——石头科技德国专利案件判决事件点评 专利竞争短期扰动，长期龙头优势稳固 石头科技(688169) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 356.69 | | | 上次预测: | 356.69 | | [当前价格： Table_CurPrice] | | 198.91 | | --- | --- | --- | --- | |----------|----------------------------|---------------------------|--------------------| | | 蔡雯娟(分析师) | 李汉颖(研究助理) | 樊夏俐(分析师) | | | 021-38031654 | 010-83939833 | 021-38676666 | | | caiwenjuan ...

海 外 公 司 （ 中 国 香 港 ） 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 海外订单高增速，派息金额与比例双增长 中石化炼化工程(2386) [Table_Industry] 石油 [Table_Invest] 评级： 增持 ——中石化炼化工程 2024 年中报业绩点评 股票研究 /[Table_Date] 2024.08.20 | --- | --- | --- | --- | |----------|-------------------|----------------------------|----------------------------| | | 孙羲昱(分析师) | 杨思远(分析师) | 陈浩越(研究助理) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | 登记编号 | S0880 ...

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 股票研究 /[Table_Date] 2024.08.20 [table_Authors] 王彦龙(分析师) 黎明聪(分析师) 010-83939775 0755-23976500 wangyanlong@gtjas.com limingcong@gtjas.com 登记编号 S0880519100003 S0880523080008 Q2 扭亏为盈，布局星地融合发展机遇 信科移动-U(688387) 电信运营 [Table_Industry] /信息技术 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 7.56 上次预测: 7.56 ——中报点评 [当前价格： Table_CurPrice] 5.23 本报告导读： 维持盈利预测和目标价，维持增持评级; 业绩符合预期，Q2 扭亏为盈；移动通信 技术领先，布局星地融合发展机遇。 投资要点： 公 司 更 新 报 告 [Table_Summar ...

Investment Rating - The report maintains an "Accumulate" rating for Yancoal Australia [3][10]. Core Views - The company's production continues to recover in H1 2024, but sales prices have decreased year-on-year, impacting profit performance. Looking ahead to H2 2024, sales volume recovery is expected to accelerate, and the impact of price year-on-year comparisons is anticipated to diminish [3]. - Total revenue for H1 2024 was AUD 3.138 billion, a decrease of 21.08% year-on-year, while net profit attributable to shareholders was AUD 420 million, down 56.83% year-on-year, which was below market expectations. Consequently, net profit forecasts for 2024-2026 have been revised down to AUD 1.285 billion, AUD 1.570 billion, and AUD 1.722 billion, reflecting changes of -5.18%, +2.41%, and +0.89% respectively [3]. - The average selling price for coal in H1 2024 was AUD 176 per ton, a year-on-year decrease of 37%. The average price in Q2 was around AUD 180, down 20% year-on-year, but this decline has narrowed compared to Q1's 48% drop. It is expected that the year-on-year price decline will continue to narrow in H2 2024 [3]. Production and Sales - The company's coal production rights in H1 2024 reached 16.9 million tons, a year-on-year increase of 17%, with thermal coal production at 14.9 million tons (up 24% year-on-year) and metallurgical coal sales at 2 million tons. Q2 production was 8.2 million tons, a 4% year-on-year decline, attributed to slight fluctuations in quarterly production scheduling [3]. - The company expects to maintain a full-year production target of 35-39 million tons, representing an increase of 6-56 million tons year-on-year (2-17% growth), with continued production recovery anticipated in H2 2024 [3]. Financial Health - As of the report date, the company reported operating cash flow of AUD 851 million, a significant increase of 856% year-on-year, primarily due to tax payments made in H1 2023. The company has maintained a net cash position since 2022, with a net asset liability ratio of zero and cash holdings of AUD 1.546 billion [3].

Investment Rating - The report maintains a rating of "Buy" for Lenovo Group [4][11]. Core Views - Lenovo Group is expected to benefit from a strategic partnership with Alat, a subsidiary of Saudi Arabia's Public Investment Fund, which includes a $2 billion convertible bond issuance and warrants to enhance its global supply chain and market presence in the Middle East and Africa [4][5]. - The company anticipates significant cost savings and improved financial performance due to the favorable financing terms provided by Alat, which will save approximately $100 million in annual interest expenses over the next three years [4][5]. - The report projects Lenovo's revenue for FY2025 and FY2026 to be $61.9 billion and $63.6 billion, respectively, with net profits of $1.23 billion and $1.62 billion [4][5]. Financial Summary - Revenue for FY2023 is reported at $61.9 billion, with a forecasted decline of 13.5% from FY2022, followed by a recovery in FY2025 with an expected growth of 8.9% [4][6]. - Gross profit for FY2023 is estimated at $10.5 billion, with a projected increase to $11.4 billion by FY2026 [4][6]. - The diluted GAAP earnings per share for FY2023 is expected to be $0.12, with projections of $0.10 and $0.13 for FY2025 and FY2026, respectively [4][6].

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 年核电核准点评 股票研究 /[Table_Date] 2024.08.20 核电核准落地，远期成长空间可观 [Table_Industry] 公用事业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.com | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122 ...

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 -48% -38% -28% -18% -7% 3% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 安井食品 上证指数 [Table_Report] 相关报告 主业具有韧性，龙头体现相对优势 安井食品(603345) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 115.44 | | | 上次预测: | 115.44 | | [当前价格： Table_CurPrice] | | 75.20 | [table_Authors] 訾 ...

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 股票研究 /[Table_Date] 2024.08.20 ——平煤股份中报业绩点评 [table_Authors] 黄涛(分析师) 021-38674879 huangtao@gtjas.com 登记编号 S0880515090001 本报告导读： 公 司 更 新 报 告 "精煤战略"推进，预计 Q3 业绩降幅收窄 平煤股份(601666) [Table_Industry] 煤炭/能源 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 13.22 | | | 上次预测: | 14.96 | | [当前价格： Table_CurPrice] | | 10.10 | [Table_Market] 交易数据 由于自产焦炭消耗原外售精煤 ...

Investment Rating - The investment rating for Jiangsu Bank is "Buy" with a target price of 9.16, up from the previous forecast of 8.55 [3][9]. Core Views - Jiangsu Bank is transitioning from a high-growth phase to a stable development phase with high-quality growth. The bank's performance in the mid-year report aligns with expectations, and future profit growth is projected to be sustainable [9]. - The bank's net interest income and net fee income growth turned positive in Q2, with net interest income increasing by 4.4% and net fee income by 53.2%. This is attributed to resilient growth in deposit and loan scales due to regional economic benefits [9]. - The bank's asset quality remains stable, although retail loan risks are still emerging. The non-performing loan (NPL) ratio remained flat at 0.89% as of the end of Q2, but the attention and overdue rates have increased [9]. Financial Summary - Total assets reached 2,980,295 million, with total loans at 1,893,127 million and total deposits at 1,875,335 million. The core Tier 1 capital adequacy ratio stands at 9.46% [6]. - Revenue for 2024 is projected at 80,131 million, with a growth rate of 7.9%. Net profit attributable to the parent company is expected to be 31,813 million, reflecting a growth of 10.7% [8][9]. - The bank's net interest margin is expected to remain stable, with a slight decrease of 3 basis points to 1.51% [9]. Loan and Deposit Performance - Loan growth is robust, with a year-on-year increase of 11.9%. Corporate loans contributed significantly to this growth, particularly in sectors like business leasing and manufacturing [9]. - Deposits grew by 11.5% year-on-year, with a notable increase in corporate time deposits by 31.2% [9]. Asset Quality - The overall asset quality is stable, with a high provision coverage ratio of 357%. However, retail loan risks are under scrutiny, as the NPL ratio for retail loans increased to 1.03% [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 证 券 研 究 报 告 -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 美的集团 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 62.36 24Q2 超预期，看好内外销新模式变革 美的集团(000333) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 81.39 | | | 上次预测: | 81.39 | | --- | --- | --- | --- | | ...