Q2 业绩环比大幅提升，行业供需持续改善 | --- | --- | --- | |---------------------------------------|-------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | | 2024-08-29 | | [Table_BaseData] 收盘价（元） | | 10.69 | | 近 12 个月最高 / 最低（元） | | 15.86/10.45 | | 总股本（百万股） | | 1,525 | | 流通股本（百万股） | | 1,525 | | 流通股比例（ % ） | | 100 | | 总市值（亿元） | | 163 | | 流通市值（亿元） | | 163 | | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -20% 0% 20% 40% 8/29 10/29 12/29 2/29 4/30 6/30 新凤鸣 沪深300 | --- | |------------------------------------------------ ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [1] Core Views - The report highlights that Haier's Q2 performance shows profit improvement despite flat revenue, with a focus on external sales growth in emerging markets and potential recovery in domestic sales due to "trade-in" policies [7][8] Revenue Analysis - Q2 revenue reached 66.645 billion yuan (+0.13%), with net profit attributable to shareholders at 5.647 billion yuan (+13.15%) and non-recurring net profit at 5.521 billion yuan (+12.57%) [4] - For H1, total revenue was 135.623 billion yuan (+3.03%), with net profit attributable to shareholders at 10.420 billion yuan (+16.26%) [4] - Domestic sales showed a decline of 5% year-on-year in Q2, while external sales grew by 3%, with significant growth expected in North America, Europe, and Southeast Asia [4][5] Profit Analysis - Operating profit margins for both domestic and external sales improved, with Q2 gross margin at 32.3%, up 0.2% year-on-year [5] - Q2 net profit margin was 8.47%, reflecting a year-on-year increase of 1.0% [5] Cash Flow and Contract Liabilities - Q2 operating cash flow increased by 12.09% year-on-year, amounting to 6.093 billion yuan [6] - As of the end of H1, contract liabilities were 3.256 billion yuan, showing a slight decrease [6] New Capacity Investment - The company plans to invest 2.494 billion yuan in a new air conditioning production project in Qingdao, expected to start in September 2024 and complete in phases by December 2027 [7] Profit Forecast - Revenue projections for 2024-2026 are adjusted to 278.55 billion yuan, 293.81 billion yuan, and 309.17 billion yuan, respectively, with net profit attributable to shareholders forecasted at 19.123 billion yuan, 21.853 billion yuan, and 24.440 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 31.27 billion yuan in the first half of 2024, reflecting a year-on-year increase of 2.34%, while the net profit attributable to the parent company decreased by 4.28% to 4.59 billion yuan [3][4] - The company has improved its product technology, holding 875 domestic patents and 33 international invention patents as of June 30, 2024, with significant applications in various industries [3][4] - The company is focusing on expanding its overseas market, achieving 1.51 billion yuan in overseas revenue in the first half of 2024, accounting for 4.84% of total revenue, despite a year-on-year decline of 12.81% [3][4] Financial Performance - In the first half of 2024, the company achieved a net cash flow from operating activities of 2.67 billion yuan, a significant increase of 6477.59% [3] - The company’s revenue forecast for 2024-2026 has been adjusted to 65.48 billion yuan, 70.65 billion yuan, and 76.41 billion yuan respectively, with net profit forecasts of 10.12 billion yuan, 11.22 billion yuan, and 12.45 billion yuan [4] - The diluted EPS for 2024-2026 is projected to be 1.76 yuan, 1.95 yuan, and 2.16 yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [4][6] Market Position and Future Outlook - The company has established a leading position in the domestic filtration machinery industry, with a strong customer base and long-term partnerships [3][4] - The demand in downstream industries, particularly in the renewable energy sector, is expected to grow rapidly, especially in lithium battery recycling, which presents significant market opportunities [3][4]

[Table_Profit] 中国铝业（ [Table_StockNameRptType] 601600） 公司点评 铝链一体化优势凸显，上调盈利预期 | --- | --- | --- | |-------------------------------------|------------|-----------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-08-29 | | | [Table_BaseData] 收盘价（元） | | 6.84 | | 近 12 个月最高 / | 最低（元） | 8.77/4.90 | | 总股本（百万股） | | 17,158 | | 流通股本（百万股） | | 17,067 | | 流通股比例（ % ） | | 99.47 | | 总市值（亿元） | | 1,174 | | 流通市值（亿元） | | 1,168 | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -7% 13% 33% 52% 8/23 11/23 2/24 5/24 中国铝业 沪深300 [Table_Au ...

Q2 业绩有所承压，静待新产品放量 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-08-29 | | [Table_BaseData] 收盘价（元） | 32.02 | | 近 12 个月最高 / 最低（元） | 88.75/31.00 | | 总股本（百万股） | 229 | | 流通股本（百万股） | 229 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 73 | | 流通市值（亿元） | 73 | [公司价格与沪深 Table_Chart] 300 走势比较 -61% -36% -10% 16% 41% 8/23 11/23 2/24 5/24 华恒生物 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 联系人：刘天其 执业证书号：S0010122080046 电 ...

| --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-08-28 | | | [Table_BaseData] 收盘价（元） | 39.95 | | 近 12 个月最高 / 最低（元） | 62.99/36.48 | | 总股本（百万股） | 505 | | 流通股本（百万股） | 304 | | 流通股比例（ % ） | 60.22 | | 总市值（亿元） | 202 | | 流通市值（亿元） | 121 | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -31% -16% 0% 15% 8/23 11/23 2/24 5/24 8/24 蓝晓科技 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 联系人：刘天其 执业证书号：S0010122080046 电话：17321 ...

湖北宜化（ [Table_StockNameRptType] 000422） 公司点评 Q2 业绩环比大幅改善，资产结构改善稳步推进 | --- | --- | --- | |-----------------------------------------------------------------|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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| --- | --- | --- | |-------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 24Q2 | | 点评：三谋助力游戏业务重回正增长， 24Q3 有望实现 NON-GAAP OP 盈利 | | 投资评级：买入 ( | 维持） | 主要观点： | | [Table_Rank] 报告日期： 2024-08-28 | | ⚫ 事件： | | [T ...

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