Investment Rating - The report maintains a "Buy" rating for Huafon Chemical (002064 SZ) [2][4] Core Views - Huafon Chemical's Q2 2024 profitability showed sequential improvement, with net profit increasing by 22% QoQ to 835 million yuan [1] - The company's integrated advantages are being strengthened through capacity expansion projects [2] - Despite weak spandex industry conditions in H1 2024, Huafon achieved revenue growth of 9% YoY to 13 744 billion yuan and net profit growth of 12% YoY to 1 518 billion yuan [1] Financial Performance H1 2024 Results - Revenue: 13 744 billion yuan (+9% YoY) [1] - Net profit: 1 518 billion yuan (+12% YoY) [1] - Gross margin: 16 52% (-0 97pct YoY) [1] - Net margin: 11 06% (+0 29pct YoY) [1] Q2 2024 Highlights - Revenue: 7 087 billion yuan (+10% YoY, +6% QoQ) [1] - Net profit: 835 million yuan (+15% YoY, +22% QoQ) [1] - Gross margin: 16 88% (+0 76pct QoQ) [1] - Net margin: 11 83% (+1 58pct QoQ) [1] Business Segments - Chemical fiber: 4 654 billion yuan revenue (-0 11% YoY), 14 97% gross margin (-0 71pct YoY) [1] - Chemical new materials: 3 036 billion yuan revenue (-0 11% YoY), 21 78% gross margin (-3 52pct YoY) [1] - Basic chemical products: 5 261 billion yuan revenue (+42 38% YoY), 15 45% gross margin (-1 87pct YoY) [1] Industry Conditions - Spandex industry faced oversupply with 105 000 tons/year new capacity added in H1 2024 [1] - Average spandex price: 27 994 yuan/ton (-16% YoY) [1] - PTMEG (spandex raw material) average price: 15 611 yuan/ton (-21% YoY) [1] - Adipic acid average price: 9 696 yuan/ton (-1% YoY) [1] Capacity Expansion - 1 15 million tons/year adipic acid expansion project (Phase VI) reached 92 06% of budget [2] - 300 000 tons/year differentiated spandex project reached 39 83% of budget [2] - PTMEG capacity adjustment: increased from 120 000 tons/year to 240 000 tons/year [2] Financial Projections 2024-2026 Estimates - Revenue: 29 255/33 093/35 506 billion yuan [3] - Net profit: 3 107/3 666/4 003 billion yuan [3] - EPS: 0 63/0 74/0 81 yuan [3] - PE ratio: 11 8/10 0/9 2x [3] Key Ratios - ROE: 11 7%/12 3%/11 9% [5] - Gross margin: 17 2%/17 7%/17 7% [5] - Net margin: 10 6%/11 1%/11 3% [5]

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company has introduced a restricted stock incentive plan for 2024, aiming to double its performance targets over three years, with a focus on key performance indicators such as non-recurring net profit growth and return on equity [1][2]. - The company is expected to achieve net profits of RMB 1.25 billion, RMB 1.50 billion, and RMB 1.67 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20.5, 17.1, and 15.3 times [2][3]. Summary by Sections Incentive Plan - The company plans to repurchase 4-8 million shares, accounting for 0.37%-0.75% of the total share capital, with a budget of up to RMB 278 million at a maximum price of RMB 34.8 per share [1]. - The incentive plan targets 148 high-level and middle management personnel, with 152,300 shares reserved for future grants [1]. Performance Targets - The performance assessment for the incentive plan includes three phases with specific targets: - Non-recurring return on equity (ROE) minimums of 5.8%, 7.0%, and 8.0% for 2024, 2025, and 2026 respectively - Non-recurring net profit growth rates of 30%, 65%, and 100% - A minimum of 1,200 new hotel openings each year [1][2]. Financial Projections - The company is projected to have operating revenues of RMB 16.85 billion, RMB 18.26 billion, and RMB 19.26 billion for 2024, 2025, and 2026 respectively, with growth rates of 15.0%, 8.4%, and 5.5% [3]. - The net profit for 2024 is expected to be RMB 1.25 billion, reflecting a growth rate of 24.6% compared to the previous year [3].

行业周报 | 美容护理 即将进入中报密集披露期，关注业绩超预期机会 美容护理行业周报（2024/08/05-08/09） 核心结论 本周行情回顾：本周美容护理行业上涨 0.62%，相对沪深 300 指数收益 2.18pcts。涨幅前五的公司为名臣健康（14.86%）、巨子生物（10.64%）、 科笛-B（7.50%）、丸美股份（5.52%）、百亚股份（5.28%）。 重要公告及新闻：1）百亚股份发布 2024 年半年度报告，24H1 收入 15.32 亿元/+61.31%，归母净利润 1.80 亿元/+36.41%。2）欧莱雅收购高德美集 团 10%股份。3）资生堂发布 24H1 业绩，上半年销售额为 249 亿元/+2.9%， 营业利润亏损 1.32 亿元。4）诺和诺德 24H1 收入 193.66 亿美元/+25%，肥 胖症业务销售额增长 37%。5）欧莱雅发布 24H1 业绩，24H1 公司销售额/ 营业利润分别同比+7.5%/+8%，专业美发产品部、大众化妆品部、高档化妆 品部以及皮肤科学美容部营收分别同比+5.7%/8.9%/2.3%/16.4%。6）雅戈 尔投资林清轩。7）圣诺医药与 Gore R ...

Economic Outlook - The GDP growth for the second half of 2024 is projected to be around 5%, requiring a quarterly annualized growth rate of approximately 5.6% to meet the annual target[2][21]. - Inflation is expected to experience a mild recovery, with CPI growth continuing to rise while PPI remains negative[2][12]. Real Estate Market Adjustment - The adjustment in the real estate cycle is linked to a shift from core to non-core assets, with significant changes in the supply-demand relationship in the housing market[3][13]. - The transition of real estate from a core asset to a non-core asset is still ongoing, impacting overall economic growth[3][13]. Asset Allocation Insights - A-share markets are anticipated to present structural opportunities, particularly in light of potential interest rate cuts by the Federal Reserve[5][13]. - The short-term outlook for Chinese bonds should not underestimate the central bank's resolve, while the long-term outlook will depend on fundamental economic conditions[5][13]. - Commodity prices, particularly the copper-gold ratio, are expected to remain volatile, with both metals yet to fully realize their price increases[5][13]. Fiscal Policy and Government Revenue - Fiscal revenue has faced pressure, with general public budget revenue declining by 2.8% year-on-year in the first half of 2024, falling short of the budgeted growth rate of 3.3%[23][24]. - The government may need to consider additional budget issuance or new bonds if revenue continues to lag, as fiscal spending must increase to stabilize domestic demand[24][26].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.64 [2][4] Core Views - The company achieved revenue of 8.419 billion in 24H1, a year-on-year increase of 5%, and net profit attributable to the parent company of 738 million, a year-on-year increase of 7% [1] - In 24Q2, the company achieved revenue of 5.084 billion, a year-on-year increase of 40%, and net profit attributable to the parent company of 394 million, a year-on-year increase of 40% [1] - The company's compound fertilizer sales volume increased by 12.38% year-on-year in 24H1, with ordinary compound fertilizer sales up 10.16% and new compound fertilizer sales up 19.45% [1] - The company's gross profit margin and net profit margin in 24H1 were 16.06% and 8.79%, respectively, up 1.17 and 0.14 percentage points year-on-year [1] - The company has formed an integrated industrial chain advantage, with an annual production capacity of 9.83 million tons of high-concentration phosphate compound fertilizers, 900,000 tons of phosphate rock, and 50,000 tons of lithium iron phosphate [1] Financial Projections - The report forecasts the company's net profit attributable to the parent company for 24-26 to be 1.392 billion, 1.594 billion, and 1.907 billion, respectively, with corresponding P/E ratios of 10.5x, 9.2x, and 7.7x [2] - The company's revenue is expected to grow by 6.6%, 4.5%, and 5.1% in 24-26, respectively [2] - The company's net profit attributable to the parent company is expected to grow by 15.4%, 14.5%, and 19.7% in 24-26, respectively [2] Industry Outlook - The compound fertilizer industry is expected to recover in 24H1, with the company's volume and profit expected to rebound [1] - The company's upstream phosphate rock layout is expected to further expand, enhancing its integrated industrial chain advantage [1]

嗯 行业周报 | 基础化工 巴斯夫暂停维 A 等产品交付，玲珑、中策推进海外布局 化工行业周观点（20240805-20240811） 证券研究报告 2024 年 08 月 11 日 核心结论 市场回顾：本周，基础化工指数下跌 1.28%，基础化工指数同期跑赢大盘 0.28pct。石油石化指数下跌 0.52%，石油石化指数同期跑赢大盘 1.04pct。 申万基础化工板块个股，亚士创能(+15.17%)、名臣健康(+14.86%)、辉隆股 份(+13.42%)位列涨幅前三，三级子板块涨幅前三：民爆用品(+3.72%)、复 合肥(+2.48%)、聚氨酯(+1.91%)。原油价格有所回升。我们重点跟踪的 62 种化工产品中，本周有 15/33 种产品价格周环比上涨/下跌。 氟化工：本周 R32、R125 价差下降，R134a 价差上涨。截至 8 月 9 日，R32、 R125、R134a 价格分别为 36500、31000、32000 元/吨，价差分别为 24151、 15462、17744 元/吨，环比上月同期价差分别+1289.3、-3107.6、+2541.1 元/吨。推荐巨化、永和，建议关注三美、东岳、昊华 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 4.945 billion and a net profit attributable to shareholders of 4.056 billion for H1 2024, reflecting a year-on-year decrease of 14% and 4% respectively [1]. - The brokerage business market share is steadily increasing, supported by strong performance in proprietary trading [1]. - The fund business revenue has declined due to market conditions, but there was a quarter-on-quarter improvement in Q2 2024 [1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 4.945 billion and a net profit of 4.056 billion, with Q2 2024 figures at 2.489 billion and 2.102 billion respectively, showing a year-on-year decline of 15% and 4% [1]. - The revenue breakdown for H1 2024 shows fund business contributing 49%, brokerage business 20%, and credit business 31% [1]. Business Segments - Fund Business: Revenue for H1 2024 was 1.523 billion, down 29% year-on-year, with Q2 showing a revenue of 0.771 billion, indicating a quarter-on-quarter improvement [1]. - Brokerage Business: The net income from fees and commissions was 2.395 billion, a decrease of 4% year-on-year, with trading volume reaching 9.21 trillion [1]. - Proprietary Trading: The proprietary business revenue increased by 42% year-on-year to 1.634 billion, benefiting from fixed income operations [1]. Research and Development - R&D expenses increased by 10% year-on-year to 284 million, with ongoing advancements in AI capabilities [1].

晨会纪要 ⚫ 核心结论 分析师 【量化】指数化配置系列研究（1）：另类 ETF 交易策略：日内动量 本文基于指数的日内动量效应，设计了一个简洁而明确的 ETF 交易策略， 并在上证 50、沪深 300、中证 500 和中证 1000 这 4 个 ETF 上，取得了较 好的业绩表现。 【电力设备】风电行业 2024 年中期策略报告：全球海风装机需求共振，陆 风风机具备出口机会 国内海风开工在即，装机量有望高增。海外海上风电建设加速，海风多环节 具备出口机会。亚非拉区域具备陆风风机出口机会，国内陆上风电景气度提 升。综合三条选股主线来看，我们建议关注海缆、桩基、定转子、风机环节 未来投资机会。海缆环节推荐东方电缆、中天科技，建议关注亨通光电；桩 基环节推荐天顺风能，建议关注大金重工、泰胜风能、海力风电；风电主机 推荐金风科技、明阳智能，建议关注运达股份；定转子环节建议关注振江股 份。 【宏观】7 月通胀数据点评：食品价格带动 CPI 回升，PPI 仍然偏弱 食品价格上涨带动 CPI 回升 7 月 CPI 同比增长 0.5%，为去年 2 季度以来剔 除春节月份最大增幅。核心 CPI 同比增速回落。PPI 环比继续下 ...

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company achieved a main revenue of 1.004 billion yuan, a year-on-year increase of 10.98%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 17.48% [1]. - The company is expanding its overseas market in response to the digitalization needs of Chinese enterprises going abroad, with overseas market demand accounting for over 50% of its overseas revenue [1]. - The company has effectively controlled costs, resulting in profit growth that outpaces revenue growth, with a gross margin of 57.44%, down 3.72 percentage points year-on-year [1]. - The company is continuously enriching its AI-driven applications, with industry-specific AI applications growing by 114% year-on-year [1]. - Future revenue projections for the company are 2.531 billion yuan, 2.888 billion yuan, and 3.260 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 186 million yuan, 229 million yuan, and 271 million yuan for the same years [2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a main revenue of 1.004 billion yuan, a 10.98% increase year-on-year, and a net profit of 42 million yuan, a 17.48% increase year-on-year [1]. - The company’s revenue from mainland China and non-mainland regions was 455 million yuan and 549 million yuan respectively, with growth rates of 7.37% and 14.16% [1]. Cost Management - The company has seen a decrease in sales, management, and R&D expense ratios compared to the previous year, contributing to a more significant growth in net profit compared to revenue [1]. AI Applications - The company is focusing on expanding its AI applications, with significant growth in industry-specific AI applications and the introduction of new general AI applications [1]. Future Projections - Revenue and net profit forecasts for the company indicate a positive growth trajectory, with expected revenues of 2.531 billion yuan in 2024 and net profits of 186 million yuan [2].

金工量化周报 分析师 | 冯佳睿 S0800524040008 | | --- | | 13564917688 | | fengjiarui@research.xbmail.com.cn | 相关研究 市场缩量下探，北水年度净流出 技术分析洞察（2024.08.05-2024.08.09） 核心结论 投资建议：本周北向资金继续流出，年度净买入额由正转负。周五市场成交 缩量到 5659 亿，沪深 300 等 ETF 未见成交放量，护盘资金没有明显动作。 主要宽基指数缩量下探窄幅振荡，正在构造中枢支撑。我们认为地量之后或 还有地价，市场磨底阶段需要注意控制仓位，耐心等待增量资金。1）行业 层面建议关注食品饮料、房地产、建筑材料、医药生物等板块，以上板块均 得到北向资金增持。2）主题层面建议关注转基因、特色小镇、毛发医疗、 建筑节能等概念，近期检测到技术走势斜率的排名靠前。3）个股层面近期 没有检测到横盘突破形态特征。 宽基指数：缩量下探构造支撑。本周中证全指录得 1.70%的跌幅，主要宽基 指数缩量下探。其中上证指数跌幅 1.48%，创业板指跌幅 2.60%，微盘股指 数涨幅 0.38%。上证 50 本周向下笔走 ...