Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.19 billion RMB in H1 2024, representing a year-on-year increase of 27.7%. Gross profit reached 2.08 billion RMB, up 29.8%, while Non-IFRS net profit was 700 million RMB, an increase of 16.4%. The profit attributable to equity holders was 500 million RMB, up 33.9% [2]. - The revenue growth was primarily driven by the release of popular TV series. The revenue from New Classics Media surged to 1.05 billion RMB in H1 2024, a 93.2% increase compared to H1 2023, supported by the concentrated airing of several series [2]. - The company faced some profit pressure due to impairment losses on certain film and television projects amounting to 190 million RMB in H1 2024, which was not present in the same period of 2023 [2]. - The reading business saw a slight decline in revenue by 2.2% year-on-year, while copyright operations revenue increased by 73.3% [2]. - The company has a rich pipeline of TV series for 2025-2026, with over 10 series planned, including titles like "The Drug Storm" and "The Independent Woman" [2]. Financial Summary - The company is projected to achieve Non-IFRS net profits of 1.4 billion RMB, 1.5 billion RMB, and 1.6 billion RMB for the years 2024, 2025, and 2026 respectively, with growth rates of 23.97%, 7.45%, and 6.30% [3]. - The expected revenue for 2024 is 7.01 billion RMB, with a growth rate of 17.03% [3]. - The company's gross margin is expected to improve to 50.73% in 2024, with a net margin of 12.18% [3]. Business Developments - The company has seen a rise in paid user numbers from 7.9 million in 2022 to 8.8 million in H1 2024, with the payment rate increasing from 3.2% in 2022 to 5.0% in H1 2024 [2]. - The company is actively expanding its overseas web literature offerings, with approximately 5,000 Chinese translated works and 650,000 local original works available as of June 2024 [2]. - The integration of AI in translation has significantly improved efficiency, reducing costs by 90% and increasing output by 100 times compared to manual translation efforts [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, based on a 18X target PE for 2024 [2][9]. Core Insights - The company reported a revenue of 2.113 billion CNY for H1 2024, a year-on-year decline of 4.17%, and a net profit attributable to shareholders of 109 million CNY, down 50.92% year-on-year [1]. - The industrial automation business showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines due to industry downturns [1]. - The gross margin for H1 2024 was 31.34%, a slight decrease of 0.1 percentage points year-on-year, with varying margins across different business segments [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.113 billion CNY, with Q2 revenue at 1.164 billion CNY, reflecting a 2.35% decline year-on-year [1]. - The net profit for H1 2024 was 109 million CNY, with Q2 net profit at 62 million CNY, both showing significant declines of 50.92% and 51.26% respectively [1]. - The company’s gross margin for H1 2024 was 31.34%, with a Q2 margin of 30.81%, indicating a year-on-year decrease of 1.0 percentage points [1]. Business Segment Performance - Industrial automation revenue for Q1 was 560 million CNY (up 1.4% YoY) and Q2 was 710 million CNY (up 6% YoY) [1]. - The network energy business saw Q1 revenue of 180 million CNY (up 7.5% YoY) and Q2 revenue of 200 million CNY (down 6.3% YoY) [1]. - The new energy vehicle segment reported Q1 revenue of 150 million CNY (up 18.3% YoY) and Q2 revenue of 160 million CNY (up 12.6% YoY) [1]. - The photovoltaic energy storage business faced a significant decline, with Q1 revenue of 35 million CNY (down 70% YoY) and Q2 revenue of 67 million CNY (down 33% YoY) [1]. Cost and Profitability - The company’s expense ratio increased to 25.80% in H1 2024, up 3.66 percentage points year-on-year, impacting the net profit margin, which fell to 4.19% [1]. - The gross margins for various segments in H1 2024 were: industrial automation at 37.7% (up 0.8 pp), network energy at 30.5% (down 3.3 pp), new energy vehicles at 17.9% (down 4.3 pp), and photovoltaic energy storage at 5.7% (down 16.7 pp) [1].

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：27.40 元 九丰能源（605090）公用事业 目标价：——元（6 个月） 三大业务协同发展，推进核心资产优化 [Table_Summary 事件：公司发布] 2024 年半年报，报告期内公司实现营收 112.67 亿元，同比 +1.99%；实现归母净利润 11.06亿元，同比+55.23%；实现扣非归母净利润 7.88 亿元，同比增长 1.79%；此外，公司制定了 2024-2026 年现金分红规划，固定 现金分红金额分别为 7.5/8.5/10.0亿元，且当连续三年净利润增长超过 18%时， 启动当年度特别分红计划，现金分红下限为 0.2亿元。 海陆双气源保障优势，顺价能力突出。（1）LNG：24H1 公司提升海气现货资源 采购，优化资源综合成本，公司天然气回收处理配套服务项目及传统 LNG液化 工厂项目 LNG 产量超 33 万吨，发挥陆气资源压舱石作用；客户端方面，公司 存增量并进，工业终端和燃气电厂用户销量同比大幅增长。（2）LPG：公司积 极推动惠州液化烃码头项目（ ...

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：25.80 元 杰克股份（603337）机械设备 目标价：——元（6 个月） H1 业绩超预期，爆品热销拉动利润率提升 [Table_Summary 事件：公司发布] 2024年半年报，2024年上半年营收 32.3亿，同比增长 20.2%； 归母净利润 4.2 亿，同比增长 54.0%。单二季度实现营收 16.1 亿，同比增长 29.2%，环比下降 1.4%，二季度归母净利润 2.3 亿，同比增长 44.4%，环比增 长 21.7%。 产品结构优化、爆品热销拉动毛利率提升。分产品看，2024年上半年公司工业 缝纫机业务实现营收 28.0 亿，同比增长 19.1%，毛利率增加 3.3 个百分点至 30.2%；衬衫及牛仔自动缝制设备实现营收 1.0亿，同比增长 32.8%，毛利率同 比下降 1.3 个百分点至 37.9%，主要系销售区域结构变动影响所致；裁床及铺 布机业务实现营收 3.2亿，同比增长 25.3%，毛利率增加 3.8个百分点至 42.4%。 上半年公司综合毛利率 31 ...

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [1] Core Views - Jiufeng Energy achieved a revenue of 11.267 billion yuan in the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.106 billion yuan, up 55.23% year-on-year [1] - The company has set a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million, 850 million, and 1 billion yuan, and a special dividend plan if net profit growth exceeds 18% for three consecutive years [1] - The company benefits from dual gas source advantages and strong pricing power, with LNG production exceeding 330,000 tons and significant sales growth in industrial terminals and gas power plant users [1][2] - Jiufeng Energy is actively developing its LPG projects, with a 50,000-ton liquefied hydrocarbon terminal project expected to be completed by 2025 [1] - The company’s energy service and logistics businesses are steadily growing, with a service volume of 180,000 tons in recovery and processing, and the acquisition of new LPG vessels [1] Financial Summary - The forecasted net profit for Jiufeng Energy is expected to be 1.55 billion yuan in 2024, 1.8 billion yuan in 2025, and 2.08 billion yuan in 2026, corresponding to PE ratios of 11.2, 9.7, and 8.4 times respectively [2][3] - The company’s revenue is projected to grow from 26.566 billion yuan in 2023 to 35.329 billion yuan in 2026, with a compound annual growth rate of approximately 9.42% [3] - The net profit attributable to shareholders is expected to increase from 1.314 billion yuan in 2023 to 2.075 billion yuan in 2026, reflecting a growth rate of 15.05% [3] - The company’s return on equity (ROE) is projected to remain stable around 16% over the forecast period [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 25.80 CNY [1]. Core Views - The company's H1 performance exceeded expectations, driven by strong sales of key products, leading to an increase in profit margins. Revenue for H1 2024 reached 3.23 billion CNY, a year-on-year increase of 20.2%, while net profit attributable to shareholders was 420 million CNY, up 54.0% [1]. - The company has optimized its product structure, with significant sales growth in its industrial sewing machine segment, which generated 2.80 billion CNY in revenue, a 19.1% increase year-on-year, and a gross margin increase of 3.3 percentage points to 30.2% [1]. - Domestic sales saw a substantial increase of 42.3% year-on-year, benefiting from the company's focus on "explosive products" [1]. - The company is focusing on core categories to create blockbuster products, with notable success from the "Fast Response King" and "Overpass King" products, which have significantly boosted market presence and sales [1]. Summary by Sections Financial Performance - H1 2024 revenue was 3.23 billion CNY, up 20.2% year-on-year, with Q2 revenue at 1.61 billion CNY, a 29.2% increase year-on-year [1]. - The gross margin for H1 2024 was 31.8%, an increase of 3.4 percentage points year-on-year, while the net margin was 13.0%, up 2.8 percentage points [1]. - The company expects net profits for 2024-2026 to be 770 million CNY, 990 million CNY, and 1.22 billion CNY, respectively, with a compound annual growth rate of 31.2% [1][2]. Product Segmentation - The industrial sewing machine segment is the core business, projected to grow at rates of 26.0%, 22.7%, and 15.4% from 2024 to 2026, with gross margins expected to be 29.0%, 30.0%, and 30.5% [4]. - The cutting and spreading machine segment is expected to grow at 23.6%, 18.5%, and 17.3% over the same period, with gross margins of 41.5%, 42.0%, and 42.5% [4]. - The shirt and denim automatic sewing equipment segment is anticipated to grow at 26.5%, 15.5%, and 15.5%, with gross margins of 38.0%, 38.5%, and 38.5% [4]. Market Dynamics - The company has seen a recovery in domestic demand and a slight improvement in overseas demand, with overseas revenue reaching 1.45 billion CNY, a 0.9% increase year-on-year [1]. - The global textile machinery industry is entering an upward cycle, with a 10.2% year-on-year increase in exports of sewing machinery products from China [1]. Strategic Focus - The company is increasing R&D investment and focusing on core categories to enhance product competitiveness, with successful launches of key products driving market penetration [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.38 CNY, corresponding to a 2024 target PE of 18 times [2][9]. Core Insights - The company reported a revenue of 2.113 billion CNY for H1 2024, a year-on-year decline of 4.17%, and a net profit attributable to shareholders of 109 million CNY, down 50.92% year-on-year [1]. - The industrial automation segment showed stable revenue growth, while the photovoltaic energy storage business experienced significant declines [1]. - The gross margin for H1 2024 was 31.34%, a slight decrease of 0.1 percentage points year-on-year, with varying margins across different business segments [1]. Summary by Sections Financial Performance - H1 2024 revenue was 2.113 billion CNY, down 4.17% year-on-year, with Q2 revenue at 1.164 billion CNY, down 2.35% year-on-year [1]. - Net profit for H1 2024 was 109 million CNY, a decrease of 50.92% year-on-year, with Q2 net profit at 62 million CNY, down 51.26% year-on-year [1]. Business Segments - Industrial Automation: Q1 revenue was 560 million CNY (up 1.4% YoY), and Q2 revenue was 710 million CNY (up 6% YoY) [1]. - Network Energy: Q1 revenue was 180 million CNY (up 7.5% YoY), and Q2 revenue was 200 million CNY (down 6.3% YoY) [1]. - New Energy Vehicles: Q1 revenue was 150 million CNY (up 18.3% YoY), and Q2 revenue was 160 million CNY (up 12.6% YoY) [1]. - Photovoltaic Energy Storage: Q1 revenue was 35 million CNY (down 70% YoY), and Q2 revenue was 67 million CNY (down 33% YoY) [1]. Margins and Expenses - The overall gross margin for H1 2024 was 31.34%, with specific margins for industrial automation at 37.7%, network energy at 30.5%, new energy vehicles at 17.9%, and photovoltaic energy storage at 5.7% [1]. - The expense ratio increased to 25.80%, up 3.66 percentage points year-on-year, impacting the net profit margin, which was 4.19%, down 5.82 percentage points year-on-year [1].

Investment Rating - The report assigns a "Buy" rating for Dingjie Software (300378) with a target price of 18.76 CNY over the next six months [1]. Core Views - Dingjie Software has demonstrated steady revenue growth, achieving 1 billion CNY in revenue for H1 2024, a year-on-year increase of 11.0%. The net profit attributable to shareholders reached 42.44 million CNY, up 17.5% year-on-year, while the net profit after deducting non-recurring items surged by 54.0% to 40.48 million CNY [1][17]. - The company is experiencing significant growth in its AIoT segment, with revenue increasing by 51.0% year-on-year, driven by its Athena industrial internet platform [1][12]. - Dingjie Software is actively expanding its market presence in Southeast Asia and has established subsidiaries in Thailand, Vietnam, and Malaysia, with revenue from non-mainland regions growing by 14.2% in H1 2024 [1][14]. Summary by Sections Financial Performance - For H1 2024, Dingjie Software reported revenue of 1 billion CNY, a growth of 11.0% year-on-year. The net profit attributable to shareholders was 42.44 million CNY, reflecting a 17.5% increase, while the net profit after non-recurring items was 40.48 million CNY, up 54.0% [1][17]. - The company forecasts revenue growth rates of 13.3%, 16.2%, and 16.4% for 2024, 2025, and 2026, respectively, with EPS projected at 0.67 CNY, 0.81 CNY, and 0.99 CNY for the same years [2][25]. Business Segments - **R&D Design**: Revenue reached 51.34 million CNY in H1 2024, up 15.3% year-on-year, with the launch of an AI-integrated PLM product [1][12]. - **Digital Management**: Generated 550 million CNY in revenue, a slight increase of 0.2% year-on-year, focusing on enhancing industry solution reuse [1][12]. - **Production Control**: Revenue was 130 million CNY, down 1.2% year-on-year, as the company upgraded its software architecture [1][12]. - **AIoT**: Revenue surged to 270 million CNY, marking a 51.0% increase year-on-year, driven by the expansion of OT device products and integrated applications [1][12]. Market Expansion - The company is capitalizing on the trend of Chinese enterprises going global, with H1 2024 revenue from non-mainland regions reaching 550 million CNY, a 14.2% increase. In mainland China, revenue was 450 million CNY, up 7.4% [1][14]. Technological Advancements - Dingjie Software is enhancing its Athena platform by integrating Microsoft Azure GPT and developing various AI applications, which have already been implemented in over 120 clients [1][12][13]. Investment Outlook - The company is expected to benefit from the recovery in downstream demand and its proactive embrace of AIGC technology, with a solid competitive advantage built over 40 years in the industry [1][23].

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的 尊敬的各位投资者 大家晚上好我是声望机械团队的王柯那么今天我们华工和我们机械两大团队在线上进行对这次大家关注度比较高的西南水电的开发相关的受益方向进行一个核心的解读那么今天同时参会的还有我们华工的任杰老师以及我们机械团队的建伟 應該說從上週的週末我們化工團隊的老師們就率先的提示了摩托相關的投資機會我們也看到編輯上一些招標的一些非常大的一些變化可以說見微知著實際上對今年下半年這個已經從高層定調的這個西南水電大開發的這個角度來看還是隱藏著非常多的機會的其中有我們化工這邊 好的 谢谢柯总各位领导好 我是华工建男的艺术人杰 重点汇报下跟这个水电站相关的投资板块明豹和这个水基首先主要是这个明豹板块明豹也是我们今年持续推荐的一个化工子方向那现在来看的话首先从全国来看整个明豹板块目前就是处在一个供需紧急中的状态那么在西部地区像新疆和西藏目前的价格景气要是比这个东部景 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加西南水电和配电网等新型电力系统的投资机会解读目前所有参会者均处于静音状态下面有请主持人讲话谢谢各位投资者各位朋友晚上好我是国军舰救韩岐成今天晚上给大家汇报一下西南大型水电和国家配电网新型电力系统的投资机会 推荐中国能建、中国电建其中中国能建是最近两个月我们坚定的首推但是这个时间点上如果说建筑选一家公司推的话我们把中国能建做我们的首推这也是我们最近两个月的一个首推事实上我们看最近大盘跌了10个点创新低中国能建涨了10个点创新高也印证了我们这样一个坚定的一个判断这是第一 今天我们分享题目要给大家汇报首先把最近的这个政策和逻辑的细节给大家舒展一下 第二把中国能建和中国电建详细作为对比和拆分这是两个主要内容今年我们节奏上踩的还可以在春节前后 ...