东海证券：晨会纪要-20240823

Key Recommendations - Changshu Bank (601128) reported a revenue of 5.506 billion yuan, a year-on-year increase of 12.03%, and a net profit attributable to shareholders of 1.734 billion yuan, up 19.58% year-on-year [6][8] - Anjiu Food (603345) achieved a revenue of 7.544 billion yuan in the first half of 2024, reflecting a year-on-year growth of 9.42%, with a net profit of 803 million yuan, up 9.17% [9][10] Changshu Bank Analysis - As of June 30, 2024, the total asset size of Changshu Bank reached 367.303 billion yuan, an increase of 15.57% year-on-year, with a non-performing loan ratio of 0.76% [6][7] - The bank's net interest margin for the first half of 2024 was 2.79%, a decrease of 21 basis points year-on-year [6] - The bank's investment income continued to grow, with Q2 investment income and fair value changes reaching 494 million yuan, a year-on-year increase of 61%, contributing approximately 18% to total revenue [7] - The bank's asset quality remained strong, with a non-performing loan ratio of 0.76%, and a provision coverage ratio of 538.81% [6][7] - The bank's provision for impairment losses increased to 844 million yuan in Q2, a year-on-year increase of 35.70% [7][8] Anjiu Food Analysis - In H1 2024, the revenue from prepared foods was 3.833 billion yuan, up 21.86%, while the revenue from dish products was 2.208 billion yuan, a slight increase of 0.40% [10] - The gross profit margin for H1 2024 was 23.91%, an increase of 1.81 percentage points, while the net profit margin was 10.64%, slightly down by 0.02 percentage points [10][11] - The company plans to distribute a cash dividend of 1.38 yuan per share to all shareholders [9][10] Market Overview - The U.S. manufacturing PMI for August fell to 48, the lowest in eight months, indicating a contraction in the manufacturing sector [14] - The Eurozone manufacturing PMI for August was reported at 45.6, slightly below expectations, reflecting ongoing economic challenges [14]