[Table_Industry] 证券研究报告/月度报告 2024 年 8 月 28 日 低基数推动工业企业利润同比回升 ——2024 年 7 月工业企业利润数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月 27 日，国家统计局公布 2024 年 1-7 月规模以上工业企业的经营 数据。前 7 个月全国规模以上工业企业实现利润总额 40991.7 亿元，同比增 长 3.6%，较上半年的增速小幅提高 0.1 个百分点。看单月数据，2024 年 7 月规上工业企业利润总额当月同比增长 4.1%，较 6 月涨幅走阔 0.5 个百分 点。 ◼ 做量、价和利润率三因素拆分可以发现，量、价和利润率的贡献并未边际增 加，低基数或是支撑 7 月利润同比回升的主要因素： ◼ 量的角度看，2024 年 7 月工业增加值同比增长 5.1%，较 6 月增速回落 0.2 个百分点，工业生产边际放缓；价的角度看，7 月 PPI 同比为-0.8%，降幅与 6 月持平，价格因素对工业企业利润的拖累并未减弱 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：20.17 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,355 3,913 3,959 4,628 5,218 增长率 yoy% 21% 17% 1% 17% 13% 净利润（百万元） 446 497 509 614 712 增长率 yoy% 16% 11% 2% 21% 16% 每股收益（元） 1.87 2.08 2.13 2.57 2.98 每股现金流量 1.19 2.14 2.93 2.70 3.29 净资产收益率 24% 12% 11% 12% 12% P/E 10.8 9.7 9.5 7.8 6.8 P/B 2.6 1.1 1.0 0.9 0.8 备注：数据截至 2024/08/26 [Table_Profit] 基本状况 总股本(百万股) 239 流通股本(百万股) 61 市价(元) 20.17 市值(百万元) 4,818 流通市值(百万元) 1,223 多利科技(001311.SZ)/汽车 证券研究报 ...

成都银行(601838.SH)/银行 证券研究报告/公司点评 2024 年 08 月 27 日 [Table_Title] 评级：增持(维持) [Table_Finance] 公司盈利预测及估值 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|--------|--------|--------|--------|--------| | 市场价格：14.96 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师 戴志锋 | 营业收入（百万元） | | | | | | | 执业证书编号：S0740517030004 | 增长率 yoy% 净利润（百万元） | 13.1% | 7.2% | 5.8% | 5.9% | 8.5% | | Email： daizf@zts.com.cn | 增长率 yoy% | 28.2% | 16.2% | 10.1% | 8.3% ...

天岳先进(688234.SH)/电子 证券研究报告/公司点评 2024 年 8 月 28 日 [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|-----------|----------|---------------------|---------|--------| | 市场价格：46.85 元/股 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | 营业收入（百万元） | 417 | 1,251 | 2,410 | 3,450 | 5,000 | | 执业证书编号：S0740521120002 | 增长率 yoy% 净利润（百万元） | -16% -175 | 200% -46 | 93% 147 | 43% 374 | 45%559 | | ...

中报业绩符合预期，上半年净利率创十年新高 中航西飞（000768）/国防军工 证券研究报告/公司点评 2024 年 8 月 27 日 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|-----------------------------------|---------|--------|-----------|-----------|----------| | 市场价格：23.29 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈鼎如 | 营业收入（百万元） | 37,660 | 40,301 | 46,082 | 52,722 | 60,532 | | 执业证书编号：S0740521080001 | 增长率 yoy% 净利润（百万元） | 15% 523 | 7% 861 | 14% 1,082 | 14% 1,349 | 15%1,669 | ...

24H1 点评：收入增长符合预期，AI 生态稳固产品竞争力 科大讯飞（002230.SZ）/计算机 证券研究报告/公司点评 2024 年 8 月 28 日 [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------------------------------------------------|---------------|---------------|----------------|----------------|----------------| | 市场价格：33.33 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣执业证书编号：S0740519090007 | 营业收入（百万元） 增长率 yoy% 净利润（百万元） | 18,820 3% 561 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.21 CNY [1]. Core Views - The company achieved record high performance in Q2 2024, with significant increases in both revenue and net profit, driven by rising production and effective cost control [7][8]. - The company reported a revenue of 150.42 billion CNY in H1 2024, a slight increase of 0.06% year-on-year, and a net profit of 15.08 billion CNY, up 46.42% year-on-year [7]. - The company is focusing on internal growth through exploration and external growth via acquisitions, enhancing its resource base and operational capacity [10][11]. Financial Performance - In H1 2024, the company achieved a revenue of 1504.17 billion CNY, with a net profit of 150.84 billion CNY, marking a year-on-year increase of 46.42% [7]. - The company’s Q2 2024 revenue reached 756.40 billion CNY, reflecting a year-on-year growth of 0.33% and a quarter-on-quarter growth of 1.15% [7]. - The production of key minerals showed positive growth, with gold production increasing by 9.49% to approximately 35.41 tons and copper production rising by 5.35% to about 518,500 tons [8]. Cost Management - The company demonstrated effective cost control, with a decrease in the expense ratio to 3.88%, down 0.17 percentage points year-on-year [9]. - The sales cost for gold ingots was reported at 284.78 CNY per gram, reflecting a year-on-year increase of 4.90%, while the cost for copper concentrate decreased by 5.41% to 18,578 CNY per ton [8][9]. Growth Prospects - The company is expected to see a compound annual growth rate (CAGR) of around 10% for copper production over the next two years, supported by ongoing projects and expansions [12]. - The forecast for gold production indicates a CAGR of approximately 15% over the same period, with several key projects expected to contribute significantly to output [12]. - The company’s strategic acquisitions and exploration efforts have resulted in an increase in copper resources by 619.7 million tons and gold resources by 53.71 tons as of H1 2024 [11]. Valuation and Forecast - The company is projected to achieve a net profit of 314.14 billion CNY in 2024, with estimates for 2025 and 2026 at 415.82 billion CNY and 456.76 billion CNY, respectively [13]. - The current stock price of 16.21 CNY corresponds to a price-to-earnings (P/E) ratio of 14 for 2024, decreasing to 9 by 2026, indicating strong growth potential [13].

【中泰研究丨晨会聚焦】银行戴志锋：专题｜银行个人经营贷风险高吗？——测算 高风险资产占比总贷款 0.27% 证券研究报告 2024 年 8 月 26 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｜银行个人经营贷风险高吗？——测算高风险资产占 比总贷款 0.27% 【传媒互联网】康雅雯：特币深度专题之三：币价影响因素分析——对比利 率、M2、纳指、美元指数、黄金走势 研究分享>> 欢迎关注中泰研究所订阅号 晨报内容回顾： 【科技】孙行臻：华为及海思全联接大会在即，关注鸿蒙+星闪+算力投资机 会 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｜银行个人经营贷风险高吗？——测算高风险资产占比总贷款 0.27% 戴志锋｜中泰银行业首席 S0740517030004 核心要点：1、概况：过去四年个人经营贷规模翻倍至 24 万亿；样本银行不良率下降 74bp 至 1.1%， 国有行扩张幅度最大，但集中度（个人经 ...

【中泰研究丨晨会聚焦】计算机苏仪：举旗定向——电力信息化系列报告之一 证券研究报告 2024 年 8 月 27 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 今日重点>> 【计算机】苏仪：举旗定向——电力信息化系列报告之一 研究分享 >> 【宏观】张德礼：公共财政支出开始提速——2024 年 7 月财政数据解读 欢迎关注中泰研究所订阅号 晨报内容回顾： Email： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【计算机】苏仪：举旗定向——电力信息化系列报告之一 苏仪｜中泰计算机联席首席 S0740520060001 我国电力工业一直在不断变革中发展壮大。自 20 世纪 80 年代起，我国电力体制改革先后经历了集 资办电、政企分开、厂网分开及深化改革的阶段，以及以中发 9 号文发布为标志的新一轮电力体制 改革。多轮电改坚持立足我国国情，坚持市场化改革思路，基本遵循"开放—多元—竞争—市场— 规则—监管—完善"的改革逻辑，让电力行业从半封闭走向开放，从集中单一走向分散多 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 787 million yuan, up 26.63% year-on-year, and net profit of 404 million yuan, up 44.36% year-on-year [2][4] - The company is experiencing strong growth in its core vascular intervention business, with a focus on expanding into lower-tier cities and international markets [2][4] - The company has successfully launched multiple innovative products, enhancing its product matrix and competitive edge in the market [2][4] - The forecast for revenue and net profit growth remains positive, with expected revenues of 15.10 billion yuan, 19.19 billion yuan, and 24.25 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 27%, 27%, and 26% [2][4] Financial Summary - Total shares outstanding: 123 million [1] - Market price: 83.16 yuan [1] - Market capitalization: 10,250 million yuan [1] - Revenue forecast for 2024: 1,510 million yuan, with a year-on-year growth rate of 27% [2][4] - Net profit forecast for 2024: 655 million yuan, with a year-on-year growth rate of 33% [2][4] - Gross margin for H1 2024: 76.57%, net margin: 50.76% [2][4] - The company’s P/E ratio is projected to decrease from 29 in 2022 to 16 in 2024 [2][4]