股 票 研 究 证 券 研 究 报 告 ——上市险企 2024 年中报综述 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|-------|-------------------------|--------|-------|-------|-------| | | | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 谢雨晟 ( 分析师 ) | | 李嘉木 ( | 分析师 | ) | | | | | 021-38676647 | 021-38674943 | | 021-38038619 | | | | | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | | lijiamu026075@gtjas.com | | | | | | 登记编号 | S0880515050001 | S0880521120003 | ...

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 行 业 事 件 快 评 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.03 ——折叠屏板块推荐点评 | --- | --- | --- | |----------|-----------------------------------|-------------------------| | | | | | | [table_Authors] 舒迪 ( 分析师 ) | 刘校 ( 分析师 ) | | | 021-38676666 | 021-38038661 | | | shudi@gtjas.com | liuxiao026731@gtjas.com | | 登记编号 | S0880521070002 | S0880524080004 | 本报告导读： 24H1 折叠屏相关企业业绩表现优异，持续兑现产业逻辑，下半年折叠机市场的发展 有望带动相关公司业绩进一步上行。 投资要点： [Table_Summary] 24H1 折叠机主要公司业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company and lowers the target price to 9.18 CNY from the previous 12.01 CNY [4][11]. Core Views - The company's mid-year performance was weak, with Q2 earnings growth lagging behind revenue due to multiple factors impacting profitability. The trend of product upgrades continues, and globalization is steadily advancing, with expectations for new business growth [3][4]. Financial Summary - For the first half of 2024, the company achieved revenue of 1.01 billion CNY, a year-on-year increase of 6.3%, while net profit attributable to shareholders was 94 million CNY, down 27.0% year-on-year. In Q2 2024, revenue was 500 million CNY, up 0.8% year-on-year but down 0.06% quarter-on-quarter, with net profit of 50 million CNY, down 43.1% year-on-year and down 0.6% quarter-on-quarter [4][5]. - The gross margin for Q2 2024 was 23.8%, a decrease of 1.02 percentage points year-on-year and 3.53 percentage points quarter-on-quarter. The net margin was 9.3%, down 7.06 percentage points year-on-year and 0.06 percentage points quarter-on-quarter [4][5]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.51 CNY (-0.1), 0.61 CNY (-0.13), and 0.75 CNY (-0.14) respectively, based on industry price pressures and significant short-term capacity investments [4][11]. Business Outlook - The company is accelerating the establishment of overseas production bases, with the Thai factory expected to begin production in Q4 2024, aiming for production capacity in Q1 2025. The company is also exploring other overseas bases for future expansion [4][5]. - The focus remains on expanding capabilities in precision forging and actively participating in lightweight, main reducer, and robotics sectors, with hopes for new business growth to create a new growth curve [4][5].

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 31.6 RMB, down from 46.9 RMB, based on a 2024 PE multiple of 20x [5][12] Core Views - The company benefits from the trend of automotive acoustic upgrades, driven by increased demand from downstream customers, leading to revenue and profit growth [3][5] - Revenue for H1 2024 reached 1.24 billion RMB, a 28.5% YoY increase, with net profit attributable to shareholders at 110 million RMB, up 56.6% YoY [5] - Key products such as speakers, amplifiers, and AVAS saw significant growth, with revenues of 940 million RMB, 210 million RMB, and 60 million RMB, respectively, representing YoY increases of 20.2%, 58.2%, and 62.4% [5] - Profitability improved due to enhanced automation, economies of scale, and better internal management, with Q2 2024 gross margin at 24.9%, up 0.14pct YoY [5] - The company is well-positioned to capitalize on the automotive electrification and intelligence trends, which are driving increased demand for car audio systems [5] Financial Performance - Q2 2024 revenue was 640 million RMB, a 25.4% YoY increase, with net profit attributable to shareholders at 50 million RMB, up 28.5% YoY [5] - Sales, management, R&D, and financial expense ratios for Q2 2024 were 0.6%, 7.5%, 5.7%, and 0.3%, respectively, showing improved cost control [5] - The company's 2024-2026 EPS forecasts remain unchanged at 1.58 RMB, 2.14 RMB, and 2.63 RMB, respectively [5] Industry Trends - The automotive acoustic upgrade trend is driven by the increasing number of speakers and amplifiers in vehicles, benefiting the company as a leading domestic player [5] - Key clients such as Huawei, Li Auto, and Xiaomi are experiencing rising new vehicle deliveries, contributing to the company's growth [5] Valuation and Market Data - The company's current market capitalization is 3.464 billion RMB, with a 52-week stock price range of 20.45-48.70 RMB [6] - The stock has underperformed recently, with a 12-month decline of 47% in absolute terms and 37% relative to the index [9] - The company's 2024E PE ratio is 13.69x, with a target price of 31.6 RMB based on a 20x PE multiple [5][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 ——中国石油 2024H1 业绩点评 [table_Authors]孙羲昱(分析师) 021-38677369 sunxiyu@gtjas.com 登记编号S0880517090003 | --- | --- | |----------------------------|----------------------------| | | | | 杨思远 ( 分析师 ) | 陈浩越 ( 研究助理 ) | | 021-38032022 | 021-38031035 | | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | S0880522080005 | S0880123070130 | 投资要点： | --- | --- | --- | |--------------------------------|---------------|-------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 62.71 CNY [4][5]. Core Insights - The company's revenue growth has accelerated, showcasing the effectiveness of its dual transformation strategy focused on subscriptions and channels. The overseas business continues to grow significantly, and with the completion of recent acquisitions, the domestic document sector and vertical markets are expected to see accelerated growth [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 338 million CNY, representing a year-on-year increase of 17.99%. After adjusting for foreign exchange fluctuations, the growth rate stands at 15.97%, marking a significant improvement compared to the revenue growth rates in 2022 and 2023 [4]. - The net profit attributable to the parent company was 62.52 million CNY, which includes an investment income of 103.32 million CNY from the acquisition of shares in Fuxin Kunpeng. Excluding non-recurring gains and losses, the net profit attributable to the parent company was -63.77 million CNY, a narrowing of losses by approximately 14.58% compared to the previous year [4]. Strategic Transformation - The dual transformation strategy has shown significant results, with subscription revenue reaching 155 million CNY, accounting for 45.81% of total revenue, and growing by 67.83% year-on-year. The Annual Recurring Revenue (ARR) for subscription services reached 325 million CNY, a growth of about 29.90% from the end of the previous year [4]. - The company has made notable progress in its channel transformation, with channel-derived revenue reaching 130 million CNY, representing 38.61% of total revenue and a year-on-year increase of 43.06% [4]. Market Position and Outlook - Following the acquisition of shares in Fuxin Kunpeng, the company has embarked on a new journey in the domestic PDF and OFD document business, enhancing its influence and competitiveness in various vertical markets. The North American market remains a significant revenue source, with subscription revenue increasing by 64.87% year-on-year, and the European and American markets seeing a 121% increase [4]. - The company is expected to achieve further acceleration in main revenue as the dual transformation continues to progress [4]. Earnings Forecast - The company forecasts revenues of 675 million CNY, 785 million CNY, and 895 million CNY for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be -30 million CNY, 16 million CNY, and 54 million CNY for the same years, with EPS of -0.33 CNY, 0.18 CNY, and 0.59 CNY [13][15]. Valuation - The report employs both EV/Sales and PS valuation methods, predicting a reasonable market value of 57.38 billion CNY for the company, corresponding to a target price of 62.71 CNY based on an 8.5x PS ratio for 2024 [19][20].

股 票 研 究 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 安证券 ——久立特材 2024 年中报点评 股票研究 /[Table_Date] 2024.09.03 [table_Authors] 李鹏飞(分析师) 魏雨迪(分析师) 王宏玉(分析师) 010-83939783 021-38674763 021-38038343 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 登记编号 S0880519080003 S0880520010002 S0880523060005 本报告导读： 公司 2024 年上半年业绩符合预期。公司着力研发，高端产品营收快速增长。复合管 业务快速上升，合金公司开始发力，我们预期这些业务将不断给公司带来业绩增量。 投资要点： [Table_Summary] 维持"增持"评级。公司 2024 年上半年实现营收 48.31 亿元，同比 上升 28.33%；实现归母净利润 6.44 亿元，同比下降 9.56%；实现 ...

股 票 研 究 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 ——欧派家居 24 年中报点评 持续践行大家居战略、盈利能力维持稳定 欧派家居(603833) 林纸产品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 71.10 上次预测: 80.98 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-----------------|-------------------------|-------|-------| | | | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 王佳 ( 分析师 ) | | | | | | 021-38038184 | 010-83939781 | | | | | | liujiakun029641@gtjas.com | | wangj ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 3.72, down from the previous target of CNY 4.90 [7] Core Views - The company turned profitable in H1 2024, with stainless steel profitability improving due to a larger decline in raw material prices compared to product prices [2] - Stainless steel demand remains on an upward trend, and there is no need for excessive pessimism [2] - The company's differentiated product sales accounted for 55.9% of total sales in H1 2024, with 95 differentiated products exceeding previous year's sales levels [7] - The company is expanding its high-value-added product exports, particularly in the "Belt and Road" markets [7] Financial Performance - H1 2024 revenue was CNY 49.714 billion, down 7.35% YoY, but net profit attributable to shareholders turned positive at CNY 139 million, up CNY 634 million YoY [7] - Q2 2024 net profit attributable to shareholders was CNY 136 million, up CNY 133 million QoQ [7] - The company's gross margin for stainless steel rose to 2.23% in H1 2024, up 2.11 percentage points from 2023 [7] - The company's overall gross margin improved to 2.04% in H1 2024, up 1.37 percentage points from 2023 [7] Industry and Market Data - China's stainless steel apparent consumption reached 18.7117 million tons in the first seven months of 2024, up 4.97% YoY [7] - The company's 52-week stock price range is CNY 3.23-4.17, with a market capitalization of CNY 18.433 billion [3] - The company's price-to-book ratio is 0.5x, and its net debt ratio is 3.45% [4] Financial Forecasts - Revenue is expected to be CNY 104.093 billion in 2024, down 1.4% YoY, with net profit attributable to shareholders forecasted at CNY 193 million, up 117.8% YoY [7] - EPS is projected to be CNY 0.03 in 2024, CNY 0.04 in 2025, and CNY 0.05 in 2026 [7] - ROE is expected to improve to 0.6% in 2024, 0.7% in 2025, and 0.8% in 2026 [7] Valuation - The company is valued at 0.63x PB for 2024, based on comparable companies such as Hunan Valin Steel, Xinjiang Ba Yi Iron & Steel, and Yongjin Metal [10][11]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 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 医院业务稳健发展，床位扩张有序推进 海吉亚医疗(6078) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——2024 年中报点评 股票研究 /[Table_Date] 2024.09.03 | --- | --- | --- | |----------|-----------------------------------|-----------------------| | | [table_Authors] 丁丹 ( 分析师 ) | 赵峻峰 ( 分析师 ) | | | 0755-23976735 | 0755-23976629 | | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | 登记编号 | S0880514030001 | S0880519080017 | 本报告导读： 内生外延共同发力，上半年收入快速增长， ...