公司近一年市场表现 市场数据：2024 年 9 月 5 日 公司发布 2024 年半年报：24H1 公司实现营业收入 348.08 亿元，同比+ 12.38%；实现归母净利润 113.62 亿元，同比+27.92%；扣非后归母净利润 113.70 亿元，同比+ 33.83%；基本每股收益 0.46 元/股，同比+27.92%；加权 平均净资产收益率 5.56%，同比增加 1.28 个百分点；经营性现金流量净额 229.84亿元，同比-8.38%。24Q2公司实现营业收入191.67亿元，同比+23.05%， 环比+22.55%；实现归母净利润 73.95 亿元，同比+40.35%，环比+86.43%， 扣非后归母净利润 73.91 亿元，同比+50.04%，环比+85.73%。 收盘价（元）： 29.12 年内最高/最低（元）： 31.44/21.68 来水改善显著，六座梯级电站电量齐增。24 年 H1 乌东德水库来水较上 年同期偏丰 11.40%；三峡水库来水较上年同期偏丰 19.67%。24 年 H1 公司 境内六座梯级电站总发电量约 1206.18 亿千瓦时，同比+16.86%；24 年 Q2 总发电量 ...

证,通 证券研究报告 白酒 事件点评 山西汾酒（600809.SH） 买入-A(维持) 短期季度间结构调整，看好可持续增长 2024 年 9 月 5 日 公司研究/公司快报 公司近一年市场表现 市场数据：2024 年 9 月 4 日 收盘价（元）： 167.59 年内最高/最低（元）： 273.68/158.18 流通 A 股/总股本（亿 股）： 12.20/12.20 流通 A 股市值（亿元）： 2,044.54 总市值（亿元）： 2,044.54 事件点评 2024H1 业绩稳健增长，Q2 青花控货影响利润。2024 年上半年实现营 业收入 227.46 亿元，同比+19.65%；归母净利润为 84.10 亿元，同比+24.27%， 业绩稳健增长，其中单 Q2 收入 74.08 亿元，同比+17.06%，归母净利润 21.47 亿元，同比+10.23%，利润略低于预期，主要在于公司主动调控，青花系列 控货，玻汾和腰部产品（老白汾、巴拿马）贡献主要增量。具体来看：1） 分产品，24H1 中高价酒类/其他酒分别实现营收 164.27/62.33 亿（同比 +17.38%/+27.36%）;2024Q2 中高价 ...

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 2,784.28, down 0.67% [1] - The ChiNext Index increased by 2.17%, while the Shenzhen Component Index rose by 2.04% [7] Company Insights Huazhong CNC (300161.SZ) - The company reported a revenue of 629 million yuan for H1 2024, a decrease of 29.02% year-on-year, with a net loss of 107 million yuan, widening by 203.42% [14] - In Q2 2024, revenue was 386 million yuan, down 27.03% year-on-year but up 58.54% quarter-on-quarter [15] - The gross margin for the CNC system reached a historical high of 40.79%, with a net margin of -20.39% [15] Kede CNC (688305.SH) - The company achieved a revenue of 256 million yuan in H1 2024, a year-on-year increase of 27.12%, with a net profit of 48.44 million yuan, up 1.78% [8] - New orders increased by 44% year-on-year, with significant growth in five-axis CNC machine tools [11] - The average price for new five-axis CNC machine orders was 2.22 million yuan per unit [11] China Petroleum (601857.SH) - The company reported a revenue of 15,338.69 billion yuan for H1 2024, a 5% increase year-on-year, with a net profit of 886.07 billion yuan, up 3.91% [18] - Natural gas sales increased by 12.9% year-on-year, with a total of 1,472.17 billion cubic meters sold [20] - The average price of Brent crude oil rose by 5.5% year-on-year, impacting overall revenue positively [20] Jingwang Electronics (603228.SH) - The company reported a revenue of 5.867 billion yuan for H1 2024, an 18.26% increase year-on-year, with a net profit of 657 million yuan, up 62.56% [23] - The Q2 revenue was 3.125 billion yuan, reflecting a 19.25% year-on-year increase [24] - The gross margin for H1 2024 was 24.00%, with a net margin of 11.11% [24] Chenghe Technology (688625.SH) - The company achieved a revenue of 414 million yuan in H1 2024, a 12.02% increase year-on-year, with a net profit of 128 million yuan, up 17.37% [28] - The revenue from composite additives grew significantly, with some products seeing increases of up to 46% [29] Investment Recommendations - For Huazhong CNC, despite the H1 revenue decline, the company is expected to recover as it has a strong order backlog and is expanding its overseas market [17] - Kede CNC is projected to maintain rapid revenue growth due to its strong order intake and product diversification [12] - China Petroleum is recommended for its stable growth and high dividend yield, with projected net profits of 1,722.29 billion yuan for 2024 [21] - Jingwang Electronics is positioned well to benefit from high demand in the electronics sector, with expected EPS growth [26] - Chenghe Technology is noted for its strong R&D capabilities and potential for continued growth in the high-performance materials market [31]

纺织服装板块近一年市场表现 2024 年 9 月 5 日 行业研究/行业动态分析 资料来源：最闻，山西证券研究所 2024 年上半年，我国纺织服装出口金额为 1431.76 亿美元，同比增长 0.3%，其中纺 织品、服装出口金额分别为 693.51、738.25 亿美元，同比增长 3.3%、持平。越南纺 织品和服装、制鞋出口金额分别为 165.23、107.18 亿美元，同比增长 5.0%、9.1%。 品牌客户去库结束，订单恢复常态，纺织制造企业营收与业绩均实现快速增长。 2024H1，纺织制造板块营收同比增长 17.5%，毛利率同比提升 3.2pct 至 27.0%，归 母净利润同比增长 31.4%。2024Q1-2024Q2，营收同比分别增长 22.8%、18.7%，毛 利率分别为 24.4%、27.0%，同比提升 1.5pct、1.3pct，归母净利润同比分别增长 44.1%、 相关报告： 17.7%，2024Q2 板块业绩增速略慢于营收增速，主因汇兑收益下降。（注：季度数 据不含申洲国际）。 【山证纺织服装】Amer 发布 2024Q2 业 绩，大中华区连续 4 个季度营收增速超 过 40%-【山证纺 ...

公司近一年市场表现 市场数据：2024 年 9 月 4 日 收入端平稳增长，费用管理持续加强。面对外部环境挑战，公司进一步 加强与中国移动的战略融合，深入实施"BASIC6"计划，同时发力新兴安 全板块，推动公司上半年新增订单保持快速增长。分业务看，2024 上半年公 司安全产品实现收入 11.04 亿元，同比增长 14.13%，安全运营与服务实现收 入 4.58 亿元，同比减少 15.14%，其他业务实现收入 0.12 亿元，同比减少 20.52%。2024 上半年公司毛利率为 56.51%，同比降低 3.76%，但随着公司 持续推进主营业务提质增效，二季度公司毛利率环比提升 13.77%至 64.59%。 同时，得益于公司加强费用管理，上半年销售、管理、研发费用合计同比下 降 2.69%，销售、管理、研发费用率合计较去年同期下降 4.40 个百分点。2024 上半年公司净利率为-11.84%，同比下降 23.79%，主要是因为公司参股的上 市企业航天软件和永信至诚股价波动导致上半年投资收益和公允价值变动 收益较去年同期下降。 收盘价（元）： 12.82 年内最高/最低（元）： 28.76/12.51 流通 ...

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 ...