山西证券：研究早观点-20240905

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 2,784.28, down 0.67% [1] - The ChiNext Index increased by 2.17%, while the Shenzhen Component Index rose by 2.04% [7] Company Insights Huazhong CNC (300161.SZ) - The company reported a revenue of 629 million yuan for H1 2024, a decrease of 29.02% year-on-year, with a net loss of 107 million yuan, widening by 203.42% [14] - In Q2 2024, revenue was 386 million yuan, down 27.03% year-on-year but up 58.54% quarter-on-quarter [15] - The gross margin for the CNC system reached a historical high of 40.79%, with a net margin of -20.39% [15] Kede CNC (688305.SH) - The company achieved a revenue of 256 million yuan in H1 2024, a year-on-year increase of 27.12%, with a net profit of 48.44 million yuan, up 1.78% [8] - New orders increased by 44% year-on-year, with significant growth in five-axis CNC machine tools [11] - The average price for new five-axis CNC machine orders was 2.22 million yuan per unit [11] China Petroleum (601857.SH) - The company reported a revenue of 15,338.69 billion yuan for H1 2024, a 5% increase year-on-year, with a net profit of 886.07 billion yuan, up 3.91% [18] - Natural gas sales increased by 12.9% year-on-year, with a total of 1,472.17 billion cubic meters sold [20] - The average price of Brent crude oil rose by 5.5% year-on-year, impacting overall revenue positively [20] Jingwang Electronics (603228.SH) - The company reported a revenue of 5.867 billion yuan for H1 2024, an 18.26% increase year-on-year, with a net profit of 657 million yuan, up 62.56% [23] - The Q2 revenue was 3.125 billion yuan, reflecting a 19.25% year-on-year increase [24] - The gross margin for H1 2024 was 24.00%, with a net margin of 11.11% [24] Chenghe Technology (688625.SH) - The company achieved a revenue of 414 million yuan in H1 2024, a 12.02% increase year-on-year, with a net profit of 128 million yuan, up 17.37% [28] - The revenue from composite additives grew significantly, with some products seeing increases of up to 46% [29] Investment Recommendations - For Huazhong CNC, despite the H1 revenue decline, the company is expected to recover as it has a strong order backlog and is expanding its overseas market [17] - Kede CNC is projected to maintain rapid revenue growth due to its strong order intake and product diversification [12] - China Petroleum is recommended for its stable growth and high dividend yield, with projected net profits of 1,722.29 billion yuan for 2024 [21] - Jingwang Electronics is positioned well to benefit from high demand in the electronics sector, with expected EPS growth [26] - Chenghe Technology is noted for its strong R&D capabilities and potential for continued growth in the high-performance materials market [31]