东兴证券研究报告 首席周观点：2024年第35周 P1 首席周观点：2024 年第 35 周2024 年 8 月 2 日 首席观点 周度观点 林瑾璐 | 东兴证券银行首席分析师 S1480519070002，010-66554130，15692169289@163.com 银行行业：信贷弱需求延续，政策有待加力 7 月社融同比多增，主要源自政府债、企业债发行。7 月社融新增 7708 亿，同比多增 2342 亿；存量社融增速 8.2%，环比小幅回升 0.1pct。社融同比多增，主要贡献源自政府债及企业 债发行。7 月政府债券新增 6911 亿，同比多增 2802 亿；企业债券新增 2028 亿，同比多增 747 亿。人民币贷款减少 767 亿，社融口径首次显现负值。展望全年，考虑到当前政府债发行提 速以及去年下半年基数不高，社融增速有望平稳于 8%。 信贷需求持续偏弱，稳增长政策有待续力。7 月是传统信贷淡季，人民币贷款新增 2600 亿， 同比少增 859 亿。分部门来看，（1）零售信贷需求持续较弱。7 月住户贷款减少 2100 亿，同 比多减 93 亿。住户短贷减少 2156 亿，同比多减 821 亿；反 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 利安隆（300596.SZ）：业绩稳步增 长，多元化发展拓宽空间 利安隆发布 2024 年中报：公司 2024 年上半年实现营业收入 28.20 亿元， YoY+12.54%，归母净利润 2.20 亿元，YoY+20.51%。 从收入端看，核心板块营收均实现增长。2024 年上半年，公司主业高分子材 料抗老化助剂业务实现增长，抗氧化剂营收同比增长 13.81%至 8.69 亿元、光 稳定剂营收同比增长 10.62%至 10.22 亿元、U-pack 业务营收同比增长 4.95% 至 2.88 亿元；润滑油添加剂业务也取得增长，营收同比增长 26.44%至 5.21 亿元。从利润端看，2024 年上半年公司综合毛利率同比提升 2.11 个百分点至 21.41%，带动公司净利润增长。 主业产品产能持续扩张，培育多元化发展曲线，拓展成长空间。①公司主业高 分子材料抗老化助剂方面，已发展成为国内抗老化行业的龙头企业，在管理团 队、技术、产品配套、品质、客户服务及营销等各个领域形成了良好的竞争优 势。目前公司在全国建有六大生产基地，夯实了单 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 52 周股价区间（元） 14.97-9.52 总市值（亿元） 754.15 流通市值（亿元） 569.19 总股本/流通A股（万股） 503,775/381,575 流通 B 股/H 股（万股） -/122,200 52 周日均换手率 2.02 分析师：曹奕丰 021-25102904 caoyf_yjs@dxzq.net.cn 执业证书编号： S1480519050005 宁沪高速（600377.SH）：主业毛利率略 降，投资收益增长拉动业绩提升 2024 年 8 月 29 日 推荐/维持 宁沪高速 公司报告 事件：2024 年上半年公司实现营收 99.6 亿元，同比增长 39.6%。上半年营收 的大幅增长主要来自建造业务收入大幅增长，但建造业务收入与成本始终相互 抵消，因此并非关注的重点。主营业务方面，公司实现通行费收入 45.3 亿元， 同比增长 0.2%。上半年公司扣非归母净利润 26.0 亿元，同比增长 10.8%。 收费公路业务毛利率略有下降：上半年公司通行费收入同比增长 0.2%，但收 费业务成本同比增长 10.9% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 5.699 billion yuan for the first half of 2024, a year-on-year decrease of 19.36%, and a net profit of 763 million yuan, down 32.10% year-on-year [2]. - The decline in performance is attributed to a sluggish market for agricultural chemicals, with prices for pesticide products falling significantly [2]. - The company is expected to benefit from the gradual recovery of industry demand and the completion of ongoing projects, which will contribute to future revenue growth [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company's raw material prices fell by 23.91%, leading to a revenue drop of 26.40% to 3.323 billion yuan [2]. - The formulation segment saw an 8.39% decline in product prices, resulting in a revenue decrease of 9.95% to 1.204 billion yuan [2]. - The overall gross margin decreased by 2.61 percentage points to 24.23% due to falling prices [2]. Market Outlook - The agricultural chemical industry is currently experiencing low demand and high inventory levels, with prices at historical lows [2]. - A recovery in overseas markets is anticipated, which may lead to a rebound in pesticide prices and improved revenue and profit levels for the company [2]. Project Development - The company is progressing with new project capacities, including the Youjia and Liaoning Youchuang projects, which are expected to contribute positively to performance [2]. - The Youjia project has completed its second phase and is ramping up production, while the Liaoning project is in the trial production phase [2]. Profit Forecast - The company’s net profit is projected to be 1.407 billion yuan, 1.665 billion yuan, and 1.922 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.46 yuan, 4.10 yuan, and 4.73 yuan [2][6]. - The current stock price corresponds to P/E ratios of 14, 12, and 10 for the years 2024, 2025, and 2026 respectively [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance relative to market benchmarks [2][3]. Core Insights - The company achieved a revenue of 328.17 million yuan in the first half of 2024, representing a year-on-year growth of 20.37%, with a net profit of 111.32 million yuan, up 18.76% year-on-year [1]. - Significant growth in overseas markets contributed to revenue increases, with foreign income reaching 174.85 million yuan, a 96.5% increase year-on-year, particularly driven by projects in Europe and Mexico [1][2]. - The company’s gross profit margin for H1 2024 was 52.5%, slightly lower than the previous year, attributed to a higher proportion of lower-margin products [1]. - The company is expanding its product offerings in thermal management systems, having secured multiple new project approvals in the automotive sector [2]. Financial Projections - The company is projected to achieve net profits of 210 million yuan, 239 million yuan, and 272 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.55, 1.77, and 2.01 yuan [2][3]. - Revenue forecasts indicate growth from 669.46 million yuan in 2024 to 854.82 million yuan by 2026, with annual growth rates of 14.77%, 12.51%, and 13.49% [3][7]. - The projected PE ratios for the next three years are 11, 10, and 9 times, reflecting a favorable valuation trend [2][3].

Investment Rating - Strong Buy/Maintain [2] Core Views - The company achieved revenue of 9.845 billion yuan in the first half of 2024, a YoY increase of 32.70%, and net profit attributable to the parent company of 2.204 billion yuan, a YoY increase of 48.62% [2] - The nutrition products segment, including vitamins and methionine, saw both volume and price increases, driving revenue growth [2] - The company's comprehensive gross profit margin increased by 4.37 percentage points to 37.11% in the first half of 2024 [2] - New projects and product development are progressing smoothly, further enriching the company's product portfolio [2] Financial Performance - Revenue from the nutrition products segment reached 6.68 billion yuan, a YoY increase of 38.30% [2] - Revenue from the flavors and fragrances segment was 1.925 billion yuan, a YoY increase of 17.94% [2] - Revenue from the new materials segment was 722 million yuan, a YoY increase of 24.89% [2] - The company's net profit for 2024-2026 is forecasted to be 4.436 billion, 5.368 billion, and 6.470 billion yuan, respectively [3] - EPS for 2024-2026 is projected to be 1.44, 1.74, and 2.09 yuan, respectively [3] - The current P/E ratio is 13, 11, and 9 times for 2024-2026 [3] Project Development - The 300,000 tons/year methionine project has been successfully released and is in normal production and sales [2] - The 18,000 tons/year liquid methionine (pure) project is progressing steadily [2] - The 4,000 tons/year cystine project is running stably, and the glufosinate-ammonium project is in the pilot phase [2] - The nylon industry chain project, including 100,000 tons/year adiponitrile-adipamine, is under approval in Tianjin [2] - The PPS project has been approved for 30,000 tons, with an additional 8,000 tons to be expanded based on market conditions [2] Company Overview - The company was founded in 1999 and listed on the Shenzhen Stock Exchange in 2004 [4] - It is one of the world's top four vitamin producers and has a competitive position in methionine production [4] - The company has expanded its business from pharmaceutical intermediates to vitamins, flavors and fragrances, new materials, and methionine [4] Market Data - The company's total market capitalization is 59.685 billion yuan, with a circulating market capitalization of 58.982 billion yuan [5] - The 52-week stock price range is 22.6-15.47 yuan [5] - The 52-week average daily turnover rate is 1.2% [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of 16.975 billion yuan in the first half of 2024, representing a year-on-year increase of 37.35%, and a net profit of 2.224 billion yuan, up 30.10% year-on-year [1]. - The performance growth is driven by the operational efficiency of the Jingzhou base and technical upgrades at the Dezhou headquarters, leading to increased production and sales of key products [1]. - The company is advancing its dual-base project strategy, which is expected to support long-term growth through enhanced resource utilization and product innovation [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company's main products saw significant sales growth: - New energy materials sales increased by 28.47%, with revenue up 18.64% - Fertilizer product sales rose by 43.50%, with revenue increasing by 39.88% - Organic amines sales grew by 14.77%, but revenue slightly declined by 4.97% - Acetic acid and derivatives sales surged by 148.03%, with revenue up 145.66% [1]. - The overall gross margin improved by 0.34 percentage points to 21.20%, contributing to net profit growth [1]. Strategic Development - The company leverages clean coal gasification technology and a flexible multi-product production model to enhance resource utilization and expand its product chain [1]. - The Jingzhou base's first phase has commenced operations, generating revenue of 3.765 billion yuan and a net profit of 543 million yuan in the first half of 2024 [1]. - Future projects at both the Jingzhou and Dezhou bases are expected to contribute additional revenue, supporting the company's long-term growth strategy [1][2]. Profit Forecast - The company forecasts net profits of 4.680 billion yuan, 5.658 billion yuan, and 6.736 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.20, 2.66, and 3.17 yuan [2]. - The current stock price corresponds to P/E ratios of 10, 8, and 7 for the years 2024 to 2026 [2].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][4]. Core Views - The company reported a significant decline in revenue and profit due to weak demand in the cement industry, with a 30.37% year-on-year decrease in revenue to 45.566 billion yuan and a 48.59% drop in net profit to 3.326 billion yuan in the first half of 2024 [2][3]. - Despite the challenging environment, the company has a strong risk resistance capability, with a low debt ratio of 19.50% and a cash asset ratio of 27.83%, allowing it to maintain a certain level of profitability [3][4]. - The company is expected to see a gradual recovery in net profit from 8.324 billion yuan in 2024 to 10.306 billion yuan in 2026, with corresponding EPS increasing from 1.57 yuan to 1.94 yuan [4][9]. Financial Performance Summary - In the first half of 2024, the company's self-produced sales volume was 12.6 million tons, a decrease of 3.35% year-on-year, which is less than the industry average decline of 10% [3]. - The average selling price of cement fell to 239.76 yuan per ton, down 21.58% year-on-year, contributing to the largest revenue drop in 25 years [3]. - The company's gross margin and net profit margin were 18.93% and 7.43%, respectively, both showing a decline compared to previous periods [3]. Future Outlook - The company is positioned to benefit from potential improvements in the supply-side policies and market conditions, as it continues to leverage its scale and cost advantages [3][4]. - The projected earnings for 2024-2026 indicate a recovery trend, with net profits expected to rise steadily, reflecting the company's resilience and strategic initiatives [4][9].

*价格单位为元/股 东兴晨报 P1 2024 年 8 月 28 日星期三 分析师推荐 【东兴计算机】中科曙光（603019.SH）：业绩稳健增长，算力建设稳步推进 ——2024 半年报点评（20240823） 事件：8 月 22 日，公司发布 2024 年半年度报告，报告期内实现营业收入 57.12 亿元，同比增长 5.77%；实现归母净利润 5.63 亿元，同比增长 3.38%；实现 归母扣非净利润 3.66 亿元，同比增长 20%。单二季度来看，公司实现营收 32.33 亿元，同比增长 4.21%；实现归母净利润 4.21 亿元，同比增长 1.64%。 业绩稳健增长，经营能力较强。（1）整体来看，上半年公司实现营业收入 57.12 亿元，同比增长 5.77%；实现归母净利润 5.63 亿元，同比增长 3.38%；实现 归母扣非净利润 3.66 亿元，同比增长 20%。在整体环境承压及海外科技制裁 大背景下，公司依然能实现营收及净利润的双增长，公司扣非归母净利润增 速高于归母净利润的原因是其他收益有所下降，但整体营收及盈利能力依然 稳步增长，其他收益主要来源于政府补助，体现公司自主盈利能力较强。（2） 毛利 ...

计算机行业："小鹏图灵"流片，华 为引望智能上半年扭亏为盈 2024 年 8 月 28 日 看好/维持 计算机 行业报告 ——汽车智能化板块动态追踪 事件： 1、8 月 27 日晚，小鹏汽车在 MONA M03 上市发布会上宣布其全球首颗可同 时应用在机器人、AI 汽车、飞行汽车的芯片"小鹏图灵"已于 8 月 23 日成功流 片，同时小鹏 MONA M03 Max 版具备高阶智驾功能，该版本将于 2025 年春节 后开启交付。 2、8 月 25 日，赛力斯公告拟以 115 亿元现金向华为购买深圳引望智能 10%股 份，根据《重大资产购买报告书（草案）》披露，引望智能今年上半年实现收 入 104.35 亿元，实现净利润 22.31 亿元，毛、净利率分别达 55.36%、21.38%， 整体扭亏为盈。 点评： 蔚来、小鹏接连流片，智驾芯片进入多元化竞争阶段。在蔚来自研智驾芯片"神 玑 NX9031"流片后，小鹏宣布"小鹏图灵"也已成功流片，逐步进入测试验证阶 段。该款为端到端大模型定制芯片，集成 2 个自研 NPU（神经网络处理器）、2 个独立 ISP（图像信号处理器），并采用面向神经网络的 DSA（特定领域架构 ...