Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [26]. Core Insights - The company, Changlian Technology (301618.SZ), specializes in the research, production, and sales of printing materials and textile printing equipment, with a focus on water-based printing paste, water-based resin, and silicone ink [10][20]. - The company has maintained a leading market share in the domestic water-based printing paste sector, with a market share exceeding 10% in 2020 and 2022, while competitors have not surpassed 4% [20]. - The company has established strong customer relationships with well-known brands such as Adidas, Nike, and Disney, with sales from these brands accounting for approximately 70% of total revenue [20]. Financial Performance - The company reported revenues of 581.5 million CNY, 538.0 million CNY, and 529.9 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 19.95%, -7.47%, and -1.51% [2][12]. - The net profit attributable to the parent company was 60.2 million CNY, 79.5 million CNY, and 82.5 million CNY for the same years, with year-over-year growth rates of -19.13%, 32.01%, and 3.83% [2][12]. - In the first half of 2024, the company achieved revenue of 297 million CNY, an increase of 8.73% year-over-year, and a net profit of 45 million CNY, an increase of 1.11% year-over-year [12][23]. Industry Overview - The global market for water-based printing paste has shown steady growth, with sales volume increasing from 564,000 tons in 2018 to 682,000 tons in 2022, representing a compound annual growth rate (CAGR) of 4.86% [17]. - In China, the consumption of water-based printing paste rose from 236,000 tons in 2018 to 292,000 tons in 2022, with a CAGR of approximately 5.4% [17]. - The company is positioned well within the industry, with a higher gross profit margin compared to the industry average, despite having lower revenue scale [23]. Company Highlights - The company has made significant investments in developing new formulations and applications, resulting in a 31.34% increase in sales volume for functional water-based printing paste in 2023 [20]. - The company is expanding its production capacity through three key projects funded by its IPO, including a new production base for environmentally friendly water-based printing paste [21][22]. Peer Comparison - In the first half of 2024, the company reported revenue of 297 million CNY and a net profit of 45 million CNY, while the average revenue for comparable companies in the industry was 386 million CNY [23][24]. - The company's gross profit margin of 34.51% is higher than the industry average of 27.09%, indicating strong operational efficiency [23][24].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|-------------------------------------------------------------------------------------------|-----------------------|----------------------------------------| | 2024 \n投资要点 | 年 09 月 15 日 \n铜冠矿建（ 920019.BJ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周三（9 月 18 日）有一只北交所新股"铜冠矿建"申购，发行价格为 4.33 元， | 交易数据 | | | | 若全额行使超额配售选择权则发行后市盈率为 15.48 倍（以 2023 年扣除非经常性 | 总市值（百万元） | | | | 损益后归属于母公司股东净利润计算）。 | 流通市值（百万元） | | | | 铜冠矿建（ 920019 ）：公司专注于向非煤矿山提供工程建设、运营管理、优化设计、 | 总股本（百万股） ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------|-----------------------|-------| | 2024 年 09 月 17 日 | | | 公司研究●证券研究报告 | | | | | | | | | 内生、外延齐发力，ODM 龙头强者更强 | | | | | | ODM 集中度持续提升，龙头厂商强者更强：公司是专业从事智能硬件产品的研发 | 交易数据 | | | | | 设计、生产制造和运营服务的平台型公司。公司产品横跨消费电子类产品、工业数 | | | | | | 据类产品、车规级汽车电子产品等领域，公司在智能手机和笔记本电脑为代表的两 | | | | | | 个生态中，已形成较为显著的生态效应，公 ...

446 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-------------------------------------------------------|----------------------| | 2024 年 09 月 08 日 \n易普力（ 002096.SZ ） \n精准拓展优化布局，盈利稳步增长 | 投资评级 | | 公司研究●证券研究报告 \n公司快报 \n基础化工 \| \n增持 | 民爆用品Ⅲ \n-B(维持) | | | 股价 | | | 元 | | | | (2024-09-06) | | 11.93 | | 投资要点 | | | | | ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|--------------|-------|-----------------------|-------| | 2024 年 09 月 08 日 | | | 公司研究●证券研究报告 | | | | | | | | | 问界系列销售景气推动业绩高速增长，入股引望进而深化与华为 | | | | | | 智能驾驶合作 | | | | | | 投资要点 | 交易数据 | | | | | | | | | | | | | | | | | 事件内容：公司披露 2024 年度中期报告， 2024H1 公司实现营业收入 650.44 亿元， | | | | | | 同比增长 489.58% ；实现归母净利润 16.25 亿元，同比增长 220.85% ；实现扣非 | | | | | | 后归母净利润 14.37 亿元，同比增长 176.27% 。 | | | | | ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|--------------|-------|-----------------------|-------| | 2024 年 09 月 09 日 \n需求旺盛叠加双反降税助力业绩高增，静候摩洛 | | | 公司研究●证券研究报告 | | | 哥工厂投产 | | | | | | | 交易数据 | | | | | 投资要点 | | | | | | 事件：森麒麟发布 2024 半年报，24H1 实现营收 41.10 亿元，同比增长 16.21%；归 | | | | | | 母净利润 10.77 亿元，同比增长 77.71%；扣非归母净利润 10.59 亿元，同比增长 | | | | | | 81.56%；毛利率 33.24%，同比提升 10.84pct。单季度看，24Q2 实现收入 19.95 亿 | | | | | | 元，同比增长 6.16%，环比增长-5.70% ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------|-----------------------|-------| | 2024 年 09 月 09 日 \n24H1 业绩阶段承压，持续创新提升产品竞争力 \n投资要点 | | | 公司研究●证券研究报告 | | | | | | | | | | 交易数据 | | | | | 事件：公司发布 2024 年半年报，根据公告，公司 24H1 实现收入 373.57 亿元，同 | | | | | | | | | | | | 比 -8.54% ；实现归母净利 -8.74 亿元，同比 -118.16% ；实现扣非归母净利 -8.19 亿 元，同比 -115.86% 。 | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company has shown impressive performance with a revenue of 15.154 billion yuan in the first half of 2024, representing a year-on-year growth of 30.29%. The net profit attributable to shareholders reached 2.151 billion yuan, up 105.77% year-on-year [1]. - The tire industry continues to thrive, supported by a growing global automotive market and strong demand for replacement tires. The company is benefiting from its global expansion strategy and technological innovations [1][3]. - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projected revenues of 31.356 billion yuan, 34.865 billion yuan, and 40.184 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 28.77%, an increase of 4.79 percentage points year-on-year. The second quarter of 2024 saw a revenue of 7.858 billion yuan, a year-on-year increase of 25.53% [1]. - The company produced 35.41 million tires in the first half of 2024, a year-on-year increase of 37.89%, with sales reaching 34.54 million tires, also up 37.56% year-on-year [1][4]. - The projected net profit for 2024 is 4.313 billion yuan, reflecting a year-on-year growth of 39.5% [3][4]. Global Expansion Strategy - The company is the first Chinese tire manufacturer to establish overseas production facilities, with ongoing investments in Vietnam, Cambodia, Mexico, and Indonesia. The planned production capacity includes 26 million steel radial tires and 103 million semi-steel radial tires annually [1][3]. - The company has successfully increased its market share in the global tire market, with significant sales growth both domestically and internationally [1][3].

Investment Rating - The investment rating for the company is "Accumulate-A" [1][3]. Core Views - The company is expected to maintain a growth trend in performance due to the release of new brand products in the second half of the year [1][3]. - Revenue for the first half of 2024 reached 674 million yuan, a year-on-year increase of 20.90%, driven by new production capacity and warming demand for end products like high-definition televisions [1][3]. - The net profit attributable to the parent company for the first half of 2024 was 60 million yuan, a decrease of 27.26% year-on-year, primarily due to high depreciation costs and other factors [1][3]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 19.90%, down 4.11 percentage points year-on-year [1][3]. - The company’s revenue projections for 2024 to 2026 are 1.44 billion yuan, 1.78 billion yuan, and 2.05 billion yuan, with growth rates of 16.3%, 23.6%, and 15.0% respectively [3][4]. - The net profit attributable to the parent company is projected to be 200 million yuan, 267 million yuan, and 312 million yuan for the years 2024 to 2026, with growth rates of 2.1%, 33.6%, and 16.7% respectively [3][4]. Capacity Expansion and Market Outlook - The company is advancing its convertible bond projects aimed at enhancing the packaging capacity for OLED and other new display driver chips [3][4]. - The company expects an increase in OLED product revenue share due to the peak stocking period for new brand products and growth in the aftermarket [3][4]. - The company’s projects are progressing well, with significant increases in production capacity expected upon completion [3][4].