公司点评报告 · 公用事业行业 来水偏丰驱动主业增长,投资收益稳中向好 — 长江电力 2024 年中报点评 核心观点 ● ● ● ● ● ● ● 事件:公司发布 2024年中报,上半年实现营收 348.08亿元,同比+12.38%, 实现归母净利 113.62 亿元(扣非 113.70 亿元),同比+27.92%(扣非同比 +33.83%)。24Q2单季度实现营收 191.67亿元,同比+23.05%,实现归母净 利 73.95亿元（扣非 73.91亿元）,同比+40.35%（扣非同比+50.04%）。 盈利能力提升,现金流良好:24H1,公司 ROE(加权) 为 5.56%,同比 +1.28pct。毛利率 52.38%,同比+2.45pct;期间费用率 18.76%,同比-3.87pct, 主要得益于财务费用率下降 4.08pct 至 16.23%。24H1,公司实现经营性净现 金流 229.84亿元,同比减少 8.38%,主要系应收电费较期初增加所致。 来水偏丰驱动主业增长,投资收益稳中向好:24H1，乌东德水库来水总量 约 366.60亿立方米,较上年同期偏丰 11.40%;三峡水库来水总量约1479. ...

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Power [2][6] Core Views - The company reported a revenue of 37.441 billion yuan for the first half of 2024, a year-on-year increase of 3.15%, and a net profit attributable to shareholders of 5.882 billion yuan, a decrease of 2.65% year-on-year [1] - The company has a robust cash flow situation with a net cash flow from operating activities of 19.571 billion yuan, despite a year-on-year decrease of 10.81% due to increased inventory [1] - The company is expected to have a significant increase in nuclear power generation capacity with the commissioning of the Zhangzhou Unit 1 by the end of the year, contributing to a total approved and under construction nuclear power capacity of 20.641 million kilowatts [2] Financial Performance Summary - For the first half of 2024, the company's gross profit margin was 47.51%, a decrease of 1.03 percentage points year-on-year, while the net profit margin was 15.71%, down 0.94 percentage points year-on-year [1] - The company forecasts net profits of 10.918 billion yuan, 11.970 billion yuan, and 13.023 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.92x, 17.26x, and 15.86x [2][7] - The company’s total installed capacity for renewable energy reached 22.3704 million kilowatts by the end of June 2024, with significant contributions from wind and solar power [6] Operational Insights - The company’s total power generation for the first half of 2024 was 105.295 billion kWh, a year-on-year increase of 4.43%, with nuclear power generation slightly declining due to maintenance schedules [1] - The average on-grid electricity price for nuclear power was 0.371 yuan/kWh, a slight decrease of 0.11% year-on-year, while the price for renewable energy dropped by 13.22% to 0.385 yuan/kWh [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 357.448 billion yuan for the first half of 2024, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 11.399 billion yuan, down 0.59% year-on-year [1]. - The company's profitability has improved, with a gross margin of 11.65%, up 0.89 percentage points year-on-year, and a net profit margin of 4.06%, up 0.1 percentage points year-on-year [1]. - New contracts signed in emerging businesses grew rapidly, with a total of 960.867 billion yuan in new contracts, an increase of 8.37% year-on-year [1]. Financial Performance Summary - For the first half of 2024, the company achieved revenues from various segments: infrastructure construction (318.089 billion yuan, -2.74% YoY), infrastructure design (17.339 billion yuan, -10.29% YoY), dredging (26.886 billion yuan, +3.27% YoY), and other businesses (11.161 billion yuan, +12.59% YoY) [1]. - The company expects net profits for 2024-2026 to be 24.560 billion yuan, 26.316 billion yuan, and 28.565 billion yuan, representing year-on-year growth rates of 3.14%, 7.15%, and 8.55% respectively [2]. - The projected P/E ratios for the same period are 5.57, 5.20, and 4.79 times [2]. Contract and Business Growth Summary - The company signed new contracts worth 960.867 billion yuan in the first half of 2024, with significant contributions from infrastructure construction (863.378 billion yuan, +9.39% YoY) and design (32.656 billion yuan, +21.91% YoY) [1]. - International contracts amounted to 196.065 billion yuan (approximately 27.821 billion USD), marking a 38.88% increase year-on-year, accounting for 20% of total new contracts [1]. - The company has signed contracts worth 20.729 billion USD in countries involved in the "Belt and Road" initiative since its inception, totaling 255.487 billion USD [1].

金板块龙头股。 毎日晨报 银河观点集萃 2024年9月3日 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------| | | | | | ● | 通信:运营商利润增速稳健,数智化转型全球领先。运营商经营业绩表现良好, | 责任编辑 | | | 在营收高基数背景下,净利润未来仍有望维持高个位数增长,中长期成长性显 | 周额 | | | 现。国家积极推进央企"AI+"行动方案,促进数字技术和实体经济深度融合, 运营商适度超前的算力新基建赋能新质生产力,助力5G-A 及算力网 ...

中国银河证券|CGS 以可控成本应对复杂问题 关于成立"国储公司"的探讨 首席经济学家：章俊 宏观分析师：张迪 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 宏观研究报告 以可控成本应对复杂问题 关于成立"国储公司"的探讨 历史的每一次转身,总有波澜和起伏,就如经济的转型过程中也总有起伏和阵 痛。但经济转型时期,当新动能占比仍然较低,而旧动能过快降低时,经济所面临 的压力和风险将显著加大。此时需要稳妥处置旧动能的"历史包袱",于我国经济 而言当前主要集中于房地产行业。对此,我们分析了地产持续下行的经济影响,并 提出一种"中央替代地方"的收储政策优化思路,以一次性可控成本可同时减轻居 民、房企和地方政府的短期风险压力,助力构建房地产和宏观调控政策的长期机制。 经济转型中的风险处置经验;回顾美国 1929年的大萧条和 2008年的两次经 济危机背后均有房地产的身影。其历史经验显示:解决房地产量级的经济问题,有 賴于中央政府信用托底居民和企业资产负债。其次,参照中、日两国银行业危机的 历史经验,其处理方式决定了宏观叙事的不同历史走向:一个通过果断剥 ...

分析师登记编码：S0130522070001 公司点评报告 · 社会服务行业 *压，关注中期储备项目落地进展 -公司信息更新 核心观点 ● 事件:1H24公司实现营收 2.63亿元/同比-7%;归母净利 0.53 亿/同比-16%; 扣非净利 0.51 亿元,同比-14%。其中,Q2公司实现营收 1.57亿元/同比-4%, 归母净利 0.42亿元/同比-4%,扣非净利 0.41亿元/同比-2%。 ● 公司酒店业务受消费力影响显著,导致1H24 经营承压。分业务看,1H24 公司景区业务实现营收 1.5 亿/同比-5.2%,营收降幅基本与行业平均接近。但 酒店营收上半年出现显著下滑,实现营收 0.75亿/同比-20%,我们认为主要与 公司酒店产品定位偏中高端,同时受华东地区消费力承压+中高端客流被海外 旅游分流影响下。 ● 成本费用刚性,1H24盈利能力回落。1H24公司毛利率 52.2%/同比-1.5pct, 主要因景区、酒店以折搓固定成本为主,客流、客单价下降导致固定成本摊薄 效应减弱。期间费用率亦因固定费用占比较高而提升,1H24公司销售费用率 6.5%/同比+0.5pct,管理费用率 14.8%/同比+ ...

公司点评报告 · 交通运输行业 24H1 受益跨境电商高景气，实现中期分红 核心观点 ● 事件:公司发布 2024 年半年度报告。经营数据方面,2024H1,公司实现营 业收入 112.86亿元,同比+20.38%;实现归母净利润 12.77亿元,同比+0.45%; 实现扣非归母净利润 11.97亿元。 ● 2024H1,受益于跨境电商高景气,公司综合物流解决方案营收显著增长。 收入端来看,2024H1,公司实现营业收入 112.86 亿元中,航空速运/地面综 合服务/综合物流解决方案,分别实现营收 43.33亿元/12.22亿元/57.27亿元, 同比分别-4.31%/+4.70%/+55.72%。2024上半年,公司的综合物流解决方案 板块营收同比增长显著,主要系受益于年初以来跨境电商景气度持续高涨的催 化拉动。而公司航空速运板块营收同比下滑,主要系受到上半年运价向下波动 的影响,上半年公司航空速运板块实现货邮总周转量 39.14 亿吨公里,同比 +25.73%。 ● 2024H1,受运价波动影响,公司毛利率同比下滑,费用端降本增效成果 显现。成本端来看,2024H1,公司实现营业成本91.76亿元,同比 ...

行业周报·电力设备与新能源行业 国网发布输变电及计量中标结果 核心观点 ● 行情回顾:2024年8月23日-8月 30日沪深 300指数涨幅为-0.17%;创业 板指数涨幅为2.17%;电新指数涨幅4.30%,行业排名第2。按照三级子行业 拆分来看,储能/风电/太阳能设备涨幅较大,分别为 8.54%/7.41%/7.34%。 ● 估值分析:估值已处于历史低位,预期收益率明显增高。Wind 数据显示, 2024年 8 月 30 日,电力设备与新能源行业(CI) 市盈率(TTM) 为 24.83 倍,为10年历史估值分位点的12.35%,处于历史底部区域。分子行业看, 2024 年 8 月 30 日,电网/储能/太阳能/新能源车/风电行业的市盈率分别为 20.97 倍/39.71 倍/23.11 倍/23.36 倍/31.87 倍,为 10 年历史估值分位点的 14.17%/34.76%/14.03%/7.62%/58.82%。 ● 行业数据:1)产业链价格再下滑。Wind 数据显示,截至8月9日,碳酸锂 8.02 万元/吨(-0.64%);三元 622 前驱体 7.50 万元/吨(环比持平),磷酸 铁锂前驱体 ...

公司点评报告 · 医药行业 Q2 业绩环比改善，海外非肝素制剂快速放量 —— 2024 年中报业绩点评 2024 年 9 月 2 日 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------| | ...

公司点评报告 · 轻工行业 教收模快速成长，内销业务表现亮眼 2024年9月2日 核心观点 | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------|------------------| | ● | 同比-23.5 ...