[Table_Title] 研究报告 Research Report 7 Sep 2024 中国电新与火电 China (A-share) Power Equipment & New Energy & Thermal Power 国际能源与 ESG 周报 (8/26-9/1): 中国发布《中国的能源转型》白皮书，美国先进能 源联合会称 FERC 需要更多的改革 Global Energy and ESG Updates: China released "China's Energy Transformation", and the U.S. Advanced Energy United Said FERC Needs More Reforms 杨斌 Bin Yang 余小龙 Bruce Yu 毛琼佩 Olivia Mao bin.yang@htisec.com bruce.xl.yu@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for ...

Group 1: Financial Performance - Genesis Minerals achieved gold production of 134,451 ounces in FY24, a year-on-year increase of 501%[1] - The company met its production target of 130,000-140,000 ounces[1] - The All-In Sustaining Cost (AISC) was A$2,356 per ounce, aligning with the target range of A$2,300-2,400 per ounce[1] Group 2: Cost Management - AISC was approximately 5% below the company's budget due to successful drilling and model updates[5] - The grinding cost at Laverton and mining cost at GMS were successfully reduced[5] Group 3: Project Highlights - Gwalia delivered 723,128 tonnes of ore, yielding 125,612 ounces of gold at a grade of 5.40 g/t[7] - Admiral delivered 556,195 tonnes of ore with a grade of 1.17 g/t, resulting in 20,876 ounces of gold[7] - Ulysses site infrastructure was established with a capital expenditure of A$639 million, 55% ahead of the five-year plan[7] Group 4: Future Outlook - Genesis Minerals plans to further develop soft ore at Gwalia over the next five years, extending mining depth and width[8] - Overall ore output and capital investment are expected to increase year by year[8] Group 5: Risks - Potential risks include weaker-than-expected mine development activities and significant fluctuations in gold prices[9]

Investment Rating - The report maintains an "Outperform" rating for the company with a current price of HK$6.20 and a target price of HK$6.66 [3][6]. Core Insights - The company has successfully enhanced operational efficiency through business restructuring and cost-saving measures, achieving a total revenue of HKD 27.496 billion in 2024H1, a decrease of 5.76% year-on-year, while core profit increased by 2.21% to HKD 3.186 billion [8][12]. - The company's strategic focus on green energy is showing promise, with significant growth in its renewable energy initiatives, including a 51% year-on-year increase in the production of SAF and HVO [11][12]. Summary by Sections Financial Performance - The company reported a total revenue of HKD 56.971 billion for Dec-23A, with projections of HKD 59.777 billion for Dec-24E, HKD 62.446 billion for Dec-25E, and HKD 64.947 billion for Dec-26E [4][12]. - The attributable net profit for Dec-23A was HKD 6.070 billion, with estimates of HKD 6.467 billion for Dec-24E, HKD 6.690 billion for Dec-25E, and HKD 6.897 billion for Dec-26E [4][12]. Business Segments - The Hong Kong gas sales volume remained flat year-on-year at 14,932 million megajoules, while the mainland urban gas business saw a 6.76% increase in sales volume [5][10]. - The company is actively developing hydrogen energy and green methanol businesses, with a green hydrogen pilot project expected to produce 330 kilograms of hydrogen daily by 2025 [5][9]. Growth Opportunities - The mainland business has shown significant growth, with urban gas sales volume reaching 18.63 billion cubic meters, a year-on-year increase of 6.76% [10]. - The company is focusing on high-quality industrial customers and energy management for public institutions, achieving a 3.13% increase in industrial gas sales and a 9.29% increase in commercial gas sales [10]. Green Energy Initiatives - The company's EcoCeres produced 176,000 tons of SAF and HVO in the first half of the year, with future green methanol production capacity expected to reach 120,000 tons annually [11]. - The cumulative photovoltaic grid-connected scale reached 2.1GW, with power generation increasing by 1.4 times year-on-year to 6.8 billion kWh [11].

Investment Rating - The report does not explicitly state an investment rating for Wanhua Chemical Group Core Views - Wanhua Chemical Group reported a revenue of 97.067 billion yuan for the first half of 2024, representing a year-on-year increase of 10.77% [4] - The net profit attributable to shareholders was 8.174 billion yuan, a decrease of 2.54% year-on-year [4] - The company plans to invest 42.14 billion yuan in major projects in 2024, focusing on high-end polyethylene and new material parks [9] - R&D expenses for the first half of 2024 were 2.081 billion yuan, accounting for 2.14% of revenue [9] Company Updates - On August 13, 2024, Wanhua Chemical disclosed its semi-annual report, highlighting a revenue increase and a slight decline in net profit [4] - The company announced a planned maintenance shutdown of its 750,000 tons/year PDH unit starting August 25, 2024, for approximately 45 days [4] - A cash dividend of 0.52 yuan per share was announced, totaling approximately 1.633 billion yuan [4] Industry Updates - The MDI market saw mixed price movements in August, with the average price of MDI at 17,400 yuan/ton, down 1.14% year-on-year [21] - The global demand for MDI is projected to reach 9.425 million tons by 2025, with a compound annual growth rate of around 5% [31] - The downstream demand for MDI is primarily driven by the white goods sector, which accounts for 49.89% of consumption [34] R&D and Capital Expenditure - The company’s R&D expenses and capital expenditures have been increasing, with a focus on optimizing existing processes and developing new materials [6][9] - In 2024, the company plans to invest significantly in projects related to lithium battery materials and high-performance materials [9] Employee Structure - In 2023, Wanhua Chemical recruited over 5,000 employees, with 4,079 in R&D, representing 14.04% of the total workforce [10] Dividend Policy - Since its listing, Wanhua Chemical has distributed a total of 41.273 billion yuan in cash dividends, maintaining a policy of distributing at least 30% of distributable profits in cash annually for the next three years [13]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 4.00, representing a 17% downside from the current price [5] Core Views - The company is undergoing a transformation with the help of Pang Donglai and self-adjustment, aiming to improve user experience through product quality, store environment, and service [5] - Despite industry challenges, the company retains advantages in fresh produce supply chain, with potential for profit recovery if supply chain reforms and management optimization prove effective [5] - Online business has shown improvement, with reduced losses and increased coverage, contributing 20.8% of total revenue in 1H24 [3][5] Financial Performance - 1H24 revenue was RMB 37.78 billion, down 10.11% YoY, with net profit attributable to shareholders at RMB 275 million, down 26.34% YoY [1][2] - Gross profit margin in 1H24 was 21.58%, down 0.41 pct YoY, with fresh and processed food margin at 12.45%, down 0.77 pct YoY [2] - Operating cash flow in 1H24 was RMB 2.94 billion, up 13.63% YoY [1] Store Operations - The company opened 5 new stores and closed 62 stores in 1H24, ending with 943 stores and 865,300 square meters of reserved space [2] - Pang Donglai-assisted stores showed significant improvement, with daily sales increasing 13.9x and 8.2x in two stores after adjustments [5] Supply Chain and Product Optimization - The company optimized its product structure, introducing 20,276 new products and eliminating 22,480 products in 1H24, with a new product introduction rate of 22.5% [3] - Own-brand sales reached RMB 1.28 billion, accounting for 3.4% of total revenue [3] Industry Context - The supermarket industry faces pressure from channel diversion, deflationary environment, and declining consumer spending power [5] - Leading companies with fresh supply chain advantages may see a turning point if reforms and optimizations translate into same-store growth and profit recovery [5]

Investment Rating - The report assigns an "OUTPERFORM" rating to Guangdong Chj Industry with a target price of RMB 6.61 [1]. Core Insights - Guangdong Chj Industry reported a revenue of RMB 3.431 billion for H1 2024, representing a year-on-year increase of 14.15%. The net profit attributable to shareholders was RMB 229 million, up 10.04% year-on-year [1][9]. - In Q2 2024, the company achieved a revenue of RMB 1.635 billion, a 10.33% increase year-on-year, with a net profit of RMB 98 million, reflecting a 17% year-on-year growth [1][9]. - The company plans to distribute a cash dividend of RMB 1 per 10 shares to all shareholders [1][9]. Revenue Breakdown - The jewelry segment's revenue increased by 17% year-on-year in H1 2024, with a net addition of 52 jewelry stores [2][10]. - Proprietary trading revenue was RMB 1.725 billion, down 3.98% year-on-year, while franchise revenue rose to RMB 1.647 billion, up 43.66% year-on-year [2][10]. - As of June 30, 2024, the company had a total of 1,451 jewelry stores, with plans to increase franchise stores by over 300 in 2024 and reach 2,000 stores by 2025 [2][10]. Segment Performance - Fashion jewelry revenue was RMB 1.65 billion, up 5.97% year-on-year, while traditional gold jewelry revenue reached RMB 1.48 billion, up 31.37% year-on-year [2][10]. - The jewelry segment's net profit margin improved, with revenue of RMB 3.28 billion and a net profit of RMB 237 million, marking a 21.63% increase year-on-year [11]. Financial Metrics - The company updated its earnings forecast, projecting revenues of RMB 6.823 billion, RMB 7.802 billion, and RMB 8.769 billion for 2024-2026, with net profits of RMB 391 million, RMB 454 million, and RMB 514 million respectively [5][12]. - The gross profit margin for H1 2024 was 24.15%, down 2.75 percentage points year-on-year, attributed to changes in product mix [3][11]. - The period expense ratio decreased by 3.15 percentage points in Q2 2024, with total period expenses of RMB 230 million, down 10.04% year-on-year [3][11].

Liang Song I.song@htisec.com [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 拓尔思（300229）公司半年报点评 2024 年 08 月 29 日 [Table_InvestInfo] 业绩仍处承压期，大模型应用+数据服务 推动公司未来发展 [Table_Summary] 投资要点： 业绩短期承压，人工智能软件产品及服务收入上升。公司发布 2024 年半年报。 2024H1 公司实现营业收入 3.97 亿元，同比下降 10.63%；归母净利润 5981.16 万元，同比下降 14.12%；扣非归母净利润 3657.12 万元，同比下降 27.28%。 关于公司营收下降原因方面，2024H1，公司大数据软件产品及服务、人工智 能软件产品及服务收入有所上升，而安全产品和系统集成及其他收入两类业 务相较于 2023 年同期有所下降。安全产品下降主要系传统安全隔离网闸产品 受下游公共安全等行业客户原有项目进度推迟及新增项目采购延缓影响所 致，系统集成及其他收入下降主要系公司聚焦软件主业而减少系统集成相关 业务所致。关于公司利润下降原因方面，公司 2024H1 其 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 国元证券（000728）公司半年报点评 [Table_InvestInfo] 二季度自营大幅增长，上半年净利润同比 +9.4% [Table_Summary] 投资要点：公司区域优势与政策优势叠加，精耕细作安徽市场并扩展 省外业务。2024 年上半年自营表现亮眼驱动业绩增长。我们认为合理 目标价 8.20 元，维持"优于大市"评级。 【事件】国元证券发布 2024 年上半年业绩：2024 年上半年公司实现营业收入 30.8 亿元，同比-0.8%；归母净利润 10.0 亿元，同比+9.4%；对应 EPS 0.23 元，ROE 2.8%， 同比+0.1pct。第二季度季度实现营业收入 16.8 亿元，同比+7.7%，环比+19.7%； 归母净利润 5.4 亿元，同比+36.4%，环比+16.1%。 经纪业务保持稳健，业务排名有所提升。2024 年上半年全市场日均股基交易额 9616 亿元，同比-6.4%，两融余额 14809 亿元，较年初-10.3%。在此背景下，公司 2024 年上半年经纪业务收入 4.4 亿元，同比-8.5%，占营业收入比重 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a 6-month target price of RMB 16.97, based on a 2024 PE of 70x [5][14]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and net profit in 2024H1, but management remains confident in achieving positive year-on-year growth for key operating indicators in 2024 [9][14]. - The low-altitude economy business is progressing steadily and is expected to become a significant performance driver, with strategic cooperation agreements signed with over 10 cities [10][14]. - The company is actively exploring data element business, transitioning from data operation to becoming a data product service provider, enhancing its competitive edge in urban governance [11][14]. - The introduction of unmanned grid vehicles aligns with the trend of vehicle-road-cloud integration, enhancing municipal facility inspection and environmental monitoring capabilities [12][14]. - The "One Network Unified Management" initiative supports smart city development, with successful projects implemented across various provinces, enhancing the company's industry competitiveness [13][14]. Financial Summary - In 2024H1, the company reported revenue of RMB 539 million, down 27.03% year-on-year, and a net profit attributable to shareholders of RMB 71.96 million, down 48.58% year-on-year [9][14]. - The forecast for net profit attributable to shareholders is RMB 151 million, 190 million, and 232 million for 2024, 2025, and 2026, respectively, with EPS projected at RMB 0.24, 0.31, and 0.37 [14]. - The company's revenue is expected to recover in the coming years, with a projected growth rate of 10.2% in 2024 and 24.3% in 2025 [3][14]. Business Development - The company is implementing the "Star Plan" in various cities, which is expected to bring new growth points in the low-altitude economy sector [10][14]. - The focus on data value realization and the development of a comprehensive low-altitude airspace management system are key strategies for future growth [11][14]. - The successful deployment of unmanned grid vehicles in multiple cities demonstrates the company's commitment to innovation and efficiency in urban management [12][14].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 9.02 based on a 2024 EPS of RMB 0.82 and a PE of 11x [3][11]. Core Insights - In H1 2024, the company reported a revenue of RMB 17.25 billion, a decrease of 50.84% year-on-year, and a net profit attributable to shareholders of RMB 1.46 billion, down 64.7% year-on-year [8][11]. - The natural gas segment faced significant challenges, with total sales of 2.18 billion cubic meters, a decline of 57.00% year-on-year, while LNG production increased by 18.51% to 0.37 billion cubic meters due to project advancements [8][10]. - Coal sales slightly decreased, with raw coal production at 9.77 million tons, down 17.80% year-on-year, and total coal sales at 15.71 million tons, down 2.66% year-on-year [9][10]. - The Malang Coal Mine project received approval and is expected to contribute significantly in H2 2024, with an approved capacity of 10 million tons/year [9][10]. - The hydrogen energy demonstration project is operational, meeting design standards with a hydrogen production capacity of 1000Nm³/h and a refueling station capacity of 2000kg/d [10][11]. Financial Summary - The company’s revenue for 2024 is projected to be RMB 50.43 billion, reflecting an 18.0% decrease from 2023, with a gradual recovery expected in subsequent years [4][6]. - Net profit is expected to recover to RMB 5.42 billion in 2024, with EPS projected at RMB 0.82, increasing to RMB 1.24 by 2026 [3][4]. - The gross margin is anticipated to improve from 16.3% in 2023 to 22.4% in 2025, indicating a positive trend in profitability [4][6].