Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][10]. Core Views - The company is making steady progress in its subscription transformation, with initial results in operational efficiency [2][4]. - The cloud revenue continues to rise, with significant growth in various customer segments, particularly in cloud services [4][5]. - The company has launched YonGPT 2.0, enhancing its capabilities in various verticals and expanding application scenarios [8][10]. Financial Performance - In H1 2024, the company reported revenue of 3.805 billion yuan, a year-on-year increase of 12.93%, and a net profit attributable to shareholders of -794 million yuan, showing a reduction in losses [3][4]. - For Q2 2024, revenue was 2.056 billion yuan, up 8.51% year-on-year, with a net profit of -341 million yuan, also reflecting a reduction in losses [3][4]. - The gross profit margin for H1 2024 was 52.5%, an increase of 3.6 percentage points year-on-year [5][6]. Customer Segments - Revenue from large enterprise customers reached 2.388 billion yuan, a year-on-year increase of 11.2%, with cloud service revenue of 1.765 billion yuan, up 16.8% [4][5]. - Revenue from medium-sized enterprises was 600 million yuan, up 8.3%, with cloud service revenue growing by 39.1% [4][5]. - Revenue from small enterprises was 456 million yuan, a 20.4% increase, with cloud subscription revenue of 309 million yuan, up 35.3% [4][5]. Cost Control and Efficiency - The company has implemented measures to control personnel size and optimize structure, leading to a gross margin increase and reduced expense ratios [5][6]. - The sales, management, and R&D expense ratios for H1 2024 were 30.04%, 14.86%, and 27.95%, respectively, showing a decrease compared to the previous year [5][6]. International Expansion - The company is accelerating its overseas business expansion, with a 34% year-on-year increase in contract signings from overseas subsidiaries [7][10]. Future Projections - Revenue projections for 2024-2026 are 11.063 billion yuan, 12.694 billion yuan, and 14.691 billion yuan, respectively, with net profits expected to be 52 million yuan, 382 million yuan, and 616 million yuan [8][9].

Investment Rating - The report maintains a "Buy" rating for Beibu Gulf Port (000582) [1][4] Core Views - Beibu Gulf Port achieved double-digit growth in net profit attributable to parent company in 2023, with Tieshan New Port Area solidifying growth potential [1] - The port's container throughput exceeded 8 million TEUs, demonstrating sustained rapid growth [1] - In H1 2024, the company reported revenue of 3.189 billion yuan, up 0.41% YoY, while net profit attributable to parent company declined 26.70% to 367 million yuan [1] - Container throughput reached 4.3201 million TEUs in H1 2024, a 19.76% YoY increase, ranking among the top ten coastal ports in China for total throughput and container throughput [1] Financial Performance - H1 2024 gross margin was 31.33%, down 4.48 percentage points YoY, potentially due to new capacity ramp-up [1] - Net profit margin in H1 2024 was 11.55%, down 4.47 percentage points YoY [1] - Q2 2024 revenue was 1.649 billion yuan, down 0.76% YoY, with net profit attributable to parent company declining 35.02% to 190 million yuan [1] Capacity Expansion - The port added 2 new foreign trade routes in H1 2024, bringing total container routes to 76 (48 foreign trade, 28 domestic trade) [1] - New coal handling capacity of 8 million tons and static storage capacity of 1 million tons were added [1] - Ongoing construction includes berths 7-8 and 9-10 at Beihai Tieshan Port West Port Area's Beimu operation area [1] Future Outlook - Pinglu Canal, expected to be completed in 2026, will significantly increase hinterland traffic for Beibu Gulf Port [1] - The canal will provide the shortest, most economical, and convenient sea access for Southwest China [1] - Forecasted 2024-2026 revenue growth rates are 5%, 6%, and 9% respectively [2][5] - Projected 2024-2026 net profit growth rates are 7%, 8%, and 8% respectively [2][5] Valuation Metrics - 2024-2026 P/E ratios forecasted at 13.65x, 12.64x, and 11.75x respectively [4][5] - 2024-2026 P/B ratios projected at 0.92x, 0.87x, and 0.83x respectively [5][7] - 2024-2026 P/S ratios estimated at 2.26x, 2.14x, and 1.97x respectively [5][7]

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [1][4]. Core Views - The company's revenue and net profit decreased in the first half of 2024 due to project progress issues, but there was a recovery in Q2 with a 59.15% increase in revenue and a 153.57% increase in net profit compared to Q1. The company has a strong order backlog of 4.92 billion yuan, which supports future performance [1][4]. - The domestic market is expected to maintain high demand due to new projects and upgrades in the petrochemical and chemical industries, while overseas markets are expanding as well. The company is well-positioned to benefit from these trends [4][5]. - The company has a solid cash flow situation, with a net cash flow from operating activities of 353 million yuan in the first half of 2024, up 95.06% year-on-year [1][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 368 million yuan, a year-on-year decrease of 34.86%, and a net profit of 99 million yuan, down 25.91% year-on-year. The adjusted net profit was 75 million yuan, down 41.10% year-on-year [1][4]. - The comprehensive gross margin for H1 2024 was 30.10%, a slight decrease of 1.53 percentage points year-on-year [1][4]. Market Outlook - The domestic market is seeing a shift towards larger and integrated petrochemical projects, with significant investment expected in equipment upgrades and new projects. The company is also expanding its presence in overseas markets, particularly in oil-producing countries [4][5]. - The company is advancing its fundraising projects, with an investment of 347.66 million yuan as of June 30, 2024, which will enhance its production capacity and expand application areas for its pneumatic conveying products [4][5]. Earnings Forecast - The company is projected to achieve revenues of 1.62 billion yuan, 2.23 billion yuan, and 2.73 billion yuan for 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be 342 million yuan, 478 million yuan, and 568 million yuan [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 27, 2024 [2][8]. Core Insights - The company's revenue for H1 2024 reached 3.13 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 460 million yuan, down 4.3% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, up 2.0% year-on-year, with a net profit of 230 million yuan, down 13.2% year-on-year [3][4]. - The main revenue growth in H1 2024 came from the mineral processing, environmental protection, and biopharmaceutical sectors, with respective revenues of 910 million, 820 million, and 750 million yuan, showing year-on-year growth of 7.3%, 15.1%, and a decline of 8.2% [4]. - The company's gross margin in Q2 2024 was 28.9%, a decrease of 5.7 percentage points year-on-year, primarily due to product price reductions and a high base from Q2 2023 [4]. - Operating cash flow significantly improved, with Q2 2024 operating cash flow reaching 188 million yuan, a 453% increase from 34 million yuan in Q2 2023, driven by increased cash receipts from sales and reduced cash payments for raw materials [4]. Financial Summary - The company is projected to achieve revenues of 6.65 billion, 7.09 billion, and 7.68 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.04 billion, 1.13 billion, and 1.22 billion yuan, corresponding to P/E ratios of 9, 8, and 8 times [4][6]. - The company's total market capitalization is approximately 9.52 billion yuan, with a circulating market capitalization of about 9.44 billion yuan [4]. - The stock price as of August 27, 2024, is 16.51 yuan, with a 52-week price range of 16.00 to 28.60 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady performance in H1 2024, with revenue of 4.513 billion yuan, a year-on-year increase of 5.98%, and a net profit attributable to shareholders of 133 million yuan, up 1.41% year-on-year [2]. - The company's digital product development is focused on enhancing industry digitalization, with significant growth in international business and innovative solutions in various sectors [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.513 billion yuan, with a net profit of 133 million yuan and a non-recurring net profit of 130 million yuan, reflecting year-on-year growth of 5.98%, 1.41%, and 1.39% respectively [2]. - For Q2 2024, revenue reached 2.519 billion yuan, marking a 10.10% increase year-on-year, while net profit was 86 million yuan, up 1.11% year-on-year [2]. Business Segments - The company’s digital products segment saw a revenue increase of 44.05% year-on-year, driven by advancements in smart computing hardware and software applications across various industries [3]. - The digital new infrastructure segment reported a significant gross margin increase of 59.56% year-on-year, indicating improved operational efficiency [7]. Growth Drivers - The company’s信创 (Xinchuang) business signed contracts worth 1.666 billion yuan in H1 2024, a 22.24% increase year-on-year, focusing on financial technology and state-owned enterprises [4]. - International business revenue reached 292 million yuan, a remarkable year-on-year growth of 65.59%, highlighting the company's expanding global footprint [5]. Profitability and Forecast - The company maintains a gross margin of 18.61% in H1 2024, with expectations for continued growth in high-margin digital products [7]. - Revenue forecasts for 2024-2026 are projected at 11.034 billion yuan, 12.266 billion yuan, and 13.955 billion yuan, with net profits expected to reach 573 million yuan, 666 million yuan, and 792 million yuan respectively [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on performance but is increasing investments in AI while awaiting market recovery [1] - The company reported a revenue of 1.389 billion yuan for H1 2024, a decrease of 5.51% year-on-year, and a net profit of 363 million yuan, down 20.99% year-on-year [3] - The company is focusing on enhancing its AI capabilities and integrating them into existing products to improve monetization [7] Financial Performance - In H1 2024, the company's sales, management, and R&D expense ratios were 17.44%, 8.23%, and 42.62%, respectively, with year-on-year increases of 2.29, 1.36, and 4.31 percentage points [2] - The company's contract liabilities increased by 9.67% year-on-year to 1.202 billion yuan, indicating operational resilience [5] - The company’s revenue from various business segments showed mixed results, with value-added telecom services down 10.96% and software sales down 7.19% year-on-year [4] AI Investment and Development - The company is intensifying its R&D in AI technologies, achieving advancements in areas such as large models, natural language processing, and machine translation [6] - The launch of the HithinkGPT large model positions the company as a leader in the financial dialogue model space, enhancing its service capabilities [7] Earnings Forecast - The company is projected to achieve revenues of 3.674 billion yuan, 4.054 billion yuan, and 4.508 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.353 billion yuan, 1.539 billion yuan, and 1.759 billion yuan [8] - The expected EPS for the same years is 2.52 yuan, 2.86 yuan, and 3.27 yuan per share, with current P/E ratios of 38, 34, and 30 times [8]

Investment Rating - The report maintains a "Buy" rating for Wanrun Co., Ltd. [2] Core Insights - In the first half of 2024, Wanrun Co., Ltd. reported a revenue of 1.956 billion yuan, a year-on-year decrease of 5.66%, and a net profit attributable to shareholders of 215 million yuan, down 44.71% year-on-year [2][3] - The company is actively advancing new material projects, including the development of PEEK and other products, which are expected to drive future growth [6][19] - The report forecasts revenues of 4.567 billion yuan, 5.021 billion yuan, and 5.919 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 553 million yuan, 782 million yuan, and 1.117 billion yuan [19][22] Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.018 billion yuan, a year-on-year decrease of 2.15% but an increase of 8.59% quarter-on-quarter [2] - The gross profit margin for Q2 2024 was 39.04%, down 2.90 percentage points year-on-year [2][8] - The net profit for Q2 2024 was 117 million yuan, a year-on-year decrease of 45.04% but an increase of 18.95% quarter-on-quarter [2][4] Segment Performance - Functional materials generated a revenue of 1.624 billion yuan in the first half of 2024, with a gross margin of 40.67%, down 2.19 percentage points year-on-year [2][8] - Pharmaceutical materials revenue was 311 million yuan, down 38.53% year-on-year, with a gross margin of 37.20% [3][8] - Other business segments reported a revenue of 21 million yuan, down 18.97% year-on-year, with a gross margin of 52.93% [3][8] Research and Development - The company has initiated several R&D projects, including a new production base for optical materials and the development of various electronic materials [6][19] - R&D expenses for Q2 2024 increased to 114 million yuan, reflecting the company's commitment to innovation [4][17] Market Performance - As of August 26, 2024, Wanrun Co., Ltd. has underperformed relative to the CSI 300 index, with a 1-month decline of 8.7%, a 3-month decline of 25.9%, and a 12-month decline of 50.2% [2][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's 2024H1 performance is under short-term pressure due to high base effects from the previous year, but the report remains optimistic about the medium to long-term growth potential of its product portfolio [2][3] - The company has been optimizing its marketing system, focusing on product clusters, sales management, new retail platforms, brand communication, and digital platforms, which are expected to drive stable growth in the medium to long term [2] - Despite a decline in revenue and net profit in 2024H1, the company's health products segment showed strong growth, increasing by 79.63% YoY [3][4] Financial Performance Summary - In 2024H1, the company reported revenue of 7.817 billion yuan, a YoY decrease of 13.64%, and net profit attributable to shareholders of 495 million yuan, a YoY decrease of 12.51% [3] - The pharmaceutical industry segment saw a revenue decline of 19.77% YoY, while the pharmaceutical commerce segment declined by 10.96% YoY [4] - The respiratory system drugs segment achieved a revenue growth of 4.25% YoY, despite a high base from the previous year [4] Product Portfolio Performance - The digestive and metabolic drugs segment revenue decreased by 26.34% YoY, mainly due to a decline in sales of Huoxiang Zhengqi Oral Liquid [4] - The anti-infective drugs segment revenue dropped by 37.53% YoY, primarily due to a decline in sales of Yibaoshiling [4] - The health products segment revenue increased by 79.63% YoY, showing strong growth potential [4] Forecast and Valuation - The report forecasts revenue for 2024-2026 to be 15.763 billion yuan, 17.979 billion yuan, and 20.676 billion yuan, respectively, with net profit attributable to shareholders expected to be 1.024 billion yuan, 1.337 billion yuan, and 1.650 billion yuan [5] - The company's PE ratio for 2024-2026 is projected to be 11.58x, 8.87x, and 7.19x, respectively, indicating attractive valuation levels [5] - The report highlights the company's rich product portfolio and market development potential, supported by optimized marketing systems and improved cost control [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance in Q2 2024 improved significantly, with a year-on-year increase of 98% [3] - The company reported a total revenue of 583.1 billion yuan for H1 2024, a slight increase of 0.2% year-on-year, and a net profit attributable to shareholders of 31.1 billion yuan, up 104.85% year-on-year [2] - The recovery in hydropower and thermal power performance, along with increased investment income, contributed to the improved results [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 275.7 billion yuan, down 8.6% year-on-year, with a net profit of 17.8 billion yuan, an increase of 28.7% year-on-year [2] - The company's coal power profit totaled 15.1 billion yuan in H1 2024, recovering from a loss of 8.0 billion yuan in H1 2023, primarily due to a decrease in fuel prices [3] - Hydropower profits surged to 10.3 billion yuan in H1 2024 from 0.9 billion yuan in H1 2023, driven by improved water inflow [3] Investment and Growth - The company recorded investment income of 13.2 billion yuan in Q2 2024, a year-on-year increase of 63% [3] - The total installed capacity for wind and solar power increased by 0.97 GW in H1 2024, with wind power profits totaling 11.3 billion yuan, down 23% year-on-year [4] - The company expects further performance recovery in the second half of 2024 due to favorable hydrological conditions [5] Valuation and Forecast - The revenue forecasts for 2024-2026 are 1233 billion yuan, 1247 billion yuan, and 1252 billion yuan, respectively, with net profits of 50.5 billion yuan, 55.6 billion yuan, and 61.2 billion yuan [5] - The corresponding price-to-earnings ratios (PE) are projected to be 10, 9, and 8 times for the respective years [5]

2024 年 08 月 27 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 《黑神话：悟空》掀起游戏本升级换新潮 ——计算机行业动态研究 最近一年走势 行业相对表现 2024/08/26 表现 1M 3M 12M 计算机 -5.5% -15.5% -33.3% 沪深 300 -2.5% -7.7% -10.4% 相关报告 《AI 算力行业跟踪报告：英伟达新推 B200A GPU， 台股服务器 7 月营收增长提速（推荐）*计算机*刘 熹》——2024-08-13 2024-08-07 《计算机行业动态研究：政策暖风频吹，教育 IT 持续 增长可期 （推荐）* 计算 机* 刘熹 》—— 《计算机铁路 IT 行业点评：铁路体制改革+设备更 新，铁路 IT 迎来新周期（推荐）*计算机*刘熹》— —2024-07-26 2024-07-26 2024-07-25 《新一轮财税改革拉开序幕，财税 IT 需求有望扩 大 ——财税 IT"深化改 革"系列（一）（推荐）*计算机*刘熹》—— 《计算机事件点评：DRG ...