策 略 研 究 证 券 研 究 报 告 策略研究 /[Table_Date] 2024.09.05 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|-------|-----------------|-----------------------------------------------------| | 服务消费景气回落，旺季开工边际改善 ——行业景气度观察系列 9 月第 1 | 期 | [Table_Authors] | 方奕 ( 分析师 ) 021-38031658 fangyi020833@gtjas.com | | 本报告导读： | | 登记编号 | S0880520120005 | | 新房二手房销售环比走弱，乘用车销售弱于预期；"金九银十"旺季建筑施工、制造 业开工、货运物流景气边际改善；暑期结束服务消费景气下滑。 | | ...

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233) and lowers the target price to 15.70 CNY from the previous 17.70 CNY [3][4]. Core Views - The company's Q2 2024 performance met expectations, with a significant year-on-year revenue increase of 30.67% to 48.2 billion CNY and a net profit attributable to shareholders of 1.065 billion CNY, reflecting a 778% increase [3]. - The report highlights that the polyester filament market is experiencing price improvements due to the leading companies' pricing strategies, with average prices for POY, FDY, and DTY increasing by 2.58%, 0.70%, and 2.71% year-on-year, respectively [3]. - Investment income from Zhejiang Petrochemical, in which the company holds a 20% stake, has turned profitable, contributing 4.17 billion CNY in the first half of 2024, compared to a loss of 350 million CNY in the same period of 2023 [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.2 billion CNY, with a net profit of 1.065 billion CNY and a non-recurring profit of 900 million CNY, marking a 2800% increase year-on-year [3][10]. - The Q2 2024 net profit was 485 million CNY, down 18.67% year-on-year and 16.31% quarter-on-quarter, with core profit excluding investment income at approximately 324 million CNY [3]. Market Dynamics - The report notes that the polyester filament industry has a high concentration, with a CR6 close to 70%, enhancing the pricing power of leading companies [3]. - The "one-price" model adopted by leading companies has improved price differentials, with the price gap for various filament types showing month-on-month improvement [3]. Future Outlook - The report anticipates a recovery in demand driven by downstream inventory replenishment, particularly in the winter season, despite current challenges posed by high temperatures affecting production and sales [3].

股 票 研 究 证 券 研 究 报 告 ——亿纬锂能 2024 年上半年业绩点评 [table_Authors] 庞钧文(分析师) 牟俊宇(分析师) 021-38674703 0755-23976610 pangjunwen@gtjas.com moujunyu@gtjas.com 登记编号 S0880517120001 S0880521080003 本报告导读： 公司上半年动力储能业务发展良好，短期受行业及产品结构影响盈利能力有所下滑。 长期看新产品新模式有望助力公司持续增长。 投资要点： [Table_Summary] 维持增持评级。考虑到行业阶段性产能过剩带来的盈利承压，下调 公司 24-25 年 EPS 为 2.26（-0.07）元、2.69（-0.36）元，新增 26 年 EPS 为 3.35 元，参考同类可比公司给予 24 年 18.61X PE，目标价下 调为 42.06 元。 业绩略低于预期，盈利能力有所下降。24Q2 公司实现营收 123.42 亿 元，同增 4.7%%，环增 32.5%；归母净利润 10.72 亿元，同增 6.0%， 环增 0.6%；扣非归母净利润 7.98 亿元，同增 2 ...

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.04 土地市场的新变量 [Table_Industry] 房地产 [Table_Invest] 评级： 增持 上次评级: 增持 ——8 月房企货值数据点评 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|----------------------| | | | | | | | [table_Authors] 谢皓宇 ( 分析师 ) | 黄可意 ( 研究助理 ) | 白淑媛 ( 分析师 ) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | [ ...

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.04 ——油运板块点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | [table_Authors] 岳鑫 ( 分析师 ) | | | | | | | | | | | 0755-23976758 | | | | | | | | | | | yuexin@gtjas.com | | | | | | | | | | 登记编号 | S0880514030006 | | | | | | | | | 本报告导读： 油价下跌对油运是利好还是利空？核心在于油价下跌的原因。过去两年 OPEC+减 产对油运需求存在抑制，若原油增产驱动油价回落将利好油运。建议逆向布局。 投资要点： [T ...

Investment Rating - The report maintains a "Buy" rating with a target price of 33.26 CNY, reflecting an increase in earnings forecasts due to high growth in oil and gas production [10][26]. Core Insights - The company achieved record semi-annual performance with a revenue of 226.8 billion CNY in H1 2024, a year-on-year increase of 18%, and a net profit attributable to shareholders of 79.7 billion CNY, up 27% year-on-year [26]. - The average price of Brent crude oil in H1 2024 was 84.27 USD per barrel, contributing to the company's strong performance despite a lower average price compared to H1 2022 [26]. - The company has increased its capital expenditure to 63.1 billion CNY in H1 2024, an 11.7% increase year-on-year, to support its strategy of increasing reserves and production [26]. Financial Summary - Revenue for 2022 was 422.23 billion CNY, with a projected increase to 475.33 billion CNY in 2024, reflecting a growth rate of 14.1% [9]. - Net profit attributable to shareholders was 141.7 billion CNY in 2022, expected to rise to 148.03 billion CNY in 2024, indicating a growth of 19.5% [9]. - The company reported a net asset return (ROE) of 23.7% in 2022, projected to decrease to 18.9% by 2024 [9]. Production and Cost Management - The company achieved a net production of 362.6 million barrels of oil equivalent in H1 2024, a 9.3% increase year-on-year, marking a historical high for the period [26]. - The cost per barrel of oil was reported at 27.75 USD, demonstrating effective cost control measures [26]. - The company successfully discovered new oil and gas structures, enhancing its exploration potential and expanding reserves [26].

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 ——杭州银行 2024 年中报点评 | --- | |-----------------------------------| | | | [table_Authors] 刘源 ( 分析师 ) | | 021-38677818 | | liuyuan023804@gtjas.com | | 登记编号 S0880521060001 | 本报告导读： 杭州银行此前已披露过中报业绩快报，24Q2 营收及利润保持高水平增长，核心资本 充足率稳中有升，资产质量整体稳健。维持目标价 14.56 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：杭州银行 2024 年中报表现符合预期。根据中报调整公司 2024-2026 年净利润增速预测为 20.1%、19.2%、19.0%，对应 BVPS 18.35(+0.21)、21.01(+0.36)、24.17(新增)元/股，维持目标价 14.56 元， 对应 202 ...

股 票 研 究 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.04 房屋养老金利好修缮，龙头中报各有亮点 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|---------------------------| | | | | | | | [table_Authors] 鲍雁辛 ( 分析师 ) | 花健 祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S08801230701 ...

| --- | |-------| | | | | | | 股票研究 /[Table_Date] 2024.09.04 行 业 事 件 快 评 证 券 研 究 报 告 ——半导体板块 2024H1 业绩点评 上半年晶圆制造行业复苏，盈利能力逐步修复 [Table_Industry] 电子元器件 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-----------------------------------|------------------------| | | | | | | [table_Authors] 舒迪 ( 分析师 ) | 文越 ( 分析师 ) | | | 021-38676666 | 021-38038032 | | | shudi@gtjas.com | wenyue029694@gtjas.com | | 登记编号 | S0880521070002 | S0880524050001 | 本报告导读： 半导体公司发布半年度报告，业绩显著提升，受益于产业链复苏及供应链转移，看 好公司长期发展。 投资要点： [T ...

Investment Rating - The report maintains an "Accumulate" rating for WuXi Biologics (2269) [4][5]. Core Views - The company is actively advancing its "Winning Molecules" strategy, with new projects exceeding expectations and strong growth momentum in non-COVID business. The overseas capacity is continuously being established, indicating a positive long-term outlook for the company [4][5]. Financial Summary - Revenue for 2023 is projected at 17,051 million RMB, with a growth rate of 12% compared to the previous year. The revenue for 2024 is expected to grow by 5% to 20,521 million RMB, and by 18% to 24,282 million RMB by 2026 [4]. - Adjusted net profit for 2024 is revised down to 49.19 billion RMB, with EPS adjusted to 1.18 RMB [5]. - The gross profit margin is reported at 39.07%, reflecting a decrease of 2.9 percentage points due to reduced milestone revenue and the ramp-up of new facilities [5]. Project and Capacity Growth - In the first half of 2024, the company added 61 new projects, with a total of 201 billion USD in uncompleted orders, supporting future revenue growth [5]. - The North American region saw a revenue increase of 27.3%, accounting for 58.4% of total revenue, highlighting strong customer retention [5]. Market Performance - The current stock price is reported at 11.22 HKD, with a 52-week price range between 10.26 and 51.00 HKD [3][4].