446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 09 月 07 日 \n利安隆（ 300596.SZ ） \n业绩延续改善趋势，多层次业务打造可持续发展 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-09-06) | 公司研究●证券研究报告 \n\| 增持 | 公司快报 \n其他化学制品Ⅲ -B(维持) \n23.90 元 | | | 交易数 ...

等待催化，底部区域可能反弹 定期报告 投资要点 情绪指标显示 A 股当前已处于历史低位，但还不是最低。（1）换手率已处于 8 次 历史大底（含当前）中前 3 低的水平，创业板指换手率创历次大底时最低。（2） 上证综指和创业板指估值分位数分别处于 8 次历史大底的第 5 低和第 2 低水平，创 业板指估值历史分位数仅有 0.4%。（3）沪深 300 的股权风险溢价（ERP）达 6.8%， 处于 8 次历史大底中第 3 高水平。（4）全部 A 股和创业板指的 200 日均线以上个 股占比均处于 10%左右，分别处于 8 次历史大底中第 7 低和第 5 低水平。 2024 中 报 点 评 - 盈 利 回 升 趋 势 延 续 2024.9.5 市场情绪回暖拉动上周新股交投热情，但休 整 周 期 或暂 时 未 改 - 华 金 证 券新 股 周 报 2024.9.1 难有大的负面冲击、行业轮动基本完成、微观资金已流出较充分显示 A 股调整已 较充分。（1）历史上 A 股出现较大调整往往都有外部大的负面冲击，当前出现的 概率较低。一是上证综指自 2005 年以来的 8 次大幅下行期间多出现外部大的负面 冲击，如 2008 ...

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Investment Rating - The investment rating for Longbai Group is maintained at "Buy" [1][3]. Core Views - Longbai Group's performance shows steady growth, with a focus on deepening resource and industrial chain advantages. In the first half of 2024, the company achieved revenue of 13.804 billion yuan, a year-on-year increase of 4.09%, and a net profit attributable to shareholders of 1.721 billion yuan, up 36.40% year-on-year [1][3]. - The company is actively responding to challenges in the titanium dioxide market, with a focus on maintaining a balanced supply-demand situation and optimizing production efficiency [1][3]. - Longbai Group is committed to innovation and reform, enhancing production capacity utilization rates and market share, which contributed to steady growth in performance during the first half of 2024 [1][3]. Summary by Sections Financial Performance - In 2024H1, Longbai Group's titanium dioxide revenue reached 9.385 billion yuan, a year-on-year increase of 6.78%, with a gross margin of 33.51%, up 7.67 percentage points. The production volume was 649,600 tons, a year-on-year increase of 9.70% [1][3]. - The company produced 154.82 million tons of iron concentrate in 2024H1, with a net profit margin of 36.04% [3]. - Revenue from new energy materials was 414 million yuan, down 25.48% year-on-year, while zirconium products revenue was 433 million yuan, down 17.81% year-on-year [1][3]. Market Dynamics - The titanium dioxide market in China experienced a rebound in prices due to increased stocking demand, although competition pressure remains high as the market enters a seasonal downturn [1][3]. - The export volume of titanium dioxide from China reached 972,600 tons in 2024H1, a year-on-year increase of 16.31%, indicating competitive strength in the international market despite challenges such as potential tariffs from the EU [1][3]. Strategic Initiatives - Longbai Group is enhancing its industrial chain in scandium and vanadium materials, with plans to invest 1.08 billion yuan in a new materials industrial park [2][3]. - The company is focused on integrating its resource advantages and expanding its production capabilities, aiming to achieve an annual production of 7.6 million tons of iron concentrate and 2.48 million tons of titanium concentrate by the end of the 14th Five-Year Plan [3].

http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------| | 2024 \n投资要点 | 年 09 月 06 日 \n合合信息（ 688615.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（ 9 月 10 日）有一只科创板新股"合合信息"询价。 | 交易数据 | | | | 合合信息（ 688615.SH ）：公司基于智能文字识别、图像处理、NLP、知识图谱等 | 总市值（百万元） | | | | 核心技术，为 C 端及 B 端用户提供相关商品及服务。公司 ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has demonstrated stable growth in performance, with a notable integrated advantage in its operations. The revenue for the first half of 2024 was 31.993 billion yuan, a decrease of 9.16% year-on-year, while the net profit attributable to shareholders increased by 6.10% year-on-year to 2.841 billion yuan [1][2]. - The company maintains a strong operational strategy focused on high load, quick turnover, and risk mitigation, which has resulted in stable production and sales of its main products [1]. - The company benefits from a robust supply chain and strategic procurement advantages, leading to a decrease in the cost of major raw materials such as sulfur and coal, effectively offsetting adverse price fluctuations [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 16.61%, an increase of 1.49 percentage points year-on-year. The second quarter of 2024 saw a revenue of 18.136 billion yuan, a year-on-year decrease of 6.19% but a quarter-on-quarter increase of 30.88% [1]. - The company plans to produce and sell 2.5449 million tons of urea, 4.5415 million tons of ammonium phosphate, and 1.9251 million tons of compound fertilizer in 2024 [1][2]. - The company’s total fertilizer production capacity is 10 million tons per year, making it one of the largest fertilizer producers in China [2]. Industry Insights - The company is one of the largest phosphate mining enterprises in China, with a current phosphate ore reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons [2]. - The domestic phosphate industry is characterized by high concentration and integration levels, with a stable supply-demand relationship expected to continue in the coming years [1][2]. - The market price for phosphate ore is expected to remain high, with overall demand maintaining stability [1][2].

http://www.huajinsc.cn/ 1 / 13 请务必阅读正文之后的免责条款部分 44 下 下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------| | 2024 年 09 月 06 日 \n降息还是降准？ \n华金宏观·双循环周报（第 74 期） | 宏观类●证券研究报告 \n定期报告 \n 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 | | | qintai@huajinsc.cn | | 近期国内外经济金融环境变化，存量房贷利率能否大幅下调？降准是否还有空间？ | 报告联系人 周欣然 | | 经济结构加快转型、对货币刺激敏感度降低 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the expected investment return over the next six months will be in line with the fluctuations of the CSI 300 index [31]. Core Viewpoints - The company, Wireless Media (301551.SZ), specializes in IPTV integrated broadcasting and control services and is the sole operator of the IPTV integrated broadcasting platform in Hebei Province. The company has a significant user base but still has room for growth compared to national penetration rates [22][24]. - The company has experienced a decline in revenue and net profit in recent periods, with a forecasted revenue drop of 5.62% to 2.53% and a net profit decrease of 22.51% to 15.46% for 2024 [9][26]. - The company is innovating by expanding its services into smart education, smart homes, and smart communities, which are expected to drive future growth [23]. Summary by Sections Basic Financial Status - The company reported revenues of 672 million, 654 million, and 646 million yuan for 2021, 2022, and 2023 respectively, with year-over-year changes of 6.60%, -2.75%, and -1.12%. The net profit for the same years was 356 million, 291 million, and 284 million yuan, with year-over-year changes of 11.13%, -18.15%, and -2.49% [9][2][8]. Industry Situation - The IPTV industry is characterized by high user engagement and offers various functionalities such as live broadcasting, on-demand, and time-shifting. The industry has been growing rapidly due to the "three-network integration" policy, with a user base of 401 million in China as of the end of 2023 [17][21]. Company Highlights - The company is the only legal IPTV integrated broadcasting operator in Hebei Province, with a user base of 15.3 million, representing 58.04% of local households. This is below the national IPTV penetration rate of 74.98%, indicating significant growth potential [22][24]. - The company is developing a "Smart Education Cloud Platform" in collaboration with the Hebei Provincial Education Department, which is expected to enhance its revenue streams [23]. Investment Projects - The company plans to invest in three main projects through its IPO: upgrading the IPTV integrated broadcasting platform, content copyright procurement, and building a smart media business cloud platform [24][25]. Comparison with Industry Peers - In 2023, the company achieved a revenue of 646 million yuan, which is significantly lower than the average revenue of comparable companies in the industry, which stood at 5.715 billion yuan. However, the company's gross profit margin is relatively high at 54.08% [26][29].

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. ...