分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 医药电池行业领涨 A 股小幅整理 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 09 月 04 日 相关报告 投资要点： 《市场分析：成长行业反弹 A 股震荡整固》 2024-09-03 《市场分析：银行煤炭行业领涨 A 股震荡整 理》 2024-09-02 《市场分析：金融成长行业走强 A 股迎来普 涨》 2024-08-30 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 ◼ A 股市场综述 周三（09 月 04 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2800 点附近遭遇阻力，午后股指震荡回落，尾盘股指 企稳回升，盘中医药商业、医疗服务、电池以及电网设备等行业表现较好； 消费电子、石油、煤炭以及有色金属等行业表现较弱，沪指全天基本呈现 震荡整理的运行特征。创业板市场周三冲高回落，成指全天表现强于主板 市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][6][47] Core Insights - The company's subscription business continues to grow, with a significant increase in the proportion of subscription revenue, reaching 82% in the first half of 2024, up 5 percentage points year-on-year [6][16] - The AI product commercialization process has officially begun, with the launch of WPS AI 2.0 and various versions targeting personal, enterprise, and government users [6][38][47] - The company is focusing on enhancing user penetration and cultivating user habits for its AI products, which may lead to short-term fluctuations in gross margin but is expected to positively impact product positioning and improvement in the long run [6][46] Summary by Sections 1. Overall Performance Analysis in H1 2024 - The company reported a revenue of 2.413 billion yuan in H1 2024, a year-on-year increase of 11.09%, but a decline of 10.16 percentage points compared to the previous year [6][9] - The net profit attributable to shareholders was 721 million yuan, up 20.38% year-on-year, with a growth of 5.06 percentage points compared to the previous year [6][9] - In Q2 2024, revenue was 1.188 billion yuan, a year-on-year increase of 5.98%, but a decline of 10.56% compared to Q1 [11] 2. AI Product Progress - The company has launched several AI products, including WPS AI Office Assistant, WPS AI Enterprise Edition, and WPS AI Government Edition, focusing on efficiency and data security [38][39] - The AI membership and premium membership have been introduced, with over one million paid users, indicating a significant increase in average revenue per user (ARPPU) [40][47] 3. Investment Recommendations - The report projects EPS for 2024-2026 to be 3.32 yuan, 4.57 yuan, and 6.35 yuan respectively, with corresponding PE ratios of 52.34x, 38.05x, and 27.37x based on the closing price of 173.72 yuan on September 3, 2024 [6][47]

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 -25% -21% -18% -14% -11% -7% -4% 0% 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 | 2,802.98 | -0.29 | | 深证成指 | 8,268.05 | 1.17 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,273.43 | 0.26 | | 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 | 3,153.60 | 0 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index within the next six months [2][14]. Core Viewpoints - The company is expected to see a recovery in performance starting from the third quarter, despite a decline in coal production in the first half of 2024 due to the suspension of operations at twelve mines [2][3]. - The company has a strong focus on its premium coal strategy, which is anticipated to enhance profitability as the production of premium coal increases [3][5]. - The company has initiated a share buyback program and has a high dividend payout ratio, with a dynamic dividend yield of 10.70% as of September 3, 2024 [3][5]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 16.254 billion yuan, a year-on-year increase of 1.78%, while net profit attributable to shareholders was 1.393 billion yuan, a decrease of 37.66% [2][5]. - The company’s coal production for the first half of 2024 was 14.21 million tons, a decrease of 7.56% year-on-year, with premium coal production reaching 6.59 million tons [2][3]. Shareholder Returns - The company has committed to a cash dividend payout ratio of no less than 60% from 2023 to 2025, with a cash distribution of 0.99 yuan per share for the 2023 fiscal year [3][5]. - The total amount spent on the share buyback program reached approximately 300 million yuan, representing 1.15% of the total share capital [3][4]. Market Position and Strategy - The company is located in the Pingdingshan mining area, which is rich in high-quality coal resources, and is the largest coking coal production base in Central and Southern China [2][3]. - The controlling shareholder has been actively increasing its stake in the company, indicating confidence in its future development, with plans for asset injection expected to enhance production capacity [4][5]. Profitability Forecast - The projected net profits for the company from 2024 to 2026 are 3.055 billion yuan, 3.317 billion yuan, and 3.658 billion yuan, respectively, with corresponding earnings per share of 1.23 yuan, 1.34 yuan, and 1.48 yuan [5][11].

煤炭开采洗选 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 顶格完成回购，高股息率的主焦煤豫股 ——平煤股份(601666)中报点评 发布日期：2024 年 09 月 04 日 投资要点： 证券研究报告-中报点评 买入(上调) | --- | --- | |---------------------------------------|----------------------| | 市场数据 (2024-09-03) \n收盘价 ( 元 ) | 9.25 | | 一年内最高 / 最低 ( 元 ) | 14.77/9.07 | | 沪深 300 指数 | 3,273.43 | | 市净率 ( 倍 ) | 0.97 | | 流通市值 ( 亿元 ) | 228.41 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 9.58 | | 每股经营现金流 ( 元 ) | 1.90 | | 毛利率 (%) | 26.33 | | 净资产收益率 _ 摊薄 (%) | 5.16 | | 资产负债率 (%) | 60.27 | | 总股本 / 流通 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][7]. Core Views - The company's performance remains under pressure in the short term, with a significant decline in revenue and net profit for the first half of 2024 compared to the previous year [2][5]. - The demand for electrolyte solutions is expected to continue growing, driven by the increase in sales of new energy vehicles [3][6]. - The company is focusing on the research and industrialization of fluorine, lithium, silicon, and boron elements, particularly in new material systems [2][3]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.609 billion yuan, a year-on-year decrease of 12.46%, and a net profit of 70.33 million yuan, down 73.78% year-on-year [2][5]. - The operating cash flow was negative at -855 million yuan, a decline of 179.49% year-on-year [2][5]. - The gross profit margin for the first half of 2024 was 9.11%, down 8.29 percentage points year-on-year [7]. Product Segment Performance - The company's new energy materials segment, which includes lithium hexafluorophosphate, saw revenue of 1.339 billion yuan, a year-on-year decrease of 46.59% [5][6]. - The electronic information materials segment achieved revenue of 588 million yuan, an increase of 11.40% year-on-year, with its revenue share rising to 12.75% [6][7]. - The fluorine-based new materials segment reported revenue of 1.155 billion yuan, a year-on-year increase of 6.27%, contributing 25.06% to total revenue [6][7]. Market Trends - The demand for lithium hexafluorophosphate is under pressure due to significant price declines linked to upstream raw material costs and increased industry competition [5][6]. - The overall market for new energy vehicles in China is expected to maintain double-digit growth, which will support the demand for electrolytes and related materials [3][6]. - The company is positioned to benefit from long-term trends in the semiconductor industry, with its electronic information materials expected to see continued growth [6][7].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | --- | --- | --- | --- | |-------------------------------|-------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 晨会聚焦 | | 发布日期： 2024 年 08 月 30 日 | | | | | 【财经要闻 】 | | | 上证指数 | 深证成指 | 1 、 习近平主持召开中央全面深化改革委员会第六次会议强调，解放思 | | -2% 1% | | | 想、实事求是、与时俱进、求真务实，全力抓好改革任务的组织实施。 | | -9% -6% | | | 2 、 人社部、中央网信办联合印发《关于进一步 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业反弹 A 股震荡整固 ——市场分析 相关报告 《市场分析：银行煤炭行业领涨 A 股震荡整 理》 2024-09-02 《市场分析：金融成长行业走强 A 股迎来普 涨》 2024-08-30 《市场分析：成长行业走强 A 股震荡整理》 2024-08-29 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 03 日 投资要点： ◼ A 股市场综述 周二（09 月 03 日）A 股市场探底回升、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2814 点附近遭遇阻力，随后股指震荡回落，尾盘股指 企稳回升，盘中软件、汽车、计算机设备以及房地产等行业表现较好；银 行、保险、电力以及煤炭等行业表现较弱，沪指全天基本呈现震荡整理的 运行特征。创业板市场周二震荡上行，成指全天表现强于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场探底回升、小幅震荡整理，早盘股 ...

Market Overview - The A-share market experienced a rebound and slight consolidation on September 3, with the Shanghai Composite Index facing resistance around 2814 points before stabilizing [1][2][5] - Key sectors performing well included software, automotive, computer equipment, and real estate, while banking, insurance, electricity, and coal sectors showed weaker performance [1][2][5] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index were 12.04 times and 25.70 times, respectively, both below the median levels of the past three years, indicating a low valuation environment suitable for medium to long-term investments [2][10] Future Market Outlook and Investment Recommendations - The report suggests that the overall market is expected to maintain a volatile pattern, with a focus on policy, capital flow, and external factors [2][10] - Investors are advised to pay attention to short-term investment opportunities in the automotive, software development, computer equipment, and real estate sectors [2][10] - The total trading volume on September 3 was 582.8 billion yuan, which is below the median trading volume of the past three years, indicating a cautious market sentiment [2][10] Sector Performance - The A-share market saw over 80% of stocks rise, with notable gains in shipbuilding, education, battery, packaging materials, and energy metals sectors [5][8] - Conversely, the banking, railway, insurance, coal, and electricity sectors experienced declines, with banking down by 1.78% and coal down by 1.18% [8][10] - The report highlights that the software development, home appliances, battery, real estate development, and pharmaceutical sectors attracted significant capital inflows, while banking, electricity, consumer electronics, oil, and construction sectors faced capital outflows [5][8]

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 专用机械 中报稳健增长，受益农机设备更新及海外 市场开拓 ——一拖股份(601038)中报点评 | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...