Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady improvement in revenue, achieving an operating income of 3.933 billion yuan in the first half of 2024, representing a year-on-year increase of 46.05%. However, the net profit attributable to shareholders was -1.177 billion yuan, a decrease of 28.00% year-on-year [2][6] - The company is accelerating the construction of the G8.6 flexible AMOLED production line, with a total investment of 55 billion yuan, which is expected to enhance its market share in the medium-sized display panel sector [7][8] Financial Performance Summary - In the first half of 2024, the company achieved an operating income of 3.933 billion yuan, with a year-on-year growth of 46.05%. The net profit attributable to shareholders was -1.177 billion yuan, down 28.00% year-on-year. The basic earnings per share were -0.85 yuan [2][6] - The company's OLED product revenue increased by 61.80% year-on-year, driven by a recovery in the display industry and rising product prices [6] - The gross margin and net margin for the company were -10.50% and -36.81%, respectively, showing improvements of 22.36 percentage points and 37.70 percentage points year-on-year [6] Future Projections - Revenue projections for 2024-2026 are 8.452 billion yuan, 9.515 billion yuan, and 10.552 billion yuan, with year-on-year growth rates of 42.64%, 12.58%, and 10.90%, respectively. The net profit attributable to shareholders is expected to be -2.233 billion yuan, -1.547 billion yuan, and -735 million yuan for the same period [8][9] - The company is expected to maintain its position as a leading domestic AMOLED display panel manufacturer, with the new production line likely to expand its market share [8]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a total operating income of 420.499 billion yuan for H1 2024, a year-on-year decrease of 6.03%, with a marginal decline in revenue growth compared to Q1 2024 [6][2] - The net profit attributable to shareholders for H1 2024 was 170.467 billion yuan, down 1.89% year-on-year, but with a slight improvement in growth rate compared to Q1 2024 [6][2] - The company's interest income and commission income both showed declines, with interest income down 6.84% and commission income down 8.25% year-on-year [6] - The bank's loan balance reached 27.84 trillion yuan by the end of H1 2024, reflecting a year-on-year increase of 10.06% [6] - The net interest margin for H1 2024 was 1.43%, a decrease of 5 basis points from Q1 2024, primarily due to pressure on asset yields [6] - Wealth management services negatively impacted overall commission income, which decreased by 8.25% year-on-year [6] - The non-performing loan ratio stood at 1.35% at the end of H1 2024, with a slight decrease from Q1 2024, indicating stable asset quality [6] Summary by Sections Financial Performance - For H1 2024, the company achieved operating income of 420.499 billion yuan, down 6.03% year-on-year, and net profit of 170.467 billion yuan, down 1.89% year-on-year [6] - The company expects operating income for 2024-2026 to be 838.1 billion, 878.8 billion, and 913.6 billion yuan, with year-on-year growth rates of -0.59%, +4.85%, and +3.96% respectively [6][7] Asset Quality - The non-performing loan ratio was 1.35% at the end of H1 2024, with a net generation rate of non-performing loans at 0.46%, indicating low pressure on asset quality [6] - The provision coverage ratio was 218.43%, reflecting strong risk mitigation capabilities [6] Future Outlook - The company maintains a stable operational outlook, with a projected compound annual growth rate (CAGR) of 2.71% for operating income over the next three years [6]

Investment Rating - The investment rating for the company is "Buy" [6][9] Core Views - The report highlights that the company achieved a revenue of 11.286 billion yuan in the first half of 2024, representing a year-on-year increase of 20.38%. The net profit attributable to shareholders was 1.277 billion yuan, with a year-on-year growth of 0.45% [3][9] - The report emphasizes the positive outlook for the cross-border air freight industry, driven by the company's strong core air transport capacity and cargo station infrastructure, which provide a significant competitive advantage. The company is expected to maintain sustainable dividends as profits increase, enhancing shareholder returns [3][9] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 6.062 billion yuan, a year-on-year increase of 26.29% and a quarter-on-quarter increase of 16.05%. The net profit for Q2 was 688 million yuan, reflecting a year-on-year growth of 34.89% and a quarter-on-quarter increase of 16.89% [3][9] - The company handled 1.2032 million tons of cargo in the first half of 2024, with a year-on-year increase of 1.28%. The ground service business generated a revenue of 1.222 billion yuan, up 4.70% year-on-year, with a gross profit of 490 million yuan, representing a 15.11% increase [9][10] Industry Outlook - The report notes that the cross-border e-commerce sector is driving revenue growth, with the company transporting 68,100 tons of cross-border e-commerce goods, a year-on-year increase of 40.26%. The Baltic Air Freight Index for exports from Pudong Airport averaged 4,692, up 23.41% year-on-year and 19.25% quarter-on-quarter, indicating a rising industry sentiment [9][10] - The company is expected to benefit from the upcoming traditional consumption peak seasons in Europe and the United States, which are likely to further boost its air freight and cross-border logistics business performance [9][10] Dividend Policy - The board has approved a mid-term profit distribution plan for 2024, proposing a cash dividend of 0.389 yuan per share (before tax), totaling 616 million yuan, with a dividend payout ratio of 48.35% [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 4.075 billion yuan for the first half of 2024, representing a year-on-year growth of 5.42%. The net profit attributable to shareholders was 333 million yuan, up 10.17% year-on-year, while the net profit excluding non-recurring items was 316 million yuan, reflecting an 11.45% increase [2][6]. - Q2 revenue faced short-term pressure, primarily due to a decline in FWA (Fixed Wireless Access) business. However, the company has a sufficient order backlog and expects to achieve its growth targets [2][6]. - The company is increasing its R&D investment and expanding into new segments, which is expected to enhance profitability [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit margin of 8.28%, an increase of 0.45 percentage points year-on-year. The operating cash flow was 338 million yuan, up 150.87% year-on-year [6]. - Q2 revenue was 1.952 billion yuan, a decrease of 4.91% year-on-year and 8.06% quarter-on-quarter [6]. R&D and Product Development - The company invested 388 million yuan in R&D in H1 2024, a year-on-year increase of 10.78%. It has accumulated 293 invention patents, 147 utility model patents, and 139 software copyrights [6]. - New products launched include the SC208 smart module and the upgraded SC171 module, compatible with Android, Linux, and Windows operating systems [6]. Market Expansion - The company is focusing on the 5G RedCap module, which is now in the commercial sample delivery stage, facilitating large-scale deployment in the IoT sector [6]. - Solutions for smart lawn mowers have been successfully implemented with multiple end customers, laying a solid foundation for further growth [6]. Future Projections - Revenue projections for 2024-2026 are 8.252 billion yuan, 8.823 billion yuan, and 10.034 billion yuan, with year-on-year growth rates of 6.95%, 6.92%, and 13.72% respectively. Net profits are expected to be 702 million yuan, 667 million yuan, and 761 million yuan, with growth rates of 24.48%, -4.97%, and 14.17% respectively [6][7].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" (maintained) [6] Core Views - The bank's overall operations are stable, with a slight decline in revenue and net profit in H1 2024 compared to the previous year, attributed to weaker net interest income and other non-interest income [10] - The bank maintains a balanced credit allocation and exhibits strong asset quality, with a non-performing loan ratio of 0.84% as of H1 2024 [10] - The bank's net interest income increased by 1.83% year-on-year, while the loan balance grew by 10.69% year-on-year [10] - The bank's asset quality remains robust, with a provision coverage ratio of 325.61% as of H1 2024 [10] Summary by Sections Financial Performance - In H1 2024, Postal Savings Bank achieved operating revenue of 176.79 billion yuan, a year-on-year decrease of 0.11%, and a net profit attributable to shareholders of 48.82 billion yuan, down 1.51% year-on-year [10] - The bank's interest income and other non-interest income showed mixed results, with net interest income growing by 1.83% but other non-interest income declining [10] Credit and Asset Quality - As of H1 2024, the bank's loan balance reached 8.66 trillion yuan, reflecting a year-on-year increase of 10.69% [10] - The net interest margin stood at 1.91%, with a slight contraction compared to the previous quarter [10] - The bank's non-performing loan generation rate improved, with a notable decrease in the generation rate for corporate and personal consumption loans [10] Future Outlook - The bank's revenue projections for 2024-2026 are 346.5 billion, 364.7 billion, and 391.3 billion yuan, with expected year-on-year growth rates of 1.17%, 5.25%, and 7.30% respectively [11] - The net profit forecasts for the same period are 89.5 billion, 95.1 billion, and 102 billion yuan, with growth rates of 3.72%, 6.34%, and 7.16% respectively [11]

Investment Rating - The investment rating for Huatai Securities (601688) is "Buy" (maintained) [7]. Core Views - The public fund business performed well, and proprietary trading drove a quarter-on-quarter improvement in performance [11]. - In H1 2024, the company achieved total operating revenue of 17.44 billion, a year-on-year decrease of 5%, and a net profit attributable to shareholders of 5.31 billion, a year-on-year decrease of 19% [11][12]. - The company expects to maintain its leading position in wealth management, with performance likely to recover as the market improves [13]. Financial Performance Summary - In Q2 2024, the company reported revenue of 11.34 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 86%, with a net profit of 3.02 billion, a year-on-year decrease of 9% and a quarter-on-quarter increase of 32% [11][12]. - The brokerage business generated revenue of 2.72 billion in H1 2024, a year-on-year decrease of 14%, while asset management revenue was 2.22 billion, a year-on-year increase of 6% [11][12]. - Investment net income (including exchange gains) was 4.43 billion in H1 2024, a year-on-year decrease of 40%, primarily due to market fluctuations [12]. Business Segment Analysis - The public fund business showed strong performance, with significant growth in assets under management (AUM) for non-monetary funds and mixed equity funds, reaching 375.3 billion and 314.3 billion respectively, with year-on-year increases of 61% and 74% [11][12]. - The investment business faced significant pressure, with a decrease in investment net income and a slight contraction in investment leverage [12]. - The company ranked first in IPO sponsorship projects in H1 2024, with an underwriting scale of 5 billion, although the overall investment banking revenue decreased by 42% year-on-year [11][12]. Earnings Forecast and Valuation - The company is expected to generate revenues of 37.1 billion, 36.7 billion, and 37.8 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 14.1 billion, 11.5 billion, and 13.5 billion [13]. - Earnings per share (EPS) are projected to be 1.56, 1.27, and 1.49 yuan for the same years [13].

Investment Rating - The investment rating for the company is maintained as "Buy" [4][2]. Core Views - The company is currently in a recovery phase, awaiting the effects of policy implementation. Despite significant pressure on kitchen appliance demand since Q2, the anticipated rollout of the old-for-new policy is expected to boost demand. The company is projected to achieve revenue growth of +6%/+10%/+10% for 2024-2026, reaching 6.6 billion, 7.3 billion, and 8.0 billion respectively. Net profit attributable to shareholders is expected to grow by +33%/+14%/+14%, reaching 600 million, 680 million, and 770 million respectively, with corresponding P/E ratios of 8.9, 7.8, and 6.9. The dividend yield is projected at 6.3%, based on a 56% payout ratio for 2023 [2][6][4]. Financial Performance - In H1 2024, the company achieved revenue of 3.101 billion, a year-on-year increase of +7.68%, and a net profit of 300 million, up +14.77%. In Q2 2024, revenue was 1.720 billion, with a year-on-year growth of +2.07%, and net profit was 176 million, up +3.95% [6][10]. - Domestic and overseas revenue growth was notable, with domestic revenue increasing by +4% and overseas revenue by +35%. Offline revenue grew by +21%, with a 52% revenue share, while the emerging channels saw a +41% increase, accounting for 19% of total revenue [6][10]. - The company’s gross margin in Q2 decreased by 2.8 percentage points, primarily due to faster growth in lower-margin overseas and emerging channel revenues, alongside intensified price competition in the industry. However, the net profit margin improved slightly by +0.2 percentage points due to reduced sales expense ratios and lower credit impairment losses [6][10]. Future Outlook - The company is expected to continue its operational improvement, with revenue growth anticipated to remain stable. The rollout of the old-for-new policy is expected to positively impact the demand for large kitchen appliances, supporting the company's revenue growth outlook [6][10]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with significant growth rates projected for both metrics [7][14].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [5] Core Views - The company's Q2 domestic sales grew at a single-digit rate, accounting for about 30% of total revenue, while overseas sales saw rapid growth, particularly in the US, with Asia-Pacific and Europe also showing strong growth [2] - The company's new products, such as the P20 Pro and P10S Pure, demonstrate leading product capabilities, which are expected to strengthen its competitive advantage in the market [7] - The company's global market share is expected to continue growing, supported by its technological leadership, multi-price segment strategy, and rapid overseas channel expansion [7] Financial Performance - In H1 2024, the company reported revenue of 4.416 billion yuan, a year-on-year increase of 30.90%, and net profit attributable to shareholders of 1.121 billion yuan, up 51.57% year-on-year [7] - Q2 2024 revenue reached 2.575 billion yuan, a year-on-year increase of 16.33%, with net profit attributable to shareholders of 722 million yuan, up 34.91% year-on-year [7] - The company's gross margin in Q2 2024 increased by 1.93 percentage points to 51.89%, driven by a higher proportion of direct sales channels [7] Product and Market Strategy - The company launched the P20 Pro in August 2024, featuring an intelligent chassis that significantly improves obstacle-crossing capabilities, with a pre-sale price of 3,999 yuan [7] - The P10S Pure, priced at 2,499 yuan, targets the 2,000 yuan price segment with a streamlined design, offering a competitive product in the mid-range market [7] - The company's overseas expansion, particularly in the US, France, and Italy, is progressing well, with increased SKUs and entry into more retail stores like Best Buy and Target [7] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 10.5 billion, 12.5 billion, and 15.0 billion yuan, respectively, with year-on-year growth rates of 21%, 19%, and 20% [7] - Net profit attributable to shareholders is expected to reach 2.52 billion, 2.93 billion, and 3.40 billion yuan for 2024-2026, with growth rates of 23%, 16%, and 16%, respectively [7] - The company's EPS for 2024-2026 is projected to be 13.68, 15.88, and 18.40 yuan, with corresponding P/E ratios of 16.5x, 14.3x, and 12.3x [7]

Investment Rating - The report maintains a cautious outlook on the beauty and personal care industry, with a focus on the potential recovery in the medical aesthetics and beauty sectors during the second half of 2024 [12][15]. Core Insights - The report highlights that the performance of the recombinant collagen and jewelry sectors has been adjusted positively, while the beauty brands continue to show a trend of differentiation and improvement, albeit with increasing difficulty due to a weakening market and rational consumer behavior [12][13]. - The report recommends specific companies such as Juzhi Biotechnology, Proya, Shangmei, and Runben for investment consideration [15]. Summary by Sections 1. Industry Overview: Weakness and Anticipation of Recovery - The optional consumption sectors, including cosmetics and jewelry, showed a decline in performance in Q2 2024, with retail growth rates dropping to 1.0% and 0.2% respectively by June [20]. - The beauty and jewelry sectors have underperformed the CSI 300 index by over 20 percentage points since the beginning of 2024, with better-performing stocks being those with relatively low valuations [12][23]. 2. Performance: Scarcity of Growth and Increasing Differentiation - Growth has become increasingly scarce, with a notable differentiation in performance among brands. Recombinant collagen companies like Juzhi Biotechnology have seen significant upward adjustments in performance, while only a few jewelry companies have shown similar trends [13][15]. - The beauty sector continues to experience a divergence in brand performance, with some brands showing initial signs of improvement despite a generally weak market [15]. 3. Investment Recommendations: Focus on Recombinant Collagen and Major Promotions - The report suggests focusing on the recombinant collagen sector and the upcoming Double 11 promotional event in the beauty sector as potential catalysts for recovery [15][27]. - It emphasizes the importance of tracking the recovery progress in medical aesthetics and brand performance during major promotional periods in the second half of 2024 [15][27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown continuous improvement in profitability, with multiple new car models expected to drive sales upward [6][8] - In Q2 2024, the company achieved total revenue of 39.699 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 1.674 billion yuan, a year-on-year increase of 145.13% [6][7] - The company is actively transforming its business, with a strong focus on smart connected electric vehicles, and has seen significant growth in its new energy vehicle sales [8][9] Financial Performance Summary - In the first half of 2024, the company reported total revenue of 76.723 billion yuan, a year-on-year increase of 17.15%, and a net profit of 2.832 billion yuan, a year-on-year decrease of 63.00% [6] - In Q2 2024, the company’s gross margin was 13.23%, a decrease of 3.18 percentage points year-on-year, while the expense ratio decreased significantly [7] - The company’s new energy vehicle sales reached 299,000 units in the first half of 2024, a year-on-year increase of 69.9% [8] Future Outlook - The company is expected to enter a strong product cycle in the second half of 2024, with several new and updated models set to launch, including the Changan Yuyuan E07 and others [8][9] - Revenue projections for 2024-2026 are estimated at 179.75 billion yuan, 210.47 billion yuan, and 242.02 billion yuan, with corresponding growth rates of 18.81%, 17.09%, and 14.99% [9]