Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 10.342 billion yuan for H1 2024, representing a year-on-year increase of 7.42%. The net profit attributable to shareholders was 0.452 billion yuan, up 5.23% year-on-year. In Q2 2024, revenue reached 5.631 billion yuan, showing a year-on-year growth of 17.95% and a quarter-on-quarter increase of 19.51%. The net profit for Q2 was 0.249 billion yuan, up 3.63% year-on-year and 22.55% quarter-on-quarter, indicating that performance met expectations [2][6] - The company's product profitability continues to improve, and internal management is being optimized. The company is increasing its market expansion efforts, resulting in a significant increase in orders. The optimization of personnel structure is also underway, with an increase in the number of internal retirements, suggesting promising future growth [6][7] Financial Performance - For H1 2024, the main equipment revenue showed growth, with transformers, switches, capacitors, insulators, and lightning arresters generating revenues of 4.468 billion, 4.081 billion, 0.433 billion, respectively, with year-on-year increases of 21.64%, 25.07%, and 25.87%. The overall gross margin was 18.93%, up 2.42 percentage points year-on-year [6][7] - The company maintains a leading position in the ultra-high voltage market, with a cumulative bid amount of 1.203 billion yuan in the State Grid's four batches of bidding in August 2024, ranking first and accounting for 9.92% of the total amount [6][7] - The company has made breakthroughs in international business, winning bids for projects in Turkey, Italy, Sweden, Ireland, Jordan, Ghana, and Zimbabwe, among others [6][7] Revenue and Profit Forecast - The company is expected to achieve revenues of 22.821 billion, 25.873 billion, and 29.287 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.47%, 13.37%, and 13.19%. The net profit attributable to shareholders is projected to be 1.170 billion, 1.406 billion, and 1.845 billion yuan for the same years, with growth rates of 32.17%, 20.17%, and 31.22% respectively. The EPS is expected to be 0.23, 0.27, and 0.36 yuan per share, with a three-year CAGR of 27.82% [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant decline in revenue and profit for the first half of 2024, with operating income of 362 million yuan, down 65.16% year-on-year, and a net profit attributable to shareholders of 108 million yuan, down 20.22% year-on-year [2][6] - The company is expected to benefit from a recovery in demand as the offshore wind construction season approaches, despite current performance pressures [6] Financial Performance Summary - For H1 2024, the company achieved: - Operating income: 362 million yuan, down 65.16% year-on-year - Net profit attributable to shareholders: 108 million yuan, down 20.22% year-on-year - Non-recurring net profit: 102 million yuan, down 13.75% year-on-year - Credit impairment reversal: 104 million yuan [2][6] - In Q2 2024, the company reported: - Operating income: 238 million yuan, down 55.77% year-on-year, but up 91.30% quarter-on-quarter - Net profit attributable to shareholders: 34 million yuan, down 35.68% year-on-year, down 53.87% quarter-on-quarter [6] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is as follows: - 2024: 1.84 billion yuan, up 9.2% year-on-year - 2025: 6.52 billion yuan, up 254.4% year-on-year - 2026: 8.94 billion yuan, up 37.1% year-on-year - The net profit forecast for the same period is: - 2024: 310 million yuan, up 454.3% year-on-year - 2025: 660 million yuan, up 111.1% year-on-year - 2026: 870 million yuan, up 31.3% year-on-year [6][7] Market Position and Outlook - The company is positioned as a leading player in the domestic offshore wind foundation sector and is expected to benefit from the anticipated recovery in industry demand [6][7]

证券研究报告 行业研究|行业专题研究|非银金融（2149） 上市险企 2024 年半年报综述：负债端 延续向好，净利润增速环比显著改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 从上市保险公司的半年报业绩来看，1）对于负债端，2024H1 寿险 NBV 延续双位数正增，主要 得益于新业务价值率改善；财险 COR 处于较优水平，主要得益于车险执行"报行合一"带动费 用率改善。2)对于资产端，2024H1 各上市保险公司的归母净利润增速环比 2024Q1 显著改善， 主要得益于权益市场同比小幅回暖、红利指数表现较优等带动投资收益同比增长。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 17 行业研究|行业专题研究 glzqdatemark2 2024年09月03日 非银金融 上市险企 2024 年半年报综述：负债端延续向 好，净利润增速环比显著改善 投资建议： 强于大市（上调） 上次建议： 弱于大市 相对大盘走势 非银金融 沪深300 -30% -20% -10% 0% 2023/9 ...

证券研究报告 行业研究|行业专题研究|非银金融（2149） 上市险企 2024 年半年报综述：负债端 延续向好，净利润增速环比显著改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 从上市保险公司的半年报业绩来看，1）对于负债端，2024H1 寿险 NBV 延续双位数正增，主要 得益于新业务价值率改善；财险 COR 处于较优水平，主要得益于车险执行"报行合一"带动费 用率改善。2)对于资产端，2024H1 各上市保险公司的归母净利润增速环比 2024Q1 显著改善， 主要得益于权益市场同比小幅回暖、红利指数表现较优等带动投资收益同比增长。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 17 行业研究|行业专题研究 glzqdatemark2 2024年09月03日 非银金融 上市险企 2024 年半年报综述：负债端延续向 好，净利润增速环比显著改善 投资建议： 强于大市（上调） 上次建议： 弱于大市 相对大盘走势 非银金融 沪深300 -30% -20% -10% 0% 2023/9 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage of the stock [4]. Core Views - The demand for AI computing power is expected to drive new growth in China's IDC industry, with a projected CAGR of 31% from 2024 to 2027 [5][7]. - The company, Runze Technology, is positioned as a comprehensive solution provider in the computing power center sector, leveraging its strategic locations and advanced technologies to capture opportunities in the AI industry [5][7]. - The company is anticipated to maintain a leading market share, growth rate, and profitability as the AI industry develops [5]. Summary by Sections Company Overview - Runze Technology, established in 2009, focuses on IDC and AIDC businesses, providing server hosting and value-added services through partnerships with telecom operators [11]. - The company has a clear strategic layout across six core regions in China, planning approximately 61 intelligent computing centers with a total of around 320,000 cabinet resources [11][12]. AI Computing Demand - The IDC industry is experiencing a shift due to the increasing demand for AI computing power, with many existing cabinets unable to meet the requirements, leading to a consolidation effect in the industry [7][22]. - The average power per cabinet in China's IDC sector is about 4.6 kW, significantly lower than the power requirements for AI servers, which is expected to accelerate the phase-out of outdated cabinets [5][7]. Financial Performance and Projections - The company reported revenues of 4.35 billion yuan in 2023, a year-on-year increase of 60.27%, with a projected revenue of 6.45 billion yuan in 2024, reflecting a growth rate of 48.19% [6][8]. - The net profit attributable to shareholders is expected to reach 2.12 billion yuan in 2024, with a growth rate of 20.43% [6][8]. - The company’s earnings per share (EPS) are projected to be 1.23 yuan in 2024, increasing to 2.27 yuan by 2026 [6][8]. Market Position and Competitive Advantage - The company has achieved a cabinet utilization rate exceeding 90% in its mature data centers, which is a key factor in maintaining its industry-leading profitability [5][8]. - Runze Technology's strategic focus on liquid cooling technology and AIDC business development positions it well to capitalize on the growing AI market [5][7]. Long-term Growth Strategy - The company aims to become a leading provider of intelligent computing centers globally, focusing on technological advancements and expanding its IDC and AIDC businesses [8][20]. - The company has initiated a stock incentive plan aimed at achieving significant net profit growth over the next few years, with targets set for 2025 to 2027 [20][21].

Investment Rating - The investment rating for Dongcheng Pharmaceutical is maintained as "Buy" [4][7]. Core Insights - Dongcheng Pharmaceutical reported a revenue of 1.421 billion yuan for the first half of 2024, a year-on-year decrease of 20.41%, and a net profit attributable to shareholders of 112 million yuan, down 39.35% year-on-year [2][6]. - The nuclear medicine business remains stable, while revenue from heparin raw materials has declined significantly [6]. - The company has a robust product pipeline and production layout in the nuclear medicine sector, with multiple production centers operational and under construction [6]. Financial Performance - For the first half of 2024, the nuclear medicine segment generated revenue of 499 million yuan, a slight decrease of 0.58% year-on-year, while the heparin raw materials segment saw a revenue drop of 31.03% to 657 million yuan [6]. - The gross margin for the nuclear medicine business improved by 1.99 percentage points, while the heparin raw materials segment's gross margin increased by 1.23 percentage points despite the revenue decline [6]. - The forecasted revenues for 2024-2026 are 3.376 billion yuan, 3.628 billion yuan, and 3.869 billion yuan, with respective year-on-year growth rates of 3.08%, 7.46%, and 6.63% [7]. Business Outlook - The company is expected to maintain a leading position in the nuclear medicine market, with ongoing investments in production centers and a diverse range of products under development [6][7]. - The projected net profits for 2024-2026 are 314 million yuan, 366 million yuan, and 424 million yuan, with significant growth anticipated in 2024 at 49.69% year-on-year [7].

证券研究报告 非金融公司|公司点评|一心堂（002727） 短期业绩承压，新零售业务快速发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03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 93.05 亿元，同比增长 7.26%；归母净利润 2.82 亿元，同比下滑 44.13%；扣非后归母净利润 2.98 亿元，同比下滑 40.98%。2024 年上半 年公司中西成药合计销售 69.97 亿元，同比增长 8.29%，收入占比达 75.20%；中药销售 8.93 亿元，同比增长 34.42%；医疗器械及计生、消毒用品销售 5.91 亿元，同比下滑 13.40%。 |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 非金融公司|公司点评 glzqdatemark2 2024年09月03日 一心堂(002727) 短期业绩承压，新零售业务快速发展 | --- | --- | --- | |-------|------------|-------------------| | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profitability has improved, and it has declared its first interim dividend [6] - The company reported a revenue of 357.4 billion yuan for H1 2024, a year-on-year decrease of 3% [10] - The net profit attributable to shareholders was 11.4 billion yuan, down 1% year-on-year [10] - The company has a robust order backlog of 353.62 billion yuan, which is ten times its revenue for the same period [10] - The company is a leading player in China's infrastructure sector and is expected to benefit from the "Belt and Road" initiative [10] Financial Performance - For H1 2024, the company's gross margin improved to 11.7%, up 0.8 percentage points year-on-year [10] - The gross margins for construction, design, and dredging businesses were 10.6%, 18.7%, and 11.4%, respectively, showing improvements [10] - The company plans to distribute a cash dividend of 0.14 yuan per share, accounting for 20% of its total profit for the period [10] - Revenue projections for 2024-2026 are 830 billion, 914 billion, and 1,009.7 billion yuan, respectively, with expected growth rates of 9%, 10%, and 10% [10] Business Segments - The company’s dredging business showed steady growth, while construction and design segments faced pressure due to a slowdown in domestic infrastructure investment [10] - The overseas revenue grew by 24% year-on-year, reaching 69.6 billion yuan in H1 2024 [10] - The company has 32 operational projects in its concession business, generating 4.1 billion yuan in revenue but incurring a net loss of 1.1 billion yuan [10] Valuation Metrics - The company is valued at a P/E ratio of 9 times for 2024 [10] - The projected EPS for 2024-2026 is 1.60, 1.76, and 1.95 yuan, respectively, with a CAGR of 10% over three years [10] - The company’s asset-liability ratio stands at 74.8%, with a slight decrease of 0.1 percentage points year-on-year [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2024 H1 revenue reached RMB 1,943 billion, a year-on-year increase of 1.1%, with net profit attributable to the parent company of RMB 2.8 billion, up 4.7% year-on-year [2] - The company's "14th Five-Year Plan" aims to double its indicators by 2025, creating a new high-quality development version of the company [2] - The transformation centered on new energy, new infrastructure, and new industries shows promising prospects [2] Financial Performance - In 2024 H1, the company's gross margin improved slightly to 12.2%, up 1.3 percentage points year-on-year [5] - The gross margin for new energy and integrated smart energy increased, with engineering and investment operation margins rising by 1.2 and 2.6 percentage points, respectively [5] - The company announced its first mid-year dividend, with a payout ratio of 19.93%, higher than the 2023 payout ratio of 14.24% [5] Revenue Breakdown - In 2024 H1, the company's revenue from survey and design consulting, engineering construction, industrial manufacturing, and investment operations were RMB 7.8 billion, RMB 1,650 billion, RMB 14.6 billion, and RMB 13.1 billion, respectively [5] - New energy and integrated smart energy revenue reached RMB 59.1 billion, accounting for 30.4% of total revenue [5] Future Outlook - The company is expected to achieve net profits attributable to the parent company of RMB 8.9 billion, RMB 9.8 billion, and RMB 11.1 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 11%, and 12% [5] - The company's transformation strategy, focusing on new energy, new infrastructure, and new industries, is expected to drive future growth [5] Valuation Metrics - The company's P/E ratio is projected to be 10.4, 9.4, and 8.3 for 2024, 2025, and 2026, respectively [4] - The EV/EBITDA ratio is expected to decrease from 5.2 in 2024 to 3.8 in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances (000921) [5] Core Views - Hisense Home Appliances achieved a 15%+ YoY growth in Q2 2024, driven by strong export performance and improved profitability [2] - The company's export revenue grew significantly in Q2, while domestic sales experienced a slight decline [2] - Long-term growth is expected due to the resonance of multiple business segments, including central air conditioning, traditional home appliances, and new energy vehicle thermal management [7] Business Performance Revenue and Profit - H1 2024 revenue reached 48.642 billion yuan, up 13.27% YoY, with net profit attributable to shareholders of 2.016 billion yuan, up 34.61% YoY [7] - Q2 2024 revenue was 25.156 billion yuan, up 6.98% YoY, with net profit attributable to shareholders of 1.035 billion yuan, up 17.26% YoY [7] Segment Performance - Central air conditioning revenue remained flat in H1 2024, while home air conditioning revenue grew by approximately 16% [7] - Refrigerator and washing machine revenue increased by 27% in H1 2024, with export growth outpacing domestic sales [7] - Export revenue grew by 28% in H1 2024, while domestic sales grew by 4% [7] Profitability - Gross margin in Q2 2024 decreased by 0.92 percentage points YoY, mainly due to a decline in the proportion of high-margin central air conditioning business and an increase in the proportion of low-margin export business [7] - Net profit margin attributable to shareholders increased by 0.36 percentage points YoY in Q2 2024, driven by increased investment income and reduced asset impairment losses [7] Financial Forecasts - Revenue is expected to reach 94 billion yuan in 2024, 103.9 billion yuan in 2025, and 115 billion yuan in 2026, with YoY growth rates of 10%, 11%, and 11% respectively [7] - Net profit attributable to shareholders is forecasted to be 3.406 billion yuan in 2024, 3.929 billion yuan in 2025, and 4.519 billion yuan in 2026, with YoY growth rates of 20%, 15%, and 15% respectively [7] - EPS is projected to be 2.46 yuan in 2024, 2.83 yuan in 2025, and 3.26 yuan in 2026, with corresponding P/E ratios of 10.7x, 9.3x, and 8.0x [7]