交通运输 | 证券研究报告 — 调整盈利预测 2024 年 9 月 6 日 601872.SH 增持 原评级：增持 市场价格:人民币 6.91 板块评级:强于大市 股价表现 (14%) 2% 18% 34% 51% 67% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Aug-24Sep-24 招商轮船 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 14.2 (7.0) (21.8) 12.9 相对上证综指 20.1 (4.5) (12.8) 24.5 | --- | --- | |----------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 8,143.81 | | 流通股 ( 百万 ) | 8,143.81 | | 总市值 ( 人民币 百万 ) | 56,273.70 | | 3 个月日均交易额 ( 人民币 百万 ) | 313.46 | | 主要股东 | | | 招商局轮船有限公司 | 54.02 | | 资料来源：公司 ...

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商贸零售 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600859.SH 增持 原评级：增持 市场价格:人民币 12.06 板块评级:强于大市 股价表现 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 王府井 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (23.7) (18.6) (7.1) (42.8) 相对上证综指 (18.3) (15.1) 1.9 (32.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 1,135.05 | | 流通股 ( 百万 ) | | 1,093.47 | | 总市值 ( 人民币 百万 ) | | 13,688.70 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 393.13 | | ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 天顺风能 深圳成指 002531.SZ 买入 原评级：买入 市场价格:人民币 7.02 板块评级:强于大市 股价表现 (50%) (39%) (28%) (17%) (6%) 5% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (39.3) (14.0) (35.0) (46.8) 相对深圳成指 (26.8) (10.1) (21.9) (24.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 1,796.88 | | 流通股 ( 百万 ) | | 1,786.87 | | 总市值 ( 人民币 百万 ) | | 12,614.09 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 165.68 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 300772.SZ 增持 原评级：增持 市场价格:人民币 10.01 板块评级:强于大市 股价表现 (37%) (29%) (20%) (12%) (3%) 6% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 运达股份 深圳成指 | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|-------------------------|--------------------------|------------------------| | (%) \n绝对 \n相对深圳成指 | 今年 至今 \n(6.0) \n6.5 | 1 个月 \n(11.2) \n(7.4) | 3 个月 \n (9.4) \n3.7 | 12 个月 \n(13.6) \n8.9 | | 发行股数 ( 百万 ) | | | | 70 ...

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机械设备 | 证券研究报告 — 公司深度 2024 年 9 月 5 日 000680.SZ 买入 原评级：未有评级 市场价格:人民币 6.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (24%) (0%) 24% 48% 72% 96% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 山推股份 深圳成指 绝对 33.5 (2.8) (23.2) 30.3 相对深圳成指 46.0 1.1 (10.1) 52.8 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 1,500.33 | | 流通股 ( 百万 ) | | 1,308.00 | | 总市值 ( 人民币 百万 ) | | 9,992.18 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 203.23 | | 主要股东 | | | | 山东重工集团有限公 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company has shown significant revenue growth, with a 25.37% year-on-year increase in operating revenue for H1 2024, reaching RMB 7.48 billion, and a 13.38% increase in net profit attributable to shareholders, amounting to RMB 729 million [3] - The revenue growth is primarily driven by the performance of the pulp and automotive shipping segments, with automotive shipping revenue increasing by 630.2% year-on-year [3] - The report maintains a positive outlook on the company's future performance, particularly due to the expansion of automotive shipping capacity and the increase in pulp shipping business [3] Summary by Sections Financial Performance - For H1 2024, the company reported operating revenue of RMB 7.48 billion, a 25.37% increase year-on-year, and a net profit of RMB 729 million, up 13.38% [3] - Revenue breakdown by segment shows significant increases in pulp shipping (+82.8%) and automotive shipping (+630.2%), while multi-purpose and heavy-lift vessels saw modest changes [3] - The average charter rates for pulp and automotive vessels increased significantly, with pulp vessels at USD 20,704/day (+29%) and automotive vessels at USD 31,711/day (+106%) [3] Future Projections - The company’s net profit forecasts for 2024-2026 are adjusted to RMB 1.415 billion, RMB 1.690 billion, and RMB 1.970 billion, representing growth rates of 32.9%, 19.5%, and 16.5% respectively [4] - Earnings per share (EPS) estimates for the same period are projected at RMB 0.66, RMB 0.79, and RMB 0.92, with corresponding price-to-earnings (PE) ratios of 8.7, 7.3, and 6.3 [4] Market Position - The company is positioned in a strong market segment with a robust demand for automotive exports, which is expected to sustain high charter rates for automotive vessels [3] - The overall supply of multi-purpose and heavy-lift vessels is tightening, with the global order book at a historical low, which may benefit the company’s operational stability [3]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][2] - The market price is reported at RMB 17.00 [1] Core Views - The company has shown significant growth in revenue and net profit for the first half of 2024, with revenue reaching RMB 378 million, a year-on-year increase of 88.20%, and net profit of RMB 49 million, up 122.23% year-on-year [2] - Despite the growth, profitability is under short-term pressure due to increased R&D investments [2] - The outlook for the optical prism and glass wafer businesses is positive, supporting the "Buy" rating [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of RMB 378 million, a growth of 88.20% year-on-year, and a net profit of RMB 49 million, which is an increase of 122.23% year-on-year [2] - The gross margin was 31.60%, down 0.88 percentage points year-on-year, while the net profit margin improved to 13.08%, up 1.99 percentage points [2] - For Q2 2024, revenue was RMB 211 million, a year-on-year increase of 82.81%, and net profit was RMB 20 million, up 14.68% year-on-year [2] Business Segments - The optical prism business saw revenue of RMB 203 million, a significant increase of 313.32% year-on-year, but the gross margin decreased to 23.24%, down 19.9 percentage points from the previous year [2] - The glass aspheric lens segment generated RMB 123 million in revenue, up 16.01% year-on-year, with a gross margin of 48.87%, an increase of 2.3 percentage points [2] - The glass wafer business reported revenue of RMB 31 million, a growth of 47.50% year-on-year, with a gross margin of 12.28%, down 4.03 percentage points [2] R&D and Future Outlook - R&D expenses increased to RMB 45.99 million, a growth of 68.31% year-on-year, with a focus on micro-prism and wafer polishing technologies [2] - The company plans to continue investing in R&D, with 20 ongoing projects, including significant investments in high-precision wafer polishing and micro-prism technology [2] Valuation - The earnings per share (EPS) forecast for 2024, 2025, and 2026 is RMB 0.75, RMB 0.94, and RMB 1.12, respectively, with corresponding price-to-earnings ratios of 22.6x, 18.1x, and 15.2x [2][4]

| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|---------------------|---------------|------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 | —— 晨会聚焦 \n | | | 2024 年 9 月 5 日 | | 股票代码 600309.SH | | 股票名称 万华化学 | | 中银晨会聚焦 -20240905 | | | | | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | | 603203.SH | | 快克智能 | | 【 计算机 】安博通 * 杨思睿 刘桐彤。近期，公司发布 2024 年半年报，上半 | | 688198.SH | | 佰仁医疗 ...