证券研究报告 非金融公司|公司点评|申通快递（002468） 2024H1 业绩表现亮眼，盈利同增 100% 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。2024H1，公司实现营收 215.69 亿元，同比增长 13.01%，实现归母 净利润 4.37 亿元，同比增长 100.17%。其中 2024Q2 公司实现营收 114.37 亿元，同比增长 10.58%，实现归母净利润 2.47 亿元，同比增长 188.81%。 |分析师及联系人 李蔚 SAC：S0590522120002 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 申通快递(002468) 2024H1 业绩表现亮眼，盈利同增 100% | --- | --- | |----------------------------|----------------------------| | | | | 行 业： 投资评级： | 交通运输/物流 买入（维持） | | 当前价格： | 9.92 ...

证券研究报告 非金融公司|公司点评|迪阿股份（301177） 市场需求持续疲软，继续优化销售渠道 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 我们预计公司 2024-2026 年收入分别为 15.29/15.34/17.05 亿元，对应增速分别为29.88%/0.34%/11.14% ； 归 母 净 利 润 分 别 为 0.73/2.31/2.95 亿 元 ， 对 应 增 速 分 别 为 5.38%/217.90%/27.82%。在钻石镶嵌饰品消费疲软背景下，公司积极优化渠道端布局，提升运 营效率；持续基于独特的品牌理念延伸打造和输出高质量有价值内涵的内容，提升品牌价值。 未来随着经济复苏、品牌影响力不断增强，公司业绩有望回暖，维持"增持"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 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 迪阿股份(301177) 市场需求持续疲软，继续优化销售渠道 | --- | --- | |------------ ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "pay attention" to the company due to its long-term competitive advantages in the N-type battery segment [2][6]. Core Views - The company experienced a significant decline in revenue, with a 32.3% year-on-year decrease, resulting in a revenue of 6.37 billion yuan for H1 2024. The net profit attributable to shareholders turned negative at -170 million yuan, compared to a positive figure in the previous year [2][6]. - The company is actively expanding its overseas market presence, planning to establish a 5GW high-efficiency N-type battery production capacity in Oman, which will enhance its risk resistance and competitiveness in the Middle East and Western markets [2][6]. - The company maintains a strong position in the N-type battery segment, achieving a shipment of 19.21GW in H1 2024, ranking second globally, with N-type shipments of 16.43GW, accounting for 85.5% of its total shipments [2][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.37 billion yuan, down 32.3% year-on-year, and a net profit of -170 million yuan, a shift from profit to loss. The operating cash flow turned positive at 550 million yuan, compared to a negative figure in the previous year [2][6]. - The company's battery segment revenue was 6.36 billion yuan, a decrease of 32.5% year-on-year, with a gross margin of 0.8%, down 16.3 percentage points [6][7]. Market Position and Strategy - The company is the second-largest in global battery shipments, with a 68.51% year-on-year increase in shipments. The N-type battery segment leads globally with a shipment of 16.43GW [2][6]. - The overseas sales ratio increased to 13.79% in H1 2024 from 4.69% in 2023, indicating a strategic shift towards international markets [6][7]. Technological Development - The company focuses on R&D, optimizing N-type battery technology. It launched the new "MoNo 2" series, enhancing passivation performance with a bifacial rate of 90% and a conversion efficiency exceeding 26.3% [6][7]. - The company is also developing perovskite tandem and BC technologies, with laboratory efficiency for perovskite tandem cells reaching 29.03% [6][7]. Future Outlook - Revenue projections for 2024-2026 are 12.66 billion yuan, 15.15 billion yuan, and 19.31 billion yuan, with expected year-on-year growth rates of -32.2%, 19.7%, and 27.4% respectively. Net profit forecasts are 140 million yuan, 800 million yuan, and 1.18 billion yuan, with significant growth anticipated in the following years [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q2 2024 performance met market expectations, with significant quarter-over-quarter growth in revenue and net profit [6] - The company's overseas wind power business is accelerating, with overseas revenue accounting for over 60% of the wind equipment manufacturing segment, up 16 percentage points year-over-year [6] - The company has secured multiple overseas orders, including a 400,000-ton offshore wind foundation production agreement with a European developer, positioning it as a global leader in offshore wind exports [6] Financial Performance Summary - In H1 2024, the company reported revenue of 1.356 billion yuan, down 34.20% year-over-year, and net profit of 174 million yuan, down 36.23% year-over-year, primarily due to delays in domestic wind power project construction [2][6] - In Q2 2024, revenue was 893 million yuan, down 25.96% year-over-year but up 92.91% quarter-over-quarter, while net profit was 121 million yuan, down 38.92% year-over-year but up 128.16% quarter-over-quarter [6] - The company's gross margin in H1 2024 reached 28.57%, up 4.61 percentage points year-over-year, with the wind equipment segment achieving a gross margin of 22.65%, up 0.92 percentage points year-over-year [6] Future Outlook - The company is expected to achieve revenue of 4.448 billion yuan in 2024, 6.943 billion yuan in 2025, and 8.770 billion yuan in 2026, with year-over-year growth rates of 2.84%, 56.10%, and 26.31%, respectively [6] - Net profit is forecasted to be 560 million yuan in 2024, 920 million yuan in 2025, and 1.222 billion yuan in 2026, with year-over-year growth rates of 31.28%, 64.89%, and 32.74%, respectively [6] - The company's EPS is projected to be 0.88 yuan in 2024, 1.44 yuan in 2025, and 1.92 yuan in 2026, with corresponding P/E ratios of 23x, 14x, and 10x [6] Industry and Market Position - The company operates in the power equipment/wind power equipment industry [4] - It is one of the leading domestic tower manufacturers, with a strong position in the global offshore wind market [6]

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company achieved a revenue of 6.76 billion yuan in H1 2024, representing a year-on-year growth of 61.8%. The net profit attributable to shareholders was 300 million yuan, up 11.1% year-on-year. The shipment volume of silver paste reached 1,163 tons, an increase of 37.8% year-on-year, with N-type shipments accounting for 70% [2][6] - The company is focusing on research and development, with significant advancements in TOPCon new technology paste and HJT paste, as well as the development of high-temperature paste for BC screen printing and ultra-low temperature paste for perovskite stacked cells. The product matrix is gradually improving [2][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.76 billion yuan, a 61.8% increase year-on-year, and a net profit of 300 million yuan, reflecting an 11.1% growth. The gross profit margin was 10.9%, up 0.7 percentage points year-on-year [6][7] - For Q2 2024, the revenue was 3.81 billion yuan, a 59.0% year-on-year increase and a 29.1% quarter-on-quarter increase. The net profit for Q2 was 220 million yuan, up 53.6% year-on-year and 194.4% quarter-on-quarter, with a gross profit margin of 13.0% [6][7] Product and Market Development - The silver paste business generated 6.73 billion yuan in revenue, with a gross margin of 10.9%, and a shipment volume of 1,163 tons, marking a 38.14% year-on-year increase. The company has a production capacity of over 3,000 tons in China and 600 tons in Thailand, with plans for a new base in Yibin, Sichuan [6][7] - The company is increasing its R&D investment, which reached 410 million yuan in H1 2024, a 47.9% increase year-on-year, accounting for 6.1% of revenue. New technology products have been successfully mass-produced [6][7] Earnings Forecast - The company is expected to achieve revenues of 15.24 billion yuan, 17.69 billion yuan, and 20.33 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.1%, 16.1%, and 14.9%. The net profit attributable to shareholders is projected to be 680 million yuan, 850 million yuan, and 970 million yuan for the same years, with growth rates of 54.3%, 25.1%, and 13.7% respectively [6][7]

证券研究报告 非金融公司|公司点评|锦浪科技（300763） 2024 半年报点评： 海外出货环比向好，盈利有望持续改善 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 公司 2024H1 实现营业收入 33.5 亿元，同比增长 3.2%，实现归母净利润 3.5 亿元，同比减少 43.8%，其中 Q2 实现归母净利润 3.3 亿元，环比增长 1536.0%，实现毛利率 37.8%，环比提升 13.6pct。2024Q2 公司并网及储能逆变器海外接单量持续向好，拉动海外出货占比提升，盈利 水平季度环比显著改善，分布式电站业务保持稳健滚动开发节奏。公司海外出货节奏逐渐恢 复，有望支撑业绩规模，同时盈利水平得到结构性改善，维持"增持"评级。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 2023/8 2023/12 2024/4 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月03日 锦浪科技(300763) 2024 半年报点评： 海外出货环比向好，盈利有望持续改 ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the stock [6][14]. Core Views - The company reported a revenue of 13.345 billion yuan for the first half of 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan [11][12]. - The company is actively expanding its store network, reaching a total of 16,151 stores across 21 provinces by the end of June 2024, with 10,772 being direct-operated and 5,379 being franchise stores [12][13]. Summary by Sections Financial Performance - In the first half of 2024, the retail business generated 11.065 billion yuan in revenue, up 8.20% year-on-year, while the franchise and distribution business saw a revenue increase of 33.85% to 1.973 billion yuan [12]. - The company’s revenue projections for 2024-2026 are 27.642 billion yuan, 32.239 billion yuan, and 38.476 billion yuan, with corresponding growth rates of 12.68%, 16.63%, and 19.35% [14][15]. Store Expansion - The company opened 797 self-built stores, 1,214 franchise stores, and acquired 284 stores in the first half of 2024, while closing 218 stores [13]. - The company has established 248 DTP professional pharmacies and has 9,914 personal account medical insurance designated stores by the end of June 2024 [13]. Regional Performance - Revenue from the South China region was 8.605 billion yuan, growing 5.30% year-on-year, while the East China region achieved 1.009 billion yuan, up 18.73% [12]. - Other regions showed significant growth, with revenue increasing by 44.16% [12]. Profitability Forecast - The forecasted net profit for 2024 is 1.248 billion yuan, with a growth rate of 7.03%, and projected EPS of 1.10 yuan per share [14][15]. - The company’s EBITDA for 2024 is estimated at 3.726 billion yuan, with a corresponding P/E ratio of 12.3 [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company continues to lead in profitability while steadily advancing its dual-sea strategy [6] - In the first half of 2024, the company achieved operating revenue of 5.28 billion yuan, a year-on-year increase of 34.88%, but the net profit attributable to shareholders decreased by 46.92% to 434 million yuan [11] - The company has made significant progress in offshore wind turbine sales, achieving a record 3.3 GW in external sales, a year-on-year increase of 121% [11] - The company is expanding its global footprint, with successful bids in multiple markets including India, Southeast Asia, and the Middle East [11] - The company is expected to achieve breakthroughs in offshore wind turbine orders due to its strong R&D capabilities [11] Financial Performance - The company’s financial performance for 2024-2026 is projected as follows: - Operating revenue: 16.78 billion yuan in 2024, 21 billion yuan in 2025, and 27 billion yuan in 2026, with year-on-year growth rates of 12.32%, 25.15%, and 29.52% respectively [12] - Net profit attributable to shareholders: 2.15 billion yuan in 2024, 2.54 billion yuan in 2025, and 3.01 billion yuan in 2026, with growth rates of 7.07%, 18.26%, and 18.33% respectively [12] - Earnings per share (EPS): 1.75 yuan in 2024, 2.07 yuan in 2025, and 2.45 yuan in 2026 [12] - The company maintains a strong gross margin of 16.01% in the first half of 2024, with the wind turbine business gross margin at 15.13% [11] Market Position and Strategy - The company is a leader in the wind power equipment industry, with a focus on enhancing its market share through its dual-sea strategy [6][11] - The company has established subsidiaries in Brazil, UAE, and the Philippines, and is expanding its production capacity in India [11] - The company is actively developing offshore wind turbine technology, with certification processes underway for its products [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant recovery in performance, with a 33.4% year-on-year increase in revenue for H1 2024, totaling 79.52 billion yuan, and a net profit attributable to shareholders of -2.78 billion yuan, marking a turnaround of 670 million yuan compared to the previous year [9][10] - In Q2 2024, the company achieved revenue of 39.45 billion yuan, a 14.2% year-on-year increase, but a 1.5% decrease quarter-on-quarter, with a net profit of -1.11 billion yuan, which is a year-on-year loss increase of 580 million yuan but a quarter-on-quarter improvement of 570 million yuan [9][10] - The recovery in air travel demand is accelerating, with international routes recovering to 80% of 2019 levels, driven by a 33.4% increase in ASK (Available Seat Kilometers), a 50.0% increase in RPK (Revenue Passenger Kilometers), and a 35.0% increase in passenger volume [9][10] - The company faces challenges from high fuel prices and a depreciating RMB, which led to a foreign exchange loss of 360 million yuan in H1 2024 [9][10] - The company is expected to see accelerated performance recovery during the peak season, with July showing a year-on-year increase of 13.2% in ASK, 20.4% in RPK, and 13.4% in passenger volume, with international passenger volume exceeding 2019 levels by 6.1% [9][10] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 280 million yuan, 6.52 billion yuan, and 13.44 billion yuan, with year-on-year growth rates of turning profitable, 2255%, and 106% respectively [9][10] - The company’s revenue is expected to grow from 141.1 billion yuan in 2023 to 170.34 billion yuan in 2024, reflecting a growth rate of 20.73% [11] - The EBITDA is projected to increase significantly from 17.62 billion yuan in 2023 to 35.55 billion yuan in 2024, indicating a strong recovery trajectory [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a slight decline in profits for Q2 2024, but overall operations remain stable [11] - In H1 2024, the company achieved revenue of 5.984 billion yuan, a year-on-year increase of 39.73%, while net profit attributable to the parent company was 2.708 billion yuan, a year-on-year decrease of 3.64% [11] - The revenue for Q2 2024 was 2.963 billion yuan, with a year-on-year growth of 31.28%, and net profit attributable to the parent company was 1.415 billion yuan, down 3.18% year-on-year [11] Summary by Sections Financial Performance - In H1 2024, the investment operation segment, traffic technology segment, intelligent traffic segment, and traffic ecology segment generated revenues of 4.827 billion, 922 million, 122 million, and 113 million yuan respectively, with year-on-year changes of +54.64%, +10.09%, -39.94%, and -6.20% [11] - The gross margin for the investment operation segment decreased by 5 percentage points, with operating costs rising by 69.91% to 2.766 billion yuan [11] - Management and financial expenses increased year-on-year, with management expenses at 299 million yuan (up 35.27%) and financial expenses at 885 million yuan (up 63.14%) [11] Business Development - The company is steadily advancing the expansion and reconstruction projects of the Beijing-Tianjin-Tanggu Expressway (Tianjin section) and is in the preliminary work for the Hebei section [11] - The company completed the delivery of the Road King asset package and achieved a smooth management transition [11] - The REITs project for the Bo-Fu Expressway has been approved by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, with preparations for issuance currently underway [11] Earnings Forecast - Revenue projections for 2024-2026 are 13.203 billion, 13.814 billion, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively [12] - Net profit attributable to the parent company is expected to be 6.128 billion, 6.573 billion, and 7.016 billion yuan for the same period, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively [12] - The company is recognized as a comprehensive highway investment and operation entity with the longest operating mileage and the widest coverage area in the industry, which positively contributes to profitability through investment income from various quality toll road entities [12]