Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company experienced a short-term revenue decline due to delays in contract signings, but profit margins improved, with gross margin increasing by 2.1 percentage points to 12.53% and net margin rising by 1.11 percentage points to 7.47% in the first half of 2024 [1] - The demand for new and upgraded military aircraft in China's air force and navy is urgent, with the company positioned to benefit from the strong demand for its J-16 and J-35 fighter jets [1][2] - The company's R&D expenses grew by 38.73% year-on-year to 568 million yuan in the first half of 2024, indicating a commitment to technological advancement [1] Financial Performance - For the first half of 2024, the company reported revenue of 21.625 billion yuan, a decrease of 6.59% year-on-year, while net profit increased by 8.39% to 1.618 billion yuan [2] - The company's total liabilities decreased by 6.07% to 30.815 billion yuan, while cash and cash equivalents fell by 29.72% to 8.311 billion yuan [2] - The earnings per share (EPS) for 2024 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 30.3, 25.0, and 21.0 for 2024, 2025, and 2026 respectively [3]

2024 年 9 月 2 日 星期一 市场走势 资料来源：最闻 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,842.21 | 0.68 | | 深证成指 | 8,348.48 | 2.38 | | 沪深 300 | 3,321.43 | 1.33 | | 中小板指 | 5,404.49 | 3.01 | | 创业板指 | 1,580.46 | 2.53 | | | | | 科创 50 694.16 2.14 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证新股】澳华内镜（688212.SH）2024 中报点评-股份支付使净利 润承压，产品升级及品牌建设持续夯实竞争优势 【山证新股】龙迅股份（688486.SH）中报点评-单季收入延续创新高 态势，上半年汽车电子收入增长翻番 【山证纺服】周大生 2024H1 中报点评-2024H1 线下门店逆势扩张，中 期派息率达 ...

Investment Rating - The investment rating for the company is "Accumulate-A" (maintained) [1] Core Views - The company's performance is supported by cost reduction and incremental growth in its power business, leading to improved financial results [2][3] - The integration of coal and electricity operations is showing positive effects, with a notable increase in the profitability of the power segment [3][6] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 14.512 billion yuan, a year-on-year increase of 3.80% [2] - The net profit attributable to shareholders was 1.189 billion yuan, reflecting a year-on-year growth of 17.45% [2] - The company's cash flow from operating activities was 3.037 billion yuan, up 1.47% year-on-year [2] - The basic earnings per share (EPS) was 0.0535 yuan, an increase of 17.32% year-on-year [2] - The weighted average return on assets (ROA) improved to 2.54%, up by 0.27 percentage points year-on-year [2] Power Business Performance - The company optimized its power generation strategy, resulting in a power generation volume of 19.365 billion kWh, a year-on-year increase of 4.16% [3] - The on-grid electricity volume reached 18.356 billion kWh, up 13.55% year-on-year [3] - The average comprehensive selling price of electricity was 0.4796 yuan/kWh, a slight increase of 0.67% year-on-year [3] - The average cost per kWh decreased to 0.4055 yuan, down 8.87% year-on-year due to a higher proportion of long-term contract coal [3] Coal Business Performance - The company's coal production and sales experienced a slight decline, with raw coal production at 5.982 million tons, down 1.11% year-on-year [3] - The average selling price of coal was 807.68 yuan/ton, a decrease of 12.09% year-on-year [3] - The coal business revenue was 4.783 billion yuan, down 14.44% year-on-year, with a gross margin of 54.24%, a decrease of 4.29 percentage points year-on-year [3] Future Outlook - The company plans to expand its production capacity, with the Haizetai coal mine expected to start production in June 2026, targeting an output of 3 million tons in the same year [4][5] - The company is also focusing on becoming a leader in the energy storage industry, with several projects underway [5] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 0.11, 0.12, and 0.15 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.9, 9.0, and 7.2 times [6]

Investment Rating - The report maintains an "Add-B" investment rating for the company [2] Core Views - The company achieved a revenue of 354 million yuan in H1 2024, representing a year-on-year growth of 22.29%. However, the net profit attributable to shareholders decreased by 85.13% to 5.66 million yuan [2][3] - The company has been enhancing its marketing system and brand influence, while continuously improving product quality and investing in new technologies and products to strengthen its core competitiveness [2][3] - The company launched several new products in 2024, including electronic percutaneous cholangioscopy and electronic cystoscopy, and made progress in obtaining market access in various regions such as the EU, Brazil, South Korea, and Russia [2][3] Financial Performance - In H1 2024, the company's R&D investment reached 87.34 million yuan, a year-on-year increase of 25.48%, accounting for 24.70% of its revenue [2] - The company expects to achieve revenues of 946 million, 1.368 billion, and 1.876 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 39.6%, 44.6%, and 37.1% [3][4] - The projected net profits for 2024, 2025, and 2026 are 20 million, 133 million, and 250 million yuan, respectively, with significant fluctuations due to stock payment expenses [3][4] Market Position and Strategy - The company is focusing on enhancing clinical functions of domestic endoscopes and early cancer screening, collaborating with several top-tier hospitals for product development and training [3] - The company is also actively participating in training activities to promote diagnostic and treatment technology in grassroots medical settings, aligning with the "Healthy China" strategy [3]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Views - The company achieved a revenue of 713 million yuan in H1 2024, representing a year-on-year growth of 22.30%. However, the net profit attributable to shareholders decreased by 16.05% to 88.86 million yuan [1]. - The growth in revenue is primarily driven by the recovery in the PCB industry and the deepening application of AI technologies [1]. - The company is focusing on high-end product areas such as AI and semiconductors, which has led to a steady increase in revenue [1]. - The company is expanding its overseas market presence, with a production base in Thailand expected to support further revenue growth [1]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 34.66%, down 1.58 percentage points from the previous year. The net profit for H1 2024 was 88.86 million yuan, while the non-recurring net profit was 75.24 million yuan, reflecting a 1% increase year-on-year [1]. - The company expects to achieve revenues of 1.683 billion yuan, 2.065 billion yuan, and 2.423 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.4%, 22.7%, and 17.3% [3]. - The projected net profits for the same years are 270 million yuan, 355 million yuan, and 457 million yuan, with corresponding year-on-year growth rates of 23.1%, 31.4%, and 28.9% [3]. - The earnings per share (EPS) are expected to be 0.66 yuan, 0.87 yuan, and 1.12 yuan for 2024, 2025, and 2026, respectively [3]. Business Development - The company is actively developing its second growth curve, with significant revenue growth in new business areas such as grinding and polishing materials, functional film materials, and intelligent CNC equipment [1]. - In H1 2024, the revenue from grinding and polishing materials reached 69.66 million yuan, a year-on-year increase of 28.58% [1]. - The functional film materials segment achieved revenue of 68.37 million yuan, growing by 146.34% year-on-year, indicating successful advancements in technology [1].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company is entering a new growth phase in its rail transit equipment business, driven by increased demand for new purchases and maintenance services [1][3]. - The company's revenue has rebounded, surpassing 2019 levels, with a reported revenue of 234.26 billion yuan in 2023, reflecting a year-on-year growth of 5.08% [1][25]. - The dual-track and dual-cluster strategy is showing initial success, with the rail transit business recovering significantly [1][3]. Summary by Sections 1. Global Rail Transit Leader, Steady Progress in New Industries - The company has established a dual-track strategy focusing on rail transit equipment and clean energy equipment, leading to a cluster development model [12][17]. - The company has a stable shareholding structure, with strong capabilities in its subsidiaries [17][20]. - New industries are growing steadily, effectively smoothing out the performance cycles of the rail transit business [23][30]. 2. Strong Demand for New Purchases and Maintenance in the EMU Business - The demand for new EMUs is strong, with significant growth in maintenance contracts as vehicles enter their major repair cycles [39][40]. - The company is benefiting from policies promoting the replacement of old diesel locomotives with new energy locomotives, leading to an increase in both volume and price [39][40]. - The rail freight and passenger transport metrics are reaching new highs, supporting capital expenditures [1][39]. 3. Overseas Market Potential and Belt and Road Initiative Contributions - The global rail transit equipment market is expected to see differentiated demand, with significant opportunities in regions like Southeast Asia and Africa [1][3]. - The company has successfully participated in key projects like the Jakarta-Bandung High-Speed Rail, showcasing its capabilities [1][3]. 4. Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 131.4 billion yuan, 146.6 billion yuan, and 158.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.2%, 11.5%, and 8.1% [3][4]. - The price-to-earnings ratio is expected to be 15.9, 14.2, and 13.2 for the same years, indicating a favorable valuation [3][4].

研究早观点 2024 年 8 月 30 日 星期五 市场走势 资料来源：最闻 【公司评论】江波龙(301308.SZ)：江波龙 2024 年中报点评-公司业绩 大幅增长，第二增长曲线打开成长空间 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,823.11 | -0.50 | | 深证成指 | 8,154.44 | 0.94 | | 沪深 300 | 3,277.68 | -0.27 | | 中小板指 | 5,246.68 | 1.10 | | 创业板指 | 1,541.40 | 0.65 | | 科创 50 | 679.59 | 1.25 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证新材料】华恒生物（688639.SH）2024 年中报点评：短期业绩 承压，新品成长性可期 【山证纺服】申洲国际 2024H1 中报点评-核心客户份额稳中有升， 2024H1 销售毛利率快速修 ...

公司近一年市场表现 资料来源：最闻，山西证券研究所 流通 A 股市值（亿元）： 114.57 | --- | --- | |----------------------------|-------| | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益 (元) ： | 0.55 | | 摊薄每股收益(元)： | 0.55 | | 每股净资产(元)： | 5.73 | | | | 净资产收益率(%)： 9.56 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 珠宝首饰及钟表 周大生（002867.SZ） 买入-B(维持) 2024H1 线下门店逆势扩张，中期派息率达 54% 2024 年 8 月 30 日 公司研究/公司快报 事件描述 公司发布 2024 年半年报。2024H1，公司实现营收 81.97 亿元，同比增长 1.52%，实 现归母净利润 6.01 亿元，同比下降 18.71%，实现扣非净利润 5.85 亿元，同比下降 17.2 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4]. Core Views - The company has shown significant growth in revenue and net profit, with a 65.61% year-on-year increase in revenue to 2.22 billion yuan and a 48.04% increase in net profit to 620 million yuan for the first half of 2024 [3][4]. - The company is actively expanding its product matrix, particularly in the automotive electronics sector, where revenue has doubled year-on-year [2][4]. - The company has a strong competitive position in the high-definition video bridging and processing chip market, with over 140 different chip models supporting various signal protocols [4]. Financial Performance - As of June 30, 2024, the basic earnings per share (EPS) is 0.61 yuan, and the diluted EPS is also 0.61 yuan [1]. - The net asset return rate (ROE) stands at 4.56% [1]. - The company's overall gross margin for the first half of 2024 is 54.66%, an increase of 1.42 percentage points year-on-year [2]. - The company achieved a significant increase in operating cash flow, which was reported at 51.91 million yuan, although this reflects a 99.03% decrease due to increased inventory purchases [2][7]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.77 billion yuan, 7.21 billion yuan, and 10.62 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Net profit forecasts for the same years are 1.43 billion yuan, 2.09 billion yuan, and 3.25 billion yuan [4]. - The expected EPS for 2024, 2025, and 2026 is 1.40 yuan, 2.04 yuan, and 3.18 yuan, respectively [4][8]. Market Performance - The company's market capitalization is reported at 24.99 billion yuan for circulating A shares and 45.72 billion yuan for total market capitalization [2]. - The company has seen a significant increase in both domestic and international revenue, with domestic revenue growing by 57.16% and international revenue by 78.01% in the first half of 2024 [2].

公司近一年市场表现 | --- | --- | |-----------------------------|-------------| | 市场数据： 2024 年 8 月 29 | 日 | | 收盘价（元）： | 5.23 | | 年内最高/最低（元）： | 6.59/4.75 | | 流通 A 股/ 总股本（亿元）： | 42.02/42.02 | | 流通 A 股市值（亿元）： | 219.79 | | 总市值（亿元）： | 219.79 | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | 0.10 | | 摊薄每股收益(元 )： | 0.10 | | 每股净资产(元 )： | 3.78 | | | | 净资产收益率(%)： 2.77 资料来源：最闻 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 固收 ...