[Table_Main] 证券研究报告 | 公司点评 金诚信(603979.SH) 2024 年 08 月 27 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：41.56 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 金诚信 沪深300 -29% -14% 0% 14% 29% 43% 57% 71% 86% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 4.63 | -14.13 | -23.95 | | 相对涨幅(%) | 7.13 | -9.65 | -16.25 | 资料来源：德邦研究所，聚源数据 相关研究 1.《铜行业跟踪：24Q2 铜价创新高， Q3TC 骤 降 ， 供 需 持 续 紧 张 》， 2024.7.11 2.《金诚信（60397 ...

Investment Rating - The report maintains a "Buy" rating for China Automotive Research (601965.SH) [2] Core Views - The company demonstrates steady growth with improving profitability, achieving a revenue of 2 billion yuan in the first half of 2024, a year-on-year increase of 20.38%, and a net profit of 401 million yuan, up 16.88% year-on-year [5][6] - The company is focusing on its strategic advantages in automotive technology services and emerging businesses, with a notable revenue increase in the new energy and intelligent connected vehicle development and testing business, which grew by 38.09% [5][6] - The integration with China Inspection Group is expected to accelerate growth by leveraging resources and capabilities in the automotive inspection and certification sectors [6] Financial Performance Summary - In the first half of 2024, the company reported a revenue of 2 billion yuan, with a net profit of 401 million yuan, and a non-recurring net profit of 377 million yuan [5] - The second quarter of 2024 saw a revenue of 1.139 billion yuan, reflecting a year-on-year growth of 19.31% and a quarter-on-quarter growth of 32.2% [5] - The company's gross margin for the first half of 2024 was 40.6%, with a net margin of 21.6% [5][8] - Revenue projections for 2024-2026 are estimated at 47.2 billion yuan, 55.6 billion yuan, and 65.6 billion yuan, respectively, with corresponding net profits of 9.9 billion yuan, 11.8 billion yuan, and 14.1 billion yuan [6][9] Market Comparison - The company's stock has underperformed relative to the market, with a 20% decline compared to the CSI 300 index [4] - The stock price range over the past 52 weeks was between 15.06 and 23.04 yuan [7] Valuation Metrics - As of August 27, 2024, the stock price was 15.50 yuan, with projected P/E ratios for 2024, 2025, and 2026 at 15.7, 13.2, and 11.1, respectively [6][9] - The company maintains a gross margin of 43% and a net profit margin projected to improve to 22.5% by 2026 [8][9]

[Table_Main] 证券研究报告|公司点评 乖宝宠物(301498.SZ) 2024 年 08 月 27 日 投资要点 | --- | --- | --- | --- | |---------------------------|------------------|----------------|-------| | 乖宝宠物： 买入（维持） | Q2 | 业绩实现高增， | | | | | | | | 所属行业：农林牧渔 / 饲料 | 盈利水平显著改善 | | | | 当前价格 ( 元 ) ： 46.35 | | | | | | | | | 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 乖宝宠物 沪深300 -23% | --- | --- | --- | --- | |-------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 1.025 billion yuan, down 22.93% year-on-year, and net profit at 84 million yuan, down 26.47% year-on-year [2][3] - The slowdown in project execution has negatively impacted performance, particularly in the engineering business, while the chemical business remains stable [3] - The company has a sufficient backlog of orders, with significant revenue already recognized from ongoing projects [3] - The company plans to distribute a mid-term dividend of approximately 65 million yuan, reflecting a high payout ratio of 76.8% [3] Financial Performance Summary - For H1 2024, the company's gross margin and net margin were 19.05% and 8.12%, respectively, both showing a decline compared to H1 2023 [3] - Revenue breakdown by business for H1 2024 includes: engineering contracting (70 million yuan, down 72.51%), engineering design (24 million yuan, down 38.41%), and chemical products (650 million yuan, down 2.47%) [3] - The company expects revenue growth from 2024 to 2026 to be 8.1%, 15.7%, and 17.3%, respectively, with net profit growth of 4.9%, 24.7%, and 31.5% [3][9] Order Backlog and Project Updates - As of the end of June 2024, the company has signed 95 contracts with a total value of 762.34 million yuan, and has won additional contracts worth 3.8 billion yuan [3] - The company has recognized revenue of 22.74 million yuan from the North Huajin project, with total collections reaching 180 million yuan [3] Dividend and Innovation - The company applied for 8 patents and was granted 10 patents in H1 2024, with one project recognized as internationally leading [3] - The planned cash dividend of 1.00 yuan per share reflects the company's commitment to returning value to shareholders [3]

Investment Rating - Buy (maintained) [1] Core Views - The company's 2024H1 revenue reached 1.81 billion yuan, a year-on-year increase of 5.23%, with net profit attributable to the parent company of 112 million yuan, a year-on-year increase of 29.86% [3] - The company's tungsten powder and carbide powder businesses benefited from rising tungsten prices, with gross margins increasing by 0.77 and 1.69 percentage points respectively [3] - The subsidiary Aokete achieved a revenue of 310 million yuan in 2024H1, a year-on-year increase of 27.33%, but incurred a loss of 9.31 million yuan [4] - The company's hard alloy products saw significant growth in sales, with a gross margin of 18.49%, up 3.47 percentage points year-on-year [3] Financial Performance - The company's 2024H1 tungsten concentrate (65%) production was 1,791.88 tons, a year-on-year decrease of 3.95%, while tin metal (100%) production was 414.86 tons, a year-on-year decrease of 6.28% [3] - In 2024Q2, the company achieved revenue of 940 million yuan, a year-on-year increase of 4.3%, and net profit attributable to the parent company of 85 million yuan, a year-on-year increase of 65.6% [3] - The company's tungsten powder, carbide powder, and thermal spray powder sales in 2024H1 were 1,849.82 tons, 2,494.79 tons, and 226.98 tons, respectively, with year-on-year decreases of 16.34%, 4.80%, and 9.24% [3] - The company's hard alloy, coated blades, and rod sales in 2024H1 were 618.23 tons, 11.66 million pieces, and 358.86 tons, respectively, with year-on-year increases of 20.12%, 23.36%, and 35.63% [3] Market and Industry Analysis - The average price of tungsten concentrate (WO3≥65%) and ammonium paratungstate (APT) in 2024H1 was 134,100 yuan/ton and 198,500 yuan/ton, respectively, up 12.97% and 10.96% year-on-year [3] - The company's tungsten powder and carbide powder products are in the middle of the industrial chain, with production costs and prices strongly correlated with tungsten concentrate prices [3] - The company's hard alloy products are downstream products, with the company actively expanding the market and developing new customers, leading to a year-on-year increase in production and sales [3] Future Projections - The company's revenue for 2024-2026 is projected to be 3.8 billion yuan, 4.0 billion yuan, and 4.1 billion yuan, respectively, with net profit attributable to the parent company of 210 million yuan, 270 million yuan, and 360 million yuan, respectively [4] - The company's PE ratios for 2024-2026 are projected to be 30.14x, 23.56x, and 17.88x, respectively [4] - The company's gross margin for 2024-2026 is projected to be 13.2%, 14.5%, and 15.8%, respectively [5] - The company's net profit margin for 2024-2026 is projected to be 5.6%, 6.9%, and 8.8%, respectively [5]

[Table_Main] 证券研究报告 | 宏观点评 | --- | --- | --- | --- | |------------|-------|---------------------------------------------|-------| | | | 2024 年 8 月 27 日 | | | 宏观点评 | | | | | | | | | | | | 价平量减、利润率钝化 月工业企业利润数据点评 | | | 证券分析师 | | | | [Table_Summary] 投资要点： 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 相关研究 核心观点：规上工业企业效益延续平稳恢复态势，但在国内消费较弱、外部环境复 杂的大背景下，这一回升态势仍需巩固。7 月企业利润三因素的总体贡献格局与 6 月类似，一是"价"依旧保持低位徘徊，但 PPI 降幅未再继续收窄；二是"量"端 出现了边际走弱倾向，工增同比降速；三是"利润率"的钝化继续对利润增速的上 行空间形成制约。结构方面，全部 41 个行业 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from rising aluminum prices, with a 66% year-on-year growth in net profit for the first half of 2024 [4] - The company achieved a revenue of 24.65 billion yuan, a year-on-year increase of 39.49% [4] - The gross profit margin for electrolytic aluminum products decreased by 2.94 percentage points to 15.43% due to rising raw material costs [4] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, with a payout ratio of 31.67% [4] Financial Performance - In Q2 2024, the company reported a revenue of 13.29 billion yuan, a year-on-year increase of 61.5% and a quarter-on-quarter increase of 17.0% [4] - The net profit for Q2 2024 was 1.36 billion yuan, reflecting a year-on-year growth of 115.0% and a quarter-on-quarter growth of 16.5% [4] - The average aluminum price in the Chinese market for H1 2024 was 19,798 yuan per ton, up 7.1% year-on-year [4] - The company produced 1.351 million tons of primary aluminum in H1 2024, a significant increase of 38.7% year-on-year [4] Production and Operational Goals - The company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, and 1.26 million tons of aluminum alloys and processed products in 2024 [4] - The production of alumina in H1 2024 was 723,000 tons, while carbon products and aluminum processing products were 398,000 tons and 588,000 tons, respectively [4] Earnings Forecast - Revenue forecasts for 2024-2026 are adjusted to 49.8 billion yuan, 53.7 billion yuan, and 57.5 billion yuan, respectively, with net profits of 4.44 billion yuan, 4.64 billion yuan, and 4.91 billion yuan [5] - The expected year-on-year growth rates for net profit are 12.2%, 4.4%, and 5.9% for 2024, 2025, and 2026, respectively [5] - The price-to-earnings ratio (P/E) for 2024 is projected at 9.13x, with subsequent years showing a decreasing trend [5]

[Table_Main] 证券研究报告 | 公司点评 神州泰岳(300002.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：传媒/游戏Ⅱ 当前价格(元)：8.09 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 王晶晶 资格编号：S0120524080001 邮箱：wangjj5＠tebon.com.cn 市场表现 神州泰岳 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 1.12 | -2.88 | -5.72 | | 相对涨幅(%) | 3.62 | 1.60 | 1.98 | 资料来源：德邦研究所，聚源数据 相关研究 1.《神州泰岳 2023 及 24Q1 业绩点评： 核心产品流水基本盘稳定，深耕 SLG 出海打造护城河》，2024.5.10 2.《23 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - In H1 2024, the company achieved revenue of 1.435 billion yuan, a year-on-year increase of 26.5%, and a net profit attributable to shareholders of 155 million yuan, up 30.75% year-on-year. However, in Q2 2024, revenue was 801 million yuan, a year-on-year increase of 29.8%, while net profit decreased by 22.6% to 82.85 million yuan [1][4]. - The company has been expanding its recycling and marketing channels globally, leveraging over 20 years of experience in the renewable plastics sector. In Q2 2024, the company reported record revenue of 801 million yuan, a quarter-on-quarter increase of 26.6 [4]. - The company is currently constructing its second phase project in Vietnam, with a total investment of approximately 60 million USD, expected to enhance production capacity significantly upon completion [4]. Financial Summary - For 2024-2026, the company is projected to generate revenues of 2.77 billion yuan, 3.12 billion yuan, and 3.54 billion yuan, with growth rates of 12.8%, 12.6%, and 13.5% respectively. Net profits are expected to be 266 million yuan, 316 million yuan, and 370 million yuan, with growth rates of 35.7%, 19.0%, and 17.1% respectively [4][6]. - The company’s gross margin is expected to improve from 25.7% in 2023 to 29.0% by 2026, indicating a positive trend in profitability [7][9]. - The company’s total assets are projected to grow from 4.017 billion yuan in 2023 to 5.018 billion yuan in 2026, reflecting a solid growth trajectory [9].

[Table_Main] 证券研究报告 | 公司点评 裕同科技(002831.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：轻工制造/包装印刷 当前价格(元)：22.07 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 市场表现 裕同科技 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.03 | -13.52 | -13.12 | | 相对涨幅(%) | -2.54 | -9.04 | -5.42 | 资料来源：德邦研究所，聚源数据 相关研究 1.《裕同科技（002831.SZ）：经营总体 稳健，Q2 盈利环比修复》，2023.8.29 裕同科技(0 ...