Investment Rating - The investment rating for the company is "Buy" with a target price of 11.99 yuan, down from the previous forecast of 14.31 yuan [5][3]. Core Insights - The company's H1 2024 revenue was 3.893 billion yuan, a decrease of 8.13% year-on-year, and the net profit attributable to shareholders was 758 million yuan, down 32.14% [3][2]. - The decline in performance was primarily due to a significant drop in coal prices during the same period. However, the company is expected to see a relief in Q3 performance due to the stabilization of long-term contract prices for coking coal [2][3]. - The company’s coal production and sales have continued to increase, with H1 raw coal production reaching 4.9417 million tons, up 10.33% year-on-year, and commodity coal production at 3.8475 million tons, up 6.98% [3][4]. Financial Summary - H1 2024 average selling price was 954.5 yuan per ton, a decrease of 160.7 yuan per ton year-on-year. The average selling price in Q2 was 893 yuan per ton, down 135 yuan year-on-year and 13 yuan quarter-on-quarter [3][4]. - The company’s estimated EPS for 2024 has been revised down to 1.41 yuan, with projections for 2025 and 2026 at 1.51 yuan and 1.67 yuan respectively [3][4]. - The company’s net profit margin is projected to decline slightly, with a forecasted net profit of 1.687 billion yuan for 2024, down 17.1% from 2023 [4][3]. Market Performance - The company’s stock price has fluctuated between 7.87 and 14.28 yuan over the past 52 weeks, with a current price of 9.48 yuan [6][5]. - The total market capitalization is approximately 11.376 billion yuan, with a total share capital of 1.2 billion shares [6][5]. Future Outlook - The company is expected to maintain stable sales volume in H2 2024, with a projected year-on-year sales price decline of around 10%. Overall performance is anticipated to see slight declines [3][4]. - The company is actively expanding its power generation business, including projects for gas power generation and distributed solar and wind power [3][4].

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 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 52周内股价走势图 -26% -19% -13% -6% 0% 7% 香港交易所 恒生指数 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： 股票研究 /[Table_Date] 2024.08.22 | --- | --- | --- | --- | |----------|--------------------|---------------------------|---------------------------| | | 刘欣琦(分析师) | 吴浩东(分析师) | 王思玥(研究助理) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodon ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance in Q2 2024 met expectations, supported by a strong R&D team and continuous investment in innovation, indicating long-term growth potential [2][3]. - Despite a slowdown in downstream demand for life sciences and pharmaceutical businesses, the company is expected to grow through multiple avenues, including ongoing projects and expansion into new material sectors [3]. Financial Summary - For H1 2024, the company reported revenue of 1.956 billion yuan, a year-on-year decrease of 5.66%, and a net profit attributable to shareholders of 215 million yuan, down 44.71% year-on-year [3]. - Q2 2024 revenue was 1.018 billion yuan, a year-on-year decrease of 2.15% but an increase of 8.59% quarter-on-quarter. The net profit for Q2 was 117 million yuan, down 45.04% year-on-year but up 18.95% quarter-on-quarter [3]. - The gross margin and net margin for Q2 2024 were 39.04% and 15.15%, respectively, showing a decline compared to the previous year [3]. - R&D expenses in Q2 2024 were 114 million yuan, an increase of 20.53% year-on-year, reflecting the company's commitment to enhancing research capabilities [3]. Earnings Forecast - The EPS estimates for 2024-2026 have been revised down to 0.67, 0.77, and 0.92 yuan, respectively, from previous estimates of 0.91, 1.13, and 1.35 yuan [3]. - The target price has been adjusted to 14.59 yuan, down from 20.14 yuan, based on a 2024 PE ratio of 22x [3]. Market Data - The current stock price is 8.43 yuan, with a market capitalization of 7.841 billion yuan [5][10]. - The stock has experienced a 52-week price range of 8.43 to 18.04 yuan [5]. Financial Ratios - The company’s return on equity (ROE) is projected to be 8.4% in 2024, with a net profit margin of 16.8% [4][9].

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] 2024.08.21 经济绿色全面转型，推进水电固废价改 [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 | S0880523050005 | [Table_Report] 相关报告 本报告导读： 上周 CE ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816) [2][4]. Core Views - The company's performance showed steady growth, with a slight decline in core profitability. The issuance of convertible bonds is expected to alleviate financial pressure, while nuclear power approvals strengthen long-term growth expectations [4]. Summary by Sections Financial Performance - In 1H24, the company reported revenue of 39.4 billion RMB, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 7.11 billion RMB, up 2.2% year-on-year. However, 2Q24 revenue was 20.2 billion RMB, down 3.77% year-on-year, with a net profit of 3.51 billion RMB, an increase of 0.93% year-on-year [4]. - The company's gross margin in 2Q24 was 37.9%, a decrease of 6.1 percentage points year-on-year [4]. Future Growth Prospects - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds to fund the construction of units 5 and 6 at the Lufeng Nuclear Power Plant. The capital expenditure for 2024 is projected to be 30.59 billion RMB, an increase of 16.34 billion RMB from 2023 [4]. - The company received approval for six new nuclear power units in August 2024, the highest number in recent years, which is expected to enhance long-term growth prospects [4]. Valuation - The report lowers the EPS estimates for 2024-2026 to 0.23, 0.25, and 0.26 RMB respectively, down from previous estimates of 0.25, 0.26, and 0.28 RMB. The target price is adjusted to 3.90 HKD, based on a 15x PE for 2025, reflecting the company's long-term growth potential and the scarcity of nuclear power assets in H-shares [4][8].

Investment Rating - The report assigns a rating of "Accumulate" for the company [4][5]. Core Insights - The company's performance meets expectations, with macroeconomic fluctuations causing a slowdown in growth. However, the company has raised its store opening guidance, indicating an expansion in market share [4][5]. - The adjusted net profit for 2024 has been increased to 4.488 billion RMB (+2.58 billion), while the adjusted net profit for 2025 and 2026 has been lowered to 4.978 billion and 5.943 billion RMB respectively [5]. - The target price is maintained at 42.50 HKD based on an industry average PE of 25x for 2025 [5]. Financial Summary - Revenue for 2023 is projected at 21.882 billion RMB, with a year-on-year growth of 57.86%. The adjusted net profit for 2023 is expected to be 4.085 billion RMB [4]. - The company’s revenue for Q2 2024 is reported at 6.148 billion RMB, reflecting an increase of 11.18%, with adjusted net profit at 1.254 billion RMB (+17.42%) [5]. - The RevPAR for Q2 2024 shows a slight decline of 2.0% year-on-year, with ADR down by 2.9% and occupancy rate up by 0.7 percentage points [5].

Investment Rating - Maintains an "Overweight" rating [2] Core Views - External consumption environment and competition impact led to a downward revision of net profit forecasts for 2024-26 to 9/9.6/10 billion RMB, with growth rates of -6/7/5% respectively [2] - Q2 revenue and membership metrics fell short of expectations, but SVIP performance was strong [2] - GMV: 50.6 billion RMB, flat YoY [2] - Active members: 44.3 million, down 2.9% YoY [2] - Orders: 197.8 million, down 7.5% YoY [2] - SVIP members: 7.4 million, up 11% YoY, contributing 47% of online consumption [2] - Core financial metrics: [2] - Revenue: 26.88 billion RMB, down 3.7% YoY, within guidance range (26.5-27.9 billion RMB) [2] - Non-GAAP net profit: 2.17 billion RMB, down 9.8% YoY [2] - Gross margin: 23.6%, up 1.4 percentage points YoY [2] - Non-GAAP net margin: 8.1%, down 0.5 percentage points YoY [2] - Q3 guidance is cautious, with revenue expected to be 26.5-27.9 billion RMB, down 10-5% YoY [2] - The company completed a $200 million stock repurchase in Q2 and plans to repurchase up to $1 billion in the next 24 months [2] - Plans to use over 75% of 2024 Non-GAAP net profit for repurchases or dividends, equivalent to approximately 14.9% of the latest market cap [2] Business Strategy - Continues to enhance SVIP services by enriching differentiated product offerings and increasing exclusive promotional events [2] - Introduced over 600 new well-known brands to meet evolving consumer demands [2] - Deepened cooperation with nearly 200 brands in customized products, with Q2 customized product GMV growing over 140% and higher repurchase rates compared to similar products [2] - Super Brand Day and Super Category Day overall performance grew over 49% [2] - Plans to add 4-20 new outlet stores by the end of the year, with Q2 outlet performance continuing to show strength [2] Financial Summary - Revenue (billion RMB): 101.9 (2020A), 117.1 (2021A), 103.2 (2022A), 112.9 (2023A), 108.2 (2024E), 114.8 (2025E), 119.4 (2026E) [5] - Revenue growth (%): 10 (2020A), 15 (2021A), -12 (2022A), 9 (2023A), -4 (2024E), 6 (2025E), 4 (2026E) [5] - Gross profit (billion RMB): 21.3 (2020A), 23.1 (2021A), 21.6 (2022A), 25.7 (2023A), 24.9 (2024E), 26.5 (2025E), 27.7 (2026E) [5] - Net profit (billion RMB): 5.9 (2020A), 4.7 (2021A), 6.3 (2022A), 8.1 (2023A), 7.7 (2024E), 8.2 (2025E), 8.5 (2026E) [5] - Net profit growth (%): 63 (2020A), 60 (2021A), 68 (2022A), 95 (2023A), 90 (2024E), 96 (2025E), 100 (2026E) [5] Market Data - 52-week price range (USD): 19.05-11.56 [3] - Current shares outstanding (million): 107 [3] - Current market cap (billion USD): 6.3 [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with steady growth in structural mechanics testing systems and PHM business, and rapid growth in electrochemical workstations, indicating a potential for continued growth [2][3]. - The EPS estimates for 2024-2026 have been raised to 1.23, 1.62, and 2.05 CNY respectively, reflecting an upward adjustment due to the strong performance and market conditions [3]. - The target price has been adjusted down to 35.67 CNY, based on a 29x PE ratio for 2024, which is aligned with industry standards [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 276 million CNY, a year-on-year increase of 37.75%, and a net profit attributable to shareholders of 74 million CNY, up 65.11% year-on-year [3]. - Q2 2024 revenue was 172 million CNY, reflecting a 33.60% year-on-year growth, with a net profit of 47 million CNY, up 35.30% year-on-year [3]. - The structural mechanics performance testing analysis system generated revenue of 190 million CNY in H1 2024, a 41.13% increase year-on-year, while the electrochemical workstation revenue surged by 135.51% to 26 million CNY [3]. Product and Market Insights - The structural mechanics testing system is a domestic leader, benefiting from rapid localization and government support for scientific instrument development [3]. - The PHM system for structural safety and equipment fault prediction generated 40 million CNY in revenue, a 15.78% increase year-on-year, indicating a strong trend towards domestic substitution [3]. - The humanoid robot force sensor business is expected to drive new growth, leveraging the company's leading technology in mechanical performance testing sensors [3].

——2024 年半年报点评 业绩稳健增长，装机进展顺利 安图生物(603658) [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： | | 52.58 | | | 上次预测: | 61.84 | | [当前价格： Table_CurPrice] | | 39.09 | | --- | --- | |-------------------|-----------------------| | 丁丹(分析师) | 赵峻峰(分析师) | | 0755-23976735 | 0755-23976629 | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | S0880514030001 | S0880519080017 | 本报告导读： 公司试剂增长平稳，装机顺利带动仪器收入较快增长，为后续试剂 ...

股 票 研 究 证 券 研 究 报 告 ——上海家化 2024 年半年报点评 股票研究 /[Table_Date] 2024.08.22 业绩短期承压，期待换帅带来新气象 上海家化(600315) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | |----------|-----------------------------------|-------------------|----------------------| | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 杨柳 ( 分析师 ) | 闫清徽 ( 分析师 ) | | | 021-38676442 | 021-38038323 | 021-38031651 | | | zimeng@gtjas.com | yangliu@gtjas.com | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | S0880521120001 | S0880522120004 | 本报告导读： 2024H1 公司管理层 ...