2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024H1 创新业务高增，哈勃入股提振成长信心 ——润和软件（300339）2024 年半年报点评 最近一年走势 2024 年 8 月 27 日，公司发布 2024 年半年报。2024H1，公司营收 15.80 亿元，同比+10.10%；归母净利润 0.85 亿元，同比+6.39%；扣非归母净 利润 0.35 亿元，同比+16.44%； 2024Q2，公司营收 8.1 亿元，同比+16.02%；归母净利润 0.59 亿元， 同比+36.35%；扣非归母净利润 0.15 亿元，同比+8.67%。 投资要点: 相对沪深 300 表现 2024/08/27 三大业务稳定增长，星闪+OpenHarmony 构建万物智联新引擎 表现 1M 3M 12M 2024H1，公司金融科技/智能物联/智慧能源信息化业务收入 润和软件 2.0% -6.5% 9.0% 8.39/4.89/1.91 亿元，同比+6.69pct/15.5pct/2 ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) as of August 28, 2024 [1]. Core Insights - The significant increase in production and favorable power supply conditions in Yunnan have led to a substantial rise in net profit, with a year-on-year increase of 115% in Q2 [2][3]. - The company's revenue for the first half of 2024 reached 24.65 billion yuan, a 39% increase year-on-year, while the net profit attributable to shareholders was 2.52 billion yuan, up 66% year-on-year [2]. - The report highlights the recovery of aluminum production capacity and the rise in aluminum prices as key factors driving performance improvements [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 13.29 billion yuan, a 62% increase year-on-year, and a net profit of 1.36 billion yuan, reflecting a 115% year-on-year growth [2]. - The total aluminum production for the first half of 2024 was 1.3507 million tons, a 38.7% increase year-on-year [3]. Revenue and Costs - The revenue from electrolytic aluminum reached 13.84 billion yuan, an 80.3% increase year-on-year, while the cost of sales was 11.70 billion yuan, a 46.5% increase year-on-year [3]. - The average aluminum price during the first half of 2024 was 19,801 yuan per ton, a 7.1% increase year-on-year [3]. Dividend Information - The company announced a mid-term dividend of 31.67%, proposing a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan [3]. Earnings Forecast and Valuation - The report adjusts the profit forecast for 2024-2026, estimating net profits of 4.907 billion yuan, 5.531 billion yuan, and 6.160 billion yuan respectively, with corresponding EPS of 1.42 yuan, 1.60 yuan, and 1.78 yuan [4][5]. - The current P/E ratios are projected at 8.49, 7.53, and 6.76 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation based on increased production and long-term advantages in green aluminum [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][6] Core Views - The company has shown significant year-on-year growth in performance, with a revenue increase of 77.23% to 1.391 billion yuan and a net profit increase of 35.36% to 182 million yuan for the first half of 2024 [2] - The company is accelerating its overseas production capacity, with investments in Vietnam and the United States to enhance manufacturing capabilities [3][4] Summary by Sections Financial Performance - For H1 2024, the electric golf cart segment generated 371 million yuan in revenue, a year-on-year increase of 1200.82%, while the all-terrain vehicle segment achieved 369 million yuan, up 47.25% [3] - The company forecasts revenues of 3.017 billion yuan, 3.699 billion yuan, and 4.329 billion yuan for 2024, 2025, and 2026 respectively, representing growth rates of 40.69%, 22.61%, and 17.03% [4][7] Product Development - The company is focused on product upgrades, with R&D expenses reaching 54.174 million yuan, a 59.2% increase year-on-year [3] - New product launches include a four-seat electric golf cart and various models of all-terrain vehicles [3] Market Positioning - The company has expanded its dealer network to over 450, with a strong online presence on platforms like Amazon, Walmart, and eBay [3] - The current stock price is 46.72 yuan, with a market capitalization of approximately 5.127 billion yuan [3][4]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][9]. Core Views - The company achieved a significant growth in net profit for H1 2024, with a year-on-year increase of 55.2%, reaching 0.78 billion yuan, while revenue grew by 18.3% to 3.4 billion yuan [2][3]. - The company's gross margin improved significantly to 35.38%, up by 4.08 percentage points year-on-year, indicating strong product development capabilities and a rich product matrix [3]. - The company is experiencing steady revenue growth, particularly in the new energy vehicle sector, with multiple key customer projects entering mass production, contributing to a rapid increase in market share and vehicle value [3]. Financial Performance Summary - For H1 2024, the company reported revenue of 3.4 billion yuan, a year-on-year increase of 18.3%, and a net profit of 0.78 billion yuan, up 55.2% [2][3]. - The second quarter of 2024 saw revenue of 1.82 billion yuan, a 16.7% increase year-on-year, and a net profit of 0.42 billion yuan, reflecting a 41.7% growth [2][3]. - The company is projected to achieve total revenues of 8.33 billion yuan, 10.51 billion yuan, and 12.51 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.58 billion yuan, 2.02 billion yuan, and 2.45 billion yuan [6][7]. Market Position and Client Base - The company has established a strong position in the high-end precision injection molding market, primarily serving the automotive and home appliance sectors, with notable clients including major domestic and international brands [3][4]. - The continuous development of new products and the expansion of domestic and international projects have led to an increase in new customer acquisitions, particularly in the new energy vehicle parts market [3].

Investment Rating - The report assigns a "Buy" rating for Kingsray Biotechnology (01548) as part of its initial coverage [2][4][6]. Core Insights - Kingsray Biotechnology has shown strong growth in its cell therapy segment, with external revenue reaching $280 million in the first half of 2024, a year-on-year increase of 156%. The CARVYKTY product is expected to continue rapid growth due to expanding indications and capacity release [3][4]. - The life sciences business is developing steadily, with revenue from life sciences services and products reaching $222.4 million, a 9.6% year-on-year increase. The adjusted gross margin remains stable at 54% [3][4]. - The company is projected to achieve revenues of $1.189 billion, $1.881 billion, and $2.950 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 42%, 58%, and 57% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, Kingsray Biotechnology reported revenue of $561.4 million, a 43.5% increase year-on-year. The net loss was $216 million, a reduction of $30 million compared to the previous year [2][3]. - The cell therapy division's revenue accounted for 49.9% of total revenue, with CARVYKTY generating net sales of $343 million [3][4]. Growth Potential - The CARVYKTY product has received approvals for use in specific patient populations, which is expected to significantly increase the addressable market. The production capacity is also set to ramp up with new facilities coming online [3][4]. - The report highlights the strong growth in the enzyme business, with revenue from the feed enzyme segment increasing by approximately 42% and industrial enzyme revenue growing by about 39% [3][4]. Valuation Metrics - The projected earnings per share (EPS) for 2024 is expected to be -$0.08, improving to $0.02 in 2025 and $0.11 in 2026. The price-to-earnings (P/E) ratio is projected to be 103.70 in 2025 and 13.78 in 2026 [5][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a rapid growth in net profit, with a 22% year-on-year increase in net profit for the first half of 2024, reaching 8.03 billion yuan, while operating revenue increased by 3.32% to 9.009 billion yuan [3] - The company's profitability has improved, with a gross margin of 21.58%, up 1.96 percentage points year-on-year, and a net profit margin of 8.92%, up 1.37 percentage points year-on-year [3] - The company is advancing in internationalization and electrification, with overseas revenue increasing by 20.52% year-on-year and electric forklift sales rising by 37.66% [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating revenue of 4.704 billion yuan, a 5.45% increase year-on-year, and a net profit of 413 million yuan, a 4.59% increase year-on-year [3] - The company’s total market capitalization is approximately 13.97 billion yuan [3] Profitability Metrics - The company’s operating income for 2024 is projected to be 18.716 billion yuan, with a year-on-year growth rate of 7% [6] - The projected net profit for 2024 is 1.569 billion yuan, reflecting a year-on-year growth rate of 23% [6] Business Development - The company’s new business segments are showing significant growth, with intelligent logistics business revenue increasing by 161.20% year-on-year [3] - The company’s total assets are expected to reach 20.044 billion yuan by 2024 [8]

| --- | --- | |----------------------|--------------| | 2024 | 公司研究 | | 研究所：证券分析师： | Q2 | | | | | 证券分析师： | ——捷佳伟创（ | | --- | --- | --- | --- | |--------------------|---------|--------|-------------| | | | | | | | | | | | | | | | | | | | | | 相对沪深 | 300表现 | | 2024/08/27 | | 表现 | 1M | 3M | 12M | | 捷佳伟创 | -16.6% | -34.3% | -47.7% | | 沪深300 | -3.0% | -9.1% | -10.9% | | | | | | | 市场数据 | | | 2024/08/27 | | 当前价格（元） | | | 42.95 | | 52周价格区间（元） | | | 42.44-91.21 | | 总市值（百万） | | | 14,954.12 | | 流通市值（百万） | | | 11,774.23 ...

2024 年 08 月 27 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 光储龙头强韧性，2024H1 储能毛利率同比高增 ——阳光电源（300274）2024 年半年报点评 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|--------------|-------|---------| | 最近一年走势 | | | | | 事件 | | | | | | | | | | | | | | 现营收 | | | | | | | | | | | | | | +3.0pct | | | | | | | | | | | | | | | | | | | | | | | 相对沪深300 | 表现 | | 2024/08/26 | 比 | -1.0pct | | 表现 | 1M | 3M | 12M | | | | 阳光电源 | 1.5% | -0.4% | 2.6% | | | | 沪深300 | -2. ...

2024 年 08 月 28 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 151 期 观点精粹: 最新报告摘要 2024Q2 业绩同环比增加，制冷剂生产配额优势明显--巨化股份/化学制品(600160/212203) 公司点评 国内整车业务短期承压，国际业务迎来快速发展--长久物流/物流(603569/214208) 公司点评 多焦晶体拓开市场，隐形眼镜业务增收减亏--爱博医疗/医疗器械(688050/213705) 科创板公司动态研究 《黑神话：悟空》掀起游戏本升级换新潮--行业动态研究 2024H1 归母净利润同比+22%，人工智能+数据要素驱动发展--云赛智联/软件开发(600602/217104) 公司点 评 营业利润稳健，会员业务获突破，内容加大投入--芒果超媒/数字媒体(300413/217207) 公司点评 布局"AI+"全栈能力，海外收入同比增长 172%--浪潮信息/计算机设备(000977/217101) 公司点评 主营产品高景气，2024Q2 业绩大幅提升--新和成 ...

Investment Rating - The report assigns a "Buy" rating for Zhejiang Longsheng (600352) based on its market position and performance outlook [1][6][14]. Core Views - The company has shown significant improvement in product sales, with a notable increase in market share despite ongoing competition in the dye industry [3][5]. - The controlling shareholder's continued share purchases reflect confidence in the company's long-term growth potential [6][14]. - The dye industry is currently at a low point but is expected to recover, with the company leveraging its leading position to expand market share [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 6.955 billion yuan, a decrease of 3.66% year-on-year, while net profit attributable to shareholders was 902 million yuan, an increase of 13.93% [3][4]. - For Q2 2024, the company reported operating revenue of 3.468 billion yuan, a slight decrease of 0.08% year-on-year, but net profit surged by 57.21% year-on-year to 705 million yuan [3][4]. - The sales gross margin improved to 28.72%, up by 2.85 percentage points year-on-year, indicating better cost management [3][4]. Product Sales and Market Position - The company experienced a 4.34% increase in dye sales volume year-on-year, further solidifying its market leadership [4][5]. - The average prices for disperse and reactive dyes have shown a slight decline, but the company has managed to offset this through increased sales volume [4][5]. - The sales volume of important intermediates like hydroquinone increased by 21.01% year-on-year, showcasing the company's strong position in both domestic and global markets [4][5]. Future Outlook - The company is projected to achieve operating revenues of 16.881 billion yuan, 15.775 billion yuan, and 19.890 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.816 billion yuan, 1.828 billion yuan, and 2.225 billion yuan [6][14]. - The report anticipates a recovery in the dye industry, with the company expected to benefit from its scale and cost advantages [5][6].