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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6]. Core Insights - The company has shown signs of a performance turnaround with a recovery in downstream demand, as evidenced by a 33.52% year-on-year revenue growth in Q2 2024 [4][5]. - The semiconductor market is experiencing a rebound, with global sales reaching $149.9 billion in Q2 2024, a year-on-year increase of 18.3% [5]. - The company is expanding its overseas market presence, with new operations launched in Japan, Malaysia, and the United States [6]. Financial Summary - For the first half of 2024, the company reported revenue of 379 million yuan, a slight decline of 0.63% year-on-year, while net profit decreased by 30.25% to 112 million yuan [4][8]. - The gross margin improved to 75.85%, up by 5.28 percentage points year-on-year, while the net margin decreased to 29.68%, down by 12.59 percentage points [5]. - The company forecasts net profits of 324 million yuan, 402 million yuan, and 519 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 35X, 28X, and 22X [6][8].

2024 年 08 月 28 日 荣盛石化 (002493) ——24H1 业绩同比改善，继续看好炼化景气修复 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司公告：2024 年上半年公司实现营业收入 1612.5 亿元，同比增长 4.35%；归母净利润 | --- | --- | |--------------------------|---------------------| | | | | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 8.60 | | 一年内最高/最低（元） | 12.70/8.27 | | 市净率 息率（分红/股价） | 2.01.16 | | 流通 A 股市值（百万元） | 81,685 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 预计业绩提升主要源于油价上涨带来的库存收益以及化工品的景气修复，子公司浙石化实 注："息率"以最近一年已公布分红计算 现净利润 20.3 亿元，同比提升 37.8 亿。价差方面，我们计算 24Q2 浙江石化炼化平均价 差为 1493 元/吨，环比下降 4%，但二季度芳烃产品维持高景 ...

上 市 公 司 证 券 研 究 报 告 家用电器 公 司 研 究/ 公 司 点 评 2024 年 08 月 28 日 盾安环境 (002011) ——2024 年中报点评：经营质量持续提升，新能车热管 理业务加速成长 | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 9.94 | | 一年内最高/最低（元） | 13.94/9.55 | | 市净率 | 2.3 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 9,108 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | | 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） | 4.59 ...

2024 年 08 月 28 日 老白干酒 (600559) ——24H1 点评：控费成效显著，业绩超预期 报告原因：有业绩公布需要点评 增持（维持）投资要点： | --- | |------------------------------------| | | | 市场数据： | | 收盘价（元） 一年内最高/最低（元） | | 市净率 | | 息率（分红/股价） | | 流通 A 股市值（百万元） | | 上证指数/深证成指 | 注："息率"以最近一年已公布分红计算 | --- | |----------------| | 年 06 月 30 日 | | 5.25 | | 49.13 | | 915/904 | | -/- | 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 -40% -30% -20% -10% 0% 10% 老白干酒 沪深300指数 (收益率) 相关研究 《老白干酒（600559）点评： 23 年报及 24Q1 点评：控费成效显著，业绩超预期》 2024/04/27 《老白干 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7][8] Core Views - The company reported significant year-on-year growth in H1 2024, with operating revenue of 22.53 billion yuan, up 19.4%, and net profit attributable to shareholders of 1.59 billion yuan, up 18.9% [6][7] - The drilling operation days increased, with a total of 8,961 days in H1 2024, representing a 2% year-on-year growth [7] - The oilfield technology service segment is the main profit contributor, achieving a gross profit of 3.05 billion yuan, accounting for 80.34% of total gross profit [7] - Global offshore oil and gas capital expenditure is expected to rise, which may drive the company's performance upward [7] Summary by Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit of 1.59 billion yuan, up 18.9% [6][7] - The gross margin for H1 2024 reached 16.83%, an increase of 1.58 percentage points year-on-year [6][7] Operational Metrics - The company’s drilling platform operating days totaled 8,961 days in H1 2024, with self-elevating platform days at 7,038, up 3.4% year-on-year [7] - The utilization rate of drilling platforms was 85.3%, a decrease of 1.2 percentage points year-on-year [7] Segment Performance - The oilfield technology service segment's operating profit was 2.29 billion yuan, a year-on-year increase of 32.67% [7] - The ship and geophysical exploration segments also showed improvement, with ship operating days increasing by 19.6% year-on-year [7] Market Outlook - The global oilfield service market is projected to grow by 7.1% in 2024, indicating a strong industry momentum [7] - The company has adjusted its profit forecasts for 2024-2026 due to potential impacts from suspended Middle Eastern orders and oil price fluctuations [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [4][10]. Core Insights - The company reported a 10.5% year-on-year increase in tourism operations revenue for H1 2024, reaching 10.649 billion RMB, while total revenue grew by 5.8% to 9.415 billion RMB. However, net profit attributable to shareholders decreased by 31.79% to 322 million RMB, primarily due to one-time gains from asset sales in the previous year [4]. - Club Med's global revenue reached a historical high, with sustainable growth in bookings. Revenue in mainland China increased by 20.5%, with outbound tourism and inbound reception revenue growing fivefold and sevenfold, respectively [4][5]. - The company is focusing on a light asset strategy, with the signing of the second phase of the Taicang project, marking a significant milestone in this transition [5]. Financial Data and Profit Forecast - The company forecasts revenue growth from 17.15 billion RMB in 2023 to 18.53 billion RMB in 2024, with a projected net profit of 349 million RMB in 2024, increasing to 492 million RMB by 2026 [6][8]. - The report outlines a consistent growth trajectory in revenue and net profit, with expected growth rates of 8% for 2024 and 9% for the following years [6][8].

Investment Rating - The report maintains a "Buy" rating for China Resources Power (00836) [4] Core Views - The company reported a revenue of HKD 51.12 billion for the first half of 2024, a slight decrease of 0.71% year-on-year, while the net profit attributable to shareholders reached HKD 9.36 billion, marking a significant increase of 38.9% year-on-year, exceeding expectations [4] - The core profit from thermal power has rebounded, driven by cost optimization, contributing HKD 2.715 billion to core profits, which is 32.8% of the total core profit, an increase of HKD 1.989 billion year-on-year [4] - The company has made significant progress in its renewable energy capacity, with a total installed capacity of 24.125 million kW, accounting for 38.4% of total capacity, and plans to invest HKD 44.6 billion in renewable energy projects in 2024 [5] Summary by Relevant Sections Financial Performance - For the first half of 2024, the total electricity sales volume reached 98.24 billion kWh, a year-on-year increase of 6.2%, with thermal power sales volume at 72.147 billion kWh, up 3.4% [4] - The average coal price decreased by 10.6% year-on-year to RMB 934.6 per ton, while the unit fuel cost also fell by 10.7% to RMB 276.5 per MWh [4] - The company’s revenue projections for 2024-2026 have been revised upwards to HKD 149.18 billion, HKD 173.56 billion, and HKD 215.60 billion respectively, with corresponding PE ratios of 7.4, 6.4, and 5.1 [5][6] Renewable Energy Development - The company added 2.064 million kW of new renewable energy capacity in the first half of 2024, with wind and solar projects contributing 504,000 kW and 1.56 million kW respectively [4] - Despite weaker wind and solar conditions, the average utilization hours for wind and solar power were still above the national industry average by 89 and 79 hours respectively [4] - The company aims to achieve a renewable energy capacity of over 50% by the end of the 14th Five-Year Plan [5]

2024 年 08 月 28 日 华润置地 (01109) ——核心业绩略降，经营性业务稳健发展 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 核心净利润同比-5%、归母净利润同比-25%、略低于预期，经常性业务贡献核心利 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 28 日 | | 收盘价（港币） | 20.90 | | 恒生中国企业指数 | 6225.99 | | 52 周最高/最低（港币） | 37.50/20.35 | | H 股市值（亿港币） | 1,490.37 | | 流通 H 股（百万股） | 7,130.94 | | 汇率（人民币/港币） | 1.0956 | | | | 一年内股价与基准指数对比走势： -35% -15% 5% 25% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润置地 资料来源：Bloomberg 证券分析师 袁豪 A023052012 ...