Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 24.44 CNY, down from the previous 37.73 CNY [4]. Core Insights - The company has shown steady revenue growth in H1 2024, with total revenue reaching 1.94 billion CNY, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 480 million CNY, up 15.3% year-on-year [3]. - The company is expected to continue its high-quality growth trajectory, supported by a robust expansion strategy in the second half of the year [3]. - The report highlights the company's focus on high-end sports fashion and its steady channel expansion, which positions it to maintain industry leadership [3]. Financial Performance Summary - H1 2024 revenue breakdown: Direct sales revenue was 1.28 billion CNY (+2.4% YoY), franchise revenue was 520 million CNY (+56.5% YoY), and online revenue was 120 million CNY (+34.6% YoY) [3]. - Q2 2024 revenue was 670 million CNY, a 10.5% increase year-on-year, with a net profit of 120 million CNY, reflecting a 1.7% increase year-on-year [3]. - The gross margin improved by 1.6 percentage points year-on-year, indicating effective cost control measures [3]. Future Outlook - The company plans to expand its main brand and golf independent stores, focusing on internationalization and high-end branding, which is expected to create a second growth curve [3]. - The company has a strong cash position, which will support its expansion plans [3]. - Inventory as of H1 2024 was 760 million CNY, an 11% increase year-on-year, with inventory turnover days reduced by 27 days to 309 days [3].

股 票 研 究 [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com [当前价格： Table_CurPrice] 5.17 登记编号 S0880515050001 S0880123070151 S0880524070001 公 司 更 新 报 告 52 周内股价区间（元） 4.86-6.55 总市值（百万元） 44,648 总股本/流通A股（百万股） 8,636/8,636 流通 B 股/H 股（百万股） 0/0 股东权益（百万元） 56,818 每股净资产（元） 6.58 市净率（现价） 0.8 净负债率 -121.45% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 0% -2% -19% 相对指数 1% 6% -10% 证 券 研 究 报 告 市场环境影响业绩，供给侧改革利好公司 兴业证券(601377) [Table_Indu ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of HKD 19.85, corresponding to a 0.95x PB for 2024 [3][5]. Core Insights - The company's profit declined by 37% in the first half of 2024, but there are signs of improvement on a quarter-on-quarter basis. The company is expected to strengthen its professional capabilities and establish itself as a leading international investment bank [5]. - The report highlights that the company's international business and specialized capabilities are prominent, which may help it consolidate its advantages in various business segments [5]. - The report anticipates that the supply-side reform in the industry may accelerate, which could benefit the company [5]. Financial Summary - For the first half of 2024, the company's revenue and net profit attributable to shareholders were HKD 89.1 billion and HKD 22.3 billion, respectively, representing year-on-year declines of 28.3% and 37.3% [5]. - The weighted average ROE decreased by 1.67 percentage points to 1.21%, aligning with expectations [5]. - The report projects EPS for 2024-2026 to be RMB 1.10, 1.27, and 1.40, respectively, down from previous estimates of RMB 1.33, 1.50, and 1.63 [5][7]. - The company's revenue from wealth management, brokerage, investment banking, asset management, net interest, and other business segments saw declines of 21%, 20%, 36%, 4%, 11%, and 39%, respectively [5]. Market Data - The current stock price is HKD 8.37, with a market capitalization of HKD 40.404 billion and a total share count of 4,827 million [6]. - The stock has traded within a range of HKD 7.87 to HKD 16.16 over the past 52 weeks [6]. Future Outlook - The report suggests that the company's wealth management capabilities are improving, with a stable product retention scale of over HKD 340 billion, although the market environment has impacted certain revenue streams [5]. - The investment banking segment has faced challenges, with a revenue drop of 36% year-on-year in the first half of 2024 [5]. - The report emphasizes the potential for the company to achieve better-than-expected growth through innovation in fixed-income products and enhanced merger and acquisition services [5].

Investment Rating - The investment rating for the company is "Accumulate" [2][3] Core Views - The company's solid waste business is operating steadily, while the recycling resources segment is under pressure, negatively impacting overall performance [3] - The forecasted net profits for 2024-2026 are projected to be 739 million, 809 million, and 869 million yuan respectively, with corresponding EPS of 1.72, 1.88, and 2.02 yuan [3] - The target price is maintained at 18.53 yuan, with the current price at 13.45 yuan [2][3] Financial Performance - In H1 2024, the company achieved revenue of 1.59 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 363 million yuan, also up 3% year-on-year [3] - The operating cash flow for H1 2024 was 594 million yuan, reflecting a 27% year-on-year growth [3] - The company plans to distribute a mid-term dividend with a payout ratio of 23.69% [3] Business Segments - The solid waste business is performing well, with a daily operational capacity of 21,920 tons for waste incineration projects and a total waste input of 4.45 million tons in H1 2024 [3] - Revenue from solid waste operations increased by 15% year-on-year to 1.21 billion yuan, while kitchen waste operations also saw a 15% increase to 198 million yuan [3] - The recycling resources segment is facing challenges, with lithium battery recycling revenue at 24.94 million yuan and a net loss of 28.8 million yuan in H1 2024 [3] Market Data - The stock price range over the past 52 weeks was between 12.35 and 16.07 yuan, with a total market capitalization of 5.777 billion yuan [4] - The company has a total share capital of 429 million shares, with 427 million shares being tradable [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][10] Core Views - The company's Q2 2024 performance met expectations, with the Morocco project accelerating towards production in Q4 2024, which is expected to contribute to incremental growth [4][10] - The company has received the lowest anti-dumping tax rate for its Thailand factory, enhancing its competitive edge [10] - The report raises the company's 2024 EPS forecast to 2.11 yuan from 1.98 yuan, while maintaining EPS estimates for 2025 and 2026 at 2.44 yuan and 2.81 yuan respectively [10] Financial Performance Summary - For H1 2024, the company achieved revenue of 4.109 billion yuan, a year-on-year increase of 16.21%, and a net profit attributable to shareholders of 1.077 billion yuan, up 77.71% year-on-year [10] - Q2 2024 revenue was 1.994 billion yuan, reflecting a year-on-year increase of 6.16% but a quarter-on-quarter decrease of 5.70% [10] - The company’s tire production for H1 2024 totaled 1,608.66 million units, with semi-steel tires and all-steel tires showing year-on-year increases of 17.90% and 62.78% respectively [10] Market and Industry Insights - The report indicates that the demand for high-quality, high-performance semi-steel tires in the European and American markets remains strong, with the company continuing to explore high-growth potential in the domestic market [10] - The report notes limited impact from cost fluctuations due to geopolitical factors affecting shipping prices, as the company has a higher market share in North America [10] - The average price of natural rubber as of August 23 was 14,933 yuan per ton, with a half-year increase of 13.27% [10]

Investment Rating - The report rates the basic chemical industry as "Overweight" [2] Core Viewpoints - The upcoming interest rate cut cycle is expected to benefit resilient performance in leading chemical companies, particularly those with significant cost advantages and counter-cyclical expansion capabilities [4] - Despite pressures in the new materials sector in 2024, there is optimism for sub-industries with high barriers to entry and growth potential [4] - The chemical sector is currently viewed as undervalued, with leading companies entering a bottom configuration phase, indicating potential for rebound rather than reversal [5][42] Market Performance and Price Tracking - The Shanghai Composite Index saw a change of +0.43%, while the ChiNext Index increased by +2.17% during the week of August 26-30, with the basic chemical index rising by +4.23%, ranking first among 30 sectors [5][37] - Key price increases included acrylonitrile (+6.21%) and phosphoric acid (+4.48%) [5] Investment Recommendations - Recommended companies include Wanhua Chemical, Hualu Hengsheng, and others, focusing on those with resilient earnings and clear cost advantages [5][42][43] - The report emphasizes the importance of focusing on sub-industries such as MDI, coal chemicals, spandex, and titanium dioxide, which are expected to perform well [42] Company Performance Highlights - Wanhua Chemical reported a revenue of 97.07 billion yuan for the first half of 2024, with a year-on-year increase of 10.77% [45] - Hualu Hengsheng's revenue from its Jingzhou base reached 3.765 billion yuan, with a net profit margin of 14.4% [50] - Juhua Co. achieved a revenue of 12.08 billion yuan in the first half of 2024, reflecting a year-on-year growth of 19.65% [51] Price and Margin Trends - MDI prices showed slight declines, with the price at 16,478 yuan/ton as of August 30, 2024 [46] - The report notes that while some product prices are under pressure, overall sales volumes are steadily increasing [49] Industry Outlook - The report anticipates a cautious yet optimistic outlook for the macroeconomic environment, with potential confidence boosts following the conclusion of the Third Plenary Session [5][42] - The chemical industry is expected to continue facing supply release periods in 2024, with marginal demand improvements not offsetting new supply impacts [5][42]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance meets expectations, with mechanical seals maintaining a leading position and continuous growth across multiple sectors. Increased R&D investment and acquisitions are driving upstream integration [2][3]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved revenue of 724 million yuan, an increase of 18.08%, and a net profit attributable to shareholders of 173 million yuan, up 7.64%. The adjusted net profit was 160 million yuan, reflecting a growth of 12.50% [3]. - In Q2 2024, revenue reached 387 million yuan, growing by 18.94%, with a net profit of 91 million yuan, up 12.41% [3]. - The gross margin for H1 2024 was 47.14%, down 4.05 percentage points year-on-year, while the net margin was 23.98%, down 2.33 percentage points year-on-year [3]. Business Segments - **Mechanical Seals**: Despite a slowdown in new petrochemical projects and increased competition, the company achieved significant growth in incremental business. However, existing business faced slight declines due to reduced user operating rates and budget cuts [3]. - **Rubber and Plastic Seals**: Revenue from the Yutai Ke segment was 74 million yuan, up 7.81%, with profits increasing by 33.79% [3]. - **Special Pumps and Valves**: Revenue from rotating jet pumps remained stable, while the subsidiary achieved 56 million yuan in revenue, a 36.65% increase, with profits rising by 117.13% [3]. R&D and Acquisitions - The company invested 33.5 million yuan in R&D in H1 2024, accounting for 4.63% of revenue. This investment has led to improvements in technology and market share [3]. - The acquisition of KS GmbH has received government approval and is progressing steadily, enhancing supply chain stability through upstream integration [3]. Valuation and Price Target - The target price has been adjusted to 41.58 yuan from the previous 55.42 yuan, based on a 22x PE ratio for 2024 [3][4].

Investment Rating - The investment rating for the company is "Buy" [3] - The target price is set at 81.31 CNY, down from the previous forecast of 84.20 CNY [3] Core Insights - The company's Q2 performance was below expectations due to delivery and product structure issues, with H1 revenue at 464 million CNY, a year-on-year increase of 26.91% [9] - The company is increasing its R&D investment significantly, with R&D expenses rising by 114.22% to 207 million CNY in H1 2024, as it aims to expand its product line and capture market opportunities [9] - The company is making steady progress in its product layout, with key products in mass production and ongoing development in advanced packaging fields [9] Financial Summary - Revenue for 2024 is projected to be 1.301 billion CNY, a 46.0% increase from 2023, with net profit expected to be 150 million CNY, reflecting a 7.1% increase [9] - The company's net profit margin for H1 2024 was -14.66%, a decrease of 27.23 percentage points year-on-year, primarily due to increased operational costs [9] - The company’s total market capitalization is 17.376 billion CNY, with a current share price of 54.30 CNY [4] Product Development - The company is advancing in the development of key products, including defect detection for non-patterned wafers and thickness measurement for metals and dielectrics [9] - The company is also working on electron beam critical dimension measurement equipment to complete its product line in the electron beam sector, which represents 8.1% of the value of measurement equipment [9] Market Position - The company has a market share that is steadily increasing in its mass-produced models, with ongoing advancements in more sophisticated processes [9] - The company’s stock has shown a 10% increase over the past month and a 2% increase over the past three months, outperforming the index [7]

股 票 研 究 [table_Authors] 訾猛(分析师) 李美仪(分析师) 021-38676442 021-38038667 zimeng@gtjas.com limeiyi026738@gtjas.com [当前价格： Table_CurPrice] 119.28 登记编号 S0880513120002 S0880524080002 公 司 更 新 报 告 52 周内股价区间（元） 112.94-241.18 总市值（百万元） 175,576 总股本/流通A股（百万股） 1,472/1,467 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 46,231 每股净资产（元） 31.41 市净率（现价） 3.8 净负债率 -42.89% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -0% -28% -47% 相对指数 1% -17% -26% 证 券 研 究 报 告 短期基数影响，奋进全年目标 泸州老窖(000568) 食品饮料 [Table_Industry] /必需消费 [Table_Invest] 评级： ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.50 CNY per share, corresponding to 1.14x PB for 2024 [2][7] Core Views - Q2 2024 profit showed significant improvement, exceeding expectations, driven by strong investment income from the bond market [6][7] - The company's competitive advantage as a leading securities firm and its stake in top-tier public funds are expected to strengthen under the guidance of building a first-class investment bank and investment institution [6][7] - The company's asset management and institutional services are continuously enhancing their professional capabilities, with its public fund brands having a clear advantage and leading investment research capabilities [7] Financial Performance - Q2 2024 single-quarter profit reached 2.82 billion CNY, a year-on-year increase of 18.6% and a quarter-on-quarter increase of 83.6% [7] - Investment income in Q2 2024 was 2.67 billion CNY, a year-on-year increase of 119% and a quarter-on-quarter increase of 142% [7] - The company's financial investment assets expanded by 3% compared to the beginning of the year, with trading bond assets increasing by 20% to 82.5 billion CNY [7] - The company's public fund subsidiaries, GF Fund and E Fund, contributed 8.2 billion CNY and 15.2 billion CNY in profits respectively in H1 2024, with a combined profit contribution ratio of 18%, down 4.5 percentage points year-on-year [7] Financial Forecasts - Revenue for 2024E is projected to be 23.836 billion CNY, with a year-on-year growth of 2.3% [6][10] - Net profit attributable to the parent company for 2024E is expected to be 7.084 billion CNY, with a year-on-year growth of 1.5% [6][10] - EPS for 2024E is forecasted to be 0.93 CNY, with a slight upward revision from the previous forecast of 0.87 CNY [7][10] - ROE for 2024E is expected to be 4.9%, slightly lower than the 5.0% in 2023A [6][10] Industry and Company Positioning - The company is positioned as a leading securities firm with a strong competitive edge in asset management and institutional services [7] - The industry is expected to see accelerated supply-side reforms, with the government focusing on building a "national team" in the financial sector and promoting the strengthening and optimization of leading securities firms [7] - The company's asset management business and institutional services are continuously improving their professional capabilities, which will help meet the wealth management needs of residents and the service demands of medium- and long-term institutional funds [7]