Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with expected performance improvements in the future [4] - The company reported a revenue of 25.225 billion, a year-on-year increase of 20.92%, but a net profit of 112 million, a year-on-year decrease of 84.37% [4] - The company is transitioning from a production-oriented leader to a service-oriented manufacturing model through operational management [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the Hang Seng Index, with a relative decline of 23% [2] Financial Performance - In H1 2024, the company achieved a coke production of 4.7939 million tons, a year-on-year increase of 49.55%, with revenue from the coke business reaching 9.81 billion, up 29.2% [4] - The average coke price in H1 2024 was 2046.6 per ton, a decrease of 13.6% year-on-year [4] - The chemical business generated revenue of 10.403 billion, a year-on-year increase of 20%, with a gross profit of 883 million, up 31% [4] Business Segments - The coke business is supported by ongoing projects, including a 1.8 million ton coking project in Jiangxi and a 4.8 million ton project in Indonesia, which has already started production [4] - The chemical segment is expected to become the core growth driver, with plans to increase caprolactam production capacity to 1.5 million tons by 2028 [4] Hydrogen Energy - The company is leveraging its coking capacity to expand into hydrogen energy, becoming the largest hydrogen producer in the Beijing-Tianjin-Hebei region [5] - The company has received clean hydrogen certification and is expected to benefit from new hydrogen policies [5] Earnings Forecast - Projected revenues for 2024-2026 are 52.8 billion, 59 billion, and 62.7 billion respectively, with net profits of 600 million, 700 million, and 800 million [5]

证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 谷瑜 资格编号：S0120524080002 邮箱：guyu5＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2023-08 2023-12 2024-04 有色金属 沪深300 资料来源：聚源数据，德邦研究所 相关研究 1.《悦安新材（688786.SH）：增收 未增利，持续推进新产能落地》， 2024.8.30 2.《驰宏锌锗（600497.SH）：铅锌 加工费下行致 24H1 归母承压，资产 注入持续贡献量增》，2024.8.30 3.《中金黄金（600489.SH）：矿产 金产量有所波动，金铜价格上涨拉动 业绩》，2024.8.30 4.《云铝股份（000 ...

Investment Rating - The report maintains an "Accumulate" rating for Zhongyuan Environmental Protection (000544.SZ) [2][4] Core Views - The company reported a revenue of 2.916 billion yuan for the first half of 2024, representing a year-on-year increase of 15.67%, while the net profit attributable to shareholders was 704 million yuan, up 17.77% year-on-year [1][4] - In Q2 2024, the company experienced a revenue decline of 25.79% year-on-year, with a net profit decrease of 10.54% [1][4] - The wastewater treatment business continues to grow steadily, with a revenue of 1.253 billion yuan in H1 2024, an increase of 28.99% year-on-year, and a gross margin of 56.41% [3][4] - The company completed a significant asset acquisition for 4.51 billion yuan, enhancing its wastewater and sludge treatment capabilities [3][4] Financial Performance Summary - For 2024-2026, the projected revenues are 7.752 billion yuan, 7.878 billion yuan, and 7.980 billion yuan, with growth rates of -0.8%, 1.6%, and 1.3% respectively [4][5] - The net profit forecasts for the same period are 1.143 billion yuan, 1.297 billion yuan, and 1.407 billion yuan, with growth rates of 32.9%, 13.5%, and 8.5% respectively [4][5] - The company’s gross margin is expected to improve from 31.8% in 2024 to 35.1% in 2026 [5][6] Operational Highlights - The company’s wastewater treatment capacity is continuously improving, with several projects expected to commence operations [4][5] - As of June 2024, accounts receivable reached 5.513 billion yuan, an increase of 1.581 billion yuan from Q1 2024 [4][5] - The operating cash flow showed improvement, with a net cash flow of -390 million yuan in H1 2024 due to reduced expenditures from fewer ongoing PPP projects [4][5]

[Table_Main] 证券研究报告 | 公司点评 泸州老窖(000568.SZ) 2024 年 09 月 01 日 买入（维持） 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：119.28 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 尤诗超 资格编号：S0120524070004 邮箱：yousc3＠tebon.com.cn 研究助理 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-09 2024-01 2024-05 泸州老窖 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) -4.50 -13.04 -28.64 相对涨幅(%) -0.99 -8.99 -21.42 资料来源：德邦研究所，聚源数据 相关研究 1.《泸州老窖（000568）2023 年报及 2024 一季报点评：业绩良好兑现，公 司经营全方面提升》，2024.4.28 2.《泸州老窖（000568）2023 三季报 点评：秋收计划顺利落地，Q3 收入超 预期》，2023.10.31 泸州老窖（000568.SZ）：坚定长期主 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Xianju Pharmaceutical is expected to experience a new round of growth driven by multiple catalysts, including the gradual clearance of the impact from centralized procurement and the launch of new products [2] - The company reported a revenue of 2.138 billion yuan in the first half of 2024, representing a year-on-year increase of 0.93%, and a net profit attributable to the parent company of 340 million yuan, up 12.56% [2] - The report anticipates that the company's net profit for 2024-2026 will be 692 million, 853 million, and 1.061 billion yuan, corresponding to PE valuations of 16.4, 13.3, and 10.7 times, respectively [2] Financial Performance Summary - In H1 2024, the sales revenue from formulations was 1.215 billion yuan, a year-on-year increase of 10.6% [2] - The sales revenue from APIs and intermediates was 910 million yuan, a year-on-year decrease of 9% [2] - The company’s total revenue for 2023 is projected to be 4.123 billion yuan, with a net profit of 563 million yuan [3] - The gross margin is expected to improve from 52.9% in 2023 to 56.9% by 2026 [4] - The company’s net profit margin is projected to increase from 13.6% in 2023 to 18.1% in 2026 [4] Market Position and Strategy - The company is leveraging its integrated advantages in APIs and formulations, along with regulatory market registration advantages, to drive growth [2] - New products such as the innovative drug Omaketong Sodium have been submitted for NDA, indicating ongoing product development and market expansion efforts [2] - The report notes that the company is actively expanding its customer base in the API sector despite increased competition [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 10.696 billion yuan in 2024H1, representing a year-on-year growth of 10.51%. The net profit attributable to shareholders reached 1.499 billion yuan, up 38.14% compared to the same period last year [6]. - The company has a leading technological advantage in photovoltaic glass, contributing 90.31% of its revenue in the first half of 2024. It is recognized as the first domestic company to break the international monopoly in this sector [6]. - The company has a total production capacity of 23,000 tons per day, with over 90% of its furnaces being large-scale, which helps in reducing costs and improving efficiency [6]. Summary by Sections Financial Performance - In 2024H1, the company reported a revenue of 10.696 billion yuan and a net profit of 1.499 billion yuan, with quarterly revenues of 5.726 billion yuan and 4.970 billion yuan for Q1 and Q2 respectively [6]. - The projected net profits for 2024-2026 are 2.451 billion yuan, 2.975 billion yuan, and 3.416 billion yuan respectively, with corresponding P/E ratios of 16.12, 13.28, and 11.57 [7][9]. Market Position - The company is a leading manufacturer in the photovoltaic glass industry, having achieved significant technological advancements and holding over 200 patents [6]. - The company has successfully established a strong customer base and continues to expand its production capacity, with ongoing projects in Anhui, Nantong, and overseas [6]. Future Outlook - The company is expected to maintain its leading position in the industry due to its technological, scale, and resource advantages, with a focus on steady operations and growth [6][7].

Investment Rating - Neutral (Maintain) for the construction materials industry [2] Core Views - The manufacturing PMI for August is at 49.1%, a decrease of 0.3 percentage points from the previous month, indicating continued weakness in demand. The industry is experiencing a profit cycle where most companies in the float glass and photovoltaic glass sectors are in a loss phase, while leading companies in cement and fiberglass are at the bottom of the cycle. The supply-side changes may determine the performance of the "golden September and silver October" peak season [4][5][6]. Summary by Sections Cement - The national cement market price increased by 0.3% week-on-week, with notable price rises in Jiangxi and Henan by 20-30 CNY/ton. Demand showed slight improvement, particularly in East and South China, while the Beijing-Tianjin-Hebei and Southwest regions faced declines due to weather conditions. The average shipment rate for key regions is 49.7% [24][8]. - The cement sector is expected to benefit from policies supporting urban village renovations and a trillion-yuan bond issuance, which may lead to improved demand and profit recovery in 2024 [8][9]. Glass - The average price of float glass decreased to 1366.30 CNY/ton, down 3.91% from the previous week. Despite the traditional peak season approaching, demand remains limited, leading to increased inventory levels [7][8]. - The photovoltaic glass sector is experiencing a stable demand with slight supply reductions, while the float glass industry is entering a phase of supply-side adjustments due to increasing losses [7][8]. Fiberglass - The fiberglass market is seeing a slight increase in prices, with the average price of crude yarn at 3723 CNY/ton, down 8.2% year-on-year but up 17.8% month-on-month. The market is stabilizing, and the supply side is expected to tighten due to delayed new capacity launches [5][6][8]. Carbon Fiber - The carbon fiber market is currently experiencing price stabilization, with average prices around 85 CNY/kg. The supply side is expected to improve as new capacity is delayed and existing capacity undergoes maintenance [9][10]. Retail vs. Engineering - Retail sector performance is better than the engineering sector, supported by stable demand from high-energy cities' second-hand housing transactions. Companies with a higher proportion of retail business, such as Beixin Building Materials and Weixing New Materials, are recommended for investment [5][6]. Key Companies to Watch - Focus on leading companies in the cement sector such as Conch Cement and Huaxin Cement, as well as fiberglass companies like China Jushi and Zhongcai Technology, which are expected to perform well in the current market conditions [9][10].

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Despite the delay in the release of NVIDIA's B200 and GB200 products due to design flaws, the demand for computing power remains strong, with significant capital expenditures from overseas cloud providers [14][15] - Overseas cloud providers are experiencing rapid growth in cloud/computing revenue, creating a commercial closed loop with relatively high certainty [14][15] - The acceleration of domestic substitution in policies and technology is expected to lead to significant marginal changes by Q4 2024 [15] Summary by Sections Investment Highlights - NVIDIA's product delays do not alter the underlying demand and investment logic, with substantial capital expenditures from major cloud companies like Google and Microsoft [14][15] - Cloud providers are seeing high growth in revenue, with NVIDIA's total revenue reaching $30.04 billion in Q2 2024, a year-on-year increase of 122% [14][15] - Domestic computing demand is still in its early stages, with significant opportunities for companies like Zhongji Xuchuang and Tianfu Communication [14][15] Industry News - The Ministry of Natural Resources announced the establishment of a nationwide satellite navigation positioning benchmark network, enhancing the infrastructure for the BeiDou system [16][17] - A collaboration between China Satellite Network and Chongqing aims to accelerate the application of BeiDou systems, promoting integrated applications in various sectors [17][18] - The Haizhu District has released a development plan for the low-altitude economy, targeting a scale of 15 billion yuan by 2027 [18][19] - A data element intelligent governance platform was launched to promote the trial and experimental work of data spaces, indicating progress in the industrial data service chain [19][20] Market Review and Recommendations - The communication sector saw a decline of 0.87% this week, with a notable performance in the RF and antenna sectors, which rose by 5.55% [20][21] - Recommended focus areas include operators, satellite navigation, low-altitude economy, and data elements, with specific companies highlighted for potential investment [23][24]

Investment Rating - The coal mining industry is rated as "Outperform the Market" [1] Core Views - The report indicates a rebound in coal prices after a period of decline, driven by reduced port inventories and stable supply conditions [1][2] - The overall revenue for the coal industry in H1 2024 was 1,558.62 billion, reflecting a year-on-year decrease of 12.6%, while total profit was 316.86 billion, down 24.8% [1] - The report anticipates that macroeconomic expectations and demand improvements will be key factors in the valuation recovery of the sector [1][4] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: The price of Qinhuangdao Q5500 thermal coal increased to 839 yuan/ton, up 0.72% week-on-week [2][10] - **Supply and Demand Analysis**: Rail input volume decreased by 8.93%, and port throughput fell by 12.70% [31][36] - **Inventory Analysis**: Total coal inventory at major ports decreased by 1.29%, with Qinhuangdao's inventory down 10.33% [39][40] - **International Coal Market**: The price of coal in international markets showed mixed trends, with IPE Rotterdam coal price at 121.3 USD/ton, down 1.26% [4][56] 2. Market Review - The coal sector outperformed the broader market, with a weekly increase of 1.91% compared to a 0.4% decline in the Shanghai Composite Index [58] - Key stocks such as Wu Hua Energy and Huabei Mining saw significant gains, while others like Luan Energy experienced declines [58] 3. Recent Events - The Russian government has extended the suspension of export taxes on anthracite and thermal coal until December 1, 2024, which is expected to lower export costs for Russian coal [59]

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that the overall industry is showing signs of recovery, with significant growth opportunities in AR/VR and AIGC sectors. It emphasizes the importance of policy support for the digital economy and cultural industries [6][9]. - The issuance of game licenses reached a record high in August, with 117 games approved, suggesting a favorable supply-side environment for the gaming industry [7][10]. - OpenAI is reportedly set to launch a new AI product codenamed "Strawberry," which aims to surpass existing technologies and address complex challenges [9][10]. Summary by Sections 1. Core Views, Investment Strategy, and Stock Portfolio - The investment portfolio includes Tencent Holdings, NetEase, and other key players in the gaming and media sectors. The focus is on themes such as gaming, AI, VR, education, and advertising [6][9]. - The report suggests that the current market conditions present a good opportunity for increased allocation in the industry due to expected fundamental recovery and growth in emerging technologies [6][9]. 2. Market Performance Analysis and Data Tracking - The media industry index (SW) increased by 4.41% over the past week, outperforming the broader market indices [10][11]. - The latest PE ratio for the media industry index is 24.57, significantly lower than the five-year average of 35.21, indicating potential undervaluation [14]. 3. Key Event Commentary - The approval of 117 domestic online games in August marks the highest number in 2024, with a total of 926 game licenses issued this year, including 76 for imported games [7][10]. - OpenAI's upcoming AI product "Strawberry" is expected to enhance the capabilities of AI models, potentially reducing error rates and improving performance in various applications [9][10].