Investment Rating - Maintains "Buy" rating [4] Core Views - The company released its 2024 interim report, with performance in line with expectations [3] - Revenue for 2024H1 was RMB 13.564 billion, a year-on-year decrease of 11.33%, and net profit was RMB 1.043 billion, a year-on-year decrease of 30.19% [4] - The company is transitioning its pipeline business sales and optimizing its debt structure [2][3] - The company is actively expanding into non-real estate sectors, such as oil and hydrogen pipelines, and the agricultural and rural markets are showing growth trends [4] - The company's gross margin remained stable year-on-year, with the pipeline business gross margin estimated at around 29.5% [4] - The company's debt structure is being optimized, with total debt at the end of 2024H1 at RMB 21.03 billion, a year-on-year decrease of 12.8% [4] Financial Summary - Revenue for 2024H1: RMB 13.564 billion, a year-on-year decrease of 11.33% [4] - Net profit for 2024H1: RMB 1.043 billion, a year-on-year decrease of 30.19% [4] - Gross margin for 2024H1: 27.48%, relatively stable year-on-year [4] - Total debt at the end of 2024H1: RMB 21.03 billion, a year-on-year decrease of 12.8% [4] - Expected net profit for 2024-2026: RMB 2.088 billion, RMB 2.280 billion, and RMB 2.546 billion respectively [4] Market Data - Current stock price: HKD 2.64 [5] - 52-week price range: HKD 2.64 - HKD 4.55 [6] - Current market capitalization: HKD 8.19 billion [6]

Investment Rating - The report assigns a "Cautious Accumulate" rating to the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with continuous progress in both internal and external business operations, as well as rapid growth in overseas business [3]. - The EPS forecasts for 2024 and 2025 have been adjusted to 1.00 and 1.10 CNY respectively, down from 1.08 and 1.25 CNY, while the 2026 EPS forecast is set at 1.20 CNY [3]. - The target price is maintained at 26.29 CNY, reflecting a valuation premium of 20% over comparable companies, corresponding to a PE of 23.90x for 2025 [3]. Financial Performance Summary - For H1 2024, the company achieved revenue of 20.114 billion CNY, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion CNY, up 8.36% year-on-year [3]. - The company's Q2 2024 revenue reached 12.415 billion CNY, showing a year-on-year growth of 2.99% and a quarter-on-quarter increase of 61.25% [3]. - The company's sales, management, and R&D expense ratios were 4.82%, 3.84%, and 9.20% respectively for H1 2024 [3]. Business Development Summary - The company has made significant strides in both internal and external markets, securing major projects in the domestic market while also expanding its external business [3]. - In H1 2024, the company won several key projects, including the SVG for Tibet's grid construction and various energy management centers [3]. - The overseas revenue reached 0.831 billion CNY, marking a substantial year-on-year growth of 92.8% [3]. Financial Forecast Summary - The financial summary indicates a steady growth trajectory, with projected revenues increasing from 51.573 billion CNY in 2023 to 68.824 billion CNY by 2026, reflecting a compound annual growth rate of approximately 10% [8]. - The net profit attributable to shareholders is expected to rise from 7.184 billion CNY in 2023 to 9.669 billion CNY in 2026 [8]. - The EPS is projected to grow from 0.89 CNY in 2023 to 1.20 CNY in 2026 [8].

股 票 研 究 行 业 周 报 证 券 研 究 报 告 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 /[Table_Date] 2024.09.09 运-20 海外首次飞行展示，美海军将大规模装备星链 [Table_Industry] 军工 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-----------------------------------|----------------------------| | | | | | | [table_Authors] 彭磊 ( 分析师 ) | 周明頔 ( 研究助理 ) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | [Table_subIndustry] 细分行 ...

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.09 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 新股精要—国内领先的智能文字识别和商 业大数据领域产品服务商合合信息 本周新股发行信息 [table 益诺思（_NewStock] 688710.SH）发行 3524 万股 富特科技（301607.SZ）发行 2775 万股 | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|--------------------------| | | | | —— IPO 专题 | | | [table_Authors] 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | ...

Investment Rating - The report maintains a rating of "Buy" for Dongpeng Holdings [4][9]. Core Views - The company's 2024 interim report shows revenue of 3.094 billion yuan, a year-on-year decrease of 14.72%, and a net profit attributable to shareholders of 211 million yuan, down 45.22% year-on-year. The results are in line with expectations, considering the high base effect [9]. - The report highlights that the integrated channel is showing advantages, while cost control measures are continuously being implemented [3][4]. - Due to weak demand expected in 2024, the earnings per share (EPS) forecasts for 2024-2026 have been revised down to 0.52, 0.56, and 0.64 yuan respectively [9][10]. Summary by Sections Financial Performance - For the first half of 2024, tile revenue was 2.579 billion yuan, down 17% year-on-year, while bathroom revenue was 437 million yuan, up 5.22% year-on-year. The retail channel is under pressure, but the integrated channel is performing strongly with a 15.8% year-on-year increase [9]. - The overall gross margin for the first half of 2024 was 30.58%, a decrease of 1.45 percentage points year-on-year. The gross margin for tiles was 31.96%, down 1.50 percentage points, and for bathrooms, it was 21.66%, down 2.19 percentage points [9][10]. Market Outlook - The report anticipates that the competitive landscape will continue to pressure profitability, with a focus on optimizing cost structures. The company has successfully reduced tile manufacturing costs by 3.60% year-on-year [9][10]. - The target price has been adjusted to 7.80 yuan, down from the previous forecast of 9.29 yuan, reflecting the anticipated market conditions [4][9]. Valuation Metrics - The report provides a comparison of valuation metrics with peer companies, indicating that Dongpeng Holdings is trading at a lower price-to-earnings (PE) ratio compared to its peers, suggesting potential undervaluation [12].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 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 /[Table_Date] 2024.09.09 ——泽璟制药公司跟踪点评 ZG006 临床数据亮眼，早研管线兑现加速 泽璟制药-U(688266) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|------------------------------|-------|-------| | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | ( 分析师 ) | 姜铸轩 ( 分析师 ) | | | | | 0755-23976735 | 021-38675855 | 021-38674878 | | | | | dingdan@gtjas.c ...

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 股票研究 /[Table_Date] 2024.09.09 ——家电补贴政策系列更新 补贴再加码，湖北先行已受益 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 家用电器业《多家公司发布中报业绩，家空外销 延续增长》2024.08.26 家用电器业《线上空调表现较好，铜铝价格环比 上升》2024.08.19 家用电器业《多家公司发布中报业绩，社零同比 涨幅扩大》2024.08.19 家用电器业《湖北率先补贴加码，托举家电零售 增长》2024.08.13 | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|--------------------|------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's performance in the first half of 2024 exceeded market expectations, driven by rapid growth in smart power distribution orders and accelerated development in overseas distribution business [3][4]. - The earnings per share (EPS) forecasts for 2024 and 2025 have been raised to 1.71 and 2.10 CNY respectively, with a target price set at 44.55 CNY based on a price-to-earnings (PE) ratio of 21.21x for 2025 [4][6]. Financial Performance Summary - In H1 2024, the company achieved revenue of 6.997 billion CNY, a year-on-year increase of 26.11%, and a net profit attributable to shareholders of 1.150 billion CNY, up 32.23% year-on-year [4][5]. - The second quarter of 2024 saw revenue of 3.972 billion CNY, a 20.37% increase year-on-year and a 31.34% increase quarter-on-quarter [4]. - The company’s smart power distribution business generated revenue of 5.316 billion CNY in H1 2024, reflecting a 27.2% year-on-year growth, with net profit reaching 0.971 billion CNY, up 29.37% year-on-year [4]. Business Segment Performance - The smart power distribution business has a backlog of orders amounting to 14.894 billion CNY, a 25.74% increase year-on-year, with significant growth in overseas markets [4]. - The medical services segment reported revenue of 1.613 billion CNY in H1 2024, a 26.53% increase year-on-year, with a focus on rehabilitation services [4]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 14.373 billion CNY, 17.634 billion CNY, and 20.887 billion CNY respectively, with corresponding net profits of 2.411 billion CNY, 2.964 billion CNY, and 3.569 billion CNY [5][12]. - The net asset return (ROE) is expected to improve from 17.3% in 2023 to 22.8% in 2026 [5][12].

股 票 研 究 行 业 周 报 证 券 研 究 报 告 以旧换新细则陆续出台，龙头优先受益 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.09.09 ——2024 年 W36 周报 | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|----------------------|-------| | | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 樊夏俐 ( 分析师 ) | 谢丛睿 ( 分析师 ) | | | | 021-38031654 | 021-38676666 | 021-38038437 | | | | caiwenjuan024354@gtjas.com | fanxiali@gtjas.com | xiecongrui@gtjas.com | | | 登记编号 | S0880521050002 | ...

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 ——2024 年半年度报告点评 股票研究 /[Table_Date] 2024.09.09 盈利承压，海外布局加速推进 恩捷股份(002812) [Table_Industry] 资本货物/工业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 31.82 上次预测: 82.19 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-----------------------------|-------|-------|-------|-------|-------|-------| | | [table_Authors] 庞钧文 ( 分析师 ) | 马铭宏 ( 分析师 ) | | | | | | | | | | | | | | | ...