Investment Rating - The report maintains a "Buy" rating for Jinzhou Pipe (002443) with a target price of 6.05 yuan, down from the previous target of 7.62 yuan [1][4] Core Views - Jinzhou Pipe is one of the leading suppliers of welded steel pipes in China, with a production and sales scale of around 1 million tons [4] - The company's under-construction "600,000-ton high-quality welded pipe and factory prefabricated deep-processed pipe fittings" project, with a total planned investment of 680 million yuan, is expected to further enhance the company's overall product competitiveness and profitability upon completion [2][4] - The company's cost pressure is expected to ease as the price of hot-rolled coil, its main raw material, has declined by 9.00% QoQ in Q3 2024, a larger drop than the price declines of welded pipes and galvanized pipes [4] - The company has strong product competitiveness and R&D capabilities, with R&D personnel accounting for about 15% of its workforce, enabling it to maintain counter-cyclical growth in production and sales [4] Financial Forecasts - The report lowers the 2024-2025 net profit forecasts to 287 million yuan and 332 million yuan, respectively, and adds a 2026 net profit forecast of 382 million yuan [4] - The 2024-2026 EPS forecasts are 0.55 yuan, 0.64 yuan, and 0.73 yuan, respectively [4] - The 2024-2026 revenue growth rates are forecasted at 6.8%, 15.1%, and 15.2%, respectively [8] - The 2024-2026 net profit growth rates are forecasted at 1.2%, 15.7%, and 14.8%, respectively [8] Valuation - The report values Jinzhou Pipe at 11x 2024 PE, higher than the average 10.54x PE of comparable companies, considering its higher product added value [11][12] Industry and Market Data - Jinzhou Pipe's 52-week stock price range is 4.92-7.66 yuan, with a current price of 4.96 yuan and a market capitalization of 2,582 million yuan [4] - The company's 1M, 3M, and 12M absolute stock price changes are -5%, -16%, and -24%, respectively [7]

Industry Rating - The report maintains an "Overweight" rating for the steel industry, with a positive outlook on demand recovery and supply-side adjustments [1][3] Core Views - Demand is expected to marginally recover as the industry transitions from off-peak to peak seasons [1] - Steel enterprises are still undergoing production cuts and maintenance due to deep losses, which may gradually alleviate market pressure [3] - The report highlights that the steel industry is in a bottoming phase, with expectations of demand improvement and supply-side restructuring [5] Steel Market Overview - Steel prices have risen, with rebar spot prices increasing by 70 CNY/ton to 3,190 CNY/ton, and hot-rolled coil prices rising by 30 CNY/ton to 3,160 CNY/ton [7] - Total steel inventory has declined for four consecutive weeks, with a reduction of 581,300 tons last week [5] - Apparent consumption of steel increased by 4.55% week-on-week, reaching 8.37 million tons, while production rose slightly by 9,600 tons to 7.79 million tons [5][10] Raw Materials - Iron ore spot prices rose by 6 CNY/ton to 720 CNY/ton, while coking coal prices fell by 120 CNY/ton to 1,560 CNY/ton [20] - Iron ore port inventory decreased by 0.02% to 150.33 million tons, remaining at a high level [23] - Coke inventory at steel mills increased by 32,100 tons, with average usable days rising to 10.81 days [26] Special Steel and New Materials - Stainless steel prices fell, with 304 stainless steel (6mm coil) dropping by 40 CNY/ton to 13,430 CNY/ton [44] - Industrial-grade lithium carbonate prices decreased by 1,000 CNY/ton to 71,500 CNY/ton, while battery-grade lithium carbonate prices fell by 500 CNY/ton to 75,000 CNY/ton [46] - Praseodymium-neodymium oxide prices rose by 10,000 CNY/ton to 395,000 CNY/ton, and sintered neodymium-iron-boron prices increased by 3 CNY/kg to 134 CNY/kg [48] Macroeconomic Indicators - Crude steel production in July decreased by 9% year-on-year, with daily output falling by 37,850 tons/day to 267,550 tons/day [49] - Fixed asset investment (excluding rural households) grew by 3.6% year-on-year in July, down 0.3 percentage points from June [55] - Real estate development investment fell by 10.2% year-on-year in July, while infrastructure investment grew by 4.9% [56] Investment Recommendations - The report recommends companies with upgraded product structures, such as **Hunan Valin Steel**, **Baoshan Iron & Steel**, and **Xinyu Iron & Steel** [5] - It also highlights special steel and new material companies, including **CITIC Special Steel**, **Yongjin Technology**, and **Tunan Advanced Materials** [5] - Upstream resource companies like **Hebei Iron & Steel Resources**, **Ordos**, and **Dazhong Mining** are favored for their long-term competitive advantages [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 ——南微医学 2024H1 业绩点评 国内阶段性承压，出海前景广阔 南微医学(688029) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------|-------------------|--------------------------| | | | | | [table_Authors] | 丁丹 ( 分析师 ) | 张拓 ( 分析师 ) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读： 国内收入受经销商去库存影响增速放缓，海外维持快速增长态势，盈利水平亦持续 提升，维持增持评级。 投资要点： 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summa ...

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 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 40.50 登记编号S0880514030001 S0880523090003 52 周内股价区间（元） 38.50-67.73 总市值（百万元） 5,451 总股本/流通A股（百万股） 135/93 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） 1,405 每股净资产（元） 10.44 市净率（现价） 3.9 净负债率 -30.96% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -16% -20% -23% 相对指数 -12% -11% -15% [Table_Finance] 财务摘要（百万元） 20 ...

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 /[Table_Date] 2024.08.23 ——电子板块推荐点评 | --- | --- | --- | |----------|-----------------|-------------------------| | | 舒迪(分析师) | 刘校(分析师) | | | 021-38676666 | 021-38038661 | | | shudi@gtjas.com | liuxiao026731@gtjas.com | | 登记编号 | S0880521070002 | S0880524080004 | 本报告导读： 折叠屏手机市场快速发展，多家品牌厂商下半年发布新品，后续催化不断，持续关 注产业进展。 投资要点： [Table_Summary] 24H2 已有多家品牌厂商发布折叠新品，密切关注大厂进展。进入 24H2 以来，已经有多家厂商发布了折叠产品，包括荣耀 Magic V3、 三星 Galaxy Z Fold 6 和 Galaxy Z Flip 6、小 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's resource utilization efficiency has improved, leading to a notable profit growth of over 9% in the first half of 2024. The "three special projects" are progressing steadily, and the publishing and distribution business is expected to maintain a stable growth trend [3][2] - The estimated EPS for 2024-2026 is projected to be 0.65, 0.71, and 0.78 yuan respectively, with a target price of 9.29 yuan, corresponding to a 14x PE for 2024 [3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 3.573 billion yuan, a year-on-year increase of 0.7%. The net profit attributable to the parent company was 532 million yuan, down 18.09% year-on-year [3] - In Q2 2024, the company reported revenue of 1.651 billion yuan, a quarter-on-quarter decline of 14.07% but a year-on-year increase of 8.26%. The net profit attributable to the parent company was 270 million yuan, with a quarter-on-quarter increase of 3.06% and a year-on-year increase of 2.38% [3] - The company's operating profit for the first half of 2024 reached 715 million yuan, with a year-on-year growth rate of 9.23%, marking a historical high [3] Business Development Summary - The publishing and distribution business saw a year-on-year growth of 9% and 7% in sales volume respectively, with revenue growth rates of 8% and 1%, indicating an upward trend in the company's core business [3] - The company is focusing on "educational services," establishing a smart education service center, and integrating resources to build a comprehensive service system. The pre-sale volume of the online service platform increased by 92.9% quarter-on-quarter, driving regional digital education cooperation [3] - The company is actively innovating and managing investment projects, participating deeply in the "Two Lakes Fund" investment operations, and promoting the sales volume of Hubei Xinhua e-commerce, which saw a year-on-year increase of 144.27% [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company, with an updated target price of 50.30 CNY [7][8]. Core Views - The company benefits from downstream market recovery and advanced packaging layout, leading to significant profit improvements. The company is a leader in the domestic packaging and testing industry, with a strong position in various sectors including communication electronics, consumer electronics, and high-performance computing [7][8]. - The report highlights a substantial increase in the company's performance for the first half of 2024, with a revenue of 15.487 billion CNY, representing a year-on-year growth of 27.22%. The net profit attributable to the parent company reached 581 million CNY, a year-on-year increase of 53.46% [8]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to be 38.918 billion CNY in 2024, 48.091 billion CNY in 2025, and 56.407 billion CNY in 2026, reflecting growth rates of 31.2%, 23.6%, and 17.3% respectively [6][11]. - **Net Profit**: The net profit attributable to the parent company is expected to be 2.101 billion CNY in 2024, 3.007 billion CNY in 2025, and 3.975 billion CNY in 2026, with growth rates of 42.9%, 43.1%, and 32.2% respectively [6][11]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.17 CNY in 2024, 1.68 CNY in 2025, and 2.22 CNY in 2026 [6][11]. - **Valuation Metrics**: The report assigns a price-to-earnings (P/E) ratio of 43 times for 2024, leading to the target price of 50.30 CNY based on the company's leading position in the semiconductor packaging and testing sector [8].

Investment Rating - The report maintains a "Buy" rating for Longjing Environmental Protection (600388) with a target price of 16.65 RMB, down from the previous target of 18.10 RMB [3][8] Core Views - Longjing Environmental Protection achieved a 33% YoY growth in non-GAAP net profit in H1 2024, meeting expectations [1] - The company's traditional business has sufficient orders, with a gradually increasing market share [1][8] - The new energy business logic is gradually being realized, with progress in green power and green mining sectors [1][8] Financial Performance - H1 2024 revenue reached 4.672 billion RMB, a 5% YoY decline, while non-GAAP net profit grew 33% to 391 million RMB [8] - Gross margin improved by 0.21 percentage points to 23.46%, and net profit margin increased by 0.62 percentage points to 9.25% [8] - Operating cash flow surged 489% YoY to 532 million RMB [8] Business Operations - New environmental engineering contracts in H1 2024 totaled 5.527 billion RMB, with 57% from power industry and 43% from non-power sectors [8] - The company secured large-scale ultra-low emission projects for new coal-fired power units, enhancing domestic market share [8] - International expansion continued with new orders in Thailand, Vietnam, and Philippines [8] New Energy Development - The first phase of Tibet Laguo power supply project and Xinjiang Wucha 300MW photovoltaic project successfully started power generation [8] - The company launched green mining equipment solutions, focusing on electrification opportunities in mining equipment [8] - Energy storage business is progressing, with 1.499 billion RMB in system and equipment sales contracts [8] Financial Forecasts - 2024-2026 net profit forecasts adjusted to 1.204 billion, 1.524 billion, and 1.934 billion RMB respectively [8] - EPS for 2024-2026 projected at 1.11, 1.41, and 1.79 RMB [8] - 2024 PE ratio estimated at 15x, PB ratio at 2.1x [8] Market Performance - Current stock price at 11.10 RMB, with a 52-week range of 10.13-16.30 RMB [4] - Market capitalization stands at 12 billion RMB [4] - Stock performance shows -2% in 1 month, -6% in 3 months, and -30% in 12 months [7] Valuation Comparison - Comparable companies show 2024 average PE of 11.1x and median of 9.7x [11] - Longjing's 2024 PB valuation of 2.1x is higher than industry average of 1.1x and median of 1.3x [8][11]

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Views - The company's stock incentive unlocking targets are positive, reflecting strong confidence in future performance [2][9]. - The company is expected to benefit significantly from the consumer goods replacement policy, particularly in its white goods and automotive parts businesses [2][9]. - The white goods segment serves as a foundation for expanding into the automotive parts sector, which is anticipated to become a second growth driver [2][9]. Summary by Sections Investment Highlights - The report maintains a "Buy" rating and sets a target price of 16.35 yuan, unchanged from previous forecasts [4][9]. - The current stock price is 10.38 yuan, indicating potential upside [4]. - The company plans to grant 8.829 million restricted shares at a price of 7.88 yuan per share to 277 core employees, representing 2.02% of total shares [9]. - The performance targets for the incentive plan include a net profit of no less than 480 million yuan in 2024, 600 million yuan in 2025, and a cumulative target of 1.08 billion yuan over 2024-2025 [9]. Financial Performance - The company reported a total revenue of 3.264 billion yuan in 2023, with projections of 4.090 billion yuan in 2024, reflecting a growth rate of 25.3% [11]. - The net profit attributable to shareholders is expected to reach 480 million yuan in 2024, up from 389 million yuan in 2023, indicating a year-on-year growth of 23.4% [11]. - The earnings per share (EPS) is projected to be 1.10 yuan in 2024, increasing to 1.38 yuan in 2025 and 1.60 yuan in 2026 [11]. Market Context - The company has a total market capitalization of 4.538 billion yuan, with a 52-week stock price range of 8.45 to 13.69 yuan [5]. - The company is positioned to benefit from government policies aimed at stimulating demand for white goods and automotive products through replacement incentives [9].

Investment Rating - The report assigns a rating of "Buy" to Xiaomi Group-W (1810) [2][4]. Core Views - The report highlights that the adjusted net profit for Q2 2024 exceeded expectations, driven by strong automotive gross margins and continuous growth in the IOT and internet segments, alongside sustained growth in mobile phone sales [3][4]. - The revenue forecast for Xiaomi has been revised upwards for 2024-2025, with adjusted net profit estimates now at 25.2 billion and 29.3 billion RMB, compared to previous estimates of 19.6 billion and 20.2 billion RMB [4]. Financial Summary - For Q2 2024, Xiaomi reported revenue of 88.9 billion RMB, a year-on-year increase of 32%, surpassing Bloomberg's consensus estimate by 2.5% [4]. - The adjusted net profit for Q2 2024 was 6.175 billion RMB, reflecting a year-on-year growth of 20.1%, exceeding Bloomberg's consensus estimate by 27.2% [4]. - The automotive segment's revenue for Q2 2024 reached 6.4 billion RMB, with a gross margin of 15.4%, significantly above market expectations [4]. - Mobile phone revenue was 46.5 billion RMB, a year-on-year increase of 27%, with a gross margin of 12.1% [4]. - IOT business revenue for Q2 2024 was 26.8 billion RMB, a year-on-year increase of 20%, with a gross margin of 19.7% [4]. - Internet revenue for Q2 2024 was 8.3 billion RMB, a year-on-year increase of 11%, with a gross margin of 78.3% [4]. Business Segments - The automotive business is expected to see continuous revenue growth as delivery capabilities improve, with a target of 120,000 units for the year [4]. - The mobile phone segment is projected to maintain its global market share, supported by the launch of flagship products and easing raw material cost pressures [4]. - The IOT segment is experiencing robust growth, driven by strong sales in major appliances, with significant year-on-year increases in unit sales for air conditioners, refrigerators, and washing machines [4].