——兴发集团 2024 年半年报点评 [table_Authors] 钟浩(分析师) 钱伟伦(分析师) 021-38038445 021-38038878 登记编号 S0880522120008 S0880523040003 zhonghao027638@gtjas.com qianweilun027712@gtjas.com 本报告导读： 公司 2024 年半年度业绩符合预期，三季度草甘膦、磷矿石景气有望进一步提升。 投资要点： [Table_Summary] 维持"增持"评级。三季度以来磷矿石景气向上，草甘膦价格持稳， 产品行情符合预期。故维持 2024-2026 年盈利预测，预计 2024-2026 年调整后 EPS 分别为 1.62、1.99、2.23 元。调整后目标价维持 24.34 元，维持增持评级。 半年度业绩符合预期。根据公司公告，2024 年上半年实现营业收入 134.04 亿元，同比下降 2.09%，实现归母净利润 8.05 亿元，同比提 升29.85%。其中单二季度实现营业收入65.16亿元，同比下降8.48%， 环比下降 5.41%，实现归母净利润 4.23 亿元，同比提升 148.1 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 -13% -5% 3% 11% 18% 26% 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 江苏金租 上证指数 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 4.92 资产稳健，净利差环比改善 江苏金租(600901) [Table_Industry] 综合金融/金融 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 6.27 | | | 上次预测: | 6.27 | | --- | --- | --- | --- | |--- ...

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 -51% -40% -29% -19% -8% 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 科达利 深证成指 [Table_Report] 相关报告 业绩符合预期，盈利韧性强劲 科达利(002850) [Table_Industry] 资本货物/工业 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 92.52 | | | 上次预测: | 111.06 | | [当前价格： Table_CurPrice] | | 73.13 | [table_Authors] 庞钧文(分析师) ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.19, unchanged from the previous rating [1]. Core Insights - The company's revenue for the first half of 2024 reached 139.2 billion, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 7.4 billion, a decrease of 39.3% compared to the previous year [2][7]. - The profit margin is currently in a downward trend, but it is expected to stabilize as housing prices recover and the equity ratio of land acquisition improves [2][7]. - The company plans to issue convertible bonds not exceeding 9.5 billion to support long-term capital needs and project funding [2][7]. Financial Performance - The company achieved a gross profit margin of 16.0% in the first half of 2024, down from 21.3% in the same period of 2023, maintaining consistency with the full-year level of 2023 [7]. - The net profit margin decreased from 8.9% in 2023 to 5.3% in the first half of 2024 due to market downturns and pressure on prices [7]. - The company has maintained a land acquisition equity ratio above 90% in 2024, which is expected to improve profit margins as housing prices stabilize [7]. Inventory and Land Management - The company's land reserve area decreased by 8% to 71.4 million square meters compared to the beginning of the year, with a focus on optimizing the structure of land reserves [7]. - The company is actively responding to policies for revitalizing existing land resources and is engaged in land regulation and exchange in multiple cities [7]. Future Outlook - The company maintains earnings per share (EPS) forecasts of 0.95, 1.01, and 1.10 for 2024 to 2026, respectively, reflecting a cautious outlook amid current market conditions [7][8]. - The issuance of convertible bonds is expected to enhance the company's capital structure and investor confidence in the long term [7].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's Q2 performance met expectations, with a revenue of 1.497 billion yuan, representing a year-on-year increase of 21.23%, and a net profit of 433 million yuan, up 15.65% [5] - The company continues to enhance its product offerings and platform layout, with significant growth in CMP equipment, supporting materials, technical services, and cleaning equipment [5] - The gross profit margin for H1 2024 was 46.29%, showing stability despite a slight decrease of 0.03 percentage points [5] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 1.497 billion yuan, a 21.23% increase year-on-year, and a net profit of 433 million yuan, up 15.65% [5] - In Q2 2024, revenue reached 816 million yuan, reflecting a 32.03% increase, with net profit at 231 million yuan, a rise of 27.89% [5] - The company maintains its profit forecasts for 2024-2026, with net profits projected at 1.007 billion yuan, 1.290 billion yuan, and 1.677 billion yuan respectively [5] Product Development - The company is actively upgrading its CMP equipment, with the new Universal H300 model already achieving small batch shipments [5] - The Versatile-GP300 thinning equipment has secured multiple orders from leading front-end fabs, while the Versatile-GM300 is undergoing validation at major domestic packaging factories [5] - New cutting equipment, Versatile-DT300, has been sent to several clients for validation, and the cleaning equipment for compound semiconductors has passed its first acceptance test [5] Capacity Expansion and Localization - The company is set to complete its Beijing and Tianjin bases by the end of 2024, which will enhance its production capacity for CMP, thinning, and cleaning equipment [5] - A new investment of 1.698 billion yuan is planned for a new base in Shanghai Lingang to further improve capacity [5] - The company is advancing the localization of key components, having completed the domestic development of critical parts for thinning equipment, with some reaching mass production conditions [5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price adjusted to 17.84 yuan, down from the previous forecast of 24.28 yuan [5]. Core Views - The company's performance has fallen short of expectations, leading to a downward revision of growth assumptions for store openings and same-store sales. The earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been adjusted to 0.89, 0.98, and 1.03 yuan respectively, down from 0.93, 1.07, and 1.16 yuan [2]. - Despite the disappointing performance, the company announced a mid-term dividend that exceeded expectations, with a proposed cash dividend of 3 yuan for every 10 shares, amounting to 124,278,150 yuan, which represents 41.69% of the distributable profits at the end of the period. This corresponds to a dividend yield of approximately 6.5% for 2024 [2][3]. - The company reported a revenue of 1.663 billion yuan for the first half of 2024, a year-on-year decrease of 4.59%, while the non-GAAP net profit was 163 million yuan, an increase of 14.78% year-on-year [2]. Financial Summary - The company's revenue for 2022 was 3.603 billion yuan, with a projected decline to 3.426 billion yuan in 2024, reflecting a decrease of 3.5%. The net profit attributable to shareholders is expected to rise from 332 million yuan in 2023 to 369 million yuan in 2024, marking an increase of 11.3% [3]. - The gross profit margin improved to 27.59% in the second quarter of 2024, up 4.59% year-on-year, primarily due to a decrease in raw material costs [2]. - The company had a total of 6,308 stores nationwide as of June 30, 2024, representing a year-on-year increase of 2.79% [2].

Investment Rating - The report does not explicitly mention an investment rating for the company [2][3] Core Views - The company is a leading player in the domestic non-clinical safety evaluation (CRO) industry, with a top-three market share in China [2] - The company is expected to benefit from the ongoing industry consolidation and the increasing demand for CRO services driven by the growth in generic drug improvements and innovative drug R&D investments [3] - The company's IPO involves the issuance of 35.2449 million shares, representing 25% of the post-IPO total shares, with a planned fundraising amount of RMB 1.602 billion to address capacity constraints and enhance its technical platform [3] Business Analysis - The company's services cover three main areas: early drugability evaluation, non-clinical research, and clinical testing and translational research, with non-clinical CRO contributing over 95% of revenue [3] - From 2021 to 2023, the company's revenue and net profit grew at a compound annual growth rate (CAGR) of 33.60% and 49.73%, respectively, driven by the high growth of the domestic CRO industry and the company's leading position [3] - The company has effectively controlled the cost of experimental animals, leading to a year-on-year increase in gross margin, while the rapid revenue growth has resulted in a decline in the expense ratio [3] Industry Development and Competitive Landscape - The global CRO market is expected to reach USD 123.1 billion by 2027, with the Chinese CRO market projected to reach RMB 1.923 trillion by 2027 [3] - The non-clinical and clinical CRO markets in China were valued at RMB 31.3 billion and RMB 32.7 billion, respectively, in 2021, with the non-clinical safety evaluation market expected to grow to RMB 40.85 billion by 2027, at a CAGR of 31.51% [3] - The global CRO market is dominated by large multinational companies, with Charles River and LabCorp holding significant market shares in the non-clinical safety evaluation segment [17] - The company holds a 6.80% market share in the domestic non-clinical safety evaluation market, ranking third in China [18] IPO and Fundraising Details - The company plans to issue 35.2449 million shares, representing 25% of the post-IPO total shares, with a fundraising target of RMB 1.602 billion [19] - The funds will be used for projects including the construction of the company's headquarters and innovation transformation center, the expansion of a high-quality non-clinical innovative drug evaluation platform, and working capital [19][20] Comparable Company Valuation - The average PE ratio for comparable companies in 2023 is 19.33x, with projected PE ratios of 18.59x and 15.31x for 2024 and 2025, respectively [23] - The company's revenue and net profit CAGR from 2021 to 2023 were 33.60% and 49.73%, respectively, outperforming some of its peers [24]

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] 2024.08.19 ——2024W33 家电行业数据周报 线上空调表现较好，铜铝价格环比上升 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 家用电器业《湖北率先补贴加码，托举家电零售 增长》2024.08.13 家用电器业《多家公司发布中报业绩，家电出口 同比延续增长》2024.08.12 家用电器业《线上冰洗表现较好，铜铝价格环比 下降》2024.08.10 家用电器业《家空内外销排产上修，海信和 TCL 彩电出货增长》2024.08.06 家用电器业《线上白电表现较好，铜铝价格环比 有所下降》2024.08.04 | --- | --- | --- | --- | |----------|----------------------------|---------------------------|-------------------- ...

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 年第 34 周周报 股票研究 /[Table_Date] 2024.08.19 国内外算力共振，重视光互联和铜连接 通信设备及服务 [Table_Industry] [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-----------------------|----------------------|-------------------------| | | 王彦龙(分析师) | 黎明聪(分析师) | 苏哲西(研究助理) | | | 010-83939775 | 0755-23976500 | 021-38031652 | | | wangyanlong@gtjas.com | limingcong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880523080008 | S088012 ...

Investment Rating - The report gives an "Accumulate" rating for the nuclear power industry, indicating a positive outlook for investment opportunities in this sector [3][6]. Core Insights - The nuclear power industry in China is experiencing rapid development due to technological advancements and an expanding range of application scenarios. The approval of new nuclear units is gradually increasing, with 10 units approved in both 2022 and 2023, and further growth expected in 2024 [3][6]. - China is becoming a major player in the global nuclear power sector, enhancing cooperation with other countries, which will facilitate the export of nuclear technology and equipment [3][6]. - The domestic nuclear power market is expected to grow significantly, driven by increasing capital expenditures and investments in nuclear power infrastructure [3][6]. Summary by Sections Investment Recommendations - The report recommends investing in leading nuclear equipment companies such as Dongfang Electric, which holds over 35% market share in the nuclear equipment sector. Other recommended companies include China Nuclear Technology, Jiadian Co., Jiangsu Shentong, and Hailu Heavy Industry [8][9]. China's Nuclear Power Development - China's nuclear power development is gradually recovering, with a significant increase in the number of approved units since the resumption of approvals in 2019. The total installed capacity of nuclear power in China is expected to continue to rise, contributing to a cleaner energy mix [10][28]. Technological Advancements - The report highlights the full domestic replacement of third-generation nuclear reactors and the ongoing research and development of fourth-generation reactors, positioning China as a leader in nuclear technology [3][6][19]. - The military-civilian integration trend is also noted as a significant driver for the development of nuclear power in China [3][6]. Market Growth Potential - The nuclear equipment market is projected to grow rapidly, supported by increasing investments in nuclear power generation and the stable market structure of the nuclear island equipment sector [3][6][28]. - The report emphasizes that the nuclear power industry is characterized by high technical barriers and a stable competitive landscape, which will benefit leading companies in the sector [3][6].