Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected performance that will exceed the market benchmark by more than 15% [2][5][13]. Core Views - The company reported a revenue of 1.83 billion yuan for the first half of 2024, a decrease of 5.6% year-on-year, with toll revenue at 1.79 billion yuan, down 5.1% [1]. - The net profit attributable to shareholders was 314 million yuan, reflecting a significant decline of 26.5% compared to the previous year [1]. - The report anticipates gradual improvement in performance for the second half of 2024, despite ongoing impacts from changes in the road network [2]. Summary by Sections Financial Performance - The company's operating costs increased by 8.6% year-on-year to 903 million yuan, primarily due to a 10.1% rise in operating rights amortization [1]. - The gross profit margin fell by 6.5 percentage points to 50.1% due to rising costs and a decrease in traffic volume [1]. - Investment income dropped significantly to 76 million yuan from 130 million yuan, mainly due to the Guangzhou North Ring Expressway ceasing toll collection [1]. Future Outlook - The second half of 2024 is expected to see better performance than the first half, driven by favorable changes in the road network, such as the closure of the Wuhuang Expressway leading to increased traffic on the Han-E Expressway [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 740 million, 818 million, and 897 million yuan, respectively, with corresponding EPS of 0.44, 0.49, and 0.54 yuan [2][6]. Company Overview - The company primarily engages in the investment, operation, and management of highways and bridges in Guangdong Province and other high-growth economic regions in China [4].

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 利释放（20240807） 事件：公司公布 2024 年半年度报，公司 2024 年上半年实现营业收入 568.66 亿元，同比增长 9.63%，实现归母净利润 8.29 亿元，相比去年同期扭亏为盈。 生猪养殖量利齐升，完全成本持续下行。公司 24 年上半年合计销售生猪 3238.8 万头（其中商品猪 2898.2 万头，仔猪 309.3 万头，种猪 31.2 万头）， 同比增长 7%。截至 2024 年 6 月末，公司能繁母猪存栏为 330.9 万头，生猪 养殖产能 8048 万头，预计全年生猪出栏区间为 6,600-7,200 万头，销量维持 稳健增长。公司养殖完全成本持续下行，24 年 6 月已接近 14 元/kg，相比 23 年平均成本 15 元/kg 的完全成本下降 1 元/kg 左右，其中饲料成本下行贡献 占 4 成，自身养殖成绩提升和费用优化占 6 成。猪价上涨与成本优化下，公 司生猪养殖业务量利齐升，业绩实现扭亏为盈。预计随着公司养殖成绩的持 续提升，公司养殖完全成本有望在下半年继续下降。我们认为，供给端收缩 ...

石油石化行业：国内天然气价涨量 增，欧美库存大增 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 天然气—价格：国内 LNG 出厂价格月环比上涨，英国天然气期货 价格月环比上涨，美加两国价格有所回调。截至 8 月 2 日，国内 LNG 出厂价格为 4875 元/吨，环比上月涨 9.33%；英国天然气期货价格 环比上月涨 14.06%，美加两国价格分别下跌 19.79%、2.22%。 供需和库存：中国天然气 7 月产量环比上涨，欧美天然气库存量月 环比均大幅上涨。7 月，中国天然气单月产量 670730 吨，环比涨 3.02%。截至 7 月 26 日，美国液化天然气/液化石油气（不包括丙 烷/丙烯）库存 176975 千桶，环比上涨 10.74%；截止 8 月 2 日， 欧洲天然气库存量为 972.24 亿千瓦时，环比上涨 9.93%。 进出口：欧洲天然气 7 月累计进口量月环比上涨，欧洲自俄罗斯天 然气 7 月进口累计量环比上涨。7 月，欧洲天然气进口累计量为 155799.05 百万立方米，月环比涨 1.23%；欧洲自俄罗斯天然气累 计进口量为 18367.3 百万立方米，环比上月涨 7.7 ...

石油石化行业 : 全球原油价格回调 美国继续去原油库存 全球原油价格环比上月呵调。疯狂 ８月２日，Brent 原油剪货结算价为 76.81 美元/桶，环比上月下跌 10.93%; WTI、Brent、ESPO 原油现货价格分别为 76.31 美元/橘、80.84 美元/橘、73.23 美元/橘，环比上月跌 8.48%、4.89%、 9.88%。8 月，OPEC 原油现货价格为 79.82 美元/桶，环比下跌 5.42 美元/桶， 跌幅为 6.36%。中国原油现货月度均价（南海）为 72.67 美元/桶，环比下跌 5.35%，中国原油现货月度均价（胜利）为 78.67 美元/桶，环比下跌 6.39%。 美闻，株油厂可送客户能利用单下跌，名油产品供应重环比下跌。面内，马赤 地妹广周予均开工牵阵优。疯狂 7 月 26 日，美国炼油厂可运营周予均产能利 用率为 90.1%，环比上月下跌 3.4 个百分点；美国石油产品供应量为 20724 千橘/夭，环比上月下跌 359 千橘/夭，跌幅为 1.70%。液至８月１日，占东地 烧广周平均开工率为 48.38%，环比上月下跌 2.14 个百分点。 美国，原油进口教重月环比下跌 ...

石油石化行业：全球原油价格回调， 美国继续去原油库存 全球原油价格环比上月回调。截至 8 月 2 日，Brent 原油期货结算价为 76.81 美元/桶，环比上月下跌 10.93%；WTI、Brent、ESPO 原油现货价格分别为 76.31 美元/桶、80.84 美元/桶、73.23 美元/桶，环比上月跌 8.48%、4.89%、 9.88%。8 月，OPEC 原油现货价格为 79.82 美元/桶，环比下跌 5.42 美元/桶， 跌幅为 6.36%。中国原油现货月度均价（南海）为 72.67 美元/桶，环比下跌 5.35%，中国原油现货月度均价（胜利）为 78.67 美元/桶，环比下跌 6.39%。 美国，炼油厂可运营产能利用率下跌，石油产品供应量环比下跌。国内，山东 地炼厂周平均开工率降低。截至 7 月 26 日，美国炼油厂可运营周平均产能利 用率为 90.1%，环比上月下跌 3.4 个百分点；美国石油产品供应量为 20724 千桶/天，环比上月下跌 359 千桶/天，跌幅为 1.70%。截至 8 月 1 日，山东地 炼厂周平均开工率为 48.38%，环比上月下跌 2.14 个百分点。 美国，原油进口数量 ...

Investment Rating - The industry investment rating is "Positive" [2][3] Core Viewpoints - The report emphasizes the importance of domestic demand and the role of policies in driving industry valuation recovery. The real estate sector continues to exert downward pressure on the economy, but government measures are expected to stabilize demand and improve the economic environment in the second half of 2024 [3][4] - The construction materials industry is experiencing a historical low in demand, but the consolidation of the industry is benefiting leading companies. The anticipated economic recovery is likely to lead to a "Davis Double Play" effect, where both valuation and performance improve [3][4] Summary by Sections Industry Overview - The real estate sector's negative impact on the economy remains unchanged, with GDP growth at 5% in the first half of 2024, although it slowed to 4.70% in the second quarter. The construction materials industry is still facing weak demand and historical low fluctuations [3][4] - The report notes a decrease in the issuance of special bonds by local governments due to debt pressure, which further affects investment and consumption [3] Cement Industry - The national cement-coal price difference was 243 RMB/ton, a decrease of 1.23% week-on-week. The price difference varied across regions, with the North China region seeing an increase of 0.40% [8] - The national cement inventory ratio rose to 65.60%, an increase of 1.05% week-on-week, indicating a slight improvement in supply dynamics [14] Glass Industry - The national float glass price was 1439 RMB/ton, down by 27 RMB/ton week-on-week. The inventory of float glass increased by 199.90 million heavy boxes, with an operating rate of 83.29% [25][30] - The prices of raw materials for float glass production, such as petroleum coke and soda ash, have decreased, which may positively impact production costs [30] Other Building Materials - The paint industry maintained an operating rate of 38%. Prices for PVC and SBS modified asphalt have decreased, while titanium dioxide prices remained stable [41]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a positive outlook based on its core cost advantages and expected performance improvement as the pig cycle recovers [3]. Core Insights - The company reported a turnaround in performance for the first half of 2024, achieving a revenue of 56.866 billion yuan, a year-on-year increase of 9.63%, and a net profit of 829 million yuan, compared to a loss in the same period last year [2][3]. - The increase in pig farming volume and declining costs contributed to the profitability, with total pig sales reaching 32.388 million heads, a 7% increase year-on-year [2]. - The company expects continued improvement in profitability due to a combination of rising pig prices and ongoing cost optimization, with a forecasted annual pig output between 66 million and 72 million heads [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net cash flow from operating activities of 15.474 billion yuan and maintained a cash balance of 20.36 billion yuan, with a debt-to-asset ratio of 61.81%, down 1.78 percentage points from the previous quarter [2]. - The company anticipates a further decline in breeding costs, which were approximately 14 yuan/kg in June 2024, down from an average of 15 yuan/kg in 2023 [2]. Production Capacity - The company slaughtered 5.415 million pigs in the first half of 2024, maintaining a capacity utilization rate of 37%, which is stable compared to the previous year [2]. - The company plans to enhance its meat sales market and optimize product structure to improve the profitability of its slaughtering segment [2]. Future Projections - The company forecasts net profits of 14.079 billion yuan, 27.204 billion yuan, and 21.946 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.65, 4.97, and 4.01 yuan [3]. - The report highlights a positive trend in the pig market, suggesting that prices may continue to rise in the second half of the year due to seasonal demand [2][3].

东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 人民币升值期间激光设备、锂电设备、半导体设备和光伏加工设备专用设备 板块涨幅较大。回顾 2017 年 1 月 4 日至 2018 年 2 月 8 日和 2020 年 5 月 29 日至 2022 年 3 月 1 日人民币升值期间机械设备细分板块行情，在两个区间均 实现大幅上涨的板块为激光设备、锂电设备、半导体设备和光伏加工设备专 用设备板块。与此同时，在人民币升值期间，上述四板块扣非归母净利润亦 实现较大增长。站在当前时点，上述细分板块估值分位数处于低位，同花顺 2024 年度预测 PEG 均小于 1，估值具有吸引力，后续如果人民币持续升值， 有望迎估值修复。回顾上两轮激光设备、锂电设备、半导体设备和光伏加工 设备上涨驱动因素，主要有以下三个因素： 抗通胀属性较强。人民币升值期间通常伴随通胀回升，例如 2017 年 2 月至 2018 年 2 月 CPI 当月同比从 0.8%回升至 2.9%；2020 年 11 月至 2022 年 9 月 CPI 当月同比从-0.5%回升至 2.8%。激光设备、锂电设备、半导体设备和光伏 加工 ...

炭行业：独立焦企产能利用率提 2024 年 8 月 6 日 看好/维持 行业报告煤炭 未来 3-6 个月行业大事， 烯魚煤价格下行。疯狂 7 月 29 日，综合的中国炼魚煤价格指数根收 1871.80 元/晚，环比上月跌 21.22 元/晚，跌幅为 1.12%：疯至８月２日，京忠港对未 自澳大利亚的主急煤库提令税价报收 2060 元/吨，环比上月跌 30 元/吨，跌幅 为 1.44%：华亲矿硬焦煤善氏价格指数 231.10 美元/~，环比下跌 40.15 美元 /地，头幅为 14.80%。 三港口合汁炼魚煤產產產月环比上涨。梳至８月２日，三港口炼魚煤產存臺共 298.00 万吨，环比上月上涨 40.50 万吨，涨幅为 15.73%。 247 家帆广布 230 家装立魚化广烧魚煤麻麻垂月环比下降。疯至 8 月 2 日,247 家钢厂炼焦煤库存量达 724.29 万吨，环比上月降 2.63%；230 家狼士焦化厂 炼焦煤库存共 704.85 万吨，环比上月降 5.72%。 全样本独立魚全的产能利用单环比上月上涨，株魚煤可用天数环比上月下降。 截至 8 月 2 日，全样本独立焦金的产能利用率为 74.20%，环比上 ...

煤炭行业：独立焦企产能利用率提 高，焦炭月产量增 2024 年 8 月 6 日 看好/维持 煤炭 行业报告 未来 3-6 个月行业大事： 炼焦煤价格下行。截至 7 月 29 日，综合的中国炼焦煤价格指数报收 1871.80 元/吨，环比上月跌 21.22 元/吨，跌幅为 1.12%；截至 8 月 2 日，京唐港对来 自澳大利亚的主焦煤库提含税价报收 2060 元/吨，环比上月跌 30 元/吨，跌幅 为 1.44%；峰景矿硬焦煤普氏价格指数 231.10 美元/吨，环比下跌 40.15 美元 /吨，跌幅为 14.80%。 三港口合计炼焦煤库存量月环比上涨。截至 8 月 2 日，三港口炼焦煤库存量共 298.00 万吨，环比上月上涨 40.50 万吨，涨幅为 15.73%。 247 家钢厂和 230 家独立焦化厂炼焦煤库存量月环比下降。截至 8 月 2 日，247 家钢厂炼焦煤库存量达 724.29 万吨，环比上月降 2.63%；230 家独立焦化厂 炼焦煤库存共 704.85 万吨，环比上月降 5.72%。 全样本独立焦企的产能利用率环比上月上涨，炼焦煤可用天数环比上月下降。 截至 8 月 2 日，全样本独立焦 ...