446 下 企 产销显著提升，业绩持续增长 投资要点 事件：华鲁恒升发布 2024 半年报，2024H1 实现营收 169.75 亿元，同比增长 37.35%； 归母净利润 22.24 亿元，同比增长 30.10%；扣非归母净利润 22.36 亿元，同比增长 32.14%；毛利率 21.20%，同比提升 0.34pct。单 2024Q2 看，实现营收 89.97 亿元， 同比增长 42.69%，环比增长 12.78%；归母净利润 11.59 亿元，同比增长 24.89%， 环比增长 8.78%；扣非归母净利润 11.68 亿元，同比增长 27.40%，环比增长 9.36%； 毛利率 20.59%，同比下滑 0.92pct，环比下滑 1.3pct。公司拟向全体股东每 10 股 派发现金红利 3.00 元（含税），分红总金额 6.37 亿元，占 2024H1 年度归母净利 一年股价表现 润 28.64%。 降本增效，以量补价，实现业绩增长。2024 年上半年，受经济企稳回升向好基础 不够牢固，有效需求不足，社会预期偏弱等因素影响，行业景气度依然较低，企业 盈利空间受限。公司统筹运营发展，系统挖潜、降本增效，根据行 ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------| | 盈利回升趋势延续 | 主题报告 | | 投资要点 | 邓利军 | | 全部 A 股中报盈利增速降幅收窄，农林牧渔、有色金属、汽车、非银行金融、电 | 分析师 SAC 执业证书编号： S0910523080001 | | 子等中报盈利增速排名靠前。（1）总体盈利：中报增速降幅收窄。一是盈利增速 | denglijun@huajinsc.cn | | 上，全部 A 股二季度和中报盈利同比增速分别为较一季报分别回升 3.2pcts 和 | 相关报告 | | 1.6pcts 至 -1.6%和-3.2% ；而非金融石化 A 股二季度和中报盈利同比增速分别回落 | 近端新股上周有走强迹象，新股新一轮上行 | | 0.9pcts、0. ...

Investment Rating - The investment rating for the company is maintained at "Buy-B" [6]. Core Views - The company demonstrates operational resilience amid economic downturns, with multiple projects underway to release long-term potential [1]. - The company reported a revenue of 97.067 billion RMB for H1 2024, a year-on-year increase of 10.77%, while the net profit attributable to shareholders was 8.174 billion RMB, showing a decline of 4.60% [1]. - The company is expected to benefit from macroeconomic stabilization and recovery, with projected revenues for 2024-2026 of 203.896 billion RMB, 230.145 billion RMB, and 253.999 billion RMB, representing year-on-year growth rates of 16.3%, 12.9%, and 10.4% respectively [8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 97.067 billion RMB, with a net profit of 8.174 billion RMB, reflecting a decline of 4.60% year-on-year [1]. - The gross profit margin for H1 2024 was 16.41%, a slight decrease of 0.01 percentage points compared to the previous year [1]. - The company announced a cash dividend of 0.52 RMB per share, totaling 1.633 billion RMB, which accounts for 20% of the net profit for H1 2024 [1]. Business Segments - The polyurethane segment generated revenue of 35.455 billion RMB in H1 2024, up 8.19% year-on-year, with a gross margin of 28.00% [5]. - The petrochemical segment reported revenue of 39.575 billion RMB in H1 2024, a year-on-year increase of 9.53%, with a gross margin of 4.52% [5]. - The fine chemicals and new materials segment achieved revenue of 12.979 billion RMB in H1 2024, reflecting a year-on-year growth of 15.23% [5]. Market Dynamics - The company is the largest global supplier of MDI and TDI, with a production capacity utilization rate of 98% as of the end of 2023 [6]. - The company is expanding its production capacity in the polyurethane sector, with plans to increase MDI capacity from 400,000 tons/year to 800,000 tons/year [6]. - The company is also investing in new projects, including a 1.6 million tons/year specialty polyolefin project in partnership with ADNOC and Nordic Chemicals [6].

446 国 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|--------------------|--------------------------|---------------------------------------|---------------------------------------------| | 2024 年 09 月 05 日 \n平安电工（ 001359.SZ ） \n新能源领域需求强劲叠加多重利好政策推行，公司业绩有望持续 \n增长 | 投资评级 股价 | 电子 \n(2024-09-05) | 公司研究●证券研究报告 \n\| \n买入 -A( | 公司快报 \n其他电子零组件Ⅲ \n首次) 20.88 元 | | 投资要点 | | | | | | 事件内容： 8 月 27 日盘后，公 ...

446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|--------------------|-----------------------|---------------------------------------------|----------------------------------------| | 2024 年 09 月 04 日 \n联美控股（ 600167.SH ） \n清洁供热布局加码，传媒业务持续突破 \n投资要点 | 投资评级 \n股价 | (2024-09-03) | 公司研究●证券研究报告 \n电力及公用事业 增持 | 公司快报 \n\| 火电Ⅲ -A(首次) \n5.24 元 | | | 交易数据 | | | | | | | | | | | 事件：公司发布 2024 年中报， 2024H1 实现营业收入 19.50 亿元，同比 +5.20 ...

腾讯全球数字生态大会召开，新型信息基础设 施高质量发展 投资要点 事件： 9 月 4 日，工业和信息化部、中央网信办等十一部门联合印发《关于推 一年行业表现 动新型信息基础设施协调发展有关事项的通知》，从多方面明确具体举措以推动 新型信息基础设施协调发展。9 月 5 日，2024 腾讯全球数字生态大会召开。会 间发布了新升级 Turbo 大模型，推理效率较上代提升 100%，推理成本下降 50%， 解码速度增加 20%，价格相较混元 Pro 降低 50%。头部公司召开重磅峰会，政 策面为数据、算力等网络基础设施提供有力支撑，有望多线协同推动数字经济高 质量发展。 混元 Turbo 再升级，提质增效赋能中文场景。峰会期间，腾讯集团副总裁、云 与智慧产业事业群 COO、腾讯云总裁邱跃鹏宣布发布新升级的混元 Turbo 大模 型。价格方面，混元 Pro 输入、输出价格分别为 0.03 元/千 tokens、0.1 元/千 tokens，混元Turbo输入、输出价格分别为0.015元/千tokens、0.05元/千tokens。 与混元 Pro 相比，混元 Turbo 价格降低了 50%。据介绍，混元 Turbo 采 ...

446 下 企 | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 交易数据 | | | | | | 总市值（百万元） | | | | 27,111.18 | | 流通市值（百万元） | | | | 27,026.98 | | 总股本（百万股） | | | | 868.67 | | 流通股本（百万股） | | | | 865.97 | | | | | | | 2024 年 09 月 04 日 公司研究●证券研究报告 安琪酵母（600298.SH） 公司快报 股价(2024-09-04) 31.21 元 投资评级 买入-B(首次) 12 个月价格区间 36.21/28.04 一年股价表现 升幅% 1M 3M 12M 相对收益 9.74 9.89 9.88 绝对收益 5.83 0.52 -4.35 资料来源：聚源 分析师 李鑫鑫 SAC 执 ...

24Q2 营收创新高，持续丰富 MLCC 产品矩阵 投资要点 2024 年 8 月 29 日，三环集团发布 2024 年半年度报告。 24Q2 营收创新高，电子元件及材料毛利率显著改善 受益于消费电子、光通信等下游行业需求持续改善，以及公司 MLCC 产品市场认 可度不断提高，下游应用领域覆盖日益广泛，24H1 公司业绩稳步增长。 24H1 公司实现营收 34.27 亿元，同比增长 30.36%；归母净利润 10.26 亿元，同 比增长 40.26%；扣非归母净利润 9.14 亿元，同比增长 60.46%；毛利率 41.90%， 一年股价表现 同比提升 2.17 个百分点。 分业务看，24H1 电子元件及材料实现收入 14.44 亿元，同比增长 56.71%；毛利 率 39.82%，同比提升 10.16 个百分点。通信部件实现收入 12.21 亿元，同比增长 30.99%；毛利率 43.53%，同比提升 1.59 个百分点。 单季度看，24Q2 公司实现营收 18.64 亿元，同比增长 29.42%，环比增长 19.20%， 创历史新高；归母净利润 5.93 亿元，同比增长 44.12%，环比增长 36.86 ...

Investment Rating - The report assigns an "Add-A" investment rating to the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company achieved a revenue of 2.953 billion yuan in the first half of 2024, representing a year-on-year growth of 29.29%. However, the net profit attributable to shareholders decreased by 44.26% to 17.8534 million yuan, primarily due to credit impairment and the expiration of tax incentives. Excluding these factors, operating profit grew by over 40% year-on-year [1][3]. - The company focuses on building a comprehensive media traffic resource matrix and enhancing marketing service capabilities through innovative content and technology-driven digital marketing services. Its main business segments include brand marketing, social marketing, e-commerce marketing, and data consulting services [1][3]. - The report highlights the company's strategic approach to digital marketing, leveraging AI applications to improve service efficiency and effectiveness. The global digital marketing market is expected to grow significantly, with the company positioned to benefit from this trend [3][5]. Financial Performance and Forecast - The company is projected to achieve revenues of 5.658 billion yuan, 6.320 billion yuan, and 6.876 billion yuan for the years 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 19.4% from 2023 to 2024 [4][6]. - The net profit attributable to shareholders is forecasted to be 55 million yuan, 65 million yuan, and 72 million yuan for the years 2024, 2025, and 2026, respectively, indicating a recovery trend after previous losses [4][6]. - The report anticipates an improvement in gross margin, maintaining around 5.1% for the forecast period [4][6]. Market Position and Competitive Analysis - The company is compared with peers in the digital marketing sector, such as BlueFocus Communication Group and Tianyu Digital Science, indicating that it has a lower valuation compared to the average of its peers [7]. - The report emphasizes the company's focus on content innovation and AI applications to enhance its marketing service system, which is crucial for maintaining competitiveness in the rapidly evolving digital marketing landscape [5][7].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for investment [1]. Core Insights - The demand for new energy vehicles is driving revenue growth, although profit margins are temporarily under pressure due to intensified competition among downstream customers [1][4]. - The company reported a revenue of 591 million yuan for the first half of 2024, a year-on-year increase of 14.78%, and a net profit attributable to shareholders of 47 million yuan, up 3.06% year-on-year [1][4]. - The gross profit margin has decreased by 2.26 percentage points due to competitive pressures in the market, leading to a slight decline in net profit growth compared to revenue growth [1][4]. Financial Performance - For the first half of 2024, the company achieved a revenue of 591 million yuan, with a year-on-year growth rate of 14.78%, which is higher than the previous year's growth of 2.99% [1][4]. - The net profit attributable to shareholders for the same period was 47 million yuan, reflecting a growth of 3.06% year-on-year, although the growth rate was lower than that of revenue [1][4]. - The company’s gross profit margin for Q2 2024 was 18.91%, down 2.85 percentage points from Q1 [1][4]. Market Position and Customer Base - The company has established partnerships with major new energy vehicle manufacturers, including XPeng, Geely, BYD, and Seres, which have shown significant sales growth in the first half of 2024 [1][4]. - The company has secured multiple project contracts with clients such as Huawei, BYD, and Geely, indicating a strong market presence and ongoing collaboration in the automotive sector [1][4][2]. Future Outlook - The company anticipates stable demand in the second half of 2024, supported by new model launches and government policies promoting vehicle upgrades [4]. - Revenue projections for 2024-2026 are estimated at 1.434 billion yuan, 1.634 billion yuan, and 1.857 billion yuan, with corresponding year-on-year growth rates of 19.3%, 14.0%, and 13.7% respectively [4][6]. - The expected net profit for the same period is projected to be 117 million yuan, 130 million yuan, and 145 million yuan, with growth rates of 3.4%, 11.1%, and 11.4% respectively [4][6]. Product Development - The company has made significant advancements in product development, including the mass production of electronic rearview mirrors and the ongoing development of 4D millimeter-wave radar technology [3][4]. - The electronic rearview mirror is expected to benefit from the trend towards automotive intelligence, enhancing its market penetration [3][4]. Valuation Metrics - The report provides a valuation analysis, indicating a P/E ratio of 37.0x for 2024, which is expected to decrease to 29.9x by 2026 [6][11]. - The company’s projected EPS for 2024, 2025, and 2026 are 1.28 yuan, 1.42 yuan, and 1.58 yuan respectively [6][11].