Investment Rating - Maintained "Buy-A" rating for Huagin Technology (688281 SH) [1][3] Core Views - Huagin Technology achieved steady growth in its main business with increased orders for new products in small-batch trials [1] - The company is one of the few domestic high-tech enterprises capable of comprehensively covering the design, R&D, and production of stealth materials across normal, medium, and high temperatures, with significant technological advantages in medium and high-temperature stealth materials [1] - The company's revenue and profitability increased year-over-year due to the steady rise in production and sales volume, driven by batch production tasks and new product orders [1] - Huagin Technology has a robust order backlog, with multiple new product models entering the small-batch trial phase, which is expected to contribute to future performance growth [1] - The company is actively expanding its product portfolio and market opportunities through business synergy, enhancing profitability and business scale [2] Financial Performance - In H1 2024, Huagin Technology reported revenue of RMB 485 17 million, a year-over-year increase of 27 04%, and net profit attributable to shareholders of RMB 216 million, up 17 44% [1] - The company's gross margin in H1 2024 was 56 27%, a decrease of 1 80 percentage points, while the net profit margin was 42 10%, down 5 3 percentage points [1] - Huagin Technology disclosed two major stealth material contracts worth RMB 310 million and RMB 332 million in January 2024, and another significant contract of RMB 132 million in July 2024 [1] - The company's subsidiaries, including Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng, contributed to revenue growth in H1 2024, with Huagin Aeroengine generating RMB 23 76 million, Huagin Acoustics RMB 1 02 million, and Shanghai Ruihuasheng RMB 520,000 [1] Future Projections - Revenue is projected to reach RMB 1 243 billion in 2024, RMB 1 612 billion in 2025, and RMB 2 062 billion in 2026, with year-over-year growth rates of 35 5%, 29 7%, and 27 9% respectively [3] - Net profit attributable to shareholders is expected to be RMB 500 million in 2024, RMB 641 million in 2025, and RMB 795 million in 2026, with growth rates of 49 4%, 28 0%, and 24 0% respectively [3] - The company's EPS is forecasted to be RMB 2 57 in 2024, RMB 3 29 in 2025, and RMB 4 08 in 2026, with P/E ratios of 29 1x, 22 7x, and 18 3x respectively [3] Business Expansion - Huagin Technology is actively expanding its product line and market opportunities through business synergy, enhancing profitability and business scale [2] - The company is focusing on high-end new materials, with subsidiaries like Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng contributing to its diversified product portfolio [1] - Shanghai Ruihuasheng is expected to achieve trial production of some production lines in H2 2024, further boosting the company's growth prospects [1]

动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...

址,通 证券研究报告 新能源动力系统 行业周报（20240826-20240901） 领先大市-A(维持) 鹏辉能源 280Wh/kg 固态电池发布 2024 年 9 月 2 日 行业研究/行业周报 新能源动力系统行业近一年市场表现 资料来源：最闻 上海城投、上港集团与宁德时代签战略合作协议：8 月 28 日，上海城 投与宁德时代举行战略合作签约仪式。根据协议，双方将在电池循环产业、 城市智慧补能网络、城市环卫运输工具和设备电动化、光储充换分布式低碳 能源站、碳达峰碳中和示范等领域开展深入合作。同日，宁德时代与上港集 团签署战略合作协议，根据协议，双方将在绿色港口、智慧港口、零碳港口 建设等领域深化合作，从能源基础设施建设、物流低碳化转型、车船及工程 机械电动化、港口数字化智慧化升级、废旧电池回收等领域，共同推动港航 业低碳能源转型和绿色可持续发展。 鹏辉能源 280Wh/kg 固态电池发布：8 月 28 日，鹏辉能源通过官方微信 视频号进行线上产品技术发布会，正式揭晓了固态电池面纱。与固态电池一 同发布的，还有低温户储电池新品和 590Ah 大容量电力储能电芯新品。此 次鹏辉能源发布的低温户储电池，在低温充 ...

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook compared to the market [1]. Core Insights - The coal industry is experiencing improved supply and demand dynamics, leading to a stabilization and recovery in coal prices. The report highlights that the demand for thermal coal is expected to grow due to increased industrial electricity consumption and a seasonal decline in hydropower generation [1][6]. - The report emphasizes the potential for price stability in domestic thermal coal, driven by steady economic policies and a favorable demand outlook [1][6]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: As of August 30, the price of Shanxi mixed Q5500 at Guangzhou Port increased to 920 CNY/ton, a weekly change of +12.2%. The average price of thermal coal in the Bohai Rim remained stable at 844 CNY/ton, with a slight weekly increase of +0.72% [1][12]. - **Metallurgical Coal**: The price of main coking coal in Shanxi remained stable at 1550 CNY/ton, while the price at Jing Tang Port increased by 5.36% to 1770 CNY/ton. The demand for metallurgical coal is expected to improve due to a recovery in steel prices and production [1][20]. - **Coke and Steel Industry Chain**: The average price of metallurgical coke at Tianjin Port was 1760 CNY/ton, with a weekly decrease of -2.76%. The report notes a rebound in coke prices due to improved supply and demand dynamics [1][31]. - **Coal Transportation**: The coastal coal transportation price index increased by 1.42% to 599.4 points, indicating a rebound in transportation demand [1][36]. 2. Coal Sector Market Review - The coal sector showed a rebound, outperforming major indices like the CSI 300. The CITIC coal index closed at 3481.30 points, reflecting a weekly increase of +2.33% [1][45]. 3. Industry Outlook and Investment Recommendations - The report suggests that the coal prices are likely to remain stable and may trend upwards in the third quarter, with expectations of improved company performance due to higher capacity utilization [1][6]. - Recommended stocks include those with stable dividends and strong performance history, such as China Shenhua and Shaanxi Coal, as well as companies with high certainty in their operations like China Coal Energy [1][6].

Investment Rating - The report has adjusted the investment rating for Tianwei Foods to "Accumulate-A" [4] Core Views - The overall demand in Q2 2024 was weak, but online channels achieved significant growth. The company is focusing on refining its product and channel strategies, which is expected to improve performance in the upcoming peak season [2][3] - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue decreased by 6.80% to 614 million yuan, with a net profit decline of 10.90% to 71 million yuan [2][3] Summary by Sections Financial Performance - For H1 2024, the gross margin was 39.56%, and the net profit margin was 16.8%, reflecting a year-on-year increase of 2.2 percentage points. The company has seen a steady improvement in profitability due to lower raw material costs and more precise expense management [2] - The company’s revenue projections for 2024-2026 are 3.469 billion, 3.845 billion, and 4.306 billion yuan, with year-on-year growth rates of 10.2%, 10.8%, and 12.0% respectively. The net profit is expected to be 526 million, 607 million, and 699 million yuan, with growth rates of 15.2%, 15.4%, and 15.1% [4][5] Product and Channel Development - The company is enhancing its product offerings and channel strategies, including the promotion of large single products and the introduction of new regional flavor seasonings. The focus on B-end and e-commerce channels has also contributed to revenue growth [2][3] - Despite a slowdown in revenue performance in Q2, the company anticipates improved results in the second half of the year due to the peak season for hot pot products and ongoing marketing efforts [2][3] Market Trends - The report indicates that the overall market demand has been weak, influenced by macroeconomic conditions. However, the company is actively adjusting its operational strategies to capture growth opportunities in various channels [3]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company has outperformed the industry in terms of performance, with a focus on low-temperature fresh milk and specialty yogurt, which have driven its growth despite increased competition [2][4]. - The company is expected to achieve high-quality development even under industry pressure, with a strong certainty of profit improvement [1][2]. Financial Performance - For the first half of 2024, the company reported revenue of 5.364 billion yuan, a year-on-year increase of 1.25%, and a net profit attributable to shareholders of 296 million yuan, up 25.26% [1][2]. - In Q2 2024, the company achieved revenue of 2.751 billion yuan, a decrease of 0.94% year-on-year, while net profit rose by 17.72% to 207 million yuan [1][2]. Product and Regional Performance - In H1 2024, the company's revenue from liquid milk, milk powder, and other businesses was 4.844 billion yuan, 35 million yuan, and 486 million yuan, respectively, with growth rates of +0.54%, -15.20%, and +10.64% [2]. - Revenue by region showed varied performance, with notable growth in North China (+20.21%) while Southwest and Northwest regions faced challenges due to the high proportion of ambient milk sales [2]. Cost and Profitability - The company's gross margin improved in H1 2024, with gross and net margins increasing by 1.26 and 1.06 percentage points to 29.23% and 5.53%, respectively [2]. - The decline in raw milk prices contributed to the improvement in profitability, and the company is expected to continue enhancing its profit levels through ongoing efficiency initiatives [2][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 11.235 billion yuan, 11.955 billion yuan, and 12.831 billion yuan, with year-on-year growth rates of 2.3%, 6.4%, and 7.3% respectively [4]. - Net profit forecasts for the same period are 550 million yuan, 659 million yuan, and 795 million yuan, reflecting growth rates of 27.8%, 19.8%, and 20.6% [4].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation in the coming months [3]. Core Insights - The company has achieved record performance, significantly benefiting from the surge in AI demand. In the first half of 2024, it reported a revenue of 8.32 billion yuan, a year-on-year increase of 37.91%, and a net profit of 0.987 billion yuan, up 108.32% year-on-year [1][3]. - The company is positioned to capitalize on structural opportunities in the industry, with all business orders showing year-on-year growth. The trends of electrification and intelligence in the automotive sector, along with demand recovery in certain areas, are expected to continue [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.32 billion yuan, with a net profit of 0.987 billion yuan. The second quarter saw revenues of 4.36 billion yuan, a year-on-year growth of 34.19% and a quarter-on-quarter increase of 10.07% [1]. - The PCB business generated 4.855 billion yuan, accounting for 58.35% of total revenue, with a year-on-year growth of 25.09%. This growth is attributed to increased demand in the communication sector and data centers [1]. - The packaging substrate business reported revenues of 1.596 billion yuan, representing 19.18% of total revenue, with a significant year-on-year growth of 94.31% [1]. - The electronic assembly business generated 1.211 billion yuan, accounting for 14.55% of total revenue, with a year-on-year increase of 42.39% [1]. Earnings Forecast - The company is expected to achieve EPS of 4.13, 5.03, and 6.00 for the years 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 24.4, 20.0, and 16.8 [3][5]. Strategic Positioning - The company has established a unique "3-In-One" business layout, focusing on interconnectivity while enhancing its leading position in the PCB sector and developing its packaging substrate and electronic assembly businesses [1][2]. - The ongoing development of high-end products in the packaging substrate sector and the introduction of new customers are expected to bolster profitability as production capacity ramps up in new factories [2]. Market Outlook - The report highlights that the company is well-positioned to benefit from the strong demand in AI, communication, and data center sectors, which are expected to drive sustained high growth in its future performance [3].

Economic Overview - Manufacturing sector has been contracting since May, with the August manufacturing PMI at 49.1%, down from 49.4% in July[2] - New orders index and import index for August are at 48.9% and 46.8%, respectively, both lower by 0.4 and 0.2 percentage points from the previous month[2] - Production index for August is at 49.8%, indicating a contraction for the first time since March[2] Price Trends - August factory price index and major raw material purchase price index are at 42.0% and 43.2%, down by 4.3 and 6.7 percentage points from last month[2] - The gap between factory prices and purchase prices has narrowed from -3.6% to -1.2%[2] Supply and Demand Dynamics - The new orders to production index for August is -0.9%, indicating a widening gap in supply-demand balance[2] - Economic momentum index (new orders - finished goods inventory) fell from 1.5% to 0.4%, reflecting a downward trend since June[2] Non-Manufacturing Sector - Non-manufacturing PMI for August is at 50.3%, slightly up from 50.2%, indicating expansion[2] - Service sector PMI for August is at 50.2%, showing improvement driven by summer consumption[2] - Construction sector PMI for August is at 50.6%, down from 51.2%, marking four consecutive months of slowing expansion[2] Risks - Domestic growth stabilization efforts are perceived as weak and slow[2] - Geopolitical risks remain a concern for the economic outlook[2]

Investment Rating - The solar industry is rated as "In line with the market - A" [1] Core Insights - In July 2024, the National Energy Administration issued 182 million green certificates, with solar power accounting for 31.48 million certificates, representing 17.28% of the total [2] - The cumulative issuance of green certificates reached 889 million by the end of July 2024, with solar power contributing 261 million certificates, or 29.31% [2] - The report highlights a 49.8% year-on-year increase in solar power installed capacity from January to July 2024, despite ongoing downward pressure on industry chain prices [3] Summary by Sections Market Performance - The report indicates that the solar power installed capacity increased by 49.8% year-on-year from January to July 2024, with the industry facing price pressures [3] Policy Developments - The State Council's white paper on energy transition emphasizes promoting renewable energy consumption and establishing a green power certificate system [3] - The document outlines the goal of enhancing the development of wind and solar power as key components of clean energy [3] Price Tracking - The average price of multi-crystalline silicon is reported at 39.5 CNY/kg, remaining stable week-on-week, while the average price of granular silicon is 36 CNY/kg [5] - The average price of 182mm monocrystalline silicon wafers is 1.25 CNY/piece, with recent announcements of price increases from leading companies [5] - Battery cell prices remain stable, with M10 cells priced at 0.285 CNY/W, while component prices are under pressure due to high inventory levels [5] Investment Recommendations - Recommended stocks include: - Buy: Canadian Solar (688472.SH), Sungrow Power (300274.SZ), Deye Technology (605117.SH), LONGi Green Energy (601012.SH), Aiko Solar (600732.SH), and Flat Glass Group (601865.SH) [3][6] - The report suggests focusing on integrated solar storage leaders and companies with rapid growth in solar demand in Africa and Latin America [6]

Investment Rating - The report indicates a positive outlook on the new stock market, particularly highlighting the performance of newly listed stocks in August 2024, with a notable increase in first-day gains and valuations compared to July 2024 [1][6][15]. Core Insights - The new stock market has seen increased activity, with 27 stocks (84.38% of newly listed stocks) recording positive gains in the past week, a significant rise from 9.68% previously [1][6]. - The report notes a divergence in valuation trends across different boards, with the ChiNext and Sci-Tech Innovation Board showing higher first-day gains and a decrease in issuance PE ratios compared to July [1][6][15]. - Specific stocks such as Jialiqi and Xiaofang Pharmaceutical have shown extreme volatility, with Jialiqi's first-day gain at 231.73% and Xiaofang's drop exceeding 15% [1][6][15]. Summary by Sections 1. New Stock Market Activity - The report highlights that the new stock market's activity has increased, with the ChiNext board's new stock opening valuations rising compared to July [1][6]. - In August, the total number of new stocks listed reached 283, raising a total of 371.91 billion yuan, with the Sci-Tech Innovation Board contributing 152.84 billion yuan [1][6]. 1.1 Sci-Tech Innovation Board - No new stocks were listed in the past week, but stocks like Dameng Data recorded a weekly gain of 12.29% [1][7]. - The average first-day opening valuation for new stocks in August was 59.01 times, down from 74.05 times in June [9][18]. 1.2 ChiNext Board - The report notes that stocks such as Kema Technology and Guoke Tianceng have shown significant weekly gains, with Kema Technology up by 17.59% [13][15]. - The first-day opening valuation for Jialiqi was 58.23 times, with a notable first-day gain of 231.73% [13][15]. 1.3 Main Board - The main board saw the listing of Xiaofang Pharmaceutical, which had a first-day gain of 140.58% and an opening valuation of 23.47 times [16][18]. - Stocks like Jianbang Technology and Longqi Technology also recorded gains exceeding 5% [16][18]. 1.4 Valuation Trends - The report indicates that the valuation of the Wind near-term new stock index has decreased compared to the ChiNext, reflecting a discount state [22]. - The average first-day opening PE for the main board in August was 10.02 times, a decrease from 13.91 times in July [18][22]. 2. Key New Stocks List - The report lists key new stocks that have recently been approved or are awaiting listing, including Keping (semiconductors) and Lanyun Technology (solid-state drives) [22][23]. - Notable stocks listed since January 2023 include Kema Technology and Longtu Guangzhao, which are recommended for attention due to their growth potential [25][26].