买入（维持） 所属行业：农林牧渔/饲料 当前价格(元)：19.49 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 -17% -9% 0% 9% 17% 中宠股份 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -26% 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 3M | | 绝对涨幅 (%) | -2.99 | -9.01 | -21.44 | | 相对涨幅 (%) | 2.84 | -3.45 | -12.05 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《中宠股份：盈利水平持续提升，期 待品牌优化效果释放》，2024.1.31 2.《 ...

[Table_Main] 证券研究报告 | 公司点评 神火股份(000933.SZ) 2024 年 08 月 20 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：15.91 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 神火股份 沪深300 -34% -17% 0% 17% 34% 51% 69% 86% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -14.46 | -26.85 | -29.35 | | 相对涨幅(%) | -8.63 | -21.29 | -19.96 | 资料来源：德邦研究所，聚源数据 相关研究 1.《神火股份（000933.SZ）： ...

Investment Rating - The report gives a "Buy" investment rating for the company [1]. Core Views - The company is a leading power utility in Shanghai, with stable profitability and attractive dividends. It is actively transitioning towards renewable energy, which is expected to drive long-term growth [4][5]. Summary by Sections Company Overview - The company is a comprehensive energy enterprise under the Shenergy Group, and it is the first listed company in China's power energy sector. As of the end of 2023, the company had a controlled installed capacity of 16.9471 million kilowatts, a year-on-year increase of 5.17% [15][19]. Financial Performance - In 2023, the company achieved an operating revenue of 29.142 billion yuan, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 3.459 billion yuan, a significant increase of 219.52%. The cash dividend reached 1.958 billion yuan, resulting in a dividend yield of 6.2% [4][33][43]. Power Generation and Capacity - The company has a diversified power generation portfolio, with coal power accounting for 49.57% of its capacity, gas power 20.21%, and renewable energy (wind and solar) 30.22%. The installed capacity of renewable energy increased by 19.43% year-on-year [4][21][27]. Market Conditions - The overall stability of coal and electricity prices has improved profitability in thermal power. The average on-grid electricity price reached 0.52 yuan per kilowatt-hour in 2023, a year-on-year increase of 2.35% [4][7][36]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 29.18 billion yuan, 29.64 billion yuan, and 30.198 billion yuan for 2024, 2025, and 2026, respectively. The net profit is expected to grow at rates of 16.4%, 8.1%, and 5.1% during the same period [5][36].

[Table_Main] 证券研究报告 |行业周报 传媒 2024 年 08 月 20 日 传媒 优于大市（维持） 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 传媒 沪深300 -37% -29% -22% -15% -7% 0% 7% 15% 2023-08 2023-12 2024-04 资料来源：德邦研究所、聚源数据 相关研究 1.《传媒互联网行业周报：全球首款 双人互动剧《谍影成双》上线，关注 中概互联网中期业绩》，2024.8.15 2.《万达电影(002739.SZ)首次覆盖： 儒意加持院线龙头迎来价值重估，AI 赋能 IP 拓展带来长期增长》， 2024.8.14 3.《出版行业点评：出版服务内需为 矛，红利股息为盾》，2024.8.14 4.《新华都(002264.SZ)：深耕白酒电 商业务，有望充分受益白酒线上化》， 2024.8.12 5.《传媒互联网行业 7 月报： AI 创 新成果涌现，政策推动传媒消费内需 增长》，2024.8.11 传媒互联网行业周报 ...

[Table_Main] 证券研究报告 | 公司点评 天山铝业(002532.SZ) 2024 年 08 月 20 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：6.94 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 天山铝业 沪深300 -29% -14% 0% 14% 29% 43% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |--------------|--------|--------|--------| | 沪深 300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.03 | -13.47 | -10.91 | | 相对涨幅(%) | -6.37 | -8.15 | -2.18 | 资料来源：德邦研究所，聚源数据 相关研究 1.《天山铝业（002532.SZ）：全产业 链 布 局 加 强 ， 成 本 优 势 凸 显 》， 2024.4.12 2.《天山铝业（002532. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue rising approximately 12.0% year-on-year to RMB 73.592 billion and net profit attributable to shareholders increasing approximately 272.7% to RMB 9.155 billion. A mid-term dividend of HKD 0.59 per share was also announced [4] - The company's performance was driven by increased production and sales across its aluminum and alumina businesses, with aluminum alloy production rising 5.3% to 3.221 million tons and sales increasing 0.5% to 2.837 million tons. Alumina sales reached 5.507 million tons, up 2.4%, while aluminum processing products saw a production increase of 30.6% to 493,000 tons and sales up 35.9% to 379,000 tons [4] - The decline in coal and anode costs contributed to profit growth, with average coal prices dropping approximately 20.1% and 7.2% in the first two quarters of 2024. However, financial instruments' fair value changes negatively impacted profits by RMB 1.615 billion [4] Summary by Sections Market Performance - The company's stock price is currently at HKD 10.36, with a market performance comparison showing a relative decline against the Hang Seng Index [2][3] Financial Data and Forecasts - The company’s total revenue for 2024 is projected to be RMB 140.681 billion, with net profit forecasts of RMB 18.185 billion, RMB 20.251 billion, and RMB 21.309 billion for 2024, 2025, and 2026 respectively [6][7] - Key financial metrics include a projected EPS of RMB 1.92 for 2024 and a dividend payout ratio of 55.9% [5][6] Investment Recommendations - The report suggests that the company's strong profit performance, coupled with rising product prices and a favorable cost structure, enhances its investment value. The net profit forecasts for 2024-2026 have been adjusted to RMB 18.185 billion, RMB 20.251 billion, and RMB 21.309 billion respectively, maintaining the "Buy" rating [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching 2.54 billion (+58.2%) and net profit at 983 million (+47.4%), both exceeding market expectations [5][6] - The gross margin is reported at 82.4%, slightly down by 1.7 percentage points, influenced by product category expansion and increased sales costs [5] - The company is focusing on expanding its product matrix and enhancing its brand presence through direct sales and e-commerce channels, with significant growth in both areas [5][6] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised upwards to 5.03 billion, 6.57 billion, and 8.19 billion respectively, with net profits adjusted to 1.95 billion, 2.55 billion, and 3.17 billion [5][6] - The company’s P/E ratios for the next three years are projected at 19.54X, 14.98X, and 12.06X, indicating a favorable valuation trend [5][6] - The company has a strong market position with its flagship products performing well in major e-commerce events, such as the 618 shopping festival, where it ranked among the top brands [5][6] Market Position and Strategy - The company is leveraging its dual-brand strategy, with "可复美" and "可丽金" showing robust growth, particularly in online sales channels [5][6] - The direct-to-consumer (DTC) sales channel has seen a revenue increase of 64% in the first half of 2024, driven by high growth on platforms like Tmall and Douyin [5][6] - The medical aesthetics segment is expected to contribute significantly to future growth, with several collagen injection products in the pipeline [5][6]

[Table_Main] 证券研究报告 | 公司点评 倍杰特(300774.SZ) 2024 年 08 月 20 日 增持（维持） 所属行业：环保/环境治理 当前价格(元)：6.87 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 -57% -43% -29% -14% 0% 14% 29% 2023-08 2023-12 2024-04 倍杰特 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 11.17 | -2.28 | -13.20 | | 相对涨幅 (%) | 15.82 | 3.04 | -4.48 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《倍杰特（300774.SZ）：西藏盐湖综 合利用研发基地项目稳定产出碳酸 锂，盐湖业 ...

[Table_Main] 证券研究报告 | 公司点评 美埃科技(688376.SH) 2024 年 08 月 20 日 | --- | --- | |----------------------------|------------------------| | 美埃科技（ 买入（维持） | 688376.SH ）：业绩稳 | | 所属行业：环保 / 环保设备Ⅱ | | | 当前价格 ( 元 ) ： 25.58 | 步增长，毛利率持续改善 | | | | 投资要点 证券分析师 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 -23% -11% 0% 11% 23% 34% 美埃科技 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | 2023-08 \n沪深 300 对比 | 2023-12 ...

[Table_Main] 证券研究报告 | 公司点评 科思股份(300856.SZ) 2024 年 08 月 19 日 增持（维持） 所属行业：美容护理/化妆品 当前价格(元)：27.29 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% 34% 2023-08 2023-12 2024-04 科思股份 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -15.51 | -24.30 | -32.38 | | 相对涨幅 (%) | -10.85 | -18.98 | -23.66 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《科思股份：业绩符合预期，海外扩 充深化防晒优势、积极布局个护》， 2024.4.17 2.《科思股份（300856.SZ）：23Q ...