Investment Rating - Buy (maintained) [4] Core Views - The company reported a 7 7% YoY increase in revenue to HKD 52 08 billion for the first half of 2024 while net profit attributable to shareholders decreased by 2 5% YoY to HKD 3 457 billion Excluding a one-time gain of HKD 694 million from the consolidation of Chongqing Gas the net profit increased by 21 2% YoY [4] - Retail natural gas sales volume reached 20 9 billion cubic meters up 5 3% YoY with residential industrial and commercial gas volumes increasing by 7 0% 3 7% and 8 1% respectively The company's gas sales gross margin improved by HKD 0 04 per cubic meter to HKD 0 54 per cubic meter [4] - The company's dual comprehensive businesses (comprehensive services and comprehensive energy) are growing rapidly with cumulative natural gas users reaching 58 836 million by 1H24 Distributed photovoltaic projects reached 208 with a total installed capacity of 273MW and distributed energy projects reached 3GW in installed capacity [4] - The company's capital expenditure decreased by 47 3% YoY to HKD 2 36 billion in 2023 leading to a significant increase in free cash flow to HKD 1 9 billion [4] Financial Performance - Revenue for 2024E is projected at HKD 107 041 billion with a YoY growth of 5 7% Net profit attributable to shareholders is expected to reach HKD 6 248 billion a 19 6% YoY increase [5] - EBITDA for 2024E is forecasted at HKD 14 592 billion up from HKD 12 7 billion in 2023 [6] - The company's PE ratio for 2024E is 9 5x with a PB ratio of 1 5x [5] Business Highlights - The company has expanded its resource channels with a 99 7% annual contract gas coverage rate and added 7 5 billion cubic meters of contracted gas volume in 2024 [4] - The company's gas source trading platform "Gas He Network" was launched in July 2024 enhancing its gas source bargaining and coordination capabilities [4] - The company's comprehensive energy business achieved a 54 6% YoY increase in energy sales volume to 1 49 billion kWh with a gross profit of HKD 160 million up 84 3% YoY [4] Market Position - The company's market capitalization stands at HKD 60 859 billion with a closing price of HKD 26 30 as of August 30 2024 [2] - The company's stock price has underperformed the HSCEI index by 21% over the past year [2]

交通运输 证 券 研 究 报 告 2024 年 08 月 31 日 京沪高铁 (601816) ——高铁客运维持高景气，业绩符合预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 5.43 | | 一年内最高/最低（元） | 5.88/4.63 | | 市净率 | 1.3 | | 息率（分红/股价） | 2.06 | | 流通 A 股市值（百万元） | 266,648 | | 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） | 3.99 | | 资产负债率 % 总 ...

上 市 公 司 证 券 研 究 报 告 基础化工 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 5.05 | | 一年内最高/最低（元） | 6.35/4.36 | | 市净率 | 0.8 | | 息率（分红/股价） | 1.64 | | 流通 A 股市值（百万元） | 10,425 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 6.64 | | 资产负债率 % | 41.43 | | 总股本/流通 A 股（百万） | 2,064/2,064 | | 流通 B 股 /H 股（百万） | -/- | 一年内股价与大盘对比走势 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's mid-year performance for 2024 slightly exceeded expectations, with a revenue of 9.6 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 4.75 billion yuan, a year-on-year increase of 0.4% [2] - The investment income has shown rapid growth, with a notable increase in the second quarter of 2024, where the net profit attributable to shareholders reached 2.59 billion yuan, reflecting a quarter-on-quarter increase of 20% [2] - The company is actively expanding its wealth management services, with a steady growth in client numbers and an optimized advisory system [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue by business line showed the following year-on-year changes: brokerage at 2.58 billion yuan (-12%), investment banking at 280 million yuan (-36%), asset management at 340 million yuan (-9%), net interest income at 470 million yuan (-50%), and investment income at 4.75 billion yuan (+21%) [2] - The total number of normal trading clients reached 18.43 million, a year-on-year increase of 7.53%, while the total client assets under custody were 3.60 trillion yuan, a decrease of 3.23% from the end of 2023 [2] Investment Banking - The company has improved its ranking in equity underwriting, with the underwriting scale for IPOs, refinancing, and debt financing in the first half of 2024 being 1.64 billion yuan, 7.26 billion yuan, and 172.1 billion yuan respectively, with market shares of 5.4%, 10.2%, and 2.8% [2] Asset Management - The total asset management scale reached 302.2 billion yuan, a growth of 2.48% from the end of 2023, with collective asset management business scale at 130.2 billion yuan, a year-on-year increase of 13% [2] Investment Analysis - The report has adjusted the profit forecast upwards, maintaining the "Outperform" rating, with expected net profits for 2024-2026 being 9.4 billion yuan, 10.65 billion yuan, and 11.74 billion yuan respectively, reflecting year-on-year growth rates of 7%, 13%, and 10% [2][3]

社会服务 证 券 研 究 报 告 2024 年 08 月 31 日 北京人力 (600861) ——上半年业绩稳健增长，外包业务保持高速增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 14.13 | | 一年内最高/最低（元） | 25.79/13.22 | | 市净率 | 1.3 | | 息率（分红 / 股价） | 3.43 | | 流通 A 股市值（百万元） | 5,180 | | 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） | 10.91 | | | | | 资产负债率 % | 57.51 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 2.865 billion yuan for the first half of 2024, representing a year-over-year increase of 9.16%. The net profit attributable to shareholders was 425 million yuan, up 3.43% year-over-year. In the second quarter of 2024, revenue reached 1.537 billion yuan, a year-over-year increase of 16.96%, and net profit was 244 million yuan, up 6.75% year-over-year [6][7]. - The company is experiencing strong demand in the automotive electronics and consumer electronics sectors, with overall orders and shipment volumes increasing year-over-year [6][7]. - The automotive electronics strategy is progressing steadily, with several products having passed automotive-grade reliability verification and others entering mass production [6][7]. - The company is enhancing its international market capabilities, with an increase in gross margin for overseas business, which rose to 45.62% in Q2 2024, up 3.74 percentage points from the previous year [6][7]. - The company is accelerating the development of third-generation semiconductors, with significant advancements in its 1200V SiC MOS platform [7]. Financial Summary - For the first half of 2024, the company achieved total revenue of 2.865 billion yuan, with a year-over-year growth rate of 9.2%. The projected revenue for 2024 is 6.159 billion yuan, with a growth rate of 13.8% [8]. - The net profit attributable to shareholders for 2024 is forecasted to be 951 million yuan, reflecting a year-over-year growth of 2.9% [8]. - The earnings per share for 2024 is estimated at 1.75 yuan, with a projected price-to-earnings ratio of 21 times [8].

上 市 公 司 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 公 司 研 究 / 公 司 点 评 | --- | --- | |-------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 18.48 | | 资产负债率 % 总股本/流通 A 股(百万) | 82.32 4,827/2,924 | | 流通 B 股/H 股（百万） | -/1,904 | | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 28.59 | | 一年内最高 / 最低（元） | 45.30/26.33 | | 市净率 | 1.5 | | 息率（分红/股价） | 0.63 | | 流通 A 股市值（百万元） | 83,584 | | 上证指数 ...

家用电器 证 券 研 究 报 告 2024 年 09 月 01 日 科沃斯 (603486) ——2024 年中报点评：利润表现亮眼，控费如期进行 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | | | | 收盘价（元） | 40.17 | | 一年内最高/最低（元） | 62.85/27.76 | | 市净率 | 3.4 | | 息率（分红/股价） | 0.75 | | 流通 A 股市值（百万元） | 22,865 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 11.91 | | | | | 资产负债率 % | 47.55 | | 总股本 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [7][8]. Core Insights - The company reported strong performance in Q2 2024, with revenue of 4.11 billion yuan, a year-on-year increase of 16.2%, and a net profit of 1.077 billion yuan, reflecting a significant year-on-year growth of 77.7% [7][8]. - The demand for semi-steel tires remains robust, contributing to the company's revenue growth, while full-steel tires face some pressure [7][8]. - The company is expanding its production capacity, particularly with the upcoming launch of its Morocco facility, which is expected to enhance its high-end product offerings and mitigate trade barriers [8][9]. Financial Data Summary - Total revenue for 2023 was 7.842 billion yuan, with projections of 9.747 billion yuan for 2024, representing a year-on-year growth rate of 24.3% [7][9]. - The net profit for 2023 was 1.369 billion yuan, with an expected increase to 2.308 billion yuan in 2024, indicating a growth rate of 68.7% [7][9]. - The gross margin improved to 33.2% in the first half of 2024, up from 25.2% in 2023, driven by product mix and tax rebate benefits [7][8]. Production and Sales Performance - In the first half of 2024, the company produced 16.09 million tires, a year-on-year increase of 18.9%, with semi-steel tire production reaching 15.6 million units [7][8]. - The sales volume for the first half of 2024 was 15.1 million tires, with semi-steel tire sales at 14.61 million units, reflecting a year-on-year increase of 10.35% [7][8]. - The second quarter saw a production of approximately 8.01 million tires, with semi-steel tire production estimated at 7.856 million units [7][8]. Future Outlook - The company expects to maintain its profit forecast for 2024-2026, with projected net profits of 2.31 billion yuan, 2.46 billion yuan, and 2.81 billion yuan respectively, corresponding to price-to-earnings ratios of approximately 10, 10, and 8 [8][9]. - The Morocco facility is anticipated to contribute significantly to production capacity and revenue starting in 2025, with initial orders already secured from North American clients [8][9].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 09 月 01 日 立高食品 (300973) ——奶油业务高增 冷冻烘焙承压 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 24.41 | | 一年内最高/最低（元） | 72.10/22.28 | | 市净率 息率（分红/股价） | 1.9 2.05 | | 流通 A 股市值（百万元） | 2,844 | | 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） | 13.19 | | | | | 资产负债率 % | 36 ...