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].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][5]. Core Views - The company has adjusted its annual energy storage shipment target upwards due to significant growth in its energy storage business, with expectations of 6.5-7.0 GWh for the year [4]. - The company reported a revenue of 21.96 billion yuan for the first half of 2024, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 28.8% in Q2 [3]. - The company has a strong cash position with 12.96 billion yuan in cash as of June 30, 2024, and a net cash flow from operating activities of 2.31 billion yuan in Q2, reflecting a year-on-year increase of 56.8% [4]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.96 billion yuan, down 15.9% year-on-year, and a net profit of 1.24 billion yuan, down 35.5% year-on-year [3]. - The company expects its earnings per share (EPS) for 2024, 2025, and 2026 to be 0.90, 1.21, and 1.47 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 8.9, and 7.3 [5]. - The company’s gross margin is projected to be 15.6% in 2024, with a net profit margin of 6.1% [7]. Market Position and Strategy - The company has a leading position in the global photovoltaic module market, with a shipment of 14.5 GWh in the first half of 2024, and significant growth in overseas markets, particularly in the United States and Southeast Asia [4]. - The company has a robust order backlog of 66 GWh in energy storage projects, with an order value of 2.6 billion USD as of mid-2024 [4]. - The company is focusing on research and development, with a total R&D expenditure of 420 million yuan in the first half of 2024, representing a year-on-year increase of 51.8% [4].

Investment Rating - The report maintains a "Buy-B" rating for Zhejiang Natural (605080.SH) [1][4] Core Views - The company achieved a revenue of 600 million yuan in H1 2024, representing a year-on-year growth of 13.18%. However, the net profit attributable to shareholders decreased by 16.42% to 101 million yuan [1][2] - The company’s core product, inflatable mattresses, is expected to see a recovery in orders as customer inventory depletion concludes, alongside new products like hard insulation boxes and water sports goods contributing to incremental revenue [4][2] - The gross profit margin improved by 1.5 percentage points to 37.2% in H1 2024, with a notable increase in the profitability of hard insulation box products [3][4] Financial Performance Summary - In H1 2024, the company reported a net profit of 101 million yuan, with a decrease in net profit margin to 16.78%, down 5.95 percentage points year-on-year [3] - The company’s operating cash flow net amount was 66 million yuan, reflecting an 11.84% increase year-on-year [3] - The company’s inventory at the end of H1 2024 was 199 million yuan, a year-on-year increase of 24.83%, with inventory turnover days reduced by 11 days to 99 days [3] Market Performance - As of August 30, 2024, the closing price was 15.06 yuan, with a market capitalization of 2.132 billion yuan [2][4] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.22, 1.44, and 1.64 yuan respectively, with corresponding P/E ratios of 12.4, 10.5, and 9.2 times [4][5]

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Views - The company achieved a record high gross margin in Q2 2024, driven by the expansion of its overseas direct sales market [4] - The company plans to repurchase up to HKD 2 billion of its shares within 12 months to enhance shareholder returns [2] - The company aims for a revenue growth of 20%-30% in 2024, with adjusted net profit expected to reach at least HKD 2.8 billion [5] Financial Performance - For Q2 2024, MINISO reported revenue of HKD 4.035 billion, a year-on-year increase of 24.1%, and adjusted net profit of HKD 625 million, up 9.4% [2] - In H1 2024, the company achieved revenue of HKD 7.759 billion, a 25.0% increase year-on-year, and adjusted net profit of HKD 1.242 billion, up 17.8% [2] - The gross margin for H1 2024 was 43.7%, an increase of 4.1 percentage points year-on-year, with Q2 2024 gross margin reaching 43.9% [4] Store Expansion - The company is on track to meet its target of adding 900-1100 new stores in 2024, with a total of 4,115 stores in China by the end of H1 2024 [5] - The overseas market saw a revenue increase of 43% in H1 2024, with direct sales revenue growing by 70% [2][5] Market Performance - The same-store sales in China remained flat year-on-year, while overseas same-store sales grew by 16% [5] - The company’s stock closed at HKD 32.90 on August 30, 2024, with a market capitalization of HKD 414.3 billion [2]

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].