Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The demand for polyether amines is awaiting recovery, and the COC thousand-ton facility is ready for deployment [1] - The company's revenue for the first half of 2024 was 2.42 billion yuan, a year-on-year decrease of 13.30%, with a net profit attributable to shareholders of 1.98 million yuan, down 87.75% year-on-year [1] - The company is facing pressure on prices and profitability due to capacity expansion in the polyether amine industry and lower-than-expected offshore wind power installations [1][2] - The company maintains a focus on high-end, quality clients and has established good relationships with well-known companies [1] - The COC material has achieved mass production and is expected to meet regulatory requirements for trial production [1] Financial Summary - The company expects net profits for 2024-2026 to be 0.22 billion yuan, 1.07 billion yuan, and 2.21 billion yuan, respectively, with corresponding P/E ratios of 147.40X, 29.73X, and 14.45X [2] - Revenue is projected to recover with a year-on-year growth of 9.7% in 2024, followed by 54.3% in 2025 and 36.5% in 2026 [4][7] - The gross margin is expected to stabilize around 14.5% in 2024, increasing to 30.5% by 2026 [4][7] - The company’s total assets are projected to grow from 933 million yuan in 2023 to 1.384 billion yuan in 2026 [6][7]

圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 Q2 业绩延续好转态势，公司竞争力不断提升 | --- | --- | --- | |-------------------------------------|------------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（元） | | 70.20 | | 近 12 个月最高/最低（元） | | 98.29/58.42 | | 总股本（百万股） | | 472 | | 流通股本（百万股） | | 452 | | 流通股比例（ % ） | | 95.88 | | 总市值（亿元） | | 331 | | 流通市值（亿元） | | 318 | [公司Table_Chart] 价格与沪深 300 走势比较 -36% -20% -5% 11% 27% 9/23 12/23 3/24 6/24 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业 ...

[Table_Profit] 华菱钢铁（ [Table_StockNameRptType] 000932） 公司点评 Q2 业绩环增，静待需求进一步催化 主要观点： ⚫[Table_Summary] 华菱钢铁发布 2024 年半年报 公司 24H1 实现营业收入 759.5 亿元，同比-4.53%；实现归母净利润 13.31 亿元，同比-48.16%。其中单 Q2 实现营业收入 389.02 亿元，同 比-1.92%，环比+5%；实现归母净利润 9.40 亿元，同比-50%，环比 +140%。 ⚫ 需求拖累钢价，行业整体承压 行业角度，今年上半年国内外经济面临一定挑战，钢铁行业经历深度调 整，CSPI 中国钢材价格指数同比-4.89%，成本方面据公司公告重点企 业国产铁精矿/进口粉矿采购成本同比分别+8.36%/+4.06%，24H1 黑色 金属冶炼和压延加工业累计实现利润总额-3.1 亿元。公司角度，24H1 公司板材收入 337.5 亿元（同比-12.8%）、长材收入 161.0 亿元（同比 -15.7%）、钢管收入 61.1 亿元（同比-6.9%）。24H1 钢材销量 1269 万 吨（同比-6%），其 ...

[Table_Profit] 赤峰黄金（ [Table_StockNameRptType] 600988） 公司点评 矿产金量价齐增，降本控费显成效 主要观点： ⚫[Table_Summary] 赤峰黄金发布 2024 年半年报 公司 24H1 实现营业收入 41.96 亿元，同比+24.45%；实现归母净利润 7.11 亿元，同比+127.75%。其中单 Q2 实现营业收入 23.42 亿元，同 比+31.22%，环比+26.35%；实现归母净利润 5.10 亿元，同比+115.46%， 环比+154.35%。 ⚫ 黄金量价齐增，降息预期演绎下半年有望延续高景气 公司 24H1 黄金板块收入 37.58 亿元（同比+23.23%），其中黄金产量 达到 7.55 吨（同比+9.72%），价格方面 6 月末伦敦现货黄金定盘价较 年初上涨 12.34%，Q3 以来降息预期升温，8 月下旬较 6 月末上涨 7.74%，考虑到国际地缘政治冲突延续，黄金资产配置价值持续提升、 我们认为后续黄金价格仍有提升空间。公司吉隆矿业年新增 18 万吨金 矿石选矿扩建项目 7 月启动试生产，预期选矿处理能力增长 150%；老 挝万 ...

| --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-03 | | | [Table_BaseData] 收盘价（元） | 26 | | 近 12 个月最高 / 最低（元） | 34.61/24.45 | | 总股本（百万股） | 1109 | | 流通股本（百万股） | 904 | | 流通股比例（ % ） | 81.53 | | 总市值（亿元） | 288 | | 流通市值（亿元） | 235 | [Table_Chart] 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 9/2 11/2 1/2 3/2 5/2 7/2 9/2 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：1381656246 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The main viewpoint is that the company's main products are experiencing a downturn, leading to short-term pressure on performance, particularly in the chlorosulfonic acid and aramid sectors [1] - The company is expected to see growth in PEKK material production, which has significant strategic importance and high added value, with a focus on domestic production capabilities [1] - The company is actively expanding its product line and has made significant progress in new product development, which is expected to support future performance growth [1] Financial Performance Summary - In the first half of 2024, the company reported operating revenue of 495 million yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 54 million yuan, a year-on-year decrease of 47.60% [1] - The second quarter of 2024 saw operating revenue of 255 million yuan, a year-on-year increase of 4.41%, while net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 45.97% [1] - The company's gross margin in the inorganic compounds segment was 20.29%, a year-on-year decrease of 16.36 percentage points, and in the carboxylic compounds segment, it was 28.35%, a year-on-year decrease of 12.07 percentage points [1] Future Earnings Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 148 million yuan, 205 million yuan, and 262 million yuan respectively, with corresponding year-on-year growth rates of -6.1%, 38.0%, and 28.0% [2] - The projected operating revenue for the same years is 1.212 billion yuan, 1.660 billion yuan, and 2.049 billion yuan, with year-on-year growth rates of 22.8%, 37.0%, and 23.4% respectively [2]

卫光生物（ [Table_StockNameRptType] 002880） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | |-------|---------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 司深 度 | | | | | | | | | | | | | | | | | | | | | | [Table_StockNameRptType] 中国西电（ 601179） 业绩符合预期，海内外需求共振 主要观点： 公司点评 正 泰电器 （6018 77） 公司 研究/公司 点评 ⚫[Table_Summary] 业绩 公司公布 2024H1 业绩，实现营收 102.84 亿元，YoY+8.24%；实现归母 净利润 4.52 亿元，YoY+5.23%；实现扣非归母净利润 4.71 亿元， YoY+22.87%。其中 2024Q2 实现营收 56.02 亿元，YoY+19.03%；实现归 母净 ...

福田汽车（ [Table_StockNameRptType] 600166） 公司覆盖 商用车周期复苏，新技术新产品加速落地 | --- | --- | |----------------------------------------|-----------| | [Table_Rank] 投资评级：买入 首次覆盖 | | | 报告日期： 2024-09-03 | | | [Table_BaseData] 收盘价（元） | 2.29 | | 近 12 个月最高 / 最低（元） | 3.73/2.20 | | 总股本（百万股） | 8,004 | | 流通股本（百万股） | 6,575 | | 流通股比例（ % ） | 82.15 | | 总市值（亿元） | 183 | | 流通市值（亿元） | 151 | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -31% -16% 0% 15% 9/23 12/23 3/24 6/24 福田汽车 沪深300 [Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangx ...

[Table_Profit] 拓普集团（ [Table_StockNameRptType] 601689） 公司点评 新产品与新客户放量，收入持续高增长 | --- | --- | --- | |-------------------------------------|------------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（元） | | 31.83 | | 近 12 个月最高 / | 最低（元） | 50.40/29.57 | | 总股本（百万股） | | 1,686 | | 流通股本（百万股） | | 1,686 | | 流通股比例（ % ） | | 100.00 | | 总市值（亿元） | | 537 | | 流通市值（亿元） | | 537 | -51% -36% -21% -5% 10% 9/23 12/23 3/24 6/24 拓普集团 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523 ...