上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 09 月 01 日 千禾味业 (603027) ——24Q2 短期承压 主动调整 静待改善 | --- | --- | |-------------------------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 13.47 | | 一年内最高/最低（元） | 18.41/12.61 | | 市净率 | 3.8 3.71 | | 息率（分红/股价） | 12,948 | | 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） | 3.31 | | 资 ...

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 09 月 01 日 中国核电 (601985) ——经营稳定降费增效 核准加速成长广阔 | --- | --- | |------------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 10.94 | | 一年内最高/最低（元） | 12.29/6.87 | | 市净率 息率（分红 / 股价） | 2.2 1.78 | | 流通 A 股市值（百万元） | 206,583 | | 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） | 4.89 | | 资产负债率 % | 71 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported a revenue of 1.506 billion yuan for H1 2024, representing a year-over-year increase of 81.8%, with a net profit of 122 million yuan, up 27.3% year-over-year [4][5]. - The company is a leading provider of precision components for semiconductor equipment in China, with significant growth across all product categories in H1 2024 [4][5]. - The global semiconductor equipment demand is recovering, with the company's revenue from mainland China doubling year-over-year in H1 2024 [5]. - The company is expanding its production capacity both domestically and internationally, with new factories planned in Nantong and Beijing, and subsidiaries established in Singapore and the USA [5]. - Profit margins are expected to improve as the company transitions from a capital investment phase to a production phase, supported by a stock incentive plan [5]. - The profit forecast for 2024 has been adjusted downwards from 310 million yuan to 290 million yuan due to increased management costs and reduced investment income expectations, while maintaining profit forecasts for 2025 and 2026 [5]. Financial Summary - The total revenue for 2024 is projected to be 3.106 billion yuan, with a year-over-year growth rate of 50.4% [6]. - The net profit for 2024 is estimated at 293 million yuan, reflecting a growth rate of 73.7% [6]. - The earnings per share for 2024 is expected to be 0.95 yuan [6]. - The gross margin for H1 2024 is reported at 26.3% [4][6]. - The return on equity (ROE) for 2024 is projected to be 6.1% [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 49.632 billion, a year-on-year decline of 3.21%, and a net profit attributable to shareholders of 3.706 billion, a year-on-year increase of 3.24% [5][6]. - The report highlights a recovery in earth-moving machinery, with overseas demand remaining relatively strong [6][7]. - The gross margin remained stable at 22.89%, while the net margin slightly improved to 7.52% [7]. - The company is expanding its high-end product offerings, with revenue from high-end products growing over 10% year-on-year [7]. - Profit forecasts have been adjusted downward due to macroeconomic fluctuations and industry demand uncertainties, with projected net profits for 2024-2026 being 6.436 billion, 7.653 billion, and 9.211 billion respectively [6][7]. Summary by Sections Market Data - Closing price: 6.36 yuan - One-year high/low: 8.14/4.91 yuan - Market capitalization: 51,644 million yuan [2]. Financial Data - Net asset per share: 5.05 yuan - Debt-to-asset ratio: 63.27% [3]. Revenue Breakdown - Total revenue for the first half of 2024: 49.632 billion, with a year-on-year decline of 3.21% - Q2 revenue: 25.458 billion, a year-on-year decline of 7.04% [5][6]. - Revenue by product: Earth-moving machinery: 13.908 billion (up 6.98%), lifting machinery: 10.096 billion (down 15.23%), and concrete machinery: 5.156 billion (down 3.45%) [6]. - Domestic revenue: 27.731 billion (down 8.72%), overseas revenue: 21.901 billion (up 4.80%) [6]. Profitability Metrics - Gross margin: 22.89%, net margin: 7.52% [7]. - Year-on-year changes in gross margin by product: Earth-moving machinery: 27.17% (down 1.66pct), lifting machinery: 21.46% (up 0.12pct) [7]. Future Projections - Projected total revenue for 2024: 93.228 billion, with a slight year-on-year increase of 0.4% [8]. - Projected net profit for 2024: 6.436 billion, with a year-on-year increase of 20.8% [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is under short-term pressure due to high base effects from previous periods, particularly from the "Ma Xiao" investment and "Deng Kang" oral care business, which have impacted profits [4] - The company is actively increasing promotional efforts to drive sales, with a focus on enhancing product offerings and optimizing supply chains [4] - The report anticipates a recovery in performance in the second half of the year as the impact of short-term base disturbances diminishes [4] Summary by Relevant Sections Market Data - Closing price as of August 30, 2024, is 17.66 yuan - The highest and lowest prices in the past year are 34.57 yuan and 16.91 yuan respectively - The price-to-book ratio is 1.1, and the dividend yield is 7.68% [1] Financial Performance - For the first half of 2024, the company reported revenue of 8.98 billion yuan, a year-on-year decrease of 12% - The net profit attributable to shareholders for the same period was 712 million yuan, down 21% year-on-year [4][5] - The company’s gross margin improved to 26.65% in the first half of 2024, an increase of 0.74 percentage points year-on-year [4] Sales and Promotions - The company conducted 50 promotional events in the first half of 2024, which collectively drove sales of 6.58 billion yuan - The first "611 Department Store Festival" saw a 12% increase in customer traffic, contributing 1.05 billion yuan to sales [4] Future Projections - The report adjusts profit forecasts for 2024 and 2025, projecting net profits of 1.366 billion yuan and 1.492 billion yuan respectively, with corresponding price-to-earnings ratios of 6 and 5 times [4][5] - The company is exploring new retail models, including "fresh + discount" supermarkets, which have shown promising early results [4]

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 09 月 01 日 长江电力 (600900) ——电量高发蓄水充足 财务费用显著减少 | --- | --- | |-------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 29.38 | | 一年内最高 / 最低（元） | 31.44/21.58 | | 市净率 | 3.5 | | | 2.79 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） 上证指数 / 深证成指 | 705,333 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 | | ...

美容护理 证 券 研 究 报 告 2024 年 09 月 01 日 芭薇股份 (837023) ——大客户战略持续兑现，海外市场多点开花 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 9.39 | | 一年内最高 / 最低（元） | 19.97/9.28 | | 市净率 | 2.2 | | 息率（分红/股价） | 2.13 | | 流通 A 股市值（百万元） | 307 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 4.29 | | 资产负债率 % | 48.24 | | 总股本 /流通 A 股（百万） | 86/33 | | 流通 B 股/H 股（百万） ...

计算机 证 券 研 究 报 告 2024 年 09 月 04 日 卫宁健康 (300253) ——利润端改善，互联网健康业务重回增长赛道！ | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 04 日 | | 收盘价（元） | 5.21 | | 一年内最高/最低（元） | 8.38/5.11 | | 市净率 | 2.0 | | 息率（分红/股价） | 0.38 | | 流通 A 股市值（百万元） | 9,698 | | 上证指数/深证成指 | 2,784.28/8,226.24 | | 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） | 2.62 | | 资产负债率 % | 32.01 | ...

上 市 公 司 证 券 研 究 报 告 汽车 2024 年 09 月 04 日 岱美股份 (603730) ——半年报符合预期，关注产品集成化趋势 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 04 日 | | 收盘价（元） | 9.12 | | 一年内最高/最低（元） | 18.69/8.18 | | 市净率 | 3.5 | | 息率（分红/股价） | 4.39 | | 流通 A 股市值（百万元） | 15,073 | | 上证指数/深证成指 | 2,784.28/8,226.24 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | 2.63 | | 每股净资产（元） | | | 资产负债率 % | 34.64 | | 总股本 /流通 A 股（百万） | ...

Investment Rating - The report maintains a "Positive" rating for the construction industry, indicating optimism for improvement in operations in the second half of 2024 [5][7]. Core Insights - The construction industry experienced a decline in revenue and profit in the first half of 2024, with total revenue of CNY 3.97 trillion, down 2.7% year-on-year, and net profit of CNY 933 billion, down 11.1% year-on-year [4][11]. - The industry is expected to see operational improvements in the latter half of 2024, driven by strong economic growth targets and increased infrastructure investment [5][7]. - The report highlights that the industry is focusing on enhancing asset quality rather than aggressive growth, influenced by local government debt pressures and a downturn in the real estate sector [4][11]. Summary by Sections 1. Financial Overview of the Construction Industry - In 2024H1, the construction industry reported a revenue of CNY 3.97 trillion, with a year-on-year decrease of 2.7%, and a net profit of CNY 933 billion, down 11.1% [4][11]. - The quarterly breakdown shows Q1 revenue at CNY 1.96 trillion (+2.0% YoY) and Q2 at CNY 2.01 trillion (-6.9% YoY) [4][11]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry decreased by 0.55 percentage points in 2024H1, with state-owned enterprises experiencing a decline of 0.45 percentage points [21][22]. 3. Profitability Metrics - The industry’s gross margin improved to 10.1%, up 0.2 percentage points year-on-year, while the net margin decreased to 2.35%, down 0.22 percentage points [4][11][24]. - The report notes that the decline in net margin is primarily due to increased expense ratios and higher impairment provisions [4][11]. 4. Cash Flow Analysis - The industry faced a significant cash outflow, with operating cash flow netting CNY 4,906 billion, a year-on-year increase in outflow of CNY 2,761 billion [4][16]. - The cash collection ratio for Q1 was 102% and for Q2 was 75%, indicating a decline in payment capabilities from clients [4][16]. 5. Investment Recommendations - The report recommends focusing on state-owned enterprises such as China Railway and China State Construction, highlighting their competitive advantages and potential for value [5][7]. - It also suggests monitoring companies like China Communications Construction and China Metallurgical Group for investment opportunities [5][7].