Investment Rating - The report maintains an "Accumulate" rating for Jitu Express-W (01519) [1] Core Views - Jitu Express has achieved profitability in the China region, continuing its growth trajectory with a significant increase in business volume [1][4] - The company reported a total business volume of 11.01 billion parcels in H1 2024, representing a year-on-year growth of 38.3% [2][4] - The revenue for H1 2024 reached $4.862 billion, up 20.62% year-on-year, with a gross profit of $536 million, reflecting a substantial increase of 176.81% [3][4] Summary by Sections Business Performance - In H1 2024, Jitu Express achieved a business volume of 11.01 billion parcels, with Southeast Asia, China, and new markets contributing 2.043 billion, 8.836 billion, and 136 million parcels respectively, showing year-on-year growth rates of 42.0%, 37.1%, and 63.9% [2][4] - The company’s Q2 2024 business volume was 5.983 billion parcels, a 30.7% increase year-on-year [2][4] Revenue and Profitability - The company’s revenue for H1 2024 was $4.862 billion, a 20.62% increase from the previous year, with a net profit of $28 million, marking a turnaround from losses [3][4] - The average revenue per parcel varied across markets, with Southeast Asia at $0.74, China at $0.34, and new markets at $2.14, reflecting changes of -14.12%, -0.72%, and +34.07% respectively [3][4] Cost Management - Jitu Express has implemented refined management strategies that have significantly reduced per-parcel costs in Southeast Asia and China, leading to improved gross margins [6][7] - In Southeast Asia, the per-parcel cost decreased to $0.60, down 15.41% year-on-year, while in China, it fell to $0.32, an 8.51% reduction [6][7] Market Outlook - The growth in e-commerce continues to provide opportunities for Jitu Express, with expectations for sustained business volume growth and improved profitability driven by economies of scale [7][8] - The company is projected to achieve revenues of $10.137 billion, $12.022 billion, and $14.004 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of $185 million, $390 million, and $476 million [8][9]

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 公司 2024 年 Q2 业绩同比高速增长，股权激励 彰显长期信心 ——特宝生物（688278）2024 年中报点评 事件: 2024 年 8 月 21 日，特宝生物发布 2024 年半年度报告：2024 年上半年 公司营业收入 11.90 亿元（yoy+31.68%），归母净利润 3.04 亿元 （yoy+50.53%），扣非归母净利润 3.30 亿元（+41.67%）。 投资要点: 公司 2024 年上半年业绩高速增长。 2024 年上半年公司营业收 入 11.90 亿元（yoy+31.68%），归母净利润 3.04 亿元（yoy+50.53%）， 扣非归母净利润 3.30 亿元（+41.67%）。2024 年 Q2 公司营业收入 6.45 亿元（yoy+33.09%），归母净利润 1.76 亿元（yoy+48.75%）， 扣非归母净利润 1.84 亿元（yoy+40.70%）。 2024 年 Q2 公司销售费用控制 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 22, 2024 [1] Core Insights - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34%. The net profit attributable to the parent company was 838 million yuan, up 38.1% year-on-year, with a non-recurring net profit of 790 million yuan, increasing by 49.7% [2][3] - The growth was driven by the enhancement of the company's smart cockpit and smart driving business competitiveness, the launch of new products and technologies, and the expansion of new customers and businesses [3] - The smart cockpit business generated 8 billion yuan in revenue, a 27% increase year-on-year, while the smart driving business achieved 2.7 billion yuan, up 45% year-on-year [3] Financial Performance Summary - In H1 2024, the company's gross profit margin was 20.33%, a decrease of 0.33 percentage points year-on-year, while the net profit margin was 7.24%, an increase of 0.29 percentage points year-on-year [3] - The smart cockpit business had a gross margin of 19.6%, down 0.02 percentage points year-on-year, and the smart driving business had a gross margin of 18.94%, up 1.93 percentage points year-on-year [3] - The company is expected to achieve total revenue of 28.1 billion yuan, 34.9 billion yuan, and 41.7 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28%, 24%, and 20% [4][5] Business Development - The company is actively expanding its smart cockpit, smart driving, and connected services, which are expected to inject growth momentum into the business [3] - The third and fourth generation smart cockpit domain controllers have been mass-produced and received orders from multiple clients, including Li Auto and Geely. The company is also advancing new product business development, with body domain controllers and HUD products gaining new project orders [3] - The high-performance smart driving domain controllers have been mass-produced for clients such as Li Auto and Zeekr, and the company has signed strategic cooperation agreements to accelerate the deployment of next-generation integrated cockpit and driving platforms [3]

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 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 | 最近一年走势 相对沪深 300 表现 2024/08/21 表现 1M 3M 12M 兴发集团 0.2% -19.0% -14.1% 沪深 300 -6.1% -9.6% -10.9% 市场数据 2024/08/21 当前价格（元） 18.01 52 周价格区间（元） 14.31-24.83 总市值（百万） 19,869.62 流通市值（百万） 19,869.62 总股本（万股） 110,325.46 流通股本（万股） 110,325.46 日均成交额（百万） 153.37 近一月换手（%） 0.91 相 ...

2024 年 08 月 22 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 147 期 观点精粹: 最新报告摘要 利润同比双位数增长，业务拓展持续打造新增长极--奥瑞金/包装印刷(002701/213602) 公司点评 电解铝量价齐升，煤炭产量下降影响业绩--神火股份/工业金属(000933/212403) 公司点评 利润端快速增长，行业电动化持续推进--杭叉集团/工程机械(603298/216406) 公司点评 徐工机械(000425)深度报告：工程机械全球领先，新兴板块+海外拓展贡献新动能--徐工机械/工程机械 (000425/216406) 公司 PPT 报告 收入利润韧性增长，"WPS AI+大会员"付费数超百万--金山办公/软件开发(688111/217104) 科创板公司动态研 究 钛精矿景气延续，年中股利支付率达 46%--安宁股份/小金属(002978/212405) 公司点评 芯源微(688037)深度报告：涂胶显影设备国产替代先锋，清洗+先进封装设备打开成长空间--芯源 ...

Investment Rating - Buy rating (first coverage) [1] Core Investment Thesis - The company is a leader in domestic photoresist coating and developing equipment, with continuous orders for immersion machines [3] - The company is expanding into chemical cleaning and advanced packaging equipment, significantly increasing its growth potential [3] - The company is expected to achieve revenues of 2.275/2.993/3.842 billion yuan in 2024-2026, with net profits of 322/446/608 million yuan, and EPS of 1.61/2.23/3.04 yuan, corresponding to P/E ratios of 38X/27X/20X [3] Photoresist Coating and Developing Equipment - The company is the only domestic manufacturer capable of providing mass-produced front-end photoresist coating and developing machines [3] - The global market for photoresist coating and developing equipment is expected to reach $4.5 billion by 2025, with the Chinese market accounting for $1.8 billion [3] - The company has successfully launched various models, including offline, I-line, KrF, and ArF immersion machines, and has secured orders from multiple major clients [3] - The company's photoresist coating and developing equipment revenue and sales CAGR from 2019-2023 were 76% and 48%, respectively [3] Chemical Cleaning and Advanced Packaging Equipment - The global semiconductor cleaning equipment market is expected to reach $6 billion by 2025, with the Chinese market accounting for $2.4 billion [3] - The company's physical cleaning equipment is leading in the domestic market, and it is actively expanding into chemical cleaning, with temporary bonding and debonding equipment entering small-scale sales [3] - The company's chemical cleaning equipment has received validation orders, significantly expanding its market potential [42] Market and Industry Analysis - The global semiconductor equipment market is expected to grow to $109.5 billion in 2024, with China leading in wafer fab equipment spending [19] - The domestic semiconductor equipment market is expected to maintain an annual investment scale of over $30 billion from 2024-2027 [19] - The company's immersion machines have achieved domestic substitution, covering all 28nm and above process nodes [28] Financial Performance and Projections - The company's revenue CAGR from 2019-2023 was 51.78%, with net profit CAGR of 53.64% [10] - The company's gross margin for front-end photoresist coating and developing equipment improved steadily in 2023, reaching 38.84% [10] - The company's R&D expense ratio in Q1 2024 was 18.60%, an increase of 6.36 percentage points year-on-year [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Insights - The company reported significant growth in Q2 2024, with a revenue of 484 million yuan, representing a year-on-year increase of 25.98% and a quarter-on-quarter increase of 77.03%. The net profit attributable to shareholders reached 57 million yuan, up 32.39% year-on-year and 62.44% quarter-on-quarter [3] - The overseas revenue proportion increased to 18.50%, up 7.17 percentage points from the previous year, indicating the company's active expansion into international markets [3] - The gross margin improved significantly, with a gross margin of 29.60% in H1 2024, an increase of 1.92 percentage points year-on-year [3] Financial Performance Summary - For H1 2024, the company achieved a total revenue of 757 million yuan, a year-on-year growth of 16.17%, and a net profit of 93 million yuan, up 20.64% year-on-year [2] - The company’s revenue projections for 2024-2026 are 1.871 billion yuan, 2.294 billion yuan, and 2.753 billion yuan, respectively, with corresponding net profits of 230 million yuan, 288 million yuan, and 359 million yuan [6][7] - The current price of the stock is 25.98 yuan, with a market capitalization of approximately 3.49 billion yuan [3][7]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][9]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 4.193 billion yuan, a year-on-year increase of 46.2%, and net profit attributable to shareholders of 287 million yuan, up 57.9% year-on-year [2][3]. - The growth was driven by the dual engines of "automotive electronics and precision die-casting," with automotive electronics revenue increasing by 65.41% to 3.071 billion yuan, and precision die-casting revenue rising by 23.55% to 914 million yuan [3][6]. - The company is expanding its growth engine through new product development and customer acquisition, with R&D investment in H1 2024 amounting to 373 million yuan, a 25.57% increase year-on-year [3][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross profit margin of 21.76% and a net profit margin of 6.9%, with a decrease in expense ratio to 14% [3][6]. - The company expects total revenue to reach 8.905 billion yuan in 2024, with a year-on-year growth rate of 25%, and net profit to be 629 million yuan, reflecting a growth rate of 35% [6][7]. Business Segments - The automotive electronics segment is seeing rapid growth due to new product lines entering mass production, including cockpit domain controllers and vehicle cameras [3][6]. - The precision die-casting segment is benefiting from increased sales of components related to automotive intelligence and optical communication modules [3][6]. Market Position - The company has made significant progress in customer acquisition, securing projects with major domestic manufacturers such as BYD and NIO, which has led to a substantial increase in order volume [6][3].

Investment Rating - The report maintains an "Overweight" rating for Hangcha Group (603298) [1] Core Views - Hangcha Group achieved rapid growth in profitability in H1 2024, with revenue increasing by 3.74% YoY to 8.554 billion yuan and net profit attributable to shareholders surging 29.29% YoY to 1.007 billion yuan [2] - In Q2 2024, revenue reached 4.382 billion yuan, up 2.08% YoY and 5.05% QoQ, while net profit attributable to shareholders jumped 28.07% YoY and 65.80% QoQ to 628 million yuan [3] - The company's gross margin improved to 21.41% in H1 2024, up 2.34 percentage points YoY, with net profit margin reaching 11.77%, up 2.33 percentage points YoY [3] - The forklift industry maintained steady growth in both domestic and export sales, with total sales volume reaching 662,100 units in H1 2024, up 13.09% YoY [3] Financial Performance - Hangcha Group's operating income is expected to reach 17.526 billion yuan in 2024, with a YoY growth rate of 8%, and net profit attributable to shareholders is projected to be 2.030 billion yuan, up 18% YoY [4] - The company's ROE is forecasted to remain at 20% from 2024 to 2025, with EPS expected to grow from 1.55 yuan in 2024 to 1.96 yuan in 2026 [6] - Hangcha Group's P/E ratio is estimated to decline from 10.37 in 2024 to 8.20 in 2026, indicating improving valuation metrics [6] Industry Trends - The forklift industry's electrification continues to advance, with the electrification rate of non-Class III forklifts increasing from 32.48% in H1 2023 to 34.94% in H1 2024 [3] - Class I forklift sales grew 19.04% YoY, Class II increased 22.62%, and Class III surged 25.58% in H1 2024, demonstrating strong demand across product categories [3] Market Performance - Hangcha Group's stock price stood at 16.07 yuan as of August 21, 2024, with a total market capitalization of 21.049 billion yuan [3] - The company's 52-week price range was between 15.05 yuan and 34.49 yuan, with a monthly turnover rate of 0.56% [3]

Investment Rating - The report maintains a "Buy" rating for Shenhuo Co., Ltd. (000933) as of August 20, 2024 [1][8]. Core Views - The company's performance in the first half of 2024 showed a decline in revenue and net profit, primarily due to decreased sales and prices in the coal business, while the aluminum segment experienced growth in both production and profit margins [3][4]. - The report highlights that the increase in aluminum production and prices has positively impacted the company's profitability, despite challenges in the coal sector [4][5]. Financial Performance Summary - For the first half of 2024, Shenhuo Co., Ltd. reported revenue of 18.22 billion yuan, a year-on-year decrease of 4.65%, and a net profit of 2.28 billion yuan, down 16.62% year-on-year [3]. - In Q2 2024, the company achieved revenue of 10.00 billion yuan, a quarter-on-quarter increase of 21.57% and a year-on-year increase of 4.2% [3]. - The aluminum production for the first half of 2024 was 750,000 tons, up 3.2% year-on-year, while coal production decreased by 15.0% to 3.23 million tons [4][5]. Segment Analysis Aluminum Segment - The aluminum segment saw a production increase of 3.2% and sales growth of 2.4% in the first half of 2024, with significant contributions from Yunnan province [4]. - The average price of aluminum in Q1 and Q2 2024 was 19,047 yuan/ton and 20,537 yuan/ton, respectively, reflecting year-on-year increases of 3.2% and 10.9% [4]. Coal Segment - The coal segment faced a decline in both production and sales, with production down 15.0% and sales down 18.8% year-on-year [4]. - The average selling price of coal decreased by 133 yuan/ton, leading to reduced profitability in this segment [4]. Future Earnings Forecast - The report projects Shenhuo Co., Ltd.'s revenue for 2024 to be 39.35 billion yuan, with a growth rate of 5% [7]. - The expected net profit for 2024 is 4.85 billion yuan, reflecting a year-on-year decrease of 18% [7]. - The earnings per share (EPS) is forecasted to be 2.15 yuan for 2024, with a gradual increase expected in subsequent years [7][8].