Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company's traditional core business shows steady growth, with a clear growth trajectory for its new business segments, including Jiumu Zawushi [1][3][4] - In H1 2024, the company achieved a revenue of 11.05 billion yuan, a year-on-year increase of 10.95%, and a net profit of 633 million yuan, up 4.71% year-on-year [3][4] - The company is focusing on enhancing its core competitiveness and expanding its international market presence while leveraging digital tools for organizational upgrades [3][4] Summary by Sections Financial Performance - In H1 2024, the company's traditional core business generated approximately 3.72 billion yuan in revenue, a year-on-year increase of about 6.27% [3] - Jiumu Zawushi achieved a revenue of 690 million yuan in H1 2024, reflecting a year-on-year growth of 22% [3] - The company reported a gross margin of 19.41% and a net margin of 6.05% in H1 2024 [4][6] Business Segments - The company is actively expanding its retail presence, with a total of 709 retail stores nationwide, including 671 Jiumu Zawushi stores [3][4] - The new business segment, Jiumu Zawushi, is enhancing its product mix and operational standards, contributing to stable growth in offline channels [3][4] Future Projections - Revenue projections for 2024-2026 are estimated at 26.66 billion yuan, 31.01 billion yuan, and 36.16 billion yuan, respectively, with corresponding net profits of 1.70 billion yuan, 1.89 billion yuan, and 2.19 billion yuan [5][6] - The company is expected to maintain a P/E ratio of 15, 13, and 11 for the years 2024, 2025, and 2026, respectively [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][5] Core Views - The company has seen an improvement in the proportion of operational revenue, indicating an optimization in revenue structure. Operational service revenue, construction service revenue, and financial income accounted for 61%, 23%, and 16% of total revenue respectively in the first half of 2024 [4][5] - The company is actively expanding its market presence, having implemented 8 new investment projects with a total investment of approximately 1.611 billion HKD, covering areas such as wastewater treatment and biomass utilization [4][5] - The company’s cash flow has improved significantly, with a notable recovery of government subsidies, and a high dividend payout ratio, making it an attractive investment option [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 15.612 billion HKD, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 2.454 billion HKD, down 12% year-on-year. The board declared an interim dividend of 0.14 HKD per share, unchanged from the previous year, with a payout ratio of 35%, up 4 percentage points [3][4] Operational Metrics - The company processed 28 million tons of municipal solid waste, a 9% increase year-on-year, and generated approximately 13.6 billion kWh of electricity, a 5% increase year-on-year. The company also saw a 60% increase in heating and steam supply [4][5] Market Position - The company remains a leader in the industry, with a total of 600 environmental projects implemented, amounting to approximately 162.272 billion HKD in total investment. The company has 191 waste-to-energy projects designed to process 158,900 tons of municipal solid waste daily [4][5] Profitability and Valuation - The company's gross margin for the first half of 2024 was 38.73%, a decrease of 5.41 percentage points year-on-year. The report forecasts revenues of 31.868 billion HKD, 31.965 billion HKD, and 30.616 billion HKD for 2024, 2025, and 2026 respectively, with net profits of 4.202 billion HKD, 4.372 billion HKD, and 4.385 billion HKD for the same years [5][6][7]

2024 年 08 月 30 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2024 年第 153 期 观点精粹: 最新报告摘要 盈利能力显著提升，核心业务强劲增长--华立科技/文娱用品(301011/213605) 公司点评 2024H1 业绩表现靓丽，积极拓展海外客户景气向上--依依股份/个护用品(001206/217701) 公司点评 转型之际，底部渐明——2024 年大宗商品中期策略报告--行业 PPT 报告（无评级） Q2 增长稳健，改革扎实推进--伊力特/白酒Ⅱ(600197/213405) 公司点评 盈利水平提升，龙头优势突出--乖宝宠物/饲料(301498/211104) 公司点评 2024Q2 业绩表现亮眼，在手订单充足--精测电子/通用设备(300567/216401) 公司点评 2024H1 盈利能力提升，水利水电、矿山等增量市场取得突破--五新隧装/工程机械(835174/216406) 北交所 公司普通报告 2024H1 扣非归母净利润同比增速 65%，毛利率结构持续改善--赛恩 ...

Investment Rating - The report maintains a "Buy" rating for Yunda Holdings [1] Core Views - Yunda Holdings is benefiting from the trend of small parcel delivery, leading the industry in growth rates with a business volume increase of 30.02% year-on-year in H1 2024, significantly outperforming the industry average of 23.11% [5][8] - The company is expected to see a recovery in single-ticket profitability as cost optimization measures continue to take effect, alongside an anticipated improvement in pricing power [8] Financial Summary - In H1 2024, Yunda Holdings achieved operating revenue of 23.252 billion yuan, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 1.041 billion yuan, up 19.80% [4] - The company reported a single-ticket operating cost of 1.90 yuan, down 16.76% year-on-year, which alleviated some pressure from price competition [6][8] - The gross profit margin for Q2 2024 was 10.79%, showing a slight decline of 0.49 percentage points year-on-year, while the net profit margin improved by 0.60 percentage points to 5.19% [6][8] Business Performance - Yunda Holdings completed a business volume of 10.924 billion parcels in H1 2024, with a single-ticket revenue of 2.13 yuan, reflecting a year-on-year decline of 17.11% [4][5] - The company has been optimizing its transportation resource structure and increasing the proportion of self-operated vehicles, which has contributed to a reduction in transportation costs [5][8] Future Outlook - The report forecasts Yunda Holdings' operating revenue to reach 53.158 billion yuan in 2024, with net profits expected to be 1.803 billion yuan, reflecting a growth rate of 11% [9][10] - The company is anticipated to maintain a strong growth trajectory, with a projected PE ratio decreasing from 11.29 in 2024 to 7.75 by 2026, indicating potential for increased profitability [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in production and sales, with coal production reaching 86.41 million tons in the first half of 2024, a year-on-year increase of 2.78%, and sales volume of 131.55 million tons, up 2.29% year-on-year [3][4] - The company reported a decrease in revenue and net profit for the first half of 2024, with operating income at 84.74 billion yuan, down 6.5% year-on-year, and net profit attributable to shareholders at 10.56 billion yuan, down 8.8% year-on-year [5][6] - The company plans to distribute a mid-term dividend of 0.109 yuan per share, totaling 1.056 billion yuan, which accounts for 10% of the net profit attributable to shareholders for the first half of the year [7] Production and Sales - The company's coal production and sales have shown steady growth, with July production at 13.96 million tons, a year-on-year increase of 1.73%, and self-produced coal sales at 13.63 million tons, up 0.56% year-on-year [3][4] - The average selling price of coal decreased by 11.33% year-on-year to 575 yuan per ton, impacting profit margins [6] Financial Performance - The company experienced a significant reduction in investment losses, with fair value losses of 640 million yuan in the first half of 2024, compared to 2.66 billion yuan in the same period of 2023 [4][6] - Forecasted revenues for 2024-2026 are 159.8 billion yuan, 164.9 billion yuan, and 170.2 billion yuan respectively, with net profits projected at 21.165 billion yuan, 22.651 billion yuan, and 24.079 billion yuan [8][10] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 2.18 yuan, with a price-to-earnings (P/E) ratio of 10.95 [10] - The return on equity (ROE) is expected to be 22% in 2024, decreasing to 21% in the following years [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][7] Core Views - The company achieved steady revenue growth in H1 2024, with total revenue of 13.676 billion yuan, a year-on-year increase of 9.2%. The net profit attributable to shareholders was 1.515 billion yuan, up 8.6% year-on-year [2][3] - Emerging strategic businesses are expected to create new growth points, focusing on bionic robots and energy storage systems, which align with industry trends [3][4] Revenue and Profit Analysis - In H1 2024, the refrigeration and air conditioning business generated revenue of 8.279 billion yuan, a year-on-year increase of 7.43%, while the automotive business achieved revenue of 5.397 billion yuan, up 11.91% year-on-year [2][3] - The company's gross profit margin improved to 27.46%, an increase of 1.66 percentage points year-on-year, with the refrigeration and air conditioning business gross margin at 27.56% and automotive business gross margin at 27.31% [4][5] Future Earnings Forecast - The company is projected to achieve total revenue of 28.6 billion, 32.5 billion, and 36.3 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16%, 14%, and 12% [5][6] - The net profit attributable to shareholders is expected to reach 3.418 billion, 3.949 billion, and 4.503 billion yuan for the same years, with growth rates of 17%, 16%, and 14% respectively [5][6] Valuation Metrics - The estimated EPS for 2024, 2025, and 2026 are 0.92, 1.06, and 1.21 yuan, corresponding to P/E ratios of 19, 16, and 14 times [5][6][7] - The company's return on equity (ROE) is projected to be 17% in 2024, increasing to 18% in 2025 and 2026 [6][7]

2024 年 08 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚丹丹 S0350524060002 yaodd@ghzq.com.cn [Table_Title] Q2 业绩表现稳健，降息周期下公司业绩有望再增长 ——传音控股（688036）2024 年中报点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/30 \n 12M | | 传音控股 | 4.3% | -13.6% | -20.5% | | 沪深 300 | -1.4% | -7.6% | -12.3% | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 80.00 | | 52 周价格区间（元） | | | 71.00-179.17 | | 总市值（百万） | | | 90,335.30 | | 流通市值（百万） | | | 90,335.30 | | 总 ...

Investment Rating - The report maintains a "Buy" rating for the company as of August 29, 2024 [1][4][6] Core Insights - The company has demonstrated strong revenue growth, with a 15.52% year-on-year increase in revenue for the first half of 2024, reaching 7.353 billion yuan, and a net profit increase of 15.15% to 497 million yuan [1][2] - The company continues to expand its international business, achieving a 32.20% year-on-year revenue growth in foreign markets, indicating a successful internationalization strategy [2][3] - The dividend payout ratio remains high at approximately 60%, reflecting the company's confidence in its ongoing development [3][4] Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 73.53 billion yuan, with a net profit of 4.97 billion yuan, and a non-recurring net profit of 5.22 billion yuan [1][2] - The revenue breakdown for key product categories shows continued growth, with paper packaging products increasing by 15.22% year-on-year [2] Business Segments - Domestic revenue grew by 9.55% to 5.134 billion yuan, while international revenue surged by 32.20% to 2.219 billion yuan, with respective gross margins of 21.11% and 29.37% [2][3] - The company has a strong presence in various sectors, including consumer electronics, tobacco, and luxury goods, which supports its sales growth [2] Future Projections - Revenue forecasts for 2024-2026 are projected at 172.94 billion yuan, 193.77 billion yuan, and 212.75 billion yuan, respectively, with corresponding net profits of 16.30 billion yuan, 18.36 billion yuan, and 20.46 billion yuan [4][5] - The company is expected to maintain a stable gross margin around 26% and improve its return on equity (ROE) to 15% by 2026 [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has demonstrated robust growth in operational data, with a focus on low-altitude benchmark projects accelerating implementation [1]. - The company reported a revenue of 637 million yuan for H1 2024, representing a year-on-year increase of 21.02%, while the net profit attributable to shareholders was a loss of 5 million yuan, showing a reduction in losses [2]. - The company is solidifying its leading position in civil aviation management and accelerating the formation of an integrated development pattern of "high-altitude - low-altitude - ground" [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 393 million yuan, a year-on-year increase of 12.14%, but the net profit attributable to shareholders decreased by 46.85% [2]. - The company's gross margin for H1 2024 was 21.89%, down by 8.29 percentage points year-on-year, attributed to the rapid growth of the relatively low-margin urban traffic management business [6]. Business Development - The company is advancing its low-altitude product line, including the "Tianmu" series, and has established strategic collaborations with over 20 provinces and cities [3]. - The company is enhancing its integrated vehicle-road-cloud capabilities and expanding its market presence in urban traffic management, providing related information services in cities like Nanjing and Chongqing [4]. Future Outlook - Revenue is expected to accelerate in H2 2024, driven by the seasonal nature of project acceptance [6]. - The company forecasts revenues of 1.996 billion yuan, 2.472 billion yuan, and 3.105 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 161 million yuan, 200 million yuan, and 247 million yuan for the same years [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported strong performance in Q2 2024, with revenue and profit both increasing significantly, driven by sales growth and an improved product mix, particularly in overseas and high-end segments [2][3] - The company achieved total revenue of 48.57 billion yuan in Q2 2024, representing a year-on-year increase of 18.7% and a quarter-on-quarter increase of 13.3% [2] - The net profit attributable to shareholders reached 3.85 billion yuan, a year-on-year increase of 224.4% and a quarter-on-quarter increase of 19.3% [2] - The company’s gross margin improved to 21.4%, up 4.0 percentage points year-on-year, attributed to the expansion in overseas markets and optimization of product structure [3] Summary by Sections Recent Performance - In Q2 2024, the company sold 280,000 vehicles, with a year-on-year decrease of 6.5% but a quarter-on-quarter increase of 1.5% [2] - The average selling price (ASP) per vehicle was 174,000 yuan, reflecting a year-on-year increase of 3.7% [2] - The company’s marketing efficiency improved, with advertising and media service expenses decreasing by 22.7% year-on-year [2] Overseas Expansion - The company’s overseas sales reached 107,000 vehicles in Q2 2024, marking a year-on-year increase of 50.1% [3] - Overseas sales accounted for 38.3% of total sales, an increase of 14.4 percentage points year-on-year [3] - The company is expanding its overseas presence, with over 1,300 sales channels and a new factory in Brazil expected to start operations by the end of the year [3] High-Value Brand Growth - The Tank brand saw sales of 67,000 vehicles in Q2 2024, a year-on-year increase of 95.0% [3] - The Tank SUV has maintained the top position in China's off-road SUV sales for 42 consecutive months [3] Financial Forecast - The company is expected to achieve revenues of 222.5 billion, 260.7 billion, and 287.1 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28%, 17%, and 10% [6] - The net profit attributable to shareholders is projected to be 13.04 billion, 16.33 billion, and 18.96 billion yuan for the same years, with growth rates of 86%, 25%, and 16% [6] - The earnings per share (EPS) are forecasted to be 1.53, 1.91, and 2.22 yuan for 2024, 2025, and 2026, respectively [6]