动力煤 晋控煤业（601001.SH） 增持-A(维持) 煤炭产销稳定，三费下降业绩逆势增长 | --- | --- | --- | |----------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 年半年报： 年 月，公司实现营业总收入 | | | | 2024 2024 1-6 73.79 亿元，同比变化 -0.99% ；实现归母净利润 14.36 亿 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4]. Core Views - The company has demonstrated resilience in its wealth management business despite a slight decline in revenue, with net profit increasing against market trends [3]. - The investment business has shown significant growth, particularly in asset management and investment income, which increased by 91.70% year-on-year [3]. - The company is focused on enhancing its core competitiveness as a leading industrial investment bank, with expectations for revenue and net profit growth in the coming years [4]. Company Performance Overview - As of June 30, 2024, the company reported basic earnings per share of 0.23 yuan and diluted earnings per share of 0.23 yuan, with a net asset return rate of 2.81% [1]. - For the first half of 2024, the company achieved operating revenue of 30.84 billion yuan, a decrease of 0.85% year-on-year, while the net profit attributable to shareholders increased by 9.44% to 10.00 billion yuan [2]. Financial Highlights - The company’s investment income reached 10.63 billion yuan, marking a year-on-year increase of 91.70%, while asset management income grew by 64.59% to 0.71 billion yuan [3]. - The company’s equity financing scale for the first half of 2024 was 1.004 billion yuan, down 52.55% year-on-year, but it improved its industry ranking [3]. - The forecast for operating revenue from 2024 to 2026 is 60.24 billion yuan, 65.08 billion yuan, and 70.82 billion yuan, respectively, with net profit projections of 20.71 billion yuan, 22.88 billion yuan, and 24.85 billion yuan [4].

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 [2][6]. Core Views - The company's performance in H1 2024 has been under pressure due to the rhythm of downstream orders, but a demand turning point is gradually approaching [2][3]. - The company reported a revenue of 72 million yuan in H1 2024, a year-on-year decrease of 56.55%, and a net profit attributable to shareholders of -24 million yuan, a year-on-year decrease of 137.58% [1][3]. - The company is focusing on maintaining strong partnerships with research institutes and related enterprises, continuing to iterate satellite communication TR chip solutions, and expanding its product lines in ground and airborne sectors [1][3]. Financial Performance - The company’s revenue for 2024 is projected to be 279 million yuan, a decrease of 3% year-on-year, with net profit expected to be 76 million yuan, down 4.4% year-on-year [3][4]. - The gross profit margin is expected to decline to 59.2% in 2024, down from 62.3% in 2023 [3][5]. - The company’s inventory and work-in-progress have increased by 26% and 41% respectively compared to the beginning of the year, indicating positive downstream order guidance [1][3]. Market Position and Outlook - The company is well-positioned in the satellite industry, with a solid market position as one of the few private enterprises capable of providing complete and advanced T/R chip solutions [1][3]. - The report anticipates a significant growth in the domestic satellite industry between 2025 and 2026, driven by the simultaneous development of remote sensing and low-orbit satellite constellations [1][3]. - The company is expected to see a recovery in demand in H2 2024, with concentrated deliveries anticipated based on production plans [1][3].

Group 1: Coal Industry - In the first seven months of 2024, coal and lignite imports reached 296 million tons, a year-on-year increase of 13% [2] - In July 2024, coal imports were 46.21 million tons, up 17.70% year-on-year and 3.61% month-on-month [2] - The average import price for coal in 2024 was $100 per ton, down 9.79% from the previous year [2] - The structure of coal imports has shown a continuation of trends from 2023, with an increase in the proportion of coking coal and a decrease in the proportion of anthracite [3] - The domestic coal supply is recovering, leading to a potential strengthening of policies to limit coal imports [3] Group 2: Proya Cosmetics - Proya achieved a revenue of 5.001 billion yuan in the first half of 2024, a year-on-year increase of 37.9% [5] - The net profit attributable to shareholders was 702 million yuan, up 40.48% year-on-year [5] - The online revenue share continued to grow, with online and offline revenues reaching 4.68 billion yuan and 314 million yuan, respectively [6] - The skincare and makeup segments saw revenue growth rates exceeding 40% year-on-year [6] - Proya's main brand continues to show strong growth, with significant sales during major promotional events [7] Group 3: Blue Sky Technology - Blue Sky Technology reported a revenue of 1.295 billion yuan in the first half of 2024, a year-on-year increase of 28.5% [8] - The net profit attributable to shareholders was 404 million yuan, up 16.79% year-on-year [8] - The company achieved overseas sales of 352 million yuan, a significant increase of 55.8% [9] - The life sciences segment generated 285 million yuan in revenue, growing 33% year-on-year, driven by strong market performance of GLP-1 peptide drugs [9] Group 4: Agricultural Industry - Wens Foodstuffs reported a revenue of 46.739 billion yuan in the first half of 2024, a year-on-year increase of 13.48% [24] - The net profit attributable to shareholders was 1.327 billion yuan, a year-on-year increase of 128.31% [24] - The company sold 14.3742 million pigs, a year-on-year increase of 21.96%, ranking second among listed companies in terms of national pig output [24] - The chicken business also achieved profitability, with stable production and a slight increase in sales prices [25] Group 5: Anta Sports - Anta Sports reported a revenue of 33.735 billion yuan in the first half of 2024, a year-on-year increase of 13.8% [26] - The net profit attributable to shareholders was 7.721 billion yuan, up 62.6% year-on-year [26] - The e-commerce channel revenue grew by 25.1%, accounting for 33.8% of total revenue [27] - The company maintained strong profitability, with a gross margin increase to 64.1% [28]

日用化学品 珀莱雅（603605.SH） 买入-A(维持) 护肤主营业务稳定，美妆、洗护类收入增速同比突破 40% 1 2024 年 8 月 28 日 公司研究/公司快报 | --- | --- | --- | |------------------------------|--------------|--------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年中期财报，期内实现营业收入50.01亿元/+37.9%，归 | | | | 母净利润 7.02 亿元/+40.48%，扣非归母净利润6.79 亿元/+41.78%，EPS1.78 | | | | 元。其中2024Q2实现营收28.2亿元/+40.59%，归母净利润3.99亿元/+36.84%， | | | | 扣非归母净利润 3.87 亿元/+37.76%。 | | | | 事件点评 | | | | 珀莱雅收入增速稳定，彩棠、OR 延续高增速。分渠道来看，线上收入 | | 市场数据 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][4]. Core Views - The company has demonstrated significant growth in overseas business, reflecting the effectiveness of its internationalization strategy [1][2]. - In the first half of 2024, the company achieved a revenue of 1.295 billion yuan, representing a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 404 million yuan, up 16.79% year-on-year [1][2]. - The company's gross margin for adsorbent materials improved to 51%, a 1.5% increase compared to the same period in 2023, driven by strong performance in various business segments [2][3]. Financial Performance Summary - For the first half of 2024, the company reported overseas sales revenue of 352 million yuan, a remarkable growth of 55.8% year-on-year [2]. - The life sciences segment generated revenue of 285 million yuan, up 33% year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [2][3]. - The lithium extraction and metal resources segment achieved revenue of 99 million yuan, an 8% increase year-on-year, with ongoing projects expected to enhance production capacity [2][3]. - Water treatment and ultrapure materials sales reached 323 million yuan, reflecting a 30% year-on-year growth, with increased market penetration in high-end drinking water [3]. Future Projections - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [4][6]. - Net profit attributable to shareholders is expected to reach 983 million yuan, 1.234 billion yuan, and 1.477 billion yuan for the same years, with growth rates of 37.0%, 25.6%, and 19.7% [4][6].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [1]. Core Views - The semiconductor market demand has rebounded, leading to significant revenue growth and profit improvement for the company. The second quarter saw a revenue of 241 million yuan, a year-on-year increase of 42.60% and a quarter-on-quarter increase of 19.18%. The net profit attributable to the parent company reached 66 million yuan, up 48.49% year-on-year and 27.36% quarter-on-quarter [1][2]. - The high-bandwidth memory (HBM) market is projected to grow at a compound annual growth rate of 26.10% over the next few years, benefiting the company's high-end silicon micro-powder sales and further enhancing its profitability [1]. - The company is expected to achieve net profits of 255 million, 311 million, and 385 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 1.37, 1.67, and 2.07 yuan [1]. Financial Performance - In the first half of 2024, the company reported a revenue of 443 million yuan, a year-on-year increase of 41.15%, and a net profit of 117 million yuan, up 60.86% year-on-year. The non-recurring net profit was 106 million yuan, reflecting a 70.32% increase year-on-year [2]. - The company's gross margin improved to 41.84% in the first half of 2024, an increase of 3.70 percentage points year-on-year, while the net profit margin reached 26.50%, up 3.25 percentage points year-on-year [3]. - The projected financials for the company show a steady increase in revenue and net profit over the next few years, with revenue expected to reach 965 million yuan in 2024 and 1.343 billion yuan in 2026, alongside a gradual improvement in profit margins [4][5].

公司近一年市场表现 | --- | --- | |--------------------------|-------------| | 市场数据：2024年8月27 | 日 | | 收盘价（元）： | 23.29 | | 年内最高/最低（元）： | 26.69/17.34 | | 流通A股/总股本（亿股）： | 27.69/27.82 | | 流通A股市值（亿元）： | 644.82 | | 总市值（亿元）： | 647.87 | | 基础数据：2024年6月30 | 日 | | 基本每股收益(元)： | 0.24 | | 摊薄每股收益(元)： | 0.24 | | 每股净资产(元)： | 7.18 | | 净资产收益率(%)： | 3.29 | | 资料来源：最闻 | | 骆志伟 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 电话：010-83496308 航空军工 中航西飞（000768.SZ） 增持-A(首次) 军民用大飞机龙头，民机业绩有望大幅提升 2024 年 8 月 28 日 公司研究/公司快报 事件描述 中航西飞公司发布了 2024 年中报。2024 ...

F 证券研究报告 白酒 顺鑫农业（000860.SZ） 增持-A(维持) 白酒业务保持稳定，盈利水平扭亏为盈 2024 年 8 月 28 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，24H1 公司实现营业收入 56.87 亿元， 同比减少 8.45%。实现归母净利润 4.23 亿元，同比扭亏为盈；24Q2 公司实 现营业收入 16.30 亿元，同比减少 23.26%，实现归母净利润-0.28 亿元，上 年同期为-4.09 亿元，同比大幅减亏。 事件点评 白酒业务保持稳定，上半年业绩扭亏为盈。公司上半年实现营业收入 市场数据：2024 年 8 月 27 日 56.87 亿元，同比减少 8.45%。其中，白酒业务实现收入 46.98 亿元，同比增 收盘价（元）： 14.99 长 3.17%。其中高/中/低档酒分别实现营收 6.03/6.38/34.56 亿元，同比 年内最高/最低（元）： 26.78/14.90 +5.94%/-7.29%/+4.87%，消费弱复苏下餐饮相关消费表现疲软，中档酒收入 流通 A 股/总股本（亿 股）： 7.42/7.42 增速有所承压；同 ...

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 [2]. Core Views - The company's Q2 revenue showed steady growth, with a year-on-year increase of 7.1%, driven by strong performance in its overseas Opera business. However, the net profit was under pressure due to increased AI R&D investments and fluctuations in investment income [2][3]. - The company is positioned as a leading player in the domestic AI industry, which is expected to provide a strong competitive advantage as it continues to implement its "All in AI" strategy [3]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 2.502 billion yuan, a year-on-year increase of 3.16%, while the net profit attributable to the parent company was -389 million yuan, a decline of 208.64% [1]. - In Q2 2024, the company reported revenue of 1.294 billion yuan, up 7.1% year-on-year, but the net profit was -202 million yuan, down 238% year-on-year, primarily due to increased AI R&D spending [1][2]. - The company’s R&D expense ratio for the first half of 2024 was 30.27%, an increase of 15.80 percentage points year-on-year, reflecting its commitment to AI development [2]. Revenue and Profit Forecast - The revenue forecast for 2024E is 5.441 billion yuan, with a year-on-year growth of 10.7%. The net profit forecast for 2024E is 151 million yuan, representing a significant decline of 88% [4][6]. - The projected net profit growth for 2025E and 2026E is 199.4% and 48.3%, respectively, indicating a recovery trend after the anticipated decline in 2024 [3][4]. Key Financial Metrics - As of June 30, 2024, the basic earnings per share (EPS) was -0.32 yuan, and the diluted EPS was also -0.32 yuan [2]. - The net asset return rate (ROE) was -2.81% [2]. - The company’s total market capitalization is 31.933 billion yuan, with a circulating A-share market value of 31.933 billion yuan [2].