房地产 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 3.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 4.98/2.34 | | H 股市值（亿港币） | 98.07 | | 流通 H 股（百万股） | 3,163.65 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com 2024 年 08 月 25 日 绿城服务 (02869) ——业绩高增，利润率修复，费用率改善 买入（维持）投资要点： ⚫ 24H1 营业收 ...

上 市 公 司 社会服务 2024 年 08 月 25 日 东方甄选 (01797) ——多直播间战略持续推进，品类扩张促进销售放量 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 10.88 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 46.80/8.92 | | H 股市值（亿港币） | 112.21 | | 流通 H 股（百万股） | 1,031.30 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -76% -26% 24% HSCEI 东方甄选 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 中性（维持）投资要点： 东方甄选公布 24 财年业绩，扣除已出售的在线教 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4] Core Views - Geely Automobile has reached an operational turning point, with sales driving profit growth [4] - The company reported a revenue of HKD 107.3 billion for H1 2024, a year-on-year increase of 47% [4] - The gross profit margin improved to 15.1%, up 0.7 percentage points year-on-year, with Q2 gross margin at 16.5%, reflecting a quarter-on-quarter improvement of 2.84 percentage points [4] - The company delivered 956,000 vehicles in H1 2024, a 41% increase year-on-year, with new energy vehicle sales reaching 320,000, up 116.9% [4] - Geely's sales in China were 758,000 units, a 35% increase year-on-year, ranking second among domestic brands [4] - The report anticipates the establishment of 3-4 KD factories in H2 2024 to enhance global presence [4] - The company is entering a new vehicle cycle, with several new models expected to launch, which will support further sales growth [4] Summary by Sections Financial Performance - H1 2024 revenue was HKD 107.3 billion, with a net profit attributable to shareholders of HKD 10.6 billion, a significant increase of 574.7% year-on-year [4] - The adjusted net profit, excluding one-time gains, was HKD 3.37 billion, a 114.4% increase year-on-year [4] - The average selling price (ASP) per vehicle was HKD 105,000, a slight increase of HKD 4,000 year-on-year [4] Future Outlook - The report projects revenue growth for 2024-2026, increasing estimates from HKD 217.2 billion, HKD 246.4 billion, and HKD 271.4 billion to HKD 224 billion, HKD 257.5 billion, and HKD 285.3 billion respectively [4] - Net profit forecasts were adjusted from HKD 7.4 billion, HKD 9.1 billion, and HKD 11 billion to HKD 14 billion, HKD 9.5 billion, and HKD 11.6 billion respectively for the same period [4] - The report emphasizes the importance of the profitability of the Galaxy brand and the performance of the Zeekr brand in maintaining competitive advantage in the market [4]

Investment Rating - The report maintains a "Buy" rating for Bilibili (09626) [3][4] Core Insights - Bilibili's Q2 2024 revenue reached 6.13 billion CNY, a year-on-year increase of 16%, slightly exceeding consensus expectations, with a narrowing adjusted net loss of 270 million CNY [3][4] - The company reported a net operating cash flow of 1.75 billion CNY, an increase of 1.11 billion CNY from Q1 [3] - Deferred revenue as of June 30 was 3.7 billion CNY, up 740 million CNY from March, indicating certainty in future revenue growth [3] User Engagement - Bilibili's Q2 Monthly Active Users (MAU) stood at 336 million, a year-on-year increase of 4%, with Daily Active Users (DAU) at 102 million, up 6% [4] - The DAU/MAU ratio improved to 30.4%, and average daily usage time per user increased by 5 minutes to 99 minutes [4] Financial Projections - The adjusted net profit forecasts for 2024-2026 have been revised to -45 million CNY, 1.512 billion CNY, and 3.067 billion CNY respectively, up from previous estimates of -415 million CNY, 1.028 billion CNY, and 1.882 billion CNY [4] - Revenue projections for 2024-2026 are set at 26.537 billion CNY, 31.046 billion CNY, and 33.278 billion CNY, reflecting growth rates of 18%, 17%, and 7% respectively [5] Gaming Performance - Q2 gaming revenue was 1 billion CNY, a year-on-year increase of 13%, exceeding expectations [6] - The performance of the game "Three Kingdoms: Strategy" is expected to significantly contribute to revenue in H2 2024 [6] Advertising Growth - Q2 advertising revenue reached 2 billion CNY, a historical high with a year-on-year growth of 30% [6] - Growth was driven by improvements in e-commerce advertising and enhanced efficiency from AI [6] Value-Added Services - Revenue from value-added services in Q2 was 2.6 billion CNY, a year-on-year increase of 11%, slightly below expectations [6] - Revenue from IP derivatives and other services was 500 million CNY, down 4% year-on-year [6] Profitability Improvement - Q2 gross margin was 29.9%, an increase of 6.8 percentage points year-on-year and 1.6 percentage points quarter-on-quarter [6] - The company has achieved eight consecutive quarters of gross margin improvement, with effective cost control in G&A and R&D expenses [6]

环保 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 上 市 公 司 公 司 研 究 / 公 司 深 度 2024 年 08 月 26 日 瀚蓝环境 (600323) ——稳健运营的综合环境服务商，成长与分红兼备 报告原因：首次覆盖 | --- | --- | |------------------------------------|-------------------------------| | | | | | | | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（元） | 21.36 | | 一年内最高/最低（元） | 23.32/14.15 | | 市净率 息率（分红/股价） | 1.4 2.25 | | 流通 A 股市值（百万元） | 17,416 | | 上证指数 / 深证成指 | 2,854.37/8,181.92 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 202 ...

上 市 公 司 计算机 2024 年 08 月 24 日 广联达 (002410) ——施工业务转型影响增速，建筑数智化具备潜力 | --- | |---------------------| | 2024 年 08 月 23 日 | | 9.68 | | 26.28/8.35 | | 2.7 | | 0.72 | | 15,375 | | 2,854.37/8,181.92 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 3.54 | | 资产负债率% | 35.00 | | 总股本/流通 A 股（百万） | 1,652/1,588 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-2301-2302-2303-2304-2305-2306-2307-2308-23 -80% -60% -40% -20% 0% 20% 广联达 沪深300指数 (收益率) 证券分析师 黄忠煌 ...

上 市 公 司 机械设备 2024 年 08 月 25 日 中国中车 (601766) ——业绩略超预期，利润水平明显提升 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（元） | 8.09 | | 一年内最高/最低（元） | 8.13/5.03 | | 市净率 | 1.4 | | 息率（分红/股价） | 2.47 | | 流通 A 股市值（百万元） | 196,812 | | 上证指数/深证成指 | 2,854.37/8,181.92 | | | | 投资要点： | --- | --- | |--------------------------|---------------| | 每股净资产（元） | 5.59 | | 资产负债率% | 58.31 | | 总股本/流通 A 股（百万） | 28,699/24,328 | | 流通 B 股/H 股（百万） | -/4,371 | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-230 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][8]. Core Insights - The company reported a strong performance in its 2024 mid-year report, with a revenue of 7.206 billion yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 548 million yuan, up 18.4% year-on-year [5][8]. - The company is focusing on innovation in metal packaging, with significant growth in the sales of two-piece and three-piece cans, contributing to a revenue increase in this segment [5][8]. - The decline in raw material costs, particularly tinplate, has positively impacted profit margins, with a gross margin of 17.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year [5][8]. - The company is optimizing its production capacity for two-piece cans, which is expected to improve profitability in the long term due to a better competitive landscape and increased demand for differentiated can types [5][8]. Financial Summary - The company achieved a total revenue of 14.573 billion yuan in 2024E, with a projected year-on-year growth rate of 5.3% [6]. - The net profit attributable to shareholders is forecasted to reach 885 million yuan in 2024E, reflecting a growth rate of 14.3% [6]. - The gross margin is expected to stabilize around 16.0% in 2024E, with a gradual improvement in profitability anticipated through 2026E [6][8].

行 业 及 产 业 2024 年 08 月 26 日 重在建立公共账户、但不增加群众负担 看好 ——我国房屋体检养老保险制度点评 事件 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com ⚫ 8 月 23 日，国务院新闻办公室举行"推动高质量发展"系列主题新闻发布会，住房城 乡建设部副部长董建国在会上表示，住建部研究建立房屋体检、房屋养老金、房屋保险 制度，构建全生命周期房屋安全管理长效机制。目前，上海等 22 个城市正在试点。其 中，房屋养老金个人账户已经通过缴纳住宅专项维修资金建立起来了，试点的重点将是 政府把公共账户建立起来。 点评 ⚫ 住建部研究建立房屋体检、养老、保险制度，为房屋安全的全生命周期提供保障。住建 部董建国副部长提到，住建部研究建立房屋体检、房屋养老金、房屋保险制度，构建全 生命周期房屋安全管理长效机制。目前，上海等 22 个城市正在试点。房屋养老金 ...

行 业 及 产 业 相关研究 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 研究支持 张文静 A0230122100001 zhangwj@swsresearch.com 魏雨辰 A0230122100011 weiyc@swsresearch.com 联系人 丁智艳 (8621)23297818× dingzy@swsresearch.com 2024 年 08 月 26 日 关注中报超预期个股、7 月出口数 据更新；区域家居以旧换新补贴政 策持续落地 看好 ——造纸轻工周报 2024/08/19-2024/08/23 本期投资提示： ⚫ 重点提示：关注本周轻工中报点评，爱玛科技中报表现超预期；内销白马竞争优势稳 固，具备长期配置优势，推进【百亚股份】【公牛集团】【晨光股份】；外销精选景 ...