[Table_Main] 证券研究报告 | 公司点评 金山办公(688111.SH) 2024 年 08 月 23 日 买入（维持） 所属行业：计算机/软件开发 当前价格(元)：187.71 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 金山办公 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(%) | -7.75 | -23.97 | -35.28 | | 相对涨幅(%) | -1.37 | -18.75 | -25.41 | 资料来源：德邦研究所，聚源数据 相关研究 1.《金山办公发布业绩预告，AI 加持有 望维持高增速》，2024.1.15 2.《WPS AI 全面公测，加速国内大 ...

[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 ...