今世缘:营收符合预期,后百亿势能延续 今世缘(603369.SH)/食品饮料 证券研究报告/公司点评 2024年8月17日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

幸迈科技（002595） /机械设备 评级：培持(维持) 市场价格：34.84 无 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 分析师： 养养养 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn 分析师：谢校释 执业证书编予：S0740522100003 Email：xiexh@zts.com.cn 美本状况 总裁本(百万股)800.00 流通股本(百万股)794.77 平价(元)34.84 27872市位(百万元) 流通市值(百万元)27690 ■ 股价与行业-市场走势对比 .40% 20% 10% .10% 相关报告 ■ ■ ■ 轮胎樸具称机床业务高增驱动，2024 半年报超预期 证券研究报告/公司总详 2024 年 8 月 18 日 公司盈利预测及估值 | --- | --- | --- | --- | |-------------|--------------------|-------|-------| | 才能 标 | | 2022A | 2023A | | | 尝业收入（百万元） | 6 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a year-on-year revenue decline of 13.0% in the first half of 2024, while net profit increased by 1.9% [5][9] - The company is expected to benefit from structural adjustments and improved asset quality, with a long-term outlook of transforming into a high-quality bank [6] Summary by Sections Revenue and Profitability - The company's total revenue for the first half of 2024 was 145,606 million yuan, reflecting a year-on-year decrease of 13.0% [4][9] - Net profit for the same period was 47,497 million yuan, showing a year-on-year increase of 1.9% [4][9] - Net interest income decreased by 21.6% year-on-year, while non-interest income increased by 8.0% [5][9] Interest Income and Costs - The annualized net interest margin decreased by 10 basis points to 1.91% in the first half of 2024 [14] - The yield on interest-earning assets fell by 19 basis points to 4.06%, while the cost of liabilities decreased by 10 basis points to 2.20% [14][18] Asset and Liability Structure - The company continued to adjust its asset structure, with new loans primarily supported by corporate lending [20] - In the second quarter of 2024, new loans totaled 141.76 billion yuan, with corporate loans increasing by 115.17 billion yuan and retail loans decreasing by 89.22 billion yuan [20] Non-Interest Income - Non-interest income showed a significant increase of 56.7% year-on-year, primarily driven by other non-interest income [5][9] Asset Quality - The company reported an improvement in asset quality, with a non-performing loan generation rate of 2.18% in the second quarter, a slight decrease from the previous quarter [5][9]

平安银行(000001)/银行 证券研究报告/公司点评 2024 年 08 月 18 日 [Table_Industry] [Table_Title] 评级：增持(维持) 市场价格：10.13 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师 马志豪 执业证书编号：S0740523110002 Email： mazh@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 19,406 | | 流通股本(百万股) | 19,406 | | 市价(元) | 10.13 | | 市值(百万元) | 196,582 | | 流通市值(百万元) | 196,579 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 平安银行 沪深300 银行(申万) 公司持有该股票 ...

逆驾 页 酒 (603198. SH) / 食品饮 料 证券研究报告/公司总评 2024 年 8 月 18 日 评级： 买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |--------------------------------------------|-------------|------------------------------------|---------------|---------------| | 市场价格：50. 72 无 | 标标 | | 2022A | 2023A | | 分析师：范劲松执业证书编号：S0740517030001 | ½ 长 ÷ yoy% | 营业收入（百万元）外利润（百万元） | 5,50520%1,705 | 6,72022%2,288 | | 电 is: 2021-20315138 | 婚长半 yoy% | | 23% | 34% | | | | | | | 分析师：何长天外交点 中24%27%29%29%29% 17.7P/E23.813.811.29.4执业证书编号：S0740522030001 .4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1]. Core Insights - The company reported a revenue of 1.663 billion yuan in H1 2024, a year-on-year decrease of 4.59%, but net profit increased by 10.28% to 198 million yuan [1]. - In Q2 2024, revenue was 969 million yuan, showing a year-on-year decline of 1.98%, while net profit reached 144 million yuan, a year-on-year increase of 6.77% [1]. - The company is experiencing a steady increase in store openings, with a net addition of 103 stores in H1 2024, bringing the total to 6,308 stores [1]. - The gross margin improved by 4.60 percentage points to 27.59% in Q2 2024, primarily due to declining costs [1]. - The report forecasts revenue for 2024-2026 to be 3.571 billion, 3.867 billion, and 4.219 billion yuan respectively, with growth rates of 1%, 8%, and 9% [1]. Financial Summary - Revenue (in million yuan): 2022A: 3,603; 2023A: 3,550; 2024E: 3,571; 2025E: 3,867; 2026E: 4,219 [1]. - Net Profit (in million yuan): 2022A: 222; 2023A: 332; 2024E: 380; 2025E: 431; 2026E: 481 [1]. - Earnings Per Share (in yuan): 2022A: 0.54; 2023A: 0.80; 2024E: 0.92; 2025E: 1.04; 2026E: 1.16 [1]. - Price-to-Earnings (P/E) ratio: 2024E: 15.0; 2025E: 13.2; 2026E: 11.8 [1].

沪农商行(601825)/银行 证券研究报告/公司点评 2024 年 08 月 18 日 [Table_Industry] [Table_Title] 评级：增持(维持) 市场价格：6.54 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 9,644 | | 流通股本(百万股) | 4,622 | | 市价(元) | 6.54 | | 市值(百万元) | 63,075 | | 流通市值(百万元) | 30,226 | [Table_QuotePic] 股价与行业-市场走势对比 -20% -10% 0% 10% 20% 30% 40% 50% 2023-08-162023-09-052023-09-252023-10-232023- ...

【中泰研究丨晨会聚焦】银行戴志锋：专题测算｜债券利率、政策与上市银行债券 配置、营收 证券研究报告 2024 年 8 月 18 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 今日重点>> 【银行】戴志锋：专题测算｜债券利率、政策与上市银行债券配置、营收 【固收】肖雨：转债信用风险手册 研究分享>> 【宏观】张德礼：广义与狭义基建投资增速继续分化 【固收】肖雨：投资和生产走弱，怎么看？——7 月经济数据点评 【固收】肖雨："衰退"暂时证伪，市场情绪修复——全球大类资产跟踪（8 /12-8/16） 欢迎关注中泰研究所订阅号 【固收】肖雨：7 月土地市场有哪些变化？ 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【银行】戴志锋：专题测算｜债券利率、政策与上市银行债券配置、营收 戴志锋｜中泰银行业首席 S0740517030004 核心观点：1、银行对债券持有可分为交易盘和配置盘，分别占生息资产 4%和 24.7%，相关收入分 别占营收 3.7% ...

建筑材料 证券研究报告/行业周报 2024 年 8 月 18 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------- ...

[Table_Main] 评级：增持（ 维持 ） 分析师 戴志锋 执业证书编号：S0740517030004 Email： daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 乔丹 Email： qiaodan@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |----------------------|------------| | 上市公司数 | 42 | | 行业总市值(百万元) | 10,727,490 | | 行业流通市值(百万元) | 7,311,186 | [Table_QuotePic] 行业-市场走势对比 公司持有该股票比例 [Table_Report] 相关报告 、 专题测算 | 债券利率、政策与上市银行债券配置、营收 行业名称 银行 证券研究报告/行业专题报告 2024 年 08 月 18 日 [Table_Finance] 重点公司基本状况 [投资要点 Table_Summary ] ◼ 核心观点：1、银行对债券持有可分为交易盘和配置盘，分别占 ...