Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's main business profits continue to grow despite a decline in investment income, highlighting the stability of its dividend value [4]. - The company reported a revenue of 13.7 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders increased by 18.7% to 2.19 billion yuan [4]. - The second quarter of 2024 saw a revenue of 5.61 billion yuan, down 15.3% year-on-year, and a net profit of 1.03 billion yuan, down 7.3% year-on-year, which aligns with previous expectations [4]. - The company’s investment income decreased by 1.3 billion yuan year-on-year to 580 million yuan in Q2 2024, impacting overall performance [4]. - The company’s gross margin improved to 21.5%, up 1.8 percentage points year-on-year [4]. Summary by Sections Financial Performance - The company expects earnings per share (EPS) of 0.72, 0.78, and 0.79 yuan for 2024 to 2026, respectively, with a target price of 9.63 yuan [4]. - The estimated dividend per share for 2024 is approximately 0.43 yuan, resulting in a dividend yield of about 5.5% based on the stock price as of August 30, 2024 [4]. Business Operations - The company has a diversified asset portfolio that provides stable returns, which mitigates the impact of short-term fluctuations in electricity generation [4]. - The company has maintained a consistent dividend payout since its listing in 1993, with a total dividend amounting to 22.5 billion yuan [4]. Market Data - The current stock price is 7.85 yuan, with a 52-week price range of 5.77 to 9.24 yuan [5][6]. - The total market capitalization is 38.419 billion yuan, with a total share capital of 4.894 billion shares [6].

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 15.29 yuan [1][4] Core Views - Q2 performance declined sequentially, in line with expectations, with PVP sales showing stable growth over the past 8 years, solidifying its leading position [1] - Revenue for 24H1 was 735 million yuan, down 5.68% YoY, with net profit attributable to shareholders at 213 million yuan, down 18.79% YoY [4] - Q2 revenue was 340 million yuan, down 18.24% YoY and 13.83% QoQ, with net profit attributable to shareholders at 92 million yuan, down 35.64% YoY and 24.59% QoQ [4] - Gross margin and net margin for Q2 were 57.06% and 27.24%, respectively, with gross margin increasing by 3.57 pct QoQ and net margin decreasing by 3.39 pct QoQ [4] - The company continues to optimize its product structure, increasing the proportion of high-end products, and maintains a leading position in the global PVP industry [4] - New projects, including a 10,000-ton pharmaceutical-grade PVP and 2,000-ton PVP-I project, are progressing, with PVP-I revenue up 69.96% YoY in 24H1 [4] Financial Summary - Revenue for 2022A was 1,486 million yuan, increasing to 1,583 million yuan in 2023A, and is projected to reach 2,996 million yuan by 2026E [3] - Net profit attributable to shareholders was 291 million yuan in 2022A, increasing to 493 million yuan in 2023A, and is projected to reach 686 million yuan by 2026E [3] - EPS for 2022A was 0.60 yuan, increasing to 1.02 yuan in 2023A, and is projected to reach 1.42 yuan by 2026E [3] - ROE was 9.3% in 2022A, increasing to 13.9% in 2023A, and is projected to reach 13.5% by 2026E [3] - PE ratio was 18.33 in 2022A, decreasing to 10.83 in 2023A, and is projected to reach 7.79 by 2026E [3] Industry and Market Position - The company holds a leading position in the global PVP industry, ranking first in China and third globally [4] - PVP is widely used in pharmaceuticals, industrial applications, food, and daily chemicals, with the company's competitive advantage expected to strengthen [4] Growth and Expansion - The company is expanding its capacity and upgrading its product matrix, with new projects expected to drive future growth [4] - PVP-I revenue increased by 69.96% YoY in 24H1, and the company's R&D capabilities are highlighted by the growth of its Oricid series products [4] Valuation and Target Price - The target price is adjusted to 15.29 yuan based on a 2024 PE of 16X, reflecting the company's growth prospects and industry position [4] - The current price is 10.95 yuan, with a 52-week price range of 10.57-23.70 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.13 yuan, corresponding to a 1.75x price-to-book ratio for 2024 [5][6]. Core Insights - The company's Q2 performance has returned to normalcy, with improvements in talent investment and business transformation becoming evident. The acquisition of Minsheng Securities has entered a substantive phase, which is expected to bolster long-term development [5]. - The company reported a revenue of 1.09 billion yuan and a net profit attributable to shareholders of 90 million yuan for H1 2024, reflecting a year-on-year decline of 40% and 85% respectively. However, Q2 net profit was 310 million yuan, a significant recovery from Q1's loss of 220 million yuan [5]. - The decline in investment income, which fell by 61% year-on-year, was the primary reason for the overall performance drop, contributing to 81% of the decline. Q2 investment income showed significant improvement, recording 530 million yuan, down only 11% year-on-year, compared to a loss of 150 million yuan in Q1 [5]. - The integration of Minsheng Securities is expected to enhance the company's comprehensive strength, potentially positioning it among the top 20 in the industry, with anticipated synergies in regional and business complementarity [5]. Financial Summary - The company’s financial performance for 2024E includes projected revenues of 2.524 billion yuan and a net profit of 620 million yuan, with EPS estimates of 0.22 yuan [11][14]. - The company’s total market capitalization is approximately 27.355 billion yuan, with a total share capital of 2.832 billion shares [7]. - The company’s net asset value per share is 6.32 yuan, with a current price-to-book ratio of 1.5 [8]. Performance Trends - The company’s stock price has fluctuated between 9.38 and 12.66 yuan over the past 52 weeks, indicating a relative stability in the market [7]. - The report highlights a significant improvement in brokerage business performance compared to peers, with a 16% year-on-year increase in agency sales revenue [5]. Future Outlook - The report anticipates continued improvements in the company’s financial metrics, with expected revenue growth rates of 8.2% and 8.9% for 2025 and 2026 respectively [14]. - The company is expected to maintain its brokerage market share at 0.50% through 2026, indicating a stable competitive position [13].

Investment Rating - The investment rating for China Nuclear Power (601985) is "Buy" with a target price of 12.73, up from the previous forecast of 10.54 [3][8]. Core Views - The company's main business shows steady growth, with significant long-term growth potential. In 2Q24, the company reported a revenue of 194.5 billion yuan, a year-on-year increase of 5.7%, and a net profit of 28.2 billion yuan, a year-on-year decrease of 6.5% [8][9]. - The company is experiencing a decrease in capital expenditure pressure, with a planned fundraising of up to 14 billion yuan for nuclear power station construction, which is expected to alleviate capital expenditure burdens [8][9]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 374.4 billion yuan, a year-on-year increase of 3.1%, and a net profit of 58.8 billion yuan, a year-on-year decrease of 2.7% [8]. - The company's revenue for 2024 is projected to be 78.168 billion yuan, with a net profit of 11.623 billion yuan, reflecting a growth of 4.3% and 9.4% respectively compared to 2023 [8][11]. Operational Highlights - In 2Q24, the total power generation reached 542 billion kWh, a year-on-year increase of 6.0%. Nuclear power generation was 455 billion kWh, up 0.7%, while renewable energy generation surged by 46.8% to 87 billion kWh, driven by an increase in installed capacity [8][9]. - The company’s installed renewable energy capacity reached 22.4 GW, a year-on-year increase of 54.8% [8]. Capital Expenditure and Growth Potential - The company plans to increase its capital expenditure to 121.6 billion yuan in 2024, an increase of 81.1% from 2023, which is expected to support its growth strategy [8][9]. - The approval of three new nuclear power units with a total capacity of 3.1 GW is expected to enhance the company's future growth prospects [8][9].

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of **11.53 CNY**, unchanged from the previous rating [2] - The current price is **6.76 CNY**, indicating a significant upside potential [2] Core Views - The company's performance in H1 2024 was in line with expectations, with revenue of **142.78 billion CNY**, down **28.9% YoY**, and a net loss of **9.85 billion CNY**, down **199.8% YoY** [7] - Despite challenges, the company is supported by multiple state-owned enterprises in Shenzhen through various means such as bulk transactions, REITs subscriptions, and project collaborations [7] - The company is focusing on three main strategies: **ensuring housing delivery, ensuring payment obligations, and transitioning to high-quality development** [7] - The company is actively reducing inventory and optimizing its land reserves, with a total inventory value of **620.4 billion CNY**, down **11.6%** from the end of 2023 [7] Financial Performance - Revenue for 2024E is projected at **343.83 billion CNY**, down **26.2% YoY**, with net profit attributable to shareholders at **8.86 billion CNY**, down **27.2% YoY** [6] - The company's ROE is expected to decline to **3.4%** in 2024E, down from **9.3%** in 2022A [6] - The company's net debt ratio stands at **60.30%**, with a current P/B ratio of **0.3** [4] Operational Highlights - The company's new construction starts in H1 2024 were **4.12 million square meters**, achieving only **38.4%** of the annual plan, compared to **71.5%** in the same period last year [7] - Completed construction area in H1 2024 was **8.60 million square meters**, achieving **39.0%** of the annual plan, slightly below the **40.0%** achieved in the same period last year [7] - The company added only **3 new land parcels** in H1 2024, with an average land price of **3,944 CNY per square meter** [7] Industry Context - The company operates in the **real estate/finance** sector, facing challenges such as declining settlement scale and gross margins, as well as significant impairment losses [6][7] - The company is focusing on **inventory reduction** and **resource optimization**, including converting commercial properties to residential use and resource swaps [7] Valuation Metrics - The company's current P/E ratio is **3.55**, with a projected P/E of **9.10** for 2024E [6] - The company's P/B ratio is **0.33**, with a target P/B of **0.53** based on the target price [7]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company's performance met expectations with significant improvement in Q2, driven by key project deliveries [3][4]. - The company continues to strengthen its advantages in the 3C sector while actively developing new processes in collaboration with major clients [4]. - The company is focusing on automation and expanding into new industries and markets, including semiconductors and low-altitude economy [4]. Financial Summary - For H1 2024, the company achieved revenue of 1.834 billion yuan, a year-on-year increase of 12.47%, and a net profit attributable to shareholders of 96 million yuan, up 6.07% [4]. - In Q2 2024, the company reported revenue of 1.091 billion yuan, a remarkable increase of 46.00%, and a net profit of 117 million yuan, up 206.08% [4]. - The gross margin and net margin for H1 2024 were 36.26% and 5.36%, respectively, remaining stable year-on-year [4]. - As of June 30, 2024, the company's inventory stood at 3.397 billion yuan, reflecting a quarter-on-quarter increase of 39.51% [4]. Business Development - The company reported 3C revenue of 1.344 billion yuan in H1 2024, accounting for 73.4% of total revenue, with a year-on-year growth of 2.28% [4]. - The company is actively expanding its product categories and downstream applications in the 3C field, while also collaborating with major clients on FATP and MR equipment projects [4]. - In H1 2024, the company's revenue from the new energy sector reached 437 million yuan, a year-on-year increase of 65.39% [4].

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 海外拓店提速释放，旺季表现值得期待 名创优品(9896) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——名创优品 2024Q2 业绩点评 股票研究 /[Table_Date] 2024.08.31 | --- | --- | --- | --- | |----------|-------------------------------------|------------------|-------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | | 021-38677706 | 021-38038344 | | | | liuyuenan@gtjas.com | suying@gtjas.com | | | 登记编号 | S0880516030003 | S088052211000 ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690) with a target price of 158.8 HKD [18][30][40]. Core Insights - Meituan's Q2 revenue reached 82.25 billion RMB, representing a year-on-year growth of 21.0%. The adjusted net profit was 13.61 billion RMB, up 77.6% year-on-year. Core local commerce revenue was 60.68 billion RMB, with an operating profit of 15.23 billion RMB, significantly exceeding expectations [30][29][16]. - The report highlights the synergy between home delivery and in-store services, which is expected to enhance operational efficiency and drive growth in local life services [30][29]. - New initiatives are showing improved efficiency and reduced losses, with a Q2 operating profit margin of -6.1%, a year-on-year increase of 24.9 percentage points [30][29]. Summary by Sections Financial Performance - Q2 revenue increased by 21% to 82.25 billion RMB, with core local commerce and new initiatives revenues growing by 19% and 29% respectively [3][30]. - Instant delivery orders rose by 14% year-on-year to 6.2 billion orders, with operating profit margin improving to 13.7% [4][30]. - The adjusted net profit forecast for FY2024E-FY2026E is set at 41.3 billion, 51.5 billion, and 61.7 billion RMB respectively, reflecting a slight upward adjustment from previous estimates [16][30]. Business Segments - Core local commerce showed robust growth with delivery services, commissions, and online marketing services increasing by 13%, 20%, and 20% respectively [15][30]. - New business initiatives are expected to grow revenue by 25%, driven by improved pricing strategies and operational efficiencies [30][29]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, indicating a total value of 1,000.3 billion RMB for Meituan, with various segments contributing differently to the overall valuation [9][30]. - The target price of 158.8 HKD reflects a strong upside potential based on the current market conditions and company performance [18][30].

美核心数据即将出炉，关注预期变化 [Table_Industry] 贵金属 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 美国第二季度实际 GDP 增长 3%，7 月核心 PCE 同比为 2.6%，经济显示韧性、且 通胀放缓，联储降息时点临近，随着降息预期兑现，或随着对降息幅度节奏预期的 调整，以及日本加息对流动性抽取，金价或呈震荡格局。 投资要点： 股票研究 /[Table_Date] 2024.08.31 [Table_Report] 相关报告 | --- | --- | --- | |--------------|------------------------|------------------------| | | 0830 收盘价 \n（元 / | 周涨跌 \n克，元 / 千克 | | 金属品类 | 美元 / | 盎司） | | SHFE 黄金 | 574.06 | 0.53% | | COMEX 黄金 | 2,536.00 | -0.40% | | 伦敦金现 | 2502.98 | -0.36% | | SHFE 白银 | 7,503.00 | 0.60% | | ...

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 公 司 更 新 报 告 证 券 研 究 报 告 -14% -7% 1% 8% 15% 23% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 宝钢股份 上证指数 [Table_Report] 相关报告 龙头保持竞争优势，盈利能力行业领先 宝钢股份(600019) 金属，采矿，制品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 7.19 上次预测: 7.19 [当前价格： Table_CurPrice] 5.96 [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 wa ...