Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's revenue increased slightly year-over-year, with H1 2023 revenue reaching RMB 3.07 billion, a 46.45% YoY increase [1] - The company is a leading domestic supplier of metering chips and a major supplier of smart meter MCU chips, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company is actively repurchasing shares, with a planned repurchase amount of no less than RMB 20 million, demonstrating confidence in its operations [1] - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets, with projected revenue growth of 15.03% in 2024 and 28.22% in 2025 [2] Financial Performance - H1 2023 revenue: RMB 3.07 billion, up 46.45% YoY [1] - H1 2023 net cash flow from operating activities: RMB 553.611 million, a significant improvement YoY due to reduced payments to suppliers and increased sales collections [1] - 2023E revenue: RMB 603.05 million, down 15.05% YoY [2] - 2024E revenue: RMB 693.71 million, up 15.03% YoY [2] - 2025E revenue: RMB 889.48 million, up 28.22% YoY [2] Product and Market Position - The company is a leading supplier of metering chips in China, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company's single-phase SoC chips are gradually gaining market share in export markets, while its single-phase metering chips and MCU chips are also performing well in domestic markets [1] - The company is developing 32-bit MCU chip products and has completed the development of high-precision BMS chip core algorithms [1] Share Repurchase - The company plans to repurchase shares with a total amount of no less than RMB 20 million, with a repurchase price not exceeding RMB 60 per share [1] - The repurchase is expected to be completed by the 2024 annual shareholders' meeting, demonstrating the company's confidence in its future [1] Industry and Market Outlook - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets [1] - The report highlights the company's potential for sustained growth due to the ongoing smart grid transformation and the increasing demand for smart grid terminal equipment chips [1] Analyst Background - The report is authored by Liu Hang, Chief Analyst of the Electronics Industry and Head of the Technology Group at Dongxing Securities, with a background in engineering and experience in the semiconductor industry [6]

Investment Rating - The report maintains a "Recommended" rating for China National Aviation (601111.SH) due to the expected recovery in the aviation industry and the company's significant exposure to international routes, which offers substantial profit elasticity during the industry's recovery phase [3]. Core Views - The company experienced a revenue of 79.52 billion yuan in the first half of 2024, a year-on-year increase of 33.39%, but still reported a net loss attributable to shareholders of 2.782 billion yuan, an improvement from a loss of 3.451 billion yuan in the same period last year [2]. - The increase in passenger traffic was accompanied by a decrease in ticket prices and rising fuel costs, leading to continued losses despite improved operational metrics such as passenger load factor [2]. - The company is facing supply-side pressure due to an increase in fleet size, with a net addition of 10 aircraft in the first half of 2024, and plans to add 34 more aircraft by the end of the year [3]. Financial Performance Summary - Passenger revenue reached 73.137 billion yuan, up 31.85% year-on-year, with capacity growth of 33.38% and a passenger load factor increase of 8.77 percentage points to 79.29% [2]. - The average passenger kilometer yield decreased by 12.08% to 0.537 yuan, indicating a challenging pricing environment [2]. - Operating costs rose to 77.470 billion yuan, a 30.84% increase year-on-year, primarily driven by higher fuel prices [2]. Profit Forecast and Investment Recommendations - The profit forecasts for 2024-2026 have been revised downwards to net losses of 1.39 billion yuan, a profit of 3.284 billion yuan, and a profit of 7.918 billion yuan, respectively, with corresponding EPS of -0.09, 0.20, and 0.49 yuan [3][7]. - The report emphasizes the potential for recovery in the aviation sector and the company's strategic positioning in international routes, which could lead to significant profit recovery as demand improves [3].

Investment Rating - The report maintains a "Strongly Recommend" rating for China Everbright Bank (601818 SH) [3] Core Views - Everbright Bank's 1H24 revenue was RMB 698 1 billion, down 8 8% YoY, while net profit attributable to parent company increased 1 7% YoY to RMB 244 9 billion [2] - The bank's annualized weighted average ROE was 9 51%, down 0 63pct YoY [2] - Profit growth in 1H24 improved by 1 3pct compared to 1Q24, driven by provision reversal, scale growth, and stable non-interest income [2] - Net interest margin (NIM) stabilized at a low level, with 1H24 NIM at 1 54%, down 28bp YoY, but the decline narrowed in Q2 [2] - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1 25% at the end of June, unchanged from the previous quarter [3] - The provision coverage ratio decreased by 13pct to 172 45% at the end of June, mainly due to reduced provision expenses [3] Financial Performance - The bank's net interest income in 1H24 was RMB 1004 billion, down 6 6% YoY [12] - Non-interest income decreased slightly by 0 4% YoY, with other non-interest income surging 33 8% due to a bond market rally [2] - The bank's loan growth in 1H24 was 4 5% YoY, while deposits decreased by 0 4% YoY [2] - The deposit cost rate in 1H24 decreased by 6bp compared to 2023 [2] Asset Quality - The corporate loan NPL ratio increased by 56bp to 1 79% at the end of June, mainly due to higher NPLs in the wholesale and retail sector [3] - Retail loan NPL ratio decreased compared to the beginning of the year [3] - The bank's non-performing loan formation rate was 0 75%, at a low level [3] Strategic Focus - Everbright Bank is focusing on structural optimization and maintaining stable asset quality [2] - The bank is actively adjusting its liability structure, with deposit costs declining [2] - The wealth management strategy is progressing steadily, with core business indicators performing well [3] Valuation and Forecast - The bank's 2024E EPS is projected at RMB 0 70, with a 2024E PB of 0 39x [7] - The report forecasts 2023-2025 net profit growth rates of 0 9%, 3 7%, and 4 5% respectively [3] - The bank's BVPS is expected to increase from RMB 7 81 in 2023 to RMB 9 30 in 2025 [3]

Investment Rating - The report maintains a "Strong Buy" rating for Postal Savings Bank of China (601658.SH) [2][11] Core Views - The bank's net interest margin shows strong resilience, and asset quality remains stable despite slight declines in revenue and net profit year-on-year [2][11] - The bank's revenue for the first half of 2024 was CNY 176.79 billion, a year-on-year decrease of 0.1%, while net profit attributable to shareholders was CNY 48.82 billion, down 1.5% year-on-year [2][3] - The annualized ROE was 11.43%, a decrease of 1.43 percentage points year-on-year, with a non-performing loan ratio of 0.84% and a provision coverage ratio of 325.61% as of June [2][11] Summary by Sections Revenue and Profitability - In H1 2024, net interest income increased by 1.8% year-on-year, although the growth rate decreased by 1.3 percentage points compared to the previous quarter [4] - The bank's interest margin was 1.91%, a slight decrease of 1 basis point from the previous quarter and a decline of 10 basis points from the previous year [4][16] Asset Quality - As of June, the non-performing loan ratio was 0.84%, a decrease of 1 basis point from the previous quarter, while the attention rate was 0.83% [11][18] - The bank's provision coverage ratio was 325.6%, which is higher than comparable state-owned banks [11] Growth and Strategy - The bank is focusing on retail banking and has established a solid customer base with nearly 40,000 outlets, emphasizing services for agriculture, small and micro enterprises, and inclusive finance [6][11] - The report forecasts net profit growth rates of 1.1%, 1.2%, and 2.7% for 2024, 2025, and 2026 respectively, with corresponding BVPS of CNY 8.53, 9.15, and 9.79 [11][12]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company is experiencing short-term pressure on performance due to a sluggish agricultural market, but a differentiated strategy is expected to drive long-term growth [1][2]. - The company reported a revenue of 14.91 billion yuan for the first half of 2024, a year-over-year decline of 13.58%, with a net profit attributable to shareholders of -0.895 billion yuan [1]. - The agricultural pesticide market is facing intense competition, leading to a decrease in average selling prices by 10% and a 4% drop in sales volume [1]. - The company has initiated the "Advancement Plan" to improve business quality and focus on value innovation in niche segments, which is anticipated to enhance product offerings and reduce production costs [1]. - The report anticipates a recovery in market demand as inventory depletion in overseas markets nears completion, which could lead to a rebound in pesticide prices and improvement in overall revenue and profit levels [1][2]. Financial Forecasts - The company’s net profit forecasts for 2024, 2025, and 2026 are 0.99 billion yuan, 3.73 billion yuan, and 5.26 billion yuan, respectively, with corresponding EPS of 0.04, 0.16, and 0.23 yuan [2][3]. - The current P/E ratios for the years 2024, 2025, and 2026 are projected to be 103, 27, and 19 times, respectively [2][5]. - Revenue is expected to decline from 32.78 billion yuan in 2023 to 29 billion yuan in 2024, with a growth rate of -12.31% [3][6]. Company Overview - The company, formerly known as Shalon, became a global leader in non-patent pesticides after acquiring ADAMA Solutions in 2017 [4]. - The total market capitalization is approximately 10.205 billion yuan, with a circulating market value of 9.536 billion yuan [4]. - The company has a total share capital of 232.981 million shares, with 217.707 million shares circulating [4].

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 豫园股份（600655.SH）：珠宝主业 基本持平，投资收益扰动利润表现 2024 年 9 月 5 日 推荐/维持 豫园股份 公司报告 事件：豫园股份发布 2024 年中报，公司实现营业收入 275.7 亿元，同比+ 0.50%；归母净利润 11.42 亿元，同比-48.53%，扣非归母净利润-4.4 亿元， 去年同期为盈利 0.62 亿元。公司 Q2 实现营业总收入 103.51 亿元，同比 -15.16%；归母净利润 9.62 亿元，同比-48.92%；扣非归母净利润-5.23 亿元， 去年同期为-2.11 亿元。 金价快速上涨短期抑制消费需求，公司珠宝时尚主业微增。 24 年上半年黄金 价格持续走高，上海黄金交易所 Au9999 黄金截至 6 月末的收盘价较年初开 盘价上涨 14.37%，同时由于经济大环境上行受阻，消费者消费意愿普遍下降， 导致黄金珠宝消费乏力。24 年上半年社零金银珠宝类销售额同比+0.2%，增速 较 23 年的+13.3%显著回落，行业销售表现较弱。2024 上半年公司珠宝时尚 板块营收 204.7 亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longping High-Tech [2][3] Core Views - Longping High-Tech reported a revenue of 2.582 billion yuan for the first half of 2024, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders was 111 million yuan, showing a significant year-on-year increase of 169.19% [2] - The company’s rice seed segment performed well, achieving a revenue of 837 million yuan, up 19.61% year-on-year, with a gross margin of 39.55%, an increase of 1.89 percentage points compared to the same period last year [2] - The corn seed segment faced challenges, with a revenue of 1.228 billion yuan, down 9.87% year-on-year, primarily due to a high base effect from the previous year [2] - The company is actively pursuing a "slimming down" strategy, having disposed of six non-core subsidiaries in the first half of 2024, which significantly reduced investment losses [2][3] Summary by Sections Financial Performance - In the first half of 2024, Longping High-Tech achieved a revenue of 2.582 billion yuan, with a net profit of 111 million yuan [2] - The company expects net profits for 2024, 2025, and 2026 to be 524 million, 766 million, and 1.021 billion yuan respectively, with corresponding EPS of 0.40, 0.58, and 0.78 yuan [3][4] Business Segments - The rice seed business is a key growth driver, with strong sales performance and improved gross margins [2] - The corn seed business is under pressure due to lower international grain prices and reduced domestic demand [2] Competitive Position - Longping High-Tech has a leading position in the breeding industry, with several of its rice and corn varieties recognized as dominant by the Ministry of Agriculture and Rural Affairs for 2024 [3] - The company has made significant investments in biotechnology and has received safety certificates for multiple transgenic traits [3] Future Outlook - The report anticipates a robust growth trajectory for Longping High-Tech, driven by its core business and ongoing restructuring efforts [3][4]

公 司 研 究 指标 2022A 2023A 2024E 2025E 2026E 安迪苏（600299.SH）：蛋氨酸增长 较好，产能持续扩张巩固龙头地位 2024 年 9 月 5 日 强烈推荐/维持 安迪苏 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 安迪苏发布 2024 年中报：2024 年上半年实现营业收入 72.61 亿元， YoY+14.74%，归母净利润 6.08 亿元，YoY+1719.14%。 主要产品蛋氨酸量价齐升，带动公司盈利大幅增长。从收入端看，①功能性产 品板块营收同比增长 20%至 53.9 亿元，主要产品蛋氨酸增长较好，其中液体 蛋氨酸渗透率持续提升、固体蛋氨酸销量也实现了双位数增长以及产品价格上 涨，拉动蛋氨酸业务销售持续增长；②特种产品板块营收同比增长 1%至 18.7 亿元，特种品业务表现继续保持稳定，主要是单胃和水产领域特种品业务快速 增长，抵消了北美奶制品行业疲软的冲击。从利润端看，公司综合毛利率大幅 提升 10.35%至 31.36%，除蛋氨酸产品涨价因素外，原材料和能源成本的下降 也促进了毛利率的提升。此外，公司实施更严格的现金和营运资金 ...

东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 事件：2024 年 8 月 29 日，伟时电子发布 2024 年半年度报告：公司 2024 年 上半年（1-6 月）实现营业收入 8.89 亿元，同比增长 36.47%；归母净利润为 1931.26 万元，同比下降 47.11%。 点评：公司 2024 年上半年营收保持增长，收入同比增长 36.47%，归母净利 润同比下降 47.11%，经营性净现金流较去年同期由负转正。2024 年上半年公 司实现营收 8.89 亿元，毛利率为 12.65%，同比下降 5.21ct；归母净利润为 1931.26 万元，同比下降 47.11%。主要系（1）背光模组、智能显示组件新增 量产数款产品，致营业收入增长，但由于该类新增量产产品生产仍处于爬坡 阶段，其分摊固定成本、人工成本较高，毛利率低于公司其他成熟量产产品， 从而拉低了整体业务毛利率水平。（2）市场需求变动，公司用于消费类产品 的背光显示模组产品未能按照计划实现销售。销售量的减少，致其分摊固定 成本增高，从而降低半年度毛利率水平。现金流方面，2024 年上半年经营活 动产生的现金流净额为 1088.5 ...

公 司 研 究 昊华科技（600378.SH）：业绩短期 承压，整合蓝天加速产业布局 2024 年 9 月 4 日 强烈推荐/维持 昊华科技 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 昊华科技发布 2024 年中报：公司 2024 年上半年实现营业收入 34.59 亿元， YoY-19.63%，归母净利润 3.70 亿元，YoY-26.32%。 主要产品价格下降，导致盈利水平下滑。从收入端看，2024 年上半年，公司 主要产品市场竞争激烈，价格持续下降，公司氟化工等业务收入减少、公司主 要产品如聚四氟乙烯树脂、氟橡胶、含氟气体受到供给增多、需求不振、市场 竞争激烈等因素影响，价格下滑；橡胶密封制品、特种轮胎和特种涂料由于产 品结构多样，价格变动幅度较大。此外，公司也主动缩减了低毛利的贸易业务。 从利润端看，公司综合毛利率同比提升了 2.88 个百分点至 27.45%，主要由于 公司加强运营管理，大力推进降本增效措施取得成效。但公司销售费用、管理 费用、财务费用等期间费用有所增加，导致公司净利率同比下降，影响公司净 利润水平。 重点项目按计划有序推进，产品体系不断丰富。公司是中国 ...