国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.10 碳市场扩容，CCER 规模化交易提速 [Table_Industry] 环保 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-----------------------|-------|----------------|-------| | | | | | | | | | | [table_Authors] 徐强 ( 分析师 ) | 邵潇 ( 分析师 ) | 于歆 ( 分析师 ) | | | | | | 010-83939805 | 0755-23976520 | 021-38038345 | | [Table_Report] | | | | xuqiang@g ...

Investment Rating - The report maintains a rating of "Buy" for China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) [1] Core Views - The company's non-GAAP performance in the first half of 2024 showed a year-on-year growth that met expectations. Despite pressure from geopolitical oil prices in Q3 2024, the report suggests that the oil transportation market remains in a super bull market phase, with a recommendation to consider reverse layout opportunities [3][6]. Summary by Sections Financial Performance - In the first half of 2024, the company's net profit attributable to shareholders was 2.61 billion yuan, a year-on-year decrease of 7%. However, the non-GAAP net profit increased by 8%, slightly better than the performance forecast. The average TCE for VLCC from the Middle East to China for the six quarters from 2023 to 2024 was reported as 34,000/52,000/31,000/29,000/42,000/44,000 USD [6][7]. - The report forecasts net profits for 2024-2026 to be adjusted to 5.5 billion, 7 billion, and 8 billion yuan respectively, down from previous estimates of 7.2 billion, 8.6 billion, and 9.4 billion yuan due to short-term impacts from geopolitical oil prices [6][7]. Market Outlook - The report indicates that the oil transportation market is expected to see continued improvement in supply and demand over the next few years, with the market conditions likely to exceed expectations. The report emphasizes that the company's earnings are highly elastic and will benefit significantly from the favorable oil transportation market [3][6]. Dividend Policy - The company has maintained a high dividend payout ratio of around 50% in recent years, and it is expected that this high dividend policy will continue. The estimated dividend yield for 2024 is approximately 4% [6][7].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -26% -19% -12% -4% 3% 10% 2023-09 2024-01 2024-05 本报告导读： [Table_Market] 交易数据 公司发布股权激励，业绩考核目标积极，彰显未来发展信心。 投资要点： [Table_PicQuote] 52周股价走势图 森马服饰 深证成指 [Table_Report] 相关报告 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格： | | 7.16 | | | 上次预测 : | 7.16 | | [ 当前价格： Table_CurPrice] | | 4.71 | 发布股权激励，彰显公司发展信心 森马服饰(002563) 纺织服装业[Tab ...

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 49.57 CNY, corresponding to a 10x PS for 2024 [2][3]. Core Views - The company's performance remains relatively stable, with revenue structure continuously improving and a significant increase in gross margin. The ongoing AI transformation of products is expected to lead to better-than-expected growth in the future [1][2]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of 5.99 billion CNY (-0.86%), 7.33 billion CNY (-2.29%), and 8.81 billion CNY for the years 2024-2026. The net profit attributable to the parent company is expected to be -2.06 billion CNY (-0.62), -1.39 billion CNY (-1.28), and -0.62 billion CNY respectively. The EPS is forecasted to be -1.71 CNY (-0.52), -1.15 CNY (-1.06), and -0.51 CNY [11][12]. Valuation Conclusion - The company is not yet profitable, and a PS valuation method is used. The average PS of comparable companies for 2024 is 13.55x, and a conservative 10x PS valuation is applied to the company, leading to a reasonable valuation of 49.57 CNY per share [12][13]. Revenue Structure Improvement - The revenue from the high-productivity, high-margin basic software business increased by 22.00% year-on-year in the first half of 2024, accounting for 59.78% of total revenue, up 10.1 percentage points year-on-year. The financial sector contributed 39.69% to revenue, an increase of 7.31 percentage points [2][11]. AI Product Development - The company is intensifying its AI product upgrades, with new versions of its data platform enhancing functionality and usability. The introduction of the TDH4.9 version and the Sophon LLMOps1.3 platform aims to meet the growing demand for AI applications, positioning the company as a key player in AI infrastructure [2][11].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.10 ——2024 年第 36 周周报 | --- | --- | --- | |----------|-----------------------|-------------------------| | | [table_Authors] | | | | 王彦龙 ( 分析师 ) | 苏哲西 ( 研究助理 ) | | | 010-83939775 | 021-38031652 | | | wangyanlong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880123070147 | 本报告导读： 光博会召开在即，关注产业链新的业态趋势；全球 DCI 市场未来五年有望迎来高速 增长。 投资要点： [Table_Summary] 光博会召开在即，关注产业链新的业态趋势。2024 年 9 月 11 日， ...

Investment Rating - Maintain "Overweight" rating [4] - Target price adjusted to 4.45 RMB (previously 5.62 RMB) [4] Core Views - The company maintains strong cost management capabilities, keeping its rebar profitability at the forefront of the industry [3] - Future focus will be on further reducing costs and consolidating cost advantages [3] - Contribution from the mining sector is expected to gradually recover [3] Financial Performance - 2024H1 revenue: 12.752 billion RMB, down 4.75% YoY [4] - 2024H1 net profit attributable to parent company: 163 million RMB, down 42.82% YoY [4] - 2024Q2 net profit attributable to parent company: 69 million RMB, down 25.66% QoQ and 55.25% YoY [4] - 2024-2025 net profit forecast adjusted to 509 million RMB and 606 million RMB (previously 1.012 billion RMB and 1.168 billion RMB) [4] - 2026 net profit forecast added at 728 million RMB [4] Steel Production and Sales - 2024H1 steel production and sales: 2.0996 million tons and 2.0977 million tons, up 9.00% YoY [4] - 2024Q2 steel production and sales: 1.1529 million tons and 1.1423 million tons, up 21.78% and 19.56% QoQ, and 2.38% and 1.38% YoY [4] - 2024Q2 gross profit per ton of steel: 310.21 RMB/ton, up 57.50% QoQ but down 24.92% YoY [4] Product Structure Optimization - Spring flat steel, a high-margin product, saw a 5.11% YoY increase in sales in 2024H1 [4] - The company has extended its product line to include automotive leaf springs, covering light, medium, heavy, and bus springs [4] Mining Sector Performance - 2024H1 iron concentrate sales: 181,000 tons, exceeding the total sales of 150,800 tons in 2023 [4] - 2024H1 revenue from iron concentrate: 188 million RMB, exceeding the total revenue of 148 million RMB in 2023 [4] - Gross profit per ton of iron concentrate: 796.96 RMB/ton, up 22.86% compared to 2023 [4] Valuation and Market Data - 2024E PB ratio: 1.08x, based on comparable companies [13] - Current price: 3.57 RMB [5] - 52-week price range: 3.57-4.97 RMB [6] - Market capitalization: 8.258 billion RMB [6]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.58, corresponding to a PE ratio of 23.52 for 2024 [4][12]. Core Insights - The company's performance is stabilizing, with a focus on cost control and multiple emerging business lines showing growth potential. The anticipated recovery in the market and the release of self-controlled demand are expected to drive business growth beyond expectations [3][4]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of HKD 179.45 billion, HKD 195.54 billion, and HKD 212.60 billion for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be HKD 7.74 billion, HKD 9.71 billion, and HKD 12.40 billion for the same years [11][12]. Valuation Analysis - The report employs a PE valuation method, comparing the company to peers such as Saiyi Information and Zhongke Chuangda. The average PE for comparable companies in 2024 is 23.52, leading to a reasonable valuation of HKD 6.58 per share [12][13].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][8]. Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 731 million yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 191 million yuan, up 7.11% year-on-year [3][8]. - The demand in the petrochemical and power sectors is strong, leading to rapid revenue growth in the company's deformed high-temperature alloys, which achieved 277 million yuan in revenue, a year-on-year increase of 30.79% [8]. - The company is actively expanding into overseas markets, and the completion of two subsidiaries in Shenyang is expected to further enhance growth potential [8]. Financial Summary - The company has adjusted its net profit forecasts for 2024 and 2025 to 403 million yuan and 497 million yuan, respectively, down from previous estimates of 465 million yuan and 590 million yuan [8][9]. - The target price has been revised down to 27.54 yuan from 39.60 yuan, based on a valuation of 27 times the expected earnings per share (EPS) for 2024 [8][10]. - The company's gross profit margin and net profit margin for the first half of 2024 were 38.34% and 26.16%, respectively, both showing slight year-on-year increases [8]. Market Data - The company's stock price has fluctuated between 18.50 yuan and 35.14 yuan over the past 52 weeks, with a current price of 22.16 yuan [4]. - The total market capitalization is approximately 8.76 billion yuan, with a total share capital of 395 million shares [4]. Future Outlook - The company is expected to see a gradual realization of revenue from its new subsidiaries, with projected annual sales of 231 million yuan from one of the completed projects [8]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 1.48 billion yuan in 2024 and 1.91 billion yuan in 2026 [9].

Investment Rating - The report maintains an "Accumulate" rating for 康方生物 (9926) [2][4][5]. Core Views - 康方生物's core product, 依沃西, is entering a harvest period with accelerated revenue growth, leading to an upward revision of revenue forecasts for 2024-2026 to 29.24 billion, 47.69 billion, and 65.95 billion RMB respectively [5]. - The clinical data for 依沃西 against K药 shows record results, with an ITT population HR of 0.51, indicating significant benefits across all subgroups [5]. - The safety profile of 依沃西 in squamous cell carcinoma is superior, breaking through the safety limitations of traditional anti-VEGF therapies [5]. - Multiple clinical trials are advancing, with new plans for first-line NSCLC clinical studies announced by Summit [5]. Summary by Sections Clinical Data - 依沃西's clinical trial results show a median progression-free survival (mPFS) of 11.14 months compared to 5.82 months for K药, with a hazard ratio (HR) of 0.51, indicating a 49% reduction in the risk of disease progression or death [5]. - The overall response rate (ORR) for 依沃西 is 50.0% versus 38.5% for K药, and the disease control rate (DCR) is 89.9% compared to 70.5% [5]. - Subgroup analyses show strong positive results for various populations, including HRs of 0.46 for PD-L1 TPS≥50% and 0.48 for squamous carcinoma [5]. Safety Profile - The incidence of grade 3 or higher treatment-related adverse events (TRAE) is comparable between 依沃西 and K药 (22.2% vs 18.7%) [5]. - In squamous cell carcinoma patients, the risk of bleeding is not significantly increased, with a grade 3 or higher adverse event rate of 10.2% for 依沃西 compared to 1.0% for K药 [5]. Financial Projections - Revenue forecasts for 康方生物 have been revised upwards, with expected revenues of 2.924 billion RMB in 2024, 4.769 billion RMB in 2025, and 6.595 billion RMB in 2026, reflecting significant growth [9]. - The company reported a net profit of 2.028 billion RMB in 2023, with projections of -334 million RMB in 2024, followed by a return to profitability in 2025 and 2026 [9].

股 票 研 究 证 券 研 究 报 告 外销贡献增长动能，多数企业注重收入 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 ——家电板块 24H1 财报解读 股票研究 /[Table_Date] 2024.09.09 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 曲世强 ( 研究助理 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38031025 | 010-83939833 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | lihanying026725@gtjas.com | | 登记编号 | S0880521050002 | ...