Investment Rating - Investment Rating: Buy [4] Core Views - The company reported a revenue of 2.03 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, it incurred a net loss of 330 million yuan, with the loss margin widening compared to the previous year [6][7] - In Q2 2024, the company achieved a revenue of 1.14 billion yuan, up 18.7% year-on-year and 27.9% quarter-on-quarter. The net loss for Q2 was 140 million yuan, which also showed a widening loss year-on-year but a narrowing loss compared to the previous quarter [6][7] - The company is experiencing a significant increase in its automotive electronics business, with key products like AR-HUD and regional controllers seeing substantial production volumes. The market share for AR-HUD reached 8.35%, ranking fifth in the industry [6][7] - The company is heavily investing in R&D, with an R&D expense ratio of 26.5% in H1 2024, which is expected to stabilize and lead to scale effects as production ramps up [6][7] Financial Summary - Total revenue forecast for 2024-2026 is projected at 5.66 billion, 6.93 billion, and 8.21 billion yuan, with year-on-year growth rates of 21.1%, 22.4%, and 18.4% respectively [7] - Net profit for the same period is expected to be 130 million, 130 million, and 370 million yuan, with growth rates of 40.3%, 200.2%, and 182.1% respectively [7] - The company’s EPS is projected to be -1.08, -1.08, and 3.05 yuan per share for 2024, 2025, and 2026 respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, while the net profit excluding non-recurring items rose by 49.17% to 1.817 billion yuan [2][7] - The company’s core products, including non-coated cultural paper, coated paper, and corrugated box paper, showed significant revenue growth rates of 7.27%, 34.29%, and 14.12% respectively in H1 2024, indicating strong sales performance [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin increase of 1.03 percentage points year-on-year, with a net profit margin of 8.57%, reflecting improved profitability [2][7] - The company’s total revenue for Q2 2024 was 10.339 billion yuan, representing an 8.41% increase year-on-year, while the net profit for the same period was 0.802 billion yuan, up 16.94% year-on-year [7][9] Product Performance - The revenue growth for key products in H1 2024 was as follows: non-coated cultural paper (7.27%), coated paper (34.29%), and corrugated box paper (14.12%). The company managed to maintain strong sales despite a general decline in paper prices [7][10] - The gross margin for coated paper and other products saw significant improvements, with increases of 5.72 and 7.40 percentage points respectively [7][10] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities significantly [7][8] - The integration of forestry, pulp, and paper production is expected to create a long-term competitive moat for the company, supporting its growth trajectory [7][8]

证券研究报告 非金融公司|公司点评|高测股份（688556） 中报点评：业绩短期承压，静待行业修 复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月31日 证券研究报告 |报告要点 2024H1 公司实现营收 26.5 亿元，同比+5%；实现归母净利润 2.7 亿元，同比-62%；扣非归母 净利润为 2.4 亿元，同比-66%。我们预计公司 2024-2026 年营业收入分别为 63.6/80.0/98.8 亿元，同比增速分别为+3%/+26%/+23%；归母净利润分别为 5.5/8.6/11.6 亿元，同比增速分 别为-62%/+57%/+34%。我们认为公司高护城河且盈利稳定增长，维持"买入"评级。 |分析师及联系人 SAC：S0590524040006 刘晓旭 蒙维洒 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08月31日 高测股份(688556) 中报点评：业绩短期承压，静待行业修复 | --- | --- | |----------------------------|---------------------| ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting positive outlook on its growth potential [5] Core Views - The company achieved record-high Q2 performance, with significant growth in revenue and net profit [6] - Electronic materials business is accelerating, with strong growth in semiconductor chemical materials and photoresist products [6] - LNG insulation board business is developing steadily, contributing to revenue diversification [6] Financial Performance - H1 2024 revenue reached 3.257 billion yuan, up 40.21% YoY [2] - Net profit attributable to shareholders was 520 million yuan, increasing 52.19% YoY [2] - Basic EPS stood at 1.09 yuan per share [2] Business Segments - Semiconductor chemical materials: 918 million yuan revenue, 42.64% YoY growth, 59.09% gross margin [6] - Photoresist and supporting reagents: 857 million yuan revenue, 53.46% YoY growth, 19.26% gross margin [6] - LNG insulation composite materials: 717 million yuan revenue, 47.08% YoY growth, 29.74% gross margin [6] Future Projections - 2024-2026 revenue forecast: 6.987/8.632/10.656 billion yuan, with 47.47%/23.55%/23.45% growth rates [7] - 2024-2026 net profit forecast: 1.039/1.389/1.787 billion yuan, with 79.38%/33.62%/28.63% growth rates [7] - 2024-2026 EPS forecast: 2.18/2.92/3.75 yuan per share [7] Valuation Metrics - Current PE ratio: 26x [7] - 2024-2026 PE ratios: 26x/19x/15x [7] - Current PB ratio: 3.5x [8] - 2024-2026 PB ratios: 3.5x/3.1x/2.7x [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a strong performance in H1 2024, achieving revenue of 642 million yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 173 million yuan, up 21% year-on-year [2][6] - The company plans to distribute a total dividend of 243 million yuan in 2024, resulting in a dividend yield of 5.8% [2][6] - The demand for nylon products remains robust, contributing to the company's performance exceeding expectations [6] - The company is actively advancing green recycling and differentiated nylon technology, positioning itself well in the market [6] Financial Performance - In H1 2024, the company achieved a net profit of 173 million yuan, with a significant increase in the second quarter, where revenue reached 332 million yuan, a 26% year-on-year increase [6] - The new materials and synthetic materials segment saw revenue growth of 17% year-on-year, reaching 438 million yuan, with a gross margin of 44% [6] - The company has a strong balance sheet with over 2 billion yuan in cash and financial assets, and minimal debt [6] Future Projections - Revenue projections for 2024-2026 are estimated at 1.6 billion yuan, 2 billion yuan, and 2.9 billion yuan respectively, with net profits of 360 million yuan, 470 million yuan, and 660 million yuan [6][7] - The company is expected to maintain a compound annual growth rate (CAGR) of 31% over the next three years [6] Market Position - The company is well-positioned to benefit from the domestic production wave of nylon 66 and has developed advanced solutions in the recycling and biodegradable materials sectors [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company demonstrated resilience in operations and is expected to continue providing stable returns to shareholders. The projected net profit for 2024-2026 is estimated at 42.40 billion, 43.71 billion, and 48.01 billion respectively, with a CAGR of 4.38% over three years [3][10] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 56.368 billion, a year-on-year increase of 17.19%. However, the net profit attributable to shareholders was 1.945 billion, a decrease of 11.02% year-on-year. The non-recurring net profit was 1.799 billion, down 6.82% year-on-year [3][10] - The freight forwarding business showed stable profitability, with revenue from agency and related services reaching 35.028 billion, up 22.44% year-on-year. The segment profit remained stable at 1.229 billion [10] - The professional logistics segment faced challenges, with revenue of 15.214 billion, a year-on-year increase of 3.02%, but a segment profit decline of 26.77% [10] Shareholder Returns - The company plans to distribute an interim cash dividend of 0.145 yuan per share (including tax), totaling 1.053 billion (including tax), with a payout ratio of 54.17%, up from 50% in the previous year [10] Future Profit Projections - The projected net profits for 2024, 2025, and 2026 are 42.40 billion, 43.71 billion, and 48.01 billion respectively, with year-on-year growth rates of 0.42%, 3.11%, and 9.82% [3][10]

证券研究报告 非金融公司|公司点评|中科电气（300035） 负极业务逐季企稳，产销放量助力业绩 同比改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月31日 证券研究报告 |报告要点 公司发布 2024 年中报，2024H1 实现营收 22.64 亿元，同比+1.32%；实现归母净利润 0.69 亿 元，同比+155.44%。Q2 单季度，公司实现营收 11.98 亿元，同比+0.39%，环比+12.40%；实现 归母净利润 0.45 亿元，同比+338.07%，环比+91.41%。 |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 非金融公司|公司点评 glzqdatemark2 2024年08月31日 中科电气(300035) 负极业务逐季企稳，产销放量助力业绩同比 改善 | --- | --- | --- | |-------|--------------------|---------------| | | | | | | 行 业： 投资评级： | 电力设备/电池 | | | 当前价格： | 8.07 元 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Views - The company achieved a revenue of 750 million yuan in H1 2024, representing a year-on-year increase of 24%, with a net profit attributable to the parent company of 220 million yuan, up 21% year-on-year. The gross margin was 36.6%, down 1.6 percentage points, and the net margin was 28.9%, down 0.8 percentage points. The company is expected to see revenues of 1.58 billion, 1.81 billion, and 1.99 billion yuan from 2024 to 2026, with year-on-year growth rates of 20%, 15%, and 10% respectively. The net profit attributable to the parent company is projected to be 460 million, 530 million, and 580 million yuan for the same period, with growth rates of 20%, 15%, and 10% respectively. The recovery of the U.S. real estate market and the proactive inventory replenishment cycle are expected to drive overseas demand, particularly benefiting the company's plastic bathroom pumps [6][4][7]. Financial Performance - In H1 2024, the company reported a revenue of 750 million yuan, with overseas revenue of 430 million yuan, a year-on-year increase of 36%, accounting for 57% of total revenue. The revenue from plastic bathroom pumps was 370 million yuan, up 35% year-on-year, making up 50% of total revenue. The stainless steel pump revenue was 240 million yuan, up 4%, and general pump revenue was 110 million yuan, up 49% [6][4][7]. - The company maintained strong cost control, with a gross margin of 36.6% and a net margin of 28.9% in H1 2024. The operating cash flow for H1 2024 was 160 million yuan, down 7% year-on-year [6][7]. Future Outlook - The company is expected to benefit from the U.S. real estate market recovery and proactive inventory replenishment, particularly in the plastic bathroom pump segment. The report anticipates that the company can maintain a gross margin above 30% despite potential tariff impacts, as its product prices are significantly lower than U.S. brands [6][7]. - Revenue projections for 2024-2026 indicate a positive growth trajectory, with expected revenues of 1.58 billion, 1.81 billion, and 1.99 billion yuan, and net profits of 460 million, 530 million, and 580 million yuan respectively [6][7].

证券研究报告 非金融公司|公司点评|国科军工（688543） 营收及利润高增持续验证公司行业核心 地位 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月31日 证券研究报告 |报告要点 公司公告 2024 年半年报，2024H1 实现营收 4.82 亿元，同比增长 20.6%，单 Q2 实现营收 2.98 亿元，同比增长 17.5%；2024H1 实现归母净利润 0.80 亿元，同比增长 84.1%，单 Q2 实现归母 净利润 0.47 亿元，同比增长 38.0%。 |分析师及联系人 吴爽 叶鑫 SAC：S0590523110001 SAC：S0590524030004 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08月31日 国科军工(688543) 营收及利润高增持续验证公司行业核心地位 | --- | --- | |----------------------------|--------------------| | | | | 行 业： | 国防军工/地面兵装Ⅱ | | 投资评级： | 买入（维持） | | 当前价格 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's self-operated income significantly increased, driving performance improvement in Q2 2024 [11] - The company reported a total revenue of 11.8 billion yuan for H1 2024, a year-over-year decrease of 11%, with a net profit attributable to shareholders of 4.36 billion yuan, down 4% year-over-year [11] - In Q2 2024, the company achieved revenue of 6.83 billion yuan, a year-over-year increase of 1% and a quarter-over-quarter increase of 38%, with a net profit of 2.82 billion yuan, up 19% year-over-year and 84% quarter-over-quarter [11] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 11.8 billion yuan, down 11% year-over-year, and a net profit of 4.36 billion yuan, down 4% year-over-year [11] - The weighted average ROE was 3.39%, a decrease of 0.45 percentage points compared to the same period last year [11] Revenue Breakdown - Brokerage business generated a net income of 2.76 billion yuan in H1 2024, down 9% year-over-year, accounting for 24.3% of the main business revenue [12] - Asset management business generated a net income of 3.38 billion yuan in H1 2024, down 19% year-over-year, primarily due to a decrease in fees for actively managed equity public funds [12] - Investment business saw a significant improvement with a revenue of 3.67 billion yuan in H1 2024, up 46% year-over-year, accounting for 32.3% of the main business revenue [13] Future Outlook - The company is expected to achieve revenues of 23.8 billion yuan, 24.1 billion yuan, and 25.3 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 2%, 1.3%, and 5.2% [13] - Net profits are projected to be 7 billion yuan, 7.4 billion yuan, and 8.1 billion yuan for the same years, with growth rates of 0.6%, 4.8%, and 10.3% respectively [13]