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 ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 600754.SH 增持 原评级：增持 市场价格:人民币 23.86 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (46%) (37%) (27%) (18%) (9%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦江酒店 上证综指 至今 个月 个月 个月 绝对 (19.9) 1.3 (15.2) (40.4) 相对上证综指 (13.9) 5.4 (5.3) (28.0) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,070.04 | | 流通股 ( 百万 ) | | 1,070.04 | | 总市值 ( 人民币 百万 ) | | 25,531.25 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 240.23 | | 主要股东 | | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][2]. Core Views - The company has shown steady growth in its performance for the first half of 2024, with significant contributions from the automotive electronics and smart consumer sectors. New business directions include robotic dexterous hands and new types of motors [2]. - The revenue for the first half of 2024 reached RMB 645 million, representing a year-on-year increase of 28.10%. The net profit attributable to shareholders was RMB 94 million, up 29.05% year-on-year [2]. - The automotive electronics business accounted for over half of the company's revenue in the first half of 2024, with a revenue of RMB 340 million, which is 52.65% of total revenue [2]. - The company has developed innovative products in automotive applications, including solutions for car ceiling screens and precision electromagnetic valve cores, with some products entering mass production [2]. - The report highlights the development of high-torque DC motors and brushless motors, which have been successfully applied in automotive and medical fields [2]. Financial Summary - The company's projected revenue for 2024 is RMB 1,537 million, with a growth rate of 27.5%. The net profit attributable to shareholders is expected to be RMB 216 million, reflecting a growth rate of 20.0% [3][4]. - The diluted earnings per share (EPS) for 2024 is projected to be RMB 0.90, with a price-to-earnings (P/E) ratio of 39.8 times [3][4]. - The gross profit margin for the first half of 2024 was 31.23%, an increase of 3.19 percentage points year-on-year [2]. Business Segments - The automotive electronics segment is the largest contributor, followed by smart consumer and communication sectors. The medical and personal care sectors contribute a smaller portion of the revenue [2]. - The company is actively promoting its products in industrial automation, with successful market entries for certain motor products [2]. Valuation - Due to a decline in net profit margin in Q2 2024, the company’s earnings forecast has been adjusted downwards. The expected EPS for 2025 and 2026 are RMB 1.10 and RMB 1.43, respectively [2][3].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 口子窖 603589.SH 买入 原评级：买入 市场价格:人民币 35.14 板块评级:强于大市 本报告要点 口子窖 2024 年半年报业绩点评 股价表现 (%) 今年 1 3 12 (42%) (33%) (25%) (17%) (8%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 口子窖 上证综指 至今 个月 个月 个月 绝对 (20.6) (6.2) (16.3) (38.4) 相对上证综指 (15.4) (3.0) (7.4) (28.1) | --- | --- | |------------------------------------------|------------| | | | | 发行股数 ( 百万 ) | | | 流通股 ( 百万 ) | | | 总市值 ( 人民币 百万 ) | | | 3 个月日均交易额 ( 人民币 主要股东 | 百万 ) | | 徐进 | | | 资料来源：公司公告， Wind ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company achieved a revenue of RMB 3.733 billion in H1 2024, representing a year-on-year growth of 3.46%, while the net profit attributable to shareholders was RMB 358 million, up 27.49% year-on-year [2][3] - The overall hotel RevPAR decreased by 6.0% in Q2 2024 due to high base effects from the previous year [2][3] - The company continues to expand its store count, with a focus on upgrading to mid-to-high-end hotels, which now account for 28.6% of total hotels [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of RMB 3.733 billion, a 3.46% increase year-on-year, and a net profit of RMB 358 million, a 27.49% increase year-on-year [2][3] - The Q2 2024 revenue was RMB 1.888 billion, a decrease of 3.33% year-on-year, while the net profit was RMB 237 million, an increase of 18.51% year-on-year [2][3] Revenue Breakdown - Revenue from hotel operations accounted for 64.94%, hotel management for 27.12%, and scenic area operations for 7.94% [2][3] Market Position and Expansion - The company opened 567 new stores in H1 2024, a 7.8% increase year-on-year, with 171 of these being mid-to-high-end hotels, a 78.1% increase year-on-year [2][3] - The mid-to-high-end hotel segment's room count now represents 40.8% of total rooms [2][3] Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 0.81, RMB 0.92, and RMB 1.06 respectively, with corresponding P/E ratios of 14.5, 12.8, and 11.1 [2][3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 300763.SZ 买入 原评级：买入 市场价格:人民币 57.13 板块评级:强于大市 股价表现 (45%) (33%) (21%) (9%) 2% 14% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦浪科技 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (16.5) (11.6) 0.8 (22.7) 相对深圳成指 (4.4) (8.3) 12.6 (1.7) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 399.45 | | 流通股 ( 百万 ) | | 321.53 | | 总市值 ( 人民币 百万 ) | | 22,820.44 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 550.86 | | 主要股东 | | | | 王一鸣 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company experienced rapid growth in H1 2024, achieving revenue of 2.176 billion RMB, a year-on-year increase of 268.50%, and a net profit of 388 million RMB, marking a return to profitability [2]. - The company's gross margin reached 29.00%, up 26.84 percentage points year-on-year, while the net profit margin was 17.81%, an increase of 31.26 percentage points year-on-year [2]. - The report highlights the company's strategic focus on storage technology, which has led to a diversified product matrix and an expanding customer base, contributing to its growth [2]. - The semiconductor market is expected to grow significantly, with the storage market projected to see over 75% growth in 2024, providing favorable conditions for the company [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.176 billion RMB, a 268.50% increase year-on-year, and a net profit of 388 million RMB, compared to a loss in the previous year [2]. - For Q2 2024, revenue was 1.365 billion RMB, reflecting a 373.12% year-on-year increase and a 68.36% quarter-on-quarter increase [2]. - The company expects revenues of 3.996 billion RMB, 4.409 billion RMB, and 5.655 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 801 million RMB, 634 million RMB, and 711 million RMB [3]. Market Position and Strategy - The company is capitalizing on the recovery of the storage market, expanding its product offerings to include embedded storage and memory modules, which are becoming new growth points [2]. - The company has successfully entered the supply chains of several well-known enterprises, enhancing its customer diversity and operational stability [2]. - The report emphasizes the importance of AI applications driving demand in the storage market, which is expected to benefit the company significantly [2]. Valuation - The report adjusts the company's earnings forecast upwards, reflecting the anticipated growth in the storage industry and the company's strategic positioning [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 13.0, 16.4, and 14.6 respectively, indicating a favorable valuation outlook [3].

计算机 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 688168.SH 买入 原评级：买入 市场价格:人民币 28.10 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (43%) (32%) (22%) (12%) (2%) 8% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 安博通 上证综指 至今 个月 个月 个月 绝对 (22.5) 14.5 (4.5) (18.1) 相对上证综指 (17.1) 18.0 4.5 (7.6) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 76.51 | | 流通股 ( 百万 ) | | 76.51 | | 总市值 ( 人民币 百万 ) | | 2,150.04 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 14.66 | | 主要股东 | | | | 钟竹 | | 23 ...