轻工制造 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 美联储降息开启，关注家居出口链 ——轻工制造行业点评报告 发布日期：2024 年 09 月 24 日 事件： 证券研究报告-行业点评报告 同步大市(维持) 轻工制造相对沪深 300 指数表现 -31% -26% -22% -17% -13% -8% -4% 1% 2023.09 2024.01 2024.05 2024.09 轻工制造 沪深300 资料来源：中原证券研究所，聚源 相关报告 《轻工制造行业点评报告：河南省加力支持以 旧换新，关注家居需求释放》 2024-09-13 《轻工制造行业月报：文化纸及生活用纸发布 涨价函，关注落地情况》 2024-09-05 《轻工制造行业月报：加力支持以旧换新，家 居消费有望提振》 2024-08-09 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 美国联邦储备委员会当地时间 9 月 18 日宣布，将联邦基金利率目 标区间下调 50 个基点，降至 4.75%至 5.0 ...

Investment Rating - The report maintains an "Accumulate" investment rating for Huatai Securities, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [27]. Core Views - The report highlights that despite a slight decline in retail brokerage business due to market conditions, the company's investment banking business remains competitive, and its asset management scale continues to grow. The sale of AssetMark is expected to significantly enhance the company's performance in 2024, leading to anticipated revenue and net profit growth [21][5]. Summary by Sections Financial Performance - In the first half of 2024, Huatai Securities achieved operating revenue of 17.441 billion yuan, a year-on-year decrease of 5.05%. The net profit attributable to shareholders was 5.311 billion yuan, down 18.99% year-on-year, with basic earnings per share of 0.55 yuan, a decline of 21.43% [5][7]. Business Segments - The report indicates an increase in the proportion of asset management, net interest income, and other income, while brokerage, investment banking net income, and investment income (including fair value changes) saw a decline. Specifically, the net income from brokerage business decreased by 13.64% year-on-year, while investment banking fees dropped by 42.17% [8][12]. - The asset management business showed resilience, with net income from asset management fees increasing by 6.47% year-on-year, and the total scale of asset management reaching 505.983 billion yuan, up 6.41% from the end of 2023 [14][5]. International Business - The international business revenue grew significantly by 67.50% year-on-year, reaching 6.491 billion yuan, with strong performance from Huatai International, maintaining a leading position among Chinese brokers in Hong Kong [20][5]. Future Projections - The report projects earnings per share (EPS) of 1.48 yuan for 2024 and 1.30 yuan for 2025, with book value per share (BVPS) expected to be 18.14 yuan and 18.75 yuan respectively. The price-to-book (P/B) ratios are forecasted at 0.72 and 0.70 based on the closing price of 13.08 yuan on September 23 [21][5].

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -18% -15% -11% -8% -5% -2% 2% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,748.92 | 0.44 | | 深证成指 | 8,083.38 | 0.10 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,212.76 | 0.37 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,089.96 | 0.2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行通信行业领涨 A 股小幅上涨 ——市场分析 相关报告 《市场分析：软件通讯行业领涨 A 股小幅震 荡》 2024-09-20 《市场分析：成长行业领涨 A 股震荡上扬》 2024-09-19 《市场分析：金融地产行业领涨 A 股先抑后 扬》 2024-09-18 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 09 月 23 日 投资要点： ◼ A 股市场综述 周一（09 月 23 日）A 股市场低开高走、小幅震荡上涨，早盘股指低开后震 荡上行，沪指盘中在 2760 点附近遭遇阻力，尾盘股指维持震荡，盘中银行、 通信服务、电池以及黄金等行业表现较好；多元金融、光伏设备、风电设 备以及航空机场等行业表现较弱，沪指全天基本呈现小幅上扬的运行特征。 创业板市场周一震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场低开高走、小幅震荡上涨，早盘股指 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -22% -18% -15% -12% -9% -5% -2% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,736.81 | 0.03 | | 深证成指 | 8,075.14 | -0.15 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,201.05 | 0.16 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,083.55 | 0. ...

行业周观点 中原证券行业周观点 —2024 年第三十五期：9 月 18 日-9 月 20 日 摘要： ⚫ 锂电池 证券研究报告-行业周观点 发布日期：2024 年 9 月 22 日 分析师：牟国洪 登记编码：S0730513030002 分析师：顾敏豪 登记编码：S0730512100001 分析师：刘冉 登记编码：S0730516010001 分析师：唐月 登记编码：S0730512030001 分析师：李琳琳 登记编码：S0730511010010 分析师：张洋 登记编码：S0730516040002 分析师：唐俊男 登记编码：S0730519050003 分析师：乔琪 登记编码：S0730520090001 分析师：刘智 登记编码：S0730520110001 分析师：张蔓梓 登记编码：S0730522110001 分析师：陈拓 登记编码：S0730522100003 分析师：邹臣 登记编码：S0730523100001 分析师：李泽森 登记编码：S0730121070006 分析师：余典 登记编码：S0730524030001 分析师：龙羽洁 登记编码：S0730523120001 研究助理：石临源 ...

Lithium Battery - The lithium battery index decreased by 0.93%, underperforming the CSI 300 index which increased by 1.32% [1] - Short-term investment opportunities in the sector are suggested due to the overall encouragement of macro policies for the new energy vehicle industry [10] New Materials - The new materials index rose by 0.4%, but still underperformed the CSI 300 index [12] - The semiconductor industry is expected to benefit from a rebound, with a focus on electronic specialty gases and photolithography materials [12] - The state emphasizes the strategic resource nature of high-precision diamond materials, suggesting investment in companies with R&D capabilities in functional diamonds [12] Nonferrous Metals - The nonferrous metals index increased by 5.27%, significantly outperforming the CSI 300 index [13] - Copper, aluminum, and tungsten saw notable increases of 8.90%, 7.09%, and 5.79% respectively, while lithium prices fell by 1.56% [13] - Investment opportunities are recommended in gold and copper sectors due to the complex international situation and expectations of continued monetary easing [13] Light Industry Manufacturing - The light industry manufacturing index rose by 1.67%, outperforming the CSI 300 index by 0.35 percentage points [15] - The paper industry is expected to see demand recovery as it transitions from off-peak to peak season, with a focus on companies with integrated advantages in pulp and paper [15] - The home furnishing sector is anticipated to benefit from policies promoting consumption upgrades [15] Agriculture, Forestry, Animal Husbandry, and Fishery - The agriculture, forestry, animal husbandry, and fishery index decreased by 0.33%, underperforming the CSI 300 index by 1.65 percentage points [16] - The pig farming sector is expected to see price stabilization and potential increases due to seasonal demand [16] - Investment opportunities are suggested in the poultry and pet food sectors, which are experiencing rapid growth [16] Pharmaceuticals - The CS pharmaceutical sector decreased by 0.79%, ranking last among 30 sectors [18] - Investment opportunities are highlighted in CXO services due to delays in U.S. biosecurity legislation discussions, as well as in traditional Chinese medicine and innovative drugs [19] Securities - The securities index showed strength after a period of narrow fluctuations, with a closing price reaching a new high since August [20] - If overall market trading volume increases, the securities sector may experience a recovery trend [20] Machinery - The CS machinery sector increased by 0.6%, underperforming the CSI 300 index [21] - Investment focus is recommended on sectors benefiting from large-scale equipment updates, particularly in shipbuilding and engineering machinery [21] Photovoltaics - The photovoltaic sector decreased by 0.87%, significantly underperforming the CSI 300 index [22] - Short-term price increases in polysilicon are noted, with expectations of a supply decrease in the fourth quarter [22] - Long-term investment is suggested in leading companies in photovoltaic glass, integrated components, and other related fields [22]

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 经济运行总体平稳，市场有望 企稳回升 ——周度策略 | --- | --- | --- | |--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [12]. Core Insights - The company reported a revenue of 4.624 billion yuan for the first half of 2024, a year-on-year decline of 4.20%, while net profit attributable to shareholders increased by 105.81% to 91 million yuan, driven by product price increases and foreign exchange gains [2][3]. - The surface active agent industry is expected to maintain stable growth, supported by increasing demand in various sectors such as personal care and cleaning products, with the company holding a leading position in the market [3]. - The company's OEM business in personal care products is anticipated to become a significant profit growth point, with new production capacities gradually coming online [5]. Financial Performance - The company achieved a gross margin of 6.92% in the first half of 2024, an increase of 0.89 percentage points year-on-year, while the net profit margin improved to 1.98%, up 1.06 percentage points [2][3]. - The forecasted earnings per share (EPS) for 2024 and 2025 are 0.44 yuan and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.10 and 15.35 based on the closing price of 7.93 yuan on September 19, 2024 [5][8]. Market Position - The company is a leader in the production of anionic surface active agents, with a market share exceeding 70% in the domestic market, indicating a strong competitive position [3]. - The report highlights the company's strategic investments in high-standard, intelligent factories for OEM services, which are expected to enhance customer loyalty and market competitiveness [5]. Industry Outlook - The surface active agent industry is projected to benefit from stable demand driven by economic growth and increased consumer awareness regarding hygiene and personal care [3]. - The report notes that the industry concentration is rising due to stricter safety and environmental regulations, which may favor established players like the company [3].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件通讯行业领涨 A 股小幅震荡 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股震荡上扬》 2024-09-19 《市场分析：金融地产行业领涨 A 股先抑后 扬》 2024-09-18 《市场分析：金融地产行业领涨 A 股小幅整 理》 2024-09-13 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 09 月 20 日 投资要点： ◼ A 股市场综述 周五（09 月 20 日）A 股市场探底回升、小幅震荡上涨，早盘股指低开后震 荡回落，沪指盘中在 2717 点附近获得支撑，尾盘股指止跌回升，盘中软件 开发、通信服务、消费电子以及黄金等行业表现较好；光伏设备、半导体、 证券以及酿酒等行业表现较弱，沪指全天基本呈现小幅震荡的运行特征。 创业板市场周五震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场探底回升、小幅震荡上涨，早盘股指低 ...