Investment Rating - The report maintains a "Buy" investment rating for Datang Power (601991.SH) [1] Core Views - The company reported significant growth in performance, with a revenue of 58.31 billion yuan in the first half of 2024, a year-on-year increase of 0.19%. The net profit attributable to shareholders reached 3.11 billion yuan, up 104.85% year-on-year, and the basic earnings per share increased by 212.06% to 0.1242 yuan [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of approximately 58.31 billion yuan, an increase of 1.08 billion yuan year-on-year. The net profit was about 4.287 billion yuan, up 23.82 billion yuan year-on-year. The net profit attributable to the parent company was approximately 3.108 billion yuan, an increase of 1.591 billion yuan year-on-year [2] - The profit from coal-fired power generation (including thermal) was 1.51 billion yuan, a year-on-year increase of 288.13%. Hydropower profit totaled 1.03 billion yuan, up 1033.02% year-on-year [2] Energy Generation and Pricing - The average on-grid electricity price was 462.74 yuan per megawatt-hour (including tax), a decrease of about 4.70% year-on-year. The total on-grid electricity generated was approximately 1,223.973 billion kilowatt-hours, an increase of about 4.43% year-on-year [2] - The company has an installed capacity of 73,734.862 megawatts, with coal-fired power accounting for 45,124 megawatts and hydropower approximately 9,204.73 megawatts [2] Clean Energy Transition - In the first half of 2024, the company added 973.898 megawatts of clean energy capacity, with wind power accounting for 564.32 megawatts and solar power 408.338 megawatts. The proportion of low-carbon clean energy capacity increased to 38.80%, up 1.05 percentage points from the end of last year [3] - The company has 122 approved power projects with a total capacity of 4,714.985 megawatts, including 1,109.3 megawatts for wind power and 3,605.685 megawatts for solar power [3] Investment Outlook - The company is expected to see high growth potential due to the synergy between coal-fired and renewable energy development. Revenue forecasts for 2024 to 2026 are 128.168 billion yuan, 133.033 billion yuan, and 139.145 billion yuan, with net profits of 4.006 billion yuan, 4.449 billion yuan, and 5.708 billion yuan respectively [3]

[Table_Main] 证券研究报告 | 公司点评 旗滨集团(601636.SH) 2024 年 08 月 29 日 买入（维持） 所属行业：建筑材料/玻璃玻纤 当前价格(元)：5.20 | --- | |------------------------------| | 证券分析师 | | 闫广 | | 资格编号：S0120521060002 | | 邮箱：yanguang＠tebon.com.cn | 市场表现 旗滨集团 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.76 | -16.26 | -31.35 | | 相对涨幅(%) | -10.16 | -11.41 | -21.75 | 资料来源：德邦证券研究所，聚源数据 相关研究 1.《旗滨集团（601636.SH）：Q1 业绩 高增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 38.07% year-on-year for the first half of 2024, achieving a total revenue of 34.558 billion yuan and a net profit of 2.852 billion yuan, which is a 35.71% increase year-on-year [5] - The company is focusing on expanding its mid-to-high-end smartphone products and enhancing its AIoT ecosystem to improve user experience and brand loyalty [6] - The company plans to distribute a cash dividend of 15 yuan per 10 shares, totaling 1.694 billion yuan, which accounts for 59.39% of its net profit for the first half of 2024 [6] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 34.558 billion yuan, with a net profit of 2.852 billion yuan, and a non-deductible net profit of 2.428 billion yuan [5] - The second quarter of 2024 saw a revenue of 17.115 billion yuan, a year-on-year increase of 8.63%, but a decline in net profit by 22.31% [5] - The company’s global smartphone market share reached 14.4%, ranking second among global smartphone manufacturers, with a 9.1% share in the global smartphone market [6] Financial Forecasts - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 73.941 billion yuan, 85.178 billion yuan, and 95.725 billion yuan respectively [6] - The net profit forecasts for the same years are adjusted to 6.082 billion yuan, 7.077 billion yuan, and 8.290 billion yuan respectively [6] - The price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 14.71, 12.65, and 10.80 respectively [6]

买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：32.65 | --- | |----------------------------| | 证券分析师 | | 周新明 | | 资格编号：S0120524060001 | | 邮箱：zhouxm＠tebon.com.cn | 市场表现 鱼跃医疗 沪深300 -26% -17% -9% 0% 9% 17% 26% 34% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.19 | -13.16 | -16.17 | | 相对涨幅(%) | -9.59 | -8.10 | -7.23 | 资料来源：德邦研究所，聚源数据 相关研究 1.《——鱼跃医疗 2023 年三季报点评 -鱼跃医疗(002223.SZ)：盈利能力持续 优化，CGM 新品上市带动糖尿病护理 高速增长》，2023.11.10 2.《——鱼跃医疗 23 年半年报点评-鱼 ...

[Table_Main] 证券研究报告 | 公司点评 鱼跃医疗(002223.SZ) 2024 年 08 月 29 日 | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|----------|----------------------|------------------| | 买入（维持） | | 鱼跃医疗 | | 中报点评：高基数 | | 所属行业：医药生物 / 医疗器械 当前价格 ( 元 ) ： 32.65 | | | 下业绩承压，海外提速 | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 -17% -9% 0% 9% 17% 26% 34% 鱼跃医疗 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -26% 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 17.26% year-on-year for H1 2024, achieving a total revenue of 4.322 billion yuan and a net profit of 473 million yuan, which is a 28.33% increase year-on-year [6] - The company's gross margin improved to 22.75%, up by 1.58 percentage points year-on-year, while the net profit margin reached 11.35%, an increase of 0.95 percentage points year-on-year [6] - The growth in the new energy gear and livelihood gear segments significantly contributed to the company's performance, with the new energy gear business revenue increasing by 40.31% compared to the same period last year [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 4.322 billion yuan, a year-on-year increase of 17.26%, and a net profit of 473 million yuan, up 28.33% year-on-year [6] - The company’s Q2 2024 revenue was 2.248 billion yuan, reflecting an 18.6% year-on-year growth and an 8.3% quarter-on-quarter increase [6] - The gross margin for H1 2024 was 22.75%, and the net profit margin was 11.35% [6] Business Segments - Revenue from passenger car gears, commercial vehicle gears, and livelihood gears for H1 2024 was 2.363 billion yuan, 460 million yuan, and 280 million yuan, respectively, with year-on-year growth rates of 28.54%, 3.81%, and 82.17% [6] - The company has established strong partnerships with numerous domestic and international clients over its 40 years in the mechanical transmission gear sector [6] Future Outlook - The company is expected to achieve net profits of 1.074 billion yuan, 1.335 billion yuan, and 1.576 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 14.8, 11.9, and 10.09 [7][9] - The company is focusing on expanding its robotics and livelihood gear segments, which are anticipated to drive future growth [7]

[Table_Main] 证券研究报告 | 公司点评 科顺股份(300737.SZ) 2024 年 08 月 28 日 | --- | --- | --- | |-------------------------------|--------------------|-------| | 买入（维持） 科顺股份（ | ）：积极降本增效， | | | 所属行业：建筑材料 / 装修建材 | | | | 当前价格 ( 元 ) ： 4.00 | 毛利率有所改善 | | 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 -46% -34% -23% -11% 0% 11% 科顺股份 沪深300 -57% | --- | --- | --- | --- | |------------------------------------|----------------|----------------|--------------| | -69% 202 ...

[Table_Main] 证券研究报告 | 公司点评 中复神鹰(688295.SH) 2024 年 08 月 28 日 买入（维持） 所属行业：基础化工/化学纤维 当前价格(元)：16.88 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 中复神鹰 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -7.71 | -17.34 | -34.67 | | 相对涨幅(%) | -4.11 | -12.48 | -25.07 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中复神鹰（688295.SH）：24Q1 需 求疲软公司低价走量，价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its financial performance for the first half of 2024, with revenue reaching 5.001 billion yuan, a 37.90% increase year-on-year, and a net profit of 702 million yuan, up 40.48% [4] - The main brand is expected to achieve a revenue scale of 10 billion yuan, driven by popular products and channel expansion [4] - The company is focusing on a multi-brand strategy, with several sub-brands showing strong growth and new product launches catering to various market segments [4] Financial Performance Summary - For 2024H1, the company achieved a revenue of 5.001 billion yuan (+37.90%) and a net profit of 702 million yuan (+40.48%) [4] - The revenue for 2024Q2 is projected to be 2.820 billion yuan (+40.59%) with a net profit of 399 million yuan (+36.84%) [4] - The main brand's revenue for 2024H1 was 3.981 billion yuan (+37.67%), with significant contributions from upgraded product lines and new launches [4] - The company expects revenues of 11.830 billion yuan, 14.278 billion yuan, and 16.569 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.549 billion yuan, 1.869 billion yuan, and 2.169 billion yuan [5][6] Market Position and Strategy - The company is leveraging its strong brand presence on platforms like Tmall and Douyin, achieving top rankings in beauty and fast-moving consumer goods categories [4] - The multi-brand strategy includes successful launches in color cosmetics and high-end hair care, with sub-brands like 彩棠 and 悦芙媞 showing significant revenue growth [4] - The company is actively exploring department store channels and optimizing its store structure to enhance brand visibility and market penetration [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has turned from loss to profit, focusing on cost reduction and efficiency improvements in high-end scientific instruments [1][4] - In H1 2024, the company achieved revenue of 1.411 billion yuan, a year-on-year increase of 17.44%, and a net profit attributable to shareholders of 46 million yuan, a year-on-year increase of 133.16% [3][4] - The company signed new contracts worth 1.667 billion yuan in H1 2024, representing a year-on-year growth of 11.13% [3] Financial Performance - The company reported a Q2 revenue of 871 million yuan, a year-on-year increase of 27.75%, and a net profit of 71 million yuan, a year-on-year increase of 241.47% and a quarter-on-quarter increase of 380.27% [3] - The overall gross margin for H1 2024 was 44.44%, up 3.99 percentage points year-on-year [3] - The company reduced its expense ratio to 50.51%, down 13.57 percentage points year-on-year, with significant reductions in sales, management, financial, and R&D expense ratios [3][4] Business Segments - Revenue from instrument-related business, operational testing, and environmental equipment and engineering was 968 million yuan, 241 million yuan, and 139 million yuan respectively, with year-on-year growth rates of 15.35%, 37.33%, and 14.89% [3] - The company has made progress in high-end scientific instruments, particularly in mass spectrometry, chromatography, and spectroscopy, with successful product launches in life sciences and semiconductor fields [4] Future Outlook - The company expects revenues of 3.412 billion yuan, 3.911 billion yuan, and 4.515 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 7.2%, 14.6%, and 15.4% [4][5] - The net profit forecast for the same period is 113 million yuan, 234 million yuan, and 390 million yuan [4][5]