Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue in H1 2024 reached RMB 350 million, a year-on-year increase of 121.89%, with a net loss attributable to the parent company of RMB 56.82 million, narrowing by RMB 13.29 million year-on-year [1] - In Q2 2024, the company achieved revenue of RMB 199 million, a year-on-year increase of 106.79%, with a net loss attributable to the parent company of RMB 21.39 million, narrowing by RMB 237,000 year-on-year [1] - Shipment volume in H1 2024 increased by 144% year-on-year, driven by strong demand recovery and the scaling up of new products [2] - The company's gross margin in H1 2024 improved by 3.93 percentage points year-on-year to 33.37%, with R&D investment increasing by 43.93% to RMB 129 million [2] - The company has made significant breakthroughs in product development and market expansion, particularly in BMS, PC, and traditional MCU products, with strategic customer share increasing significantly [2][5] Business Performance - BMS and PC: Single-cell BMS shipments in H1 2024 exceeded the total for 2023, and 2-5 cell BMS products achieved mass shipments. Revenue from EC, PD, and HUB series chips for computers and peripherals increased by approximately 136% year-on-year [2] - Traditional Products: With the recovery in consumer electronics demand and industry inventory bottoming out, sales of traditional MCU products, health measurement, and AIoT-related products have steadily rebounded [2] - Product Development: The company has launched new products in analog signal chains, MCUs, and health measurement AIoT, further solidifying its leading position in the full signal chain field [5] Market and Product Breakthroughs - Analog Signal: Achieved breakthroughs in haptic feedback, Hapticpad, and automotive pressure touch solutions with leading customers. PPG signal acquisition chips began mass production at benchmark clients [5] - MCU: PD chips achieved mass shipments in mobile phones, computer peripherals, energy storage, and power tools markets. The first-generation EC chip achieved mass production with leading computer clients, and the second-generation EC chip passed verification by a global computer leader [5] - Health Measurement AIoT: Strengthened its leading position in the HarmonyOS ecosystem, successfully introducing 245 HarmonyOS projects and completing 97 SKU product integrations [5] Financial Forecast - Revenue for 2024-2026 is projected to be RMB 725 million, RMB 1.054 billion, and RMB 1.428 billion, respectively, with net profit attributable to the parent company expected to be -RMB 46 million, RMB 22 million, and RMB 145 million [5] - The company's PS ratio for 2024-2026 is projected to be 4.74X, 3.26X, and 2.40X, respectively [5] Strategic Outlook - The company is expected to benefit from the development of the domestic smart hardware industry and the increasing demand for chip localization, with new products continuously iterating and achieving breakthroughs with clients [5]

Investment Rating - The report assigns a "Buy" rating for Futu Holdings, marking the first coverage of the company [4][22]. Core Insights - Futu Holdings reported a total revenue of HKD 31.29 billion for Q2 2024, representing a year-on-year increase of 25.9% and a quarter-on-quarter increase of 20.69% [4][5]. - The company achieved a Non-GAAP net profit of HKD 12.96 billion, which is an 8.6% increase year-on-year and a 15.6% increase quarter-on-quarter [4][5]. - The brokerage commission and fee income reached HKD 1.376 billion, up 44.5% year-on-year and 27.19% quarter-on-quarter, driven by active trading in global markets [3][5]. - The total trading volume for Q2 2024 was HKD 16.2 trillion, a 69% increase year-on-year and a 21.1% increase quarter-on-quarter [3][5]. - The company has seen strong customer acquisition in Japan and Malaysia, with a total of 404.57 million account users as of Q2 2024, reflecting a 6.12% quarter-on-quarter increase [5][6]. Summary by Sections Financial Performance - Futu Holdings' Q2 2024 gross margin was 81.6%, down 3.3 percentage points year-on-year and 0.3 percentage points quarter-on-quarter, primarily due to a 71.3% increase in interest expenses [3][5]. - The company’s interest income was HKD 1.592 billion, a 13.23% year-on-year increase and a 17.5% quarter-on-quarter increase [3][5]. - Research and development expenses were HKD 374 million, with a research expense ratio of 11.95% [3][5]. Customer Metrics - The number of new funded customers in Q2 2024 was 155,000, with a customer retention rate exceeding 98% [5][6]. - The total customer asset scale reached HKD 579.3 billion, reflecting an 11.86% quarter-on-quarter growth [6][18]. Market Expansion - The company has expanded its cryptocurrency trading services in Hong Kong, allowing investors to trade Bitcoin and Ethereum using local currencies [6][5]. - Futu Holdings has raised its annual guidance for new funded customers from 400,000 to 550,000 due to strong performance in overseas markets [6][5]. Earnings Forecast - Revenue projections for 2024-2026 are estimated at HKD 117.64 billion, HKD 136.11 billion, and HKD 148.40 billion respectively, with Non-GAAP net profits expected to be HKD 53.89 billion, HKD 62.28 billion, and HKD 67.61 billion [6][7].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][4]. Core Views - The company's Q2 revenue growth has turned positive year-on-year, although the overall performance has been impacted by foreign exchange losses. The Q2 revenue reached 599 million yuan, representing a year-on-year increase of 6.87%, while the net profit attributable to shareholders was 171 million yuan, down 22.71% year-on-year [1]. - The report highlights the company's focus on expanding its market presence and R&D investment in the dental medical sector, which is expected to benefit from the aging population and a potential recovery in demand [1][2]. - The color selection machine business is performing well, contributing significantly to the company's revenue, while the medical equipment segment is gradually recovering despite facing challenges [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 930 million yuan, a decrease of 3.83% year-on-year, and a net profit of 272 million yuan, down 21.48% year-on-year. The gross margin was 50.88%, a decline of 1.62 percentage points year-on-year [1][4]. - The company’s revenue from the color selection machine, medical equipment, and industrial testing segments were 645 million, 205 million, and 64 million yuan respectively, with year-on-year changes of +14.40%, -32.27%, and -21.77% [1][2]. Market Outlook - The report anticipates that the company will see revenue growth from 2.49 billion yuan in 2024 to 3.28 billion yuan in 2026, with corresponding net profits expected to rise from 710 million yuan to 917 million yuan during the same period [4][5]. - The company is expected to maintain a cautious optimism regarding the medical equipment sector, with new product registrations such as spinal surgery navigation devices and mobile CT expected to drive future growth [2][4]. Valuation Metrics - The report provides a forecast for the company's P/E ratio, which is projected to decrease from 16.28 in 2024 to 12.60 in 2026, indicating an improving valuation as earnings are expected to grow [4][5].

2024 年 08 月 23 日 公司研究 评级：买入(维持) 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 研究所： [Table_Title] Q2 业绩同比大增，在建项目有序推进 ——华鲁恒升（600426）2024 年中报点评 最近一年走势 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 华鲁恒升 -16.6% -23.0% -31.3% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 21.93 52 周价格区间（元） 21.70-35.03 总市值（百万） 46,564.41 流通市值（百万） 46,391.01 总股本（万股） 212,332.00 流通股本（万股） 211,541.33 日均成交额（百万） 236.74 近一月换手（%） 0.64 相关报告 《华鲁恒升（600426）2024 年一季 ...

Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057) as of August 23, 2024 [1] Core Views - ZTO Express achieved a business volume of 15.623 billion parcels in H1 2024, representing a year-on-year growth of 11.80%, with a market share of 19.49% [1][3] - The company is focusing on enhancing service quality and optimizing its business structure, which is expected to lead to a significant increase in high-value parcel volume by the end of the year [4][6] - The report anticipates a revenue growth of 12% to 13% for the years 2024 to 2026, with net profit growth projected at 15% to 23% during the same period [8][9] Summary by Sections Business Performance - In Q2 2024, ZTO Express reported a business volume of 8.452 billion parcels, a 10.10% increase year-on-year, with a market share of 19.63% [1][3] - The company achieved a revenue of 20.686 billion yuan in H1 2024, a 10.48% increase year-on-year, with core express service revenue of 19.116 billion yuan, up 9.94% [3] Cost Management - ZTO Express reported a record low core cost per parcel of 0.65 yuan in Q2 2024, down 0.02 yuan year-on-year, attributed to improved operational efficiency and resource utilization [6][8] - The company is implementing cost reduction projects such as "Direct Delivery" and "Three-Network Integration," which are expected to further decrease overall costs [7][8] Future Outlook - The company has set a business volume growth target of 15% to 18% for 2024, with expectations for accelerated growth in H2 2024 [6][8] - ZTO Express is projected to achieve revenues of 429.76 billion yuan, 484.31 billion yuan, and 545.56 billion yuan for the years 2024, 2025, and 2026, respectively [9]

研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 2024 年 08 月 23 日 公司研究 评级：买入(首次覆盖) [Table_Title] 2024Q2 利润高增，成本费用管控成效显现 ——广联达（002410）2024 中报点评 事件: 2024/8/22，公司发布 2024 年半年报。2024H1，公司实现营业收入 29.58 亿元，同比-3.61%；归母净利润 1.92 亿元，同比-22.7%；扣非归母净利 润 1.74 亿元，同比-17.44%。 2024Q2，公司实现营业收入 16.59 亿元，同比-5.61%；归母净利润 1.86 亿元，同比+44.66%；扣非归母净利润 1.76 亿元，同比+50.12%。 投资要点: 数字成本收入同比+4.23%，造价产品续费率&应用率均有提升 2024H1 ， 公 司 数 字 成 本 / 数 字 施 工 / 数 字 设 计 / 海 外 业 务 收 入 24.59/2.88/0.35/1.06 亿元，同比+4.23%/-37.46%/-22.03%/+11.29%； 数字成本为公司基本盘业务，收入占比约 8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was significantly impacted by a decrease in coal production and sales, a drop in coal prices, and an increase in resource tax rates, leading to a substantial decline in revenue and net profit [4][5] - Despite the challenges, the company has managed to maintain a relatively low valuation, which presents a potential investment opportunity given its strong market position in the coal sector [5][6] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 17.654 billion yuan, a year-on-year decrease of 19.33%, and a net profit attributable to shareholders of 2.227 billion yuan, down 57.96% [4] - The second quarter of 2024 saw a slight recovery with operating revenue of 8.99 billion yuan, a quarter-on-quarter increase of 3.9%, but a year-on-year decrease of 10% [4] - The company's coal production for the first half of 2024 was 27.67 million tons, a year-on-year decrease of 6.3%, while coal sales were 24.55 million tons, down 9.5% [5] Production and Cost Analysis - The average selling price of coal in the first half of 2024 was 683 yuan per ton, a year-on-year decrease of 11.6%, while the average cost was 371 yuan per ton, an increase of 10.1% [5] - The gross profit per ton of coal was 312 yuan, reflecting a year-on-year decline of 28.4% [5] Future Earnings Forecast - The company is projected to have operating revenues of 36.825 billion yuan, 38.256 billion yuan, and 39.741 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year decrease of 15% in 2024 followed by a growth of 4% in the subsequent years [8] - Net profit attributable to shareholders is expected to be 4.519 billion yuan in 2024, down 43% from the previous year, with a gradual recovery anticipated in 2025 and 2026 [8] Resource Acquisition - The company successfully acquired a coal exploration right for 12.126 billion yuan, which is expected to enhance its resource reserves by approximately 22% [7]

2024 年 08 月 23 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 | | 证券分析师： | 郑奇S0350524030006 | | | zhengq@ghzq.com.cn | | 证券分析师： | 高力洋S0350524010003 | | | gaoly01@ghzq.com.cn | 最近一年走势 入）*半导体*》——2023-08-29 事件: 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 扬杰科技 -17.0% -0.7% 8.8% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 36.33 52 周价格区间（元） 32.48-45.00 总市值（百万） 19,739.83 流通市值（百万） 19,696.23 总股本（万股） 54,334.78 流通股本（万股） 54,214.79 日均 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2024 reached 912 million yuan, representing a year-on-year growth of 108.27%, with Q2 revenue of 486 million yuan, up 98.49% year-on-year and 14.10% quarter-on-quarter [3] - The gross margin for H1 2024 was 23.01%, an increase of 11.71 percentage points year-on-year, while Q2 gross margin was 23.97%, up 13.28 percentage points year-on-year and 2.05 percentage points quarter-on-quarter [3] - The net profit attributable to shareholders for H1 2024 was 102 million yuan, marking a turnaround from loss to profit, with Q2 net profit of 56 million yuan, also a turnaround from loss and a 21.02% increase quarter-on-quarter [3] - The company has maintained revenue growth for nine consecutive quarters, with its Shanghai Lingang factory achieving an annual production capacity of 300,000 conductive substrates [4] - The company has established strong partnerships with leading domestic and international manufacturers, enhancing its production capacity and delivery capabilities [4] - The company has become one of the top three global players in the conductive silicon carbide substrate market, with significant recognition from major international clients [5] Summary by Sections Financial Performance - The company achieved a revenue of 912 million yuan in H1 2024, with a growth rate of 108.27% year-on-year [3] - The gross margin improved to 23.01% in H1 2024, reflecting operational efficiency [3] - The net profit for H1 2024 was 102 million yuan, indicating a successful turnaround [3] Market Position - The company has secured a leading position in the conductive silicon carbide substrate market, with over 50% of the top ten power semiconductor companies as clients [5] - The company has signed long-term cooperation agreements with major clients like Infineon and Bosch, enhancing its market presence [4] Production Capacity - The Shanghai Lingang factory has reached a production capacity of 300,000 conductive substrates annually, supporting the company's growth strategy [4] - The company is advancing its 8-inch silicon carbide substrate production plans, aiming for significant market penetration [5] Future Projections - Revenue forecasts for 2024-2026 are 2.356 billion yuan, 3.336 billion yuan, and 4.313 billion yuan respectively, with net profits projected at 234 million yuan, 355 million yuan, and 579 million yuan [6][7] - The company is expected to maintain a strong growth trajectory, leveraging its technological and production advantages [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][34] Core Views - The company's Q2 2024 performance shows improved capacity utilization and operational performance compared to the previous quarter, with a revenue increase of 33.2% year-on-year and 14.8% quarter-on-quarter [2][3] - The company is expected to benefit from the gradual release of production capacity in the plant capsule segment and the high Qing project, leading to a clear growth path for the future [34] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 500 million yuan, a year-on-year increase of 33.2% and a quarter-on-quarter increase of 14.8%. The net profit attributable to shareholders was 70 million yuan, down 16.4% year-on-year but up 31.2% quarter-on-quarter [2][3] - For the first half of 2024, the company reported a net profit of 124 million yuan, a decrease of 21.0% year-on-year, with an overall gross margin of 26.0%, down 5.2 percentage points year-on-year [3][4] Product Segments - In H1 2024, the cellulose ether segment generated a revenue of 695 million yuan, up 25.8% year-on-year and 20.7% quarter-on-quarter, with a gross margin of 20.5%, down 8.7 percentage points year-on-year [3][4] - The plant capsule segment achieved a revenue of 155 million yuan, a year-on-year increase of 55.3% and a quarter-on-quarter increase of 6.0%, with a gross margin of 57.3%, up 4.1 percentage points year-on-year [3][4] Market Outlook - The company is actively adjusting its product mix and is expected to benefit from improving industry demand, with a total cellulose ether capacity of 69,000 tons and a planned capacity of 11,000 tons [4][5] - The company has successfully developed high-end pharmaceutical coating products and has expanded its product matrix through the acquisition of Zhongfu Heda, enhancing its competitive position in the market [5][34] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 2.1 billion, 2.5 billion, and 2.8 billion yuan respectively, with net profits of 295 million, 426 million, and 515 million yuan, corresponding to PE ratios of 14, 9, and 8 times [34]