Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has experienced steady revenue growth, benefiting from the rapid development of the aviation and propulsion industry [3] - The company's revenue for the first half of 2024 was CNY 18.548 billion, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to CNY 0.595 billion [2][3] - The company is positioned as a leader in the domestic aviation engine market, actively participating in the development of domestic commercial engines, which is expected to benefit from strong demand in the aviation propulsion industry [3] Financial Performance Summary - Revenue projections for 2024-2026 are CNY 48.306 billion, CNY 55.171 billion, and CNY 62.925 billion, respectively, with year-on-year growth rates of 10.5%, 14.2%, and 14.1% [4] - The projected earnings per share (EPS) for 2024-2026 are CNY 0.56, CNY 0.67, and CNY 0.81, respectively [4] - The company reported a gross profit margin of 11.1% for 2024, with a net profit margin of 3.1% [5] Market Position and Industry Outlook - The domestic aviation engine industry is accelerating, with significant growth expected in both military and civilian sectors [3] - The company is the only domestic enterprise mastering the full spectrum of aviation engine manufacturing technology, which positions it favorably in the market [3] - According to forecasts, by 2041, China's aviation market is expected to become the largest single aviation market globally, further enhancing the company's growth prospects [3]

Investment Rating - The report maintains an investment rating of "Market Perform - A" for the agriculture sector [1]. Core Insights - The report highlights a comparative study of the pig cycle, indicating that the current phase of adjustment in the pig farming sector may be nearing its end. It emphasizes the need for the industry to undergo a profitable cycle to repair balance sheets rather than continuing to leverage and expand [2][8]. - The report notes that since 2019, many listed pig farming companies have reported negative cumulative net profits, contrasting with previous cycles where most companies maintained positive profits. The financial pressure on the industry is at its highest since 2006, necessitating a recovery phase [2][8]. - The report suggests that the recent increase in pig prices in 2024 is occurring alongside a decline in upstream raw material prices, which could enhance profitability for pig farming companies [2][8]. Summary by Sections Pig Cycle Overview - Since 2006, the pig industry has experienced four cycles, with the current cycle starting in February 2019 and being the longest to date [8]. Market Sentiment - The report discusses the shift in market sentiment from excessive optimism in 2022 to excessive pessimism in 2024, suggesting that a correction in expectations and valuation for pig farming stocks may be forthcoming [2][8]. Investment Recommendations - The report recommends several stocks in the pig farming sector, including: - Wen's Foodstuffs (300498.SZ) - Buy - B - Shennong Group (605296.SH) - Hold - B - Juxing Agriculture (603477.SH) - Hold - B - Tangrenshen (002567.SZ) - Hold - B - New Hope Liuhe (000876.SZ) - Hold - B - Dongrui Co. (001201.SZ) - Hold - B [2].

Investment Rating - The report maintains an "Accumulate-A" investment rating for Guanghui Energy (600256.SH) [1][3] Core Views - The company is expected to benefit from a significant increase in coal production capacity and the recovery of natural gas trade margins, leading to potential growth in profits in the second half of the year and beyond [3][2] - The report highlights that the company's coal production and sales have decreased, resulting in a decline in gross profit margins, but anticipates that the new coal production capacity will effectively expand profit margins [1][2] Financial Performance Summary - For the first half of 2024, the company reported total revenue of 17.249 billion yuan, a decrease of 50.84% year-on-year, and a net profit attributable to shareholders of 1.455 billion yuan, down 64.70% year-on-year [1] - The company's coal production for H1 2024 was 9.7667 million tons, a decrease of 17.8% year-on-year, while coal sales were 13.381 million tons, down 3.11% year-on-year [1] - The average gross profit margin for the coal business in H1 2024 was approximately 26.22%, down from an average of 34.68% in 2023 [1] Production Capacity Expansion - The company has received approval for a significant increase in coal production capacity, with the Bai Shihu mine's capacity increasing by 17 million tons per year and the Malang mine's capacity increasing from 5 million tons to 10 million tons per year [2][3] - The total new production capacity expected in the second half of the year exceeds 2.2 million tons, which is anticipated to enhance profit scales under current gross profit conditions [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.70 yuan, 0.98 yuan, and 1.16 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 8.7, 6.2, and 5.2 times [3][4] - The report anticipates an increase in net profit scale in the second half of the year and beyond due to the significant increase in coal production capacity and the recovery of natural gas trade margins [3]

ST 证券研究报告 公司近一年市场表现 资料来源：最闻 市场数据：2024 年 9 月 4 日 H1 煤炭产销减量，毛利率下降。2024 年 1-6 月，公司原煤产量（不含 自用煤）976.67 万吨，同比-17.8%（其中 Q1：589.17，同比-12.96%；Q2： 387.5，同比-24.1%，环比-34.2%）；H1 原煤销量 1338.1 万吨，同比-3.11% （其中 Q1：780.3，同比-1.09%；Q2：557.8，同比-5.8%，环比-28.5%）；产 销量下滑主要受上半年安检压力及白石湖临时性地质变化影响，Q2 影响较 大。价格方面，公司主要目标市场甘肃、宁夏等区域煤炭价格下行，靖远电 煤 Q5000 车板价 H1 均价 733 元/吨，同比-13.52%；宁夏石嘴山动力煤 Q5000 车板价 H1 均价 672 元/吨，同比-13.38%；哈密地销煤价也随之降低，哈密 动力煤 Q6000 坑口价 H1 均价 380 元/吨，同比-19.97%。由于公司煤炭开采 成本较低，H1 煤炭业务毛利率约 26.22%，与 2023 年平均毛利率 34.68%相比 减少 8.46pct，但仍处于 ...

证券研究报告 通信 周跟踪（20240826-20240901） 领先大市-A(维持) ——英伟达财报继续环比高增，再论 AI 的主线和支线 2024 年 9 月 4 日 行业研究/行业周报 通信行业近一年市场表现 沪深300 入网流量新预期，同时建议关注 AIDC 1）计算收入同比增长 2.5 倍以上，网络收入同比增长 2 倍以上，AI 以太网 网络产品收入环比翻番，Spectrum-X 系列将新增一条数十亿美元的产品线。 2）H200 从第二季度开始加速出货，由于相比 H100 内存带宽提升 40%以上， 相关报告： 性价比提升，在 Blackwell 的过渡期间将受到客户的强烈欢迎。 3）Blackwell 递延消息得到解释，公司已完成后端光罩的重新设计，并在 Q4 开始批量出货，预计收入达到数十亿美元。 4）由于广泛的 GPU 安装基础，英伟达的软件、SaaS 和支持收入也将创造年 化 20 亿美元以上的贡献。 2024.8.26 建 议 关 注 AI 算 力 估 值 修 复 - 周 跟 踪 （20240812-20240816） 2024.8.19 【山证通信】积极因素正在累积， 但同时由于英伟达对 ...

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index [8]. Core Insights - The company maintains high capital expenditures, accelerating project construction, with a projected total capital expenditure of 213 billion yuan for 2024 in the oil and gas and new energy segments [1]. - The oil and gas and new energy segments experienced a year-on-year revenue growth of 7%, while refining and chemical business profits decreased due to narrowing margins [3][30]. - The company reported a total revenue of 1,533.87 billion yuan for the first half of 2024, a 5% increase year-on-year, with net profit attributable to shareholders reaching 886.07 billion yuan, up 3.91% from the previous year [5][30]. Financial Performance - The operating profit for the oil and gas and new energy segment was 916.59 billion yuan, a 7.2% increase from 855.15 billion yuan in the same period last year [3]. - The refining and chemical business reported an operating profit of 136.29 billion yuan, down from 183.50 billion yuan, primarily due to reduced profit margins [3]. - Natural gas sales saw a significant profit increase of 19.0%, reaching 168.05 billion yuan, driven by optimized resource allocation and lower procurement costs [4][30]. Future Projections - The company forecasts net profits of 1,722.29 billion yuan, 1,788.24 billion yuan, and 1,851.68 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 8.8, 8.4, and 8.2 [8][22]. - The report highlights the company's strong position in the domestic oil and gas market, with the highest reserves and a comprehensive industry chain from upstream exploration to downstream refining and sales [8][30]. Shareholder Returns - The company plans to distribute a cash dividend of 0.22 yuan per share for the mid-2024 period, totaling approximately 40.27 billion yuan [6].

江 证券研究报告 PCB 景旺电子（603228.SH） 买入-A(首次) 业绩环比稳定增长，高端产能释放进一步打开成长空间 | --- | --- | --- | |-------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 通信 周跟踪（20240826-20240901） 领先大市-A(维持) ——英伟达财报继续环比高增，再论 AI 的主线和支线 2024 年 9 月 4 日 行业研究/行业周报 通信行业近一年市场表现 投资要点 行业动向： 沪深300 入网流量新预期，同时建议关注 AIDC 1）计算收入同比增长 2.5 倍以上，网络收入同比增长 2 倍以上，AI 以太网 网络产品收入环比翻番，Spectrum-X 系列将新增一条数十亿美元的产品线。 2）H200 从第二季度开始加速出货，由于相比 H100 内存带宽提升 40%以上， 相关报告： 性价比提升，在 Blackwell 的过渡期间将受到客户的强烈欢迎。 3）Blackwell 递延消息得到解释，公司已完成后端光罩的重新设计，并在 Q4 开始批量出货，预计收入达到数十亿美元。 4）由于广泛的 GPU 安装基础，英伟达的软件、SaaS 和支持收入也将创造年 化 20 亿美元以上的贡献。 2024.8.26 建 议 关 注 AI 算 力 估 值 修 复 - 周 跟 踪 （20240812-20240816） 2024.8.19 【山证通信】积极因素正在累积 ...

公司近一年市场表现 资料来源：最闻 市场数据：2024 年 9 月 3 日 公司发布 2024 年半年报：24H1 公司实现营业收入 136.80 亿元，同比 -1.60%；实现归母净利润 21.91 亿元，同比+18.66%；扣非后归母净利润 18.44 亿元，同比+10.71%；基本每股收益 0.447 元/股，同比+17.94%；加权平均 净资产收益率 6.30%，同比增加 0.47 个百分点；经营性现金流量净额 44.55 亿元，同比+21.85%。24Q2 公司实现营业收入 56.09 亿元，同比-15.31%，环 比-30.51%；实现归母净利润 10.32 亿元，同比-7.26%，环比-11.00%，扣非 后归母净利润 9.53 亿元，同比-19.78%，环比+7.00%。 收盘价（元）： 7.70 年内最高/最低（元）： 9.27/5.71 发电量增长提速，气电发电量高增。24H1 年公司控股发电企业完成发 电量 264.09 亿千瓦时，同比+2.1%，上网电量 253.80 亿千瓦时，同比+2.2%； 其中煤电完成 191.75 亿千瓦时，同比+0.4%；气电完成 30.27 亿千瓦时，同 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 91.22% year-on-year increase in revenue to 896 million yuan in the first half of 2024, and a net profit increase of 273.78% to 136 million yuan [1]. - The "Storage+" strategy is effectively driving long-term performance, focusing on technology innovation and product optimization [1][2]. Financial Performance - In Q2 2024, the company achieved revenue of 491 million yuan, a year-on-year increase of 85.60% and a quarter-on-quarter increase of 21.28% [1]. - The gross profit margin improved significantly, reaching 33.74%, an increase of 13.17 percentage points year-on-year [1]. - The net profit margin for the first half of 2024 was 15.18%, up 31.88 percentage points year-on-year [1]. Product Strategy - The company is expanding its product lines, focusing on NOR Flash, EEPROM, and microcontrollers, under the "Storage+" strategy [2]. - The NOR Flash products utilize SONOS and ETOX processes, covering capacities from 512Kbit to 1Gbit, with a focus on low power consumption and high reliability [2]. - The EEPROM products are being applied in industrial control and automotive sectors, with successful mass deliveries to domestic and international clients [2]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.60 yuan, 3.37 yuan, and 4.14 yuan respectively, with corresponding P/E ratios of 24.7, 19.1, and 15.5 [3]. - Revenue projections for 2024, 2025, and 2026 are 1.878 billion yuan, 2.335 billion yuan, and 2.727 billion yuan, reflecting growth rates of 66.6%, 24.3%, and 16.8% respectively [5][8]. Market Position - The company is benefiting from a recovery in market demand, particularly in consumer electronics such as wearable devices, smartphones, and smart home applications [1][2]. - The company has significantly increased its market share and improved profitability in the context of a recovering storage industry [3].