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].

火电 浙能电力（600023.SH） 增持-A(维持) 业绩符合预期，盈利能力持续提升 | --- | --- | --- | |---------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年半年报： 24H1 公司实现营业收入 401.65 亿元，同比 -3.75% ；实现归母净利润 39.2 ...

研究早观点 2024 年 9 月 4 日 星期三 市场走势 资料来源：最闻 【山证农业】农业行业周报（2024.08.26-2024.09.01）-生猪养殖板块的 阶段性调整或进入尾声 国内市场主要指数 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,802.98 | -0.29 | | 深证成指 | 8,268.05 | 1.17 | | 沪深 300 | 3,273.43 | 0.26 | | 中小板指 | 5,356.15 | 1.32 | | 创业板指 | 1,556.32 | 1.26 | | 科创 50 | 674.96 | 0.74 | 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】 【山证煤炭公用】电力月报-7 月用电增速仍稳，来水改善下水电持续 发力 【山证电子】三环集团 2024 半年报点评-二季度收入创历史新高， 2019 年 2 月 21 日 星期四 请务必阅读最 ...

证券研究报告 调味品 海天味业（603288.SH） 增持-A(维持) 需求处恢复通道 利润端同步改善 2024 年 9 月 4 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布 2024 年半年报，实现营业收入 141.56 亿元，同比增长 9.18%，归母净利润 34.53 亿元，同比增长 11.52%。其中 24Q2 实现营业收入 64.62 亿元，同比增长 7.98%，归母净利润 15.34 亿元，同比增长 11.12%。 事件点评 市场数据：2024 年 9 月 3 日 收盘价（元）： 36.08 年内最高/最低（元）： 42.60/33.02 流通 A 股/总股本（亿 股）： 55.61/55.61 流通 A 股市值（亿元）： 2,006.26 总市值（亿元）： 2,006.26 需求仍处恢复通道，营收平稳增长。24H1/24Q2 公司营收分别为 141.56/64.62 亿元，同比+9.18%/+7.98%。1）分品类看，酱油/调味酱/蚝油/ 其他调味品 24H1 分别实现营业收入 72.64/14.52/23.22/21.46 亿元，同比 +6.8%/+8.5%/+5.7% ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, indicating a positive outlook for the stock price in the next 6-12 months [6]. Core Views - The company continues to demonstrate a strong performance across its coal and electricity segments, with an integrated operational model that enhances its competitive advantage [6][2]. - Despite a decline in profits due to falling coal prices and electricity rates, the company has shown resilience through increased coal production and sales, as well as improved logistics performance [1][2]. - The anticipated recovery in coal and electricity prices in the second half of the year is expected to support the company's financial performance [6]. Summary by Sections Market Performance - The company reported a total profit of 260.39 million yuan from coal, 52.51 million yuan from electricity, and 83.57 million yuan from transportation in the first half of the year, reflecting a year-on-year decline in coal and electricity profits [1]. - The average coal price decreased by 5.8% year-on-year, while the company’s coal production increased by 1.6% to 163.2 million tons [1][2]. Financial Highlights - For the first half of 2024, the company achieved operating revenue of 1680.78 billion yuan, a decrease of 0.8% year-on-year, and a net profit of 295.04 billion yuan, down 11.3% year-on-year [2]. - The basic earnings per share (EPS) for the period was 1.485 yuan, with a return on equity (ROE) of 7.32% [2]. Operational Insights - The company’s coal sales volume increased by 5.4% to 229.7 million tons, with self-produced coal sales rising by 2.2% [1]. - The average selling price of coal was 566 yuan per ton, with a unit sales cost of 458 yuan per ton, reflecting a decrease in costs due to lower procurement prices [1][2]. Future Projections - The expected EPS for 2024-2026 is projected to be 2.92, 2.93, and 2.99 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.8, 13.7, and 13.4 [6]. - The report suggests that the company’s dividend yield remains attractive, and the inclusion of state-owned enterprise market value management in assessments could enhance the company’s valuation [6].

事件描述 事件点评 资料来源：最闻 市场数据：2024 年 9 月 2 日 持续优化产品结构，利润超预期。2024H1 公司营业收入 24.7 亿，同比 +10.65%；归母净利润 3.04 亿，同比+40.25%,其中单 Q2 实现营收 13.40 亿， 同比+9.00%；归母净利润 1.68 亿，同比+46.69%，利润超此前预期。1）分 产品，24H1 老白干/文王/板城/武陵/孔府家实现营收 12.53/3.02/3.57/4.92/0.92 亿，同比+19.1%/+20.21%/+6.49%/+15.11%/+28.11%。2）分价格，2024H1 出厂价 100 元以上/100 元以下产品分别实现营收 12.53/11.99 亿元，同比 +19.66%/+12.93%，两个价格带均保持两位数增长。3）分区域，2024H1 河 北/湖南/安徽/山东/其他/境外营收为 14.28/4.70/2.72/0.83/1.89/0.09 亿，同比 +14.52%/+10.10%/+14.56%/+35.99%/+50.94%/-15.15%。 收盘价（元）： 17.39 年内最高/最低（元）： 25.75/1 ...