风暴之后：资产定价重归基本维度主线 [Table_Authors] 王子翌(分析师) ——大类资产配置周度点评（20240812） 本报告导读： 我们维持此前的战术性大类资产配置观点。上周，基于主动观点的境内主动资产配 置组合收益率为-0.61%，基准指数收益率为-1.09%，超额收益率为 0.48%；基于主 动观点的全球主动资产配置组合收益率为-0.44%，基准指数收益率为 0.08%，超额 收益率为-0.52%。 投资要点： 大类资产配置 /[Table_Date] 2024.08.12 | | 021-38038293 | | --- | --- | | | wangziyi027313@gtjas.com | | 登记编号 | S0880523050004 | [Table_Report] 相关报告 债券类资产本周回调，多种资产配置策略出现回 撤 2024.08.11 人民币表现强势，A 股消费风格夏普回升 2024.08.11 成长风格边际收益提升，价值风格本年表现较好 2024.08.10 大市值因子收益回撤，流动性因子边际收益提升 2024.08.05 宏观不确定性放大资产波动率 2024.08 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][5]. Core Views - The company's H1 2024 performance met expectations, with rapid growth in the life sciences segment and a gradual recovery anticipated in the pharmaceutical and medical services segment. Continuous lean management initiatives are expected to support steady growth in performance [5]. - The report projects EPS for 2024-2026 to be 0.62, 0.71, and 0.80 yuan respectively, with a target price of 14.14 yuan [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.791 billion yuan (up 9.20% YoY) and a net profit attributable to shareholders of 437 million yuan (up 1.97% YoY). The adjusted net profit was 403 million yuan (up 4.74% YoY) [5]. - For Q2 2024, revenue reached 1.599 billion yuan (up 11.14% YoY) and net profit attributable to shareholders was 304 million yuan (up 7.09% YoY) [5]. Segment Performance - The life sciences segment reported revenue of 1.259 billion yuan (up 21.68% YoY), benefiting from strong bidding results in environmental testing and solid performance in food testing [5]. - The industrial testing segment generated revenue of 559 million yuan (up 13.80% YoY), focusing on new energy and new grid sectors [5]. - The consumer products testing segment saw revenue of 462 million yuan (down 3.88% YoY), primarily due to adjustments in medical device classifications [5]. - The pharmaceutical and medical services segment reported revenue of 136 million yuan (down 34.21% YoY), although some areas within this segment showed rapid growth [5]. Strategic Initiatives - The company is actively advancing its digital transformation strategy, optimizing laboratory processes and efficiency, and implementing lean management projects [5]. - In Q2 2024, the gross margin was 52.68% (up 1.59 percentage points YoY), while the net margin was 19.17% (down 1.03 percentage points YoY) [5].

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 证 券 研 究 报 告 [Table_Report] 相关报告 本报告导读： 国务院首次系统部署加快经济社会发展全面绿色转型，完善绿色价格政策。 股票研究 /[Table_Date] 2024.08.12 首次系统部署全面绿色转型，完善绿色价格政策 [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 | S08805 ...

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] 2024.08.12 ——2024W32 家电行业周报 | --- | --- | --- | --- | |----------|----------------------------|----------------------------|----------------------| | | 蔡雯娟(分析师) | 曲世强(研究助理) | 谢丛睿(分析师) | | | 021-38031654 | 021-38031025 | 021-38038437 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | xiecongrui@gtjas.com | | 登记编号 | S0880521050002 | S0880123070132 | S0880523090004 | 本报告导读： 多家公司发布中报业绩，湖北发布家电以旧换新补贴措施，7 月家电出口金额同比 延续增长 ...

Investment Rating - The report maintains an "Overweight" rating for the building materials industry, consistent with the previous rating [2][3]. Core Insights - The report emphasizes that the leading companies in the consumer building materials sector have a long-term competitive advantage and superior valuation, with expectations for performance elasticity to be released as the physical demand cycle recovers [3][8]. - It highlights that the opportunities for "reverse" growth are unlikely to be replicated, as the industry has undergone significant structural changes since 2012, particularly with the implementation of centralized procurement models and the rapid concentration of leading real estate companies [3][10]. - The report recommends several leading companies in the sector, including Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others, as potential investment targets [3][8]. Summary by Sections Investment Logic - The report discusses the historical shaping of leading companies in the consumer building materials sector and the challenges faced by new entrants due to the established competitive landscape [3][10]. Overview of Sub-Industry Landscape - The report provides a detailed analysis of various sub-industries within the building materials sector, noting that the waterproof materials industry has experienced the most severe market clearing due to its high correlation with new construction starts [23][24]. - The architectural coatings industry shows resilience in demand, while the plastic pipe industry remains stable with distinct regional advantages [26][28]. - The ceramic tile industry is entering a mature phase, with brand dynamics stabilizing, and the gypsum board sector is characterized by low real estate correlation, dominated by Beixin Building Materials [31][32]. Long-Term Competitive Advantage and Valuation - The report outlines that the building materials sector has undergone a critical shaping period from 2010 to 2023, with leading companies demonstrating clear long-term advantages [36]. - It suggests that as the physical demand from real estate begins to recover, the operational performance of leading companies is expected to show more significant elasticity [36][37].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's Q2 performance met expectations, with a continuous recovery in global freight forwarding and distribution businesses. The EPS forecasts for 2024-2026 are set at 3.48, 4.35, and 5.30 CNY respectively. The target price is adjusted to 55.71 CNY from the previous 64.72 CNY, based on a 16x PE for 2024 [3][4]. - In Q2, the company achieved a revenue of 30.97 billion CNY, a year-on-year increase of 9.58% and a quarter-on-quarter increase of 5.86%. The net profit attributable to the parent company was 1.60 billion CNY, showing a significant decline of 77.95% year-on-year and 80.99% quarter-on-quarter [3][4]. - The company’s revenue for the first half of 2024 reached 59.92 billion CNY, a year-on-year increase of 32.35%, with a net profit of 3.11 billion CNY, up 22.74% year-on-year [3][4]. Summary by Sections Financial Performance - The company reported a gross margin of 10.88% in Q2, a decrease of 2.15 percentage points year-on-year, but an increase of 0.75 percentage points quarter-on-quarter. The net profit margin was 5.70%, down 1.05 percentage points year-on-year and 0.3 percentage points quarter-on-quarter [3][4]. - The global freight forwarding business (MGF) generated revenue of 16.12 billion CNY, a year-on-year increase of 46.83%, while the distribution business (MCD) achieved revenue of 26.62 billion CNY, up 47.94% year-on-year [3][4]. Market Position and Strategy - The company is building a one-stop chemical logistics service and has established a global layout. As of mid-2024, it manages over 600,000 square meters of specialized chemical warehouses across China and is expanding its transportation capabilities for various types of chemical products [3][4]. - The market for hazardous chemical logistics in China is estimated to reach 2.38 trillion CNY in 2023, with the company’s revenue still representing a small fraction of this market, indicating significant growth potential [3][4].

Investment Rating - Maintains an "Overweight" rating with a target price of 91.43 yuan, down from 102.14 yuan [2][3] Core Views - Q2 performance meets expectations with revenue of 509.06 billion yuan, up 11.42% YoY and 10.28% QoQ, but net profit declined by 11.03% YoY and 3.38% QoQ to 40.17 billion yuan [2] - Gross profit margin for Q2 was 15.31%, down 0.09 pct YoY and 2.32 pct QoQ, while net profit margin was 8.66%, down 1.98 pct YoY and 1.23 pct QoQ [2] - The decline in profitability is attributed to rising costs, with the average price of pure benzene increasing by 24.35% YoY to 8,652 yuan/ton in H1 2024 [2] - Q2 production and sales volumes increased significantly, with total production up 22% YoY and 5% QoQ to 3.38 million tons, and total sales up 20% YoY and 3% QoQ to 3.24 million tons [2] - The company's polyurethane and new materials businesses drove revenue growth, benefiting from strong MDI market dynamics and global demand [2] Business Highlights - Polyurethane: Completed the expansion of the Fujian MDI project from 400,000 tons/year to 800,000 tons/year [2] - Petrochemicals: Key projects such as PDH, POCHP, EO, polyether, EOD, and storage facilities are in the pipeline pressure testing and cable laying stages, with ethylene phase II and Penglai phase I projects progressing [2] - New Materials: The first phase of the 200,000 tons/year POE project has commenced production, with emerging businesses like citral and fragrances advancing [2] Financial Performance - H1 2024 revenue reached 970.67 billion yuan, up 10.77% YoY, while net profit attributable to shareholders was 81.74 billion yuan, down 4.60% YoY [2] - 2024-2026 EPS forecasts are 6.27/7.51/8.50 yuan, with a 25-year PE ratio of 12.18x [2] - The company's market cap is 235.23 billion yuan, with a current price of 74.92 yuan [4] - Net debt ratio stands at 75.94%, with shareholder equity at 92.402 billion yuan and a P/B ratio of 2.5x [5] Market Performance - The stock has underperformed over the past 12 months, with a 20% decline in absolute terms and a 9% underperformance relative to the index [6] - The 52-week price range is 67.70-97.76 yuan [4] Financial Projections - Revenue is expected to grow from 200.603 billion yuan in 2024E to 271.841 billion yuan in 2026E, with net profit increasing from 19.683 billion yuan to 26.699 billion yuan over the same period [8] - ROE is projected to remain stable at around 19-20% from 2024E to 2026E [8] - The company's EV/EBITDA is forecasted to decline from 7.66x in 2024E to 5.80x in 2026E, indicating improving valuation metrics [8]

——华测检测 2024 半年报点评 股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 Q2 利润增速转正，生命科学检测稳增长 华测检测(300012) [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： | | 14.14 | | | 上次预测: | 14.14 | | [当前价格： Table_CurPrice] | | 11.60 | | --- | --- | --- | |----------|---------------------------|--------------------------| | | 徐乔威(分析师) | 张越(分析师) | | | 021-38676779 | 0755-23976385 | | | xuqiaowei023970@gtjas.c ...

股票研究 /[Table_Date] 2024.08.12 顺周期预期又起，保持长期格局估值视角 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|---------------------|---------------------|---------------------------| | | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | [Table_Report] 相关报告 本报告导读： 一线城市土地成交和收储政策催化顺周期预期，消费建材龙头长期估值与格局优势， 水泥常态化+差异化错 ...

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 [table_Authors] 王艳君(分析师) 021-38674633 wangyanjun022998@gtjas.com 登记编号 S0880520100002 本报告导读： 生猪：猪价继续上涨，聚焦兑现度高的α公司。种业：五部门联合发文，龙头企业 融资能力增强，自主创新能力再提高。 投资要点： [生猪：价格上涨，聚焦兑现度高的α公司。 Table_Summary] 猪价继续上涨。8 月 2 日~8 日生猪均价 20.43 元/Kg，环比上涨 0.87 元/kg。目前集团场处于降重趋势中，根据涌益咨询数据，8 月 2 日 ~8 日出栏体重 125.44kg，环比上升 0.38kg，150kg 以上出栏猪比重 持续上升。 标的聚焦，精选α。猪价自 5 月开始快涨，7 月高位平稳，8 月继续 上涨，我们认为二三季度养殖板块利润向好。上半年饲料粮如玉米、 豆粕价格持续下降，行业普遍养殖成本下行，而更重要的是寻找自 身管理能力强带来的内生性成本优势的公司。当前阶段我们认为应 优选业绩 ...