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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 430, corresponding to a 42x PE for 2024 [6][7]. Core Views - The company's revenue and net profit for the first half of 2024 are projected at HKD 10.62 billion and HKD 6.13 billion, respectively, showing a year-on-year increase of 0.4% and a decrease of 3.0%. The Q2 profit is HKD 3.16 billion, reflecting a year-on-year increase of 8.6% and a quarter-on-quarter increase of 6.2, which meets expectations [6]. - The report highlights that the improvement in Q2 performance is driven by a recovery in trading activity, with expectations that U.S. interest rate cuts and additional market-supporting policies will enhance the investment climate in Hong Kong, leading to revenue growth exceeding expectations [6][5]. Financial Summary - The financial summary indicates the following figures (in million HKD): - Revenue: 19,190 (2020), 20,950 (2021), 18,456 (2022), 20,516 (2023), 21,600 (2024E), 22,595 (2025E), 23,957 (2026E) [5]. - Gross Profit: 13,444 (2020), 14,915 (2021), 11,726 (2022), 13,385 (2023), 14,324 (2024E), 15,161 (2025E), 16,279 (2026E) [5]. - Net Profit: 11,505 (2020), 12,535 (2021), 10,078 (2022), 11,862 (2023), 12,673 (2024E), 13,419 (2025E), 14,416 (2026E) [5]. - The report notes a decline in investment income due to a reduction in margin size, with a year-on-year decrease of 5.8% to HKD 2.52 billion in the first half of the year [6]. Market Activity - The report states that the trading activity in the Hong Kong market has significantly improved, with the average daily turnover (ADT) reaching HKD 121.6 billion in Q2, which is a 22% increase quarter-on-quarter and an 18% increase year-on-year. The southbound ADT reached HKD 44.1 billion, reflecting a 42% increase quarter-on-quarter and a 47% increase year-on-year [6]. Future Outlook - The report anticipates that the U.S. Federal Reserve will enter a rate-cutting phase, which is expected to alleviate liquidity constraints affecting the Hong Kong market. This is projected to lead to a marginal recovery in market trading volume [6]. - The report also mentions that the China Securities Regulatory Commission has introduced measures to enhance cooperation with Hong Kong's capital market, which is expected to attract more quality mainland projects to list in Hong Kong [6].

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 ...