[Table_Main] 证券研究报告 | 公司点评 高能环境(603588.SH) 2024 年 08 月 23 日 | --- | --- | |----------------------------------------|---------------------| | 高能环境（ 买入（维持） | 603588.SH ）： 24H1 | | 收入同比增加 所属行业：环保 / 环境治理 | 69% ，期待资源化 | | 当前价格 ( 元 ) ： 4.51 | | | 证券分析师 | 项目利润释放 | | 郭雪 | | 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 高能环境 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|-- ...

[Table_Main] 证券研究报告 | 公司点评 青鸟消防(002960.SZ) 2024 年 08 月 23 日 买入（维持） 所属行业：机械设备/专用设备 当前价格(元)：10.01 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 青鸟消防 沪深300 | --- | --- | --- | --- | |------------------------------------|----------------|----------------|--------------| | -46% 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 2024-08 \n3M | | 绝对涨幅 (%) | -10.06 | -25.30 | -33.04 | | 相对涨幅 (%) | -3.68 | -20.08 | -23.17 | | 资料来源：德邦证券研究所，聚源数据 | | | | | | | | | 相关研究 1.《青鸟消防（002960 ...

[Table_Main] 证券研究报告 | 公司点评 中国巨石(600176.SH) 2024 年 08 月 23 日 买入（首次） 所属行业：建筑材料/玻璃玻纤 当前价格(元)：10.00 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 中国巨石 沪深300 -43% -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.30 | -6.98 | -18.22 | | 相对涨幅(%) | 1.08 | -1.76 | -8.35 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中国巨石（600176.SH）：24Q2 行 业全面复价，公司业绩环比明显改 善》 ...

Investment Rating - The report maintains an "Accumulate" rating for Mingxin Xuteng (605068.SH) [2] Core Views - The company reported a revenue of 466 million yuan for H1 2024, representing a year-on-year increase of 26.36%, while the net profit attributable to shareholders decreased by 39.89% to 10 million yuan [3] - The decline in profitability is attributed to increased expenses and depreciation due to the initial investments in new domestic and overseas companies [3] - The company is expanding its product range and production capacity, particularly in the microfiber leather segment, which has significant domestic replacement potential [3] - The company has successfully expanded its customer base in the new energy vehicle sector, with projects worth approximately 2.5 billion yuan expected to commence production between 2023 and 2024 [3] - The construction of the overseas factory in Mexico is progressing, with equipment installation and quality system setup underway [3] Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.036 billion yuan, 1.427 billion yuan, and 1.823 billion yuan respectively, with net profits expected to be 74 million yuan, 132 million yuan, and 165 million yuan [4] - The report anticipates an increase in earnings per share (EPS) to 0.45 yuan, 0.81 yuan, and 1.01 yuan for the same period [4] - The current price-to-earnings (P/E) ratios are projected at 25.88, 14.53, and 11.60 for 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 2.359 billion yuan for the first half of 2024, representing a year-on-year increase of 21.68%, with a net profit attributable to shareholders of about 335 million yuan, up 3.03% year-on-year [2][3] - The company is experiencing a decline in the rental rate of aerial work platforms, leading to a decrease in gross margin [2][3] - The company has completed a change in control, with state-owned assets from Hainan Province becoming the controlling shareholder, which is expected to provide support for long-term development [3][4] Financial Performance - For the first half of 2024, the company achieved total revenue of 2.359 billion yuan, with the aerial work platform rental service contributing 1.783 billion yuan, a year-on-year increase of 32.76% [2] - The gross margin for the first half of 2024 was approximately 43.01%, down 2.25 percentage points year-on-year [2] - The operating cash flow for the first half of 2024 was 1.148 billion yuan, a significant increase of 83.06% year-on-year [3] Business Expansion - The company’s core business of aerial work platform equipment management reached a scale of 151,300 units, growing 24.92% compared to the end of 2023 [3] - The company has established a comprehensive online and offline marketing network, adding 56 offline outlets, bringing the total to 330 [3] - The company has signed strategic cooperation agreements with multiple financial institutions to lower financing costs and support business integration [3][4] Future Outlook - The company is expected to accelerate the expansion of its aerial work platform management scale and explore innovative leasing businesses, which may open up new growth opportunities [4] - The profit forecast for the company for 2024-2026 is adjusted to 916 million, 1.116 billion, and 1.398 billion yuan, with corresponding P/E ratios of 9.76, 8.02, and 6.40 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has demonstrated robust revenue growth despite industry challenges, with a revenue increase of 19.25% to 13.597 billion yuan in the first half of 2024 and a net profit increase of 16.79% to 2.214 billion yuan [4][7] - The company's strategic focus on the "One Body, Two Wings" strategy is expected to drive long-term growth, with significant contributions from its waterproofing and coating segments [4][7] Summary by Sections Market Performance - The company's stock has shown a performance of -11% compared to the market index [1] Financial Performance - In Q2 2024, the company achieved a revenue of 7.653 billion yuan (+15.39%) and a net profit of 1.392 billion yuan (+7.03%) [4] - The company’s gypsum board business maintained a revenue share of 53.71%, while the coating business saw a significant increase in revenue share from 4.28% to 13.11% due to the acquisition of Jiaboli [4][5] Cost Management - The company reported a slight decrease in expense ratio to approximately 12.31% in Q2 2024, with a notable increase in cash flow, reaching 3.241 billion yuan in cash and cash equivalents [5][7] Strategic Initiatives - The company is investing in new production lines for waterproofing materials, with an estimated total investment of 143 million yuan, aimed at enhancing its competitive position in the market [5][7] - The company’s effective capacity for gypsum board reached 35.62 billion yuan, reinforcing its leading position in the global gypsum board and light steel keel industry [5][7] Future Projections - The company is projected to achieve net profits of 4.430 billion yuan, 5.323 billion yuan, and 6.023 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.27, 7.71, and 6.82 [7][8]

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549.SH) [1] Core Views - The company's profit has significantly increased, with a net profit of 1.017 billion yuan in the first half of 2024, representing a year-on-year growth of 28.47% [4] - The tungsten and molybdenum segment has shown rapid growth, driven by rising tungsten concentrate prices and the expansion of photovoltaic tungsten wire production [4][5] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 37.351 billion yuan, 40.110 billion yuan, and 43.299 billion yuan respectively, with corresponding net profits of 2.125 billion yuan, 2.590 billion yuan, and 2.977 billion yuan [5] Summary by Sections Market Performance - The stock has shown a relative performance of -6.01% over the last month and -10.59% over the last two months compared to the CSI 300 index [3] Financial Performance - In the first half of 2024, the company reported total revenue of 17.162 billion yuan, a decrease of 8.37% year-on-year, while the tungsten and molybdenum business achieved revenue of 8.781 billion yuan, a year-on-year increase of 10.98% [4][5] - The average price of domestic black tungsten concentrate was 134,400 yuan per ton, up 13.04% year-on-year, and APT (88.5%) averaged 198,400 yuan per ton, up 11.02% year-on-year [4] Business Segments - The tungsten and molybdenum segment's profit totaled 1.427 billion yuan, reflecting a year-on-year increase of 29.50% [4] - The rare earth business saw a revenue decline of 21.48% to 2.054 billion yuan, primarily due to the integration with China Rare Earth Group [5] - The energy materials segment reported revenue of 6.3 billion yuan, down 22.43% year-on-year, despite a 29.98% increase in cobalt acid lithium sales [5] Investment Recommendations - The report suggests that the company is well-positioned to benefit from rising tungsten prices and the expansion of its photovoltaic product line, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for the company,珍酒李渡 (6979.HK) [1] Core Views - The company reported a revenue of 4.13 billion HKD for H1 2024, representing a year-on-year growth of 17.5%. The net profit attributable to shareholders was 752 million HKD, with an adjusted net profit of 1.02 billion HKD, reflecting a year-on-year increase of 26.9% [3][4] - The growth in the珍酒 and李渡 brands was significant, with李渡 experiencing a 38% increase in revenue, driven by an improved product matrix and penetration into markets outside its home province [3][4] - The company is actively implementing a dual-channel growth strategy, which is expected to enhance the potential of its partners and prepare for future growth [3][4] Financial Performance - For H1 2024, the珍酒 brand saw a 17% increase in revenue, while李渡 grew by 38%. The high-end and next-high-end segments grew by 18% and 33%, respectively [3][4] - The overall gross margin improved by 0.9 percentage points, primarily due to a decrease in the proportion of mid-range products and the positive contribution from new self-owned production capacity [3][4] - The adjusted net profit margin increased by 1.8 percentage points to 24.6% [3][4] Future Projections - Revenue projections for 2024-2026 are 8.45 billion, 10.13 billion, and 11.96 billion HKD, with year-on-year growth rates of 20.1%, 20.0%, and 18.1%, respectively. Adjusted net profits are expected to be 2.04 billion, 2.53 billion, and 3.14 billion HKD, with growth rates of 25.6%, 24.1%, and 24.1% [4][5]

[Table_Main] 证券研究报告 | 公司点评 致欧科技(301376.SZ) 2024 年 08 月 22 日 总股本(百万股)： 401.50 流通 A 股(百万股)： 127.56 52 周内股价区间(元)： 17.06-29.07 总市值(百万元)： 6,849.59 总资产(百万元)： 5,850.16 每股净资产(元)： 7.71 资料来源：公司公告 买入（维持） 所属行业：轻工制造/家居用品 当前价格(元)：17.06 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 2024-08 致欧科技 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -10.02 | -22.21 | -38.28 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company, Lingyi Technology (002600.SZ), is a leading enterprise in precision manufacturing for consumer electronics, benefiting from the AI terminal wave [3][4]. - In 2023, the company achieved revenue of 34.1 billion yuan and a net profit of 2.051 billion yuan, with a gross margin of 19.9% and a net margin of 6.0% [3][5]. - The company has a strong cash flow and is expanding its revenue from new business areas, with overseas revenue accounting for nearly 70% in 2023 [3][5]. Company Strength - Lingyi Technology was established in 2006 and went public in 2018 through a merger with Jiangfen Magnetic Materials. It has expanded from die-cutting to various manufacturing processes, including stamping, CNC machining, injection molding, and ODM services [3][12]. - The company serves major clients such as Apple, Huawei, OPPO, and Samsung, and has diversified into new sectors like electric vehicles and photovoltaic energy [3][4][12]. Consumer Electronics - The consumer electronics sector is expected to benefit from the innovation driven by generative AI, with a recovery in demand anticipated in the second half of 2023 [4][50]. - The company is well-positioned to capitalize on the upcoming upgrade cycle for AI smartphones and foldable devices, which are expected to drive sales growth [4][52][77]. New Fields - The electric vehicle and photovoltaic storage sectors are projected to maintain high growth rates, with the company already supplying precision structural components for battery systems [4][89]. - In 2023, the automotive business generated approximately 1.697 billion yuan in revenue, reflecting a growth of over 40% year-on-year [4][93]. Financial Performance - The company forecasts revenues of 40.995 billion yuan, 50.086 billion yuan, and 58.210 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.903 billion yuan, 3.003 billion yuan, and 4.022 billion yuan [5][109]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 26.07, 16.52, and 12.34, respectively, indicating significant potential for valuation improvement [5][112]. Competitive Advantages - The company emphasizes a globalized layout and strong R&D capabilities, which enhance its long-term growth potential [3][39]. - A new round of stock option incentives is set to activate core employee interests, further supporting the company's strategic goals [5][44].