行 业 及 产 业 证 券 研 究 报 告 非银金融 行 业 研 究/ 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 2024 年 09 月 06 日 看好同一实际控制人旗下券商整合 看好 ——国泰君安&海通证券筹划吸收合并公告点评 事件：2024/9/5，国泰君安&海通证券共同发布关于筹划重大资产重组的停牌公告。国泰 君安与海通证券签署《合作协议》，筹划由国泰君安通过向海通证券全体 A/H 换股股东发行 股票方式吸收合并海通证券，并发行 A 股股票募集配套资金，两家券商均将于 9 月 6 日停 牌，预计停牌日期不超过 25 个交易日。 ⚫ 响应新"国九条"推动头部证券公司做优做强导向，优化上海金融国资布局。响应政 策：继 2023 年 10 月末中央金融工作会议确定"培育一流投资银行和投资机构"的基 调，2024/3/15，证监会四箭齐发，其中明确提出证券行业发展 ...

研 究 策 略 申 购 策 略 证 券 研 究 报 告 - 新股申购 2024 年 09 月 06 日 合合信息：行业知名的 AI 与大数据 科技企业，C 端与 B 端协同发力 ——注册制新股纵览 20240906 本期投资提示： 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com ⚫ AHP 得分——剔除流动性溢价因素后，合合信息 2.46 分，位于总分的 40.3%分位。合合 信息于 2024 年 9 月 5 日招股，将在科创板上市。剔除流动性溢价因素后，我们测算合合信 息 AHP 得分为 2.46 分，位于科创体系 AHP 模型总分 40.3%分位，处于中游偏下水平。考 虑流动性溢价因素后，我们测算合合信息 A ...

策 略 研 究 申 购 策 略 证 券 研 究 报 告 新股研究 2024 年 09 月 06 日 无线传媒：河北 IPTV 独家运营商， 发展云平台拓宽业务边界 ——注册制新股纵览 20240906 投资提示： ⚫ AHP 得分——剔除流动性溢价因素后，无线传媒 1.59 分，位于总分的 21.3%分位。无线 传媒于 2024 年 9 月 5 日招股，将在创业板上市。剔除流动性溢价因素后，我们测算无线传 媒 AHP 得分为 1.59 分，位于非科创体系 AHP 模型总分 21.3%分位，处于下游偏上水平。 考虑流动性溢价因素后，我们测算无线传媒 AHP 得分为 2.19 分，位于非科创体系 AHP 模 型总分的 38.6%分位，处于中游偏上水平。假设以 95%入围率计，中性预期情形下，无线 传媒网下 A、B 两类配售对象的配售比例分别是：0.0337%、0.0205%。 ⚫ 河北 IPTV 独家运营商，用户超 1500 万户。无线传媒主营 IPTV 集成播控服务，是河北省 三网融合内容集成播控平台唯一运营机构。目前，公司 IPTV 集成播控平台直播频道扩充至 360 多路，点播内容存储容量达 2,000TB ...

公用事业 证 券 研 究 报 告 - 2024 年 09 月 01 日 深圳燃气 (601139) ——顺价落地毛差修复 海气贸易迎新增长 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 6.52 | | 一年内最高 / 最低（元） | 8.04/5.84 | | 市净率 | 1.3 | | | 2.45 | | 息率（分红 / 股价） | 18,756 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,842.21/8,348.48 | | 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 | | 每股净资产（元） | 5.08 | | 资产负债率 % | 59. ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a revenue of 1.834 billion yuan for the first half of 2024, representing a year-on-year increase of 3.86%, while the net profit attributable to shareholders was 422 million yuan, a decrease of 6.96% year-on-year [6] - The decline in profit is primarily attributed to a significant increase in depreciation, which led to a 7 percentage point drop in gross margin, with a gross margin of 42.68% for the first half of 2024 [6][7] - The company has seen an 8.31% increase in waste incineration processing volume, with a capacity utilization rate of approximately 71% [6] - Free cash flow has significantly improved from 76 million yuan in the first half of 2023 to 500 million yuan in the first half of 2024, driven by a decrease in capital expenditures [7] Summary by Sections Market Data - Closing price: 13.42 yuan - One-year high/low: 24.52/12.10 yuan - Price-to-book ratio: 1.2 - Dividend yield: 3.87% - Circulating A-share market value: 2,013 million yuan [2] Financial Data - Net asset per share: 11.22 yuan - Asset-liability ratio: 58.78% - Total shares/ circulating A shares: 900 million/150 million [3] Performance Comparison - The company's stock price has shown a significant divergence from the market index over the past year [4] Revenue and Profit Forecast - Projected total revenue for 2024 is 3.728 billion yuan, with a year-on-year growth rate of 5.4% [8] - Projected net profit for 2024 is 836 million yuan, with a year-on-year growth rate of 13.8% [8] Operational Highlights - The company operates 14 waste incineration power generation projects with a total capacity of 32,000 tons per day, processing 4.1756 million tons of waste in the first half of 2024 [6] - The biomass project has seen a 35% increase in waste processing volume, with a capacity utilization rate of 78% [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Insights - The company reported better-than-expected performance in its 2024 interim results, with a revenue of 1.207 billion yuan, a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 285 million yuan, up 41.8% [5][6]. - The growth in revenue is attributed to the steady expansion of new customers, new products, and new channels, with significant contributions from smart electric sofas and beds [5]. - Profitability improved due to enhanced gross margins driven by supply chain integration and product structure optimization, with a gross margin of 33.2% in H1 2024, an increase of 1.8 percentage points year-on-year [5][6]. Financial Summary - Total revenue for 2024 is projected to reach 2.471 billion yuan, with a year-on-year growth rate of 28.6% [6]. - The net profit for 2024 is estimated at 527 million yuan, reflecting a growth rate of 29.3% compared to the previous year [6]. - The company’s earnings per share (EPS) for 2024 is forecasted to be 3.17 yuan, with a projected price-to-earnings (PE) ratio of 16 times [6][8].

上 市 公 司 汽车 证 券 研 究 报 告 2024 年 09 月 05 日 爱柯迪 (600933) ——Q2 利润端略微承压，不改公司全球化和优秀管理的 核心基石 报告原因：有业绩公布需要点评 买入（维持）资要点：公司发布 2024 年半年报，2024 年上半年实现营业收入 32.49 亿元，同比+22.9%； 实现归母净利润 4.50 亿元，同比+13.6%。分季度看，公司 24Q2 实现营收 16.07 亿元，同环 比+15.9%/-2.1%；实现归母净利润 2.18 亿元，同环比-3.8%/-6.0%。 ⚫ Q2 受到原材料等因素影响，毛利率同环比下滑。24 年上半年公司营收 32.49 亿元，同比 +22.9%；单季度来看，公司 Q2 实现营收 16.07 亿元，同环比+15.9%/-2.1%；实现归母 净利润 2.18 亿元，同环比-3.8%/-6.0%，其中净利润端下滑主要是毛利率、费用端都受到 一定外界程度影响：Q2 毛利率 27.7%，同环比-0.9pct/-2.0pct，环比下滑主要因为 1） 铝锭成本上升，调价滞后；2）收入下滑，固定成本占比增加；Q2 公司费用率 13.0%，同 比 ...

社会服务 证 券 研 究 报 告 2024 年 09 月 05 日 中青旅 (600138) ——乌镇客流提升，关注中期利润释放弹性 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 9.37 | | 一年内最高 / 最低（元） | 12.83/8.88 | | 市净率 | 1.1 | | 息率（分红/股价） | 0.91 | | 流通 A 股市值（百万元） | 6,782 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | 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 | | | 8.60 | | 每股净资产（元） | | | 资产负债率 % | 50.53 | | 总股本/流通 ...

Investment Rating - The report maintains a "Buy" rating for Wangfujing (600859), indicating an expected upside of over 20% based on the current stock price and future earnings projections [8]. Core Views - The company's performance in the first half of 2024 was below expectations, with total revenue of 6.035 billion yuan, a year-on-year decline of 5.4%, and a net profit attributable to shareholders of 293 million yuan, down 43.4% [8]. - The company is focusing on optimizing its store structure and operations, with a strong resilience in its outlet business and growth in the duty-free segment, supported by favorable policies [8]. - The company has decided to terminate its supermarket business to focus on more promising segments, with revenue from various business lines showing mixed results [8]. Financial Summary - Total revenue for 2023 was 12.224 billion yuan, with projections of 11.517 billion yuan for 2024, 12.134 billion yuan for 2025, and 13.594 billion yuan for 2026 [9]. - The net profit attributable to shareholders for 2023 was 709 million yuan, with forecasts of 749 million yuan for 2024, 860 million yuan for 2025, and 975 million yuan for 2026 [9]. - The company's gross margin is projected to decline from 41.8% in 2023 to 38.5% in 2024 and remain stable thereafter [8]. Business Developments - The company is actively optimizing its store structure and has several key projects underway, including new shopping centers set to open in 2024 [8]. - The duty-free business is expected to benefit from new policies effective October 1, 2024, which aim to promote the healthy development of city duty-free stores [8]. - The company is enhancing its e-commerce model, with increasing online traffic and user numbers, and is adjusting its product mix based on market demand [8].

社会服务 2024 年 09 月 05 日 科锐国际 (300662) ——灵活用工业务稳健增长，盈利表现短期承压 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 04 日 | | 收盘价（元） | 13.26 | | 一年内最高/最低（元） | 35.35/12.54 | | 市净率 | | | 息率（分红/股价） | 1.4 0.60 | | 流通 A 股市值（百万元） | 2,603 | | 上证指数/深证成指 | 2,784.28/8,226.24 | | | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.52 | | | | | 资产负债率 % | 48.45 | | 总股本/流通 A 股（百万） | ...