Investment Rating - The investment rating for Tianshan Aluminum is maintained at "Buy-A" with a target price of 9.75 CNY per share [4]. Core Views - The report highlights significant profit growth due to rising aluminum prices, with a year-on-year increase in net profit of 103.45% in the first half of 2024 [1]. - The company is advancing its integration strategy, which is expected to enhance long-term competitive advantages [10]. - Government subsidies and the completion of the Tianzu Railway are contributing to profit growth and reducing transportation costs [2]. Financial Performance Summary - In the first half of 2024, Tianshan Aluminum achieved operating revenue of 13.785 billion CNY, a decrease of 6.83% year-on-year, while net profit reached 2.074 billion CNY, an increase of 103.45% year-on-year [1]. - For Q2 2024, the company reported operating revenue of 6.960 billion CNY, down 11.36% year-on-year, but net profit increased by 88.06% quarter-on-quarter [1]. - The company’s production figures for H1 2024 included 585,400 tons of electrolytic aluminum, a slight increase of 0.74% year-on-year, and 1.093 million tons of alumina, up 6.97% year-on-year [3]. Price and Volume Trends - The average price of aluminum in H1 2024 was 19,856 CNY per ton, reflecting a year-on-year increase of 7.5% [3]. - The average price of alumina in H1 2024 was 3,508 CNY per ton, up 18.3% year-on-year [3]. Future Projections - The company is projected to achieve operating revenues of 31.188 billion CNY, 37.452 billion CNY, and 39.576 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to be 4.219 billion CNY, 4.435 billion CNY, and 4.696 billion CNY [11]. - The earnings per share (EPS) are forecasted to be 0.91 CNY, 0.95 CNY, and 1.01 CNY for the same years [11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 27 日 兴瑞科技(002937.SZ) 公司快报 汽车电子持续高增，国内外产能布局有 序推进 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 10.04 亿 元，同比增长 3.71%；公司实现归母净利润 1.48 亿元，同比增长 27.62%。其中 24Q2 单季度，公司实现营业收入 5.04 亿元，同比增长 3.37%，环比增长 0.92%；归母净利润 7504 万元，同比增长 17.47%， 环比增长 3.38%。公司 24Q2 单季度实现销售毛利率 27.48%，同比提 升 2.13 个 pct。 汽车电子收入高增长，盈利能力持续提升： 在新能源汽车领域，公司前期所累积的终端车型陆续放量为新能源汽 车业务持续成长提供了坚实保障。同时，以镶嵌技术为核心，依托不 同结构的产品矩阵，叠加与全球头部客户所积累的快速响应、供应链 及成本控制意识，公司新能源汽车业务质量夯实增长。2024H1 公司 汽车电子业务实现收入 5.82 亿元，同比增长 28.36%，其中新能源汽 车业务占汽车电子比例达 80%以上，同 ...

huangwz1@essence.com.cn 2024 年 08 月 27 日 透视 A 股：最新央地财政支出增速差环比小幅抬升 报告摘要： 估值分化指数：上周行业估值分化指数有所上升 全球市场概览：上周 A 股涨跌互现，成交量相较上一周有所上 涨 市场风格：上周大盘风格占优 货币市场：上周流动性边际宽松 基金发行：上周发行下降，仓位处历史中位 市场情绪：上周 A 股换手率下降，美国恐慌指数下降 国债及外汇市场：上周国债收益率下降，人民币升值 资金流向：上周两融余额下降，A 股资金流出 重要股东减持：上周食品饮料减持最多 机构调研：近一个月机构密集调研银行行业 出口：7 月船舶出口持续增长 货币供给与社融：7 月 M2 增速上升、社融增速上升 中游景气：7 月居民用电量同比增长 20.8% 风险提示：政策不及预期，地域政治冲突超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 相关报告 | --- | --- | --- | |-------------|--------------------------|------------| | | | | | | | | | 相比经济，A ...

股价表现 2024 年 08 月 27 日 康恩贝(600572.SH) 公司快报 全品类中药阶段性承压，换届完成公司 进入新时期 事件： 2024 年 8 月 23 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 34.48 亿元，同比下滑 8.40%；实现归母净利润 3.82 亿元，同比下滑 25.95%；实现扣非归母净利润 3.36 亿元，同比下滑 19.02%。单季度来看，2024 年 Q2 公司实现营业收入 16.24 亿元， 同比下滑 0.60%；实现归母净利润 1.66 亿元，同比下滑 28.37%； 实现扣非归母净利润 1.35 亿元，同比下滑 11.11%。 全品类中药阶段性承压，同期高基数压力。 公司坚持以全品类中药产品为主体，以特色化学药品、特色健康消费 品为两翼的战略定位，受去年同期高基数压力，全品类中药阶段性承 压，特色化学药品和特色健康消费品表现稳健。 1）全品类中药：2024 年 H1 公司全品类中药业务实现收入 17.16 亿 元，同比下降 17.67%，其中中成药实现收入 11.31 亿元，同比下降 32.10%，主要是因为肠炎宁系列、复方鱼腥草合剂 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 27 日 伟星新材(002372.SZ) 零售管材龙头韧性十足，同心圆持续推 进，毛利率同比提升 事件：公司发布 2024 年半年度报告，实现营收 23.43 亿元， yoy+4.73%；实现归母净利润 3.40 亿元，yoy-31.23%；实现扣非 归母净利润 3.40 亿元，yoy-0.37%。2024Q2 公司实现营收 13.46 亿元，yoy+0.41%；实现归母净利润 1.86 亿元，yoy-41.88%；实 现扣非归母净利润 1.98 亿元，yoy-16.85%。 零售营收增长凸显经营韧性，境外业务积极推进快速增长。 2024H1 公司实现营收 23.43 亿元，yoy+4.73%，其中 Q1、Q2 各季 度公司营收增速分别为 11.19%和 0.41%。2024H1 各产品营收及增 速分别为：PPR 系列产品 10.73 亿元（yoy+3.21%），PE 系列产品 4.74 亿元（yoy-3.11%）、PVC 系列产品 3.03 亿元（yoy-12.73%）、 防水/净水等其他产品 4.63 亿元（yoy+45.30% ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 74.85 CNY, corresponding to a 38x PE for 2024 [5][6]. Core Views - The company reported a revenue of 450 million CNY for H1 2024, representing a 41% year-on-year increase, and a net profit of 100 million CNY, up 38.6% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 250 million CNY, a 55% increase year-on-year, with a net profit of 60 million CNY, also up 56% year-on-year. The gross margin for Q2 was 40.3%, impacted by accounting changes, but would have been 48.2% under previous accounting standards [2]. - The company is benefiting from the transfer of PCB production lines to Southeast Asia, with successful equipment sales to countries like Thailand and Vietnam, indicating strong overseas market expansion [3]. - The company is diversifying into advanced applications in the semiconductor sector, making progress in IC substrates and advanced packaging, with successful client collaborations and technology validation [4]. Financial Summary - Revenue projections for 2024-2026 are 1.18 billion CNY, 1.56 billion CNY, and 2.03 billion CNY, with year-on-year growth rates of 42.0%, 32.4%, and 30.1% respectively [6][8]. - Net profit forecasts for the same period are 260 million CNY, 360 million CNY, and 510 million CNY, with growth rates of 44.4%, 40.8%, and 41.0% respectively [6][8]. - The company’s PE ratios for 2024-2026 are projected at 27.8, 19.8, and 14.0 times [6][8].

本报告仅供 Choice 东方财富 使用，请勿传阅。 国投证券宏观定期报告 周度经济观察 ————国内财政压力突出，海外降息周期临近 袁方1束加沛2 张端怡（联系人）3 2024 年 08 月 27 日 内容提要 财政收入的持续收缩与支出的刚性，一定程度上体现了政府部门的收支矛 盾，预计这一过程在短期内难以明显改善。需要警惕其与经济减速的互相强化。 美联储主席鲍威尔在杰克逊霍尔会议上表态偏鸽，认为政策调整的时机已 经到来。这意味着 9 月美联储大概率首次降息，市场也在沿着这一方向开启降息 交易。美债收益率和美元指数下行正在途中，美股也将交易经济软着陆的场景。 在市场启动降息和经济软着陆交易的背景下，纳指表现远远强于中概股，表 明市场对基本面的变化高度敏感。因此尽管美国降息有助于我国货币政策的宽 松，但仅仅通过利率政策或许难以完全解决我国需求不足的问题。A 股或许仍处 于寻底过程中。 风险提示：（1）地缘政治风险 （2）政策出台超预期 1宏观分析师，yuanfang@essence.com.cn，S1450520080004 2宏观分析师，shujp@essence.com.cn，S1450523010002 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.66 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2024 [4][6]. Core Views - The company reported a revenue of 4.73 billion CNY for H1 2024, a year-over-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million CNY, down 8.5% year-over-year. The second quarter alone saw a revenue of 2.49 billion CNY, down 9.6% year-over-year, and a net profit of 360 million CNY, down 18.2% year-over-year [2][3]. - The company maintains a high dividend payout ratio, proposing a cash dividend of 5.0 CNY per 10 shares, totaling approximately 470 million CNY, which accounts for 62.2% of H1 2024 net profit [2]. - Despite short-term operational pressures, the company demonstrates confidence in its long-term development by maintaining a high dividend level [2]. Revenue Performance - In Q2 2024, the company's main sales channels showed a slight decline, with online sales of range hoods and gas stoves decreasing by 5% and 3% year-over-year, respectively. The company’s e-commerce performance is believed to be better than other channels [2]. - The company is actively expanding new channels, with offline retail channel revenue growth close to overall performance. However, the national residential completion area decreased by 21% year-over-year, impacting the engineering channel revenue [2]. - The revenue from the company's core products, including range hoods and gas stoves, showed relatively stable performance, with declines of 3%, 1%, and 4% for range hoods, gas stoves, and dishwashers, respectively [2]. Profitability and Cash Flow - The gross profit margin for Q2 2024 decreased by 2.4 percentage points year-over-year, with the difference between gross profit margin and selling expense ratio declining by 1.2 percentage points year-over-year, attributed to increased market competition and pressure from the real estate sector [3]. - Operating cash flow for Q2 2024 decreased by 420 million CNY year-over-year, primarily due to slower cash collection and increased maturity of bank acceptance bills [3]. - The company is expected to continue optimizing its product structure and improving operational efficiency, which may enhance long-term profitability [3]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024 and 2025 are 1.69 CNY and 1.70 CNY, respectively [3]. - The forecasted revenue for 2024 is 10.68 billion CNY, with a net profit of 1.59 billion CNY, reflecting a decrease from previous years [7][12]. - The company’s net profit margin is expected to be 14.9% in 2024, with a slight decline in return on equity (ROE) to 13.7% [12][13].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 62.99 CNY over the next six months, corresponding to a 45x PE for 2024 [4][5]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, achieving a revenue of 2.427 billion CNY (+17.48%) and a net profit of 308 million CNY (+49.92%) [1]. - The gross margin improved significantly to 42.05% (+7.84 percentage points) in the first half of 2024, driven by an optimized product mix and increased sales of proprietary brands [2]. - The company’s proprietary brands have gained popularity among consumers, with sales during the 618 shopping festival exceeding 470 million CNY, a 40% increase year-on-year [3]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 12.71% (+2.75 percentage points) and a net profit of 308 million CNY, with a significant increase in gross margin [2]. - The second quarter of 2024 saw a revenue of 1.329 billion CNY (+14.48%) and a net profit of 160 million CNY (+32.64%) [1]. - The company expects net profits for 2024 to reach 560 million CNY, with growth rates of +30.6% for 2024, +25.3% for 2025, and +25.0% for 2026 [4]. Market Position and Strategy - The company has successfully expanded its distribution channels, focusing on online direct sales complemented by a broad offline distribution network [3]. - The proprietary brand strategy has led to a stable increase in market share, positioning the company to maintain its leading status in the pet food market [3].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 10.35 CNY per share, corresponding to a PE of 15x for 2024 [4][3]. Core Insights - The company reported a significant increase in net profit for Q2 2024, achieving 100 million CNY, which represents a year-on-year growth of 131.5%. The non-recurring net profit also reached 100 million CNY, with a year-on-year increase of 88.0% [1][3]. - The revenue for the first half of 2024 was 1.39 billion CNY, marking a year-on-year growth of 42.4%. Notably, overseas revenue accounted for 1.2 billion CNY, growing by 54.5% year-on-year, which constitutes 85.9% of total revenue [2][3]. - The gross margin for Q2 2024 was 31.4%, an increase of 0.7 percentage points year-on-year, driven by higher overseas orders and lower raw material costs, particularly stainless steel, which saw a year-on-year decrease of 5.9% [3][2]. - The company effectively controlled its expenses, with sales, management, R&D, and financial expense ratios improving year-on-year, contributing to a net profit margin increase of 4.6 percentage points [3][2]. Financial Performance Summary - The company’s total revenue for 2024 is projected to be 3.36 billion CNY, with a net profit forecast of 249.8 million CNY, reflecting a growth trajectory [8][10]. - The earnings per share (EPS) is expected to rise to 0.71 CNY in 2024, with a projected net profit margin of 9.9% [10][8]. - The company’s return on equity (ROE) is anticipated to reach 19.0% by 2024, indicating strong profitability [10][8].