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1.利润维持增长，多领域均取得一定 进展 2024-05-05 2.业绩稳健，手机终端领域拓展之路 曙光初现 2023-11-01 3.业绩稳健增长，持续加强核心技术 及前沿技术研究 2023-09-02 业绩短期承压，持续推动技术创新 主要观点： ⚫[Table_Summary] 事件描述 8 月 25 日，公司发布 2024 年半年度报告。根据公告，2024 年上半年公 司营业收入为 13.03 亿元，同比下滑 32.21%；归母净利润为 2.45 亿元， 同比下降 20.77%。 ⚫ 公司持续推进技术创新 2024 年上半年，面对外部环境的压力，公司以国家战略和市场需求为导 向，始终聚焦主营业务发展和核心技术创新，持续推进技术创新，提升 满足不同应用、不同需求的能力。 T/R 组件领域，公司持续开展相关关键技术攻关，积极推进异构集成技术 产品化技术，为新一代产品开拓打下基础，此外，公司积极开展 T/R 组 件应用领域拓展，在低轨卫星和商业航天领域均开展了技术研发和产品 开发工作，目前多款产品已开始交付客户；射频模块领域，公司上半年 发布多款 GaN 射频模块产品，未来有望持续推进新技术攻关，改善产品 的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.927 billion HKD for H1 2024, representing an increase of 11.9% year-on-year, while the net profit attributable to shareholders was 308 million HKD, down 13.8% year-on-year [1] - The interim dividend per share is 0.28 HKD, corresponding to a payout ratio of 95%, compared to no dividend in the same period last year [1] - The growth in revenue is driven by an increase in volume, with third-party business revenue reaching 1.938 billion HKD, up 12.1% year-on-year [1] - The company is expected to achieve double-digit revenue growth in 2024, with improvements in cost efficiency anticipated for H2 2024 [1] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.927 billion HKD (+11.9% YoY) and a net profit of 308 million HKD (-13.8% YoY) [1] - The gross margin for H1 2024 was 29.98%, down 3.2 percentage points year-on-year, with a net profit margin of 10.52%, also down 3.2 percentage points year-on-year [1] - The company has increased its marketing expenses, leading to a sales expense ratio of 12.04%, up 2.9 percentage points year-on-year [1] Future Outlook - The company is expanding its product matrix and market regions, with overseas expansion expected to accelerate [1] - New production facilities in Hebei and Anhui are projected to contribute to revenue growth [1] - Revenue forecasts for 2024-2026 are adjusted to 6.884 billion, 7.616 billion, and 8.373 billion HKD, respectively, with year-on-year growth rates of 12%, 11%, and 10% [2][4]

常熟汽饰（ [Table_StockNameRptType] 603035） 公司点评 24Q2 业绩略超预期，建议关注超跌反弹机会 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company is experiencing steady growth and is entering a new high-quality development cycle [1] - The company reported a total revenue of 4.252 billion yuan for the first half of 2024, representing a year-on-year increase of 9.02%, with a net profit attributable to shareholders of 1.241 billion yuan, up by 0.15% [1] - The company’s gross margin is 40.88%, and the net profit margin is 29.19% [1] - The company has a leading position in the industry, and with Haier Group becoming the controlling shareholder, it is expected to continue to receive support and synergies that will enhance its performance [1][2] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 2.196 billion yuan, an increase of 19.51%, and a net profit of 484 million yuan, a decrease of 7% [1] - The company’s main non-operating income includes a one-time government subsidy of 33.33 million yuan and investment income from financial assets amounting to 179 million yuan [1] - The company’s self-produced albumin, imported albumin, immunoglobulin, and other blood products generated revenues of 800 million, 1.955 billion, 839 million, and 607 million yuan respectively, with year-on-year growth rates of 17.21%, 18.87%, -15.50%, and 15.69% [1] - The company’s gross margins for these products were 46.21%, 17.86%, 58.73%, and 83.31% respectively [1] Future Projections - The company is projected to achieve total revenue of 8.538 billion yuan in 2024, 9.678 billion yuan in 2025, and 10.914 billion yuan in 2026, with year-on-year growth rates of 7.2%, 13.4%, and 12.8% respectively [2] - The net profit attributable to shareholders is expected to reach 2.292 billion yuan in 2024, 2.603 billion yuan in 2025, and 2.937 billion yuan in 2026, with growth rates of 28.8%, 13.6%, and 12.8% respectively [2] - The company’s gross margin is expected to remain stable around 40.6% in 2024, with slight improvements in subsequent years [2] Cash Flow and Financial Ratios - The operating cash flow for 2024 is projected to be 1.537 billion yuan, with a net profit of 2.292 billion yuan [4] - The company’s P/E ratio is expected to decrease from 29.63 in 2024 to 16.18 in 2026, indicating improved valuation over time [5] - The return on equity (ROE) is projected to increase from 7.2% in 2024 to 7.8% in 2026 [5]

| --- | --- | --- | |-------------------------------------------|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------| | | | 炼化盈利改善，股东增持彰显信心 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： | 2024-08-28 | ⚫[Table_Summary] 事件描述 | | [Table_BaseData] 收盘价（元） | | 事件 1：8 月 26 日，荣盛石化发布 2024 年半年报，实现营业收入 | | 近 12 个月最高/ | 最低（元） 12.50/8.35 | 1612.50 亿元，同比+4.35%；实现归母净利润 8.58 亿元，同比 | | 总股本（百万股） | | +176.15%；实现扣非 ...

| --- | --- | --- | --- | |----------------------------------------------------------|------------|----------------------------------------------------------------------|-------------------------------------------------------------------------| | | | | 皖通高速（600012） | | | | | 首次覆盖 | | | | | | | | | | 改扩建即将进入收获期，分红比例仍有提升空间 | | [Table_Rank] 投资评级：增持首次覆盖报告日期： 2024-08-28 | | 主要观点：[Table_Summary]⚫ 安徽高速公路上市平台，交控集团赋能空间大 | | | [Table_BaseData] 收盘价（元） | 15.37 | 公司是安徽省内唯一的公路类上市企业， | 1996 年在香港联交所上市， | | 近 12 个月最高/最低（元） ...

京山轻机（ 000821） 公司点评 24 年 H1 业绩韧性展现，深化全球布局，钙钛矿整线&单机持续推进 | --- | --- | --- | |-------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资评级：买入（维持） | | 主要观点： | | 报告日期： 2024-8-28 | | 事件概况 | | 收盘价（元） | 9.50 | 京 ...

| --- | --- | |--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------| | | 000933 | | | 公司点评 | | Q2 | 业绩环比改善，电解铝持续发挥成本优势 | | [Table_Rank] 投资评级：买入（维持） | 主要观点： | | 报告日期： 2024-08-28 | ⚫[Table_Summary] 神火股份发布 2024 年半年报 | | [Table_BaseData] 收盘价（元） | 公司 24H1 实现营业收入 182.21 亿元，同比-4.65%；实现归母净利润 | | 近 12 个月最高/最低（元） | 22.84 亿元，同比-16.62%。其中单 Q2 实现营业收入 99.98 亿元，同比 | | 总股本（百万股） | +4.2%，环比+21.57%；实现 ...

铂科新材（ [Table_StockNameRptType] 300811） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...