公 司 研 究 2024.08.10 宏 发 股 份 （ 6 0 0 8 8 5） 公 司 点 评 报 告 业绩整体符合预期，继电器龙头稳中求进 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 郭彦辰 登记编号：S1220523110003 联系人 唐叶 公 司 信 息 行业 电网自动化设备 最新收盘价(人民币/元) 28.01 总市值(亿)(元) 292.05 52 周最高/最低价(元) 35.12/21.76 历 史 表 现 数据来源：wind 方正证券研究所 相 关 研 究 《宏发股份(600885)：继电器龙头稳中求进， 《宏发股份：Q1 业绩稳健，继电器龙头地位稳 《宏发股份：业绩增长稳健，继电器龙头地位 | --- | |--------------------------------------| | 产品线横向拓展加深护城河》2024.04.01 | | 固》2023.05.03 | 稳固》2022.08.18 事件：公司发布 24 年中报，公司营业收入 72.31 亿元，同比增长 8.89%； 归属于上市公司股东的净利润 8.44 亿元，同比增长 15.33%；归属于上市公 司股 ...

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The demand for architectural coatings in the US and Japan demonstrates high resilience amid fluctuations in the real estate cycle, driven by factors such as wall repainting, housing shortages, and aging housing stock [2][5][26]. - The leading companies in the architectural coatings sector in both countries have established competitive barriers through brand strength and distribution channels, with Sherwin-Williams in the US and SKK in Japan showing significant market share growth [2][41][57]. Summary by Sections Section 1: Resilience of Architectural Coatings Demand - The US architectural coatings demand has shown strong resilience, with production levels surpassing previous highs since the 2010 recovery from the subprime mortgage crisis [5][7]. - Key drivers of this resilience include the small investment-high return nature of repainting projects, a significant increase in home sales post-crisis, and the rising median age of existing homes [2][12][18]. Section 2: Competitive Landscape - The US architectural coatings market is characterized by a favorable competitive landscape, with Sherwin-Williams' market share increasing from 26.3% in 2000 to approximately 51% in 2021 [42][46]. - The market is increasingly concentrated, with the top five companies holding over 90% of the market share, driven by the rise of professional contractors and strategic acquisitions [42][54]. Section 3: Insights for China - The Chinese architectural coatings market is fragmented, with a CR3 of only 22.28% in 2021, indicating significant potential for market concentration [2][57]. - The shift towards a stock housing era in China is expected to increase repainting demand, projected to reach 50.16% in 2023, highlighting opportunities for companies that can effectively refine their distribution channels and enhance brand positioning [2][57].

金融工程 研 究 2024.08.11 专 题 报 告 小市值因子表现回暖，"球队硬币"因子今年以来多空收益 22.02% 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 曹春晓 登记编号：S1220522030005 联系人 陈泽鹏 相关研究 《风格估值溢价和分析师视角下的 Beta 选择 —行业轮动系列研究之二》2024.08.09 《上周北向资金净流入医药生物、非银金融等 行业，关注医药行业估值修复机会》 2024.08.04 《半年报业绩预告中电子、公用事业等行业业 绩超预期，关注全年业绩持续性 》 2024.07.21 《今年以来基本面类风格因子保持强势，持续 关注质量、预期类风格因子表现 》 2024.07.13 《综合质量因子的思考与构建：多维度重构与 行业分层——风格投资新范式系列研究之一》 2024.07.11 《今年以来基本面类风格因子表现强势，关注 半年报业绩披露期的投资机会》2024.07.07 1、市场估值 截至 2024 年 8 月 9 日，沪深 300 指数股债收益差为 6.60%，突破均值+1 倍 标准差，从中长期角度来看仍具备投资价值。 截至 2024 年 8 月 ...

Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [2][5] Core Views - Zoomlion is a leading comprehensive engineering machinery enterprise in China, with dominant products in cranes, concrete machinery, and aerial work platforms [3] - The company has diversified its product portfolio and accelerated globalization, which helps smooth cyclical fluctuations in revenue [4] - Emerging businesses like aerial work platforms, earthmoving machinery, and agricultural machinery are flourishing, contributing to revenue diversification [4] - Zoomlion has achieved rapid growth in overseas markets, with overseas revenue CAGR of approximately 67% from 2020 to 2023 [4] Business Segments Traditional Businesses - Crane business: Zoomlion ranks 3rd globally in crane manufacturing and 1st in tower crane manufacturing [3] - Concrete machinery: The company is a global leader in concrete machinery, with a strong position in the Chinese market [3] Emerging Businesses - Aerial work platforms: Zoomlion ranks 7th globally in 2022, up from 14th in 2020 [4] - Earthmoving machinery: The company has achieved rapid growth in medium and large excavators [4] - Agricultural machinery: Zoomlion has a comprehensive product portfolio and leads in grain harvesters, balers, and dryers [4] Financial Performance - Revenue is expected to grow from RMB 56.8 billion in 2024 to RMB 81.5 billion in 2026 [5] - Net profit is projected to increase from RMB 4.48 billion in 2024 to RMB 7.28 billion in 2026 [5] - Overseas revenue accounted for 38% of total revenue in 2023, up from 8.6% in 2021 [4] Global Expansion - Zoomlion has adopted a high-start internationalization strategy through acquisitions and overseas factory construction [4] - The company has manufacturing bases in Italy, Germany, India, Brazil, Mexico, and Belarus [4] - Overseas revenue grew from RMB 5.79 billion in 2021 to RMB 17.91 billion in 2023 [4]

宏 观 研 究 2024.08.10 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|------------|--------------|------------------------------------------------------------------------------|-------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

公司研究 2024.08.09 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------|------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | TCL | ...

数据来源：wind 方正证券研究所 公司研究 2024.08.09 东方财富（ 300059） 公司点评报告 1H24 业绩点评：利润略超预期，投资收益高增 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 许旖珊 登记编号：S1220523100003 联系人 张轩铭 | --- | --- | |-------------------------|------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 证券Ⅲ | | 最新收盘价(人民币/元 ) | 10.46 | | 总市值 (亿)( 元 ) | 1,651.17 | | 52 周最高/最低价(元 ) | 16.97/9.96 | 历史表现 -40% -32% -24% -16% -8% 0% 23/8/9 23/11/8 24/2/7 24/5/8 24/8/7 东方财富 沪深300 相关研究 《东方财富(300059)：Choice 终端携手妙想 大模型，AI 赋能业务生态加速》2024.06.25 《东方财富(300059)：1Q24 业绩点评：投资 收益高增驱动业绩好于预期，两融市占率持续 提 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

宏 观 研 究 2024.08.10 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------------------------|-----------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

宏 观 研 究 2024.08.09 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------------|---------|----------------------------------------------------------------------|------------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...