总市值（百万） 13,216.04 流通股本（万股） 195,793.12 2024 年 09 月 06 日 公司研究 评级：买入(维持) [Table_Title] 核心主业基本盘稳固，发布三年分红规划 研究所： 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 ——皖新传媒（601801）公司动态研究 投资要点: 营收下滑系业务结构调整所致，剔除所得税影响后 2024H1 利润总 额同比+1.78% (1) 收入端：2024H1 公司实现营收 52.13 亿元，yoy-13.59%，2024Q2 营收 22.84 亿元，yoy-22.19%，qoq-22.01%；2024H1 收入下滑， 主要系毛利率较低的教育装备业务及供应链业务收入下降所致，教 育服务分部收入 47.22 亿元，yoy-1.98%；现代物流分部收入 17.82 亿元，yoy-19.24%。2024H1 毛利润 12.97 亿元，yoy+2.97%，毛 利率 24.87%，同比+4pct。毛利率提升主要来自低毛利 ...

2024 年 09 月 06 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn [Table_Title] 马朗煤矿获得核准，进一步夯实公司成长性 ——广汇能源（600256）公司动态研究 最近一年走势 事件: 2024 年 8 月 30 日，广汇能源发布 2024 年半年度报告：2024 年上半年公司 实现营业收入 172.5 亿元，同比-50.84%，归属于上市公司股东净利润 14.55 亿元，同比-64.7%，扣非后归属于上市公司股东净利润 14.91 亿元，同比 -63.61%。基本每股收益为 0.22 元，同比-64.7%。加权平均 ROE 为 4.9%，同 比减少 8.38 个百分点。 分季度看，2024 年第二季度，公司实现营业收入 72.07 亿元，环比-28.2%， 同比-52.7%；实现归属于上市公司股东净利润 6.48 亿元，环比-19.8%，同比 -41.9%；实现扣非后归母净利润 7.17 亿元，环比-7.4%，同比-36.8%。 | --- | --- | --- | --- | |-------- ...

Investment Rating - The report assigns a "Buy" rating for Bona Film Group (001330) as it initiates coverage [1][5]. Core Insights - The company's performance in H1 2024 is under pressure, with revenue of 640 million yuan, a year-over-year decline of 24.64%, and a net loss attributable to shareholders of 139 million yuan [2]. - The film business generated revenue of 156 million yuan in H1 2024, down 50.21% year-over-year, while investment income increased significantly by 646.04% to 148 million yuan [2]. - The cinema business also faced challenges, with revenue of 491 million yuan in H1 2024, a decrease of 16.41% year-over-year [3]. Summary by Sections Financial Performance - H1 2024 revenue was 640 million yuan, with a net loss of 139 million yuan and a gross margin of 18.17%, an increase of 4.29 percentage points year-over-year [2]. - Quarterly breakdown shows Q1 revenue at 440 million yuan (YOY -16.10%) and Q2 at 200 million yuan (YOY -38.40%) [2]. - The company’s cinema operations reported a revenue of 491 million yuan in H1 2024, with a gross margin of 5.18% [3]. Market Position and Future Outlook - The company is focusing on commercial blockbusters and strengthening its series development, with several major projects in the pipeline for 2024 and beyond [2]. - The report forecasts revenue growth for 2025 and 2026, estimating 2.768 billion yuan and 3.062 billion yuan respectively, with a projected net profit of 375 million yuan in 2025 [5][6]. Valuation Metrics - The report provides a valuation with a projected P/E ratio of 15 for 2025 and 11 for 2026, indicating potential for growth as the film investment industry stabilizes [5][6]. - The estimated revenue growth rates are projected at -7% for 2024, followed by a significant rebound of 86% in 2025 [6].

Market Overview - In August, the overall A-share market experienced a decline, with the CSI 300 index returning -3.51%, the CSI 1000 at -5.31%, the CSI 500 at -5.06%, and the ChiNext index at -6.38% [10][11] - The top three performing sectors were coal, oil and petrochemicals, and home appliances, while various sectors including non-bank financials, media, banking, and food and beverage saw declines [10][11] Multi-Strategy Stock Selection - The multi-strategy stock selection combination recorded an absolute return of -3.25% in August, with a relative excess return of 0.91% compared to the CSI All Share Index. Year-to-date, the absolute return is -5.59%, with an excess return of 8.30% [2][19] - The strategy includes four sub-strategies: value stock strategy, growth stock strategy, quality stock strategy, and clearing stock strategy, with the value stock strategy holding the highest weight at approximately 56.98% [15][17] High-Quality Stock Strategy - The high-quality stock strategy recommended 15 stocks in September, primarily concentrated in the food and beverage sector, which accounted for about 47% of the total weight. In August, this strategy achieved an absolute return of -0.72%, with a relative excess return of 3.55% compared to the CSI All Share Index [2][3][19] - Year-to-date, the absolute return for the high-quality stock strategy is -16.48%, with a relative excess return of -4.19% compared to the CSI All Share Index [2][3] Value Stock Strategy - The value stock strategy recorded an absolute return of -3.93% in August, with a relative excess return of -1.25% compared to the National Value Index. Year-to-date, the absolute return is -10.23%, with a relative excess return of -14.13% [2][3] - The strategy's performance was analyzed by breaking it down into single PB-ROE factors, with the best performance observed in strategies that combined technical indicators, yielding a monthly return of -3.64% [2][3] Clearing Reversal Strategy - The clearing reversal strategy selected stocks from the agriculture, forestry, animal husbandry, fishery, and media sectors, achieving an absolute return of -3.26% in August, with a relative excess return of 0.90% compared to the CSI All Share Index [3][19] - Year-to-date, this strategy has an absolute return of -13.32%, with a relative excess return of -0.56% [3] "Dividend +" Preferred Stock Strategy - The "Dividend +" preferred stock strategy recorded an absolute return of -5.04% in August, with a relative excess return of -0.95% compared to the CSI All Share Index, and a relative excess return of 1.474% compared to the dividend yield index [3] - Year-to-date, this strategy has achieved an absolute return of 2.70%, with a relative excess return of 17.81% compared to the CSI All Share Index [3] Broker Gold Stock Strategy - The broker gold stock strategy saw a significant decline, with an absolute return of -7.99% in August and a year-to-date return of -34.38% [4][3] - The strategy's performance is notably lower compared to the overall broker gold stock coverage, with a relative excess return of -4.28% compared to the overall coverage and -4.26% compared to the CSI 800 index [4][3]

| --- | --- | --- | |-----------------------|-----------------------|------------------------| | 2024 | 年 09 月 06 日 | 晨会纪要 | | 研究所： 证券分析师： | 余春生 S0350513090001 | 晨会纪要 [Table_Title] | | | yucs@ghzq.com.cn | —— 2024 年第 158 期 | 观点精粹: 最新报告摘要 房屋养老金的国际经验——日本视角--政策深度 2024 年 Q2 汽车主要子板块业绩环比改善，看好汽车板块 Q3 景气度提升--行业专题研究 无极收入同比翻倍，重整取得重大进展--隆鑫通用/摩托车及其他(603766/212804) 公司点评 内容板块焕新升级，游戏经营业绩高增--万达电影/影视院线(002739/217206) 公司点评 业绩短期承压，平台化布局加速--微导纳米/光伏设备(688147/216305) 科创板公司动态研究 业绩短期承压，研发投入持续加大--中科飞测/半导体(688361/212701) 科创板公司动态研究 成 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1][2][5] Core Views - The company demonstrates strong resilience in performance, with a significant growth in IP business, achieving a revenue of 381 million yuan in H1 2024, representing a year-over-year increase of 2.39% [1][2] - The net profit attributable to shareholders reached 69 million yuan, up 4.92% year-over-year, while the net profit excluding non-recurring items surged by 84.86% to 43 million yuan [1][2] - The report highlights the impact of a weak film market on the cinema business, which faced short-term pressure, but the "Cinema+" strategy is driving growth in non-ticket revenue [2][3] Summary by Sections Financial Performance - H1 2024 revenue was 381 million yuan (YOY +2.39%), with a gross margin of 26.70% (up 2.10 percentage points) and a net margin of 21.90% (up 1.91 percentage points) [2][5] - The company reported a quarterly breakdown with Q1 revenue at 210 million yuan (YOY +18.26%) and Q2 revenue at 171 million yuan (YOY -12.09%) [2][3] Business Development - The cinema business is under pressure due to the overall film market performance, with ticket sales for the company's cinemas declining [2][3] - The "Cinema+" initiative has led to nearly 100 events, enhancing non-ticket revenue through innovative activities [2][3] Future Outlook - The company is expected to see revenue growth, with projections of 810 million yuan in 2024, 1.01 billion yuan in 2025, and 1.17 billion yuan in 2026 [6][8] - The net profit forecast for 2024 is 131 million yuan, increasing to 216 million yuan in 2025 and 271 million yuan in 2026 [6][8]

Investment Rating - The report assigns a "Buy" rating for Zhongke Feice (688361) as it initiates coverage [1][5][7] Core Views - The company's performance in H1 2024 is under pressure due to significant increases in R&D investment and share-based payment expenses, resulting in a net loss of 0.68 billion yuan [2][3] - Despite the short-term challenges, the company is focusing on high-end semiconductor quality control and expanding its product offerings, which positions it as a leader in the domestic market [3][4] Financial Performance Summary - In H1 2024, Zhongke Feice achieved operating revenue of 464 million yuan, a year-on-year increase of 26.91%, but reported a net loss of 68 million yuan [2][3] - The company's revenue breakdown for H1 2024 includes 307 million yuan from testing equipment, 150 million yuan from measurement equipment, and 7 million yuan from services and other businesses [3] - The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year, while the net margin was -14.66%, a decline of 27.23 percentage points [3] Future Earnings Forecast - The report forecasts revenues of 1.336 billion yuan, 1.869 billion yuan, and 2.432 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 184 million yuan, 315 million yuan, and 476 million yuan [4][6] - The expected growth rates for revenue are 50% in 2024, 40% in 2025, and 30% in 2026, while net profit growth rates are projected at 31%, 72%, and 51% for the same years [6][7] Market Position and Product Development - Zhongke Feice is recognized as a leading enterprise in the high-end semiconductor quality control equipment sector, with a comprehensive range of products that cater to various integrated circuit customer needs [3][4] - The company has developed nine series of equipment and three series of software products, with six series already in mass production at major domestic clients [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Views - The company's performance is under short-term pressure, but its platform layout is accelerating [1]. - The company has a strong order backlog, with total orders amounting to 8.085 billion yuan as of June 30, 2024, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [3][4]. - The company is focusing on thin film deposition processes, with significant growth in the semiconductor and photovoltaic sectors [4][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 787 million yuan, a year-on-year increase of 105.97%, while net profit attributable to shareholders decreased by 37.51% to 43 million yuan [2][4]. - The company's gross margin for H1 2024 was 38.40%, down 4.60 percentage points year-on-year, and the net margin was 5.44%, down 12.51 percentage points year-on-year [4][8]. - The company expects revenues of 3.987 billion yuan, 5.100 billion yuan, and 5.806 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 574 million yuan, 764 million yuan, and 957 million yuan [7][8]. Market Data Summary - As of September 3, 2024, the company's stock price is 21.26 yuan, with a market capitalization of approximately 9.73 billion yuan [3][8]. - The stock has a 52-week price range of 20.50 to 51.49 yuan, and the average daily trading volume is 57.50 million yuan [3][8]. - The company has a high turnover rate of 43.56% over the past month [3].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Insights - The growth path of the company is clear, with continued improvement in profitability [2][4]. - The company achieved a revenue of 6.902 billion yuan in H1 2024, representing a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 62 million yuan, up 105.10% year-on-year [3][4]. - The report highlights the deepening of KA cooperation and rapid revenue growth across various segments [4][6]. Summary by Sections Revenue Performance - In H1 2024, the company's same-city delivery revenue reached 4.038 billion yuan, a year-on-year increase of 19.2%, with To B revenue at 2.874 billion yuan, up 18.83% [4]. - The last-mile delivery revenue was 2.841 billion yuan, growing 20.3% year-on-year, with daily average package volume exceeding one million [4][5]. Profitability Improvement - The gross margin for H1 2024 was 6.9%, an increase of 0.2 percentage points year-on-year, while the overall expense ratio decreased by 0.28 percentage points to 6.26% [5]. - The net profit margin attributable to shareholders improved by 0.38 percentage points to 0.90% due to expense optimization [5]. Growth Forecast - The company is expected to achieve revenues of 14.962 billion yuan, 17.856 billion yuan, and 20.968 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 19%, and 17% [8][9]. - The net profit attributable to shareholders is projected to be 142 million yuan, 273 million yuan, and 418 million yuan for the same years, with growth rates of 181%, 92%, and 53% respectively [8][9].

Investment Rating - The report maintains a "Buy" rating for Wanda Film [1] Core Views - The company's performance in H1 2024 was impacted by a weak film market, leading to a decline in revenue and net profit [2][3] - Despite the challenges, the company is focusing on optimizing cinema operations and expanding merchandise sales, which are expected to contribute positively in the future [5][7] Financial Summary - In H1 2024, Wanda Film reported revenue of 6.218 billion yuan, a year-over-year decrease of 9.48%, and a net profit of 113 million yuan, down 73.18% [2][3] - The company's net profit margin was 1.88%, down 4.34 percentage points year-over-year, while the gross margin was 26.08%, down 2.18 percentage points [3] - Operating cash flow for H1 2024 was 537 million yuan, a significant decrease of 77.59% year-over-year, primarily due to increased investments in content [3] Business Segments - Cinema operations generated 3.639 billion yuan in revenue in H1 2024, a decline of 9.96% year-over-year, with a gross margin of 2.46% [5] - Merchandise sales reached 813 million yuan, down 17.25% year-over-year, with a gross margin of 60.96% [6] - The gaming segment saw revenue of 331 million yuan, a year-over-year increase of 100.19%, driven by successful game launches [7] Future Outlook - The report forecasts revenue growth for the company, estimating revenues of 14.192 billion yuan, 16.494 billion yuan, and 17.866 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 604 million yuan, 1.363 billion yuan, and 1.607 billion yuan [7][9] - The company aims to increase its market share in the cinema industry to 20% and is actively working on enhancing its content offerings [5][7]