证券研究报告 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 中国石油于 2024 年 8 月 26 日发布 2024 年半年度报告，2024H1 公司实现营业收入 15539 亿元， 同比增加 5%，实现归母净利润 886 亿元，同比增加 3.9%。其中，2024Q2 实现营业收入 7417 亿元，同比减少 1%，环比减少 9%，2024Q2 实现归母净利润 429 亿元，同比增加 3%，环比减 少 6%。 许隽逸 陈律楼 请务必阅读报告末页的重要声明 1 / 5 glzqdatemark2 相关报告 扫码查看更多 非金融公司|公司点评|中国石油（601857） 稳健成长的龙头油气央企 2024年08月27日 |报告要点 |分析师及联系人 SAC：S0590524060003 SAC：S0590524080002 2024年08月27日 稳健成长的龙头油气央企 | --- | --- | |----------------------------|-----------------| | | | | 基本数据 | | | | | | 总股本/流通股本(百万股 ) | 183,021/ ...

Investment Rating - Investment Rating: Buy [7] Core Views - The company reported a revenue of 3.541 billion yuan for H1 2024, a year-on-year decrease of 57.85%, and a net profit attributable to shareholders of 287 million yuan, down 69.01% year-on-year. In Q2 alone, revenue was 2.025 billion yuan, a year-on-year decline of 45.43% but an increase of 33.48% quarter-on-quarter, with a net profit of 176 million yuan, down 64.34% year-on-year but up 59.87% quarter-on-quarter [4][11] - Q2 profitability improved with operating cash flow turning positive at 608 million yuan, following two consecutive quarters of negative cash flow. The company also saw a reduction in investment cash flow losses [11] - The company is gradually releasing its lithium iron phosphate capacity and is steadily advancing its overseas expansion, with expected production capacity exceeding 112,000 tons in 2024, a year-on-year increase of over 34% [11] - The company is actively developing next-generation cathode materials, leading the commercialization of solid-state cathodes in the industry, with hundreds of tons shipped in H1 2024 [11] - Revenue forecasts for 2024-2026 are 10.14 billion, 12.16 billion, and 14.26 billion yuan, with corresponding net profits of 758 million, 907 million, and 1.107 billion yuan, reflecting a significant decline in 2024 but a recovery in subsequent years [11][12] Financial Data Summary - H1 2024 revenue: 3.541 billion yuan, down 57.85% year-on-year - Q2 2024 revenue: 2.025 billion yuan, down 45.43% year-on-year, up 33.48% quarter-on-quarter - H1 2024 net profit: 287 million yuan, down 69.01% year-on-year - Q2 2024 net profit: 176 million yuan, down 64.34% year-on-year, up 59.87% quarter-on-quarter - Expected revenue for 2024: 10.14 billion yuan, with a year-on-year growth rate of -32.96% [11][12]

证券研究报告 非金融公司|公司点评|扬农化工（600486） 农药景气低迷，短期业绩承压 glzqdatemark1 证券研究报告 |报告要点 公司发布半年报，2024H1 实现营业收入 57 亿元，同比-19%；实现归母净利润 7.6 亿元，同比 -32%。上半年业绩下滑主要是农药行业景气持续低迷，量价下行所致。2024H1 公司原药销量 约 5 万吨，同比-3%，原药均价 6.65 万元/吨，同比-24%。2024Q2 公司原药销量约 2.5 万吨， 同比+5%，原药均价 6.39 万元/吨，同比-8%。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 扬农化工(600486) 农药景气低迷，短期业绩承压 | --- | --- | |------------------------|-------------------| | 行 业： | 基础化工/农化制品 | | 投资评级： | 买入（维持） | | 当前价格： | 48.76 元 | | 基本数据 | | | 总股本/流通股本(百万股 | 406.71/402.87 | | 流通 A ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company due to potential opportunities and challenges in its business segments [4][6]. Core Insights - The company reported a revenue of 11.345 billion yuan for H1 2024, representing a year-on-year increase of 9.41%, while the net profit attributable to shareholders was -130 million yuan, a decline of 140.66% year-on-year [2][6]. - The subsidiary, Anlan, is expected to benefit from the rising demand in the nuclear power industry as it is a core supplier for the "Hualong One" project [2][6]. - The company is involved in international wind power projects in Pakistan and Turkey, and it exports photovoltaic cables to Uzbekistan and Vietnam, capitalizing on opportunities in the power equipment export market [2][6]. - The smart battery segment saw a revenue increase of 116.3% year-on-year, but it still reported a net loss of 345 million yuan, indicating ongoing challenges despite high order growth [6][7]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 11.345 billion yuan, with a net profit of -130 million yuan. In Q2 2024, revenue was 6.534 billion yuan, showing a year-on-year increase of 7.83% and a quarter-on-quarter increase of 35.80% [6][7]. - The smart cable network business generated 10.287 billion yuan in revenue, a year-on-year increase of 5.98%, but net profit decreased by 72.78% due to rising copper prices [6][7]. - The company forecasts revenues of 26.916 billion yuan, 31.233 billion yuan, and 36.177 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.02%, 16.04%, and 15.83% [7][9]. Valuation Metrics - The company’s earnings per share (EPS) are projected to be 0.16 yuan, 0.28 yuan, and 0.39 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 39.77% [6][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.7 in 2024 to 9.1 in 2026, indicating a potential improvement in valuation as earnings grow [7][9]. - The company’s asset-liability ratio stands at 79%, reflecting a high level of leverage [4].

证券研究报告 行业研究|行业深度研究|医药生物 处方外流持续推进，零售药店集中度提 升 glzqdatemark1 证券研究报告 |报告要点 在门诊统筹等政策支持下，我国处方外流工作持续推进，零售药店行业有望充分受益，市场规 模预计仍有较大提升空间。头部零售药店具备显著的规模效应和更加严格的内控体系，在合 规趋严的背景下，有望实现收入增长和市场份额提升。 |分析师及联系人 郑薇 SAC：S0590521070002 医药生物 处方外流持续推进，零售药店集中度提升 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 医药生物 沪深300 -30% -13% 3% 20% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《医药生物：供需齐振驱动血制品行业快 速发展》2024.08.13 2、《医药生物：肿瘤免疫赛道谁能延续大单 品传奇？》2024.08.08 扫码查看更多 投资看点 ➢ 处方外流打开药店行业千亿市场空间 零售药店行业是中国药品消费市场的第二大终端，根据米内网数据，2016-2023 年 中国零售药店药品销售额由 3,375 亿元增长至 5,533 亿元，终端占 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 354 million yuan for H1 2024, representing a year-on-year growth of 22.29%. However, the net profit attributable to shareholders was 5.66 million yuan, a significant decline of 85.13%. Excluding share-based payments, the net profit attributable to shareholders was 47.74 million yuan [6][4] - The core business of endoscopic equipment generated revenue of 342 million yuan in H1 2024, showing a robust growth of 23.37% [6] - The company continues to invest heavily in research and development, with R&D expenses reaching 8.7 million yuan in H1 2024, an increase of 25.48% year-on-year, representing a R&D expense ratio of 24.70% [6] - The company maintains a high gross margin of 71.46%, although it has decreased by 4.82 percentage points year-on-year due to changes in accounting policies [6] Financial Performance Summary - For H1 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 22.29%. The net profit attributable to shareholders was 5.66 million yuan, down 85.13% year-on-year. Excluding share-based payments, the net profit was 47.74 million yuan [6] - The revenue for Q2 2024 was 184 million yuan, a year-on-year increase of 12.61%, while the net profit was 2.90 million yuan, down 86.52% year-on-year [6] - The company forecasts revenues of 1.032 billion yuan, 1.459 billion yuan, and 2.023 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 52.26%, 41.30%, and 38.70% [6][7] - The net profit attributable to shareholders is expected to be 75 million yuan, 133 million yuan, and 251 million yuan for the same years, with growth rates of 75.35%, 60.96%, and 73.90% [6][7] Product and Market Insights - The company’s endoscopic equipment revenue for H1 2024 was 342 million yuan, up 23.37% year-on-year, driven by the market promotion of high-end products like AQ-300 [6] - The revenue from endoscopic diagnostic consumables was 6.90 million yuan, down 8.88% year-on-year, attributed to external industry factors [6] - The company has made significant progress in international market access, obtaining product approvals in multiple countries including the EU, Brazil, South Korea, and Russia [6] Future Outlook - The company is expected to continue its growth trajectory, supported by its leading position in the domestic soft endoscope market, high technical barriers, and favorable competitive landscape [6] - The company plans to maintain high R&D investment to support product iteration and innovation, with several new products launched in various medical fields [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 4.308 billion yuan for H1 2024, a year-on-year decrease of 13.50%, and a net profit attributable to shareholders of 1.120 billion yuan, down 25.02% year-on-year. The core business segments, particularly blood glucose management and overseas expansion, showed strong performance [9][10] - The diabetes care solutions revenue reached 562 million yuan, marking a year-on-year growth of 54.94%, while overseas sales revenue was 479 million yuan, up 30.19% year-on-year [9][10] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 50.06%, which is a slight decrease of 1.62 percentage points year-on-year. The sales, management, and R&D expense ratios increased compared to the previous year [9][10] - The company forecasts revenues of 8.564 billion yuan, 10.005 billion yuan, and 11.595 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.44%, 16.82%, and 15.90% [10][12] - The projected net profits for the same years are 2.091 billion yuan, 2.405 billion yuan, and 2.825 billion yuan, with growth rates of -12.72%, 15.01%, and 17.49% respectively [10][12] Business Segment Performance - The respiratory therapy solutions segment generated 1.642 billion yuan in revenue, a year-on-year decline of 28.88%. However, the sales of nebulizers and home ventilators showed good growth [9][10] - The emergency rescue segment reported revenue of 108 million yuan, reflecting a year-on-year increase of 34.66% [9][10] Market Position and Outlook - The company is positioned as a leading player in the home medical device sector, benefiting from an aging population and the expansion of new products like Continuous Glucose Monitoring (CGM) systems and overseas business [9][10]

证券研究报告 非金融公司|公司点评|浪潮信息（000977） 受益 AI 算力需求营收利润高速增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 浪潮信息发布2024年半年度报告，2024年上半年公司实现营收420.64亿元，同比增长68.71%； 归母净利润 5.97 亿元，同比增长 90.56%；扣非归母净利润 4.22 亿元，同比扭亏；毛利率为 7.74%，同比下降 3.66pct。2024 年第二季度公司实现营收 244.57 亿元，同比增长 58.49%； 归母净利润 2.91 亿元，同比增长 129.01%；扣非归母净利润 1.82 亿元，同比增长 213.48%； 毛利率为 7.50%，同比下降 2.92pct。 |分析师及联系人 陈安宇 SAC：S0590523080004 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27日 浪潮信息(000977) 受益 AI 算力需求营收利润高速增长 | --- | --- | --- | |-------|------------ ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][9]. Core Views - The company achieved a revenue of 10.38 billion yuan in the first half of 2024, representing a year-on-year growth of 12%, and a net profit attributable to shareholders of 930 million yuan, up 65% year-on-year [9]. - The significant increase in performance is primarily driven by strong overseas demand, with tire production and sales reaching 43.39 million and 39.91 million units respectively, marking year-on-year increases of 19% and 11% [9]. - The company has made breakthroughs in the matching sector, which is expected to boost replacement market demand in the future [9]. - The Serbian factory's first phase for truck and passenger car tires has entered the capacity release stage, which is anticipated to become a new growth engine for the company's performance [9]. Financial Performance - In Q2 2024, the company reported a revenue of 5.34 billion yuan, a year-on-year increase of 10% and a quarter-on-quarter increase of 6%, with a net profit of 480 million yuan, up 39% year-on-year and 10% quarter-on-quarter [9]. - The company’s cost control capabilities have improved, with a period expense ratio of 10.83% in the first half of 2024, down 0.54 percentage points from the second half of 2023 [9]. - The projected revenues for 2024-2026 are 24.7 billion, 28 billion, and 31.8 billion yuan respectively, with year-on-year growth rates of 22%, 13%, and 14% [9][10]. Market Position and Strategy - The company is committed to a global strategy, currently operating five production bases in China and two overseas factories in Thailand and Serbia, with plans for further expansion [9]. - The company has secured new projects in the domestic and overseas matching sectors, including partnerships with major brands such as BYD and Volkswagen [9]. - The company ranks among the top in the new energy vehicle tire matching sector, which is expected to drive replacement market demand as the ownership of new energy vehicles increases [9].

Investment Rating - The investment rating for the company is "Buy" [7][15]. Core Insights - The company reported a record high revenue for Q2 2024, achieving 8.645 billion yuan, a year-on-year increase of 36.94% and a quarter-on-quarter increase of 26.34% [10]. - The company’s revenue for the first half of 2024 reached 15.487 billion yuan, with a year-on-year growth rate of 27.22%, and a net profit attributable to shareholders of 619 million yuan, up 24.96% year-on-year [4][10]. - The growth in revenue was primarily driven by a rebound in demand for mobile phones and IoT devices, with communication electronics revenue increasing by over 40% and consumer electronics revenue by over 30% [10]. Financial Performance - The company’s gross profit margin and net profit margin for Q2 2024 were 14.28% and 5.59%, respectively, showing a year-on-year decrease of 0.83 and 0.52 percentage points [10]. - The company’s operating income for 2024 is projected to be 35.109 billion yuan, with expected growth rates of 18.37%, 12.50%, and 13.98% for the years 2024, 2025, and 2026, respectively [11]. - The projected net profit attributable to shareholders for 2024 is 2.105 billion yuan, with a year-on-year growth rate of 43.12% [11]. Market Position and Competitive Advantage - The company has strengthened its position in advanced packaging technology, having received 66 domestic and international patent authorizations in the first half of 2024 [10]. - The company is recognized for its expertise in high-performance advanced packaging, with its XDFOI® Chiplet technology entering stable mass production [10]. - The company is positioned as a leader in the domestic semiconductor packaging and testing industry, with a significant competitive advantage [10].