| --- | --- | --- | |-----------------------|-------------|------------------------| | | 股票研究 /[ | Table_Date] 2024.08.27 | | | | [Table_Industry] 环保 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | --- | --- | --- | --- | |----------|-------------------|--------------------|-----------------------| | | 徐强(分析师) | 邵潇(分析师) | 于歆(分析师) | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | 登记编号 | S0880517040002 | S0880517070004 | S088052305000 ...

股票研究 /[Table_Date] 2024.08.28 ——2024 年中期业绩点评 龙头风范，挖掘改善性需求的结构性机会 中国海外发展(0688) [Table_Industry] 房地产 [Table_Invest] 评级： 增持 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 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 | [当前价格 Table_CurPrice] (港元)： 12.20 [Table_Market] 交易数据 | -- ...

Investment Rating - The report maintains a rating of "Buy" for the company [4] - The target price has been adjusted to 175.80 CNY from the previous 205.84 CNY [4] Core Insights - The company has experienced significant order growth and steady revenue increase, driven by downstream expansion and successful product integration [2][3] - The company is positioned for long-term growth due to the expansion of mature and advanced processes in the semiconductor industry [2] - The report highlights a substantial increase in orders and revenue for the first half of 2024, with a year-on-year revenue growth of 26.22% and a shipment value increase of 146.50% [9] Financial Summary - For the first half of 2024, the company reported a revenue of 1.267 billion CNY and a net profit attributable to shareholders of 129 million CNY, reflecting a year-on-year increase of 3.64% [9] - The company’s R&D expenses reached 314 million CNY, accounting for 24.8% of revenue, indicating a strong commitment to innovation [9] - The projected earnings per share (EPS) for 2024-2026 are revised to 2.93 CNY, 4.43 CNY, and 6.26 CNY respectively [9] Market Position - The company is recognized as a leader in thin film deposition equipment, with a diverse product range including PECVD, SACVD, HDPCVD, and ALD technologies [9] - The company has successfully developed hybrid bonding equipment, positioning itself at the forefront of wafer-level 3D integration applications [9] - The report notes that the company is expected to benefit from the growing demand for AI-driven high-performance computing [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.80 yuan, corresponding to a PE ratio of 38.74x and a PB ratio of 2.21x [4][5]. Core Views - The company's revenue and net profit attributable to shareholders for H1 2024 were 12.11 billion yuan and 308 million yuan, respectively, showing a year-on-year increase of 1.21% and a decrease of 25.35% [4]. - The weighted average ROE decreased by 0.94 percentage points to 2.45%, and the performance met expectations [4]. - The report maintains earnings forecasts for 2024-2026 with EPS of 0.51, 0.56, and 0.62 yuan [4]. - The increase in asset impairment losses related to commodity holdings in the risk management business led to a decline in business revenue [4]. - Other asset impairment losses increased by 70.76% year-on-year to 198 million yuan, accounting for -73.61% of the adjusted revenue increment, putting pressure on performance [4]. - Investment business net income increased by 70.24% year-on-year to 428 million yuan, contributing 151.54% to the adjusted revenue increment, alleviating the performance decline [4]. - The company aims to seize growth opportunities by enhancing the professionalism of its risk management business and improving profitability [4]. - The report highlights the rapid growth of innovative business models such as "insurance + futures" as a catalyst for revenue generation [4]. Financial Summary - For H1 2024, the company reported a revenue of 12.11 billion yuan and a net profit of 308 million yuan, with a year-on-year revenue growth of 1.21% and a profit decline of 25.35% [4]. - The company’s total market capitalization is 16.142 billion yuan, with a total share capital of 1.456 billion shares [7]. - The net asset per share is 8.65 yuan, with a current PB ratio of 1.3 [8]. - The financial forecast indicates a revenue of 22.697 billion yuan for 2024, with a projected growth rate of -4.7% [12][13].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing high growth in performance for the first half of 2024, driven by multiple projects and production bases. A capacity release period is expected from 2024 to 2026, with improvements in intelligent production and brand building contributing to the company's value enhancement [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 3.068 billion yuan, a year-on-year increase of 36.91%. The net profit attributable to shareholders was 286 million yuan, up 393.32% year-on-year, while the net profit excluding non-recurring items reached 275 million yuan, a 514.84% increase year-on-year [4]. - In Q2 2024, revenue was 1.624 billion yuan, reflecting a 36.32% year-on-year increase and a 12.56% quarter-on-quarter increase. The net profit attributable to shareholders was 133 million yuan, up 184.94% year-on-year but down 12.48% quarter-on-quarter [4]. Market Conditions - The domestic tire production and sales remain at high levels, with strong demand for semi-steel tires. The company's factories in Thailand and Cambodia are ramping up production, with the Cambodia Phase I project reaching full capacity in May [4]. - The average price of natural rubber as of August 23 was 14,933 yuan per ton, with a monthly increase of 3.28% and a half-year increase of 13.27%. Carbon black prices were 7,600 yuan per ton, with a half-year decrease of 8.43% [4]. Strategic Initiatives - The company is implementing a "5X" strategy with multiple bases in Wuxi, Thailand, and Cambodia, progressing well on various projects. The period from 2024 to 2026 is anticipated to be a capacity release phase, indicating strong growth potential [4]. - The company is focusing on internationalization, intelligent manufacturing, and green upgrades, with smart factories significantly improving production efficiency and energy savings [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company's payment business has experienced a decline in both volume and pricing, which is the primary reason for the decrease in performance. The acceleration of overseas business expansion is expected to become a new growth point [2][5]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.578 billion RMB, a year-on-year decrease of 23.49%. The net profit was 33 million RMB, an increase of 7.35% year-on-year. The payment business revenue was 1.347 billion RMB, down 27% year-on-year, with a gross payment volume (GPV) decline of 17.8% to 11.7 trillion RMB [5]. - The payment fee rate decreased to 0.123% in the first half of 2024, compared to 0.141% in the first half of 2023 and 0.125% in the second half of 2023 [5]. - The merchant solutions business saw a revenue increase of 21.2% to 202 million RMB, with the number of active merchants growing by 5.8% year-on-year. The gross margin improved from 87.6% in the same period of 2023 to 90.9% [5]. - The in-store e-commerce business generated 29 million RMB, down 52% year-on-year, as the company phased out less profitable merchants, leading to a significant improvement in gross margin, which increased by 4.6% to 81.5% [5]. Growth Catalysts - The company is rapidly expanding its overseas payment business, with GPV in Singapore growing by over 50% year-on-year. The company aims to leverage its extensive merchant cooperation experience and technology to continue expanding in the overseas payment market [5]. - The in-store e-commerce business is expected to turn profitable in the second half of the year as the company optimizes its input-output ratio [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's 2024 mid-year report fell short of expectations, with construction and industrial adhesives maintaining leading sales growth in the industry, but increased price competition and short-term cost increases impacted profitability [3] - The revenue for the first half of the year was 1.158 billion yuan, a year-on-year decrease of 2.95%, and the net profit attributable to shareholders was 102 million yuan, a year-on-year decrease of 23.12% [4] - The target price has been adjusted down to 13.09 yuan from the previous forecast of 18.09 yuan, based on a revised EPS forecast for 2024-2026 [4] Summary by Sections Revenue and Profitability - The company achieved a revenue of 684 million yuan in Q2, a year-on-year increase of 3.17%, but the net profit was 62 million yuan, down 20.33% year-on-year, which was below expectations [4] - The revenue from construction adhesives in the first half was 699 million yuan, a year-on-year decrease of 9.77%, with sales volume remaining flat [4] Product Performance - Industrial adhesives saw a revenue of 341 million yuan in the first half, a year-on-year increase of 16.50%, with sales volume up 29% [4] - The main products in industrial adhesives, including photovoltaic, electronic, and automotive adhesives, had revenue growth rates of 0.98%, 35%, and 45% respectively [4] Cost and Margin Analysis - The gross margins for construction and industrial adhesives were 22.02% and 28.77%, reflecting a year-on-year decrease of 3.06 percentage points and an increase of 1.17 percentage points respectively [4] - Increased sales and management expense ratios were noted, with sales expenses rising due to market expansion activities and management expenses increasing due to stock incentive costs [4] Market Data - The company's current stock price is 10.64 yuan, with a market capitalization of 4.118 billion yuan [5] - The stock has traded within a range of 10.16 to 17.29 yuan over the past 52 weeks [5]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 13.76 CNY, reflecting an increase from the previous target of 12.74 CNY [4][5]. Core Insights - The company has experienced significant revenue and profit growth in the first half of 2024, driven by strong downstream demand and product orders, particularly in nylon products. The company is expected to continue its rapid growth in the second half of the year [3][4]. - The revenue for H1 2024 reached 34.2 billion CNY, representing a year-on-year increase of 55.6%, while the net profit attributable to shareholders was 4.2 billion CNY, up 131.5% year-on-year [4]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.86, 1.02, and 1.18 CNY, respectively, reflecting the strong performance and favorable market conditions [4]. Financial Summary - The company's revenue for 2024 is projected to be 6.543 billion CNY, with a year-on-year growth of 28.4%. The net profit attributable to shareholders is expected to reach 766 million CNY, a growth of 70.6% [5]. - The gross profit margin for H1 2024 improved by 2.2 percentage points year-on-year, with significant contributions from various product segments, including nylon filament, grey fabric, and finished fabric [4]. - The company’s net profit margin increased by 4 percentage points to 12.4% in H1 2024, indicating improved profitability across its business segments [4]. Business Outlook - The company is well-positioned to benefit from the growing demand for outdoor and sun-protective products, with expectations for steady growth in its core business in the second half of 2024 [4]. - A new equity incentive plan was announced in July 2024, aimed at motivating key personnel and enhancing confidence in the company's growth trajectory [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has a diversified multi-business and multi-market platform layout, with the domestic market expected to recover sequentially and the overseas market continuing to grow steadily and rapidly [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.96, 1.20, and 1.51 yuan respectively, down from the previous estimates of 0.99, 1.29, and 1.68 yuan, and sets a target price of 19.20 yuan, down from 22.44 yuan [9]. Financial Performance - For H1 2024, the company achieved operating revenue of 590 million yuan, an increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% [9]. - The gross margin for H1 2024 was 69.82%, an increase of 4.60 percentage points, while the net profit margin was 29.01%, up 4.98 percentage points [9]. - The company reported a net operating cash flow of 86 million yuan, an increase of 33.81% [9]. Market Segments - Domestic market revenue for H1 2024 was 429 million yuan, up 1.58%, with the in vitro diagnostic (IVD) business revenue at 319 million yuan, a growth of 19.36% [9]. - The international market revenue reached 161 million yuan, an increase of 18.26%, with IVD business revenue at 149 million yuan, up 26.91% [9]. Valuation Metrics - The company has a total market capitalization of 5,548 million yuan and a current price of 12.95 yuan, with a target price of 19.20 yuan [5][4]. - The price-to-earnings (PE) ratio for 2024 is set at 20 times, based on comparable company valuations [9].

-13% -3% 6% 15% 24% 34% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 山东药玻 上证指数 [Table_Report] 相关报告 | --- | --- | --- | |-----------------------------|-----------|---------| | | | /原材料 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 29.70 | | | 上次预测: | 33.29 | | [当前价格： Table_CurPrice] | | 24.12 | —山东药玻 2024 年中报点评 | --- | --- | |---------------------|------------------------| | 花健祎(分析师) | 杨冬庭(分析师) | | 0755-23976858 | 0755-23976166 | | huajianyi@gtjas.com | yangdon ...