Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - XCMG is a leading enterprise in the construction machinery sector with a comprehensive product range. Following the merger with XCMG Limited in 2022, the company has expanded its offerings to include excavators, concrete machinery, mining machinery, and tower cranes, achieving the highest market share in China and fourth globally [5][9]. - The traditional construction machinery industry in China is expected to bottom out in 2024, with policies supporting real estate and large-scale equipment updates likely to accelerate demand for machinery replacement [5][21]. - Strategic emerging sectors such as aerial work machinery and mining machinery show resilience against economic cycles, with significant growth in revenue reported for these segments [5][14]. - The company's global expansion is a key growth driver, with notable increases in overseas revenue and market share in regions like North America and Europe [5][18]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 1,024 billion, 1,163 billion, and 1,349 billion yuan from 2024 to 2026, and net profits of 67 billion, 84 billion, and 107 billion yuan respectively [5][6]. Summary by Sections Company Overview - XCMG has a rich history dating back to 1943 and has evolved into a major player in the global construction machinery market, ranking among the top five worldwide since 2011 [9][12]. Financial Performance - In 2023, XCMG reported revenues of 92.8 billion yuan and a net profit of 5.3 billion yuan, demonstrating resilience amid industry challenges [14][16]. - The company’s gross margin and net margin improved to 22.38% and 5.64% respectively in 2023, reflecting effective cost management and product mix optimization [16]. Market Dynamics - The construction machinery market in China is cyclical, with recent trends indicating a downturn since 2021. However, signs of recovery are anticipated in 2024 due to policy support and equipment replacement needs [24][38]. - The demand for excavators is projected to stabilize in 2024, with a slight year-on-year decline expected, indicating a potential bottoming out of the market [38]. Strategic Initiatives - XCMG's international strategy has led to significant growth in overseas markets, with a 50.5% increase in international revenue in 2022 [18][41]. - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in high-demand regions such as Southeast Asia and Europe [5][18].

Investment Rating - The investment rating for Pingmei Shenma Energy Company is "Buy" (maintained) [1][6] Core Views - The report highlights that the increase in clean coal washing rate and rising prices have offset the decline in coal sales, reflecting the company's resilience [3][5] - The controlling shareholder's plan to increase holdings demonstrates confidence in the company's future development [5][6] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 16.25 billion yuan, a year-on-year increase of 1.78%, while net profit attributable to shareholders was 1.39 billion yuan, a decrease of 37.66% [2][3] - The decline in profit is primarily attributed to a decrease in commodity coal sales and an increase in management expenses [2] - The company reported a clean coal production of 6.59 million tons, with a clean coal output rate of 46.4%, up from 40.2% in the previous year [3][5] Market Data Summary - The company's coal business saw a significant increase in clean coal washing rates, leading to a rise in overall selling prices, which helped mitigate the impact of declining coal sales [3] - The average selling price of coal reached 1,088 yuan per ton, an increase of 9% year-on-year, while the cost per ton was 772 yuan, up 13% [3][6] - The company plans to produce 13.05 million tons of clean coal for the full year 2024, representing a 2.8% increase from 2023 [3][6] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.658 billion, 3.388 billion, and 3.884 billion yuan, respectively, with corresponding EPS of 1.07, 1.37, and 1.57 yuan [6][7] - The report anticipates a slight increase in clean coal production and the potential injection of group assets, which may enhance the company's coal and coke integration business [6][7]

| --- | --- | --- | |-----------------------|-----------------------|------------------------| | 2024 | 年 08 月 21 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 146 期 | 观点精粹: 最新报告摘要 万华化学（600309）深度报告：聚氨酯优势加强，新材料接力成长——系列深度之五--万华化学/化学制品 (600309/212203) 公司 PPT 报告 讯飞星火版"Her"发布，引领语音技术革新--科大讯飞/软件开发(002230/217104) 公司点评 内外兼营灵活布局，收并购落地扩张延续--盛航股份/航运港口(001205/214211) 公司点评 盈利能力持续提升，员工持股彰显信心--中宠股份/饲料(002891/211104) 公司点评 2024Q2 业绩同比大增，看好复合肥量利齐升--史丹利/农化制品(002588/21220 ...

2024 年 08 月 20 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn [Table_Title] 盈利能力大幅改善，重点关注外单成长性兑现 ——京东物流（02618）2024 半年度业绩点评 事件: 最近一年走势 相对恒生指数表现 2024/08/20 表现 1M 3M 12M 京东物流 19.5% -1.6% -7.6% 恒生指数 0.5% -10.8% -2.4% | --- | --- | |------------------------|------------| | 市场数据 | 2024/08/20 | | 当前价格（港元） | 9.74 | | 52 周价格区间（港元） | 6.61-11.08 | | 总市值（百万港元） | 64,538.04 | | 流通市值（百万港元） | 64,538.04 | | 总股本（万股） | 662,608.18 | | 流通股本（万股） | 662,608.18 | | 日均成交额（百万港元） | 163.13 | | 近一月换手（%） | 2.13 | 相关 ...

2024 年 08 月 20 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] 线下经营承压，电商渠道增速亮眼 ——海澜之家（600398）2024H1 中报点评 最近一年走势 相对沪深 300 表现 2024/08/20 表现 1M 3M 12M 海澜之家 -18.8% -33.4% -14.7% 沪深 300 -5.8% -9.7% -11.9% 市场数据 2024/08/20 当前价格（元） 5.80 52 周价格区间（元） 5.76-10.04 总市值（百万） 27,856.07 流通市值（百万） 27,856.07 总股本（万股） 480,277.03 流通股本（万股） 480,277.03 日均成交额（百万） 496.77 近一月换手（%） 0.80 相 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown robust growth in both domestic and international markets, with a significant increase in profitability driven by the successful implementation of overseas solution projects [6][7] - The company is positioned as a leader in the overseas electric meter market, with projected revenues of 50 billion, 60 billion, and 71 billion for 2024, 2025, and 2026 respectively, reflecting a consistent growth rate of 19% [10] Financial Performance - In H1 2024, the company achieved a revenue of 22.5 billion, representing a year-on-year increase of 20%, and a net profit attributable to shareholders of 5.3 billion, up 22% year-on-year [6] - The sales gross margin improved to 44.2%, an increase of 5.7 percentage points compared to the previous year [6] - For Q2 2024, the company reported a revenue of 13.5 billion, a quarter-on-quarter increase of 50% and a year-on-year increase of 25% [6] Market Performance - The company's stock has outperformed the CSI 300 index over the past 12 months, with a relative performance of 82.1% [3] - The current stock price is 43.11 yuan, with a 52-week price range of 21.00 to 55.39 yuan [3] Business Growth - Domestic revenue reached 8 billion in H1 2024, up 24% year-on-year, while overseas revenue was 14 billion, an 18% increase year-on-year [7] - The company has made significant inroads in various international markets, including Africa, Asia, and Latin America, with notable revenue growth in these regions [7][10]

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) as of August 20, 2024 [1]. Core Insights - The significant increase in Q2 performance is attributed to the rise in aluminum and alumina prices, along with an increase in alumina production [2][3]. - The company achieved a revenue of 13.5 billion yuan in Q2 2024, representing a quarter-on-quarter increase of 88.1% and a year-on-year increase of 161.5% in net profit [2]. - The company is expected to maintain a strong growth trajectory due to ongoing projects and favorable market conditions [4]. Financial Performance Summary - For the first half of 2024, Tianshan Aluminum reported a revenue of 13.78 billion yuan, a year-on-year decrease of 6.83%, while net profit increased by 103% to 2.07 billion yuan [2]. - In Q2 2024, the average selling price of self-produced aluminum increased by 6.7% year-on-year, while the production volume was 585,400 tons, a year-on-year increase of 1.3% [3]. - The alumina production reached 1.093 million tons in the first half of 2024, a year-on-year increase of 6.8%, with the average selling price rising by 26.1% [3]. Future Growth Potential - The company has multiple growth projects in the pipeline, including a 200,000-ton electrolytic aluminum project and alumina projects in Indonesia and Guinea [4]. - Revenue projections for 2024-2026 are estimated at 33.7 billion, 35.4 billion, and 38.4 billion yuan, with net profits expected to be 4.22 billion, 4.51 billion, and 4.95 billion yuan respectively [6][7].

2024 年 08 月 20 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 呼吸道系列高速增长，多领域布局取得突破 ——圣湘生物（688289）2024 年半年报点评 最近一年走势 事件: 圣湘生物于 8 月 18 日发布 2024 年半年度报告：2024 年上半年，公司实 现收入 7.17 亿元（+68%，同比口径，下同）、归母净利润 1.57 亿元 （+71%）、扣非归母净利润 1.21 亿元（+288%）。 投资要点: 呼吸道类产品高速增长。公共卫生事件激发呼吸道疾病检测需求的 大幅增长，公司从呼吸道病原体诊断系列产品、服务到销售模式全 面创新，门、急诊精准诊疗以及"互联网+医疗"到家自检持续增长， 2023 年呼吸道类产品营业收入超 4 亿元（+680%），2024 年上半年 呼吸道类产品营业收入已与去年全年总额基本持平。 相对沪深 300 表现 2024/08/20 表现 1M 3M 12M 圣湘生物 -1.4% -7.7% 11.7% 沪深 300 -5.8% -9.7% -11.9 ...

2024 年 08 月 20 日 评级：买入(维持) | --- | --- | |--------------|---------------------------------------------| | | | | 研究所： | | | 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | --- | |---------------------|-------|-------|--------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 300 | 表现 | | | 2024/08/19 | | 表现 | 1M | | 3M | 12M | | 中宠股份 | -6.9% | | -24.6% | -20.5% | | 沪深 300 | -5.1% | | -8.7 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][42]. Core Views - The company has shown significant growth in its composite fertilizer business, with a notable increase in both volume and profit in the first half of 2024. The revenue reached 5.672 billion yuan, a year-on-year increase of 9.04%, while the net profit attributable to shareholders was 510 million yuan, up 27.98% year-on-year [2][7]. - The company is expected to continue its growth trajectory, with projected revenues of 10.7 billion yuan, 12.3 billion yuan, and 13.4 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 895 million yuan, 1.078 billion yuan, and 1.285 billion yuan for the same years [7][42]. Summary by Sections Market Performance - The company's stock price has fluctuated between 4.72 and 7.70 yuan over the past 52 weeks [1]. Financial Performance - In Q2 2024, the company achieved a revenue of 3.044 billion yuan, representing a year-on-year increase of 41.51% and a quarter-on-quarter increase of 15.80%. The net profit for the same period was 272 million yuan, up 47.40% year-on-year and 13.99% quarter-on-quarter [2][3][36]. - The gross profit margin for Q2 2024 was 19.61%, an increase of 0.28 percentage points year-on-year [3][4]. Product Segmentation - The revenue from sulfur-based composite fertilizers was 1.161 billion yuan, with a gross margin of 17.66%. Chlorine-based composite fertilizers generated 3.247 billion yuan in revenue, with a gross margin of 18.75%, while new fertilizers and phosphate fertilizers contributed 1.213 billion yuan, with a gross margin of 19.52% [2][4][10]. Operational Efficiency - The company has improved its operational efficiency through effective management of raw material prices, production planning, and inventory adjustments. This has led to a significant increase in gross profit for Q2 2024 [3][4]. Future Outlook - The company is advancing its phosphate chemical projects, which are expected to enhance its phosphate fertilizer raw material supply capacity. The completion of these projects will likely reduce production costs and increase product sales [5][42].