Investment Rating - The report maintains an "Accumulate" rating for Geely Automobile [1] Core Views - Geely Automobile's Q2 2024 performance shows significant growth in both revenue and profit, with total revenue reaching 54.99 billion yuan, a year-on-year increase of 27.85% and a quarter-on-quarter increase of 4.86% [3] - The company's net profit attributable to shareholders reached 9.04 billion yuan, reflecting a year-on-year increase of 90.52% and a quarter-on-quarter increase of 82.73% [3] - The report highlights the successful transition to new energy vehicles, with a penetration rate of 36.68% in Q2 2024, up 12.14 percentage points year-on-year [3] - Geely's overseas sales have also seen a significant increase, with Q2 2024 overseas sales reaching 110,400 units, a year-on-year increase of 67.81% [5] Summary by Sections Financial Performance - In H1 2024, Geely achieved total revenue of 107.30 billion yuan, a year-on-year increase of 46.63%, and a net profit of 10.60 billion yuan, a year-on-year increase of 574.60% [4] - The average revenue per vehicle (ASP) for H1 2024 was 105,000 yuan, a year-on-year increase of 4.2% [3] Sales and Market Expansion - Geely's total vehicle sales in Q2 2024 reached 480,000 units, a year-on-year increase of 25.06% [3] - The report notes strong sales performance from Geely's high-end brands, with Zeekr and Lynk & Co showing significant growth [3] - The company has expanded its global presence, with sales and service networks established in 76 countries and over 120 new outlets opened in H1 2024 [5] Future Outlook - The report projects Geely's revenue for 2024-2026 to be 189.2 billion, 219.9 billion, and 221.5 billion yuan, with expected growth rates of 6%, 16%, and 1% respectively [6] - The net profit forecast for the same period is 16.43 billion, 11.84 billion, and 15.39 billion yuan, with growth rates of 210%, -28%, and 30% respectively [6] - The report emphasizes the company's strategic focus on high-end products and new energy vehicles, which are expected to drive future growth [5]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 70% in H1 2024, driven by the expansion of its new energy vehicle projects [2][3] - The revenue for H1 2024 reached 555 million yuan, representing a year-on-year increase of 21.7%, supported by strong performance from core clients such as Geely and Chery, as well as the ramp-up of new energy vehicle production [3][5] - The company’s gross margin improved to 31.14%, up 3.37 percentage points year-on-year, indicating enhanced profitability due to revenue growth, ongoing project launches, and effective cost control [3][5] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit attributable to shareholders of 91 million yuan, a 70% increase year-on-year, with a net profit margin of 16.47%, up 4.68 percentage points [2][3] - The company’s revenue for Q2 2024 was 285 million yuan, reflecting a year-on-year growth of 22.9% [2][3] Market Position and Growth Potential - The new energy vehicle projects contributed approximately 15.3% to total revenue in H1 2024, an increase of 5 percentage points compared to the previous year [3] - The company has secured 1.2 times the number of projects in H1 2024 compared to the total projects acquired in 2023, with a focus on new energy vehicle initiatives [3][5] Earnings Forecast - The company is projected to achieve total revenue of 1.333 billion yuan, 1.595 billion yuan, and 1.820 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 20%, and 14% [5][6] - The net profit attributable to shareholders is expected to reach 231 million yuan, 290 million yuan, and 339 million yuan for the same years, with growth rates of 53%, 25%, and 17% [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance in Q2 2024 met expectations, with a revenue of 10.32 billion yuan, a year-over-year decrease of 14.29%, but a quarter-over-quarter increase of 11.34% [2][6] - The company plans to distribute a dividend of 45 yuan for every 10 shares in H1 2024, with a dividend payout ratio of 62.36% [2][6] - The company is entering a new product cycle with a rich reserve of self-developed and agency products, which is expected to drive future growth [3][18] Financial Performance Summary - In H1 2024, the company reported a revenue of 19.6 billion yuan, down 16.57% year-over-year, and a net profit attributable to shareholders of 5.18 billion yuan, down 23.39% year-over-year [2][6] - The total revenue from key products in H1 2024 was 21.23 billion yuan, reflecting an 18.56% year-over-year decline [2][11] - The company’s Q2 2024 net profit was 2.64 billion yuan, a decrease of 28.41% year-over-year, but an increase of 4.38% quarter-over-quarter [2][6] Product Performance and Market Position - The core products, including "Wandao Mobile" and "Yinian Xiaoyao," have shown mixed performance, with "Wandao Mobile" experiencing a revenue increase during its anniversary event [2][11] - The company has a strong pipeline of upcoming products, including self-developed titles like "Wanjian Changsheng" and "Zhangjian Chuanqi," which have received approval for release [15][17] - The overseas revenue for H1 2024 was 2.55 billion yuan, representing a significant year-over-year increase of 113.77% [6][11] Earnings Forecast - The company’s revenue projections for 2024, 2025, and 2026 are 37.61 billion yuan, 44.37 billion yuan, and 49.03 billion yuan, respectively, with net profits expected to be 9.73 billion yuan, 11.79 billion yuan, and 13.43 billion yuan [18][21] - The earnings per share (EPS) estimates for the same period are 13.51 yuan, 16.37 yuan, and 18.65 yuan, with corresponding price-to-earnings (P/E) ratios of 13x, 11x, and 9x [18][21]

当前价格（元） 17.06 2024 年 08 月 23 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 李亦桐 S0350523050007 liyt01@ghzq.com.cn [Table_Title] 业绩稳健增长，盈利能力维持稳定 ——伊之密（300415）2024 年半年报点评 最近一年走势 事件: 伊之密 8 月 22日发布 2024 年半年报：2024 年上半年公司营业收入 23.70 亿元，同比+20.82%，归母净利润 2.99 亿元，同比+19.04%，扣非归母 净利润 2.91 亿元，同比+20.08%。 投资要点: 业绩稳健增长，压铸机同比增速较快。公司 2024 年上半年营业收入、 归母净利润、扣非归母净利润分别同比+20.82%、19.04%、20.08%， 业绩稳健增长；单季度来看，2024Q2 营业收入 14.15 亿元，同比 +27.85%，环比+48.21%，归母净利润 1.83 亿元，同比+13.59%， 环比+58.17%。分业务来看，2024 年上半年注塑机收入 17.08 ...

2024H1 营收利润快速增长，盈利能力显著提升--瑞鹄模具/汽车零部件(002997/212802) 公司点评 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------|------------------------------------------------------------------| | | 2024 年 08 月 23 日 | 晨会纪要 | | 研究所： 证券分析师： | 余春生 S0350513090001 | 晨会纪要 [Table_Title] | | | yucs@ghzq.com.cn | —— 2024 年第 148 期 | | 观点精粹 | : | | | | 最新报告摘要 | | | | 2024Q2 业绩大增，在建项目有序推进--兴发集团 / | 农化制品 (600141/212208) 公司点评 | | | 新产品、新客户持续开拓， 2024 年 H1 态研究 | 归母净利润同比 +38% ...

2024 年 08 月 22 日 公司研究 评级：增持(下调) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 罗琨S0350522110003 | | | luok@ghzq.com.cn | | 证券分析师： | 傅麒丞S0350524080001 | | | fuqc@ghzq.com.cn | [Table_Title] 盈利能力提升明显，乘用车&Robotaxi 双轮驱动 ——禾赛（HSAI）2024 年中报业绩点评 事件: 禾赛科技于 8 月 20 日发布 2024 年中报：2024H1 公司实现营业收入 1.13 亿美元，同比-6.01%，取得净利润-0.25 亿美元。 投资要点: 乘用车与 Robotaxi 双轮驱动，2024H1 激光雷达交付量同比 +67.5%，盈利能力提升明显。2024Q2，公司实现营业收入 4.6 亿元 人民币，同比+4.2%；激光雷达全球总交付量为 86,526 台，同比 +66.1%；其中 ADAS 产品全球交付量为 80,773 台，同比+76.8%， ADAS 业务和 R ...

Investment Rating - The report assigns an "Accumulate" rating for the company, Hengtuo Kaiyuan, marking its first coverage [1][3]. Core Insights - Hengtuo Kaiyuan is a leading enterprise in the civil aviation information technology sector, focusing on software development and technology services, system integration, and operational maintenance services. The company has successfully replaced foreign software providers like Sabre and Jeppesen, expanding its business into various sectors including government, telecommunications, automotive, manufacturing, and healthcare [1][3][13]. - The company reported a revenue of 191 million yuan in 2023, a year-on-year increase of 6.55%, and a net profit of 20 million yuan, which represents a significant growth of 191.20% compared to the previous year. However, in Q1 2024, the revenue was 33 million yuan, showing a 9.79% increase year-on-year, while the net profit decreased by 30.56% [1][3][19]. - The civil aviation information technology market is expected to continue its growth, driven by the recovery of the aviation industry post-pandemic and the increasing demand for digital transformation in the sector [1][27]. Summary by Sections Company Overview - Hengtuo Kaiyuan, established in 2007 and listed on the Beijing Stock Exchange in 2021, has become a core software supplier in the civil aviation information safety operation field. The company has a clear and stable shareholding structure, with the controlling shareholder having a strong technical background [1][13][19]. Market Trends - The domestic software and information service industry has been steadily growing, with over 380,000 new software and information service companies established by 2023. The total software business revenue reached 12,325.8 billion yuan, with a year-on-year growth of 13.4% [27][29]. - The civil aviation sector is witnessing a recovery, with significant increases in passenger and cargo volumes. In early 2024, the total turnover of civil aviation transportation reached 23.25 billion ton-kilometers, a year-on-year increase of 51.8% [35]. Financial Performance - The company’s revenue from software development and technology services has been the primary source of income, accounting for 62.28% of total revenue in 2023. The gross profit margin has remained around 42%, indicating strong profitability [21][23]. - The forecast for 2024-2026 anticipates revenues of 211 million, 234 million, and 259 million yuan, respectively, with corresponding net profits of 27 million, 30 million, and 34 million yuan, reflecting a growth trajectory [4][3]. Strategic Initiatives - Hengtuo Kaiyuan is actively expanding its business into low-altitude economy sectors and has begun implementing a development strategy that embraces artificial intelligence and digital economy initiatives [3][19]. - The company has successfully acquired a 40% stake in Yixun Information Technology Co., which is expected to create new growth points for the business [3][19].

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn [Table_Title] 外贸业务稳步增长，一体两翼持续推进 ——顾家家居（603816）2024 年中报业绩点评 最近一年走势 用品*林昕宇》——2023-09-01 事件: 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 顾家家居 0.4% -30.8% -36.0% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 25.00 52 周价格区间（元） 22.54-45.36 总市值（百万） 20,547.29 流通市值（百万） 20,547.29 总股本（万股） 82,189.15 流通股本（万股） 82,189.15 日均成交额（百万） 143.10 近一月换手（%） 0.93 相关报告 品*林昕宇》——2023-11-10 宇》——2023-11-02 《顾家家居（603816）事件点评：控股股东变更， "一体两翼"战略有望稳步推进（买入）*家居用 《顾家家居 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9][35] Core Views - The company has achieved significant growth in business scale, with a 32.14% year-on-year increase in revenue for the first half of 2024, reaching 3.225 billion yuan. The net profit attributable to shareholders increased by 101.71% year-on-year to 192 million yuan [3][9] - The company is recognized as a global leader in rubber equipment, with ongoing projects that are expected to enhance its growth potential [9][35] - The company is expanding its production capacity with new factories in Vietnam and Cambodia, which are projected to contribute additional net profits of approximately 10 million yuan and 3 million yuan respectively [7] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 3.225 billion yuan, a 32.14% increase year-on-year, and a net profit of 192 million yuan, a 101.71% increase year-on-year [3][12] - The second quarter of 2024 saw revenue of 1.761 billion yuan, up 41.27% year-on-year, and a net profit of 124 million yuan, up 61.45% year-on-year [3][28] - The company's gross profit margin for the first half of 2024 was 22.92%, a decrease of 1.27 percentage points year-on-year, while the net profit margin improved to 7.02%, an increase of 1.96 percentage points year-on-year [3][12] Segment Performance - The rubber equipment and new materials segments both experienced double-digit revenue growth. The rubber equipment segment generated 2.187 billion yuan in revenue, a 32.63% increase year-on-year, while the new materials segment achieved 1.026 billion yuan, a 31.32% increase year-on-year [3][12] - The company's major subsidiaries also reported significant profit growth, with Soft Control Electromechanical achieving a net profit increase of 201.81% year-on-year [13] Future Earnings Forecast - The company is projected to achieve revenues of 7.84 billion yuan, 10.54 billion yuan, and 11.04 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 516 million yuan, 774 million yuan, and 857 million yuan [9][35] - The expected price-to-earnings (P/E) ratios for these years are 12, 8, and 7 respectively, indicating strong growth potential [9][35]

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 马川琪S0350523050001 | | | macq@ghzq.com.cn | | 证券分析师： | 廖小慧S0350524080002 | | | liaoxh@ghzq.com.cn | [Table_Title] 专业运动增长强劲，盈利水平提升 ——特步国际（01368）2024H1 中报点评 最近一年走势 相对恒生指数表现 2024/08/21 表现 1M 3M 12M 特步国际 3.1% -13.2% -34.5% 恒生指数 -0.2% -9.5% -1.3% 市场数据 2024/08/21 当前价格（港元） 5.00 52 周价格区间（港元） 3.61-8.30 总市值（百万港元） 13,222.59 流通市值（百万港元） 13,222.59 总股本（万股） 264,451.79 流通股本（万股） 264,451.79 日均成交额（百万港元） 83.34 换手率（%） 0.63 相关报告 纺 ...