Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088) due to its relatively stable performance and integrated operations [6][10][17]. Core Views - The report highlights that the decline in coal prices has pressured profits, but the company's integrated operations are expected to provide stable performance [6][10]. - The company reported a revenue of 168.08 billion yuan for the first half of 2024, a slight decrease of 0.81% year-on-year, and a net profit of 29.50 billion yuan, down 11.34% year-on-year [6][10]. - The coal production increased by 1.6% to 163.2 million tons, while sales volume rose by 5.4% to 229.7 million tons, despite a drop in selling prices [6][10][12]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1680.78 billion yuan, with a net profit of 295.04 billion yuan, and basic earnings per share of 1.485 yuan [6][10]. - The second quarter of 2024 saw a revenue of 804.31 billion yuan, a decrease of 8.23% from the first quarter, and a net profit of 136.20 billion yuan, down 14.25% quarter-on-quarter [6][10]. Coal Business - The coal segment reported a revenue of 1343.28 billion yuan in the first half of 2024, a decrease of 0.7% year-on-year, with a profit of 260.39 billion yuan [6][10]. - The average selling price of self-produced coal was 533 yuan per ton, down 4.8% year-on-year, while the cost increased by 3.3% to 309 yuan per ton [6][10][12]. Power Generation - The company generated 104.04 billion kWh of electricity in the first half of 2024, a growth of 3.8% year-on-year, with a sales volume of 97.89 billion kWh, up 3.9% [7][16]. - The revenue from power generation was 443.54 billion yuan, a slight increase of 0.4% year-on-year, but the profit decreased by 9.5% to 52.51 billion yuan [7][16]. Cost and Expenses - The company's operating expenses increased by 11.4% year-on-year to 59.62 billion yuan, with management expenses rising by 3.28% [7][10]. - Research and development expenses grew significantly by 36.16% to 9.79 billion yuan, reflecting increased investment in R&D [7][10]. Future Outlook - The transportation segment is expected to become a new growth point, with successful operations of heavy-load trains and significant infrastructure projects underway [7][10]. - The company holds a substantial cash reserve of 1959.09 billion yuan as of June 2024, indicating strong liquidity [17].

Investment Rating - The report upgrades the investment rating to "Buy" for the company [5][7]. Core Views - The express delivery industry is showing signs of price stabilization and continued high demand growth, indicating a rebound in the sector [5][28]. - The company is expected to experience a profit release period in 2024, driven by capacity enhancements and improved service efficiency [5][28]. - The report anticipates significant growth in the company's business volume and net profit over the next three years, with a projected compound annual growth rate (CAGR) of 30% for business volume in 2024 [5][7]. Summary by Sections Industry Overview - The express delivery industry saw a year-on-year volume growth of 19.4% in 2023, despite a decline in average prices by 4.33% [13][24]. - The supply side is tightening, with capital expenditures decreasing, leading to improved supply-demand dynamics and potential price stabilization [5][20]. Company Growth Potential - The company is focusing on enhancing its capacity and service quality, with significant investments in upgrading transfer centers [5][29]. - The market share is gradually increasing, and the company is expected to achieve a business volume of 228 billion, 273 billion, and 311 billion pieces from 2024 to 2026, respectively [5][7]. - The net profit forecast for 2024 is set at 1.006 billion, reflecting a year-on-year growth of 195.3% [6][7]. Financial Projections - The report projects total revenue for 2024 to be 49.62 billion, with a year-on-year growth rate of 21.3% [6][7]. - The expected earnings per share (EPS) for 2024 is 0.66 yuan, with a price-to-earnings (PE) ratio of 16x [6][7]. - The company is anticipated to maintain a high growth trajectory, with net profit expected to reach 1.685 billion by 2026 [6][7].

电子 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 2024 年 09 月 12 日 芯源微 (688037) ——化学清洗、划片机、键合机新品突破 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 11 日 | | 收盘价（元） | 58.20 | | 一年内最高/最低（元） | 168.88/56.18 | | 市净率 | 4.7 | | 息率（分红/股价） | 0.34 | | 流通 A 股市值（百万元） | 11,690 | | 上证指数/深证成指 | 2,721.80/8,105.38 | | | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 17.81 | | | | | 资产负债率 % | 46.52 | | 总股本/流通 ...

行 业 及 产 业 - 证 券 研 究 报 告 ⚫ 环保 2024 年 09 月 12 日 绿证及 CCER 明确二选一 看好 ——碳市场系列政策点评 本期投资提示： ⚫ 事件：9 月 11 日，国家能源局及环境部发布《关于做好可再生能源绿色电力证书与自 愿减排市场衔接工作的通知》（以下简称通知），推动绿证与 CCER 市场有效衔接。 ⚫ 通知设立两年过渡期，海风及光热可自主选择绿证或 CCER，以免重复获益。《通知》 设立 2 年过渡期，自 2024 年 10 月 1 日起生效，适用于 CCER 海上风电及光热发电方 法学的企业，可自主选择核发交易绿证或 CCER。光伏及其他风电暂不新纳入 CCER 市 场。过渡期后，综合绿证和自愿减排市场运行等情况，再适时调整。 ⚫ 此前绿证新政明确将所有可再生能源纳入绿证交易范围。2023 年 8 月 3 日国家能源局 等部门发布《关于做好可再生能源绿色电力证书全覆盖工作，促进可再生能源电力消费 的通知》（即"绿证新政"），文件将包括水电、分布式光伏在内的所有可再生能源纳 入绿证交易范围，实现绿证可再生能源全覆盖。但考虑到存量水电规模巨大，文件特别 规定存量常规水电项目 ...

证 券 研 究 报 告 需求结构分化，看好新一轮更替周期开启 机床刀具行业中报总结与投资展望 证券分析师：王珂 A0230521120002 李蕾 A0230519080008 刘建伟 A0230521100003 联系人： 苏萌 A 2024.9.11 投资要点 ◼ 上半年回顾： • 【收入端】弱复苏背景下，机床下游需求仍较弱；涨价等多因素带动刀具板块收入增长 • 【利润端】需求较弱+价格战，致机床板块业绩下降；受业务转型等因素影响，刀具业绩增长 承压 • 【费用端】期间费用率环比下降明显，同比略降 • 【盈利端】弱需背景下竞争加剧，盈利能力短期承压 ◼ 下半年展望 • 更新需求：政策周期+库存周期共振，看好存量替换及高端化需求 • 高端需求：五轴机床具备高效、高精加工特点，战略地位突出，国产替代进程加速 • 出口机遇：中端机床具备性价比优势，看好高端机床未来突破 ◼ 投资分析意见 • 数控机床推荐关注：数控系统：华中数控；五轴机床：豪迈科技、科德数控、拓斯达；加工 中心：纽威数控、海天精工、创世纪、秦川机床；车床：浙海德曼 • 刀具推荐关注：华锐精密、欧科亿、沃尔德、鼎泰高科 ◼ 风险提示 • 宏观经济增 ...

上 市 公 司 证 券 研 究 报 告 商贸零售 2024 年 09 月 11 日 居然之家 (000785) ——家居主业积极求变，数字化转型持续推进 报告原因：强调原有的投资评级 买入（维持） 投资要点： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（元） | 2.36 | | 一年内最高/最低（元） | 3.78/2.24 | | 市净率 | 0.7 | | 息率（分红/股价） | 2.63 | | 流通 A 股市值（百万元） | 14,063 | | 上证指数/深证成指 | 2,744.19/8,073.83 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company launched a medical large model named "CDx" on September 10, which aims to enhance the healthcare industry through various applications [3] - The model leverages a robust data foundation with nearly 100,000 data annotations, transforming clinical text records into fully structured data [3] - The "2B+2C" model includes solutions for hospitals and consumers, providing functionalities such as clinical assistance, medical record generation, and health management [3] - The company has initiated multiple applications across different scenarios, including health management AI robots and smart pharmacy upgrades [3] - The medical large model is positioned to address the imbalance in healthcare resources, enhancing decision-making for doctors and improving the diagnostic capabilities of lower-tier hospitals [3] Financial Summary - The company's total revenue for 2023 is projected at 9,147 million, with a slight decline expected in 2024 [4][6] - The net profit attributable to the parent company is forecasted to be 360 million in 2024, increasing to 610 million by 2026 [4][6] - The earnings per share are expected to rise from 0.60 in 2024 to 1.02 in 2026 [4][6] - The company’s gross margin is anticipated to improve gradually from 27.6% in 2024 to 28.5% in 2026 [4][6]

行 业 及 产 业 电子 行 业 研 究/ 行 业 深 度 证 券 研 究 报 告 2024 年 09 月 11 日 AI、半导体双引擎拉动，Q2 净利 yoy 高增 42% 看好 ——电子行业 2024 年中报回顾 相关研究 本期投资提示： 《7 月台股营收跟踪：台积、联电引领 Q3 高景气——20240817 电子行业周报》 2024/08/17 《苹果业绩超彭博预期，多款 AR 眼镜开 售—— 20240803 电子行业周报》 2024/08/03 ⚫ 电子行业 2Q24 营收同比增长 17.50%，增速表现远超其它行业，归母净利润同比高增 41.70%。电子行业 2Q24 营收同比增速全行业第一，归母净利润同比增速第三。从单季度业 绩增幅来看，2Q24 延续了今年一季度营收和利润的增长态势，进一步走出此前连续多个季度 的同比下降，营收方面，4Q23 增速转正，同比增长 3.6%，2Q24 同比增长 18%，已连续两 个季度实现同比两位数的增长。单季度净利润增速从 1Q24 转正，同比增长 75%，Q2 归母净 利润同比增长 41.70%。 证券分析师 杨海晏 A0230518070003 yanghy ...

hushou 行 业 及 产 业 美容护理 - 行 业 研 究/ 行 业 深 度 2024 年 09 月 11 日 国际集团在华失速，国货积极承接份额 看好 ——国际化妆品医美公司 24H1 业绩跟踪报告 本期投资提示： 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com 相关研究 ⚫ 2023 年全球美妆市场增速 8%，凸显全球美业蓬勃之势。全球市场分地区看，北亚、北 美市场呈现双足鼎立之势，各占据全球美容市场的 29%，两大地区合计占比接近 6 成。 欧洲市场占据 24%，传统成熟市场欧美及北亚合计占比超 8 成，仍为全球消费核心。分 品类来看，23 年占比 40%的护肤市场，为全球美容公司"兵家必争之地"。其次，头 皮护理市场全球占比高达 21%，位居第 2，成就宝洁、联合利华等国际集团，该市场也 正在引起国货美护公司重视。 ⚫ 业绩趋势整体向好，预计 24 年 ...

上 市 公 司 证 券 研 究 报 告 轻工制造 公 司 研 究/ 公 司 点 评 09-1110-1111-1112-1101-1102-1103-1104-1105-1106-1107-1108-11 -40% -30% -20% -10% 0% 10% 20% 博汇纸业 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（元） | 3.81 | | 一年内最高 / 最低（元） | 7.17/3.73 | | 市净率 | 0.8 | | 息率（分红 / 股价） | 0.77 | | 流通 A 股市值（百万元） | 5,093 | | 上证指数 / 深证成指 | 2,744.19/8,073.83 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------------------- ...