证券研究报告 非金融公司|公司点评|凯盛新能（600876） 光伏玻璃产销量高增，盈利阶段承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024H1 收入为 29.8 亿元，yoy+7%；归母净利及扣非归母净利分别 为-0.5、-0.7 亿元，均同比转亏。其中 Q2 收入为 15.4 亿元，yoy+14%，qoq+7%；归母净利及 扣非归母净利分别为-0.5、-0.6 亿元，同比均转亏，环比亏损幅度均有所扩大。2024H1 公司 收入较快增长，新产能释放及成品率提升驱动产销量快速增长。公司盈利阶段性承压。一方 面，光伏玻璃盈利大幅下降，主要系光伏玻璃价格持续下行所致；另一方面，其他收益减少、 资产减值损失增加对利润亦造成一定拖累。 |分析师及联系人 武慧东 朱思敏 SAC：S0590523080005 SAC：S0590524050002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月05日 凯盛新能(600876) 光伏玻璃产销量高增，盈利阶段承压 ...

证券研究报告 行业研究|行业点评研究|有色金属（2124） : 有色金属 2024H1 业绩总结：Q2 业绩环 比改善，经营质量显著优化 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 2024 H1 有色金属板块实现营业收入 17137 亿元，同比增长 2.10%；归母净利润 692.78 亿元， 同比下降 3.32%；2024 Q2 实现营业收入 9326 亿元，同比增长 7.50%；归母净利润 436.13 亿 元，同比增长 27.01%。盈利能力方面，2024 H1 有色金属板块销售毛利率/净利率分别为 11.37%/5.32%，分别同比+1.14/-0.17 pct。现金流方面，2024 H1 有色金属板块经营性现金 净流量为 829.73 亿元，同比下降 12.25%；2024 Q2 经营性现金净流量为 698.16 亿元，同比 下降 12.47%，环比提高 430.63%。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 12 行业研究| ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's HPV vaccine sales are under pressure, but the newly introduced shingles vaccine is expected to gradually increase in volume [6] - In H1 2024, the company reported revenue of 18.258 billion yuan, a year-on-year decrease of 25.31%, and a net profit attributable to shareholders of 2.234 billion yuan, down 47.55% [6][7] - The company has expanded its sales team significantly, with a 39.51% increase in sales personnel, which is expected to support the launch of new products [6] Financial Performance - In H1 2024, the company's revenue from agency products was 17.592 billion yuan, a decrease of 25.40% year-on-year, primarily due to unmet market promotion expectations [6] - The company’s R&D investment reached 570 million yuan in H1 2024, accounting for 103% of its self-developed product revenue [6] - The company forecasts revenues of 40.730 billion yuan, 40.833 billion yuan, and 41.691 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -23.03%, 0.25%, and 2.10% [7] Product Development - The company has a total of 32 self-developed projects, with several products making positive progress in clinical trials [6] - The company has achieved nationwide coverage of over 20,000 terminal usage units for its shingles vaccine, which was first approved for sale in March 2024 [6] Market Position - Despite the decline in HPV vaccine sales, the company maintains a high market share and has a clear competitive advantage through product differentiation [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for H1 2024 was CNY 40.165 billion, a decrease of 3.75% year-on-year, while the net profit attributable to shareholders was CNY 3.927 billion, an increase of 41.33% year-on-year [2][5] - The decline in coal prices has improved profit margins, with a gross margin of 11.03% and a net margin of 11.06% for H1 2024, both showing significant year-on-year increases [5] - The company is expected to see revenue growth from CNY 97.207 billion in 2024 to CNY 103.743 billion in 2026, with a compound annual growth rate (CAGR) of 11.8% [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a total power generation of 75.47 billion kWh, a year-on-year increase of 0.77% [5] - The company’s operating costs decreased by 8.48% year-on-year, contributing to improved profitability [5] - The company’s investment income for H1 2024 was CNY 2.612 billion, an increase of CNY 0.092 billion year-on-year [5] Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are CNY 97.207 billion, CNY 101.008 billion, and CNY 103.743 billion, respectively, with year-on-year growth rates of 1.28%, 3.91%, and 2.71% [6] - The net profit attributable to shareholders is projected to be CNY 8.088 billion in 2024, CNY 8.490 billion in 2025, and CNY 9.121 billion in 2026, with growth rates of 24.06%, 4.97%, and 7.43% respectively [6] Valuation Metrics - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be CNY 0.60, CNY 0.63, and CNY 0.68, with price-to-earnings (P/E) ratios of 10.3, 9.8, and 9.2 respectively [6] - The company’s price-to-book (P/B) ratio is projected to decrease from 1.1 in 2024 to 1.0 in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 3.881 billion yuan in the first half of 2024, a year-on-year decrease of 9.92%. The net profit attributable to shareholders was 89.65 million yuan, down 68.53% year-on-year [10] - The company experienced a quarter-on-quarter improvement in performance, with a significant growth in high-end testing services, which accounted for 54% of total revenue in H1 2024, up 1.02 percentage points year-on-year [10] - The company is accelerating its digital transformation and building an AI ecosystem for medical testing, enhancing service efficiency and quality [10] Financial Performance Summary - In H1 2024, the company achieved a gross margin of 34.76% and a net margin of 2.15%. The low profit margins were primarily due to lower-than-expected demand for routine testing and credit impairment losses of 296 million yuan [10] - The company’s revenue for Q2 2024 was 2.040 billion yuan, a year-on-year decrease of 6.91%, but showed a quarter-on-quarter increase of 10.77% [10] - The forecast for revenue from 2024 to 2026 is 8.752 billion yuan, 9.966 billion yuan, and 11.395 billion yuan, with year-on-year growth rates of 2.49%, 13.86%, and 14.35% respectively [11] Earnings Forecast and Valuation - The projected net profit for 2024, 2025, and 2026 is 491 million yuan, 934 million yuan, and 1.216 billion yuan, with growth rates of -23.67%, 90.11%, and 30.24% respectively [11] - The earnings per share (EPS) are expected to be 1.05 yuan, 1.99 yuan, and 2.59 yuan for the years 2024, 2025, and 2026 [11] - The company is expected to benefit from the increasing outsourcing rate in the medical testing industry, leading to stable growth in performance [10][11]

证券研究报告 行业研究|行业专题研究|证券Ⅱ（214901） 券商 2024H1 业绩综述：行业业绩有所 承压，投资收益为分化主因 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 43 家综合性上市券商（不含东财）2024H1 累计实现证券主营收入（剔除大宗商贸和政府补助） 合计 1868 亿元/yoy-16%，合计实现归母净利润 640 亿元/yoy-22%。2024Q2 单季度合计实现证 券主营收入 999 亿元/yoy-9%/qoq-13%，合计实现归母净利润 346 亿元/yoy-11%/qoq+18%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 耿张逸 请务必阅读报告末页的重要声明 1 / 25 风险提示：1）经济增速不及预期；2）流动性收紧；3）居民资金入市进程放缓。 行业研究|行业专题研究 2024年09月04日 glzqdatemark2 证券Ⅱ 券商 2024H1 业绩综述：行业业绩有所承压， 投资收益为分化主因 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 证券Ⅱ 沪深300 -30% - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue growth is driven by new product launches, although incentive expenses have impacted overall performance [7][10] - In H1 2024, the company achieved operating revenue of 1.026 billion yuan, a year-on-year increase of 7.20%, while net profit attributable to shareholders decreased by 5.30% to 307 million yuan [10][11] - The company has successfully entered the South Korean dental CBCT market and has begun bulk deliveries, contributing to stable revenue growth despite external industry challenges [11] Financial Performance Summary - In H1 2024, the company's detector business revenue was 844 million yuan, a decline of 2.9% year-on-year, primarily due to external factors and a high base from the previous year [11] - The gross profit margin for H1 2024 was 54.15%, down 4.10 percentage points year-on-year, while the net profit margin was 29.27%, down 4.01 percentage points [12] - Excluding the impact of share-based payment expenses, the adjusted net profit attributable to shareholders for H1 2024 was 383 million yuan, an increase of 6.03% year-on-year [12] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.318 billion yuan, 2.889 billion yuan, and 3.597 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.35%, 24.65%, and 24.50% [12][13] - The net profit attributable to shareholders is projected to be 702 million yuan, 885 million yuan, and 1.166 billion yuan for the same years, with growth rates of 15.59%, 25.98%, and 31.77% [12][13]

Investment Rating - The investment rating for the company is "Accumulate (First Time)" [4] Core Insights - The company reported a stable revenue growth with a 10.23% year-on-year increase in revenue for the first half of 2024, reaching 10.31 billion yuan. However, the net profit attributable to shareholders decreased by 35.2% to 485 million yuan [2][5] - The company is a key supplier of control rod drive mechanisms in the nuclear power sector, benefiting from the high demand in the nuclear industry [5] Financial Performance Summary - In H1 2024, the company achieved revenue of 10.31 billion yuan, a 10.23% increase year-on-year, while the net profit was 485 million yuan, down 35.2% [2][5] - For Q2 2024, revenue was 5.86 billion yuan, reflecting a 24.23% year-on-year growth, with a net profit of 174 million yuan, down 31.52% [2][5] - The revenue from hazardous waste disposal and resource recovery products increased by 9.85%, accounting for 95.32% of total revenue, although the gross margin decreased by 3.32% due to rising upstream resource prices [5] - The company’s clean energy equipment revenue grew by 20.09%, with a slight decrease in gross margin by 0.44% [5] Cost Control and Investment Income - The company maintained good control over its expense ratios, with sales, management, R&D, and financial expense ratios at 0.14%, 2.43%, 4.52%, and 0.45% respectively [5] - Investment income decreased by 298 million yuan year-on-year, primarily due to the disposal of financial liabilities in H1 2023 [5] Industry Outlook and Orders - The nuclear power industry remains robust, with the approval of 11 new nuclear power units, leading to increased orders for equipment manufacturers [5] - The company’s subsidiary, Huadu, is a major manufacturer of control rod drive mechanisms and has secured contracts for several nuclear projects, including those in Fujian and exports to Pakistan, with new orders totaling 103 million yuan in H1 2024 [5] Earnings Forecast and Valuation - Projected revenues for 2024-2026 are 21.33 billion yuan, 23.11 billion yuan, and 24.26 billion yuan, with year-on-year growth rates of 12.57%, 8.34%, and 4.99% respectively [6] - The net profit attributable to shareholders is expected to be 1.07 billion yuan, 1.22 billion yuan, and 1.49 billion yuan for the same period, with growth rates of 4.30%, 14.45%, and 21.90% respectively [6] - The company is valued at a PE ratio of 13.7, 11.9, and 9.8 for the years 2024, 2025, and 2026 respectively, reflecting its position as a leader in hazardous waste treatment and a core supplier in the nuclear equipment sector [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 4.196 billion yuan in H1 2024, representing a year-on-year growth of 24.45%. The net profit attributable to shareholders was 710 million yuan, up 127.75% year-on-year. The gold production reached 7.55 tons, an increase of 9.72% year-on-year [2][6] - The sales gross margin for H1 2024 was 39.50%, an increase of 7.65 percentage points year-on-year. The company managed to keep the sales cost of gold stable, with a year-on-year increase of only 1.75%, while the all-in sustaining cost decreased by 0.88% [2][6] - The company is expected to see net profits of 1.516 billion, 1.937 billion, and 2.307 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.91, 1.16, and 1.39 yuan. The current stock price corresponds to P/E ratios of 18.3, 14.4, and 12.1 for the same years [2][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 4.196 billion yuan, a 24.45% increase year-on-year. The net profit attributable to shareholders was 710 million yuan, reflecting a 127.75% increase year-on-year. The second quarter saw a revenue of 2.342 billion yuan, up 31.22% year-on-year and 26.35% quarter-on-quarter [2][6] - The company’s gold production in H1 2024 was 7.55 tons, a 9.72% increase year-on-year. The average gold price on COMEX was 2,218 USD/ounce, up 14.1% year-on-year, while the average price in Shanghai was 523 yuan/gram, up 20.4% year-on-year [6] Cost Management - The company achieved a sales gross margin of 39.50% in H1 2024, an increase of 7.65 percentage points year-on-year. The sales cost of gold increased by 1.75% year-on-year, while the all-in sustaining cost decreased by 0.88% [2][6] - The company has effectively controlled non-production expenses and reduced interest-bearing liabilities, leading to a decrease in the asset-liability ratio to 51.68%, down 5.21 percentage points year-on-year [6] Future Outlook - The company plans to issue H shares to support long-term development and expand its domestic and international business [6] - The projected net profits for 2024-2026 are 1.516 billion, 1.937 billion, and 2.307 billion yuan, with corresponding EPS of 0.91, 1.16, and 1.39 yuan. The current stock price corresponds to P/E ratios of 18.3, 14.4, and 12.1 for the same years [2][6]

证券研究报告 非金融公司|公司点评|迈瑞医疗（300760） IVD 业务实现快速发展，海外增长强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 205.31 亿元，同比增长 11%；实现归母净 利润 75.61 亿元，同比增长 17%；实现扣非归母净利润 73.80 亿元，同比增长 16%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 迈瑞医疗(300760) IVD 业务实现快速发展，海外增长强劲 | --- | --- | --- | |----------------------------|----------|--------------------| | | | | | 行 业： | | 医药生物/医疗器械 | | 投资评级： | | 买入（维持） | | 当前价格： | | 247.82 ...