[Table_Industry] [Table_Title] !"#$%&'%( !"#$%23.77 & '()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn [Table_Profit] )*+, 456(785) 1,226 9:56(785) 188 !#(&) 23.77 !;(78&) 29,152 9:!;(78&) 4,476 -35% -30% -25% -20% -15% -10% -5% 0% 5% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !"#$ %&300 [Table_QuotePic] -./01-234567 <=>?@5ABC 89:; 1 DEFGHIJKLMNOPQR S6TU+VWXYZ[\]^ n ]JãK6+,LM˛ˇNNOìPNQRSBTUÓÍP IJKL 24 ...

通富微电(002156.SZ)/电子 证券研究报告/公司点评 2024 年 9 月 6 日 [Table_Title] 评级：买入（维持） 市场价格：19.06 元/股 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,518 | | 流通股本 ( 百万股 ) | 1,517 | | 市价 ( 元 ) | 19.06 | | 市值 ( 百万元 ) | 28,925 | | 流通市值 ( 百万元 ) | 28,922 | [Table_QuotePic] 股价与行业-市场走势对比 通富微电 沪深300 ...

[Table_Industry] 南方传媒：收入端稳健，教育业态逐步构建 南方传媒(601900.SH)/传媒 证券研究报告/公司点评 2024 年 09 月 06 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------|-------|--------|--------|--------| | [Table_Industry] [Table_ 评级：买入 Invest （ ] 维持） \n市场价格： 12.59 元： 14.74 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022 | 2023 | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 9,055 | ...

Investment Rating - The report assigns an "Invest Buy" rating for the company, marking its first coverage [2]. Core Insights - Yuntianhua is a leading integrated player in the phosphate industry, backed by state-owned assets, with a focus on continuous growth through asset injections from the group [4][21]. - The company has significantly reduced its debt ratio from a peak of 92.5% in 2016 to 56.5% by mid-2024, enhancing its financial stability [4]. - The company is expected to benefit from a stable demand for phosphate rock and fertilizers, with projected revenue growth rates of 1.7%, 2.2%, and 3.4% from 2024 to 2026 [5][21]. Summary by Sections 1. Company Overview - Yuntianhua, controlled by the Yunnan Provincial State-owned Assets Supervision and Administration Commission, has evolved from a nitrogen fertilizer manufacturer to a major player in the phosphate chemical sector through strategic asset restructuring [4][21]. - The company has a phosphate ore reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons, making it one of the largest fertilizer producers in China [17][21]. 2. Phosphate Industry Dynamics - The phosphate rock market is expected to maintain a tight balance, with demand projected to grow at rates of approximately 3.4%, 2.3%, and 2.0% from 2024 to 2026 [4][21]. - The report highlights that the domestic phosphate fertilizer market is stabilizing, with a focus on ensuring food security leading to controlled production capacities [4][21]. 3. Competitive Advantages - Yuntianhua's competitive edge lies in its resource ownership, scale, brand strength, and integrated operations, which enhance profitability and market positioning [4][21]. - The company has a strong cash flow, with a net operating cash flow of 4.62 billion yuan in the first half of 2024, indicating robust financial health [5][21]. 4. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 70.22 billion yuan, 71.73 billion yuan, and 74.20 billion yuan, respectively, with net profits expected to be 5.02 billion yuan, 5.02 billion yuan, and 5.09 billion yuan [5][21]. - The report anticipates an increase in cash dividends, with a historical payout ratio of around 30.5% to 40.3% in recent years, reflecting the company's commitment to returning value to shareholders [5][21].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 609 million yuan in the first half of 2024, representing a year-on-year increase of 12%. However, the net profit attributable to the parent company was 29 million yuan, down 6.73% year-on-year [2]. - The gross margin for the first half of 2024 was 44.77%, a slight increase of 0.59 percentage points year-on-year. Research and development expenses amounted to 55 million yuan, accounting for 9.04% of revenue, which is a 7.06% increase year-on-year [2]. - The enzyme preparation business continued its strong performance, with revenue growth of 20.42% year-on-year. The company has developed four efficient protein expression systems and established a leading high-throughput screening workstation [2]. - The company follows a "technology-driven development" strategy, focusing on independent research and development while also engaging in collaborative research. As of the report date, the company holds 419 domestic authorized invention patents and 10 U.S. patents [2]. - The company has completed its capacity layout across various business segments, with several projects now in operation. The production line for refined enzyme products is expected to commence operations by December 2024 [2]. - The company’s enzyme products have contributed to a reduction of approximately 1.2548 million tons of CO2 emissions in downstream applications during the first half of 2024 [2]. Financial Summary - The company’s revenue forecast for 2024-2026 is projected at 12.73 billion yuan, 13.99 billion yuan, and 15.58 billion yuan respectively, with net profits of 1.00 billion yuan, 1.18 billion yuan, and 1.38 billion yuan for the same period [3]. - The current price-to-earnings (P/E) ratio is 26.3 for 2024, decreasing to 19.0 by 2026, indicating a positive trend in valuation [3]. - The return on equity (ROE) is expected to increase from 4.4% in 2023 to 6.5% in 2026, reflecting improved profitability [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's short-term performance is under pressure due to industry fluctuations, but its satellite business is expected to see significant growth [2] - The company is deeply involved in the construction of satellite internet through the Qianfan Constellation project, which aims to provide global network coverage by 2030 [4] - The company has a comprehensive industry chain layout and is increasing its R&D investment, which is expected to drive future growth [4] Financial Performance - The company reported a revenue of 106 million yuan in the first half of 2024, a year-on-year decrease of 27.56%, and a net profit attributable to the parent company of -52 million yuan, a year-on-year decrease of 252.81% [3] - The company's gross margin improved in Q2 2024, reaching 74.09%, up 38.33 percentage points year-on-year and 8.99 percentage points quarter-on-quarter [3] - The company's R&D investment in the first half of 2024 was 123 million yuan, remaining stable compared to the previous year [4] Industry and Market Position - The company is a leader in the military broadband communication market and is expected to benefit from the upgrade of military communication from narrowband to broadband [5] - The company has a strong position in the low-orbit satellite industry chain and is expected to see significant growth as the satellite internet market expands [5] Future Outlook - The company's new products are expected to drive performance recovery as the demand for military products normalizes [3] - The company's participation in the Qianfan Constellation project and its R&D achievements are expected to provide sustained growth momentum [4] - The company's profit forecast for 2024-2026 has been adjusted, with expected net profits of 21 million yuan, 263 million yuan, and 345 million yuan, respectively [5] Valuation - The company's 2025 PE ratio is 33x, which is below the 5-year historical average of 64x and the average PE ratio of comparable companies for 2025, which is 36x [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decrease in revenue and net profit for the first half of 2024, with revenue at 5.477 billion yuan, down 15.33%, and net profit at 550 million yuan, down 59.50% [1] - In Q2 2024, the company achieved revenue of 3.215 billion yuan, a year-on-year decrease of 6.86% but a quarter-on-quarter increase of 42.12% [1] - The coal business showed improved performance with increased production and sales, leading to a quarter-on-quarter improvement in results [1] - The company is expected to face challenges due to declining coal prices, leading to revised revenue forecasts for 2024-2026 [1][2] Financial Performance Summary - Revenue projections for 2023, 2024, 2025, and 2026 are 13.284 billion yuan, 13.996 billion yuan, 15.207 billion yuan, and 16.303 billion yuan respectively, with growth rates of -6%, 5%, 9%, and 7% [1][2] - Net profit projections for the same years are 2.098 billion yuan, 1.675 billion yuan, 2.029 billion yuan, and 2.301 billion yuan, with growth rates of -35%, -20%, 21%, and 13% [1][2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a P/E ratio of 5.7 [1][2] Business Segment Performance - Coal production in the first half of 2024 was 7.0561 million tons, a year-on-year increase of 9.34%, with sales of 5.7585 million tons, also up year-on-year [1] - The average selling price of coal was 637 yuan per ton, with a gross profit margin of 41.57% [1] - The chemical segment, including urea and caprolactam, saw significant improvements in production and sales compared to the previous quarter [1]

产销有望逐季改善，化工带来盈利增量 淮北矿业（600985.SH）/煤 炭证券研究报告/公司点评 2024 年 9 月 7 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-----------------------------------------------|-------------------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格 13.79 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 69,062 | 73,387 | 71,641 | 74,196 | 76,029 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target market price of 29.10 [1][2]. Core Insights - The company is expected to experience stable revenue growth, with overseas business likely to continue gaining momentum. The revenue for 2024 is projected to be 11.49 billion, reflecting a growth rate of 5.26% [3][4]. - The company has been expanding its product offerings, with a focus on new drug molecular blocks and increasing its presence in overseas markets, which accounted for approximately 56.24% of total revenue in the first half of 2024 [3][4]. - Despite a stable revenue outlook, the company faces pressure from rising expenses, which have impacted profit margins. The net profit for 2024 is expected to be 1.19 billion, with a growth rate of 8.86% [3][4]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 833.83 million - 2023A: 1,091.86 million - 2024E: 1,149.33 million - 2025E: 1,286.15 million - 2026E: 1,480.19 million - Growth rates: 37.55% (2022A), 30.94% (2023A), 5.26% (2024E), 11.90% (2025E), 15.09% (2026E) [1][3]. - **Net Profit Forecast**: - 2022A: 145.97 million - 2023A: 109.57 million - 2024E: 119.28 million - 2025E: 138.32 million - 2026E: 166.36 million - Growth rates: 49.60% (2022A), -24.94% (2023A), 8.86% (2024E), 15.96% (2025E), 20.27% (2026E) [1][3]. - **Earnings Per Share (EPS)**: - 2022A: 1.61 - 2023A: 1.21 - 2024E: 1.31 - 2025E: 1.52 - 2026E: 1.83 [1][3]. - **Valuation Ratios**: - P/E: 18.12 (2022A), 24.14 (2023A), 22.17 (2024E), 19.12 (2025E), 15.90 (2026E) - P/B: 1.27 (2022A), 1.27 (2023A), 1.24 (2024E), 1.17 (2025E), 1.09 (2026E) [1][3].

黄金 ETF 增持及央行购金支撑下，贵金属上行趋势不变 行业-市场走势对比 行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |-----------------------|-----------| | | | | 上市公司数 | 131 | | 行业总市值 ( 亿元 ) | 23,603.05 | | 行业流通市值 ( 亿元 ) | 20,900.94 | -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-092023-102023-112023-122024-012024-022024-0320 ...