机械设备 证 券 研 究 报 告 2024 年 09 月 01 日 奥普特 (688686) —— 下游需求复苏在即，新品推出值得期待 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 51.84 | | 一年内最高 / 最低（元） | 119.67/47.50 | | 市净率 | 2.2 | | 息率（分红/股价） | 1.02 | | 流通 A 股市值（百万元） | 6,337 | | 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） | 23.96 | | | | | 资产负债率 % | 8.65 | | 总股本 /流通 A 股（百万） | 12 ...

上 市 公 司 基础化工 证 券 研 究 报 告 2024 年 09 月 01 日 昊华科技 (600378) —— 24Q2 业绩环比改善显著，看好中化蓝天并表后制 冷剂业绩弹性 | --- | --- | --- | |--------------|------------------------------------|-------------------------------| | 市场数据： | | 2024 年 08 月 30 日 | | 收盘价（元） | | 26.91 | | | 一年内最高/最低（元） | 35.15/23.51 | | 市净率 | | 3.4 | | | 息率（分红/股价） | 1.29 | | 流通 A | 股市值（百万元） | 24,325 | | 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 ...

上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 09 月 01 日 恒立液压 (601100) ——24H1 业绩超预期，非挖产品表现突出 | --- | --- | |------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 51.00 | | 一年内最高/最低（元） | 68.11/41.55 | | 市净率 息率（分红 / 股价） | 4.7 1.37 | | 流通 A 股市值（百万元） | 68,382 | | 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） | 10.93 | | | | | 资产负债率 % | 22.30 | | 总股本/流通 A 股（百万） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][4]. Core Insights - The company reported a significant improvement in cash flow and exceeded profit expectations for Q2 2024, with a net profit of 1.088 billion yuan, representing a year-over-year increase of 4.33% [1][2]. - Revenue for H1 2024 was 4.957 billion yuan, down 8.54% year-over-year, primarily due to the execution of large overseas EPC orders in 2023 and delays in shipping affecting revenue recognition [1][2]. - The company has a strong order backlog, with new orders amounting to 7.179 billion yuan in H1 2024, an increase of 18.92% year-over-year, and a total order value of 9.191 billion yuan, up 21.75% from the beginning of the year [2]. Revenue and Profitability - H1 2024 revenue breakdown shows that oilfield services and equipment accounted for 4.163 billion yuan, maintaining a stable contribution, while oilfield engineering and equipment revenue dropped significantly [1][2]. - The gross margin improved to 35.83% in H1 2024, up 0.15 percentage points year-over-year, contributing to the positive net profit growth despite a decrease in foreign exchange gains [2][4]. Shareholder Returns - The company is committed to shareholder returns, having repurchased 5.8736 million shares, representing 0.57% of total shares, and proposed a cash dividend of 1.2 yuan per 10 shares for the first time as a mid-year dividend [2][4]. Future Outlook - The company is expected to maintain strong profitability with projected net profits of 2.793 billion yuan, 3.263 billion yuan, and 3.827 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 9, and 8, indicating a favorable valuation [2][4].

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 01 日 中国船舶 (600150) ——业绩符合预期，利润弹性逐步验证 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：中国船舶发布 2024 半年报。2024H1 营收 360.17 亿元，同比+18.0%，归母净利 润 14.12 亿元，同比+155.3%，扣非归母净利润 11.98 亿元，同比由负转正。2024Q2 营 收 207.46 亿元，同比-3.42%，归母净利润 10.11 亿元，同比+98.43%，扣非归母净利润 8.60 亿元，同比由负转正，环比+154.14%。中报业绩位于预增公告（13.5 亿-15 亿）中 值附近，符合预期。 ⚫ 交付：高价订单渐入密集交付期，对应钢价成本低于同期。据中报，上半年公司交付民船 48 艘/403.5 万 dwt，同比增加 10 艘/3.2%，吨位数完成年计划的 59.9%。据克拉克森， 公司四家控股船厂在 2024Q2 共交付民船 22 艘/78.57 万 CGT，除一艘 LNG 船外，其余 签单时间区间为 2021 年 3 月-2022 年 11 月。2024Q ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's plasma collection volume continues to grow, and profitability has significantly improved [4] - Product structure optimization, especially the increased profitability from chromatographic intravenous immunoglobulin (IVIG) [4] - The company is actively expanding plasma resources through both internal and external means, including the acquisition of CSL's subsidiary Zhongyuan Ruide, which adds 5 operational plasma collection stations [4] - The company is continuously enriching its product pipeline, which is expected to further enhance profit per ton of plasma [5] - The company is expected to achieve net profits of 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.68, 0.81, and 0.95 yuan [5] Financial Performance - In H1 2024, the company achieved revenue of 2.841 billion yuan (YoY +5.59%), net profit attributable to the parent company of 726 million yuan (YoY +28.10%), and non-GAAP net profit of 723 million yuan (YoY +29.35%) [4] - In Q2 2024, the company achieved revenue of 1.619 billion yuan (YoY +15.76%), net profit attributable to the parent company of 409 million yuan (YoY +34.28%), and non-GAAP net profit of 410 million yuan (YoY +33.93%) [4] - The company's gross margin in H1 2024 was 55.67% (YoY +7.13ppt), driven by high demand for products like IVIG and the sales of newly approved chromatographic IVIG [4] Product Line and Profitability - Human albumin revenue in H1 2024 was 1.114 billion yuan (YoY -6.93%), with a gross margin of 52.63% (YoY +8.41ppt) [4] - IVIG (including chromatographic) revenue in H1 2024 was 1.339 billion yuan (YoY +21.97%), with a gross margin of 57.49% (YoY +11.42ppt) [4] - Other blood products revenue in H1 2024 was 378 million yuan (YoY -2.56%), with a gross margin of 58.07% (YoY -10.34ppt) [4] - The company's product pipeline is being enriched with new products like human fibrinogen and recombinant coagulation factors, which are expected to boost profit per ton of plasma [5] Plasma Collection and Expansion - The company has 102 plasma collection stations across 16 provinces/regions, with 80 operational stations [4] - Plasma collection in H1 2024 reached 1,294 tons (YoY +15.02%), accounting for approximately 20% of the domestic industry's total plasma collection [4] - The acquisition of Zhongyuan Ruide adds 5 operational plasma collection stations and a new blood product production facility, further enhancing the company's competitive position in the blood products industry [4] Future Projections - The company is expected to achieve revenue of 6.206 billion, 7.353 billion, and 8.564 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.8%, 18.5%, and 16.5% [6] - Net profit attributable to the parent company is projected to be 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 20.8%, 19.9%, and 17.0% [6] - EPS is expected to be 0.68, 0.81, and 0.95 yuan in 2024, 2025, and 2026, respectively [6]

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 09 月 01 日 康乐卫士 (833575) ——研发持续推进，核心产品渐入收获期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 16.10 | | 一年内最高/最低（元） | 31.60/14.50 | | 市净率 | 6.3 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 3,008 | | 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） | 2.57 | | | | | 资产负债率 % | 52.09 | | 总股本/流通 A 股（百万） | 281 ...

上 市 公 司 食品饮料 证 券 研 究 报 告 2024 年 09 月 01 日 古井贡酒 (000596) ——24H1 点评：业绩符合预期，产品结构继续提升 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 172.02 | | 一年内最高/最低（元） | 298.88/156.64 | | 市净率 | 3.9 | | 息率（分红/股价） | 2.62 | | 流通 A 股市值（百万元） | 70,287 | | 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） | 42.98 | | 资产负债率 % | 35.10 | | 总股本 /流通 A 股（百万） ...

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 09 月 01 日 润丰股份 (301035) —— 汇兑影响致 24Q2 业绩承压，战略规划稳步推进带 来长期增长动力 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 2024 年中报：报告期内，公司实现营收 56.82 亿元（YoY+13%），实现归母净利润 1.82 亿元（YoY-57%），实现扣非归母净利润 1.76 亿元（YoY-58%）。其中，24Q2 单季度实现营收 29.89 亿元（YoY+6%，QoQ+11%），实现归母净利润 0.29 亿元（YoY-88%，QoQ-81%），实现扣非 归母净利润 0.25 亿元（YoY-90%，QoQ-84%），业绩不及预期。24Q2 公司销售毛利率 20.34%， 同、环比分别变动-2.10ct、-0.24pct，净利率 1.71%，同、环比分别变动-7.48pct、-4.43pct。费用 方面，24Q2 由于巴西、阿根廷等主要市场汇率影响产生汇兑损失 2.58 亿元，单季度财务费用大幅增 长至 2.37 亿元，极大拖累了公司业绩。公司拟定 2024 年半年度利润分配方案 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 24.535 billion yuan for the first half of 2024, a year-on-year increase of 1.91%, with a net profit attributable to the parent company of 2.288 billion yuan, up 12.15% year-on-year [5][6] - The performance aligns with expectations despite a decline in revenue and net profit in Q2 compared to the previous year [5][6] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.90% year-on-year, while domestic revenue decreased by 20.48% [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan [5][6] - The second quarter revenue was 12.762 billion yuan, down 6.50% year-on-year, while net profit was 1.372 billion yuan, up 11.56% year-on-year [5][6] - The company’s gross margin for the first half was 28.31%, an increase of 0.41 percentage points year-on-year [6] Product and Market Performance - The company’s product lines showed varied performance, with agricultural machinery and earth-moving machinery seeing significant growth, while crane and concrete machinery experienced declines [6] - New product launches in the renewable energy sector included 22 new models, contributing to a substantial increase in agricultural machinery sales, which grew over 112% year-on-year [6] Profitability and Forecast - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.242 billion, 5.394 billion, and 6.686 billion yuan respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio of 13X, 10X, and 8X for 2024-2026, indicating a relatively low valuation compared to peers [6]