山西证券：研究早观点-20240826

Market Trends - The textile and apparel sector underperformed the market, with a decline of 2.29% compared to the Shanghai and Shenzhen 300 index, which fell by 0.55% [11] - The coal sector experienced a pullback, with the coal index down by 3.45%, while the coal mining and chemical sub-sectors also saw declines [6] Company Performance - Amer reported a 16% year-on-year revenue increase in Q2 2024, reaching $994 million, with the Greater China region showing a consistent growth rate exceeding 40% for four consecutive quarters [8] - Huayi Group achieved a 37.35% increase in revenue for H1 2024, totaling 16.975 billion yuan, with a net profit of 2.224 billion yuan, reflecting a 30.1% year-on-year growth [18][19] - Zhaoyi Innovation's H1 2024 revenue reached 3.609 billion yuan, a 21.69% increase, with a net profit of 517 million yuan, up 53.88% year-on-year [23] Industry Insights - The solar energy sector saw a 49.8% year-on-year increase in installed capacity from January to July 2024, although there remains downward pressure on prices within the supply chain [14] - The coal market is expected to maintain a balance between supply and demand, with no significant price fluctuations anticipated in Q3 2024 [7] - The textile manufacturing sector is experiencing a recovery in orders, with companies like Huayi Group and Weixing Co. exceeding market expectations in H1 2024 [12] Investment Recommendations - The report suggests focusing on midstream textile manufacturing leaders and local sports brands, as demand for sports apparel remains resilient despite overall market weakness [12] - In the coal sector, companies with stable high dividends and strong earnings, such as China Shenhua and Shaanxi Coal, are recommended for investment [7] - For the solar energy sector, companies like Longi Green Energy and Aiko Solar are highlighted as key players to watch due to their growth potential in the integrated solar supply chain [17]