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 盈利超预期，美联储降息预期利好成本改善 中银航空租赁(2588) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——中银航空租赁 2024 年半年报点评 股票研究 /[Table_Date] 2024.08.16 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] - The target price is set at 21.00, down from the previous forecast of 21.41 [2] Core Views - The report highlights a recovery in polyolefin profitability, ensuring strong growth potential for the company [6] - The company achieved a revenue of 16.897 billion yuan in the first half of 2024, a year-on-year increase of 29.09%, with a net profit attributable to shareholders of 3.305 billion yuan, up 46.44% year-on-year [6] - The report notes that the company’s production capacity is expected to grow significantly, with projects in Inner Mongolia and Ningdong set to contribute to future growth [6] Financial Summary - Revenue for 2022 was 28.43 billion yuan, projected to increase to 35.514 billion yuan in 2024, representing a growth of 21.9% [6] - Net profit attributable to shareholders for 2022 was 6.303 billion yuan, expected to rise to 7.867 billion yuan in 2024, reflecting a growth of 39.2% [6] - The company’s earnings per share (EPS) for 2024 is projected at 1.07 yuan, with further increases to 1.75 yuan in 2025 and 1.82 yuan in 2026 [6] Market Performance - The stock price has fluctuated between 13.16 and 17.84 yuan over the past 52 weeks [3] - The company’s market capitalization is approximately 113.814 billion yuan [3] - The company’s net asset value per share is 5.46 yuan, with a price-to-book ratio of 2.8 based on the current price [4] Production and Pricing Insights - Polyolefin production in the first half of 2024 reached 1.2227 million tons, a year-on-year increase of 87% [6] - The average prices for polyethylene and polypropylene in Q2 2024 were 7,300 yuan/ton and 6,794 yuan/ton, respectively, with increases of 5.43% and 4.15% quarter-on-quarter [6] - The report indicates that the domestic apparent consumption of polyolefins in the first half of 2024 was 37.06 million tons, up 3.3% year-on-year [6]

股票研究 /[Table_Date] 2024.08.16 社零增速环比改善，珠宝和餐饮承压 [Table_Industry] 批发零售业 [Table_Invest] 评级： 增持 上次评级: 增持 ——2024 年 7 月社零数据点评 | --- | --- | --- | --- | |----------|---------------------|---------------------|-----------------------------| | | 刘越男(分析师) | 于清泰(分析师) | 宋小寒(分析师) | | | 021-38677706 | 021-38022689 | 010-83939087 | | | liuyuenan@gtjas.com | yuqingtai@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880519100001 | S0880524080011 | [Table_Report] 相关报告 本报告导读： 7 月社零增速环比提升，必选相对稳健，可选需求承压。 投 ...

Investment Rating - The report maintains an "Accumulate" rating for Tencent Holdings [1][19]. Core Insights - The report highlights the resilience of the advertising and gaming businesses, projecting continued high growth throughout the year. The forecast for Non-IFRS net profit for 2024-2025 has been raised to RMB 217.4 billion and RMB 241.1 billion, respectively, from previous estimates of RMB 196.2 billion and RMB 221.9 billion. The current price corresponds to a PE ratio of 14.7x and 13.2x, with a target price set at HKD 458, reflecting a PE of 18x and 16x [19]. Financial Overview - In Q2 2024, the company achieved revenue of RMB 161.1 billion, a year-on-year increase of 8%, which was in line with expectations. The Non-IFRS net profit reached RMB 57.3 billion, a significant year-on-year increase of 53%, primarily due to a reduction in income tax from the reversal of deferred tax by overseas subsidiaries [19][21]. - The gross margin for Q2 2024 was 53.3%, up 0.7 percentage points quarter-on-quarter, slightly exceeding expectations, driven by better-than-expected gross margins in VAS and FBS businesses, which were 57.1% and 47.6%, respectively [19][21]. Segment Performance - Value-added services (VAS) revenue in Q2 2024 was RMB 78.8 billion, a year-on-year increase of 6%. The gaming business showed steady recovery, with domestic and international game revenues reaching RMB 34.6 billion and RMB 13.9 billion, respectively, both growing by 9% year-on-year [19][12]. - Advertising revenue for Q2 2024 was RMB 29.9 billion, a year-on-year increase of 19%, primarily driven by growth in video accounts and long video revenues, with video account advertising revenue increasing by over 80% [19][29]. - Financial technology and enterprise services revenue was RMB 50.4 billion, with growth slowing to 4%, mainly due to weak consumer spending affecting commercial payments [19][41].

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 12.60, unchanged from the previous rating [4]. Core Views - Ping An Bank has undergone strategic upgrades and business transformations over the past year, nearing the end of its transitional pain period. The bank's performance is expected to improve in the second half of the year due to solid foundations and refined operations [9]. - The bank has shown positive signals in Q2 2024, including significant growth in retail demand deposits and marginal improvement in non-performing loan generation rates. The low base from H2 2023 is expected to contribute to better performance [9]. - A cash dividend plan has been announced, proposing a 20% distribution of the net profit attributable to ordinary shareholders for H1 2024, reflecting confidence in future development [9]. Financial Summary - For 2022A, the operating income was 179,895 million, with a projected decline to 149,896 million in 2024E, followed by a gradual recovery [8]. - Net profit attributable to the parent company is expected to grow from 46,455 million in 2023A to 54,837 million by 2026E, with growth rates of 2.1%, 3.9%, 5.3%, and 7.9% for the respective years [8]. - The bank's total assets are projected to increase from 5,587,116 million in 2023A to 6,598,866 million by 2026E, indicating a steady growth trajectory [10]. Asset Quality and Performance - The non-performing loan ratio is expected to remain stable at 1.07% in 2024E, with a slight improvement to 1.05% by 2026E [10]. - The bank's capital adequacy ratio is projected to improve from 13.4% in 2023A to 14.4% in 2026E, indicating a strengthening capital position [10]. - The net interest margin is expected to decline slightly to 1.83% in 2024E, reflecting challenges in credit demand [10].

股 票 研 究 股票研究 /[Table_Date] 2024.08.16 ——小商品城 2024 年半年报点评 [table_Authors] 刘越男(分析师) 陈笑(分析师) 021-38677706 021-38677906 liuyuenan@gtjas.com chenxiao015813@gtjas.com 登记编号S0880516030003 S0880518020002 主业利润亮眼，新业务更上层楼 小商品城(600415) 批零贸易业[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： | | 11.46 | | | 上次预测: | 11.46 | | [当前价格： Table_CurPrice] | | 7.48 | 本报告导读： 公司背靠义乌强劲的出口趋势，加快推进全球数贸中心建设，新市场收入利润释放 可期+CG/ ...

股 票 研 究 证 券 研 究 报 告 ——润本股份 2024 半年报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |----------------------|-------------------| | | | | 闫清徽 ( 分析师 ) | 杨柳 ( 分析师 ) | | 021-38031651 | 021-38038323 | | yanqinghui@gtjas.com | yangliu@gtjas.com | | S0880522120004 | S0880521120001 | 本报告导读： 24H1 公司业绩符合预期，受益抖音及分销渠道高增长，产品端定时驱蚊液带动驱蚊 品类领增，此外毛利率抬升、规模效应下盈利能力优化。 投资要点： 股票研究 /[Table_Date] 2024.08.16 业绩高增符合预期，驱蚊品类领增 润本股份(603193) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | |----- ...

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 ——欧普康视 2024H1 业绩点评 [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： 角塑增长承压，框架镜及医疗服务发展态势良好，业绩基本符合预期，维持谨慎增 持评级。 投资要点： [Table_Summary] 维持谨慎增持评级。2024H1 实现收入 8.83 亿元（+13.21%），归母 净利润 3.24 亿元（+4.42%）；其中 2024Q2 实现收入 4.19 亿元 （+11.42%），归母净利润 1.31 亿元（-4.36%），业绩基本符合预期。 考虑阶段性费用投入，下调 2024-2026 年 EPS 预测至 0.80/0.92/1.06 元（原 0.86/0.99/1.14 元），给予 2 ...

Investment Rating - The report maintains an "Accumulate" rating for China Biopharmaceuticals [2][5] Core Viewpoints - The company's performance exceeded expectations, with a revenue of RMB 15.87 billion in 2023, representing a year-on-year increase of 11.1%, and a net profit attributable to shareholders of RMB 3.02 billion, up 139.7% year-on-year [2] - The revenue from innovative products is increasing, marking a transition into a new phase for the company, with innovative products generating RMB 6.13 billion in H1 2024, a 14.8% increase year-on-year, accounting for 38.6% of total revenue [2] - The company is focusing on both internal and external pipelines, with multiple key products in late-stage clinical trials or NDA phases, ensuring long-term growth [2] Financial Summary - Revenue for 2023 is projected at RMB 30.79 billion, with a year-on-year growth of 17.5% [2] - The adjusted EPS forecast for 2024-2026 has been revised to RMB 0.23, RMB 0.18, and RMB 0.21 respectively [2] - The gross profit margin for H1 2024 is reported at 82.1%, with a net profit margin showing a continuous upward trend [2]

股票研究 /[Table_Date] 2024.08.15 算力需求高增，AI ASIC 突围在即 [Table_Industry] 海外科技 [Table_Invest] 评级： 增持 | --- | |--------------------------------| | [table_Authors] 秦和平(分析师) | | 0755-23976666 | | qinheping027734@gtjas.com | | 登记编号 S0880523110003 | 本报告导读： AI 算力需求高增，AI ASIC 具备性价比、功耗等优势，且软硬件生态体系日趋成熟， 未来有望实现高速增长。 投资要点： [Table_Summary] 投资建议：ASIC 针对特定场景设计，有配套的通信互联和软件生 态，虽然目前单颗 ASIC 算力相比最先进的 GPU 仍有差距，但整个 ASIC 集群的算力利用效率可能会优于可比的 GPU，同时还具备明 显的价格、功耗优势，有望更广泛地应用于 AI 推理与训练。我们看 好 ASIC 的大规模应用带来云厂商 ROI 提升，同时也建议关注定制 芯片产业链相关标的。 AI ASIC ...