国海证券：晨会纪要2024年第163期-20240913

Group 1: Company Insights - EVE Energy signed a significant energy storage agreement with AESI, increasing the expected delivery of square lithium iron phosphate batteries to approximately 19.5 GWh, up from the previous agreement of 13.389 GWh with ABS [2][3] - The company reported a robust growth in its consumer battery business, with a revenue increase of about 30% year-on-year in the first half of 2024, and a 133% year-on-year increase in energy storage battery shipments [3] - EVE Energy's revenue projections for 2024-2026 are estimated at 531 billion, 685 billion, and 835 billion respectively, with net profits of 49 billion, 65 billion, and 80 billion, maintaining a "buy" rating based on its competitive advantages [3] Group 2: Coal Industry Insights - In the first half of 2024, coal production and sales from 25 listed coal companies decreased by 1.2% and 1.0% year-on-year, respectively, with total production at 590 million tons [4][5] - The average sales price of coal fell by 11% year-on-year, leading to a 22.4% decline in net profits for the 27 coal companies analyzed, with total net profits of 1,042 billion [4][5] - Despite the decline in profitability, the average gross profit margin for these companies remained at 30%, indicating a return to reasonable profit levels [5][6] Group 3: Gaming Industry Insights - Shenzhou Taiyue reported a 15% year-on-year increase in revenue for the first half of 2024, with significant contributions from its gaming and computer segments [6][7] - The company’s net profit for the first half of 2024 reached 630 million, reflecting a 56.2% year-on-year increase, driven by reduced marketing expenditures [7][8] - The gaming segment's revenue was 2.43 billion, with a year-on-year growth of 12%, while the computer segment saw a 28.4% increase, indicating a shift in revenue contribution [7][8] Group 4: Chemical Industry Insights - The basic chemical industry in China is experiencing a recovery in profitability, with ROE showing signs of bottoming out and improving since Q4 2022 [10][11] - The expansion of production capacity in the chemical sector has slowed, with a notable decrease in the ratio of ongoing projects to fixed assets [10][11] - The petrochemical sector maintains high profitability, with capital expenditures remaining low, suggesting a stable outlook for the industry [10][11] Group 5: Optical Electronics Industry Insights - Honghe Technology reported a 2.9% year-on-year decline in revenue for the first half of 2024, but a 6.9% increase in overseas market revenue, which now accounts for 66.3% of total revenue [12] - The company’s net profit for the first half of 2024 was 150 million, reflecting a 4.6% year-on-year increase, with significant growth in its overseas subsidiary [12] - The launch of the "Xiao You Growth Study Room" project is expected to expand growth opportunities, with over 80 franchise stores signed [12]