Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating an expected increase in stock price relative to the CSI 300 index by 5% to 15% over the next six months [12]. Core Views - The company reported a revenue of 381 million yuan for the first half of 2024, reflecting a year-on-year growth of 5.53%, but the net profit attributable to shareholders decreased by 13.95% to 148 million yuan [2][4]. - The performance in the second quarter showed a significant decline, with revenue dropping by 27.52% year-on-year and 40.32% quarter-on-quarter, leading to a net profit decrease of 68.13% year-on-year [2][3]. - The report highlights that the superhard materials industry is currently undergoing a market adjustment, with a decline in demand for cultivated diamonds and intense competition in the industrial diamond sector [2][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 42.31% and a net margin of 38.95% in the first half of 2024, both showing a decline compared to the previous year [2]. - The revenue breakdown for the first half of 2024 shows cultivated diamonds generating 166 million yuan (up 61.63%), diamond single crystals at 144 million yuan (up 38.35%), and diamond micropowder at 52 million yuan (down 63.44%) [3]. Market Position and Outlook - The company is recognized as a leading player in the synthetic diamond industry, with strong technical reserves and a competitive edge in specialized diamond products [3]. - The report anticipates a recovery in the company's performance in the long term, driven by its leading position in cultivated diamonds and diamond micropowder, as well as potential demand recovery in downstream sectors [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 810 million yuan, 951 million yuan, and 1.185 billion yuan, respectively, with corresponding net profits of 285 million yuan, 339 million yuan, and 414 million yuan [4][7]. - The expected earnings per share (EPS) for the same period are projected to be 1.10 yuan, 1.30 yuan, and 1.59 yuan, with price-to-earnings (P/E) ratios of 21.94, 18.44, and 15.11, respectively [4][8].

（2024.09.02-2024.09.08） 合规 诚信 专业 稳健 证券研究报告 分 析 师：李济生 SAC登记编码 S0730522100002 研究助理：郑 婷 SAC登记编码 S0730122110004 发布日期：2024年9月8日 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 录 | --- | --- | |-------|------------------| | | | | 01 | 重要事件及数据 | | 02 | 河南省资本市场 | | | | | 03 | 国内外市场周行情 | | 04 | 券商板块周行情 | 目 Contents 要闻回顾（9.2—9.8） n 9月2日，国务院办公厅印发《关于以高水平开放推动服务贸易高质量发展的意见》 n 9月5日，习近平在中非合作论坛北京峰会开幕式上发表主旨讲话 n 9月5日，国新办举行"推动高质量发展"系列主题新闻发布会 n 9月6日，国泰君安与海通证券公告筹划由国泰君安吸收合并海通证券事宜 n 9月6日，证监会发布《证监会系统离职人员入股拟上市企业监管规定（试行）》 n 9月 ...

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 -23% -20% -16% -13% -9% -6% -3% 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 | 2,736.49 | -1.06 | | 深证成指 | 8,063.27 | -0.83 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,192.95 | -1.19 | | 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 ...

分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 计算机软件 业绩短期承压，全年受益行业高景气和 国产化两大趋势 ——华大九天(301269)公司半年报分析 | --- | --- | --- | --- | |-----------------------------------------|---------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：王兴广 登记编码：S0730123120001 wangxg1@ccnew.com 0371-65585753 2024 年国网输变电项目前四次变电设备 中标数据综合分析 ——电气设备行业专题报告 证券研究报告-行业专题报告 电气设备相对沪深 300 指数表现 电气设备 沪深300 -23% -20% -16% -13% -10% -7% -3% 0% 2023.09 2024.01 2024.05 2024.09 资料来源：中原证券研究所，聚源 相关报告 《电气设备行业月报：电网投资与出口增长双 重驱动，关注输变电输板块机遇》 2024-08-30 《电气设备行业月报：国内电网建设加速，海 外需求维持稳定，关注电气设备板块龙头企 业》 2024-07-31 《电气设备行业半年度策略：电网投资加速与 海外市场拓展：电力设备行业的双重机遇》 2024-07-10 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： 2001 ...

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 -23% -19% -16% -12% -9% -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 | 2,765.81 | -0.81 | | 深证成指 | 8,130.77 | -1.44 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,231.35 | -0.81 | | 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 | 3,103.78 | ...

Group 1 - The report highlights an expectation of enhanced counter-cyclical adjustments, indicating that the economy is likely to stabilize and rebound. This is supported by recent macroeconomic policies and the ongoing implementation of growth-stabilizing measures [1][2][9]. - The People's Bank of China (PBOC) is expected to increase counter-cyclical adjustment efforts, with room for further reserve requirement ratio (RRR) cuts, especially as approximately 3.7 trillion yuan in medium-term lending facility (MLF) will mature in the fourth quarter, leading to significant liquidity pressure [5][9]. - The report suggests focusing on sectors such as semiconductors, home appliances, electricity and utilities, and media, as these are expected to benefit from the anticipated market stabilization [2][10]. Group 2 - Recent U.S. economic data, including the ISM manufacturing PMI at 47.2 and non-farm payrolls increasing by 142,000, fell short of expectations, contributing to a heightened probability of a 50 basis point rate cut by the Federal Reserve in September [8][9]. - The report notes that the U.S. economy is facing increased recession expectations due to weak employment data and declining inflation metrics, which have influenced market sentiment regarding potential Fed rate cuts [8][9]. - The overall market sentiment has been affected by the performance of major indices, with the Dow Jones down 2.93% and the Nasdaq down 5.77%, reflecting a broader trend of declines across global markets [11][12].

Economic Overview - Luoyang's GDP in the first half of 2024 reached 288.99 billion yuan, contributing approximately 9.3% of Henan Province's total economic output [1] - The city's economic growth has been slowing since 2021, with growth rates falling below both national and provincial averages [1] - Luoyang's fiscal revenue in 2023 increased by 610 million yuan to 40.43 billion yuan, ranking second in Henan Province [1] Industrial Structure - The tertiary industry has maintained a share of over 50% since 2017, with the 2024 H1 industrial structure at 3.4:40.2:56.4 [1] - Advanced equipment manufacturing, new materials, and petrochemicals are the three dominant industries [1] - Emerging industries include new energy, electronic information, energy conservation, environmental protection, and biomedicine [1] Key Industrial Chains - Luoyang has identified 5 advanced manufacturing clusters and 17 advantageous industrial chains as development priorities [1] - The city is involved in 25 out of 28 key provincial industrial chains, making it one of the most extensively involved cities in Henan's industrial layout [1] Industrial Parks and Enterprises - Luoyang has 135 industrial parks, accounting for 10.46% of the provincial total, with 47,300 enterprises [2] - Notable enterprises include Luoyang Petrochemical, Luoyang Molybdenum, CITIC Heavy Industries, and AVIC Optoelectronics [2] Regional Development - The development of old urban areas is crucial for Luoyang's high-quality growth, with nearly 40% of national and provincial industrial parks located in these areas [56] - The city's historical and cultural resources are concentrated in old urban areas, facilitating the development of tourism and transportation networks [56] State-Owned Enterprises - Most of Luoyang's leading industrial chain enterprises have state-owned backgrounds, making state-owned enterprise reform a key driver for strengthening industrial chain capabilities [56] Key Enterprises - Luoyang Petrochemical: A large-scale petrochemical enterprise with a production capacity of 500,000 tons/year [36] - Luoyang Molybdenum: A global leader in tungsten, cobalt, niobium, and molybdenum production [40] - CITIC Heavy Industries: A major player in heavy equipment manufacturing and robotics [44] - AVIC Optoelectronics: A high-tech enterprise specializing in optical and electrical interconnection solutions [45]

行业周观点 中原证券行业周观点 —2024 年第三十三期：9 月 2 日-9 月 6 日 | --- | --- | |---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 分析师：牟国洪 | 发布日期： 2024 年 9 月 8 日 摘要： | | 登记编码： S07 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -24% -21% -17% -14% -10% -7% -3% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：Wind，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 | 2,788.31 | 0.14 | | 深证成指 | 8,249.66 | 0.28 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,257.76 | 0.17 | | 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 | 3,132.82 | 0.05 | | 中证 500 | ...