Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a year-on-year revenue increase of 6.32% to 21.416 billion yuan in H1 2024, but the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [6][8] - The second quarter of 2024 saw a quarter-on-quarter revenue increase of 11.00% to 13.174 billion yuan, with a net profit of 824 million yuan, reflecting a 30.57% year-on-year decline but a 29.50% quarter-on-quarter increase [7] - The company is expected to benefit from a recovery in the offshore wind sector, with a backlog of orders in the energy network field amounting to approximately 28.2 billion yuan, including 12.3 billion yuan from marine series projects [7][8] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit of 1.460 billion yuan, a decrease of 25.31% [6] - The company’s Q2 2024 performance showed a revenue of 13.174 billion yuan, a year-on-year increase of 11.00%, and a net profit of 824 million yuan, which is a 30.57% decline year-on-year but a 29.50% increase quarter-on-quarter [7] - The company’s revenue projections for 2024-2026 are 50.882 billion yuan, 58.383 billion yuan, and 64.532 billion yuan, with growth rates of 12.91%, 14.74%, and 10.53% respectively [8] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 3.535 billion yuan, 4.618 billion yuan, and 5.333 billion yuan, with growth rates of 13.44%, 30.62%, and 15.50% respectively [8] - The earnings per share (EPS) are projected to be 1.04 yuan, 1.35 yuan, and 1.56 yuan for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 times [8]

证券研究报告 行业研究|行业专题研究|汽车（2128） 2024 年中报业绩综述：行业景气向上， 多板块业绩亮眼 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 2024Q2 汽车行业整体归母净利润 371 亿元，同比+22.3%，环比+24.2%，业绩同环比实现增长， 盈利能力向上。2024Q2 乘用车板块受终端需求提升影响，业绩环比显著增长；零部件板块业 绩环比略有下滑，或系原材料涨价和年降所致；卡车业绩环比提升，主要系头部企业产品结构 改善；客车板块业绩环比显著增长，主要系龙头公司业绩提升所带动。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 SAC：S0590524080004 请务必阅读报告末页的重要声明 1 / 30 简称 EPS PE CAGR-3 评级 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 09 月 02 日收盘价 行业研究|行业专题研究 glzqdatemark2 2024年09月02日 汽车 2024 年中报业绩综述：行业景气 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is recommended for continuous attention due to its integration of AI in medical applications [6]. Core Insights - The company reported a revenue of 727 million yuan for the first half of 2024, representing a year-on-year growth of 3.17%. The net profit attributable to shareholders was 27 million yuan, up 14.03% year-on-year, while the non-recurring net profit was 25 million yuan, increasing by 36.77% [2][6]. - The gross margin for the first half of 2024 was 54.21%, an increase of 2.32 percentage points compared to the previous year [6]. - The company is leveraging its new generation HI-HIS system and AI technology to build a smart medical ecosystem, with over 50 ongoing projects, predominantly in tertiary hospitals [6]. - The intelligent doctor Copilot, developed by the company, has been implemented in Zhejiang University Second Hospital, significantly reducing doctors' time by nearly 60% with a 95% accuracy rate [6]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 727 million yuan, with a net profit of 27 million yuan and a non-recurring net profit of 25 million yuan [6]. - The second quarter of 2024 saw a revenue of 351 million yuan, a decrease of 1.32% year-on-year, but the net profit increased by 10.22% to 15 million yuan [6]. - The company expects revenues of 1.888 billion yuan, 2.249 billion yuan, and 2.642 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.84%, 19.11%, and 17.50% [6][7]. Product and Regional Performance - The software sales, technical services, and medical software services contributed significantly to revenue, with respective revenues of 287 million yuan, 293 million yuan, and 265 million yuan for the first half of 2024 [6]. - The company’s revenue from East China, South China, and Northwest regions was 360 million yuan, 105 million yuan, and 85 million yuan respectively, with the Northwest region showing a remarkable growth of 76.14% year-on-year [6].

证券研究报告 非金融公司|公司点评|千禾味业（603027） 经营调整，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 千禾味业发布 2024 半年报，2024H1 公司实现收入 15.89 亿元，同比增长 3.78%；归母净利润 为 2.51 亿元，同比下降 2.38%。其中 2024Q2 公司实现收入 6.94 亿元，同比下降 2.53%；归 母净利润为 0.96 亿元，同比下降 14.16%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 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02日 千禾味业(603027) 经营调整，期待改善 | --- | --- | |--------------------------|----------------------| | | | | 行 业： | 食品饮料/调味发酵品Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 13.47 元 | | 基本数据 ...

证券研究报告 非金融公司|公司点评|华夏航空（002928） 经营全面改善，支线网络扩大 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司发布 2024 半年报，2024H1 实现收入 32.11 亿元，同比+44.96%；实现归母净利润 0.26 亿 元，同比扭亏 7.78 亿元。其中 2024Q2 实现收入 15.95 亿元，同比+36.28%，实现归母净利润 148.28 万元，同比扭亏 4.78 亿元。 |分析师及联系人 SAC：S0590522120002 李蔚 曾智星 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02日 华夏航空(002928) 经营全面改善，支线网络扩大 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 交通运输/航空机场 | | 投资评级： | 买入（维持） | | 当前价格： | 5.55 元 | | 基本数据 | | | 总股本/流通股本 ...

Investment Rating - The investment rating for Tong Ren Tang (600085) is not explicitly stated in the report, but it suggests continuous attention due to its position as a leader in non-prescription traditional Chinese medicine [4][7]. Core Insights - The company reported a stable performance in H1 2024, with revenue reaching 9.763 billion yuan, a slight increase of 0.02% year-on-year, and a net profit attributable to shareholders of 1.021 billion yuan, up 3.49% year-on-year [6][7]. - The pharmaceutical manufacturing and commercial segments both showed slight growth, with the pharmaceutical manufacturing segment achieving revenue of 6.472 billion yuan, a year-on-year increase of 5.30% [6][7]. - The gross margin decreased to 43.90%, primarily due to rising prices of traditional Chinese medicinal materials, while the company successfully optimized its expense ratios [6][7]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 9.763 billion yuan, with a net profit of 1.021 billion yuan and a non-recurring net profit of 0.992 billion yuan [6]. - For Q2 2024, revenue was 4.496 billion yuan, a decrease of 2.64% year-on-year, with a net profit of 0.445 billion yuan, down 3.90% year-on-year [6]. - The pharmaceutical manufacturing segment's revenue was 6.472 billion yuan, with a gross margin of 41.39%, while the commercial segment's revenue was 6.030 billion yuan, with a gross margin of 26.67% [6]. Future Earnings Forecast - The company is expected to achieve revenues of 20.770 billion yuan, 23.753 billion yuan, and 27.107 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.29%, 14.36%, and 14.12% [7][8]. - The net profit attributable to shareholders is projected to be 1.902 billion yuan, 2.255 billion yuan, and 2.639 billion yuan for the same years, with growth rates of 13.98%, 18.57%, and 17.01% respectively [7][8].

证券研究报告 非金融公司|公司点评|巨星农牧（603477） 生猪养殖扭亏为盈，产能稳步增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司披露 2024 年中报，实现营收 22.33 亿元，同比增长 13.13%；归母净利润-0.45 亿元，同 比增长 87.13%。2024 年上半年公司生猪出栏量达 109.45 万头，其中商品猪出栏量 106.18 万 头，同比增长 24.69%，生猪产品实现营业收入 20.39 亿元。截至 2024 年上半年末，公司生产 性生物资产 4.68 亿元，较年初增长 21.09%，产能保持稳健增长。结合公司前期能繁母猪存栏 推断，公司下半年生猪出栏量较上半年或有一定增长。公司持续提升生产效率，带动养殖成绩 逐步改善，考虑下半年猪价表现或较为景气，公司板块业绩或值得期待。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 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02日 巨星农牧(6034 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a stable operation with an employee stock ownership plan aimed at enhancing motivation [6] - In Q2 2024, the company achieved revenue of 6.462 billion yuan, a year-on-year increase of 7.98%, and a net profit attributable to shareholders of 1.534 billion yuan, up 11.12% year-on-year [10] Summary by Sections Financial Performance - In H1 2024, the company recorded revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [10] - Q2 2024 revenue breakdown by product: soy sauce (3.179 billion yuan, +2.98%), oyster sauce (1.041 billion yuan, +1.25%), seasoning sauce (651 million yuan, +11.26%), and other categories (1.080 billion yuan, +22.52%) [10] - Online and offline channels in Q2 2024 generated revenues of 315 million yuan (+38.16%) and 5.635 billion yuan (+5.27%) respectively [10] - Regional performance in Q2 2024 showed varied growth: Eastern (-14.39%), Southern (+13.28%), Central (+2.61%), Northern (+5.98%), and Western (+6.42%) [10] Profitability - The gross margin in Q2 2024 increased by 1.60 percentage points to 36.33% due to the release of raw material cost benefits [10] - The net profit margin rose by 0.74 percentage points to 23.79% [10] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, with performance targets set for a minimum 10.8% increase in net profit attributable to shareholders compared to 2023 [10] Future Projections - Revenue projections for 2024-2026 are adjusted to 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% respectively [10] - Net profit projections for the same period are 6.243 billion yuan, 6.772 billion yuan, and 7.561 billion yuan, with growth rates of 10.96%, 8.47%, and 11.64% respectively [10]

Investment Rating - The investment rating for the company is "Buy" [14] Core Views - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 91.43 billion yuan, up 30.7% year-on-year, and net profit attributable to shareholders at 7.08 billion yuan, up 420.0% year-on-year [10][3] - The company's export and high-end product strategy is accelerating, contributing to improved profitability [10] - The company aims to achieve an export target of 400,000 to 500,000 units for the year [10] Financial Performance Summary - In H1 2024, the company sold 555,000 vehicles, a 7.0% increase year-on-year, with exports accounting for 200,000 units, representing 36.0% of total sales, up 12.3 percentage points year-on-year [10] - The average revenue per vehicle increased to 165,000 yuan, up 3,000 yuan year-on-year, and net profit per vehicle rose to 13,000 yuan, up 10,000 yuan year-on-year [10] - The gross margin reached 20.7%, an increase of 3.9 percentage points year-on-year, with Q2 gross margin at 21.4% [10] Future Projections - Revenue projections for 2024-2026 are 218.1 billion yuan, 266.4 billion yuan, and 314.9 billion yuan, with year-on-year growth rates of 26%, 22%, and 18% respectively [10] - Net profit projections for the same period are 11.91 billion yuan, 14.49 billion yuan, and 16.44 billion yuan, with growth rates of 70%, 22%, and 13% respectively [10] - Earnings per share (EPS) are expected to be 1.39 yuan, 1.70 yuan, and 1.92 yuan for 2024, 2025, and 2026 respectively [10]

证券研究报告 非金融公司|公司点评|长城汽车（601633） 哈弗品牌环比向上，海外销量再创新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司发布 8 月产销快报，8 月实现汽车销量 9.4 万辆，同比-17.2%，环比+3.5%；1-8 月汽车 累计销量 74.5 万辆，同比+0.4%。8 月海外销量 4.0 万辆，环比+5.9%，海外单月销量再创历 史新高。 |分析师及联系人 高登 SAC：S0590523110004 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02日 长城汽车(601633) 哈弗品牌环比向上，海外销量再创新高 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 汽车/乘用车 | | 投资评级： | | | 当前价格： | 22.08 元 | | 基本数据 | | | 总股本/流通股本(百万股 ...