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山西汾酒:淡季调整节奏,蓄力中秋旺季
Huajin Securities· 2024-08-29 10:31
事件 报表分析:24Q2 毛利率 75.09%(同比-2.7pct),税率 19.69%(同比-0.44pct), 从侧面印证产品结构升级放缓,24Q2 现金回款 73.93 亿元,同比-6.29%,收现率 99.8%;24H1 合同负债 57.32 亿元,环比+1.4 亿元(+2.53%),同比-0.22 亿元 (-0.38%),报表质量相对中性。 投资要点 收入分析:青花主动控货,产品结构略有下移。上半年公司实现营收 227.46 亿元, 来看: 为中秋国庆蓄力所致。 2)按区域:上半年山西省内收入 83.94 亿元,同比+11.36%(其中 Q1:+11.44%; Q2:+11.20%),省外收入 142.66 亿元,同比+25.68%(其中 Q1:+27.61%; Q2:+21.78%),省内稳健增长、省外贡献增量,发展节奏符合公司全年规划。 24H1 末公司经销商 4196 家,Q1/Q2 分别净增-222/478 家,我们预计与公司推进 汾享礼遇加强对经销商管理有关。 利润分析:结构变化毛利承压,销售费用出现季节波动。24Q2 利率 75.09%(同 比-2.7pct),税率 19.69%(同比- ...
德业股份:新兴市场差异化布局,市占率位居第一
Huajin Securities· 2024-08-29 10:10
Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company has a strong market presence in emerging markets, holding the top market share in its sector. Despite a slight decline in revenue and net profit in the first half of 2024, the company is expected to benefit from its differentiated layout in emerging markets and its advantages in inverter product channels and cost control [1][3]. Financial Performance - In the first half of 2024, the company achieved revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%. The net profit attributable to the parent company was 1.236 billion yuan, down 2.21%, while the net profit after deducting non-recurring gains and losses was 1.162 billion yuan, a decrease of 16.19% [1]. - The company's inverter business generated revenue of 2.321 billion yuan, a year-on-year decrease of 26.06%. The South African market, which has been affected by power shortages, saw a significant increase in photovoltaic installations, with 2.5 GW added in 2023, up 47% from 1.7 GW in 2022 [1]. - The energy storage battery pack business achieved revenue of 770 million yuan, a year-on-year increase of 74.82%, benefiting from the growing global demand for household energy storage products [1][4]. Market Position and Strategy - The company has established a strong brand and customer base in the South African market, leading to significant sales growth in energy storage inverters last year. However, sales in this segment have declined in the first half of 2024 due to reduced power shortages and increased competition [1]. - The company has successfully expanded its sales to emerging markets such as Pakistan, India, the Philippines, and Myanmar, which are experiencing rigid demand due to severe power shortages [1]. Future Outlook - The company is expected to see net profits of 2.933 billion yuan, 3.663 billion yuan, and 4.473 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 4.6, 5.74, and 7.01 yuan [1][4]. - The report anticipates a significant increase in revenue, projecting 12.192 billion yuan in 2024, 15.240 billion yuan in 2025, and 19.050 billion yuan in 2026, reflecting a year-on-year growth of 63.0%, 25.0%, and 25.0% respectively [4][5].
禾望电气:24Q2业绩环比改善,海外市场实现新突破
Huajin Securities· 2024-08-29 03:41
禾望电气(603063.SH) 公司快报 24Q2 业绩环比改善,海外市场实现新突破 投资评级 买入-A(维持) 股价(2024-08-28) 11.85 元 投资要点 事件:公司发布 24 年中报,24H1 实现营收 13.82 亿元,同比-10.34%;归母净利 润 1.55 亿元,同比-23.64%;扣非归母净利润 1.63 亿元,同比-4.29%。 主营业务营收下降,Q2 利润环比改善。分业务来看,公司 24H1 新能源电控、工 程传动业务分别实现营收 10.51/2.03 亿元,同比-12.15%/-5.07%,营收同比降低。 新能源电控/工程传动业务毛利率分别为 35.69%/39.45%,同比+8.04pct/-5.51pct, 新能源业务盈利能力有所修复。其中 24Q2 实现营收 8.33 亿元,同比-10.54%,环 比+51.88%;归母净利润 0.99 亿元,同比-19.96%,环比+79.63%;扣非归母净利 润 0.92 亿元,同比-20.24%,环比+29.98%,Q2 利润环比有明显改善。 研发投入提升,风光储协同发展优势显著。公司 24H1 销售/管理/财务/研发费用率 分别为 ...
博隆技术:下游新建及改建需求较高叠加国际化发展战略持续推进,公司在手订单增势有望维系
Huajin Securities· 2024-08-28 23:08
Investment Rating - The investment rating for the company is "Buy-A" (initial coverage) [1][9]. Core Views - The company has a strong order backlog, with orders amounting to 4 times its total revenue for 2023, indicating a stable demand outlook despite short-term revenue pressures due to project delivery schedules [3][9]. - The company is positioned as a leader in the pneumatic conveying system sector, benefiting from the expansion of the synthetic resin market and the need for upgrades in aging petrochemical facilities [8][9]. - The international development strategy is showing initial success, with significant contracts signed, which may contribute to future revenue growth [8][9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 368 million yuan, a decrease of 34.86% year-on-year, and a net profit of 99 million yuan, down 25.91% year-on-year [2][3]. - The company had a robust order backlog of 4.92 billion yuan as of June 30, 2024, which supports future revenue growth [3][9]. - The second quarter of 2024 saw a significant recovery, with revenue of 226 million yuan, up 69.27% year-on-year, and a net profit of 70 million yuan, up 267.29% year-on-year [4][9]. Future Outlook - The company is expected to achieve stable revenue growth from 2024 to 2026, with projected revenues of 1.51 billion yuan, 1.98 billion yuan, and 2.63 billion yuan, representing year-on-year growth rates of 23.5%, 31.0%, and 32.8% respectively [9][13]. - The net profit is forecasted to reach 360 million yuan, 480 million yuan, and 629 million yuan for the same period, with corresponding growth rates of 25.2%, 33.5%, and 31.0% [9][13]. Market Position and Strategy - The company is focusing on the pneumatic conveying system market, which is expected to grow significantly due to increasing demand for synthetic resins and the need for modernization of older petrochemical facilities [8][9]. - The international strategy aims to expand market presence in regions such as Europe, America, Southeast Asia, and the Middle East, leveraging existing customer relationships [8][9].
联瑞新材:24Q2营收/利润创新高,持续聚焦高端下游应用
Huajin Securities· 2024-08-28 14:30
华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 08 月 28 日 \n联瑞新材( 688300.SH ) \n24Q2 营收/利润创新高,持续聚焦高端下游应用 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-08-28) | 公司研究●证券研究报告 \n\| 买入 | 公司快报 \n其他化学原料Ⅲ -A(维持) \n43.18 元 | | 2024 年 8 月 25 日,公司发布 2024 年半年度报告。 | ...
阿特斯:N型赛道后发优势明显,储能业务第二主业增长曲线确立
Huajin Securities· 2024-08-28 13:46
| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------|-----------|------------------------------------------| | 2024 年 08 月 28 日 | | | | | | 阿特斯(688472.SH) | | | | 公司快报 | | | | | | | 太阳能Ⅲ | | N 型赛道后发优势明显,储能业务第二主业增长 | 投资评级 | | 买入 | -A(维持) | | 曲线确立 | 股价 | (2024-08-27) | | 10.21元 | | | 交易数据 | | | | | 投资要点 | 总市值(百万元) | | | 37,656.70 | | 事件:公司发布 ...
湖南裕能:出货量快速增长,一体化产业布局持续推进
Huajin Securities· 2024-08-28 03:48
Investment Rating - The report maintains an "Add-A" rating for Hunan YN Energy (301358.SZ) with a target price of 24.97 CNY [1][3]. Core Views - Hunan YN Energy is a leading enterprise in the lithium iron phosphate cathode material industry, with a high capacity utilization rate and ongoing integrated layout and overseas business expansion. The company is actively developing new products such as manganese lithium phosphate and ultra-long cycle lithium iron phosphate, with significant growth in new energy storage products CN-5 series and power products YN-9 series during the reporting period [3][4]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 10.782 billion CNY, a year-on-year decrease of 53.48%. The net profit attributable to the parent company was 389 million CNY, down 68.57% year-on-year [1]. - The second quarter of 2024 saw total revenue of 6.262 billion CNY, a year-on-year decline of 65.69%, while the net profit attributable to the parent company was 231 million CNY, a decrease of 43.56% year-on-year but an increase of 307.75% quarter-on-quarter [1]. - The company’s gross profit margin for 2024 is projected to be 8.5%, with a net profit margin of 3.8% [4][5]. Production and Sales Summary - The company maintained a high capacity utilization rate of 93.15% during the reporting period. The sales volume of phosphate cathode materials reached 309,400 tons, a year-on-year increase of 43.3%, maintaining the top position in the country since 2020 [1][3]. - The sales of new products CN-5 and YN-9 series accounted for approximately 15% of total sales, indicating rapid growth and customer recognition [1][3]. Strategic Developments - Hunan YN Energy is focusing on an integrated industrial layout, enhancing its "resource - precursor - cathode material - recycling" strategy. The company has obtained mining licenses for phosphate mines in Guizhou, with plans for large-scale mining expected to commence in the second half of 2025 [1][3]. - The company is also expanding its overseas business, with plans to establish a lithium battery cathode material project in Spain with an annual production capacity of 50,000 tons [1][3].
鼎泰高科:AI驱动刀具销售实现增长,功能性膜产品发展加速
Huajin Securities· 2024-08-28 03:25
| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|------------------|--------------------|--------------------------|--------------------| | 2024 年 08 月 27 日 \n鼎泰高科( 301377.SZ ) | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 其他专用机械Ⅲ | | AI 驱动刀具销售实现增长,功能性膜产品发展加速 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 交易数据 | (2024-08-27) | | 15.45 元 | | 事件内容: 8 月 22 日盘后,公司披露 2024 年度中期报告, 2024H1 公司实现营业 | 总市值(百万元) | | | 6,334.50 | | 收入 7.13 亿元,同比增长 22.30% ;实现归母净利 ...
亿纬锂能:储能出货高速增长,海外市场稳步推进
Huajin Securities· 2024-08-27 14:47
Investment Rating - The investment rating for the company is "Buy-B" [1][2] Core Views - The company has experienced rapid growth in energy storage shipments and is steadily advancing in overseas markets. The revenue for the first half of 2024 reached 21.66 billion yuan, with a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was 2.14 billion yuan, a slight decrease of 0.6% year-on-year. However, the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company has achieved a significant increase in energy storage battery shipments, with a market share further improving. In the first half of 2024, the revenue from power batteries and energy storage batteries was 8.99 billion yuan and 7.77 billion yuan, accounting for 41.52% and 35.89% of total revenue, respectively. The shipment volume of energy storage batteries reached 20.95 GWh, a year-on-year increase of 133.18% [1][2] - The company is focusing on overseas markets, with overseas revenue reaching 5.443 billion yuan, accounting for 25.13% of total revenue. The successful launch of the energy storage project in Malaysia supports global delivery [1][2] Financial Performance - For the first half of 2024, the company reported total revenue of 21.66 billion yuan, with a year-on-year decrease of 5.7%. The net profit attributable to shareholders was 2.14 billion yuan, a decrease of 0.6% year-on-year, while the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company’s capacity utilization rate remained stable at 83.6%, with a comprehensive gross profit margin of 16.45%, a year-on-year increase of 0.5 percentage points [1][2] - The company’s R&D investment reached 1.468 billion yuan, a year-on-year increase of 16.42%, indicating a continuous commitment to product development and innovation [1][2] Future Outlook - The company is expected to see a new growth point starting in 2025 with the production of small cylindrical batteries in Malaysia, which is projected to contribute to revenue immediately upon production [2] - The profit forecasts for the company for 2024-2026 are adjusted to 4.701 billion yuan, 5.790 billion yuan, and 7.091 billion yuan, respectively, with corresponding P/E ratios of 13.9, 11.3, and 9.2 [2][3]
安集科技:24Q2营收创历史新高,先进制程领域持续发力
Huajin Securities· 2024-08-27 13:53
华 发 集 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-----------------------|-----------------------------------------|------------------------------------------|---------------------------------------------| | 2024 年 08 月 27 日 \n安集科技( 688019.SH ) \n24Q2 营收创历史新高,先进制程领域持续发力 \n投资要点 | 投资评级 \n股价 | (2024-08-27) | 公司研究●证券研究报告 \n基础化工 \| 买入 | 公司快报 \n电子化学品Ⅲ -A(维持) \n106.28 元 | | 2024 年 8 月 25 日,公司发布 2024 ...