中粮糖业 24 年半年报点评：产能投放提高市占，持续分红回报股东 中粮糖业（600737.SH）/农林牧渔 证券研究报告/公司点评 2024 年 09 月 01 日 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

金山办公（688111）/计算机 证券研究报告/公司点评 2024 年 9 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：182.21 元/股 [Table_Industry] 分析师：闻学臣 执业证书编号：S0740519090007 分析师：何柄谕 执业证书编号：S0740519090003 Email：heby@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 463 | | 流通股本 ( 百万股 ) | 463 | | 市价 ( 元 ) | 182.21 | | 市值 ( 百万元 ) | 84,277 | | 流通市值 ( 百万元 ) | 84,277 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1《金山办公（688111）：双订阅维 持高增，AI 加速商业化落地》 2《金山办公（688111）：双订阅收 入继续高增，WPS AI 打开成长空间》 3《金山办 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [2][4][10] Core Views - The company has shown strong revenue growth in external sales, with a stable profit release [2][3] - The second quarter of 2024 saw a revenue of 25.2 billion yuan, a 7% increase, and a net profit of 1.04 billion yuan, a 17% increase [3] - The first half of 2024 reported a revenue of 48.6 billion yuan, a 13% increase, and a net profit of 2 billion yuan, a 35% increase [3] Revenue Breakdown - In Q2, internal sales are expected to decline slightly, while external sales are projected to grow by 35% [3] - By business segment in Q2: - Air conditioning: Revenue down 4% due to real estate drag and inventory reduction, but external sales up over 50% - Home appliances: Double-digit revenue growth, with internal sales down slightly and external sales up 30% - Refrigerators and washing machines: High double-digit revenue growth, with internal and external sales both up 30% [3] Profitability Analysis - For the first half of 2024, the net profit margin for air conditioning is expected to be 8.8%, an increase of 1.5 percentage points, and for home appliances, it is expected to be 5.9%, an increase of 2.9 percentage points [4] - The profitability of the three electrical appliances segment has significantly improved, with a net profit of 0.02 billion yuan compared to a loss of 0.02 billion yuan in the first half of 2023 [4] Investment Recommendations - The report anticipates a slight improvement in the air conditioning segment in the second half of 2024 due to better order signing in July and August, and expects growth from trade-in programs and channel expansion [4] - For white goods, external sales are expected to remain strong, with internal sales anticipated to benefit from trade-in programs [4] - Revenue projections for 2024-2026 are 94.9 billion yuan, 103.1 billion yuan, and 109.6 billion yuan, with net profits of 3.4 billion yuan, 4 billion yuan, and 4.5 billion yuan respectively [4]

[Table_Industry] [评Ta级ble：_T增itle持] （维持） 市场价格：16.47 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,291 4,007 4,764 5,478 6,580 增长率 yoy% -14% 22% 19% 15% 20% 净利润（百万元） 689 825 942 1,119 1,392 增长率 yoy% 0% 20% 14% 19% 24% 每股收益（元） 0.69 0.82 0.94 1.12 1.39 每股现金流量 0.80 0.86 1.35 1.49 1.75 净资产收益率 11% 12% 12% 13% 14% P/E 24.0 20.0 17.5 14.8 11.9 P/B 2.8 2.5 2.3 2.0 1.8 备注：数据统计 ...

石头科技（688169）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：226.4 [Table_Industry] 分析师：姚玮 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn 利润符合预期，关注收入动能 ——石头科技 24 年中报点评 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------|-------|------------------------------|--------|--------| | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,629 | 8,654 | 10,547 | 12,408 | 14,331 | | 增长率 yoy% | 14% | 31% | 22% | 18% | 15% | | 净利 ...

Investment Rating - The investment rating for China Eastern Airlines is "Buy" (maintained) with a market price of 3.79 CNY [1]. Core Views - The report highlights that China Eastern Airlines has significantly reduced its net losses in H1 2024 compared to the same period in 2023, with a net loss of 2.768 billion CNY and a non-recurring net loss of 2.967 billion CNY [2]. - The company is optimizing its flight network and increasing international flight recovery rates, leading to a rapid recovery in operations [2]. - The report projects a decrease in profit forecasts for 2024-2026 due to industry supply being relatively loose and declining ticket prices, with expected net profits of 2.1 billion CNY in 2024, 7.1 billion CNY in 2025, and 9.3 billion CNY in 2026 [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 46,111 million CNY - 2023A: 113,741 million CNY - 2024E: 142,909 million CNY - 2025E: 160,850 million CNY - 2026E: 172,361 million CNY - YoY growth rates: -31% in 2022, 147% in 2023, 26% in 2024, 13% in 2025, 7% in 2026 [1][2]. - **Net Profit Forecasts**: - 2022A: -37,386 million CNY - 2023A: -8,168 million CNY - 2024E: 2,109 million CNY - 2025E: 7,147 million CNY - 2026E: 9,311 million CNY - YoY growth rates: -206% in 2022, 78% in 2023, 126% in 2024, 239% in 2025, 30% in 2026 [1][2]. - **Earnings Per Share (EPS)**: - 2022A: -1.68 CNY - 2023A: -0.37 CNY - 2024E: 0.09 CNY - 2025E: 0.32 CNY - 2026E: 0.42 CNY [1][2]. - **Valuation Ratios**: - P/E ratios: -2.3 in 2022, -10.3 in 2023, 40.1 in 2024, 11.8 in 2025, 9.1 in 2026 [1][2]. Operational Highlights - In H1 2024, the company added 10 aircraft, bringing the total to 792 operational passenger aircraft with an average age of 9.0 years [2]. - The recovery of international routes accelerated, with available seat kilometers (ASK) and revenue passenger kilometers (RPK) reaching 110% and 108% of 2019 levels, respectively [2]. - The average passenger load factor in H1 2024 was 81.21%, an increase of 9.45 percentage points compared to H1 2023 [2]. Strategic Initiatives - The company plans to inject 4.5 billion CNY into its subsidiary Shanghai Airlines to enhance its capital strength and reduce its debt ratio [2]. - A share buyback plan is in place, with a minimum of 250 million CNY and a maximum of 500 million CNY allocated for repurchasing shares, reflecting management's confidence in the company's future [2].

详解工商银行 2024 年半年报：资产质量稳健；核心一级资本充足率进一步提升 工商银行(601398)/银行 证券研究报告/公司点评 2024 年 09 月 1 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------- ...

五粮液：增长符合预期，需求保持稳健 五粮液（000858.SZ）/食品饮料 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | |------------------------------------------------------| | | | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： 123.03 元 | | | | 分析师：范劲松 | | 执业证书编号： S0740517030001 | | 电话： 021-20315138 | | Email ： fanjs@zts.com.cn | 分析师：何长天 执业证书编号：S0740522030001 Email：hect@zts.com.cn 分析师：赵襄彭 执业证书编号：S0740524010001 Email：zhaoxp02@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 3,882 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 5.45 CNY per share [1]. Core Insights - The company's revenue for the first half of 2024 reached 1.224 billion CNY, representing a year-on-year growth of 2.68%, while the net profit attributable to shareholders was 30 million CNY, up 81.83% year-on-year [3][4]. - The core business of medical IT showed steady growth, with software sales and technical service revenue reaching 902 million CNY, a year-on-year increase of 1.83%. However, hardware sales declined by 21.18% [4]. - The internet medical business accelerated, achieving a revenue of 178 million CNY in the first half of 2024, with a growth rate of 44.25% [4]. - The company is focusing on medical AI investments, with R&D expenditures reaching 301 million CNY, accounting for 24.59% of revenue [4]. Financial Forecast and Valuation - The projected revenues for 2024, 2025, and 2026 are 3.669 billion CNY, 4.310 billion CNY, and 4.940 billion CNY, respectively. The corresponding net profits are expected to be 550 million CNY, 700 million CNY, and 880 million CNY [5]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 21.4, 16.8, and 13.4, indicating a favorable valuation [5]. Business Performance - The company added over 20 new projects worth over 10 million CNY each in the fields of smart hospitals and grassroots health, laying a solid foundation for stable revenue growth [4]. - The internet medical business segments, including cloud medical, cloud pharmacy, and cloud insurance, all showed significant growth, with total revenue reaching 277 million CNY, a growth rate of 77.91% [4].

海尔智家（600690）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|--------------|---------|---------|--------------------------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 24.73 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 243,514 | 261,428 | 272,438 | 289,440 | 307,505 | | | 增长率 yoy% | ...