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 ...

相关报告 2024-8-22 分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 0371-65585753 研究助理：郑婷 登记编码：S0730122110004 zhengting@ccnew.com 河南研究：经济数据跟踪（2024 年 8 月） 证券研究报告—宏观点评 发布日期：2024 年 9 月 20 日 电话： 021-50586973 地址： 上海浦东新区世纪大道1788号16 楼 邮编： 200122 投资要点： 《河南研究：经济数据跟踪（2024 年 7 月）》 全国经济运行情况：2024 年 8 月份，全国规模以上工业增加值同 比增长 4.5%，社会消费品零售总额同比增长 2.1%，全国固定资产 投资（不含农户）累计同比增长 3.4%，货物贸易进出口总值累计 同比增长 6.0%。总体来看，8 月份我国经济供需两端均有回落，内 生修复动能有所放缓，前期系列促消费政策以及强劲外需有效支撑 经济总体平稳运行。接下来在全球经济增长波动加大以及贸易摩擦 升温背景下，外需拉动经济增长的可持续性存在不确定因素，对应 提振有效需求的必要性进一步增强。后续仍待存量政策落地 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 各主要业务持稳，投行仍领跑行业 ——中信证券(600030)2024 年中报点评 发布日期：2024 年 09 月 20 日 证券研究报告-中报点评 增持(维持) | --- | --- | |-------------------------------|-------------| | 市场数据 (2024-09-19) | | | 收盘价 ( 元 ) | 19.34 | | 一年内最高 / 最低 ( 元 ) | 22.83/17.50 | | 沪深 300 指数 | 3,196.04 | | 市净率 ( 倍 ) | 1.12 | | 总市值 ( 亿元 ) | 2,866.29 | | 流通市值 ( 亿元 ) | 2,861.67 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 17.24 | | 总资产 ( 亿元 ) | 14,950.12 | | 所有者权益 ( 亿元 ) | 2,792.72 | | 净资产收益率 (%) | 3. ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -18% -15% -12% -8% -5% -2% 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 | --- | --- | --- | |---------------------|---------------------|------------| | | | | | 指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 深证成指 | 2,736.02 8,087.60 | 0.69 1.19 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 | 3,196.04 | 0.79 | | 300 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 | 3,077.61 | 0.63 | | 中证 500 | 4,520.39 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡上扬 ——市场分析 相关报告 《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 《市场分析：银行软件行业领涨 A 股小幅整 理》 2024-09-12 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 19 日 投资要点： ◼ A 股市场综述 周四（09 月 19 日）A 股市场探底回升、小幅震荡上涨，早盘股指高开后震 荡回落，沪指盘中在 2697 点附近获得支撑，随后股指企稳回升，午后维持 震荡，盘中软件开发、互联网服务、电网设备以及证券等行业表现较好； 船舶制造、银行以及房地产等行业表现较弱，沪指全天呈现小幅上扬的运 行特征。创业板市场周四震荡上行，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周四 A 股市场探底回升、小幅震荡上 ...

专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 中报扣非快速增长，设备更新加出海助力 成长 证券研究报告-公司深度分析 增持(首次) | --- | --- | |--------------------------|----------------------| | 市场数据 (2024-09-18) | | | 收盘价 ( 元 ) | 3.34 | | 一年内最高 / 最低 ( 元 ) | 4.92/3.34 | | 沪深 300 指数 | 3,171.01 | | 市净率 ( 倍 ) | 1.80 | | 流通市值 ( 亿元 ) | 144.94 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 1.86 | | 每股经营现金流 ( 元 ) | 0.07 | | 毛利率 (%) | 20.97 | | 净资产收益率 _ 摊薄 (%) | 2.37 | | 资产负债率 (%) | 55.21 | | 总股本 / 流通股 ( 万股 ) | 457,955.34/433,941.9 | | | 3 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1][5][16] Core Views - The company has maintained stable growth in its performance, with a half-year revenue of 2.62 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 341 million yuan, reflecting a year-on-year growth of 1.35% [1] - The company has increased its mid-term cash dividends, with a payout ratio of 91.52% for the first half of 2024, indicating a strong commitment to returning value to shareholders [3] - The entry of state-owned capital from Henan province is expected to enhance the company's development prospects, as it integrates its scale advantages with the resources of Henan Pipeline [4] Financial Performance - The company’s revenue from pipeline natural gas and urban gas sales for the first half of the year was 1.182 billion yuan and 1.001 billion yuan, respectively, showing a year-on-year decrease of 0.54% and 2.01% [1] - The company’s net profit for the second quarter was 139 million yuan, a year-on-year increase of 0.51% [1] - The company is projected to achieve net profits of 639 million yuan, 682 million yuan, and 730 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share of 0.91, 0.97, and 1.04 yuan [5][12] Market Dynamics - The natural gas industry in China is experiencing rapid growth in both supply and demand, with national gas consumption reaching 210.8 billion cubic meters in the first half of 2024, a year-on-year increase of 8.7% [1] - The company benefits from a natural monopoly in its operational region, which supports its stable revenue growth [5] Business Strategy - The company operates a dual business model of long-distance pipelines and urban gas, which provides a competitive advantage and ensures stable gas supply for downstream operations [4] - The company is expanding its pipeline network coverage and accelerating the development of urban gas businesses, enhancing its market presence [4]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15]. Core Insights - The company reported a revenue of 13.792 billion yuan for the first half of 2024, representing a year-on-year growth of 4.10%. The net profit attributable to shareholders was 1.721 billion yuan, up 36.40% year-on-year, with a basic earnings per share of 0.72 yuan [2][3]. - The recovery in titanium dioxide prices has driven growth in the company's performance, with domestic prices rising from 14,967 yuan/ton to 16,050 yuan/ton in 2023, a 7.23% increase. The average price in the first half of 2024 was 16,174 yuan/ton, up 4.62% year-on-year [2][3]. - The company has strengthened its competitive position through vertical integration, acquiring several upstream titanium resources, which has improved its cost structure and resource security [6][3]. Financial Performance - The company's gross margin for the first half of 2024 was 27.53%, an increase of 2.42 percentage points year-on-year, while the net margin improved by 2.95 percentage points to 12.47% [3]. - The titanium dioxide business achieved a gross margin of 33.51%, up 7.67 percentage points year-on-year, contributing significantly to the overall profitability [3]. - The company produced 1.049 million tons of titanium concentrate in the first half of 2024, a 73.00% increase year-on-year, all of which was used internally [6]. Future Outlook - The company anticipates a recovery in performance in the second half of 2024, driven by seasonal demand and improved product competitiveness [6]. - Earnings per share (EPS) are projected to be 1.47 yuan and 1.64 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 10.95 and 9.80 based on the closing price of 16.11 yuan on September 18, 2024 [6].

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 业绩虽有波动但仍呈现出较强的韧性 ——东吴证券(601555)2024 年中报点评 证券研究报告-中报点评 增持(维持) 发布日期：2024 年 09 月 19 日 | --- | --- | |-------------------------------|-----------| | 市场数据 (2024-09-18) | | | 收盘价 ( 元 ) | 6.10 | | 一年内最高 / 最低 ( 元 ) | 8.66/5.60 | | 沪深 300 指数 | 3,171.01 | | 市净率 ( 倍 ) | 0.75 | | 总市值 ( 亿元 ) | 303.09 | | 流通市值 ( 亿元 ) | 303.09 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 8.15 | | 总资产 ( 亿元 ) | 1,565.94 | | 所有者权益 ( 亿元 ) | 404.97 | | 净资产收益率 (%) | 2.88 | | 总股本 ( ...