to the company, maintaining this rating [4][8]. Core Views - The company reported a significant revenue increase of 65.81% year-on-year for H1 2024, achieving revenue of 1.629 billion yuan and turning a profit with a net profit of 12.11 million yuan [1][2]. - In Q2 2024, the company achieved revenue of 903 million yuan, a year-on-year increase of 61.79% and a quarter-on-quarter increase of 24.26%, with a net profit of 48 million yuan, marking a turnaround from losses [1][2]. - The company's gross margin improved to 21.06% in Q2 2024, up by 5.36 percentage points year-on-year and 6.83 percentage points quarter-on-quarter, indicating a significant enhancement in profitability [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 1.629 billion yuan, a 65.81% increase year-on-year, primarily due to market demand recovery and new business developments [2][8]. - The Q2 2024 revenue was 903 million yuan, reflecting a 61.79% year-on-year increase and a 24.26% quarter-on-quarter increase, with a net profit of 48 million yuan [1][2]. Product Development - The company is expanding its product lines, including Bumping, CP, FC-BGA, and automotive electronics, enhancing its one-stop delivery capability [3][4]. - The advanced packaging technology, including Wafer-level Packaging (WLP), is being actively developed, which is expected to open new growth opportunities [4][7]. Market Outlook - The company anticipates revenue growth to reach 3.202 billion yuan in 2024, 4.203 billion yuan in 2025, and 5.010 billion yuan in 2026, with net profits projected at 114 million yuan, 275 million yuan, and 380 million yuan respectively [8][10].

证券研究报告 燃气 2024 年 08 月 28 日 新奥股份(600803.SH) 公司快报 销气量增长符合预期，高分红彰显投资 价值 事件： 公司发布 2024 年半年报，上半年公司实现营业收入 670.14 亿元，同 比下降 0.3%；归母净利润 25.3 亿元，同比增长 14.8%；核心利润 26.99 亿元，同比下降 14.8%；因公司去年下半年置出煤炭业务子公 司新能矿业，剔除矿业影响后公司核心利润同比下滑 8.7%。 零售与直销气量稳步增长，泛能业务持续扩张： 气量稳增叠加毛差改善，城燃业绩修复中： 售价端，自 2023 年下半年以来，各地居民气顺价政策持续推进，今 年上半年广东、福建、山东、江苏等地区陆续出台相应的天然气价格 联动机制文件或价格调整通知，天然气价格机制有望进一步理顺，公 司上半年居民气量占比达到 23.6%。购气成本端，根据中石油出台的 2024-2025 年管道气价格政策框架，今年将居民其量与非居民气量并 轨为管制气量进行统一定价，在门站价基础上上浮 18.5%，同时非采 暖期非管制气固定量较门站价上浮比例从 80%降至 70%，总体而言中 石油合同气价较去年同期略有下降，对 ...

公司快报 2024 年 08 月 28 日 康龙化成(300759.SZ) 新签订单及时回暖，公司经营稳中向好 且 2024H2 有望环比改善 事件： 2024 年 8 月 27 日公司发布 2024 年半年度报告，2024H1 公司实现营 收 56.04 亿元，同比下降 0.63%；实现归母净利润 11.13 亿元，同比 增长 41.64%。 得益于参股公司 PROTEOLOGIX 被合并收购，2024H1 利润实现强 劲增长： 收入端，2024H1 公司实现营收 56.04 亿元，同比下降 0.63%。其中， 实验室服务、CMC、临床研究服务、大分子和细胞与基因治疗服务分 别实现营收 33.71 亿元（-0.27%）、11.76 亿元（-6.04%）、8.43 亿元 （+4.73%）、2.11 亿元（+5.49%）。 利润端，2024H1 公司实现归母净利润 11.13 亿元，同比增长 41.64%。 得益于参股公司 PROTEOLOGIX 被合并收购，公司利润端实现强劲增 长。 各项业务有望持续改善，公司经营稳中向好： 得益于新签订单的及时回暖，公司各项业务有望持续改善，公司持续 实现稳健发展。其中，实 ...

2024 年 08 月 28 日 甬矽电子(688362.SH) 公司快报 24Q2 盈利同比扭亏，先进封装打开成 长空间 事件： 1.公司发布 2024 半年度报告，2024H1 实现营收 16.29 亿元，同比增 加 65.81%；实现归母净利润 1210.59 万元，同比扭亏；实现扣非归 母净利润-1557.49 万元，上年同期亏损 1.14 亿元。 2.从 Q2 单季度业绩来看，实现营收 9.03 亿元，同比增加 61.79%， 环比增加 24.26%；归母净利润 0.48 亿元，同比以及环比均扭亏。 24H1 营收大增，净利润同比扭亏 24H1 公司实现营业收入 16.29 亿元，同比大幅增长 65.81%；主要系 部分客户所处领域的市场需求回暖以及公司新业务的开展、新客户的 导入所致。从二季度单季来看，24Q2 营收 9.03 亿元，同比+62%，归 母净利润 0.48 亿元，同比以及环比均扭亏。24Q2 公司毛利率为 21.06%，同比+5.36pct，环比+6.83pct，公司盈利能力大幅提高。二 季度公司盈利能力大幅改善，主要原因系产能利用率回升叠加产品结 构改善。 产品线持续丰富，"Bum ...

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy - A" with a target price of 28.28 CNY for the next six months, corresponding to a PE valuation of 14x for 2024 [4][2]. Core Views - Haier Smart Home reported a revenue of 135.62 billion CNY for the first half of 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 10.42 billion CNY, up 16.3% year-on-year. In Q2 2024, the company achieved a revenue of 66.65 billion CNY, with a slight year-on-year increase of 0.1%, and a net profit of 5.65 billion CNY, up 13.2% year-on-year [1][2]. - The company is experiencing a continuous improvement in cost efficiency, leading to enhanced profitability in Q2 2024. The gross profit margin for Q2 was 32.3%, an increase of 0.2 percentage points year-on-year, driven by digital transformation in procurement, research, and manufacturing [1][2]. - The management team and employees are increasingly motivated to explore growth opportunities, particularly in overseas markets, which still have significant potential for market share expansion [2]. Financial Performance Summary - For the first half of 2024, Haier's domestic business operating profit margin improved by 1.8 percentage points year-on-year, while the overseas business saw a 0.6 percentage point increase [1]. - The operating cash flow for Q2 was 6.09 billion CNY, reflecting a year-on-year increase of 12.1%, indicating healthy operational performance [1]. - The company expects domestic revenue growth to accelerate due to stimulus from trade-in programs, while overseas revenue is anticipated to gain momentum in a declining interest rate environment [1][2]. Earnings Forecast - The projected earnings per share (EPS) for Haier Smart Home for 2024, 2025, and 2026 are 2.02 CNY, 2.26 CNY, and 2.46 CNY, respectively [2][8]. - The net profit forecast for 2024 is 19.07 billion CNY, with a growth rate of 14.9% expected [3][12]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to decrease from 15.4 in 2022 to 9.8 in 2026, indicating an improving valuation outlook [8][12]. - The net profit margin is expected to rise from 6.0% in 2022 to 7.8% in 2026, reflecting enhanced profitability [8][12].

公司快报 2024 年 08 月 27 日 麦加芯彩(603062.SH) Q2 营收/业绩环比高增，集装箱涂料单 价环比提升 事件：公司发布 2024 年半年报，实现营业收入 7.58 亿元， yoy+39.59%；实现归母净利润 7396.77 万元，yoy-34.69%；实现 扣非归母净利润 6080.89 万元，yoy-39.28%。 Q2 增长势头强劲，营收/归母业绩均环比高增。2024H1 公司实 现营业收入 7.58 亿元，yoy+39.59%，其中 Q1、Q2 各季度公司营 收增速分别 31.02%、45.90%，Q2 营收环比高增 51.08%，营收增 速逐季提升。2024H1 公司实现归母净利润 0.74 亿元（yoy34.69%）,主要由于毛利率大幅下滑拖累业绩增速，其中 Q1、Q2 各季度归母净利润增速分别-49.84%、-19.68%，Q2 归母净利润环 比高增 61.65%。2024H1 公司整体毛利率为 19.62%，同比16.89pct，或由于集装箱涂料和风电涂料毛利率均下滑，且高毛 利风电涂料营收占比大幅收缩。 H1 集装箱涂料销量和营收均翻倍增长，Q2 集装箱涂料单价环比 ...

Investment Rating - The report assigns an **"Overweight-A"** rating to Chengdu Bank, with a 6-month target price of **17.03 CNY**, implying a **0.90X PB** for 2024 [3] Core Views - Chengdu Bank's **H1 2024 revenue growth** was **4.28%**, with **pre-provision profit growth** of **3.35%** and **net profit attributable to parent company growth** of **10.60%**, meeting expectations [1] - The bank's performance was driven by **scale expansion**, **non-interest income growth**, and **provision release**, while **narrowing net interest margin** and **slightly higher cost-to-income ratio** weighed on results [1] - **Government-related business** remains the bank's "ballast stone", with significant credit deployment in H1, while **retail and SME lending** will be the focus in H2 [2] Business Performance Asset Side - Total assets grew **16.73% YoY** by H1 2024, with interest-bearing assets up **17.60% YoY** [1] - **Corporate loans (including discounts)** accounted for **52.76%** of total loans, with **general infrastructure loans** making up the majority [1] - **Retail loan demand** was weak, with only **0.49% growth** in mortgage balances and **10.44%** and **12.58% growth** in personal consumption and business loans respectively [1] Liability Side - **Deposits** accounted for **76.98%** of interest-bearing liabilities, with **time deposits** rising to **66.01%** and **retail deposits** increasing to **48.57%** [2] Profitability - **Net interest margin** declined **26bps YoY** to **1.66%**, mainly due to a **24bps drop** in interest-earning asset yield to **3.88%** [6] - **Non-interest income** turned positive in Q2, growing **26.81% YoY**, with **net fee income** up **43.13%** [6] Asset Quality - **Non-performing loan ratio** remained stable at **0.66%**, with **provision coverage ratio** at **496.02%** [6] - **Corporate loan NPL ratio** improved to **0.66%**, while **retail loan NPL ratio** rose to **0.68%** [6] Future Outlook - The bank is expected to maintain **steady performance**, with **2024 revenue growth** forecast at **4.55%** and **profit growth** at **13.39%** [7] - **Government-related business opportunities** are expected to continue, supported by regional economic vitality and national development policies [7] Valuation - The bank trades at **4.44X 2024E P/E** and **0.79X 2024E P/B**, with a **6.60% dividend yield** [9]

公司快报 2024 年 08 月 27 日 上海医药(601607.SH) 南北整合阶段性成果突出，创新业务蓬 勃发展 事件：公司发布 2024 年中报，整体业绩稳健，单 Q2 工商业贡 献利润稳增。 2024H1 公司实现营业收入 1,394.13 亿元/+5.14%，其中：医药工 业收入 127.34 亿元/-13.37%，医药商业收入 1,266.79 亿元 /+7.45%；归母净利润 29.42 亿元/+12.72%，其中：工业、商业贡 献利润分别约为 13.12 亿元/-1.20%、17.93 亿元/+1.30%，主要 参股企业贡献利润 3.41 亿元；扣非净利润 27.05 亿元/+23.00%。 单 Q2 来看，公司实现营收 692.60 亿元/+4.36%，其中：工业收入 约 57.90/-16.06%，商业收入约 634.70/+6.73%；归母净利润 14.00 亿元/+28.15%，其中：商业、工业贡献利润分别约为 9.61 亿元 /+5.72%、6.38 亿元/+2.90%，单 Q2 公司工业及商业板块经营性 利润实现稳定增长。 Q2 费用端优化，盈利水平有所提升。2024H1 公司销 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 11.16 CNY, corresponding to an 18x PE ratio [7][10]. Core Insights - The company reported a revenue of 3.053 billion CNY for the first half of 2024, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 631 million CNY, up 56.18% year-on-year [2]. - The gaming and ICT business segments continue to show strong growth, with significant optimization in sales expense ratios [3][4]. Financial Performance - The company's gross margin stood at 62.31%, with a net profit margin of 20.67%, benefiting from effective cost control. The sales expense ratio decreased to 18.02%, a reduction of 8.43 percentage points year-on-year [3]. - The gaming segment generated revenue of 2.426 billion CNY, a 12.03% increase year-on-year, while the ICT operations management revenue surged by 27.06% to 543 million CNY [4]. Business Segments - The subsidiary, Kemu Games, achieved a revenue of 2.427 billion CNY, with a net profit increase of 50.11% year-on-year. The main games, "Age of Origins" and "War and Order," showed stable performance [5]. - The company expects revenue growth of 16.2%, 14.9%, and 11.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 37.5%, 13.9%, and 13.3% for the same periods [6]. Valuation Metrics - The total market capitalization is approximately 15.877 billion CNY, with a circulating market cap of 14.729 billion CNY. The stock price as of August 26, 2024, was 8.09 CNY [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 CNY, 0.71 CNY, and 0.80 CNY, respectively [6][11].