华福证券 丽珠集团（000513.SZ） 收入短期承压，在研管线丰富，持续加大 BD 力度 投资要点： 公司发布 2024 年半年报 2024H1：实现收入 62.8 亿元，同比下降 6.1%，归母净利润 11.7 亿元，同比增长 3.2%，扣非归母净利润 11.6 亿元，同比增长 5.7%； 2024Q2：实现收入 30.4 亿元，同比下降 7.2%，归母净利润 5.6 亿 元，同比增长 1.9%，扣非归母净利润 5.7 亿元，同比增长 7.9%； 盈利能力改善明显，费用率控制较好 2024H1：公司整体毛利率 66%，同比提升 1.9pct；整体费用率下 降 3pct，其中：销售费用率为 27.7%，同比下降 1.7pct，管理费用率为 5.3%，同比提升 0.6pct，研发费用率为 7.8%，同比下降 1.3pct，财务 费用率为-1.2%，同比下降 0.6pct； 2024Q2：公司整体毛利率 67.3%，同比提升 2.2pct；整体费用了下 降 3.1pct，其中：销售费用率 28.4%，同比下降 2.2pct，管理费用率为 4.6%，同比下降 0.4pct，研发费用率为 8.3%，同比下降 0.8 ...

华福证券 华利集团（300979.SZ） 24 中报点评：业绩高质量兑现，中长期扩产可期 事件：公司于 8.22 发布 24 年中报，上半年实现营收 114.7 亿元，同比 +24.54%，实现归母净利 18.8 亿元，同比+29.04%，实现扣非净利 18.5 亿 元，同比+28.43%。其中 Q2 实现营收 67.07 亿元，同比+20.8%；实现净利 10.91 亿元，同比+11.9%。 投资要点： 量增贡献主要增长，新客户合作继续深化 分量价，Q2 销售运动鞋 6184 万双，同比+18.9%；ASP 同比提升 约 1.6%至 108.5 元，ASP 增幅放缓。量增贡献主要增长，预计主要系 核心客户去库后订单修复，叠加新客户合作推进。分地区，美国/欧洲/ 其 他 地 区 客 户 收 入 分 别 同 比 +30.8%/-9.5%/+25.3% ， 占 总 营 收 的 87%/11%/2%；部分品牌客户终端表现亮眼，其中 On FY24Q2 销售额 增长 27.8%，Deckers 集团 FY25Q1 销售额同比+22%。其中 Hoka 品牌 同比+29.7%。 盈利能力保持稳健 公司 24Q2 毛利率为 ...

华福证券 大唐发电（601991.SH） 煤机扭亏为盈水电强势修复，投资净收益增厚 Q2 收益 投资要点： 事件：公司发布了 2024 年上半年报告，1H2024 公司实现营业收入 583.10 亿元，同比增长 0.19%；归属于母公司股东的净利润 31.08 亿元，同 比增长 104.85%。分季度看，2Q2024 单季度营业收入 275.73 亿元，同比下 降 8.56%；归属于母公司股东的净利润 17.77 亿元，同比增长 28.71%。 上半年归母净利润同比增幅超一倍，单 2Q 同比环比增幅明显。 1H2024，公司上网电量 1223.97 亿千瓦时（同比+4.43%），同时含税上网 电价 462.74 元/兆瓦时（同比-4.70%）。量增价减，上半年公司营业收入同 比微增 0.19%。一方面，受益于上半年煤价同比下降，公司燃料成本减少； 另一方面，上半年公司财务费用压降 3.35 亿元，公司归母净利润实现同比 增长 104.85%。分季度看，2Q24 归母净利润 17.77 亿元，同比+28.71%， 环比+33.44%。二季度，公司计提在建工程减值、固定资产减值、信用减值 事项，合计计提资产减值约 ...

华福证券 epyTtropeR_elbaT|tsriF_elbaT Table_Fi rst|Ta ble_Su mmary 交通运输 2024 年 8 月 22 日 2024 年 7 月快递行业数据点评 7 月行业件量同比+22.2%，件量重回增长 ➢ 事件：国家邮政局披露2024年7月行业经营数据，A股快递公 司披露24年7月经营数据。 ➢ 商流：社零增速同比持续增长，网上零售额恢复增长。 2024年7月，国内社零总额为3.8万亿元，同比+2.7%；实物商品 网上零售额为1.5万亿元，同比+13.7%；实物商品网购渗透率为 27.8%，同比+3.7pp，环比持平 ➢ 量：24M1-M7快递件量944.2亿件，件量增长持续。2024年7 月实现快递业务量142.6亿件，同比+22.2%（新口径），2024年 M1-M7实现快递件量944.2亿件，同比+23.0%，快递件量增速仍保 持中速增长。分类型看，异地同比+34.3%； 分区域看，东部快 递同比+27.0%。 ➢ 价：6月ASP持续承压，全行业ASP同比-13.1%。2024年7月， 全国快递业务平均单价为7.77元，同比下降1.07元（-12.1%） ...

华福证券 20240822 日报：银行板块逆势上涨 投资要点： 板块表现： 8 月 22 日，沪深 300 指数下跌，银行板块逆势上涨。截至收盘， 沪深 300 指数下跌 0.26%，银行指数上涨 0.85%。分板块来看，国有行、 股份行、城商行、农商行分别上涨 1.29%、0.31%、1.24%、0.97%。 个股表现： 截至收盘，涨幅前三的银行分别为沪农商行+3.02%、杭州银行 +2.69%、中国银行+2.42%。下跌的银行分别是常熟银行-1.32%、浙商 银行-0.36%。 行业新闻： （1）国家金融监督管理总局发布最新统计，目前，商业银行已审 批房地产"白名单"项目 5392 个，审批通过融资金额近 1.4 万亿元。 （2）中小银行持续跟进下调存款利率。7 月 25 日大行开启新一轮 存款挂牌利率下调后，中小银行持续跟进下调存款利率，部分银行部 分期限存款利率本月内第二次调整。 个股公告 兴业银行发布 2024 年半年度报告。2024 年上半年，公司营业收 入、归母净利润分别同比增长 1.80%、0.86%。上半年末，公司不良贷 款率1.08%，较上年末上升1bp，关注贷款率1.73%，较上年末上升 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [10]. Core Insights - The company achieved a revenue of 2.748 billion yuan in H1 2024, representing a year-on-year growth of 26.8%, and a net profit attributable to shareholders of 738 million yuan, up 39.03% year-on-year [2]. - The company has initiated its first mid-term dividend, with a payout ratio of 99.77%, distributing 11.44 yuan per 10 shares, totaling 737 million yuan [2]. - The company is advancing its "1238" development strategy, focusing on a dual-driven model of pharmaceuticals and health consumer products [2]. Financial Performance - In Q2 2024, the company reported a revenue of 1.295 billion yuan, a 17.89% increase year-on-year, and a net profit of 385 million yuan, up 28.01% year-on-year [2]. - The gross profit margin for Q2 2024 was 75.51%, an increase of 5.6 percentage points year-on-year, while the net profit margin was 29.75%, up 2.3 percentage points year-on-year [2]. - The company forecasts revenues of 5.523 billion yuan, 6.494 billion yuan, and 7.609 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 17%, 18%, and 17% [5]. Strategic Development - The company is enhancing its brand positioning as a "national treasure" in health supplements, focusing on the development of its flagship products [2]. - The company is expanding its product lines, including the "Peach Blossom Princess" series targeting younger consumers and the "Royal Enclosure 1619" series for men's health [2]. - The company is actively working on high-level evidence-based research to expand its product applications and market reach [2].

Investment Rating - The investment rating for the company is "Buy" [3][9] Core Views - The company reported a revenue of 3.271 billion yuan for the first half of 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 591 million yuan, down 35.73% year-on-year. In Q2 2024, revenue was 1.165 billion yuan, down 22.75%, and net profit was 41 million yuan, down 88.29% year-on-year. The company has adopted a strategy of controlling volume and stabilizing prices to assist in channel destocking and relieve pressure [1][2] - The company’s mid-to-high-end and regular liquor segments achieved revenues of 2.601 billion yuan and 384 million yuan respectively in H1 2024, with year-on-year declines of 5.61% and 25.18%. In Q2 2024, these segments generated revenues of 876 million yuan and 146 million yuan, down 19.43% and 47.35% respectively. The company is focusing on banquet scenarios, with significant growth in the number of banquets for its key products [1][2] - The company’s revenue from external and internal markets in H1 2024 was 2.076 billion yuan and 910 million yuan, reflecting year-on-year declines of 11.16% and 2.46%. In Q2 2024, revenues from these markets were 655 million yuan and 267 million yuan, down 28.46% and 18.25% respectively. The company is increasingly focusing on high-occupancy base markets [1][2] Financial Performance - The company’s gross margin and net margin for Q2 2024 were 60.9% and 3.5%, down 10.9 and 19.7 percentage points year-on-year. The overall expense ratio increased by 14.1%, with sales expenses rising by 38% primarily due to increased employee compensation [2][6] - The company’s projected net profits for 2024, 2025, and 2026 are 1.237 billion yuan, 1.286 billion yuan, and 1.505 billion yuan respectively, with a maintained "Buy" rating despite short-term performance pressures [2][6]

Investment Rating - The report maintains a "Buy" rating for ZTO Express (2057.HK) [4] Core Insights - The company focuses on balanced growth, enhancing single-piece collection. In Q2 2024, ZTO Express achieved a total parcel volume of 8.45 billion pieces, a year-on-year increase of 10.1%, with a market share of 19.6%, down by 2.0 percentage points. The revenue per single piece for express delivery was CNY 1.17, a decrease of 0.3% year-on-year, while the core revenue per piece was CNY 1.24. The sorting cost per piece was CNY 0.26, up by CNY 0.01 year-on-year, and the transportation cost per piece was CNY 0.39, down by CNY 0.03 year-on-year. The gross profit per piece was CNY 0.52, an increase of 2.6% year-on-year [3][9] - Operational efficiency continues to improve, with profitability optimizing. In Q2 2024, the gross profit reached CNY 3.62 billion, a year-on-year increase of 9.6%, and net profit was CNY 2.61 billion, up by 3.3%. The adjusted net profit was CNY 2.81 billion, a growth of 10.9% year-on-year. For the first half of 2024, the gross profit was CNY 6.62 billion, a year-on-year increase of 13.6%, and adjusted net profit was CNY 5.03 billion, up by 13%. The adjusted net profit per piece in Q2 2024 was CNY 0.33, an increase of 0.7% year-on-year. The company expects parcel volume in 2024 to be between 34.73 billion and 35.64 billion pieces, representing a year-on-year growth of 15% to 18% [3][9] - Profitability forecast and investment advice indicate that the company has the strongest scale effect and a robust, balanced franchise network. With industry demand continuing to exceed expectations, the company adheres to a quality operation strategy, achieving high-quality profitability. The net profit forecasts for 2024, 2025, and 2026 remain unchanged at CNY 10.5 billion, CNY 12.1 billion, and CNY 14 billion, respectively, maintaining a "Buy" rating [3][9] Financial Data and Valuation - For 2022A, 2023A, and projections for 2024E, 2025E, and 2026E, the revenue is projected to be CNY 35.377 billion, CNY 38.419 billion, CNY 44.526 billion, CNY 50.234 billion, and CNY 56.105 billion, respectively, with growth rates of 16%, 9%, 16%, 13%, and 12% [3][9] - The net profit for the same periods is projected to be CNY 6.809 billion, CNY 8.749 billion, CNY 10.542 billion, CNY 12.109 billion, and CNY 13.963 billion, with growth rates of 43%, 28%, 20%, 15%, and 15% [3][9] - The earnings per share (EPS) are projected to be CNY 8.38, CNY 10.76, CNY 12.97, CNY 14.90, and CNY 17.18, with price-to-earnings ratios (P/E) of 17.6, 13.7, 13.2, 11.5, and 10.0 [3][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Insights - The company reported a revenue of 1.37 billion RMB for the first half of 2024, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of 107 million RMB, up 15.1% [2][3]. - The offline medical institutions generated 1.23 billion RMB in revenue, reflecting a 43.7% increase, driven by new acquisitions and growth in existing institutions [3]. - The company has expanded its operational footprint, owning and operating 71 medical institutions as of June 30, 2024, an increase of 15 from the end of 2023 [5]. Financial Analysis - The company achieved a gross margin of 29.4%, a year-on-year increase of 0.7 percentage points, and a net profit margin of 7.8% [4]. - The sales expense ratio, management expense ratio, and financial expense ratio were 11.7%, 8.1%, and 0.6%, respectively, with minor changes compared to the previous year [4]. - The adjusted net profit margin improved to 10.8%, an increase of 0.51 percentage points [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.99 billion RMB, 3.89 billion RMB, and 4.97 billion RMB for the years 2024, 2025, and 2026, respectively [6]. - The forecast for net profit attributable to shareholders is adjusted to 329 million RMB, 447 million RMB, and 585 million RMB for the same years [6]. Market Position and Growth Potential - The company is positioned as a leading player in the Chinese traditional Chinese medicine (TCM) healthcare service industry, benefiting from strong demand and supportive policies [6]. - The company's business model demonstrates significant replicability, with advantages in brand, talent, and resources, indicating substantial long-term growth potential [6].

华福证券 航海装备Ⅲ 2024 年 08 月 22 日 航海装备Ⅲ 头部船东纷纷加码 LNG 双燃料集装箱船，有望 迎来集装箱新订单潮 投资要点： 事件 8 月 19 日，沪东中华与太平船务有限公司（PIL）正式签订 5 艘 13000TEU 双燃料 LNG 动力大型集装箱船建造合同。据国际船舶网， 克拉克森数据显示，不含最新订单在内，沪东中华现有手持订单共计 68 艘约 817.9 万载重吨，其中 LNG 船 57 艘、集装箱船 11 艘，交船期 排至 2031 年。目前一艘 13000/13500TEU 双燃料 LNG 动力集装箱船新 造船价格为 1.81 亿美元，与去年同期的 1.72 亿美元相比增长 5%。 头部船东纷纷加码 LNG 双燃料集装箱船 今年 5 月以来，一度降温的集装箱船新造船市场开始逐渐复苏。 头部船东纷纷加码 LNG 双燃料集装箱船：希腊航运公司 Capital Maritime 订购 10 艘；希腊船东 SFL Corporation 订购 5 艘；独立集装箱 船东 Seaspan 订购 5 艘；以色列航运公司东太平洋航运（EPS）订购 12 艘；达飞（CMA CGM）拟订购 20 ...