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 ...

商贸零售 证 券 研 究 报 告 2024 年 09 月 05 日 王府井 (600859) ——奥莱业务韧性较强，持续优化门店结构及运营 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 12.14 | | 一年内最高 / 最低（元） | 21.34/11.53 | | 市净率 | 0.7 1.65 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 13,275 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 17.39 | | | | | 资产负债率 % | 50.13 | | 总股本/流通 A 股（百万） | 1 ...

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） | ...

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a recovery in profitability and a stable revenue growth trend [5][7]. Core Insights - The computer industry reported a revenue growth of 7% year-on-year for the first half of 2024, while net profit decreased by 26%, primarily due to non-recurring losses [5][6]. - The report highlights that the industry is experiencing a recovery in profitability, with expectations for further improvement in the second half of 2024 [5][12]. - Key sectors such as cloud computing, AI, and secure controllability are showing higher levels of prosperity, while sectors like medical IT and financial IT are experiencing more subdued growth [17][18]. Summary by Sections Industry Performance - In H1 2024, the overall revenue growth for the computer industry was 7%, with operating costs increasing by 10%, leading to a decline in gross margin by 2 percentage points to 27% [5][7]. - The net profit growth rate for the industry was -26%, while the non-recurring net profit growth rate was -7%, indicating significant impacts from non-recurring losses [5][10]. Key Financial Metrics - The report indicates that the industry’s gross profit margin decreased from 29% in H1 2023 to 27% in H1 2024, while the total number of employees remained stable [7][10]. - The report also notes that the industry’s accounts receivable growth rate was 6%, and goodwill decreased by 11%, suggesting a reduction in historical burdens [10][12]. Sector Analysis - High-growth sectors include cloud computing, AI, and secure controllability, with cloud computing driven by hardware performance and AI showing stable revenue growth despite reliance on traditional business [17][18]. - Sectors with moderate growth include automotive IT and energy IT, while medical IT and financial IT are experiencing relatively flat growth due to limited IT budget expenditures from downstream clients [18][19]. Company Performance Distribution - The revenue growth rates among 328 companies in the computer industry showed a normal distribution, primarily concentrated between -16% and +14%, while net profit growth rates exhibited a "sandwich" distribution [15][17]. - Several key companies exceeded market expectations, indicating a shift from mainline investments to accumulating "differentiated" optimistic forces in the industry [6][12].

有色金属 证 券 研 究 报 告 2024 年 09 月 02 日 中金黄金 (600489) ——业绩符合预期，纱岭金矿建设持续推进 报告原因：有业绩公布需要点评 增持（维持） 投资要点： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 13.47 | | 一年内最高 / 最低（元） | 18.65/8.52 | | 市净率 | 2.5 | | 息率（分红/股价） | 2.98 | | 流通 A 股市值（百万元） | 65,293 | | 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. ...