公 司 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 [Table_ 【投资要点 Summary]】 公司发布 2024 年二季度财报。 -21.31% -13.01% -4.72% 3.58% 11.88% 20.18% 8/15 10/15 12/15 2/15 4/15 6/15 腾讯控股 [Table_ 东方财富证券研究所 Author] 证券分析师：高博文 恒生指数 毛利率显著提升，费用略有提升。2024 年二季度，公司毛利率为 53.31%， 同比增长 5.83pct，主要系游戏、视频号佣金等高毛利收入增长所致；其 中，报告期内公司增值服务/网络广告/金融科技及企业服务（含其他）毛 利率分别同比增长 3.09pct/6.70pct/9.25pct。费用方面，报告期内，公 司销售及市场推广费用率 5.68%，同比增长 0.11pct；一般及行政费用率 17.06%，同比增长 0.03pct。 【投资建议】 公司主营业务优势稳固，后续新老游戏流水持续贡献收入增量，视频号小 程序生态商业化提升，AI 赋能业务新增长，业绩有望稳健提升。结合当前 公司经营情况，我们调整公司盈利预测，预计公司 2 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Views - The company has shown strong growth in export orders, which continues to support its performance. The revenue for the first half of 2024 reached 2.916 billion yuan, a year-on-year increase of 0.79%, while the net profit attributable to shareholders was 222 million yuan, up 16.43% year-on-year [2][4]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 7.9 billion yuan, 9.517 billion yuan, and 11.116 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 18.49%, 20.47%, and 16.80% [4][5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.611 billion yuan, a year-on-year increase of 0.94% and a quarter-on-quarter increase of 23.50%. The net profit for Q2 was 128 million yuan, up 23.02% year-on-year and 35.06% quarter-on-quarter [2]. - The company’s export revenue reached 791 million yuan in the first half of 2024, a year-on-year increase of 48.53%, while domestic sales revenue was 2.11 billion yuan, down 10.02% year-on-year [2]. Order Backlog - As of June 30, 2024, the company had an order backlog of 6.56 billion yuan, a year-on-year increase of 29.88%. The backlog includes 3.71 billion yuan in domestic orders and 2.85 billion yuan in export orders, with the latter showing a remarkable year-on-year increase of 180.16% [2]. Market Expansion - The company is diversifying its market presence, with significant growth in non-new energy sectors due to new infrastructure projects and digital factory solutions. Sales in important infrastructure, power generation, and new infrastructure sectors increased by 104.69%, 67.41%, and 83.38% year-on-year, respectively [2]. - The company is expanding its production capacity in Mexico and has established a sales and after-sales headquarters in Poland, with expectations to have production capacity ready by Q4 2024 [2]. Cash Flow and Financial Health - The company has improved its cash flow from operating activities, with a net cash flow increase of 220 million yuan year-on-year, attributed to a higher proportion of quality customers and orders [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3]. Core Insights - The company's revenue and profit showed significant improvement in Q2 2024, with a Q2 revenue of 1.15 billion yuan, a year-on-year decline of 19.4% but a quarter-on-quarter increase of 86.8% [2]. - The company achieved a net profit of 770 million yuan in Q2 2024, down 30.6% year-on-year but up 45.1% quarter-on-quarter [2]. - The report highlights the recovery in potassium chloride sales and substantial growth in investment income from the copper mining sector [2][3]. Financial Performance Summary - For H1 2024, the company reported total revenue of 1.762 billion yuan, a year-on-year decrease of 37.0%, and a net profit of 1.297 billion yuan, down 36.0% year-on-year [2]. - The average price of potassium chloride was 2,265.4 yuan/ton, reflecting a 26.5% year-on-year decline, while sales volume for potassium chloride reached 540,000 tons, down 8.4% year-on-year [2]. - The company’s investment income from Jilong Copper Industry reached 860 million yuan in H1 2024, marking a 46.1% year-on-year increase [2]. Project Development Summary - The Mali Mico Salt Lake project is progressing with the completion of site selection and preliminary land leveling [3]. - The Laos project has received government approval for its exploration report, estimating a total potassium salt resource of 6.285 billion tons, including 970 million tons of potassium chloride [3]. - The company is advancing the acquisition of a 34% stake in Tibet Zangqing Fund, with the second payment completed as per the agreement [3]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 3.47 billion yuan, 3.69 billion yuan, and 4.34 billion yuan, respectively [6]. - Expected net profits for the same years are 2.59 billion yuan, 2.87 billion yuan, and 3.99 billion yuan, with corresponding EPS of 1.64 yuan, 1.82 yuan, and 2.52 yuan [6].

Investment Rating - The report maintains a "Buy" rating for Lingrui Pharmaceutical (600285) [3][5] Core Views - The company's performance growth aligns with expectations, with projected revenues of RMB 3.75 billion, 4.23 billion, and 4.72 billion for 2024, 2025, and 2026, respectively [5] - Net profit attributable to the parent company is expected to reach RMB 680.79 million, 799.04 million, and 937.60 million for 2024, 2025, and 2026, respectively [5] - The company's EPS is forecasted to be RMB 1.20, 1.41, and 1.65 for 2024, 2025, and 2026, respectively [5] - The PE ratios for 2024-2026 are estimated at 19x, 16x, and 14x, respectively [5] Market and Product Analysis - The pain management market in China is expanding, with over 300 million chronic pain patients and 10-20 million new cases annually [1] - Over 60% of chronic pain patients manage their condition through self-treatment, with topical medications being the preferred choice [1] - Lingrui Pharmaceutical has a strong product portfolio in chronic pain and injury treatment, including exclusive products like Tongluo Qutong Plaster and Huoxue Xiaotong Tincture [1] - The company's "Two Tigers" series has annual sales exceeding 1 billion units, with a high market share in its category [1] - The company is actively expanding its chemical drug patch portfolio, with products like Indomethacin Patch in the pipeline [1] Financial Performance - In H1 2024, the company achieved revenue of RMB 1.906 billion, a YoY increase of 12.07% [1] - Net profit attributable to the parent company reached RMB 413 million, a YoY increase of 30.30% [1] - Gross profit margin and net profit margin were 76.04% and 21.67%, respectively, with YoY increases of 0.72pct and 3.03pct [1] - The company's financial expense ratio decreased by 1.68pct YoY to 44.85% [1] Brand and Marketing Strategy - The company continues to strengthen its brand building, focusing on "Two Tigers" and "Little Antelope" brands [1] - It is accelerating product category expansion and improving service quality [1] - The company is leveraging a "online + offline" integrated business model to drive traffic through channel and brand marketing activities [1] Valuation and Financial Ratios - The company's total market capitalization is RMB 13.384 billion, with a circulating market capitalization of RMB 13.383 billion [2] - The 52-week high/low stock price is RMB 26.89/15.37, with a 52-week increase of 52.30% [2] - The 52-week turnover rate is 347.65% [2] - The company's ROE is expected to increase from 20.35% in 2023 to 28.60% in 2026 [10] - The net profit margin is projected to grow from 17.16% in 2023 to 19.84% in 2026 [10]

分众传媒（002027）2024年中报点评 业绩稳步提升,持续探索低线城市及海 外业务布局 2024 年 08 月 13 日 【投资卖点】 公司发布 2024 年半年度报告。 2024 年上半年，公司实现营业妆入 59. 67 亿元，同比增长 8. 17%；实 现归乒净利润 24.93 亿元，同比增长 11.74%；实现村非归乒净利润 21. 97 亿元, 同比增长 11. 43%。共中，学二季度公司实现营业收入 32. 38 亿元，同比增长 10. 05%：实现归乒净利润 14. 53 亿元，同比增长 12. 65%；实现杂非归母净利润 12. 52 亿元，同比增长 6. 82%。 公司发布 2024 年半年度利润分配方案公告，拟毎10 股杀发现 金 1. 00 元（含税），共计派 发现金红利 14. 44 亿元。 ◆ 核心主业稳使增长，日用消费品投放表现材续發物。2024 年上半年， 公司楼宇煤体实现营业收入 55. 05 亿元，同比增长 7. 25%。其中，日 用消费品表现持续强初，化妆品、食品、医药保健美等品美均实现明 显增长，上半年共实现营收 35. 22 亿元，同比增长 11. 66%，占比逐年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Views - The company is a leader in the nylon industry, with an integrated layout and continuous introduction of new products enhancing its competitiveness [2]. - The management's decision to repurchase shares reflects confidence in the company's long-term development and aims to enhance shareholder value [2]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit of approximately 48.42 million yuan for the first half of 2024, marking a year-on-year improvement [2]. Financial Summary - The company plans to repurchase shares worth 150-200 million yuan, which is expected to reduce the registered capital [2]. - For the fiscal years 2024, 2025, and 2026, the projected revenues are 14.33 billion, 15.75 billion, and 17.69 billion yuan, respectively, with year-on-year growth rates of 10.91%, 9.92%, and 12.33% [2][7]. - The projected net profits for the same years are 386.03 million, 518.35 million, and 739.51 million yuan, with growth rates of 212.89%, 34.28%, and 42.67% [2][7]. - The earnings per share (EPS) are expected to be 0.37, 0.50, and 0.71 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 9 [2][7].

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company has achieved significant growth in revenue and net profit, with a year-on-year revenue increase of 22.86% to 1.484 billion yuan in the first half of 2024, and a net profit increase of 42.96% to 251 million yuan [2]. - The company is recognized as a leading enterprise in the domestic high-precision satellite navigation positioning industry, focusing on the research, manufacturing, integration, and industrial application of core technologies and products related to high-precision navigation [6]. - The company has made breakthroughs in the automatic driving sector, with several vehicle models already in mass production, which is expected to positively impact its operational performance [6][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.484 billion yuan, a 22.86% increase year-on-year, with Q2 revenue reaching 867 million yuan, up 24.57% [2]. - The net profit attributable to shareholders was 251 million yuan, reflecting a 42.96% increase, with Q2 net profit at 148 million yuan, up 53.28% [2]. - The comprehensive gross profit margin for the first half of 2024 was 58.44%, a slight increase of 0.2% year-on-year [2]. Business Segments - The company's revenue from the resources and public utilities segment grew by 48% year-on-year, while the construction and infrastructure segment saw a 4.6% increase, and the geographic information segment grew by 7.4% [2]. - The robotics and autonomous driving segment experienced a 29% increase in revenue [2]. Market Position and Strategy - The company has developed a range of high-precision navigation and control systems for agricultural machinery, which have received positive feedback and achieved rapid market penetration [1]. - The company is actively promoting its "video measurement RTK" and other high-precision receiver intelligent equipment, enhancing user experience across various industries [1]. - The company has established partnerships with major players in the autonomous driving sector, positioning itself as a designated supplier for several automotive manufacturers [6]. Future Outlook - The company is expected to achieve revenue of 3.379 billion yuan in 2024, with projected net profits of 576 million yuan, corresponding to a P/E ratio of 26.49 [7]. - The company aims to continue expanding its product offerings and enhancing its core algorithms to maintain competitiveness in the market [6].

电子设备行业动态点评 千帆星座首批组网星顺利入轨, 卫星互 联网有望迎繁荣 2024 年 08 月 09 日 【事项】 近日，有中国版 "圣娃"之称的千帆圣座 (G60 圣娃计划)，首批组网 卫星发射仪式在太原卫星发射中心举行,"一箭 18 星"顺利升空入轨。 千帆圣座于 2023 年启动建设，包括三代卫星系统，采用全频段、多 辰多轨道圣座设计，预计今年完成至少 108 颗卫星发射，一期将完成 发射 1296 颗卫星，未未将打造 1.4 万多颗低轨宽频多媒体卫星的组 困。 ◆ 接照卫星轨道高度不同，通信卫星接距离地面的高度可分为依轨、中 轨称高轨三美。其中依轨卫圣的轨道高度通常在 500km-2000km，由于 部署執道依，具备"依廷迟、依鬆射、依成本"等特性，且不用案设 基站，信号覆盖不受地境限制。同时，依轨卫星也是 6G NTN 空天一 体组网的重要组成部分，是 6G 时代中的关键技术。未来，低轨卫星 应用潜力巨大，在偏远山区以及沙漠、森林、海洋等超过地球 70%的 区域，地面通信网络难以瘦盖的地方，理论上均可以采用低轨卫星覆 孟，満足公共事业、商业应用和个人通信的广泛需求。 ◆ 千帆圣座计划的核心企业是 ...

中国电建（601669）深度研究 "水+电"建设龙一，当前时点请乐观 止 2024 年 08 月 08 日 【投资委点】 中国电建：全球清洁能源、水煮源与环境建设引领者。公司系头部建 统夹企之一，流域规划和水利水电龙头、新能源建设领军企业。近年 经营栽好，能源电力订单高增扫动整体，归乒利润保持效位数增长。 行业分析：基走稳使堵长并向头轿夹企办过集中，水利水屯新能源等 未這材埃而承失。 八大建筑夹企新签份领持续拨升，占建筑业新签比例十年间从 24%增至 53%，24 年 H1 市占率呈加速模升态势。 基建稳增长主基调，投资增速维持高个位数水平，细分领域分化， 高烹气方向：1）水利水网：项反重视水资源配置，中央及地方陆续 出台規划政策，查办特别国僚投向支持，水利投资持续高增，提示关 注南水北调工程； 2）能源电力： 国内电力高水及电源电网投资持续 增长，相关政策持续落地，水电投资稳中有升，抽水蓄能呈现爆发， ◆ 风光新能源装机规模快速扩张，水风光一体化办快开发。 公司业务分析：水利水电新能源建设筹一起头，电站资产规模快速堵 * 1）工程：主业优势领先，具有项实的勘测与建设实力，技术背 烹耸厚。能源电力+水利新签占 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company achieved a record monthly delivery of 51,000 vehicles in July 2024, representing a year-on-year growth of 49.4% and a month-on-month increase of 6.8% [2]. - Cumulative deliveries from January to July 2024 reached 239,981 units, reflecting a year-on-year growth of 38.5% [2]. - The expansion of retail and service centers has significantly contributed to sales growth, with 487 retail centers and 411 service centers established across 146 and 220 cities, respectively [2]. - The company is enhancing its supercharging network, with over 700 charging stations now operational, and plans to increase this to over 2,000 stations by the end of 2024 [2]. - The introduction of advanced driving technologies has led to increased user interest, with a notable rise in orders for models equipped with the new features [2]. Summary by Sections Sales Performance - In July 2024, the company delivered 51,000 vehicles, marking a historical high for monthly deliveries, with a year-on-year increase of 49.4% and a month-on-month increase of 6.8% [2]. - Cumulative deliveries for the first seven months of 2024 reached 239,981 units, up 38.5% year-on-year [2]. Channel Expansion - The company has expanded its retail presence to 487 centers across 146 cities and established 411 service centers in 220 cities, which is expected to support ongoing sales growth [2]. Charging Infrastructure - The supercharging network has surpassed 700 stations, with plans to reach over 2,000 stations by the end of 2024, enhancing the user experience and supporting future electric vehicle launches [2]. Technological Advancements - The launch of new autonomous driving technologies has significantly increased user engagement, with a doubling of test drive participation and a surge in orders for models featuring these technologies [2]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 167.98 billion, 226.19 billion, and 274.53 billion yuan, respectively, with corresponding net profits of 11.25 billion, 16.41 billion, and 23.53 billion yuan [5][6].