Industry Investment Rating - The report maintains a **positive outlook** on the computer industry, particularly highlighting the growth potential in cloud computing, AI, and security sectors [3][6] Core Views - The computer industry in 2024H1 showed **steady revenue growth** with a 7% YoY increase, while net profit declined by 26% due to external factors, though non-GAAP net profit only fell by 7% [3][6] - Cloud computing, AI, and security sectors are identified as **high-growth areas**, with cloud computing driven by hardware performance and AI software companies showing steady growth despite reliance on traditional businesses [3][6] - **Black Sesame**, a leading domestic autonomous driving solution provider, has successfully listed on the Hong Kong Stock Exchange and released its first post-IPO financial report, showcasing its strong position in the autonomous driving chip market [3][15] Company Updates - **Dream Database**: Reported a 22.4% YoY revenue increase in 2024H1, with net profit up 40.7%, benefiting from the ongoing replacement of legacy databases in the domestic market [22] - **Foxit Software**: Achieved an 18% YoY revenue growth in 2024H1, with subscription revenue growing by 67.8%, indicating a successful transition to a subscription-based model [23] - **Runda Medical**: Collaborated with Huawei Cloud and Meinian Health to launch an AI health management robot, "Health Xiaomei," which is expected to contribute significantly to revenue in 2024 [25][26] Industry Performance and Trends - The computer industry's **gross margin** declined by 2 percentage points in 2024H1, but leading companies showed a recovery in gross margins, indicating a potential turnaround in the industry's fundamentals [6] - **Leading indicators** such as accounts receivable growth (0%) and prepayment growth (+3%) suggest a positive outlook for the industry in the second half of 2024 [6] - The **cloud computing** sector is expected to see continued growth, driven by server demand and the gradual integration of AI, though the full impact of AI on the sector is yet to be realized [12] Autonomous Driving and Chip Development - **Black Sesame** has developed a comprehensive product line for autonomous driving chips, including the **Hua Shan A1000** series, which supports L2+/L3 autonomous driving, and the upcoming **Hua Shan A2000**, targeting L3+ scenarios [15][18] - The company's **Wu Dang C1200** cross-domain fusion chip is designed to integrate autonomous driving and smart cockpit functionalities, with mass production expected by 2025 [19] - Black Sesame's market share in China's autonomous driving chip sector increased to 7.2% in 2023, up from 5.2% in 2022, solidifying its position as the second-largest domestic chip provider [20] Key Investment Themes - **Digital Economy Leaders**: Companies like Hikvision, Kingsoft Office, and Hundsun Electronics are expected to benefit from the ongoing digital transformation [28] - **AIGC Applications**: Companies such as Kingsoft Office, Foxit Software, and Runda Medical are leveraging AI to drive growth, with significant revenue contributions expected from AI-driven products [29] - **AIGC Computing Power**: Firms like Inspur, Hygon, and Sugon are positioned to benefit from the increasing demand for AI computing power [30] - **Data Elements**: Companies including Tax Friend, Boss Software, and Shanghai Steel Union are expected to capitalize on the growing importance of data in various industries [30]

Investment Rating - The report maintains a positive outlook on the domestic large aircraft industry, particularly the C919 aircraft, which is expected to disrupt the Boeing-Airbus duopoly [4]. Core Insights - The C919 is set to enter mass production, with over 1,700 confirmed and intended orders, and a production capacity target of 150 aircraft per year within five years [4][7]. - The Chinese aviation market is projected to reach a trillion-dollar value over the next twenty years, with the Commercial Aircraft Corporation of China (COMAC) positioned to become the world's third-largest supplier [4][7]. - The large aircraft supply chain consists of three main segments: engines, airframe structures, and onboard systems, with specific companies recommended for investment in each segment [6][7]. Summary by Sections 1. Large Aircraft: A Dual Symbol of Technological Frontiers and Economic Value - The large aircraft industry is characterized by high economic and technological spillover effects, with significant strategic importance [16][18]. - The industry is dominated by Boeing and Airbus, which together hold over 90% of the market share [25][27]. 2. Domestic and International Demand Maintains High Prosperity - The Chinese aviation market is expected to deliver approximately 9,171 new aircraft from 2023 to 2042, valued at around $1.4 trillion, accounting for 21.8% of global new aircraft delivery value [7][8]. - The C919 is anticipated to fill the supply gap as domestic airlines phase out older aircraft models [7][8]. 3. Engine Segment: High Value Contribution - The engine segment is crucial, with a focus on domestic replacement of the Changjiang series engines, recommending companies like Aerospace Science and Technology Corporation and Aerospace Engine Corporation [6][10]. 4. Airframe Structure: High Domestic Production Rate - The domestic production level for airframe structures is relatively high, with key companies such as AVIC Xi'an Aircraft Industry Group and Triangle Defense recommended for investment [6][10]. 5. Onboard Systems: Low Domestic Production Rate - The onboard systems segment currently has a low level of domestic production, with a focus on core system domestic replacement, recommending AVIC Avionics for investment [6][10]. 6. Maintenance: Significant Growth Potential - The maintenance market is projected to double by 2031, indicating substantial future growth potential [4][6].

Investment Rating - The report maintains a "Positive" outlook on state-owned banks, indicating they possess medium to long-term investment value despite recent stock price adjustments [3][4]. Core Insights - The recent stock price decline of state-owned banks (4-5% on August 29) is viewed as a temporary market sentiment fluctuation that does not alter the banks' stable fundamentals and attractive dividend yields [3][4]. - The report highlights that the revenue and net profit growth rates for state-owned banks are expected to be relatively stable, with a projected loan growth of 11.6% year-on-year in Q1 2024, outperforming the average of listed banks [3][4]. - The asset quality of these banks is better than expected, with non-performing loan ratios remaining stable, and proactive measures are being taken to enhance risk resilience [3][4]. Summary by Sections Financial Performance - In Q1 2024, state-owned banks reported a revenue decline of 2.2% and a net profit decline of 2.0% year-on-year, reflecting pressures from interest margin compression and support for the real economy [3][6]. - For the first half of 2024, Bank of China and Bank of Communications reported revenue growth rates of -0.7% and -3.5%, and net profit growth rates of 1.2% and -1.6%, respectively [3][6]. Dividend Outlook - The dividend payout ratio for state-owned banks has shown a consistent upward trend, reaching nearly 32% in 2023, which is higher than the average for listed banks (26.6%) and the CSI 300 index (25.7%) [4][9]. - Mid-term dividend plans have been announced, with Bank of China proposing a dividend of 35.6 billion (0.121 yuan per share) and Bank of Communications proposing 13.5 billion (0.182 yuan per share), both representing about 30% of their net profits for the first half of 2024 [4][9]. Valuation and Market Position - Despite a valuation recovery this year, state-owned banks still offer attractive dividend yields, with a current yield of 4.93%, significantly higher than the 10-year government bond yield of approximately 2.2% [4][7]. - The static price-to-book (PB) ratio for state-owned banks is in the range of 0.6-0.7x, which remains lower than leading banks in the US and Japan, indicating potential for further valuation upside [4][10]. Investment Recommendation - The report recommends continued investment in state-owned banks, emphasizing their ability to deliver substantial absolute and relative returns, especially following recent price corrections [4].

公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2024 年 08 月 28 日 收盘价（元） 7.94 一年内最高/最低（元） 8.06/5.50 市净率 0.6 息率（分红/股价） 4.72 流通 A 股市值（百万元） 311,652 上证指数/深证成指 2,837.43/8,078.82 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） 12.56 资产负债率% 92.11 总股本/流通 A 股(百万) 74,263/39,251 流通 B 股/H 股（百万） -/35,012 报告原因：有业绩公布需要点评 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-2804-2805-2806-2807-2808-28 -20% 0% 20% 40% 交通银行 沪深300指数 (收益率) 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.805 billion yuan, a year-on-year increase of 18.45%, and a net profit of 484 million yuan, up 7.5% [4] - The report highlights the growth of various brands under the company, with significant increases in revenue for specific product lines, indicating a strong market presence [4][5] - The company is focusing on the domestic skincare market, particularly in sensitive skin care, and is expected to benefit from organizational adjustments [5] Financial Summary - H1 2024 revenue: 2.805 billion yuan, up 18.45% year-on-year; Q2 2024 revenue: 1.708 billion yuan, up 13.51% [4] - H1 2024 gross margin: 72.59%, net profit margin: 17.25% [4] - Revenue by brand in H1 2024: Winona 2.389 billion yuan (up 5.69%), Winona Baby 101 million yuan (up 39.68%), AOXMED 27 million yuan (up 64.98%), Za 239 million yuan, and Pomei 25 million yuan [4] - Revenue by category in H1 2024: Skincare 2.273 billion yuan (up 10.9%), Medical devices 262 million yuan (down 5.88%), Makeup 257 million yuan (up 743.73%) [4] - Online channel revenue in H1 2024: 1.852 billion yuan (up 16.83%), with the top five online self-operated stores accounting for approximately 60.34% of online sales [5] Future Projections - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.044 billion yuan, 1.229 billion yuan, and 1.520 billion yuan respectively, with corresponding PE ratios of 17, 14, and 12 [5][6]

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [4][9][10] Core Views - Ningbo Bank's revenue for the first half of 2024 reached 34.44 billion yuan, a year-on-year increase of 7.1%, while net profit attributable to shareholders grew by 5.4% [4][9] - The increase in net interest income significantly supported revenue growth, although a rise in the effective tax rate temporarily impacted profit growth [4][10] - The bank's asset quality remains stable, with a non-performing loan ratio holding steady at 0.76% in the second quarter of 2024 [4][9] Financial Data and Earnings Forecast - Total operating income (in million yuan) is projected to be 57,879.00 in 2024E, with a year-on-year growth rate of 9.67% [3] - Net profit attributable to shareholders is expected to reach 23,075.00 million yuan in 2024E, reflecting an 18.05% year-on-year growth [3] - The bank's return on equity (ROE) is forecasted to be 15.53% in 2024E, with a price-to-earnings (P/E) ratio of 6.07 [3][10] Key Performance Indicators - The bank's net interest income increased by 14.7% in the first half of 2024, contributing 9.3 percentage points to revenue growth [4][10] - Non-interest income declined by 5.7%, primarily due to a 25% drop in fee income [4][10] - The effective tax rate increased by 4.4 percentage points, mainly due to deferred tax expenses related to unrealized gains on financial assets [5][10] Loan Growth and Asset Quality - Total loans increased by 1,566 billion yuan in the first half of 2024, with corporate loans contributing over 70% of the new loans [4][9] - The non-performing loan generation rate is estimated to be around 1% for the first half of 2024, with retail loans showing a rising trend in non-performing rates [4][9] - The bank's provision coverage ratio decreased to 420.5% in the second quarter of 2024, down 11.1 percentage points from the previous quarter [4][9]

2024 年 08 月 29 日 温氏股份 (300498) ——生猪景气回升，肉鸡盈利稳健，业绩扭亏为盈 市场数据： 2024 年 08 月 28 日 收盘价（元） 16.86 一年内最高/最低（元） 22.50/16.38 市净率 3.3 息率（分红/股价） 0.59 流通 A 股市值（百万元） 91,689 上证指数/深证成指 2,837.43/8,078.82 注："息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-2804-2805-2806-2807-2808-28 -20% -10% 0% 10% 20% 30% 温氏股份 沪深300指数 (收益率) 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 联系人 盛瀚 (8621)23297818× shenghan@swsresearch.com 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 公司发布 2024 年中期报告，Q2 业绩同环比均大幅回升，负债率继续下降。2024 年上半 年，公司实现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company's performance in H1 2024 showed a decline below market expectations, with revenue of 35.34 billion yuan, a year-on-year increase of 10.1%, but a net profit drop of 15.9% to 1.83 billion yuan. The core net profit also decreased by 18.8% to 1.74 billion yuan, with earnings per share down by 28.3% to 0.455 yuan [4]. - Despite the decline in sales, the company remains actively engaged in land acquisition, focusing on core first- and second-tier cities. In H1 2024, the company achieved sales of 55.4 billion yuan, a decrease of 33.8% year-on-year, completing 38% of its annual sales target [4]. - The company has a strong cash position with monetary funds of 48.14 billion yuan, a 4.4% increase from the end of 2023, and a low average financing cost of 3.57% [5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 35.34 billion yuan, a 10.1% increase year-on-year, but a gross profit of 4.85 billion yuan, down 15.0% year-on-year. The comprehensive gross margin was 13.7%, a decrease of 4.1 percentage points [4]. - The company’s net profit margin was 5.2%, down 1.6 percentage points year-on-year, with a total of 1.91 trillion yuan in unsold but contracted sales, which is 2.5 times the revenue from the previous year [4]. Sales and Land Acquisition - The company’s sales volume decreased by 33.8% year-on-year to 55.4 billion yuan, with a sales area of 1.88 million square meters, down 24.0% year-on-year. The average selling price per square meter was 29,500 yuan, a decrease of 12.7% [4]. - In H1 2024, the company acquired land in seven cities, totaling 1.72 million square meters, with a focus on first- and second-tier cities, maintaining a diversified land acquisition strategy [4]. Financial Health - The company reported a total debt of 110.2 billion yuan, with a net debt ratio of 58.6% and a cash-to-short-term debt ratio of 1.53 times, indicating a strong financial position [5]. - The company’s projected net profit for 2024-2026 is adjusted to 3.0 billion, 3.2 billion, and 3.5 billion yuan respectively, reflecting a cautious outlook amid declining industry conditions [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Views - The company's net profit for 1H24 was 18.491 billion RMB, showing a year-on-year decline of 8.7%, but the decline narrowed significantly compared to 1Q24 [4][5]. - The insurance service revenue for 1H24 increased by 5.1% year-on-year to 235.841 billion RMB, with a combined ratio (COR) improvement of 0.4 percentage points to 96.2% [4]. - The company is focusing on cost reduction and efficiency improvements, which have shown significant results, particularly in the auto insurance segment [4]. Summary by Sections Financial Performance - 1H24 net profit was 18.491 billion RMB, down 8.7% year-on-year, with a notable recovery in 2Q24, where net profit increased by 17.4% to 12.620 billion RMB [3][4]. - The company plans to distribute an interim dividend of 0.208 RMB per share, with a payout ratio of 25.02% [3]. Insurance Service Revenue - Insurance service revenue for 2023 is projected at 457.203 billion RMB, with a year-on-year growth rate of 7.7% [3]. - The company reported a 5.3% increase in auto insurance revenue to 145.157 billion RMB in 1H24, with a combined ratio of 96.4% [4]. Cost Management - The combined ratio for 1H24 improved to 96.2%, with a decrease in the expense ratio to 26.1% [4]. - The company has effectively managed costs, with a 1.8 percentage point reduction in the expense ratio despite pressures from claims [4]. Investment Strategy - The company has adjusted its asset allocation, increasing its holdings in government bonds and reducing exposure to funds and corporate bonds [5]. - The total investment assets as of June increased by 6.8% year-on-year to 641.834 billion RMB [5].

Investment Rating - The report maintains a "Buy" rating for China Overseas Development (00688) [3] Core Views - The company's revenue for H1 2024 decreased by 2.5% year-on-year to 86.9 billion yuan, while net profit attributable to shareholders fell by 23.5% to 10.31 billion yuan, which was below market expectations [3] - The company focuses on first and second-tier cities for sales and land acquisition, with a sales target for 2024 remaining stable despite industry challenges [3] - The company maintains a strong financial position with low financing costs and green indicators under the "three red lines" policy, indicating a robust development outlook [3] Summary by Sections Financial Performance - H1 2024 revenue was 86.9 billion yuan, down 2.5% year-on-year; net profit attributable to shareholders was 10.31 billion yuan, down 23.5% [3] - The gross profit margin and net profit margin were 22.1% and 11.9%, respectively, showing declines of 0.5 percentage points and 3.3 percentage points year-on-year [3] - The company plans to distribute an interim dividend of 0.30 HKD per share, representing 28% of core net profit, an increase of 2 percentage points year-on-year [3] Sales and Land Acquisition - H1 2024 sales amounted to 148.4 billion yuan, a decrease of 18% year-on-year, with a focus on core first and second-tier cities [3] - The average selling price was 27,300 yuan per square meter, up 21.7% year-on-year [3] - The land acquisition amount for H1 2024 was 12.9 billion yuan, down 66% year-on-year, with a land acquisition intensity of 9% [3] Financial Health - The average financing cost was 3.5%, positioning the company at the top of the industry [3] - As of H1 2024, the asset-liability ratio and net debt ratio were 50.0% and 38.7%, respectively, with a cash-to-short-term debt ratio of 1.9 times [3] - The company reported commercial revenue of 3.54 billion yuan, up 19.8% year-on-year, with a commercial operation scale of 8.71 million square meters [3] Investment Outlook - The report suggests that despite a decline in performance, the company’s focus on first and second-tier cities and its strong financial metrics support a positive investment outlook [3] - The earnings per share forecast for 2024-2025 has been adjusted to 2.11, 2.12, and 2.13 yuan, with a current PE ratio of only 5 times [3]