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 ...

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） ...