| --- | --- | |--------------|---------------------------------------| | | | | 研究所： | | | 证券分析师： | 邱迪 S0350522010002 qiud@ghzq.com.cn | | 证券分析师： | 李航 S0350521120006 lih11@ghzq.com.cn | 2024 年 09 月 11 日 行业研究 评级：推荐(维持) 最近一年走势 行业相对表现 2024/09/11 投资要点: 表现 1M 3M 12M 电力设备 0.9% -9.6% -28.0% 三大工业行业纳入碳市场，三年缓冲期后配额收紧 《工作方案》 提出，2024-2026 年为水泥、钢铁、电解铝行业纳入碳市场启动阶 段，2027 年后为深化完善阶段。启动实施阶段采用碳排放强度控制 的思路实施碳配额免费分配，配额与产量挂钩，不设总量上限，试 验性质较强，我们预计暂时不会出现配额紧张。深化完善阶段将逐 步收紧碳配额，我们预计配额将供不应求，从而推动碳交易市场活 跃、交易价格上升。 沪深 300 -4.4% -10.1% -15.4% 相关报 ...

2024 年 09 月 11 日 公司研究 评级：买入(首次覆盖) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 小游戏助力征途 IP 增长，休闲竞技赛道深耕突 破，关注《王者征途》小游戏及《原始征途》大 推版本表现 研究所： ——巨人网络（002558）公司动态研究 投资要点: 最近一年走势 2024H1 营收同比基本持平、扣非归母净利润同比高增。 2024H1 公司营收 14.27 亿元，yoy-1.13%；归母净利润 7.18 亿元， yoy+8.16%；扣非归母净利润 8.84 亿元，yoy+27.92%。 2024H1 毛利率 88.42%，yoy-1.07pct，主要系人员成本上升；销售 费用率 30.08%，yoy-8.52pct，主要系 2023 年同期《原始征途》上 线推广费用基数较高；研发/管理费用率分别 23.26%/6.26%，yoy 分别+0.08/-0.15pct；投资收益 3.38 亿元，yoy-5.79%。 2024Q2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][24] Core Views - The company's main business in modified plastics shows strong performance, with a significant improvement in Q2 2024 results compared to Q1 2024 [1][2][4] - Despite facing pressure in the green petrochemical and healthcare sectors, the overall revenue growth is promising, driven by the modified plastics and new materials segments [3][5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 23.35 billion yuan, a year-on-year increase of 14.7%, but the net profit attributable to shareholders decreased by 19.0% to 380 million yuan [2][3] - Q2 2024 revenue reached 12.84 billion yuan, up 20.4% year-on-year and 22.1% quarter-on-quarter, with net profit increasing by 62.1% year-on-year and 166.8% quarter-on-quarter to 280 million yuan [2][3][5] Segment Analysis - The modified plastics segment generated revenue of 13.89 billion yuan in H1 2024, a 19% increase, with sales volume rising 27% to 1.093 million tons [3][5] - The new materials segment reported revenue of 1.55 billion yuan, up 9%, with sales volume also increasing by 27% to 98,000 tons [3][5] - The green petrochemical segment's revenue was 4.0 billion yuan, a slight increase of 1%, while the healthcare segment generated 160 million yuan, with a significant decline in profit margin [3][5] Future Outlook - The company is expected to see revenue growth of 56.76 billion yuan, 64.61 billion yuan, and 73.73 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.01 billion yuan, 1.53 billion yuan, and 2.17 billion yuan [6][7][24] - The integration of petrochemical projects is progressing, with new material projects set to commence production soon, enhancing the company's competitive edge [6][7]

2024 年 09 月 11 日 评级：买入(维持) 公司研究 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 公司业绩短期承压，产能布局持续完善 ——旭升集团（603305）公司动态报告 最近一年走势 | --- | --- | |---------------------|------------| | 市场数据 | 2024/09/10 | | 当前价格（元） | 8.79 | | 52 周价格区间（元） | 8.54-24.45 | | 总市值（百万） | 8,202.96 | | 流通市值（百万） | 8,202.96 | | 总股本（万股） | 93,321.49 | | 流通股本（万股） | 93,321.49 | | 日均成交额（百万） | 95.32 | | 近一月换手（ %） | 0.85 | 相关报告 《旭升集团（603305）2023 年年报及 2024 年一 季报点评报告：收入端同比稳定增长，产能布局持 续完善（买入）*汽车零部件*戴畅》——2024-04-30 客户资源丰富优质，产能布局持续完善。 作为业内少 ...

证券研究报告 食品饮料 2024年09月11日 威士忌行业深度报告：中国产区待点亮，星辰大海方启航 评级：推荐(维持) 刘洁铭(证券分析师) 景皓(联系人) S0350521110006 S0350124030009 liujm@ghzq.com.cn jingh@ghzq.com.cn 核心提要 u 威士忌行业的基础知识扫盲：生命之水，烈酒之王，中国产区待点亮 威士忌行业基础知识：威士忌作为世界六大蒸馏酒之一，发源于苏格兰，后逐渐传播至美国、加拿大、日本、印度，当前产区遍布全球，由于威士忌酿 造受原料、环境、橡木桶、时间、调和等多种因素影响，因此不同的产区及酿造方式赋予了威士忌丰富的口感和风味。其中，单一麦芽威士忌价格持续走 高，赋予了威士忌较强的金融投资属性。据Euromonitor及中国酒业协会数据，2023年威士忌全球市场规模达1441亿美元，以19.7%的销售占比位列烈酒第 一。当前威士忌在全球形成了寡头垄断的竞争格局，帝亚吉欧和保乐力加稳坐Top2席位，三得利、百富门、格兰父子等酒厂群雄逐鹿。 u 威士忌在中国：起步较晚，主要集中在一二线沿海城市，人群具备高收入、高知等标签，圈层明显，渗透率还有很 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][8]. Core Insights - The company's core business shows steady growth, with an improvement in the gross margin of the publishing segment [1][6]. - Despite a decline in net profit year-on-year, the company has maintained a stable dividend policy, with a dividend yield exceeding 4% over the past 12 months [5][6]. Revenue and Profit Summary - In H1 2024, the company achieved revenue of 7.236 billion yuan, a year-on-year increase of 0.80%, with a gross profit of 3.055 billion yuan, up 2.04% year-on-year [3][4]. - The gross margin for H1 2024 was 42.21%, an increase of 0.51 percentage points year-on-year [3]. - The net profit attributable to shareholders for H1 2024 was 1.224 billion yuan, a decrease of 21.51% year-on-year [3][4]. - The effective tax rate (ETR) for H1 2024 was 22.59%, with a notable drop in Q2 [3]. Segment Performance - The publishing segment reported revenue of 2.347 billion yuan in H1 2024, a slight decline of 1.75% year-on-year, while the gross margin improved by 4.38 percentage points [4]. - The distribution segment saw revenue of 5.892 billion yuan in H1 2024, reflecting a growth of 2.20% year-on-year [4]. Financial Forecast - The company is projected to achieve revenues of 13.830 billion yuan, 14.575 billion yuan, and 15.430 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - The net profit attributable to shareholders is expected to be 1.865 billion yuan, 1.961 billion yuan, and 2.072 billion yuan for the same years [6][7]. - The earnings per share (EPS) are forecasted to be 0.73 yuan, 0.77 yuan, and 0.81 yuan for 2024, 2025, and 2026, respectively [6][7].

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The computer industry is showing signs of recovery, with a focus on computing power, overseas expansion, and the Huawei supply chain [1]. - In H1 2024, the industry's total revenue reached 551.84 billion yuan, a year-on-year increase of 8.06%, while net profit attributable to shareholders was 7.784 billion yuan, a decline of 46.08% [4][6]. - The industry is entering a phase of cost reduction and efficiency improvement, with a slight decrease in gross margin but better control over overall expense ratios [4][6]. Summary by Sections 1. Industry Performance in H1 2024 - The computer industry experienced a marginal improvement in revenue, with total revenue of 551.84 billion yuan, up 8.06% year-on-year, compared to a decline of 0.05% in H1 2023 [4][7]. - The net profit attributable to shareholders was 7.784 billion yuan, down 46.08% year-on-year, indicating pressure on profitability [4][7]. 2. Revenue and Profit Trends - In Q2 2024, total revenue was 306.61 billion yuan, reflecting a year-on-year increase of 9.27% and an improvement from Q1 2024 [9]. - The net profit for Q2 2024 was 7.627 billion yuan, a decrease of 19.94% year-on-year, but a significant improvement from Q1 2024 [9]. 3. Cost and Expense Management - The overall gross margin for H1 2024 was 25.72%, a decrease of 1.63 percentage points year-on-year, while the expense ratios for sales, management, and R&D were 8.05%, 5.40%, and 9.86%, respectively, showing a reduction in costs [4][14]. - In Q2 2024, the gross margin slightly rebounded to 25.84%, although it still represented a year-on-year decline [17]. 4. Segment Analysis - The overseas expansion segment showed the highest revenue growth, followed by computing power, which benefited from increased AI capital investments from major internet companies [24][26]. - The Huawei supply chain also demonstrated strong revenue growth, aided by strategic acquisitions and a robust return of Huawei's business lines [24][26]. 5. Valuation Insights - As of the end of August 2024, the industry’s median PE (TTM) was 22.69x, marking a low point over the past eight years [5][29]. - Specific segments such as financial technology and computing power are valued below 30x, while the Huawei supply chain has the highest valuation at 193x [29][30].

2024 年 09 月 10 日 公司研究 评级：买入(首次覆盖) [Table_Title] 获客加速+交易放量，质押减值拖累业绩兑现 ——老虎证券（TIGR）公司动态研究 研究所： 证券分析师： 孙嘉赓 S0350523120002 sunjg@ghzq.com.cn 最近一年走势 相对表现 1M 3M 12M 市场环境和全面产品供应助推，2024Q2 公司营收及交易量再创新 高。1）公司 2024Q2 实现营业收入 8743.70 万美元，同比增长 32.4%， 环比+10.8%；实现净收入 7385.50 万美元，同比增长 32.8%，环比 +15.1%；归母净利润 2.6 百万美元，Non-GAAP 归母净利润 5.2 百 万美元，同比减少 66.10%，环比-64.67%。净利润下降是由于公司 暂停港股质押业务因市场形势极端，价格大幅下滑，计提了 1320 万 美元的损失准备，从而对贷款余额计提了准备金。2）2024Q2 公司 分别实现佣金收入/利息收入/其他收入 34.10 百万美元/44.20 百万美 元/6.30 百万美元，同比分别+54.9%/+21.2%/+31.6%，活跃的市场 环境和 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5][7] Core Views - The company has sufficient cash on hand, with over 15 billion yuan available as of H1 2024, and has shown a significant increase in profit for Q2 2024, with a year-on-year growth of 17.25% [2][5] - The publishing and distribution business is experiencing stable growth, while the main gaming products have reduced releases, allowing for profit release [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 5.155 billion yuan, representing a year-on-year increase of 2.48%. Q2 2024 revenue reached 2.994 billion yuan, up 17.91% year-on-year and 38.51% quarter-on-quarter [2][5] - The gross profit margin for H1 2024 was 41.35%, an increase of 1.91 percentage points year-on-year [2] - The net profit attributable to shareholders for H1 2024 was 613 million yuan, down 27.48% year-on-year, while the net profit excluding non-recurring items was 691 million yuan, down 3.38% year-on-year [2][5] Business Segments - The publishing business generated 2.114 billion yuan in revenue for H1 2024, a year-on-year increase of 5.31%, with a market share of 3.76% in the national book retail market [3] - The distribution business reported revenue of 2.837 billion yuan in H1 2024, up 7.20% year-on-year, with a gross margin of 36.87% [3] - The new business segment, operated by the subsidiary Zhixing Star, achieved revenue of 695 million yuan in H1 2024, although it saw a decline of 6.66% year-on-year [4] Future Outlook - The company is expected to face profit growth pressure in 2024 due to tax policy impacts, but the stable growth of its publishing and distribution core business and the ongoing development of new business segments are anticipated to contribute to incremental revenue and profit [5][6] - Revenue projections for 2024-2026 are estimated at 11.382 billion yuan, 12.090 billion yuan, and 12.801 billion yuan respectively, with net profits of 1.749 billion yuan, 1.854 billion yuan, and 1.986 billion yuan [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, Zhongnan Media (601098), marking its first coverage [4][9]. Core Views - The publishing business shows steady growth, with a proposed mid-year dividend of 180 million yuan for 2024 [4]. - The company's revenue for H1 2024 reached 6.893 billion yuan, a year-on-year increase of 1.81%, while gross profit was 3.073 billion yuan, up 9.63% year-on-year, resulting in a gross margin of 44.59%, an increase of 3.18 percentage points [5]. - The report highlights that the company's net profit attributable to shareholders for H1 2024 was 774 million yuan, down 20.28% year-on-year, primarily due to the impact of corporate income tax [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 6.893 billion yuan, with a gross profit of 3.073 billion yuan and a gross margin of 44.59% [5]. - The second quarter of 2024 saw a revenue of 3.893 billion yuan, a quarter-on-quarter increase of 29.77% [5]. - The net profit for H1 2024 was 774 million yuan, with a significant drop in net profit attributable to shareholders in Q2 2024, which was 490 million yuan, down 21.45% year-on-year [5][6]. Business Segments - The publishing segment generated 1.708 billion yuan in revenue for H1 2024, a year-on-year increase of 6.99% [5]. - The distribution segment reported revenue of 5.870 billion yuan, with the Hunan Xinhua Bookstore contributing 4.922 billion yuan [5]. Cash Position and Dividends - The company had a strong cash position with 12.755 billion yuan in cash and cash equivalents as of H1 2024, an increase of 30.29% year-on-year [6]. - The company has maintained a stable dividend policy, with a proposed cash dividend of 180 million yuan for 2024 [6]. Earnings Forecast - The report forecasts revenues of 14.677 billion yuan, 15.815 billion yuan, and 17.113 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.429 billion yuan, 1.513 billion yuan, and 1.627 billion yuan for the same years [7][8].