[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：27.63 元 杰瑞股份（002353）机械设备 目标价：——元（6 个月） 经营性现金流大幅改善，新增订单势头良好 基础数据 [Table_BaseData] 总股本(亿股) 10.24 流通 A 股(亿股) 6.93 52 周内股价区间(元) 24.23-37.05 总市值(亿元) 282.89 总资产(亿元) 335.67 每股净资产(元) 19.28 [Table_Summary 事件：公司发布] 2024年半年报，2024H1公司实现营业收入 50.0亿元，同比减 少 8.5%；归母净利润 10.9 亿元，同比增长 4.3%。2024Q2 公司实现营业收入 28.3 亿元，同比减少 10.0%；归母净利润 7.1亿元，同比增长 3.1%。受油气工 程服务接单节奏影响，收入端短期承压。 国内外市场拓展顺利，新增订单势头良好。海外市场多点开花：2024H1，公司 为中东子公司增资 1.2亿美元在迪拜建设高端油气装备制造基地；成功斩获中亚 战略客户重大天然气项目订单；完成 ...

Investment Rating - The report maintains a "Buy" rating for Hewei Electric (603063) with a target price of 16.05 CNY over the next six months [1][5]. Core Views - The company reported a revenue of 1.38 billion CNY for H1 2024, a year-on-year decrease of 10.3%, and a net profit attributable to shareholders of 150 million CNY, down 23.6% year-on-year [1]. - The gross margin has continued to rise, with a significant increase in R&D investment, which reached a rate of 11.7% in H1 2024, up 3.8 percentage points year-on-year [1]. - The renewable energy business saw a substantial increase in gross margin, while the engineering transmission sector is expected to develop steadily due to high product barriers [1][4]. Summary by Sections Financial Performance - In H1 2024, Hewei Electric achieved a revenue of 1.38 billion CNY, with a net profit of 150 million CNY, reflecting a decline of 10.3% and 23.6% respectively compared to the previous year [1]. - The gross margin for H1 2024 was 38.6%, an increase of 5.2 percentage points year-on-year, while the net profit margin was 12.5%, a slight decrease of 0.7 percentage points [1]. Business Segments - The renewable energy control business generated 1.05 billion CNY in revenue, down 12.2% year-on-year, but the gross margin improved to 35.7%, up 8 percentage points [1]. - The engineering transmission business reported revenue of 200 million CNY, down 5.1% year-on-year, with a gross margin of 39.5%, a decrease of 5.5 percentage points [1]. Growth Prospects - The hydrogen energy business is expected to become a new growth driver, with the company providing large-capacity IGBT hydrogen production power products and integrated solutions [1]. - Revenue forecasts for 2024-2026 are projected at 4.02 billion CNY, 4.86 billion CNY, and 6.06 billion CNY respectively, with net profits of 472 million CNY, 619 million CNY, and 816 million CNY [2][4]. Valuation - The report assigns a PE ratio of 15 for 2024, leading to a target price of 16.05 CNY, reflecting the company's strong position in the wind power inverter market and its rapid development in solar storage inverters [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Views - The company's H1 2024 performance met expectations, with revenue of 1.162 billion yuan, a year-on-year increase of 4.93%, and a net profit of 145 million yuan, a year-on-year decrease of 4.86% [1]. - The machine tool industry is facing demand pressure, but the company managed to achieve slight revenue growth by expanding its market [1]. - The gross margin decreased due to intensified market competition, with H1 2024 gross margin at 25.31%, down 0.75 percentage points year-on-year [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 614 million yuan, a year-on-year increase of 5.81% and a quarter-on-quarter increase of 11.89% [1]. - The company's net profit for Q2 2024 was 75 million yuan, a year-on-year decrease of 6.50% but a quarter-on-quarter increase of 8.10% [1]. - The revenue breakdown for H1 2024 includes 530 million yuan from large machining centers, 360 million yuan from vertical CNC machines, and 250 million yuan from horizontal CNC machines [1]. Market Dynamics - The machine tool industry saw a 3% decline in revenue for key enterprises in the first half of 2024, with total profit down 9.2% [1]. - New orders for metal cutting machine tools increased by 4.1%, while the backlog of orders decreased by 5.4% [1]. - Domestic sales accounted for 1.01 billion yuan of revenue, while international sales contributed 150 million yuan [1]. Profitability Metrics - The company's gross margin for H1 2024 was 25.31%, with a notable decline in the gross margin of vertical CNC machines [1]. - The net profit margin for H1 2024 was 12.45%, down 1.28 percentage points year-on-year [1]. - The company expects net profits for 2024-2026 to be 360 million, 420 million, and 480 million yuan, respectively, with a compound annual growth rate of 15% [2].

[ T able_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年中报点评 当前价：38.83 元 澳华内镜（688212）医药生物 目标价：——元（6 个月） 看好 24H2 外部环境改善，静待装机放量 [Table_Summary 事件：公司发布] 2024年中报，2024H1公司实现营收 3.54亿元（+22.3%），归 母净利润 0.06亿元（-85.13%），如果剔除股权支付金额，则利润为 4774万元 （+7.2%）。其中，单 2024Q2公司实现收入 1.84亿元（+12.6%），归母净利润 0.03 亿元 (-86.5%)。24H1 业绩符合业绩快报预期，H2 业绩压力较大。看好 24H2 外部环境改善，静待装机放量。 看好 24H2外部环境改善，静待装机放量。分季度收入看，24Q1/Q2 单季度收 入分别为 1.7/1.8 亿元（+34.9%/+12.6%)，公司加大产品推广，以临床需求为 导向更新升级公司产品，不断拓宽对各等级医院的覆盖度。从盈利能力看，23 年毛利率 71.5%，略有下降，系新的会计准则之下原并入销售费用的部分后面 并入了成本费用计算中， ...

Investment Rating - The report maintains a "Buy" rating for Runhe Software (300339) with a current price of 20.45 CNY [1]. Core Views - The company achieved a revenue of 1.58 billion CNY in the first half of 2024, representing a year-on-year growth of 10.1%. The net profit attributable to shareholders reached 84.76 million CNY, up 6.4% year-on-year, while the net profit after deducting non-recurring items was 35.41 million CNY, growing by 16.4% [2]. - In Q2 2024, the company saw accelerated revenue growth, with Q2 revenue at 810 million CNY, a 16.0% increase year-on-year, and a net profit of 60 million CNY, up 36.4% year-on-year [2]. - The company is focusing on innovative business areas, particularly around HarmonyOS, Euler, and AI platforms, with innovative business revenue reaching 340 million CNY, a significant increase of 95.8% year-on-year, accounting for 21.4% of total revenue [2]. - Runhe Software is positioned as a leading player in the "Harmony + Euler" ecosystem, with significant progress in commercial applications across various industries, including finance and education [2]. Summary by Sections Financial Performance - For H1 2024, the financial technology business generated 840 million CNY, up 6.7% year-on-year; the smart IoT business reached 490 million CNY, up 15.5%; the smart energy business achieved 190 million CNY, up 22.7%; while the intelligent supply chain business saw a decline of 14.2% to 41.64 million CNY [2]. - The company forecasts revenues of 3.58 billion CNY, 4.11 billion CNY, and 4.66 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 252.74 million CNY, 320.98 million CNY, and 406.39 million CNY [3][8]. Valuation Metrics - The report projects EPS of 0.32 CNY, 0.40 CNY, and 0.51 CNY for 2024, 2025, and 2026 respectively, with a PE ratio decreasing from 64.44 in 2024 to 40.08 in 2026 [3][8]. - The net asset return (ROE) is expected to improve from 6.94% in 2024 to 9.30% in 2026 [3][8].

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：21.31 元 微电生理（688351）医药生物 目标价：——元（6 个月） 2024H1 业绩符合预期，新产品收入同比增长近 5 倍 事件：公司发布 2024 年中报，24H1 实现收入 1.98 亿元（+39.6%），归母净利 润 1701万元（+689.3%）。其中 24Q2实现营业收入 1.09亿元（+21.4%），实现 归母净利润1284万元（+11.86%）业绩高增长符合预期，维持全年预期不变。 24H1 业绩符合预期，新产品收入同比增长近 5 倍。分季度看，2024Q1/Q2 单 季度收入分别为 0.9/1.1 亿元（+71%/+21.4%），单季度归母净利润分别为 0.04/0.13 亿元（+144.7%/+11.8%）。细化来看，24H1 新产品占比大幅提升， 房颤手术量国内国外增速表现较好，其中 24H1 TrueForce®压力导管、 IceMagic®冷冻消融产品等新产品同比增长 475%。 截至 24H1 公司国内外已 累计应用于超 7 万例三维心脏电 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 6.152 billion yuan for the first half of 2024, representing a year-on-year increase of 16.9%, and a net profit of 403 million yuan, up 41.1% year-on-year, aligning with previous forecasts [1]. - The gross margin improved to 21.2%, an increase of 0.6 percentage points year-on-year, while the net margin reached 7.2%, up 1 percentage point year-on-year [1]. - The company has successfully deepened organizational reforms, leading to a continuous increase in net profit margins and a decrease in expense ratios [1]. - The company has secured over 130 new projects, which are expected to contribute an additional annual sales revenue of approximately 4.143 billion yuan once fully operational [1]. - The proportion of passenger vehicle orders has increased, with passenger vehicle orders accounting for 63% of total orders, while international orders made up 46% of total orders [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.182 billion yuan, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 7.2% [1]. - The net profit for Q2 2024 was 211 million yuan, reflecting a year-on-year increase of 33.3% and a quarter-on-quarter increase of 10.4% [1]. - The company forecasts an EPS of 0.74, 1.00, 1.26, and 1.53 yuan for the years 2024 to 2026, with corresponding PE ratios of 15, 12, and 10 [2]. Business Development - The company is accelerating the development of its third curve business, particularly in energy storage thermal management, with significant projects secured from major clients [1]. - The new organizational structure aims to enhance governance and operational efficiency, transitioning from a 33322 model to a 44332 model [2]. Market Position - The company has strengthened its international competitiveness, with significant revenue growth from North America (50.7% year-on-year) and Europe (90.7% year-on-year) [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of 27.4% in net profit over the next three years [2].

able_ReportInfo] 2024 年 08 月 26 日 证券研究报告•宏观专题报告 宏观专题 消费税改革渐近 ——改革动因、路径与行业影响探究 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to COSCO SHIPPING International (0517.HK) with a target price of HKD 5.20, based on a 10x PE ratio for 2025 [1][3]. Core Insights - The company reported a revenue of HKD 1.75 billion for the first half of 2024, representing an 8% year-on-year growth, with a net profit of HKD 390 million, up 15.5% year-on-year [2][3]. - The shipping market's activity level is crucial for the development of the company's shipping services, with significant growth in ship trading agency services and insurance consulting services [2][3]. - The demand for ship coatings is supported by a robust new shipbuilding market, with the company achieving a sales volume of 78,795 tons in ship coatings for the first half of 2024 [2][3]. Summary by Sections 1. Company Overview - COSCO SHIPPING International is a leading comprehensive shipping service company, providing a full lifecycle of services for ships and focusing on green and digital transformation [10][12]. 2. Green and Low-Carbon Shipping Transformation - The company is accelerating its green low-carbon transformation, responding to market trends and increasing demand for environmentally friendly fuels [25][27]. - A joint venture for renewable fuel investment has been established to promote the transition to green energy in the shipping industry [31][32]. 3. Revenue and Profitability - The company expects steady growth in its shipping services, with projected revenues of HKD 3.65 billion, HKD 3.66 billion, and HKD 3.73 billion for 2024-2026 [3][4]. - The main revenue sources include ship equipment supply and coatings, contributing significantly to the overall profitability [10][11]. 4. Market Dynamics - The global shipbuilding market remains active, with China maintaining its position as the world's largest shipbuilding country, capturing over 50% of the market share in various metrics [21][22]. - The demand for ship coatings is expected to rise due to the growth in both new ship deliveries and repair services [23][24].

[ T able_StockInfo] 2024 年 08 月 23 日 证券研究报告•2024 年中报点评 买入 （首次） 当前价：9.46 元 燕京啤酒（000729）食品饮料 目标价：11.61 元（6 个月） 高端化势能强劲，利润端改善明显 [Table_Summary 事件：公司发布] 2024年中报，上半年实现收入 80.5亿元，同比+5.5%，实现归 母净利润 7.6亿元，同比+47.5%；其中 24Q2实现收入 44.6亿元，同比+8.8%， 实现归母净利润 6.6 亿元，同比+46%。 高端化升级势能强劲，H1 吨价表现出色。量方面，24H1 公司实现销量 230.5 万吨，同比增长 0.6%；在二季度主销区雨水偏多以及整体啤酒需求疲软的大环 境下，上半年销量实现正增长表现已优于行业。分档次看，24H1 中高档/普通产 品分别实现收入 50.6/23.2亿元，同比增速分别为+10.6%/-6.4%,其中大单品 U8 预计 Q2增速约 30%，带动高档啤酒延续高增态势。价方面，随着整体产品结构 持续提升，24H1公司吨价同比+4%至 3205元/吨水平。分渠道看，上半年传统 渠 道 /KA 渠 ...