| --- | --- | |--------------|---------------------------------------------| | 2024 | 年 08 月 28 日 | | 研究所： | | | 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | 评级：买入(维持) 最近一年走势 | --- | --- | --- | --- | --- | --- | |--------------------|------------------|-------|-------|-------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 | 300 表现 | | | | 2024/08/2 ...

2024 年 08 月 29 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 152 期 观点精粹: 最新报告摘要 光储龙头强韧性，2024H1 储能毛利率同比高增--阳光电源/光伏设备(300274/216305) 公司点评 净利润快速增长，新业务逐步发力--安徽合力/工程机械(600761/216406) 公司点评 多业务领域蓬勃发展，上半年业绩同比提升--蓝晓科技/塑料(300487/212205) 公司点评 需求下行业绩承压，成本管控彰显韧性--海螺水泥/水泥(600585/216101) 公司点评 技术创新打造高毛利履带式爆品矩阵，看好宠物门店高质量拓店--朝云集团/个护用品(06601/217701) 点评报 告（港股美股） 2024 年 H1 归母净利润高速增长，丰富客户资源赋能公司快速增长--肇民科技/汽车零部件(301000/212802) 公司动态研究 产量大幅提升，Q2 归母净利润同比+115%--云铝股份/工业金属(000807/212403) 公司点评 业绩短期承压 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][9]. Core Insights - The company has achieved a revenue of 1.25 billion CNY in H1 2024, representing a year-on-year growth of 10.28%, and a net profit of 179 million CNY, up 31.47% year-on-year [3]. - The company is focusing on technological innovation to create a high-margin product matrix, particularly in home care products, which saw a revenue increase of 11.5% year-on-year [4]. - The online sales channel has grown significantly, with a revenue increase of 18.9% year-on-year, while offline sales also showed a growth of 6.5% year-on-year [4]. - The company has a strong pipeline of innovative products, with a total of over 149 patents as of H1 2024, enhancing its competitive edge [4]. Financial Performance - In H1 2024, the company achieved a gross profit margin of 46.35%, an increase of 5.06 percentage points year-on-year, and a net profit margin of 14.07%, up 2.10 percentage points year-on-year [5]. - The company is expected to generate revenues of 1.78 billion CNY, 1.97 billion CNY, and 2.20 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 184 million CNY, 194 million CNY, and 206 million CNY [7][8]. Market Position - The company has outperformed the Hang Seng Index with a 1-month return of 7.3%, a 3-month return of 5.3%, and a 12-month return of 24.8% [4]. - The company's current stock price is 1.92 HKD, with a market capitalization of 2.56 billion HKD [4].

| --- | --- | --- | |----------------------|---------------------------------------|--------------| | 2024 | 年08月28日 | 公司研究 | | 研究所：证券分析师： | 刘洁铭S0350521110006 | | | | liujm@ghzq.com.cn | | | 证券分析师： | 秦一方S0350523120001qinyf@ghzq.com.cn | ——山西汾酒（ | 电商渠道加速扩张，渠道精细化程度不断加深。分渠道看，2024H1 代 理 / 电 商 分 别 实 现 营 收 210.13/15.18 亿 元 ， 同 比 分 别 +17.87%/+81.76%，电商渠道实现高质量快速发展。据公司财报， 在 618 全周期，京东、天猫、抖音、快手四个电商平台的汾酒官方 旗舰店均获得白酒品牌旗舰店销售排名第一，扩大了汾酒品牌在线 上平台的影响力。公司统筹做好管理提升、秩序维护、宴席推广、 圈层拓展、事件营销等工作，进一步完善汾享礼遇内涵、扩大覆盖 范围，实现不同渠道精细化管理。截至 2024Q ...

Investment Rating - The report assigns a "Buy" rating for the company, Conch Cement (600585), marking its first coverage [1][7]. Core Views - The company's performance is under pressure due to weak cement demand, but cost control demonstrates resilience. In H1 2024, the total sales volume of cement and clinker was 128 million tons, down 4.9% year-on-year, with revenue of 33.58 billion yuan, a decrease of 20.8% [2][3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 45.57 billion yuan, net profit attributable to shareholders of 3.33 billion yuan, and net profit excluding non-recurring items of 3.18 billion yuan, reflecting year-on-year declines of 30.4%, 48.6%, and 48.3% respectively [3][4]. - The average selling price per ton was 266.5 yuan, with costs at 205.2 yuan per ton, resulting in a gross profit of 61.3 yuan per ton, showing declines of 18.3%, 13.1%, and 32.0% year-on-year respectively [2][4]. Market Position - The company’s market share is expected to increase as its decline in sales volume is less than the industry average, which saw a 10.0% drop in national cement production in H1 2024 [2][4]. Capacity Expansion - In H1 2024, the company added 2.3 million tons of clinker capacity and 4.7 million tons of cement capacity, bringing total clinker capacity to 27.4 million tons and cement capacity to 39.9 million tons [2][4]. Non-Cement Business Growth - Non-cement businesses, including aggregates and ready-mixed concrete, reported revenues of 2.19 billion yuan and 1.18 billion yuan, respectively, with year-on-year growth rates of 29.8% and 20.6% [4][5]. - The revenue contribution from non-cement businesses increased from 4.1% in H1 2023 to 7.4% in H1 2024 [4]. Cash Flow and Financial Ratios - The company reported a significant improvement in cash flow, with operating cash flow of 6.87 billion yuan in H1 2024, up 35.3% year-on-year [5]. - The asset-liability ratio and interest-bearing debt ratio were 19.5% and 10.3%, respectively, showing slight increases year-on-year [5][6]. Earnings Forecast - The company is projected to achieve operating revenues of 135.74 billion yuan, 139.13 billion yuan, and 143.17 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.01 billion yuan, 8.81 billion yuan, and 9.63 billion yuan [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company, Tubaobao (兔宝宝), demonstrated strong performance in its core board business while facing challenges in its engineering segment. The revenue from decorative materials and custom home business showed a significant increase, with decorative materials revenue rising by 29.0% year-on-year [2][3]. - The company plans to enhance its mid-term dividend distribution, aiming for a cash dividend of no less than 50% of the distributable profit for the years 2024-2026, with a projected dividend yield of 6.3% based on current price estimates [5][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 3.91 billion yuan, a year-on-year increase of 19.8%. However, the net profit attributable to shareholders decreased by 15.4% to 240 million yuan [2][3]. - The second quarter of 2024 saw operating revenue of 2.43 billion yuan, with a year-on-year growth of 12.7%, but net profit dropped by 27.3% [2][3]. Business Segments - The revenue from the decorative materials business reached 3.28 billion yuan, up 29.0% year-on-year, while the custom home business revenue fell by 11.4% to 590 million yuan [3]. - The board products segment showed a remarkable growth of 41.5%, contributing significantly to the overall revenue [3]. Market Position and Strategy - The company has established 5,122 specialized stores nationwide, with a focus on expanding into rural markets. This includes 4,322 stores for board products and 800 for custom furniture [3][5]. - The company maintains a strong cash flow and profitability, with a plan to sustain high dividend payouts even during periods of demand downturn [5][3]. Earnings Forecast - The projected operating revenue for 2024-2026 is estimated at 10.15 billion, 11.20 billion, and 12.31 billion yuan, respectively, with net profits expected to be 690 million, 830 million, and 980 million yuan [6][8]. - The earnings per share (EPS) is forecasted to be 0.8, 1.0, and 1.2 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 11.0, 9.2, and 7.8 [6][8].

52 周价格区间（元） 13.78-20.59 近一月换手（%） 0.92 2024 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 吴铭杰 S0350124030004 wumj@ghzq.com.cn [Table_Title] 2024 年 H1 归母净利润同比+41%，第四曲线有 望快速发展 ——银轮股份（002126）2024 年中报&事件点评 最近一年走势 事件: 2024 年 8 月 26 日，银轮股份发布 2024 年中报和《关于调整公司组织架 构的公告》： 根据公司 2024 年中报，2024 年 H1 公司实现营收 61.52 亿元，同比 +16.9%；归母净利润 4.03 亿元，同比+41.1%；扣非后归母净利润 3.64 亿元，同比+40.8%，其中 2024Q2 实现营收 31.82 亿元，同比+17.5%； 归母净利润 2.11 亿元，同比+33.3%；扣非后归母净利润 1.85 亿元，同 比+24.8%。 相对沪深 300 表现 2024/08/27 根据《关于调整公司 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus achieved strong performance in 2024Q2, driven by both volume growth and product mix improvement [1] - The company's profitability improved significantly, with gross margin reaching 26.10% (+2.61pct YoY) and net margin at 10.53% (+5.85pct YoY) in 2024Q2 [4] - Export business contributed substantially to performance, with export volume reaching 0.39k units (+42% YoY) and accounting for 30.4% of total sales in 2024Q2 [4] - New energy vehicle exports grew 79% YoY in H1 2024, outperforming industry average, with significant orders from Europe and South America [4] Financial Performance - 2024H1 revenue reached RMB 16.34 billion (+46.99% YoY), with net profit of RMB 1.67 billion (+255.84% YoY) [3] - 2024Q2 revenue was RMB 9.72 billion (+28.95% YoY, +46.91% QoQ), with net profit of RMB 1.02 billion (+190.63% YoY, +54.74% QoQ) [3] - Export revenue per vehicle reached RMB 758k (+7.5% YoY), with gross profit per vehicle at RMB 197.8k (+19.5% YoY) [4] Market Outlook - Domestic market benefited from tourism recovery and new energy bus replacement policy, with potential replacement demand of 36k-55k units [2] - Export market expected to maintain strong growth, especially in new energy vehicle segment [4] - Revenue forecast for 2024-2026: RMB 31.91 billion (+18%), RMB 35.59 billion (+12%), RMB 38.99 billion (+10%) [5] - Net profit forecast for 2024-2026: RMB 3.44 billion (+89%), RMB 3.97 billion (+15%), RMB 4.57 billion (+15%) [5] Valuation Metrics - 2024E P/E: 13.74x, 2025E P/E: 11.90x, 2026E P/E: 10.32x [6] - 2024E P/B: 3.32x, 2025E P/B: 3.13x, 2026E P/B: 2.86x [6] - 2024E ROE: 24%, 2025E ROE: 26%, 2026E ROE: 28% [6]

2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 联系人 ： 梅朔 S0350123070010 meis@ghzq.com.cn [Table_Title] 业绩短期承压，集成电路检测经营向好 ——苏试试验（300416）2024 半年报点评 最近一年走势 苏试试验 8 月 23 日公告 2024 半年报：2024H1，公司实现营业收入 9.17 亿元，同比-5.58%；实现归母净利润 1.03 亿元，同比-24.35%；实现扣 非归母净利润 0.95 亿元，同比-26.80%。 投资要点: 设备和服务短期承压，集成电路检测增长亮眼 分业务来看， 2024H1 公司试验设备/环境可靠性试验服务/集成电路验证与分析服 务分别实现营业收入 2.9/4.6/1.3 亿元，同比-14.6%/-1.7%/+18.2%。 试验设备收入下降主要系下游客户资本开支需求减弱；2023 年高基 数下，试验服务收入增速略微承压；受益市场开拓和新增产能逐步 释放，集成电路检测表现亮眼。 相对沪深 300 表现 2024/08 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, achieving operating revenue of 1.29 billion yuan in H1 2024, a year-on-year increase of 28.5%. The net profit attributable to shareholders reached 400 million yuan, up 16.8% year-on-year [4][5] - The core driver of the company's performance is the adsorption materials segment, with significant contributions from water treatment, life sciences, and metal resources, which generated revenues of 320 million, 280 million, and 120 million yuan respectively, reflecting year-on-year growth rates of 30%, 33%, and 45% [4][5] - The company is committed to an internationalization strategy, with overseas sales revenue reaching 352 million yuan in H1 2024, a substantial increase of 56% year-on-year, covering markets in North America, Europe, Asia, South America, and Africa [4][5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 660 million yuan, a year-on-year increase of 31.0% and a quarter-on-quarter increase of 5.2%. The net profit attributable to shareholders was 240 million yuan, up 10.8% year-on-year and 38.9% quarter-on-quarter [4][5] - The sales gross margin for Q2 2024 was 49.4%, an increase of 1.3 percentage points year-on-year and 4.0 percentage points quarter-on-quarter, while the net profit margin was 36.0%, down 6.1 percentage points year-on-year but up 8.8 percentage points quarter-on-quarter [4][5] - The company’s financial forecasts for 2024-2026 project operating revenues of 3.056 billion, 3.706 billion, and 4.502 billion yuan, with net profits of 965 million, 1.183 billion, and 1.447 billion yuan respectively, corresponding to P/E ratios of 21, 17, and 14 times [7][8]