2024 年 08 月 28 日 华润万象生活 (01209) ——业绩靓眼，商场零售可观，高比例派息 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 归母净利润同比+36%、核心同比+24%，略超市场预期，利润率高位提升。据公告， | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 28 | | 收盘价（港币） | 23.25 | | 恒生中国企业指数 | 6225.99 | | 52 周最高/最低（港币） | 37.35/20.45 | | H 股市值（亿港币） | 530.68 | | 流通 H 股（百万股） | 2,282.50 | | 汇率（人民币/港币） | 1.0956 | 一年内股价与基准指数对比走势： -38% -18% 2% 22% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润万象生活 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yu ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][6] Core Views - Anta Sports' mid-year performance significantly exceeded expectations, with total revenue of 33.7 billion RMB, a year-on-year increase of 14%, and a net profit of 7.7 billion RMB, up 63% year-on-year. Excluding a one-time investment gain of 1.6 billion RMB from the IPO of Amer Sports, net profit grew 17% to 6.2 billion RMB, driven by improved gross margins and effective cost control [4][5][6] - The company announced a share buyback plan of up to 10 billion HKD over the next 18 months, reflecting confidence in its long-term development [6] - The main brand and outdoor brands showed robust growth, while FILA's growth expectations were slightly adjusted downwards [5][6] Summary by Sections Financial Performance - In H1 2024, Anta's main brand revenue reached 16.08 billion RMB, a 13.5% increase year-on-year, with a gross margin of 56.6% [5] - FILA brand revenue was 13.06 billion RMB, up 6.8% year-on-year, with a gross margin of 70.2% [5] - Other brands generated 4.6 billion RMB in revenue, a 42% increase year-on-year, with a gross margin of 72.7% [5] Channel Performance - E-commerce revenue grew 25% year-on-year, accounting for 33.8% of total revenue [5] - Over 80% of Anta's adult and children's stores have adopted a Direct-to-Consumer (DTC) model, enhancing operational efficiency [5] Inventory and Profitability - Inventory turnover days decreased to 114 days, indicating healthy inventory management [5] - The overall gross margin improved to 64.1%, with a net profit margin of 18.3%, the highest in history [5][11] Future Outlook - Anta aims for a 10-15% revenue growth for the main brand in 2024, while FILA's growth is expected to be in the high single digits [5][6] - The company has adjusted its profit forecasts for 2024-2026, with net profits projected at 13.86 billion RMB, 13.92 billion RMB, and 15.43 billion RMB respectively [6][14]

建筑材料 证 券 研 究 报 告 2024 年 08 月 28 日 兔宝宝 (002043) ——装饰材料稳健增长，中期分红增强回报 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 9.20 | | 一年内最高/最低（元） | 13.00/8.40 | | 市净率 | 2.4 | | 息率（分红/股价） | 5.98 | | 流通 A 股市值（百万元） | 6,748 | | 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） | 3.53 | | 资产负债率 % | 47.22 | | 总 ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a total revenue of 1.33 billion yuan for the first half of 2024, representing a year-on-year growth of 8.94%, and a net profit attributable to the parent company of 198 million yuan, up 12.13% year-on-year [5]. - The second quarter of 2024 saw a revenue of 498 million yuan, with a year-on-year increase of 3.64%, and a net profit of 39 million yuan, which is a significant growth of 38.92% year-on-year [5]. - The company has adjusted its profit forecast downwards due to weak demand in the liquor market, predicting net profits of 375 million, 409 million, and 441 million yuan for 2024-2026, with respective year-on-year growth rates of 11%, 9%, and 8% [5][6]. Financial Performance Summary - For the first half of 2024, the company's liquor revenue reached 1.31 billion yuan, a growth of 10.23% year-on-year. High-end liquor revenue was 869 million yuan (up 7.07%), mid-range liquor revenue was 342 million yuan (up 13.84%), and low-end liquor revenue was 102 million yuan (up 29.08%) [5][6]. - The company's net profit margin for Q2 2024 was 8.04%, an increase of 2.27 percentage points year-on-year, primarily due to improved gross margin and reduced management expense ratio [6]. - The operating cash flow for Q2 2024 was -174 million yuan, compared to -77 million yuan in Q2 2023, indicating a decline in cash flow growth relative to revenue growth [6]. Market Position and Future Outlook - The company is expected to benefit from the recovery of liquor demand in Xinjiang and the gradual implementation of marketing reforms, with an anticipated improvement in performance [5]. - The company's market expansion outside Xinjiang has shown significant growth, with revenue from outside the province increasing by 33.79% year-on-year, now accounting for 23.96% of total revenue [5][6].

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a revenue of 3.914 billion yuan for H1 2024, a slight year-on-year decrease of 2.15%, while net profit attributable to shareholders increased by 15.43% to 351 million yuan [5][6] - The company's Q2 2024 revenue was 2.138 billion yuan, showing a year-on-year decrease of 7.04% but a quarter-on-quarter increase of 20.38% [5] - The company has a robust order backlog, with new contracts signed or executed amounting to 6.93 billion yuan in H1 2024, indicating sustainable future revenue growth [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 39.14 billion yuan, with a net profit of 3.51 billion yuan, reflecting a year-on-year growth of 15.43% [5] - The average price of ammonium nitrate, a key raw material, decreased by 8.73% year-on-year to 2,612 yuan per ton [5] - The company's gross margin for Q2 2024 was 26.03%, an increase of 3.41 percentage points year-on-year [5] Market Position and Strategy - The company has strategically exited low-efficiency markets, which has contributed to the improvement in profitability [5] - The company is focusing on integrated services in the blasting industry, optimizing production and sales, and enhancing collaboration in engineering blasting services [6] - The company has secured numerous long-term contracts in resource-rich provinces, laying a solid foundation for future growth [6] Future Projections - The company is projected to achieve net profits of 761 million yuan, 906 million yuan, and 1.093 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 18, 15, and 13 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the recovery in downstream demand and improved profitability [4][5]. Core Insights - The company reported a significant recovery in its mid-year performance for 2024, achieving a revenue of 8.249 billion yuan, a year-on-year increase of 26.7%, and a net profit of 209 million yuan, reversing from a loss of 120 million yuan in the same period last year [4][5]. - The second quarter of 2024 saw a revenue of 4.295 billion yuan, up 27.3% year-on-year, with a net profit of 155 million yuan, reflecting a remarkable growth of 691% year-on-year and 182% quarter-on-quarter [4][5]. - The improvement in profitability is attributed to the continuous recovery in downstream demand, enhanced operational efficiency, and effective cost control measures [4][5]. Financial Summary - The company’s total revenue for 2024 is projected to be 17.879 billion yuan, with a year-on-year growth rate of 29.0% [6]. - The net profit for 2024 is estimated at 491 million yuan, representing a substantial increase of 441.4% compared to the previous year [6]. - The earnings per share (EPS) for 2024 is forecasted to be 1.86 yuan, with a projected price-to-earnings (PE) ratio of 22 times [6]. Market Position and Growth Potential - The company is positioned as a core player in the global IoT module market, with promising growth prospects in various sectors including automotive, 5G, and smart modules [5]. - The ongoing recovery in downstream demand is expected to contribute positively to the company's revenue growth, with new product lines being introduced to capture market opportunities [5]. - The company aims to maintain its profitability forecasts for 2024-2026, with net profits projected at 4.91 billion yuan, 6.13 billion yuan, and 7.76 billion yuan respectively [5].

上 市 公 司 证 券 研 究 报 告 汽车 2024 年 08 月 28 日 精锻科技 (300258) ——扩张期节奏短期错配，期待全球化开花结果 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 6.90 | | 一年内最高/最低（元） | 16.50/6.85 | | 市净率 | 0.9 | | 息率（分红/股价） | 2.17 | | 流通 A 股市值（百万元） | 3,193 | | 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） | 7.50 | | 资产负债率 % | 43.27 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has secured substantial orders for submarine cables, particularly in offshore wind projects, indicating a strong market position and growth potential [5][6] - The offshore wind power sector is entering a construction acceleration phase, with significant improvements in project progress across various regions [5] - The company is expected to benefit significantly from the recovery in the offshore wind market, with a projected increase in revenue and profit contributions from its marine segment [6] Summary by Sections Market Data - Closing price as of August 27, 2024, is CNY 12.32 - The stock has a one-year high of CNY 16.20 and a low of CNY 10.42 - The company has a market capitalization of CNY 42,048 million and a price-to-book ratio of 1.2 [2] Financial Data - As of March 31, 2024, the company's net asset per share is CNY 9.90, with a debt-to-asset ratio of 35.87% [3] - The company reported total revenue of CNY 45,065 million for 2023, with a projected revenue of CNY 52,094 million for 2024, reflecting a year-on-year growth rate of 15.6% [7][9] Earnings Forecast - The forecasted net profit attributable to the parent company for 2024 is CNY 3,843 million, with expected growth rates of 23.3% in 2024, 11.3% in 2025, and 10.4% in 2026 [7][9] - The earnings per share are projected to increase from CNY 1.13 in 2024 to CNY 1.38 in 2026 [7][9]

计算机 证 券 研 究 报 告 上 市 公 司 2024 年 08 月 28 日 虹软科技 (688088) ——业绩符合预期，智能驾驶增长突出！ | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 23.78 | | 一年内最高/最低（元） | 44.50/21.00 | | 市净率 | 3.6 | | 息率（分红 / 股价） | 0.93 | | 流通 A 股市值（百万元） | 9,540 | | 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 : | 年 06 月 30 日 | | | | | | 6.61 | | 每股净资产（元） | | | 资产负债率 % | 10.7 ...

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower (600025) [5] Core Views - The company reported a 13.1% year-on-year increase in revenue for the first half of 2024, reaching 11.88 billion yuan, and a 22.47% increase in net profit attributable to shareholders, totaling 4.17 billion yuan, aligning with expectations [5] - The hydropower generation increased by 12.15% year-on-year to 46.695 billion kWh in the first half of 2024, driven by abundant water flow in the Lancang River basin [5] - The company is accelerating the construction of upstream power stations, with the Toba hydropower station expected to contribute additional capacity [5] - The renewable energy capacity continues to grow, significantly boosting electricity generation, with wind and solar power generation increasing by 5.45% and 290.64% year-on-year, respectively [5] - The company's financial leverage has increased, but a decrease in interest rates has helped reduce financial expenses [5] - Profit forecasts for 2024-2026 are maintained at 8.652 billion, 9.637 billion, and 10.134 billion yuan, respectively, with corresponding price-to-earnings ratios of 24, 21, and 20 [5] Summary by Sections Market Data - Closing price as of August 27, 2024, is 11.51 yuan, with a one-year high/low of 12.30/7.13 yuan [2] - The market capitalization of circulating A shares is 207.18 billion yuan [2] Financial Data - As of June 30, 2024, the company reported a net asset value per share of 3.06 yuan and a debt-to-asset ratio of 64.32% [3] - The total number of shares is 18,000 million [3] Revenue and Profit Forecast - Total revenue for 2024 is projected at 24.698 billion yuan, with a year-on-year growth rate of 5.3% [7] - Net profit for 2024 is estimated at 8.652 billion yuan, reflecting a 13.3% year-on-year increase [7] - Earnings per share for 2024 is forecasted at 0.48 yuan [7]