公司研究 2024 年 08 月 30 日 评级：增持(首次覆盖) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] Q2 营收同比增长 32%，轨交项目中标金额大幅 提升 ——佳都科技（600728）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 27 日，公司发布半年度报告。2024H1 公司实现营收 29.78 亿元，同比+18.4%；归母净利润-1.92 亿元，去年同期 3.64 亿元；扣非 归母净利润 0.04，去年同期 0.44 亿元。 2024Q2，公司实现营收 18.85 亿元，同比+32.07%；归母净利润-0.09 亿元，去年同期-9.85 亿元；扣非归母净利润 0.37 亿元，去年同期-0.52 亿元。 投资要点: 公司各项业务稳步推进，智慧轨交陆续中标多个项目 2024H1 公司 ICT 服务与产品解决方案/行业解决方案/行业智能化产 品及运营服务等业务实现收入 19.16/9.74/0.86 亿元；2023 年三者收入分 别为 35.89/23.35/3.01 亿元，同比+17.36%/+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a positive performance in Q2 2024, with all product categories achieving growth despite a challenging restaurant environment. Revenue from soy sauce, seasoning sauce, oyster sauce, and other products reached 3.179 billion, 651 million, 1.041 billion, and 1.08 billion yuan respectively, with year-on-year growth of 3%, 11.3%, 1.2%, and 22.5% [3][4] - The company is enhancing customized services for large clients and has seen a recovery in offline channels, with a total of 6,674 distributors after adding 168 new ones in Q2 2024. Online sales also grew significantly, with a year-on-year increase of 38.2% [3][4] - The company's gross profit margin improved to 36.33% in Q2 2024, up 1.6 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [4][5] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [5][6] - In Q2 2024, revenue was 6.462 billion yuan, with a net profit of 1.534 billion yuan, reflecting year-on-year growth of 7.98% and 11.12% respectively [5][6] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, targeting a net profit growth of no less than 10.8% year-on-year for unlocking performance targets [6][7] Earnings Forecast - The company is expected to achieve revenues of 27.2 billion, 29.8 billion, and 31.8 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6.232 billion, 6.799 billion, and 7.548 billion yuan [7][8] - The estimated EPS for the same years is 1.12, 1.22, and 1.36 yuan, with corresponding P/E ratios of 30, 28, and 25 [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a significant revenue increase of 45.98% year-on-year, reaching 12.526 billion yuan in the first half of 2024, despite a net loss of 154 million yuan [3] - The collaboration with Huawei is deepening, with advancements in the HarmonyOS ecosystem and various cloud computing projects [3] - The company is expanding its computing product offerings and has secured nearly 30 major project wins in the first half of 2024, positioning itself among the top tier in the industry [3] Financial Performance - In Q2 2024, the company reported revenue of 7.076 billion yuan, a year-on-year increase of 61.66%, while the net profit was 123 million yuan, down 13.25% year-on-year [3] - The company forecasts revenues of 30.078 billion yuan, 33.930 billion yuan, and 38.191 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 636 million yuan, 979 million yuan, and 1.286 billion yuan [6][7] Market Position - The company is recognized as a leading software and information technology service provider in China, benefiting from its strategic partnerships and product innovations [5][6] - The company has become a core partner of NVIDIA and ranks as the fourth largest global customer for GEFORCE products, indicating strong market presence [3] Future Outlook - The report anticipates a robust growth trajectory for the company, with expected earnings per share (EPS) of 0.67 yuan, 1.03 yuan, and 1.35 yuan for the years 2024, 2025, and 2026 respectively [6][7] - The company is actively involved in the development of the OpenHarmony operating system and has established itself as a key player in the Huawei ecosystem [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is undergoing adjustments that are reshaping its growth momentum, with high dividends enhancing its safety margin [1] - The company has achieved stable product structure with an increase in the proportion of sales from outside its home province [2] - The company is focusing on a dual-brand, multi-brand, and multi-category development strategy, which is expected to drive future growth [4][5] Financial Performance - For H1 2024, the company reported total revenue of 22.876 billion yuan, a year-on-year increase of 4.58%, and a net profit attributable to shareholders of 7.947 billion yuan, up 1.08% year-on-year [4] - The second quarter of 2024 saw a decline in revenue to 6.621 billion yuan, down 3.02% year-on-year, and a net profit of 1.892 billion yuan, down 9.75% year-on-year [4] - The company's gross margin decreased by 1.41 percentage points to 73.67% in Q2 2024, primarily due to increased sales expenses [5] Dividend Policy - The company announced a dividend plan to distribute no less than 70% of its net profit attributable to shareholders, with a minimum of 7 billion yuan annually from 2024 to 2026, resulting in a dividend yield exceeding 6% as of August 29, 2024 [6] Growth Forecast - The company is projected to achieve revenues of 34.925 billion yuan, 36.706 billion yuan, and 38.486 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 10.259 billion yuan, 10.799 billion yuan, and 11.304 billion yuan for the same years [7][8] - The report anticipates a stable return on equity (ROE) of around 19% for the next few years, with a slight decline to 18% by 2026 [8]

证券研究报告 钢铁 2024年08月29日 转型之际，底部渐明 ——2024年大宗商品中期策略报告 谢文迪(证券分析师) 林晓莹(联系人) S0350522110004 S0350123070003 xiewd@ghzq.com.cn linxy02@ghzq.com.cn 最近一年走势 相关报告 4% 钢铁 沪深300 -1% -7% -12% -18% -23% 2023/08/28 2023/11/28 2024/02/282024/05/28 相对沪深300表现 表现 1M 3M 12M 钢铁 -5.3% -16.6% -22.5% 沪深300 -3.6% -8.9% -12.4% 《钢铁与大宗商品行业周报：商品基本面缺乏驱动，预期主导价格（无评级） *钢铁*谢文迪》——2024-08-26 《钢铁与大宗商品行业周报：负向正反馈循环，在波动市场中寻找净多头机会 （无评级）*钢铁*谢文迪》——2024-08-13 《钢铁与大宗商品行业周报：负向正反馈极致演绎，路径曲折须注意（无评级） *钢铁*谢文迪》——2024-07-30 Ø 国内外经济环境及资产特征 u 国内：年初以来国内经济动能切换特征明显：生产 ...

1 证券研究报告 2024年08月28日 新起点下的宏观经济新平衡 夏磊(证券分析师) S0350521090004 xial@ghzq.com.cn 核心提要 u 外部环境复杂严峻。主要表现在两个方面：一是全球经济增长持续放缓，世界银行2024年6月最新报告预测，2024-2025年，近 60%经济体（占全球人口的80%以上）的增长率将低于2010年代的平均水平。二是国际局势风云变幻，乌克兰危机持续至今已超过 900天，双方未见缓和迹象，世界其他地区局势也多有动荡。 u 美国大选悬念再起，经济能否"软着陆"仍未可知。在拜登宣布退选、哈里斯成为民主党总统候选人后，美国大选形势再次出现 转变，8月5日哈里斯的支持率开始超过特朗普。对于美国国内经济， "软着陆"难度不低。在就业方面，今年7月美国失业率环 比增长0.2个百分点至4.3%，是自2021年10月以来最高值；7月美国非农就业人口增长11.4万人，远不及预期的17.5万人；8月21 日，美国劳工部宣布，在截至2024年3月的12个月内，非农就业数据初步下修81.8万人，为2009年以来的最大修正幅度。在货币 政策方面，8月23日鲍威尔在杰克逊霍尔全球央行年 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][6]. Core Insights - The company's performance has been impacted by significant impairment losses in its environmental sector, while the opening of the Shenzhen-Zhongshan Corridor is expected to bring incremental revenue [2][5]. - In the first half of 2024, the company reported a revenue of 3.757 billion yuan, a year-on-year decrease of 8.92%, and a net profit attributable to shareholders of 774 million yuan, down 16.72% year-on-year [3][4]. - The report highlights that the toll revenue from the expressway segment decreased by 6.35% due to various factors, including the impact of the Yichang project and increased free passage days [4][6]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 3.757 billion yuan, with a net profit of 774 million yuan, and a non-recurring net profit of 673 million yuan, all showing declines compared to the previous year [3][4]. - The financial expenses ratio for H1 2024 was 14.9%, a decrease of 1.2 percentage points year-on-year, primarily due to reduced exchange losses [4][6]. - The report forecasts the company's revenue for 2024-2026 to be 9.065 billion yuan, 10.098 billion yuan, and 10.384 billion yuan, with corresponding net profits of 2.048 billion yuan, 2.251 billion yuan, and 2.356 billion yuan [6][7]. Project Development and Future Outlook - The company is actively advancing major new construction and expansion projects, including the Outer Ring Phase III and the Jihe Highway, to enhance its quality highway assets [5][6]. - The opening of the Shenzhen-Zhongshan Corridor has led to a 15% increase in traffic for the Yangtze River Expressway and a 7% increase for the Jihe Highway, positively impacting overall operations [6][7]. - The report anticipates steady development in the core highway business, with significant growth potential in the environmental sector as a secondary business [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant increase in revenue and profit, with H1 2024 revenue reaching 32.565 billion yuan, a year-on-year increase of 20.61%, and net profit attributable to shareholders of 1.988 billion yuan, up 6.84% year-on-year [3] - The company has maintained a strong market position with a business volume of 12.203 billion parcels in H1 2024, reflecting a year-on-year growth of 24.81% and a market share increase of 0.21 percentage points to 15.22% [3] - The company has successfully reduced its single parcel cost, achieving a new low, while maintaining stable profitability despite industry price competition [4][6] Financial Performance - In H1 2024, the company reported a revenue of 32.565 billion yuan, with a net profit of 1.988 billion yuan, and a net profit from express delivery of 2.097 billion yuan, showing respective year-on-year increases of 20.61%, 6.84%, and 13.48% [3] - The company’s single parcel revenue in H1 2024 was 2.34 yuan, down 0.10 yuan year-on-year, while the core cost per parcel was 2.11 yuan, down 0.08 yuan year-on-year, indicating effective cost management [4][6] - The company’s projected revenue for 2024-2026 is expected to be 66.344 billion yuan, 74.002 billion yuan, and 82.373 billion yuan, with respective year-on-year growth rates of 15%, 12%, and 11% [7][8] Operational Highlights - The company has significantly improved service quality, with a year-on-year reduction in delivery delays by 23%, loss rates by over 40%, and complaint rates by 4% in H1 2024 [6] - The company is focusing on enhancing its infrastructure and expanding its international market presence, with capital expenditures of 3.778 billion yuan in H1 2024, a year-on-year increase of 29.37% [7] - The company is actively pursuing a "going global" strategy, expanding its service network internationally, particularly in key countries and regions [7] Profitability Forecast - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.22 yuan, 1.46 yuan, and 1.69 yuan, with corresponding price-to-earnings (P/E) ratios of 12.29, 10.26, and 8.88 [8][9]

2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn [Table_Title] Q2 增长稳健，改革扎实推进 ——伊力特（600197）2024 年半年报点评 事件: 最近一年走势 2024 年 8 月 27 日，伊力特发布 2024 年半年度报告。2024H1 公司实现 营业收入 13.3 亿元，同比+8.94%；归母净利润 1.98 亿元，同比+12.13%； 扣非归母净利润 1.94 亿元，同比+11.68%。2024Q2 公司实现营业收入 4.98 亿元，同比+3.64%；归母净利润 0.39 亿元，同比+38.92%；扣非 归母净利润 0.34 亿元，同比+37.45%。 投资要点: 相对沪深 300 表现 2024/08/28 大众价格带彰显韧性，疆外市场稳步开拓。从产品结构来看，2024Q2 高档酒/中档酒/低档酒分别 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a slight decline in revenue in H1 2024, but significant breakthroughs were made in the water conservancy, hydropower, and mining sectors [3] - The company's H1 2024 revenue was CNY 405 million, down 7.02% year-on-year, while the net profit attributable to the parent company was CNY 70 million, down 3.53% year-on-year [2][3] - The comprehensive gross margin for H1 2024 was 37.22%, an increase of 2.67 percentage points year-on-year [2][3] Summary by Sections Revenue and Profitability - The company's revenue and net profit showed a slight decline primarily due to a decrease in railway market revenue, which fell by 17.50% to CNY 230 million [3] - Positive growth was observed in the highway, water conservancy, and mining sectors, with highway revenue increasing by 4.45% to CNY 137 million, water conservancy revenue doubling to CNY 18 million (up 99.90%), and mining revenue rising by 25.91% to CNY 16 million [3] - The main machine market revenue decreased by 10.63% to CNY 368 million, while the aftermarket revenue surged by 153.35% to CNY 25 million, driven by expanded maintenance and parts sales [3] Market Performance - The company's stock performance relative to the North Exchange 50 index showed a 1-month increase of 2.02%, a 3-month decline of 28.78%, and a 12-month increase of 57.01% [3] - As of August 28, 2024, the current stock price was CNY 15.12, with a 52-week price range of CNY 14.38 to CNY 19.98 [3] Future Outlook - The railway infrastructure market is expected to recover, with the company positioned to benefit from increased demand for its drilling and blasting equipment [6] - The water conservancy market is projected to grow significantly, with plans to double the installed capacity of pumped storage by 2025 [6] - The mining sector is also anticipated to expand due to automation trends and the company's innovative drilling solutions [6] - The company has established a wholly-owned subsidiary for international trade to enhance its overseas market presence [6] Financial Projections - The company forecasts revenues of CNY 1.02 billion, CNY 1.35 billion, and CNY 1.63 billion for 2024, 2025, and 2026, respectively [6][7] - Projected net profits for the same years are CNY 173 million, CNY 227 million, and CNY 279 million, with corresponding P/E ratios of 7.86, 5.99, and 4.88 [7][9]