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1PART
Key recommendations·Catalog
Strategy | What are the clues of sustained prosperity and repair? ——22-year semi-annual report performance analysis (I)
policy | Chinese stocks series reports (IV): Be prepared for any concerns - Analysis of the return path of Chinese stocks
strategy | Why does sentiment fall again - Market sentiment tracking August report
machinery | Gaote Shares (688556): Profit margin hits a new high, equipment + consumables + services progress in parallel - Photovoltaic Equipment series report
machinery | Hechuan Technology (688320): Full product layout industrial automation , deep manufacturing builds competitive advantages - Industrial control industrial robot series report
light textile | Profit registration is gradually advancing, and the private higher education sector is expected to usher in valuation repair
trade | Child King (301078): Marginal operations are improving, turning losses into profits in a single quarter
Machinery | Sany Heavy Industry (600031): Overseas revenue accounts for more than 40%, and the "two new and three transformations" strategy is firmly promoted - Construction Machinery Series Report
Overseas | Xindong Company (2400): Game business growth is steady, TAPTAP users exceed expectations
Social Service | Naixue's Tea (2150): Store expansion goals are stable, cost reduction and efficiency increase and innovation are expected
Machinery | Embrace the trend, a new round of shipbuilding upward cycle has arrived - Shipbuilding industry series reports (in-depth)
strategy | Interim report performance declines as expected, but better than expected
macro | Incremental policy details are about to be issued, and the business environment is expected to be optimized again - 831 National Convention and Administration Interpretation
Fixed Income | Fiscal Semi-annual Report: Counter-cyclical stabilization of infrastructure, guaranteed county control of hidden debt
communication | Zhongtian Technology (600522): Performance meets expectations, and the prosperity of optical communication and new energy businesses continues
electronics | Haiguang Information (688041): A leader in the domestic production of high-end processors, taking advantage of the industry's east wind to develop rapidly
machinery | Yingjie Electric (300820): Performance is growing rapidly, orders are blooming in multiple points
public | Datang Power Generation (601991): The epidemic affects thermal power output, and the second quarter profit exceeds expectations
construction | Guangdong Hydropower (002060): Performance is growing steadily, clean energy installation accelerates
Pharmaceutical | Zhifei Biology (300122): Non- new crown vaccine continues to increase volume, R&D pipeline progresses smoothly
Automobile | Rongtai Co., Ltd. (605133): New energy orders continue to be implemented, and the acquisition of Hebei Lizhun promotes the upgrade of production lines
Military Industry | Western Materials (002149): Production and research construction continues to advance, Q2 performance has increased significantly
CICC Research Institution Service Platform
2PART
Key recommendation·Text
What are the clues of continuous prosperity and repair? ——Analysis of the performance of the 22-year semi-annual report (I)
A-share performed better than 2020H1, on the one hand, it came from the contribution of price: under the background of global inflation, domestic PPI still increased year-on-year; on the other hand, it came from the upgrading of the economic structure + transformation: for example, demand maintained resilience under the impact of the epidemic in the new energy industry. The year-on-year growth rate of net profit of GEM 22Q2 has rebounded, mainly due to the improvement of midstream manufacturing profitability; although Science and Technology Innovation Board has a cumulative profit growth rate of 19.1%, due to the downward trend of the electronic cycle, the profit in a single quarter turned negative year-on-year and fell significantly. economic demand is weak, and the growth sector once again outperforms its value. It is expected that the full A profit in 22Q2 will be the lowest point for the whole year on year, and the cumulative year-on-year growth of 5 to 10% is expected.
The three major issues that the market focuses on in the second quarter report: 1) Profit support for large, medium and small market styles: 22Q2 The large market is still significantly superior under the impact of demand, but in terms of structure, among the companies whose net profit in the single quarter in 22Q2 had a year-on-year growth rate of more than 100% and increased by more than 50pct from 22Q1, the proportion of which was less than 20 billion markets accounted for 88.4%, rising to the high level since 2020H2. Some small and medium-sized markets were the first to be confirmed in performance. Whether the subsequent structural prosperity and small and medium-sized markets can spread as expected remains to be further verified by Q3 performance. 2) Profit distribution situation of the industrial chain: The price of upstream cyclical products at 22Q ended with a slowdown in demand. In addition, the price increase effect has gradually increased since the fourth quarter of last year, the net sales profit margin and profit share of the midstream industry have increased significantly, which is in line with our first quarter report's comments and predictions, and it is expected to continue to improve in the third quarter; under the impact of demand, the proportion of downstream profit has dropped significantly, and has now reached the lowest level in 16 years. 3) The real estate chain still drags down the fundamentals of A-shares: the year-on-year growth rate of profit in 22Q2 continued to decline sharply, down 13.6pct from 22Q1 month-on-month to -14.9%, and the proportion of profit in all A continued to decline since it hit the top in 18Q4. Looking ahead to Q3-Q4, the policy intention to "maintain house delivery" is obviously superimposed, and the peak season for completion is coming, and the overall real estate chain is expected to rise month-on-month, but the elasticity is limited under weak demand.
structure, dismantling the industry's profit drivers, and the increase in capacity utilization rate + net profit margin in 22Q2 mainly includes coal/nonferrous metals/electricity equipment/agriculture, forestry, animal husbandry and fishery/utilities; classifies the profit margins of 22Q2 in three levels year-on-year. Looking forward to the later stage, the economic direction worth paying attention to is: 1) There are still a possibility of acceleration in the first echelon (30%): Energy metals and photovoltaic industry chain (components/equipment/energy storage/ Inverter ), new energy vehicle chain (electric passenger cars/batteries/lithium battery equipment/automotive electronics), new materials, pig breeding; 2) sectors that may achieve a leap in prosperity in the second echelon (10%, 30%): Medical beauty upstream, liquor, military industry, new energy operations, consumer electronics new business; 3) Clues of certainty improvement in the third echelon (10%): wind power, automotive parts, electricity, food/cosmetics. The main ones with stable economic expectations are coal, infrastructure and urban commercial banks. It is worth further observation that although the demand economy has weak recovery, profits are expected to improve significantly, such as decoration and building materials/aviation, and the traditional cycle of semiconductors/consumer electronics is waiting for a reversal next year, and we will seize the alpha opportunity of domestic substitution + new business expansion; medical services/innovative drugs still need to observe policy trends in the second half of the year; real estate chains observe the recovery intensity of the peak season of completion; travel consumption improvement is still high. Why did
sentiment fall again? Market sentiment tracking August report
turnover rate: did not fall further. After the turnover rate fell sharply to 1.17% again in July, it did not fall further in August, but rebounded, and fell to the level of 1.18% again by the end of August, which is still slightly higher than the level in February this year. We have previously pointed out that this round of A-share sharp drop has not seen a significant shrinkage, and the turnover rate level has always been at a high level. In the future, the turnover rate may be further reduced to consolidate this bottom feature.
equity-oriented fund new issuance: html is cold again in 38. Fund issuance rebounded significantly in July, mainly due to the good money-making effect of A-shares in June and the issuance of ETFs such as CSI 1000. Entering August, with the weak market fluctuations and the issuance of ETFs, the issuance of equity-oriented funds has been cooler again, reflecting the sluggish sentiment of public and fund investors.
financing purchase proportion: continues to fall this month, reflecting that leveraged funds are indifferent to the future market. After the financing purchase ratio dropped to 6.6% in July, the index continued to fall back to 6% in August, which was a relatively rare low in history after the maturity of the two financings in 2014, and it was even lower than the level around the Spring Festival this year and close to the end of April this year. This also reflects the current leveraged funds' indifference to the future market.
implicit risk premium : rebounded again, and the long-term value of equity assets appears. The implicit risk premium fluctuated in a narrow range last month at 2.85-2.90%. In August, with the weakening of the stock index and the significant decline in the risk-free interest rate, the implicit risk premium of A-shares rose again, and by the end of the month it had risen to 3.13%.Accompanying this, the long-term investment value of equity assets is emerging.
stock bond yield difference: 8 market profit effect is poor. The stock-to-bond yield difference indicator that reflects the short-term money-making effect of investors in August is basically below the zero axis. Although the end of the month has rebounded significantly compared with the beginning of the month, the poor money-making effect will still drag down investor sentiment.
Stock index futures litre discount: fluctuates narrowly. This month, the stock index futures discounts remained narrowly fluctuated and had a slight decline, which means that current investors' concerns about the future market have increased.
exceeds 60MA: has dropped again, and has dropped below 33%. The indicator strengthened significantly after falling in August, and began to fall after August 17, and began to decline sharply on the 24th. It has now dropped below 33%, reflecting that the proportion of strong stocks from a medium- and long-term perspective is no longer high, and there is room for upward recovery.
Overbought and oversold : turns from positive to negative, and insufficient incremental funds destroyed the strong market for small-cap stocks in the early stage. The indicator was above the zero axis for most of August, reaching a maximum of 5.32% on August 18. However, due to the recent insufficient incremental funds for A-shares, small-cap stocks that are quite sensitive to micro-liquidity have been adjusted in stages, and the overbought and oversold indicators have turned negative again at the end of the month.
incremental policy details are about to be issued, and the business environment is expected to be optimized again - 831 State Council Interpretation
This State Council Council pointed out that "must implement the deployment of the Party Central Committee and the State Council, keep the economy running within a reasonable range, and strive for the best results." "In response to the impact of factors that exceed the expectations of economic operation, we can use all the policy tools that have reserved in the past two years in the early stage, and promptly and decisively introduce a package of policies and continuity policies to stabilize the economy. Because market entities encountered more difficulties in some aspects than in 2020, this year's tax refunds, tax reductions, and fee reductions have exceeded 2020, and have issued strong policies to stabilize investment and promote consumption, with the overall policy scale reasonable and moderate." Regarding accelerating the expansion of effective demand, the meeting made it clear that "we must continue to race against time to implement it, use the reform method of ' deregulation, regulation and service ' to promote the effectiveness of the package of policies to stabilize the economy, refine and implement the continuous policies, and provide all implementation rules in early September, focus on expanding effective demand, promoting investment and increasing employment, consolidating the foundation of economic recovery, and enhancing development momentum." It also proposed specific measures from eight aspects: expanding the scope of project support and doing a good job in supporting work; for continuously activate market entities, "adhering to the activation of reform, further reducing the institutional transaction costs of market entities", and comprehensively optimizing the business environment.
1. In terms of accelerating the expansion of effective demand, the meeting clearly stated that "we must continue to race against time to implement it, use the "deregulation, supervision and service" reform method to promote the effectiveness of the package of policies to stabilize the economy, refine and implement the continuous policies, and implement all implementation rules in early September, focus on expanding effective demand, promote investment and increase employment, consolidate the foundation of economic recovery, and enhance development potential." We propose specific measures from eight aspects. The State Council meeting pointed out that "on the basis of making good use of the policy-based development financial tools of more than 300 billion yuan, expand the scale according to actual needs." At the same time, the projects started in the first half of the year, the renovation of old communities, provincial highways, etc. will be included in the support scope. This move is expected to create more physical workload in the third quarter and accelerate the pace of economic stabilization and recovery. The State Council also made it clear that policies will be issued to support the renewal and transformation of equipment such as manufacturing enterprises, vocational colleges and other equipment as soon as possible, which is expected to stabilize the national economic market this year; in the long run, this will play an important role in implementing the strategy of building a manufacturing power and improving vocational education conditions.
2. In terms of continuously activating market entities, this meeting made arrangements to rectify random charges and random fines, and improve the mechanism for handling business environment problems. In the future, illegal charges and excessive fines are expected to decrease, and the business environment is expected to be optimized again.
Fiscal Semi-annual Report: Counter-cyclical stabilization of infrastructure, guaranteed district and county-controlled hidden debt
Central Bank released the "Report on Implementation of China's Fiscal Policy in the First Half of 2022". 's "Report" has a total of 20,000 words, and is elaborated in detail from 10 aspects such as fiscal revenue and expenditure, debt arrangements, and financial discipline, and is expected to make an outlook for fiscal policy in the second half of the year.
This year, facing the impact of the epidemic and the decline in real estate prosperity, government revenue has been greatly affected. Investors generally doubt whether municipal investment debt is still safe under fiscal pressure. We believe that the core source of urban investment debt repayment is still " borrowing new and repaying old " rather than "fiscal funds" . Against the background of my country's interest rate center moving downward and the central bank maintaining loose liquidity, the cost of urban investment interest payments in has declined significantly, and the debt pressure is not particularly severe. According to the data of
, my country's infrastructure investment growth rate has experienced a low growth rate from 2018 to 2021 (less than 4%), and has significantly accelerated after 2022, with a cumulative growth rate from January to July reaching 10%. We believe that this year's acceleration of investment in infrastructure not only means short-term countercyclical adjustment, but also represents a central increase in the medium- and long-term growth rate. It is expected that the city investment and financing policies will be significantly relaxed and will be less than expected, and the net financing center of the city investment bond has declined.
Zhongtian Technology (600522): The performance meets expectations, and the prosperity of optical communications and new energy businesses continues to be
trade business out of the table, and the company focuses on the high-end manufacturing field.
In the first half of 2022, the company achieved operating income of 20.042 billion yuan, a year-on-year decrease of 16.68%, and a net profit attributable to shareholders of 1.824 billion yuan, a year-on-year increase of 628.62%. The decline in revenue was mainly due to the company's divestment of the commodity trading business with low gross profit margin (Zhongtian International Trade Group's revenue in 2021 was 9.525 billion yuan, accounting for 20.63% of the revenue ratio), and its net profit was slightly lower than the median forecast, mainly affected by the revenue recognition rhythm of the Haifeng project. If the impact of impairment losses of high-end communications services in the same period last year (approximately 1.074 billion), the net profit attributable to shareholders increased by 38.3% year-on-year. The company's profits are improving. First, the company's marine sector profits continue to be released. It is expected that the gross profit margin of offshore engineering confirmed orders this year is better than last year; second, the optical fiber and cable industry has both volume and price, and the supply and demand pattern has improved. The company's optical communications business bottomed out and rebounded, and the gross profit margin has improved significantly. The company's profit margin in the second quarter fell month-on-month, mainly due to large changes in the quarterly revenue structure and the increase in the proportion of businesses with low gross profit margins.
Domestic sea breeze bidding is being promoted rapidly, and the company has many advantageous areas.
According to the previous announcement, the company won the bid for Shandong Energy Bozhong offshore wind power A site project, Guohua Bozhong I site offshore wind power project, Vietnam Xinfudong District 1 offshore wind power project, Shandong Laizhou offshore wind power and marine ranch integration development research and testing wind power project, Enping Oilfield group general contracting project and other projects, with a total winning amount of approximately 2.279 billion yuan. In addition, according to the announcement of the previous winning candidates, the company ranks first in the Guohua Bozhong Offshore Wind Power Construction. If the construction project is added, the company's winning amount for the Shandong Haifeng project alone will be close to 3 billion yuan. Considering that Shandong began to focus on offshore wind power in the early stages of the 14th Five-Year Plan, the projects under recruitment are about 2.8GW, and the offshore distance of the project is generally around 20km, and the sending cable is 220kV (the corresponding single GW submarine cable value is relatively average). The company's large-scale winning bid demonstrates the company's product strength and its regional advantages in the Shandong market. In the subsequent Shandong Haifeng project, the company is still expected to maintain a high market share.
We believe that the subsequent bidding for sea breeze projects in Guangdong and Jiangsu is worth looking forward to. On the one hand, these projects are generally far away from the shore, and some projects reach 60-80km, the investment proportion of submarine cables has been further increased, and the value of the project is higher; on the other hand, after the wind farm develops to a large scale, the array cable has been upgraded from 35kV to 66kV, and the delivery cable has been upgraded from 220kV to 330kV and 500kV (soft straight). Recently, the bidding for the Three Gorges Qingzhou 5/6/7 submarine cable is underway, among which Qingzhou 6 is delivered using 330kV AC cable, and Qingzhou 5/7 is delivered using ±500kV flexible DC cable. The company is the only manufacturer in China with flexible DC submarine cable delivery performance, and there is a chance to win the bid.
Haiguang Information (688041): A leader in the domestic production of high-end processors, taking advantage of the industry's east wind to develop rapidly
is a scarce high-end processor company in China. Its products include general-purpose processors (CPUs) and coprocessors (DCUs), which are used in servers, workstations and other computing and storage devices.
Domestic x86 CPU has strong scarcity attributes, the company's technological strength is leading in China, and is expected to develop rapidly with the industry's east wind.The x86 architecture ecosystem is mature and is the mainstream choice for the current server market. Its market share is close to 95% in 2021, and it is expected to remain dominant in the server market for a long time. According to IDC's forecast, domestic x86 CPU shipments are expected to exceed 10 million in 2025. Currently, more than 90% of the domestic market is occupied by Intel and AMD, and there is a broad space for domestic substitution. As a scarce x86 server CPU manufacturer in China, the company has a high starting point and continuous research and development and iteration. It has now launched a second-generation CPU product, with performance benchmarks against Intel. As a domestic leader, under the dual driving force of Innovative and digital transformation to , the company's CPU business is expected to continue to grow rapidly in the future.
coprocessor space is vast, and the company's product iteration and ecological construction pay equal attention to . GPGPU has become the mainstream choice for coprocessors in servers due to its good parallel computing capabilities and relatively good versatility. According to Omdia's forecast, GPGPU shipments will remain the first among coprocessors, with sales in the cloud and data centers expected to reach US$20 billion in 2026. Haiguang Shensuan No. 1 GPGPU has achieved mass production and sales. In typical application scenarios, technical indicators are close to the international advanced level. Haiguang GPGPU is fully compatible with the ROCm ecosystem, and CUDA users can quickly migrate to the ROCm platform at a lower cost. It is optimistic that under the general trend of domestic substitution, the company will gradually increase the opportunity for self-developed DCU products to penetrate in the domestic market.
's profitability continues to improve, and the future is promising. 's CPU products Haiguang No. 1 and Haiguang No. 2 have achieved large-scale sales, Haiguang No. 3 is in the verification stage, and Haiguang No. 4 is in the R&D stage. GPGPU Shensuan No. 1 will be sold in 2021, and the research and development of Shensuan No. 2 is in progress in an orderly manner. During the period from 2019 to 2021, the company's revenue increased from 379 million yuan to 2.31 billion yuan, with a CAGR of 146.9%. In terms of net profit attributable to shareholders, the net profit was turned into profit in 2021, achieving 327 million yuan, and 476 million yuan in 2022H1, surpassing the full year of 2021. Driven by the dual driving of information innovation and digital transformation, domestic CPU/GPGPU will usher in a broader market. As the leader in domestic production, the company is expected to benefit fully.
Yingjie Electric (300820): Performance is growing rapidly, orders are blooming,
Revenue and profits are growing rapidly, new orders are growing beautifully,
① Revenue is growing rapidly, and the charging pile business is expected to become the third support. Company achieved revenue of 452 million yuan in the first half of 2022, a year-on-year increase of 67.87%; achieved comprehensive growth in revenue of multiple major industries, of which the photovoltaic industry revenue was 195 million yuan, a year-on-year increase of 22.06%, and the semiconductor and other electronic materials industry revenue was 57.5378 million yuan, a year-on-year increase of 187.05%, and the charging pile industry revenue was 41.0738 million yuan, a year-on-year increase of 365.56%. The company not only fully benefited from the expansion of the production capacity of the photovoltaic silicon material and silicon wafer industries, but also actively expanded in industries such as semiconductors and charging piles, achieving outstanding results. In the first half of the year, the proportion of charging pile revenue reached 9.09%, becoming the third support point for performance growth.
② Raising raw materials prices has caused pressure on gross profit margins and the overall profitability remains stable. 2022H1 company's gross profit margin was 39.49%, a year-on-year decrease of 5.62pct; the gross profit margin in Q2 in Q2 was 40.21%, a year-on-year decrease of 4.07pct, mainly due to the increase in costs caused by the short-term rising raw material prices. As commodity prices decline, gross profit margin is expected to rebound. The overall period expenses remained stable, with the total expense ratio of Q2 period being 14.96%, a year-on-year decrease of 1.29pct. Attributing to the profit side, Q2 achieved a net profit attributable to shareholders of RMB 68 million, a year-on-year increase of 53.88%, and Q2 net profit margin reached 27.21%, a year-on-year decrease of 1.16pct and a month-on-month increase of 0.48pct, and the company's overall profitability remained stable.
③New orders have increased significantly, and the performance of photovoltaic external business is particularly impressive. In the first half of 2022, the company added 1.389 billion yuan in new orders, an increase of 45.9% year-on-year. Among them, the new orders from the photovoltaic industry, semiconductor and other electronic materials industries, and charging pile industries were RMB 918, RMB 173, and RMB 78 million, respectively, an increase of 33.24%, 86.21% and 458% year-on-year respectively. Orders in multiple industries have achieved rapid overall growth, and the order growth rate of charging pile business is outstanding. At the end of 2022H1, the company's inventory was 1.162 billion yuan, an increase of 36.93% from the beginning of the year, and contract liabilities were 870 million yuan, an increase of 67.23% from the beginning of the year. The significant increase in new orders has confirmed that the company's business development is smooth, the products have been recognized by the market, and future performance growth is guaranteed.
Datang Power Generation (601991): The epidemic affects thermal power output, and the second quarter profit exceeds expectations
The epidemic affects thermal power output, and the power supply on-grid of clean energy has increased significantly
Datang Power Generation is a large independent power generation company, mainly engaged in power generation businesses mainly based on thermal power, hydropower, wind power, and photovoltaic power generation. From January to June 2022, the company completed a total of 114.819 billion kWh of grid power, a year-on-year decrease of 8.81%; among them, the power on-grid power of coal-fired power, gas-power, hydropower, wind power, and photovoltaic power generation were 861.42, 60.05, 156.74, 58.92, and 1.108 billion kWh, respectively, with year-on-year changes of -11.16%, -19.73%, 8.75%, 7.48%, and 55.85%, respectively. Specifically in the second quarter, the company completed 56.714 billion kWh of power on the grid, a year-on-year decrease of 13.54%; coal-fired power, gas-power, hydropower, wind power and photovoltaic power respectively, with a year-on-year change of 395.33, 28.12, 106.26, 3.104, and 638 million kWh of power, respectively, with year-on-year changes of -19.62%, -27.81%, 11.84%, 16.55%, and 65.69%, respectively. The decline in power on the company's grid is mainly due to thermal power, mainly because some areas where the company's generator sets are located are affected by the epidemic and the demand for electricity has weakened. At the same time, the fuel cost of thermal power units continues to operate at a high level, and the company's thermal power generation has decreased year-on-year.
From January to June 2022, the company's market transaction settlement electricity was 97.617 billion kWh, accounting for 85.03% of the total grid-based electricity; in 2022Q2, the company's market-based trading electricity was 48.2672 billion kWh, accounting for 85.11% of the total grid-based electricity; it was mainly due to policies that promoted all thermal power to enter market-based exchanges. The increase in market settlement electricity ensures that the company's on-grid electricity price increases. The average price of the company's on-grid electricity price (including tax) in 2022H1 is 457.81 yuan/MWh, an increase of 16.85% year-on-year, mainly due to the increase in thermal power prices.
profit in the second quarter exceeded expectations, and investment income improved month-on-month
022H1 The company achieved a net profit attributable to shareholders of 1.4 billion yuan, a year-on-year decrease of 20.82%. By quarter, the price of thermal power grid-mounted electricity rose in Q1 2022, while the proportion of coal long-term cooperation increased. The resonance of the two helped the company achieve a net profit attributable to shareholders of -409 million yuan, a narrower loss compared with Q4 2021. The company's profit exceeded expectations in Q2 2022, achieving a net profit attributable to shareholders of 1.809 billion yuan, a year-on-year increase of 114%. According to the split, the total profits of the company in 2022H1 were -23.15 billion yuan, 304, 1.356 billion yuan, 202 billion yuan, and 1.268 billion yuan, respectively; the year-on-year changes were -247%, -29.43%, 3.09%, 30.68%, and 18.97%, respectively. Compared with the first quarter, the company's thermal power loss further narrowed, mainly because the proportion of coal in Changcheng has increased to reduce the company's fuel costs; the profit growth of hydropower business is mainly because incoming water exceeds expectations, and the profit growth of photovoltaic wind power is mainly due to the increase in installed capacity driving the growth of power generation. Company's investment income improved month-on-month in the second quarter. In 2022H1, the company achieved investment income of 877 million yuan, a year-on-year decrease of 11.29%; among them, the company achieved investment income of -238 million yuan, a year-on-year decrease of 190%; in 2022Q2, the company achieved investment income of 1.115 billion yuan, a year-on-year increase of 53.8%. The company holds 44% of Ningde Nuclear Power's equity, and the nuclear power investment income has greatly increased the company's profits.
clean energy installed capacity steadily increases, and new projects continue to increase the company's performance
As of June 30, 2022, the company's total installed capacity reached 68.994 million kilowatts, and coal machinery, gas engine, hydropower, wind power, and photovoltaic power generation were 4795.4, 462.2, 920.5, 515.8, and 2.055 million kilowatts, respectively, accounting for 69.50%, 6.70%, 13.34%, 7.48%, and 2.98%, respectively. The company vigorously promotes the transformation of low-carbon clean energy. In the first half of 2022, the company added 224,200 kilowatts of installed capacity, including 79,000 kilowatts of wind power and 145,200 kilowatts of photovoltaic power, and 145,200 kilowatts of photovoltaic power. The company's proportion of clean energy further increased to 30.5%. The 2022H company's new energy project approved a total of 3.727 million kilowatts, including 1.302 million kilowatts of wind power and 2.425 million kilowatts of photovoltaic power. The company is under construction of 3.6807 million kilowatts of new energy projects, including 2.586 million kilowatts of wind power and 1.0947 million kilowatts of photovoltaic power. The company's new energy power generation business continues to expand, which will become the company's long-term growth driver.
Guangdong Hydropower (002060): Performance has grown steadily, and clean energy installation has accelerated
Floods and other factors have dragged down construction progress, and revenue has declined slightly. 's operating income in the first half of 2022 was 6.26 billion yuan, a year-on-year decrease of 7.9%.Segmented specific business segments: The first half of the year of the engineering construction business was 4.84 billion yuan. Due to factors such as regional floods in South China, the construction progress of some projects slowed down, and revenue decreased by 11.8% year-on-year; the clean energy power generation business had revenue of 930 million yuan in the first half of the year, and the reduction in water abandonment of Anjiang and Taojiang hydropower stations in Hunan and Gaopi Longhu hydropower stations in Hanjiang, revenue increased by 9.4% year-on-year; the tower business stopped falling and rebounded, with revenue of 440 million yuan in the first half of the year, a year-on-year increase of 3.8%; the exploration and design and consulting business revenue was 400 million yuan, a year-on-year increase of 62%. The gross profit margins of all businesses of
have increased, driving steady positive growth in performance. 's gross profit margin in the first half of 2022 was 13.7%, an increase of 2.1 percentage points year-on-year, and its net profit attributable to shareholders was 180 million yuan, an increase of 16.0% year-on-year, mainly due to: 1) The gross profit margin of the engineering construction business, which accounts for 77.4% of the revenue, was 4.4%, an increase of 1.1pct year-on-year; 2) The revenue share of the clean energy power generation business reached 14.8%, an increase of 2.3pct year-on-year, and the gross profit margin remained at a relatively high level of 63.2%; 3) The revenue share of the exploration and design and consulting business with high gross profit margin increased by 0.3pct to 0.6%, and the gross profit margin of the business in 2021 was 38.9%.
clean energy installed capacity has accelerated, and power generation has increased slightly. Recently, the company's clean energy power generation project has accelerated its connection speed, with the newly added installed capacity of 260MW from January to August, an increase of 44.4% compared with the whole year of 2021, setting a record high. As of August 2022, the company's holding installed capacity was 1802.4MW, including 313MW of hydropower, wind power generation, 723MW of wind power generation, and 766.4MW of photovoltaic power generation. The grid-mounted power in the first half of the year was 2.03 billion kWh, an increase of 10.3% year-on-year.
Zhifei Bio (300122): Non-COVID-19 vaccines continue to increase in volume, and the R&D pipeline progressed smoothly
overcome the impact of the epidemic in the first half of the year, and the revenue of non-COVID-19 vaccines increased significantly
2Q2 The company achieved operating income of 9.513 billion yuan, a year-on-year increase of 2.91%; net profit attributable to shareholders was 1.806 billion yuan, a year-on-year decrease of 60.33%; net profit attributable to shareholders was 1.813 billion yuan, a year-on-year decrease of 60.25%. The company's revenue maintained steady growth in the first half of the year; net profit attributable to shareholders and net profit attributable to shareholders with deducting non-operating items decreased, considering % due to changes in product sales structure. From the perspective of product structure, 's company's independent product revenue in the first half of the year was 1.667 billion yuan, a year-on-year decrease of 72.4%; agency product revenue was 16.684 billion yuan, a year-on-year increase of 134.44%. After deducting the new crown vaccine, the revenue of independent products was 920 million yuan, an increase of 25.95% year-on-year; the overall non-COVID revenue was 17.607 billion yuan, an increase of 125.29% year-on-year. In the first half of the year, the company overcame the impact of the epidemic, and some revenue of non-COVID-19 vaccines achieved a significant increase. In terms of independent products of
, 's recombinant new crown vaccine (CHO cells) was approved as a sequential (heterologous) enhanced injection conditional market in March 2022. Affected by the increase in the domestic COVID-19 vaccination rate and the decline in vaccine demand, the sales of COVID-19 vaccines in the first half of the year decreased significantly compared with the same period last year. In terms of other independent products, the company's ACYW135 meningocortic polysaccharide vaccine was issued in batches of 1.762 million doses, a year-on-year decrease of 56.11%; the AC polysaccharide conjugated vaccine was issued in batches of 2.903 million doses, a year-on-year decrease of 8.01%; the AC polysaccharide vaccine was approved in November 2021, and the 22H1 batch was issued in batches of 609,000 doses. In addition, more than 87% of provincial units in the mainland have won the bid and are listed on the Internet. In terms of
agent products, Merck's vaccine products represented by 22H1 overcome the impact of the epidemic and achieve continuous increase in volume, becoming the main driving force for the company's performance growth in the first half of the year. Among the agent products, HPV-4 was issued in the first half of the year, an increase of 60.10% year-on-year; HPV-9 was issued in the annual workplace, an increase of 379.34% year-on-year; 4.864 million doses of 5-valent rotavirus vaccine were issued, an increase of 28.91% year-on-year; 1.022 million doses of 23-valent pneumonia vaccine were issued, an increase of 1.08.29% year-on-year; 127,000 doses of inactivated hepatitis A vaccine were issued for
Layout multiple R&D platforms, rapid promotion of product pipeline
Company has built multiple vaccine R&D platforms, covering a wide range of vaccine development paths, including polysaccharide and polysaccharide protein binding vaccine technology platform, component technology platform, inactivated vaccine technology platform, gene recombination technology platform, mRNA vaccine technology platform, adenovirus vector vaccine technology platform, human diploid cell line technology platform, new multi-linked multivalent technology platform, new adjuvant technology platform, etc.In the first half of the year, the second-generation vaccine ZF2202 (Omicron-Delta chimeric vaccine) developed by the company based on the recombinant COVID-19 vaccine development platform has been proven to be good safety and effectiveness, and has a higher neutralizing antibody titer against the current mainstream Omicron BA.4/5 variant strain. In terms of other products under development, the 23-valent pneumococcal polysaccharide vaccine applied for production registration in the first half of the year was accepted; the freeze-dried human rabies vaccine (MRC-5 cells) and the tetravalent influenza virus lysis vaccine obtained a phase III clinical trial summary report.
Rongtai Co., Ltd. (605133): New energy orders continue to be implemented, and the acquisition of Hebei Lizhun promotes the upgrading of production lines
Q2 performance is under short-term pressure, and it is optimistic that new orders will increase in volume. In 2022, H1 company achieved operating income of 635 million yuan, net profit attributable to shareholders of 51 million yuan, and net profit attributable to shareholders of 42 million yuan after deducting non-operating items, an increase of 13.6%, -20.31%, and -27.58% year-on-year. Among them, Q2 achieved operating income of 282 million yuan, net profit attributable to shareholders of 17 million yuan, and net profit attributable to shareholders of 12 million yuan after deducting non-operating items, an increase of 3.37%, -46.80%, -58.70%, and a month-on-month increase of -20.28%, -50.92%, and -60.69%. In 2022, H1 company's new energy projects will be gradually mass-produced, but the impact of the epidemic in some areas in Q2 has dragged down the growth rate. The fixed costs formed by the investment of subsidiaries are increasing, R&D investment is increasing, and the price costs of energy such as electricity and fuel are significantly under pressure. The company's customers are mainly overseas customers such as Bosch, ZF, BergWarner, and received direct supply orders from many domestic new energy manufacturers during the reporting period, with an estimated annual revenue of 320 million yuan, which will be used to match BYD DMI gearbox housing, E3.0 pure electric platform and Xiaopeng P7 BDU end cover; and obtained new orders for steering systems, with an estimated annual revenue of 100 million yuan. In 2023, BYD E3.0 pure electric platform motor housing and Great Wall Lemon DHT platform end cover will be mass-produced and increased. At the same time, the company actively deploys integrated die casting and actively purchases 9000T die casting machines.
Q2 profitability declined, with the R&D expense rate being about 9.34%. In 2022, the gross profit margin of H1 company's sales was 23.35%, an increase of -5.04 pct year-on-year, and a net profit margin of 8.00%, an increase of -3.46 pct year-on-year. The company's gross sales profit margin in Q2 was 20.57%, with -7.39 and -5.01 pcts in the same month and net profit margin of 5.94%, with -5.60 and -3.71 pcts in the same month and respectively. The expense rate during Q2 was 13.26%, with -1.10 and -2.22 pcts respectively on the same month-on-month, of which the sales expense rate, management expense rate, R&D expense rate, and financial expense rate were 2.47%, 9.34%, 4.77%, and -3.32%, respectively, with +1.18, +0.34, +0.41, and -3.03 pcts respectively on the same month-on-year, and +1.11, +0.95, +0.80, and -5.07 pcts respectively on the same month-on-month. The increase in sales and management expenses mainly corresponds to the increase in personnel's salary, and changes in financial expenses are mainly due to foreign exchange income.
acquires non-standard equipment machine tool manufacturing companies to improve production efficiency of production lines. According to the company's announcement, the company plans to acquire 53% of the equity of Hebei Lizhun Machinery Manufacturing Co., Ltd. with its own funds of 190.8 million yuan. Lihuai Machinery mainly produces CNC machine tools and functional components, and is in a leading position in the field of non-standard equipment in China, and has won the title of "Specialized, Specialized, New, Little Giant". Lizhun Machinery has a variety of precision processing production lines for CNC machine tools, including automobile linkage rods, refrigerator compressor cylinder blocks, and has revenue of 211 million yuan and profit of 21 million yuan in 2021. With the continuous expansion of domestic and foreign businesses and the upgrading of automation business, the company's demand for high-end non-standard equipment will gradually increase. The acquisition of control of the target company will help the company achieve internal supporting supply of high-end non-standard equipment in global factories, strengthen the production line automation production level, and improve production efficiency after the completion of this acquisition.
Western Materials (002149): Production and research construction continues to advance, Q2 performance has increased significantly
Q2 performance has increased significantly, and profitability has remained stable in the first half of the year
022H1. The company achieved operating income of 1.467 billion yuan (+26.81%), net profit attributable to shareholders of 93 million yuan (+29.58%), and net profit attributable to shareholders of 65 million yuan (-0.96%) after deducting non-operating items. Among them, the government subsidy included in the current profit and loss was 22 million yuan, and the profit and loss of fair value changes and various investment income were 23 million yuan. By product, titanium products achieved revenue of 1.077 billion yuan (+28.35%), while other metal products achieved revenue of 247 million yuan (+17.94%). In 22Q2, the company achieved revenue of 981 million yuan, up 40.64%/+101.76% year-on-month; net profit attributable to shareholders was 72 million yuan, up 75.22%/+243.03% year-on-month. Order delivery in the second quarter was smooth and performance achieved significant growth.From the perspective of profitability, the company's gross sales profit margin in 2022H1 was 20.53% (-0.75pct), net profit margin was 8.76% (+1.03pct), and the period expense ratio was 11.49% (-0.47pct), which remained stable. Among them, sales expenses were RMB 14 million (+13.58%); administrative expenses were RMB 75 million (+31.82%), mainly due to the salary adjustment and performance rewards for the year; R&D expenses were RMB 47 million (+9.15%). The company attaches importance to R&D capabilities, actively increases the cultivation and development of new products and new industries, explores new markets, and helps the company's core competitiveness steadily improve.
From the perspective of assets and balance sheet, at the end of the period 2022H1, the company's accounts receivable were 1.122 billion yuan, an increase of 45.33% over the beginning of the period; inventory was 1.336 billion yuan, a decrease of 12.47% over the beginning of the period; contract liabilities were 160 million yuan, an increase of 1.09% over the beginning of the period. The company continues to focus on its main business, promote fundraising and investment projects, increase R&D investment, promote capacity expansion, and sufficient orders in hand, and its performance is expected to achieve long-term growth.
subsidiary Tianli Compound applied for listing on the Beijing Stock Exchange and actively deployed the new energy field
Recently, the holding subsidiary Tianli Compound plans to issue no more than 13.05 million shares (including the original number, excluding the over-allotment option) to unspecified qualified investors. The issue base price is 9.35 yuan per share, and the issuance targets are no less than 100 people. The funds raised this time are mainly used to upgrade and industrialize projects for clean energy metal composite materials, upgrade and construction projects for R&D centers, and supplementary working capital, totaling 120 million yuan. The funds raised and listed on the Beijing Stock Exchange can effectively improve Tianli's compound production and research capabilities, actively deploy in the new energy field, and become a new growth point for the company in the future.
Company carried out related transactions in an orderly manner, with stable supply and demand
Company expects the amount of related transactions to occur in 2022 to 343 million yuan, of which the cumulative transaction amount with related parties from the beginning of 2022 to April 14 was 12 million yuan. The company scientifically coordinates production, and the stability of related transactions has improved management and operation efficiency, further deepens the company's strategic cooperation with upstream civilian products and military raw material suppliers, ensures the supply of raw materials, and improves order delivery capabilities.
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