Investment Rating - The report maintains a "Buy" rating for Spring Airlines (601021) [4] Core Views - Spring Airlines' low-cost advantage is expanding, with significant performance potential [1][4] - The company achieved revenue of 9.875 billion yuan in H1 2024, a YoY increase of 22.97%, and net profit attributable to shareholders of 1.361 billion yuan, a YoY increase of 62.28% [2][5] - In Q2 2024, the company achieved revenue of 4.707 billion yuan, a YoY increase of 12.94%, and net profit attributable to shareholders of 551 million yuan, a YoY increase of 14.05% [2][5] Financial Performance - The company's gross profit margin reached 14.96% in H1 2024, the best level since 2017 [5] - The period expense ratio was 4.43%, reaching the historical low range of the same period in 2019 [5] - The company's aircraft daily utilization rate was 9.28 hours, with a 20.58% capacity improvement potential compared to the same period in 2019 [5] Market Position - The company added 6 A320neo series aircraft in H1 2024, with a fleet size of 127 aircraft [5] - The company's passenger load factor reached 91.31%, 9.11 percentage points higher than the industry average [5] - The company's market share in passenger traffic increased from 3.35% in the same period of 2019 to 3.96% [5] Future Projections - The company is expected to achieve net profit attributable to shareholders of 2.960 billion yuan, 3.694 billion yuan, and 4.470 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 31.10%, 24.82%, and 21.02% [5] - The company's EPS is projected to be 3.02 yuan, 3.77 yuan, and 4.57 yuan in 2024, 2025, and 2026, respectively [6] - The company's P/E ratio is expected to be 16.7, 13.4, and 11.0 in 2024, 2025, and 2026, respectively [6]

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [5][7]. Core Views - Gree Electric Appliances reported stable revenue in Q2 2024, with strong performance expected due to frequent high temperatures and the gradual implementation of domestic sales policies, which may improve industry demand and company operations [2][7]. - The company's PE valuation is relatively low compared to other leading white goods manufacturers, and it offers an attractive dividend yield [2][7]. Financial Performance Summary - In H1 2024, Gree Electric achieved operating revenue of 99.783 billion yuan, a year-on-year increase of 0.55%, and a net profit attributable to shareholders of 14.136 billion yuan, up 11.54% year-on-year [7]. - Q2 2024 revenue was 63.419 billion yuan, a decrease of 0.57% year-on-year, while net profit attributable to shareholders was 9.461 billion yuan, an increase of 10.47% year-on-year [7]. - The air conditioning segment saw revenue of 77.961 billion yuan in H1 2024, growing by 11.38% year-on-year, outperforming the overall company growth [7]. - Domestic sales revenue reached 75.119 billion yuan, up 9.01% year-on-year, while export revenue was 14.825 billion yuan, increasing by 15.64% year-on-year [7]. - The overall gross margin improved by 1.72 percentage points year-on-year, with Q2 gross margin up by 1.57 percentage points year-on-year [7][9]. Cash Flow and Inventory Management - Operating cash flow for H1 2024 was 5.122 billion yuan, with Q2 showing a significant improvement to 8.063 billion yuan [7]. - As of June 30, 2024, contract liabilities decreased to 14.106 billion yuan, down 6.385 billion yuan from the previous quarter [7]. - Inventory levels were reported at 29.123 billion yuan, a decrease of 5.104 billion yuan from the previous quarter [7]. Future Outlook - The company anticipates improved operational performance in the coming quarters due to favorable weather conditions and the implementation of supportive domestic policies [2][7]. - Projected net profits for 2024 and 2025 are expected to be 32 billion yuan and 35.5 billion yuan, respectively, with current PE ratios of 7.0 and 6.3 times [7].

Investment Rating - The investment rating for Bohai Leasing is "Buy (Maintain)" [4] Core Views - Bohai Leasing reported a revenue of 16.179 billion yuan for H1 2024, representing a year-on-year increase of 19.24%. The net profit attributable to shareholders was 716 million yuan, up 36.18% year-on-year [2][6] - The aircraft leasing business showed good growth, while the container leasing business faced slight pressure. The revenue from aircraft leasing and sales reached 9.489 billion yuan and 3.561 billion yuan, respectively, with year-on-year growth of 1.48% and 291.52% [6] - The annualized aircraft leasing yield for H1 2024 was estimated at 11.0%, maintaining a high level, supported by strong demand growth in the global aviation market [6] - Liquidity pressure is considered manageable, with 2 billion yuan in interest-bearing liabilities as of H1 2024, over 80% of which is borne by AVOLON and GSCL [6] Summary by Sections Financial Performance - For H1 2024, Bohai Leasing achieved operating revenue of 16.179 billion yuan, a 19.24% increase year-on-year, and a net profit of 716 million yuan, up 36.18% year-on-year [2][6] - The revenue from aircraft leasing and sales was 9.489 billion yuan and 3.561 billion yuan, with respective year-on-year growth rates of 1.48% and 291.52% [6] - The gross profit margins for aircraft leasing and sales were 59.44% and 9.61%, reflecting increases of 1.95 percentage points and 2.49 percentage points year-on-year [6] Business Outlook - The company expects revenues for 2024-2026 to be 35.9 billion yuan, 37.9 billion yuan, and 39.9 billion yuan, with year-on-year growth rates of 6.66%, 5.51%, and 5.17% respectively [6] - The net profit attributable to shareholders is projected to be 1.5 billion yuan, 1.8 billion yuan, and 2.1 billion yuan for the same period, with growth rates of 20.50%, 19.64%, and 15.50% respectively [6] Asset and Liability Management - As of H1 2024, the company had 20.03 billion yuan in overdue principal and interest, with 18.76 billion yuan already restructured [6] - The company is considering selling some overseas assets to alleviate liquidity pressure, with AVOLON holding non-restricted cash and available loan amounts totaling 8.2 billion USD [6]

证券研究报告 非金融公司|公司点评|益丰药房（603939） 业绩增长稳健，彰显经营韧性 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 117.62 亿元，同比增长 9.86%；归母净利 润 7.98 亿元，同比增长 13.13%；扣非后归母净利润 7.86 亿元，同比增长 15.77%。公司坚持 "区域聚焦，稳健扩张"的发展战略，通过"新开+并购+加盟"的拓展模式，深耕中南、华东、华 北市场，截至 2024 年 6 月底，公司门店总数达 14,736 家（含加盟店 3,426 家），较 2023 年 底增加 1,486 家。 |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 益丰药房(603939) 业绩增长稳健，彰显经营韧性 | --- | --- | |----------------------------|-------------------| | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's wind power business has shown significant recovery, and the development of industrial casting and forging components is promising [4] - In the first half of 2024, the company achieved operating revenue of 713 million yuan, a year-on-year decrease of 10.63%, and a net profit attributable to shareholders of 74 million yuan, down 63.11% year-on-year [2][6] - The second quarter of 2024 saw a notable increase in net profit, with operating revenue reaching 458 million yuan, up 26.84% year-on-year and 79.15% quarter-on-quarter [6] Financial Performance - The company reported a significant recovery in its wind power segment, with a doubling trend in revenue from forged main shafts and over 400% increase in revenue from cast main shaft products compared to Q1 [6] - The company has developed over 30 new domestic and international clients in various sectors, including shipbuilding and energy [6] - The company plans to invest 2.65 billion yuan to build an annual production capacity of 280,000 tons of high-end forgings, which is expected to enhance its profitability and competitiveness [6] Earnings Forecast and Investment Suggestions - The revenue forecast for 2024-2026 is adjusted to 2.485 billion yuan, 3.173 billion yuan, and 3.945 billion yuan, with year-on-year growth rates of 27.71%, 27.69%, and 24.33% respectively [6] - The net profit forecast for the same period is 360 million yuan, 600 million yuan, and 750 million yuan, with growth rates of -13.24%, 69.12%, and 24.29% respectively [6] - The company is expected to benefit from its position as a leading manufacturer of wind power main shafts, with increasing revenue from overseas and offshore markets [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a steady growth in performance with a revenue of 20.114 billion yuan in H1 2024, representing a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion yuan, up 8.36% year-on-year. In Q2 2024, the revenue reached 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter. The performance met expectations, and the company is expected to benefit from accelerated domestic grid investment and ongoing overseas business expansion, forming a second growth curve [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 20.114 billion yuan, a year-on-year increase of 10.02%, and a net profit of 2.709 billion yuan, up 8.36% year-on-year. The Q2 2024 revenue was 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter [2][6]. Business Segments - The company's main business segments showed stable growth, with revenues from smart grid, digital energy integration, low-carbon energy, and industrial interconnection products reaching 9.357 billion, 3.735 billion, 5.052 billion, and 1.209 billion yuan respectively, with year-on-year growth rates of 1.80%, 14.86%, 32.70%, and 6.05%. The gross margins for these segments were 33.57%, 26.07%, 23.27%, and 22.52% respectively [6]. Order Book and Contracts - The company signed new contracts worth 28.7 billion yuan in H1 2024, a year-on-year increase of 10.7%, indicating a robust order book [6]. International Business - The company reported a significant increase in non-grid revenue, reaching 8.930 billion yuan, up 24.41% year-on-year, with overseas revenue growing by 92.80% to 0.831 billion yuan, driven by successful projects in Saudi Arabia, Pakistan, and Brazil [6]. Earnings Forecast - The company is projected to achieve revenues of 57.589 billion, 64.294 billion, and 71.953 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.67%, 11.64%, and 11.91%. The net profit attributable to shareholders is expected to be 8.012 billion, 9.007 billion, and 10.220 billion yuan for the same years, with growth rates of 11.53%, 12.41%, and 13.47% respectively [6][7].

Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [4] Core Views - Tianwei Foods reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million yuan, up 18.79% year-on-year [2][6] - In Q2 2024, the company achieved a revenue of 614 million yuan, a decrease of 6.80% year-on-year, with a net profit of 71 million yuan, down 10.90% year-on-year [2][6] - The company is focusing on optimizing its product structure and releasing cost benefits, leading to an increase in gross margin by 2.20 percentage points to 33.33% in Q2 2024 [6] - The growth momentum from the food segment is strong, and the continuous release of cost benefits is expected to enhance the company's profits, justifying the "Buy" rating [6] Financial Performance Summary - For H1 2024, Tianwei Foods achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan [2][6] - Q2 2024 revenue was 614 million yuan, with a net profit of 71 million yuan [2][6] - The company’s revenue projections for 2024-2026 are adjusted to 3.354 billion, 3.712 billion, and 4.090 billion yuan, with year-on-year growth rates of 6.53%, 10.67%, and 10.18% respectively [6] - The net profit projections for the same period are 527 million, 599 million, and 679 million yuan, with growth rates of 15.41%, 13.62%, and 13.36% respectively [6] Valuation Metrics - The current market capitalization is approximately 9.798 billion yuan [4] - The price-to-earnings (P/E) ratio for 2024E is 18.6, and the price-to-book (P/B) ratio is 2.2 [7] - The EV/EBITDA ratio for 2024E is 8.0 [7]

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company is experiencing pressure on revenue and profit growth, but positive signals are emerging. The acquisition of Qina Shanghai is expected to contribute to growth, and the company is solidifying its leading position in ceramic fibers while actively developing automotive pads and industrial filtration products [2][6][4]. - The company is expected to achieve net profits of 610 million, 680 million, and 780 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 23%, 13%, and 14% [6][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 1.61 billion yuan, a year-on-year decrease of 4.2%, and a net profit of 210 million yuan, down 7.6% year-on-year. The second quarter of 2024 saw revenue of 910 million yuan, a decrease of 1.6% year-on-year, and a net profit of 120 million yuan, down 9.5% year-on-year [2][6]. - The gross margin for the first half of 2024 was 28.8%, a decrease of 1.7 percentage points year-on-year. The gross margins for ceramic fibers, automotive pads, and industrial filtration products were 31.0%, 6.8%, and 10.6% respectively [6][7]. - The company’s total assets are projected to grow from 39.15 billion yuan in 2022 to 48.47 billion yuan in 2026, with a steady increase in revenue from 3.37 billion yuan in 2022 to 4.75 billion yuan in 2026 [7][9].

证券研究报告 非金融公司|公司点评|皖通高速（600012） 天气扰动叠加施工影响，业绩阶段承压 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 30.53 亿元，同比增长 31.38%，实现归母净 利润 8.10 亿元，同比下降 3.53%。其中 2024Q2 公司实现营收 17.66 亿元，同比增长 49.83%， 实现归母净利润 3.50 亿元，同比下降 7.85%。 |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 皖通高速(600012) 天气扰动叠加施工影响，业绩阶段承压 | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 交通运输/铁路公路 买入（维持） | | 当前价格： | 15.08 元 | | 基本数据 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company experienced a decline in revenue and profit in the first half of 2024, with total revenue of 37.36 billion yuan, a year-on-year decrease of 8.5%, and a net profit attributable to shareholders of -0.87 billion yuan, transitioning from positive to negative [2][6] - The component business showed stable growth, with a shipment of 38GW, a year-on-year increase of 59%, and overseas shipments accounting for 54% of total shipments [6] - The company maintains a robust global channel layout, focusing on both mature and emerging markets, which enhances its ability to withstand market fluctuations [2][6] Financial Performance - In Q2 2024, the company achieved revenue of 21.39 billion yuan, a year-on-year increase of 5.0% and a quarter-on-quarter increase of 33.9%, with a net profit of -0.39 billion yuan, showing improvement [6] - The gross profit margin for the first half of 2024 was 3.9%, down 15.4 percentage points year-on-year [6] - The company expects revenues for 2024-2026 to be 74.72 billion yuan, 91.02 billion yuan, and 111.20 billion yuan, with respective year-on-year growth rates of -8.4%, 21.8%, and 22.2% [6][7] Market Position and Strategy - The company has established a strong presence in traditional markets such as Europe and the US while actively expanding into Southeast Asia, Latin America, and the Middle East and Africa [6] - The overseas revenue accounted for 62% of total revenue in the first half of 2024, with a gross margin of 13.5% [6] - The company plans to exceed 100GW in component production capacity by the end of 2024, with a stable supply chain to mitigate industry volatility [6]