Group 1: Overview of Japan's Housing Pension System - Japan's housing pension system is designed to ensure the long-term maintenance of apartment-style residences through a repair reserve fund[1] - The repair reserve fund is primarily applicable to apartments, with owners contributing to its accumulation[18] - The system includes a long-term repair plan that allows owners to anticipate future repair needs and associated costs[20] Group 2: Financial Aspects of the Repair Reserve Fund - The average monthly contribution to the repair reserve fund ranges from 252 to 338 JPY per square meter, translating to approximately 1,177 to 1,675 RMB for a 100 square meter apartment[30] - The fund can be collected through various methods, including equal accumulation and stage-based accumulation, with the latter being more common currently[30] - The repair fund can only be used with the consent of more than half of the owners, ensuring community governance in fund management[35] Group 3: Legal and Regulatory Framework - Japan has established a comprehensive legal framework for apartment management and repair funding, including laws enacted in 1963 and revised in 2021[39] - The legal structure covers the entire lifecycle of residential buildings, ensuring ongoing maintenance and compliance with safety standards[39] - Recent revisions to the guidelines have updated the pricing and calculation formulas for the repair reserve fund, reflecting changes in construction costs and maintenance needs[39]

2024 年 09 月 05 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 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 ——2024 年中报总结 最近一年走势 行业相对表现 2024/09/05 表现 1M 3M 12M 业绩端：2024 年 Q2 汽车板块归母净利润同比提升，其中乘用车板 块景气度上升较快。整体来看：2024 年 Q2 汽车行业营收 9092 亿 元，同环比+5%/+11%，归母净利润 394 亿元，同环比+24%/+26%。 2024 年 Q2 利润同比增速为+24%，高于 2024 年 Q1 的+10%，业 绩表现上行。分板块来看：乘用车板块 2024 年 Q2 受益于新能源、 出口放量，产品结构持续优化，利润率提升较快，利润同比增速快 于 Q1；客车板块归母净利润同比+290%，继续保持高增速，其中宇 通客车表现亮眼（2024 年 Q2 实现归母净利润 10.2 亿元，同比+19 1%）；货车板块 2024 年 Q2 销量同比增速相较 20 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company has achieved significant revenue growth, with a 28.23% year-on-year increase in revenue to 7.666 billion yuan for the first half of 2024, and a 17.48% increase in net profit to 589 million yuan [2]. - The company's self-owned brand revenue has surged by 75.21% year-on-year, reaching 2.459 billion yuan [2]. - The motorcycle segment has shown remarkable performance, with total revenue of 4.764 billion yuan, reflecting a 55.47% increase year-on-year, and the "Wuji" series alone generated 1.520 billion yuan, up 132.08% [2]. - The company is actively expanding its global sales channels, covering over 90 countries and regions with more than 2,000 dealers [2]. - The restructuring process is progressing steadily, with the board appointing Mr. Gong Hui to act as chairman during the vacancy [2]. Financial Forecast - The company is projected to achieve revenues of 14.655 billion yuan, 15.532 billion yuan, and 16.672 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.16%, 5.98%, and 7.34% [3][6]. - The net profit forecast for the same period is 1.097 billion yuan, 1.293 billion yuan, and 1.463 billion yuan, with growth rates of 88.01%, 17.87%, and 13.18% respectively [3][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 12.60, 10.69, and 9.44 respectively [3][6].

Group 1: Baolong Technology / Automotive Parts - The company reported a revenue of 3.184 billion yuan in H1 2024, representing a year-on-year increase of 21.68% [1][2] - The air suspension and sensor businesses showed significant growth, with air suspension revenue increasing by 44.48% and sensor revenue by 51.71% [2] - The net profit attributable to shareholders decreased by 19.40% to 148 million yuan in H1 2024, primarily due to increased equity incentive costs and labor expenses [2][3] Group 2: China Great Wall / Computer Equipment - The company achieved a revenue of approximately 6.076 billion yuan in H1 2024, a year-on-year growth of 21.23% [4][5] - The net profit attributable to shareholders improved by 33.37% to -422 million yuan, indicating a recovery trend [4] - The computing industry segment saw a revenue increase of 37.04%, driven by strong market demand and successful bidding management [5] Group 3: Biological Shares / Animal Health - The company reported a revenue of 612 million yuan in H1 2024, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 123 million yuan, down 8.56% [6][7] - The company’s ruminant vaccines experienced growth despite a challenging market, with significant contributions from new product launches [7] - R&D investment reached 75 million yuan, accounting for 12.26% of revenue, with several key products making progress towards market entry [7] Group 4: Eastern Airlines Logistics / Logistics - The company achieved a revenue of 11.286 billion yuan in H1 2024, an increase of 20.38% year-on-year, with a net profit of 1.277 billion yuan, up 0.45% [8][9] - The air cargo market showed resilience, with a 26.29% increase in revenue in Q2 2024, driven by cross-border e-commerce growth [9] - The company plans to distribute a cash dividend of 0.389 yuan per share, reflecting a payout ratio of 48.35% of its net profit [9][10]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in H1 2024 showed recovery, with revenue from Feiteng increasing by 23% YoY [1] - The company's H1 2024 revenue reached approximately 6.08 billion yuan, with a net loss of 296 million yuan [2] - The company's H1 2024 operating income was about 6.08 billion yuan, a YoY increase of 21.23%, and the net profit attributable to the parent company improved by 33.37% [3] - The company's gross profit margin in H1 2024 was 17.18%, a YoY decrease of 4.66 percentage points, but the net profit margin improved, indicating effective cost control [4] - The company is expected to benefit from the deep development of the domestic IT industry, with projected revenues of 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, and net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] Business Segments Computing Industry - Revenue in H1 2024 was 4.70 billion yuan, a YoY increase of 37.04%, with a gross margin of 14.41%, a YoY decrease of 3.04 percentage points [2] - The company has made breakthroughs in financial, insurance, and transportation sectors, and has established partnerships with several well-known foreign brands [2] - The company has a leading position in the domestic AI server power supply market [2] System Equipment - Revenue in H1 2024 was 985 million yuan, a YoY decrease of 18.02%, with a gross margin of 22.33%, a YoY decrease of 7.67 percentage points [2] - Traditional business orders declined due to policy changes, but new business orders in marine informatization and special computing increased significantly [2] Feiteng - Revenue in H1 2024 was 608 million yuan, a YoY increase of 23%, with a net loss of 296 million yuan [2] - Feiteng has developed over 10 high-performance CPUs since 2014, with cumulative applications exceeding 8.5 million units [2] - Feiteng is accelerating the development of intelligent computing processors, aiming to create a "CPU+XPU" combination [2] Financial Performance - H1 2024 operating income was 6.08 billion yuan, a YoY increase of 21.23%, with a net profit attributable to the parent company of -422 million yuan, a YoY improvement of 33.37% [3] - Q2 2024 operating income was 3.41 billion yuan, a YoY increase of 21.30%, with a net profit attributable to the parent company of -172 million yuan, a YoY improvement of 47.56% [3] - The company's sales expense ratio, management expense ratio, and R&D expense ratio in H1 2024 were 3.60%, 7.00%, and 9.05%, respectively, showing significant reductions [4] Market Data - The company's current stock price is 8.04 yuan, with a 52-week price range of 7.25-12.65 yuan [4] - The company's total market capitalization is 25.94 billion yuan, with a circulating market capitalization of 25.30 billion yuan [4] - The company's average daily trading volume in the past month was 129.86 million yuan, with a turnover rate of 0.65% [2] Industry Outlook - The domestic IT industry is entering a deep development phase, with significant growth potential in the domestic server market [6] - Feiteng's ecosystem has over 6,500 partners, supporting more than 4,900 Feiteng platform devices and over 66,000 software adaptations [6] - Feiteng's products, including the S5000C, E2000, and D3000 CPUs, have been selected for the national IT security testing list, indicating strong market potential [6] Financial Projections - The company's revenue is projected to be 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, with net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] - The company's EPS is projected to be 0.03 yuan, 0.10 yuan, and 0.17 yuan for 2024-2026, with P/E ratios of 255.36, 78.77, and 47.15, respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company achieved significant growth in Q2 2024, with a year-on-year revenue increase of 26.29% and a net profit increase of 34.88% [4][5]. - The company is benefiting from the growth of cross-border e-commerce, which is expected to continue driving demand for its logistics services [7]. - The company has a strong focus on shareholder returns, with a proposed cash dividend of 0.389 yuan per share, amounting to 6.18 billion yuan, representing 48.35% of its net profit for the first half of 2024 [7]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 11.286 billion yuan, a year-on-year increase of 20.38%, and a net profit of 1.277 billion yuan, a 0.45% increase [4]. - For Q2 2024, the company achieved operating revenue of 6.062 billion yuan, a 26.29% increase year-on-year, and a net profit of 688 million yuan, up 34.88% [4][5]. Market Dynamics - The air freight market remained strong during the traditionally slow season, driven by rapid growth in cross-border e-commerce, leading to a 27.45% year-on-year increase in the Shanghai Pudong outbound air freight index [5]. - The company's comprehensive logistics solutions revenue increased by 49% year-on-year in H1 2024, indicating robust demand [5]. Future Outlook - The company is expected to see continued revenue growth, with projected revenues of 26.218 billion yuan, 31.071 billion yuan, and 33.302 billion yuan for 2024, 2025, and 2026, respectively [8]. - The net profit forecasts for the same years are 3.046 billion yuan, 3.634 billion yuan, and 3.870 billion yuan, reflecting a positive growth trajectory [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth, with its air suspension and sensor businesses continuing to expand significantly [2][4] - The company has secured multiple new projects in 2024, with an expected total lifecycle value of 6.4 billion yuan, covering various automotive components [3][4] - The company is enhancing its production capacity with new facilities in Hefei and Shanghai, which will support the growth of its air suspension and TPMS products [4][6] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.184 billion yuan, a year-on-year increase of 21.68%, while the net profit attributable to shareholders was 148 million yuan, down 19.40% year-on-year [4][6] - The revenue breakdown for H1 2024 shows significant growth in various segments: TPMS revenue at 985 million yuan (+19.66%), air suspension at 424 million yuan (+44.48%), and sensors at 310 million yuan (+51.71%) [4][6] - The company expects to achieve revenues of 7.1 billion, 8.7 billion, and 10.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 416 million, 553 million, and 692 million yuan [6][7] Earnings Forecast - The earnings per share (EPS) is projected to be 1.96 yuan in 2024, increasing to 3.26 yuan by 2026, with a price-to-earnings (P/E) ratio of 15, 11, and 9 for the respective years [6][7][9] - The company is expected to maintain a return on equity (ROE) of 13% in 2024, increasing to 17% by 2026 [7][9]

Investment Rating - The investment rating for the company is "Buy" [5][8]. Core Views - The company's revenue for H1 2024 was CNY 612 million, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was CNY 123 million, down 8.56% year-on-year [2]. - Despite the overall decline in revenue and profit, the company experienced significant growth in its ruminant vaccines, driven by the launch of several key new products [2][3]. - The company has optimized its production processes, leading to a slight increase in gross margin and net profit margin [3]. - R&D investment reached CNY 75 million, accounting for 12.26% of revenue, with several important products making progress towards market registration [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of CNY 612 million, a decline of 10.66% year-on-year, and a net profit of CNY 123 million, down 8.56% year-on-year [2]. - For Q2 2024, revenue was CNY 264 million, a decrease of 17.74% year-on-year, and net profit was CNY 17 million, down 37.47% year-on-year [2]. Market Position - The company’s ruminant vaccines saw growth despite a challenging market, with a notable increase in sales from high-end products [2][3]. - The poultry vaccine segment also showed promise, with a subsidiary reporting a revenue increase of 10.45% year-on-year [2]. R&D and Product Development - R&D investment was CNY 75 million, representing 12.26% of revenue, with several products entering the new veterinary drug registration phase [3]. - Key products such as the bovine vaccines and cat vaccines are expected to launch soon, indicating a positive outlook for future revenue growth [3]. Profitability Forecast - The revenue forecast for 2024-2026 is adjusted to CNY 1.566 billion, CNY 1.704 billion, and CNY 1.872 billion, with corresponding net profits of CNY 306 million, CNY 340 million, and CNY 403 million [3][6]. - The projected P/E ratios for the next three years are 22x, 20x, and 17x, reflecting an improving profitability outlook [3][6].

Key Insights - The report highlights a recovery in various sectors, with companies like Shengnong Development and Meinian Health showing signs of profitability improvement in Q2 2024 [6][8][12] - The report emphasizes the importance of strategic channel optimization and product innovation in driving revenue growth for companies like Oppein Home and GAC Group [14][17] - The analysis indicates a mixed performance across industries, with some companies facing short-term pressures while others are capitalizing on market opportunities [10][19] Group 1: Local Debt Investment Guide - Major participants in local debt include banks, insurance companies, and funds, with a preference for long-term bonds [6] - Investors are advised to consider participating in 10Y local bonds and focus on high liquidity new bonds for stability [6] - The report notes a slight easing in liquidity, with R007 decreasing to 1.84% [6] Group 2: Shengnong Development (Agriculture) - Shengnong Development reported a revenue of 8.837 billion yuan in H1 2024, a decrease of 2.68% year-on-year, but achieved a net profit of 102 million yuan in Q2, marking a turnaround [7] - The company saw growth in chicken meat sales, with a 19.16% increase in raw chicken sales volume [7] - The report projects total revenue for 2024-2026 at 19.135 billion, 21.369 billion, and 23.302 billion yuan, with a "buy" rating maintained [7] Group 3: Meinian Health (Healthcare) - Meinian Health's revenue for H1 2024 was 4.205 billion yuan, down 5.53% year-on-year, with a net loss of 216 million yuan [8] - The average customer price increased from 514 yuan in H1 2022 to 653 yuan in H1 2024, indicating a positive trend [8] - The company is expected to achieve revenues of 11.5 billion, 13.7 billion, and 16.5 billion yuan from 2024 to 2026, maintaining a "buy" rating [9] Group 4: Top Software (Software Development) - Top Software reported a revenue of 267 million yuan in H1 2024, down 4.93% year-on-year, with a net profit of 48.78 million yuan [10] - The company is focusing on enhancing internal management and reducing costs, with a gross margin of 69.18% [10] - Future revenue projections for 2024-2026 are set at 829 million, 900 million, and 958 million yuan, with a "hold" rating [12] Group 5: Andisu (Chemical Products) - Andisu's revenue for H1 2024 was 7.26 billion yuan, up 14.7% year-on-year, with a net profit of 610 million yuan, a significant increase of 1719.1% [13] - The average price of methionine rose to 21.71 yuan per kilogram, contributing to the revenue growth [13] - The company is projected to achieve revenues of 14.875 billion, 16.499 billion, and 18.630 billion yuan from 2024 to 2026, with a "buy" rating [14] Group 6: Oppein Home (Home Products) - Oppein Home reported a revenue of 8.583 billion yuan in H1 2024, down 12.81% year-on-year, with a net profit of 990 million yuan [15] - The company is optimizing its product and pricing matrix to enhance profitability [15] - Future revenue projections are set at 20.646 billion, 21.708 billion, and 22.819 billion yuan for 2024-2026, maintaining a "buy" rating [16] Group 7: GAC Group (Automotive) - GAC Group's revenue for H1 2024 was 45.808 billion yuan, down 25.62% year-on-year, with a net profit of 1.516 billion yuan [17] - The company is facing challenges due to intense competition and a decline in sales volume [17] - Projections for 2024-2026 are set at 118.8 billion, 143 billion, and 163 billion yuan, with a "hold" rating [18] Group 8: Guiding Compass (Software Development) - Guiding Compass reported a total revenue of 545 million yuan in H1 2024, up 6.58% year-on-year, but incurred a net loss of 49 million yuan [19] - The company is increasing its business investments despite short-term pressures [19] - Future revenue projections are set at 1.241 billion, 1.853 billion, and 2.573 billion yuan for 2024-2026, maintaining a "hold" rating [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company experienced a significant increase in performance in Q2 2024, with revenue reaching 176.18 billion yuan, representing a year-on-year growth of 25.9% and a quarter-on-quarter growth of 41.0% [3][6] - The net profit attributable to shareholders was 9.06 billion yuan, showing a year-on-year increase of 32.8% and a quarter-on-quarter increase of 98.4%, aligning with expectations [3][6] - The company is accelerating its high-end and intelligent product offerings, with new models launched in February contributing to sales growth [4][6] Financial Performance Summary - In Q2 2024, the automotive business generated revenue of 134.08 billion yuan, with year-on-year growth of 21.7% and quarter-on-quarter growth of 51.6% [3][6] - The gross margin for Q2 2024 was 18.7%, remaining stable year-on-year but decreasing by 3.2 percentage points quarter-on-quarter due to price reductions from new model launches [3][6] - The company effectively controlled costs, with R&D, sales, and management expense ratios decreasing to 5.1%, 4.3%, and 2.2% respectively, reflecting a significant reduction in overall expense ratios [3][6] Future Earnings Forecast - The company is projected to achieve revenues of 785.87 billion yuan, 916.54 billion yuan, and 1,037.18 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30%, 17%, and 13% [8][9] - The net profit attributable to shareholders is expected to reach 37.01 billion yuan, 47.00 billion yuan, and 58.67 billion yuan for the same years, with growth rates of 23%, 27%, and 25% respectively [8][9] - The earnings per share (EPS) is forecasted to be 12.72 yuan, 16.16 yuan, and 20.17 yuan for 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [8][9]