Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company focused on channel organization, marketing structure adjustment, and new product sampling in Q2 2024, laying the groundwork for future market expansion and recruitment [1]. - Due to weak industry demand, the EPS forecasts for 2024-2026 have been revised downwards to 0.82 (-0.13), 1.00 (-0.22), and 1.18 (-0.27) yuan respectively, with a target price adjusted to 20.5 yuan based on a 25X PE for 2024 [3][4]. - The company's H1 2024 performance met expectations, with revenue of 1.33 billion yuan, a year-on-year increase of 8.94%, and a net profit of 198 million yuan, up 12.13% year-on-year [3][4]. Financial Summary - In Q2 2024, the company achieved revenue of 498 million yuan, a year-on-year increase of 3.64%, and a net profit of 39 million yuan, up 38.92% year-on-year [3]. - The gross margin in Q2 2024 improved by 6.1 percentage points to 48.2%, while the net profit margin increased by 2.0 percentage points to 7.8% [3]. - The company’s contract liabilities at the end of H1 2024 were 62 million yuan, reflecting a year-on-year increase of 10.7% [3]. Product and Regional Performance - In Q2 2024, sales revenue by product tier showed high-end products at 300 million yuan (up 1.0% YoY), mid-range products at 148 million yuan (up 24.33% YoY), and low-end products at 44 million yuan (up 8.46% YoY) [3]. - Regional sales in Q2 2024 indicated a decline in Xinjiang (327 million yuan, down 1.14% YoY) but a significant increase in outside Xinjiang (165 million yuan, up 31.11% YoY) [3]. Marketing and Reform Initiatives - The company is gradually advancing its marketing reforms, optimizing its organizational structure and adjusting sales personnel incentive schemes [3]. - In H1 2024, the company integrated brand operation functions and achieved sales revenue of 44.85 million yuan from its Sichuan subsidiary [3].

[细分行业评级 Table_subIndustry] [Table_Report] 相关报告 投资要点： | --- | --- | --- | |-----------------------|-------------|------------------------| | | 股票研究 /[ | Table_Date] 2024.08.27 | | | | [Table_Industry] 海运 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | ——红海油轮遇袭点评 | --- | --- | --- | |----------|------------------|--------------------| | | 岳鑫(分析师) | 尹嘉骐(分析师) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 海运《炼厂开工初步回升，红海遭袭或增加绕 行》2024.0 ...

[Table_subIndustry] 细分行业评级 [Table_Report] 相关报告 本报告导读： 投资要点： 负债端景气增长，资产端有所承压 [Table_Industry] 保险 [Table_Invest] 评级： 增持 上次评级: 增持 ——保险行业 2024 年 7 月保费数据点评 保险《聚焦储蓄助推业绩提前达成，看好产品多 元化》2024.08.26 保险《续期推动寿险延续景气，财险增速略有改 善》2024.08.18 保险《负债成本拐点将至，利好缓解利差损风 险》2024.08.08 保险《新业务负债成本下降缓解利差损，建立常 态化机制利好资负匹配》2024.08.03 保险《寿险保费延续景气，财险非车增长提速》 2024.07.28 7 月续期业务推动寿险保费较快增长，健康险改善而意外险承压；车险及非车险均 实现回暖；上半年资产配置增加债券及股票，利率下行及市场波动导致收益率下行。 [Table_Summary] 7 月寿险保费得益于续期增长延续高增，健康险改善而意外险承压： 1-7 月保险行业保费收入为 39,423 亿元，同比 10.8%。人身险行业 1-7 月原保费累计收入 29 ...

——天坛生物 2024 半年报点评 | --- | |-----------------------| | 谈嘉程(分析师) | | 021-38038429 | | tanjiacheng@gtjas.com | | S0880523070004 | 本报告导读： 公司 2024Q2 业绩强劲复苏，静丙涨价驱动 2024H1 业绩增长，资产负债表健康提示 业绩可持续性，维持增持评级。 投资要点： [Table_Summary] 维持增持评级。维持 2024-2026 年预测 EPS 为 0.71/0.89/1.07 元，参 考可比公司估值给予 2025 年 PE 31X，维持目标价为 27.59 元，维 持增持评级。 批签发扰动影响消除，Q2 强劲复苏。公司 2024H1 实现营收 28.41 亿元（同比+5.6%，下同），归母净利润 7.26 亿元（+28.1%），扣非 净利润 7.23 亿元（+29.4%）；2024Q2 单季度实现营收 16.19 亿元 （+15.8%），归母净利润 4.09 亿元（+34.3%），扣非净利润 4.10 亿 元（+33.9%）。2023 年底同步批签发政策取消导致 20 ...

-32% -24% -17% -9% -1% 7% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 恒立液压 上证指数 [Table_Report] 相关报告 | --- | --- | |-----------------------------|-------| | | /工业 | | [Table_Invest] 评级： | 增持 | | | 增持 | | [Table_Target] 目标价格： | 67.47 | | | 67.47 | | [当前价格： Table_CurPrice] | 48.12 | | --- | --- | --- | |----------|---------------------------|---------------------------| | | 徐乔威(分析师) | 欧阳蕤(分析师) | | | 021-38676779 | 021-38676550 | | | xuqiaowei023970@gtjas.com | ouyangrui029285@gtjas.com | | 登 ...

股票研究 /[Table_Date] 2024.08.28 市内店新政落地，提振本土消费 [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 市内免税新政落地，有望做大国内免税蛋糕，增厚免税商利润。 投资要点： [Table_Summary] 投资建议：市内免税新政落地，有望承接海外消费回流。预计中期 市内免税市场规模将超过 150 亿元。牌照之上，规模与供应链是核 心竞争力。推荐规模与供应链壁垒深厚的中国中免，推荐拥有一线 城市核心商圈物业资源的王府井，受益格力地产。 市内免税新政落地，提振本土消费。2024 年 8 月 27 日，财政部等 五部门联合印发通知完善市内免税店政策，明确自 2024 年 10 月 1 日起实施。政策核心变化：①销售对象：店型由此前针对外国人的 出境店和针对中国人的外汇商品免税店统一改为针对包括但不限于 中国籍出境旅客的市内免税店；②额度：携带出境不设购物限额， 再次携带进境的，按照进境物品管理，即 8000 元的入境免税额度； ③品类：除了香化精品等，鼓励市内免税店销售国货"潮品"，市内 免税店销售的国内商品 ...

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 18.65 RMB [2][5] Core Views - The performance of the company in the first half of 2024 met expectations, with revenue and net profit growth slowing due to a high base in Q2 2023 [2] - The company is located in a key region with strong credit demand and leading scale growth among peers [3] - The company is actively developing real business, retail consumer loans, and wealth management while consolidating its traditional advantages in government finance [3] - Adjusted net profit growth forecasts for 2024-2026 are 13.0%, 14.1%, and 14.6%, respectively, with BVPS estimates of 19.63, 22.49, and 25.77 RMB per share [3] Financial Performance - Q2 2024 revenue increased by 2.5% YoY, with net interest income up 3.8% YoY, supported by a 25% growth in scale [3] - Net interest margin (NIM) declined by 34 bps YoY and narrowed by 14 bps QoQ due to weaker credit demand and lower mortgage rates [3] - Net fee income and net other non-interest income grew by 43.1% and 23.4%, respectively, driven by rapid growth in wealth management business [3] - Wealth management scale reached 82.4 billion RMB, a 23.6% YoY increase, contributing to a 58.5% YoY growth in wealth management income in H1 2024 [3] - Credit impairment decreased by 33% YoY, leading to an 8.8% increase in net profit [3] Asset Quality - Non-performing loan (NPL) ratio remained stable at 0.66%, but forward-looking indicators showed an increase in the attention rate by 4 bps to 0.45% [3] - NPL formation rate rose by 13 bps to 0.29% in H1 2024, with higher NPL ratios in regions outside Chengdu and industries like construction and wholesale retail [3] - Provision coverage ratio stood at 496%, indicating a solid safety cushion [3] Loan and Deposit Growth - Loan growth slowed in Q2 2024 but still achieved a 14.6% YoY increase, with corporate loans contributing 93.4% of the total loan growth [3] - Deposit growth also slowed, with a 22.8% YoY increase, and the trend of deposit termization continued, partially offsetting the impact of interest rate cuts [3] Valuation and Market Data - Current price is 14.96 RMB, with a 52-week price range of 10.89-16.16 RMB [6] - Total market capitalization is 57,057 million RMB, with total shares outstanding of 3,814 million [6] - Core Tier 1 capital adequacy ratio is 8.17% [7] Financial Projections - Revenue is projected to grow from 23,321 million RMB in 2024 to 28,475 million RMB in 2026, with net profit increasing from 13,192 million RMB to 17,249 million RMB [11] - EPS is expected to rise from 3.38 RMB in 2024 to 4.45 RMB in 2026, with BVPS increasing from 19.63 RMB to 25.77 RMB [11]

| --- | --- | --- | --- | |----------|-----------------|--------------------|-----------------------------| | | 舒迪(分析师) | 文紫妍(分析师) | 段笑南(研究助理) | | | 021-38676666 | 021-38038321 | 021-38031382 | | | shudi@gtjas.com | wenziyan@gtjas.com | duanxiaonan029904@gtjas.com | | 登记编号 | S0880521070002 | S0880523070001 | S0880124070028 | | --- | --- | |----------------|----------| | [Table_Invest] | 首次覆盖 | | 评级 | 增持 | | 目标价格 | 123.60 | [当前价格： Table_CurPrice] 83.88 本报告导读： 公司是新兴市场手机龙头，伴随美联储降息，海外市场需求有望加速增长。同时存 储等元器件价格上涨收窄将 ...

海 外 公 司 （ 中 国 香 港 ） NBV 大超预期，投资端否极泰来 中国太平(0966) [Table_Industry] 保险 | --- | --- | --- | --- | |----------|--------------------------------|----------------------|-------------------------| | | | ——中国太平 | 2024 年中报业绩点评 | | | [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 | S0880524030003 | 本报告导读： 公司 24H1 归母净利润同比 15.4%，由资负两端共同驱动；NBV 高速增长，业务品 质全面改善 ...

-13% 6% 24% 42% 61% 79% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 江淮汽车 上证指数 [Table_Report] 相关报告 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 25.16 | | | 上次预测: | 25.16 | | [当前价格： Table_CurPrice] | | 19.70 | | --- | |------------------------| | 管正月(分析师) | | 021-38032026 | | guanzhengyue@gtjas.com | | S0880521030003 | [Table_Market] 交易数据 | --- | --- | |--------------------------|----------- ...