Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 11.25 RMB from the previous 8.76 RMB, while the current price is 8.55 RMB [1][4]. Core Views - The company's performance in the first half of 2024 met expectations, demonstrating stable operations and maintaining industry leadership, with active expansion in international business [2][4]. Financial Performance Summary - For H1 2024, the company achieved revenue of 3.132 billion RMB, a year-on-year increase of 5%, and a net profit attributable to shareholders of 666 million RMB, also up 5% year-on-year. The net profit excluding non-recurring items was 662 million RMB, reflecting a 9% increase [4]. - In Q2 2024, the company reported revenue of 1.579 billion RMB, with a net profit excluding non-recurring items of 276 million RMB, marking a 7% year-on-year growth [4]. - The company's EPC construction revenue decreased significantly by 82% to 122 million RMB due to a reduction in ongoing projects, while equipment sales revenue surged by 108% to 929 million RMB. Operating revenue grew steadily by 11% to 1.971 billion RMB [4]. - The gross margin improved by 2.41 percentage points to 34.38%, while the net profit margin remained stable at 22.42% [4]. Operational Highlights - As of the end of H1 2024, the company had 41,500 tons of invested and controlled projects and 15,850 tons of joint ventures. The waste disposal volume of controlled projects increased by 11% year-on-year to 7.535 million tons, and steam sales volume rose by 32% to 470,000 tons [4]. - The average waste-to-energy conversion rate for the company's projects was 413.5 kWh/ton, maintaining industry-leading levels [4]. - The company actively expanded its international business, signing a strategic cooperation framework agreement with Suez Group in France and renewing a licensing agreement with Martin in Germany [4]. Cash Flow and Capital Expenditure - Capital expenditure in H1 2024 was 370 million RMB, down from 648 million RMB in the same period of 2023, indicating a clear downward trend in capital spending [4]. - The net cash flow from operating activities was 1.129 billion RMB, a 27% year-on-year increase, indicating sufficient cash flow [4].

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. with a target price of 24.50 CNY, up from the previous target of 24.17 CNY [4][5]. Core Insights - In H1 2024, the tungsten and molybdenum segment experienced significant growth due to rising prices of tungsten ore and increased sales in photovoltaic tungsten wire and cutting tools, contributing to the overall performance of the company [4][5]. - The company achieved a net profit attributable to shareholders of approximately 1.016 billion CNY in H1 2024, representing a year-on-year increase of 28.47%. In Q2 alone, the net profit was 589 million CNY, up 67.83% year-on-year and 38.02% quarter-on-quarter [5]. - The report anticipates that the earnings per share (EPS) for 2024-2026 will be 1.40 CNY, 1.60 CNY, and 1.80 CNY respectively, with a reference PE ratio of 17.5 times for 2024 [5]. Summary by Sections Tungsten and Molybdenum Segment - Revenue for the tungsten and molybdenum segment in H1 2024 increased by 11.98% year-on-year to 8.781 billion CNY, with total profit rising by 29.5% to 1.427 billion CNY. Q2 revenue was 4.74 billion CNY, up 17% quarter-on-quarter, and total profit reached 888 million CNY, up 64% quarter-on-quarter [5]. - The average price of domestic tungsten concentrate (65% WO3) increased by 13.04% year-on-year to 134,400 CNY, enhancing the profitability of the company's self-produced ore [5]. New Energy Materials Segment - Revenue from the new energy materials business in H1 2024 was 6.3 billion CNY, down 22.43% year-on-year, with total profit decreasing by 10.06% to 246 million CNY. Q2 revenue was 3.001 billion CNY, down 9% quarter-on-quarter, but profit increased by 16% quarter-on-quarter [5]. - The decline in revenue was primarily due to falling raw material prices and intensified competition, but the company remains a leader in cobalt acid lithium products, with sales expected to improve as the industry stabilizes [5]. Rare Earth Segment - The rare earth segment reported revenue of 2.054 billion CNY in H1 2024, down 21.48% year-on-year, with total profit of 117 million CNY, down 23.50%. Q2 revenue was 1.14 billion CNY, up 25% quarter-on-quarter, and profit increased by 92.5% quarter-on-quarter [5]. - The segment's performance was affected by the integration and divestiture of rare earth smelting and separation businesses, along with price declines due to raw material costs and competition [5]. Real Estate Segment - The real estate segment generated revenue of 25 million CNY in H1 2024, down 67.47% year-on-year, but total profit increased by 174 million CNY due to the disposal of property equity in Chengdu Tengwangge, resulting in an investment income of 145 million CNY [5].

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 证 券 研 究 报 告 -43% -34% -25% -16% -7% 3% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 受外部环境影响，公司经营增速有所放缓，种植业以价换量，消费口腔短期承压， 蒲公英分院发展顺利，维持增持评级。 投资要点： [Table_PicQuote] 52周股价走势图 [Table_Report] 相关报告 种植牙以价换量，蒲公英分院贡献提升 通策医疗(600763) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 48.80 | | | 上次预测: | 52.56 | | [当前价格： Tabl ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Views - The company's net profit attributable to shareholders decreased by 12% year-on-year in H1 2024, primarily due to a decline in capital expenditure and construction revenue [4]. - Free cash flow has turned positive for the first time in recent years, with a mid-year cash dividend payout ratio increased to 35% [4][5]. - The company reported a revenue of HKD 15.612 billion in H1 2024, a 4% decline year-on-year, with construction revenue dropping 13% to HKD 3.584 billion [5]. - Operational revenue remained stable at HKD 9.459 billion, with operational and financial income accounting for 77% of total revenue, indicating improved earnings quality [5]. Summary by Sections Financial Performance - The company slightly adjusted its net profit forecasts for 2024-2026 to HKD 4.200 billion (previously HKD 4.467 billion), HKD 4.321 billion (previously HKD 4.541 billion), and HKD 4.456 billion (previously HKD 4.620 billion), respectively, with corresponding EPS of HKD 0.68, HKD 0.70, and HKD 0.73 [5]. - The company achieved a free cash flow of HKD 970 million in H1 2024, marking its first positive free cash flow [5]. Operational Highlights - The company launched a new waste incineration project with a capacity of 3,700 tons in H1 2024, bringing the total operational capacity to 138,000 tons, with 5,700 tons under construction [5]. - The amount of municipal waste processed reached approximately 25.98 million tons, a 9% increase year-on-year, while heating and steam supply increased by 60% [5]. - The average power generation efficiency of waste-to-energy projects was approximately 446 kWh per ton of waste [5]. Dividend Policy - The company plans to distribute a mid-term dividend of HKD 0.14 per share, corresponding to a cash dividend payout ratio of 35%, an increase from 31% in the previous year [5].

Investment Rating - The report maintains a "Buy" rating for Tingyi (Cayman Islands) Holding Corp (0322) [2][4] Core Views - Non-GAAP net profit exceeded expectations, with significant improvement in gross margin [4] - Tea beverage segment performed exceptionally well [4] - Current stock price corresponds to a 2024 PE of 15X [4] Financial Performance - 1H24 revenue reached RMB 41.2 billion, up 0.7% YoY [4] - 1H24 EBITDA was RMB 4.825 billion, up 12.2% YoY [4] - 1H24 net profit attributable to shareholders was RMB 1.885 billion, up 15.1% YoY [4] - 1H24 non-GAAP net profit was RMB 1.718 billion, up 43.33% YoY [4] - 1H24 gross margin improved to 32.6%, up 2.1 percentage points YoY [4] Business Segment Analysis Instant Noodles - 1H24 revenue was RMB 13.814 billion, down 1% YoY [4] - Cup noodles revenue: RMB 6.857 billion, up 6.3% YoY [4] - Premium bagged noodles revenue: RMB 5.485 billion, down 5.5% YoY [4] - Mid-priced bagged noodles revenue: RMB 1.271 billion, down 13.8% YoY [4] - Snack noodles and others revenue: RMB 201 million, down 9.2% YoY [4] Beverages - 1H24 revenue was RMB 27.065 billion, up 1.7% YoY [4] - Tea beverages revenue: RMB 11.393 billion, up 13% YoY [4] - Packaged water revenue: RMB 2.53 billion, down 5.6% YoY [4] - Juice revenue: RMB 3.398 billion, down 10.1% YoY [4] - Carbonated drinks and others revenue: RMB 9.745 billion, down 3.2% YoY [4] Financial Projections - 2024E revenue: RMB 84.699 billion, up 5% YoY [6] - 2024E net profit: RMB 3.319 billion, up 6% YoY [6] - 2024E PE: 14.74X [6] - 2025E revenue: RMB 88.251 billion, up 4% YoY [6] - 2025E net profit: RMB 3.511 billion, up 6% YoY [6] - 2025E PE: 13.94X [6] - 2026E revenue: RMB 91.644 billion, up 4% YoY [6] - 2026E net profit: RMB 3.874 billion, up 10% YoY [6] - 2026E PE: 12.63X [6] Market Data - Current stock price: HKD 9.54 [5] - 52-week price range: HKD 7.15 - 11.86 [5] - Current market capitalization: HKD 53.753 billion [5]

Investment Rating - The report maintains a rating of "Buy" for the company [6][11] - The target price is set at 28.43, with the current price at 15.49 [6][11] Core Insights - The company's Q2 2024 performance met expectations, with rapid capacity ramp-up at the Serbia project [3][11] - With the release of mid-to-long-term capacity and a focus on both the supporting and replacement markets, along with ongoing R&D, the company's performance is expected to continue growing [3][11] Financial Summary - Revenue for 2024 is projected at 21,984 million, with a growth of 9.0% from 2023 [4] - Net profit attributable to shareholders is expected to reach 2,166 million in 2024, reflecting a 55.8% increase from 2023 [4] - Earnings per share (EPS) is forecasted to be 1.47 in 2024, increasing to 2.00 by 2026 [4][11] - The return on equity (ROE) is anticipated to rise from 6.7% in 2023 to 9.7% in 2024 [4] Operational Highlights - In the first half of 2024, the company achieved revenue of 10,379 million, a year-on-year increase of 12.37%, and a net profit of 925 million, up 64.95% [11] - The tire production volume in Q2 2024 was 21.84 million units, a year-on-year increase of 12.34% [11] - The average selling price per tire was 251.6 yuan, showing a slight year-on-year increase of 0.83% [11] Market Position and Strategy - The company is actively restructuring its domestic and international retail and supporting markets [11] - The Serbia plant is expected to fully ramp up production, while the Thailand plant benefits from reduced tariffs, enhancing product competitiveness [11] - The company is advancing its "7+5" layout, with significant projects in both domestic and overseas markets [11]

Investment Rating - The investment rating for the company is "Buy" with a target price of 14.50, maintaining the previous rating of "Buy" [5]. Core Views - The company demonstrates strong operational resilience and is advancing its sales network, overseas, and innovative business layouts. With the recovery in consumer electronics and the increasing penetration of AI smartphones, future development is promising [3]. Financial Performance Summary - In H1, the company's revenue grew by 24%, with total revenue reaching 388.5 billion and a net profit attributable to shareholders of 3.95 billion, reflecting a year-on-year increase of 23.9%. The earnings per share (EPS) for 2024-2026 are projected to be 0.59, 0.65, and 0.71 respectively, with growth rates of 11% for each year [10][11]. - Revenue breakdown shows that communication products accounted for 347.8 billion, a decrease of 16.5%, while non-communication products generated 39.1 billion, down by 17.3% [10]. Business Expansion and Market Position - The company has expanded its operational management to over 3,100 Apple authorized stores and 186 self-operated APR stores, maintaining industry leadership. The Samsung business segment added 168 retail stores, totaling over 4,380 managed stores [10]. - The company is accelerating its new retail channels, with O2O sales for Apple products increasing by 60% in H1. Additionally, it has expanded its overseas business for Honor in Hong Kong, Thailand, and Vietnam, becoming the third-largest smartphone brand in Hong Kong [10]. Market Trends and Future Outlook - According to IDC, global smartphone shipments reached 285.4 million units in Q2, marking a 6.5% year-on-year increase. The domestic foldable smartphone shipments grew by 125% year-on-year [10]. - The company is well-positioned to benefit from the trends in foldable and AI smartphones, with expectations that AI smartphone shipments will rise from 5% to 45% of total smartphone shipments by 2027, driving consumer upgrade demand [10].

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 ——2024 年 8 月上市险企产品策略点评 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 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： 8 月监管引导定价利率下调，利好缓解利差损，预计降息背景下储蓄险仍具吸引力， 上市险企产品策略将趋于多元化，预计短期销售波动不改全年增长预期。 投资要点： 股票研究 /[Tabl ...

——2024 年第 32 周周报 | --- | --- | |----------|-------------------------| | | 苏哲西(研究助理) | | | 021-38031652 | | | Suzhexi028697@gtjas.com | | 登记编号 | S0880123070147 | 本报告导读： 三大运营商稳健增长，分红继续亮眼；关注全球头部 AI 企业财报指引。 投资要点： [Table_Summary] 三大运营商稳健增长，分红继续亮眼。2024 年上半年，在多重压力 之下，国内运营商任然展现了稳定的盈利能力。中国移动上半年净 利润 802 亿元，同比增长 5.3%；中国电信上半年净利润 218 亿元， 同比增长 8.2%；中国联通 2024 年上半年净利润 138 亿元，同比增 长 11.3%。中国移动向全体股东派发中期股息同比增长 7.0%，以现 金方式分配的利润超过上半年公司股东应占利润的 70%；中国电信 以现金方式分配的利润超过上半年公司股东应占利润的 70%，同比 增长 16.7%，且从 2024 年起，三年内公司以现金方式分配的利润将 逐步提升至当年股东 ...

股 票 研 究 证 券 研 究 报 告 考试错期扰动收入，利润率持续修复 粉笔(2469) [Table_Industry] 教育产业 [Table_Invest] 评级： 增持 ——粉笔 2024 年中期业绩点评 [当前价格 Table_CurPrice] (港元)： 2.84 | --- | --- | |---------------------------|-----------| | | | | [Table_Market] 交易数据 | | | 52 周内股价区间（港元） | 2.53-5.45 | | 当前股本（百万股） | 2,239 | | 当前市值（百万港元） | 6,359 | -41% -28% -14% -1% 13% 26% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/7 52周内股价走势图 粉笔 恒生指数 [Table_Report] 相关报告 考试错期扰动收入，小班运营持续发力 2024.07.26 小班模型跑通持续发力，盈利能力提升 2024.03.30 成本结构持续优化 ...