投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | | | | 2024-08-21 | | 收盘价 ( 元 ) | 73.99 | | 流通股本 ( 亿股 ) | 6.65 | | 每股净资产 ( 元 ) | 23.44 | | 总股本 ( 亿股 ) | 6.66 | | 最近 12 月市场表现 | | -37% -25% -14% -3% 8% 19% 兆易创新 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《各产品线边际改善，端侧 AI 引领 容量高需求》 2024-06-12 2. 《存储价格有望触底，产品多元静待 复苏》 2023-06-14 3. 《国家存储器龙头初长成》 2018- 04-17 自研 DRAM 拓客效果明显，二季度表现亮眼 证券研究报告 ❖ 事件： 2024 年上半年，公司 ...

Investment Rating - The investment rating for key companies in the semiconductor industry is "Buy" for all listed companies, including SMIC, North Huachuang, Zhongwei Company, and others [4]. Core Insights - The semiconductor market is experiencing a steady recovery, with global sales reaching $49.98 billion in June 2024, marking an 18.3% year-on-year increase and a 1.7% month-on-month increase [3][11]. - The demand for AI-driven applications is boosting the need for wafer foundry services, with TSMC reporting a revenue of NT$673.51 billion in Q2 2024, a 40.1% increase year-on-year [3][39]. - The memory market is showing signs of recovery, with DRAM prices expected to rise by 8-13% in Q3 2024 due to increased demand from AI applications [3][33]. Semiconductor Market Overview - The global semiconductor market continued its recovery in the first half of 2024, driven by demand from AI and other downstream sectors [11]. - The Chinese semiconductor market is rebounding faster than the global average, with sales reaching $15.09 billion in June 2024, a 21.6% year-on-year increase [3][13]. - The disparity in growth rates among different regions is notable, with North America leading at a 42.8% increase in semiconductor sales [13]. Memory Market Analysis - The memory market is experiencing a recovery, with strong performance from major players like SK Hynix and Samsung, driven by AI-related demand [25][29]. - DRAM and NAND prices are expected to rise, with DRAM revenues projected to reach $90.7 billion in 2024, a 75% increase year-on-year [33]. - Short-term price pressures exist in the consumer memory segment, but high-end AI memory products remain in demand [37]. Wafer Foundry Insights - TSMC's Q2 2024 performance reflects strong demand for high-performance computing, with a significant portion of revenue coming from advanced process nodes [39][41]. - SMIC's revenue for Q2 2024 was $1.901 billion, a 21.8% year-on-year increase, indicating a recovery in foundry services [47]. - The utilization rate for SMIC's production capacity is improving, driven by demand from automotive and IoT sectors [47]. Semiconductor Equipment Market - The semiconductor equipment market is on a recovery path, with Japan's semiconductor equipment sales reaching a historical high of ¥400.95 billion in May 2024, a 27% year-on-year increase [50][51]. - Major equipment manufacturers like Tokyo Electron and Applied Materials are benefiting from increased demand, particularly from AI-related investments [53][57]. - The outlook for the semiconductor equipment market remains positive, with expectations of continued growth in sales and revenue [51][53].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 7.203 billion RMB for H1 2024, representing a year-on-year increase of 10.4%, with a net profit attributable to shareholders of 752 million RMB, up 13% year-on-year. The interim dividend declared is 0.156 HKD per share, with a payout ratio of 50% [4][5] - The main brand showed steady performance with a revenue of 5.789 billion RMB in H1 2024, a year-on-year increase of 6.6%. The professional sports segment experienced significant growth, with a revenue of 593 million RMB, up 72.2% year-on-year [4] - The gross margin improved significantly to 46.0%, an increase of 3.1 percentage points year-on-year, driven by higher contributions from e-commerce and direct-to-consumer sales [4] Financial Performance - The company forecasts net profits for 2024-2026 to be 1.249 billion RMB, 1.444 billion RMB, and 1.709 billion RMB, respectively, with corresponding PE ratios of 9.5, 8.2, and 6.9 times [5] - The revenue growth rate is projected to be 7.35% in 2024, 3.80% in 2025, and 13.07% in 2026 [6] - The company’s gross margin is expected to be 44.16% in 2024, 44.02% in 2025, and 44.66% in 2026 [9] Operational Metrics - The company has a total of 6,578 adult brand stores and 1,706 children brand stores in mainland China and overseas, with a net increase of 7 and 3 stores respectively in H1 2024 [4] - Online sales grew by over 20% year-on-year, accounting for more than 30% of the main brand's revenue, with new channels like Douyin and Video Accounts seeing over 80% growth [4] Market Position - The company is focusing on expanding its brand matrix and price range for the mass running market, maintaining a leading competitive position in the running segment [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets expectations, with growth driven by AI and automotive sectors [1][2] - The company reported a revenue of 3.037 billion yuan for H1 2024, a year-on-year increase of 21.59%, and a net profit attributable to shareholders of 105 million yuan, up 62.79% year-on-year [2] - The company is positioned to benefit from the AI speaker market and automotive acoustics, with significant growth potential anticipated [2] Financial Performance Summary - For H1 2024, the company achieved a revenue of 3.037 billion yuan, a 21.59% increase year-on-year, and a net profit of 105 million yuan, reflecting a 62.79% increase year-on-year [2] - In Q2 2024, the company reported a revenue of 1.768 billion yuan, a 25.29% year-on-year increase, and a net profit of 76 million yuan, up 32.18% year-on-year [2] - The gross margin for H1 2024 was 12.87%, an increase of 0.18 percentage points year-on-year, while Q2 2024 gross margin improved to 13.99%, up 0.55 percentage points year-on-year [2] Growth Drivers - The AI speaker segment is expected to be a key growth driver, with the launch of the "ChatMini" AI speaker in August 2023 and ongoing collaborations with various manufacturers [2] - The automotive acoustics business has begun mass production for key clients and is preparing for further production with other automotive manufacturers, indicating strong future growth potential [2] Earnings Forecast - The company is projected to achieve net profits of 319 million yuan, 438 million yuan, and 522 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.56 yuan, 0.77 yuan, and 0.92 yuan [2][5] - The price-to-earnings (PE) ratios are expected to be 20.03, 14.59, and 12.24 for the years 2024, 2025, and 2026 respectively [2][5]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [5]. Core Insights - The transformation of the power system is accelerating, with significant technological breakthroughs in energy [3][8]. - The National Energy Administration has issued the "High-Quality Development Action Plan for Distribution Networks (2024-2027)", focusing on enhancing supply capacity, disaster resistance, and load capacity [3][9]. - Shenzhen has introduced a carbon emissions quota allocation plan for 2024, including data centers for the first time [3][10]. Industry News - In July 2024, the industrial power generation volume was 883.1 billion kilowatt-hours, a year-on-year increase of 2.5% [7]. - The cumulative installed capacity of power generation equipment in China reached 3071 GW by June 2024, a year-on-year increase of 13.4% [14]. - The average weekly electricity spot prices in various regions show fluctuations, with prices in Guangdong, Shanxi, and Shandong at 259.8, 230.77, and 443.1 yuan/MWh respectively [14]. Key Company Announcements - Jiazhe New Energy reported a total power generation of 2.667 billion kilowatt-hours in the first half of the year, a decrease of 2.33% year-on-year [11]. - Datang Power announced a cash dividend of 0.0075 yuan per share, totaling 138 million yuan [11]. - Jiufeng Energy plans to distribute a cash dividend of 0.40 yuan per share, amounting to 249 million yuan, which represents 33.14% of the fixed cash dividend for 2024 [12]. Domestic Power Data Tracking - The total installed capacity of traditional energy sources remains dominant, with thermal, hydro, and nuclear power capacities at 1405 GW, 427 GW, and 58 GW respectively [14]. - Renewable energy sources are growing rapidly, with wind power capacity at 467 GW (up 19.91% year-on-year) and solar power capacity at 714 GW (up 51.59% year-on-year) [14]. Global Power Data Tracking - In May 2024, the U.S. generated 3457.98 billion kilowatt-hours of electricity, a year-on-year increase of 3.436% [16]. Fossil Fuel and Hydrological Data Tracking - As of August 15, 2024, the spot price of Qinhuangdao port thermal coal Q5500 was 843 yuan/ton, a year-on-year increase of 22 yuan/ton (+2.68%) [19]. - The inflow of water into the Three Gorges Dam was 16,500 cubic meters per second, a year-on-year increase of 1.29% [24].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company has been deeply engaged in the inverter sector for over 20 years and has established itself as a leader in the energy storage market, with significant growth potential [3] - The company has maintained its position as the world's largest inverter supplier since 2021, with a market share of 22% in 2021 and 23.6% in 2022 [3] - The global energy storage market is experiencing robust growth, with a 136% year-on-year increase in new installations in 2023, and the company is well-positioned to capitalize on this trend [3] - The company is expected to achieve revenue of 860.69 billion, 1097.29 billion, and 1354.10 billion CNY from 2024 to 2026, with corresponding net profits of 108.22 billion, 130.68 billion, and 150.86 billion CNY [3] Summary by Sections Inverter Business - The company has a comprehensive product line and a global presence, with inverter shipments of 130GW in 2023, leading the market [10][21] - The company has established a strong brand value and is expected to further enhance its competitive advantage in the inverter market [3][26] - The company has a significant market share in ground power station inverters, increasing from 6.1% in 2011 to 33.4% in 2022 [18] Energy Storage - The energy storage market is essential for addressing energy consumption needs, with a CAGR of 81% from 2017 to 2023 [29] - The company has a strong early layout in energy storage, leveraging its experience in inverter technology to enhance its market position [31] - The company ranked second globally in energy storage system shipments in 2023, with a market share of 10.7% [44][49] Financial Forecast and Investment Suggestions - The company is projected to maintain strong revenue growth, with a forecasted revenue of 860.69 billion CNY in 2024, reflecting a 19.13% growth rate [4] - The company's net profit is expected to grow at a rate of 14.64% in 2024, indicating a solid profitability outlook [4] - The company is recommended for a "Buy" rating based on its strong market position and growth potential in both inverter and energy storage sectors [3][51]

投资评级:看好(维持) 最近 12 月市场表现 -20% -13% -7% -1% 5% 11% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《7 月份中国车市运行回顾》 2024- 08-13 2. 《汽车行业周报》 2024-08-13 3. 《7 月新能源汽车行业洞察》 2024- 08-08 汽车 / 行业投资策略周报 / 2024.08.20 证券研究报告 乘用车销量同比提升，商用车淡季销量有所承压 核心观点 ❖ 板块表现： 8 月 12 日-8 月 16 日沪深 300 指数涨幅-0.59%，申万行业指数中，一级行业汽 车相对收益为-0.005%，二级行业中，汽车零部件相对收益为 0.23%，汽车服 务相对收益为-0.30%，摩托车及其他相对收益为 6.37%，乘用车相对收益为- 0.68%，商用车相对收益为-2.12%。 ❖ 子行业观点： 乘用车：据乘联分会数据，8 月 1-11 日，乘用车市场零售 52 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.48 to 1.53 billion yuan in the first half of 2024, representing a year-on-year growth of 78.63% to 84.66%. The net profit attributable to the parent company is projected to be between 115 to 135 million yuan, with a growth of 20.19% to 41.09% [2] - The semiconductor industry is showing signs of recovery, which is expected to support the company's growth. The company is increasing its production capacity in response to strong domestic demand and a recovering international market [2] - The company is planning to acquire 100% of Beijing Yisheng Precision Semiconductor, with a transaction amount not exceeding 800 million yuan. This acquisition is expected to enhance the company's capabilities and expand its product line [2] - The acquisition is anticipated to strengthen the company's position in the semiconductor parts market, providing a comprehensive solution for domestic and international semiconductor equipment manufacturers [2] Financial Projections - Revenue projections for 2024 to 2026 are 3.23 billion, 4.47 billion, and 5.65 billion yuan respectively, with net profits of 315 million, 442 million, and 568 million yuan respectively. The corresponding price-to-earnings (PE) ratios are 34.51, 24.60, and 19.14 times [2][4] - The company is expected to see a revenue growth rate of 56.3% in 2024, followed by 38.5% in 2025 and 26.3% in 2026 [4] - The net profit growth rate is projected to be 86.74% in 2024, 40.28% in 2025, and 28.53% in 2026 [4] - The company's return on equity (ROE) is expected to improve from 6.62% in 2024 to 10.48% in 2026 [4]

软控股份(002073) / 专用设备 / 公司点评 / 2024.08.20 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-19 | | 收盘价 ( 元 ) | 6.57 | | 流通股本 ( 亿股 ) | 9.61 | | 每股净资产 ( 元 ) | 5.38 | | 总股本 ( 亿股 ) | 10.14 | | 最近 12 月市场表现 | | -31% -15% 1% 16% 32% 47% 软控股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《国内橡胶机械龙头，充分受益轮胎 行业产能扩张》 2024-05-28 橡胶机械全球龙头，充分受益轮胎企业扩产 证券研究报告 ❖ 事件：公司于 2024/8/20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue structure continues to optimize, with improved cash collection aiding performance recovery [1] - In H1 2024, the company achieved revenue of 516 million, a year-on-year decrease of 1.75%, while net profit attributable to shareholders increased by 660.61% to 65 million [2] - The company plans a cash dividend of 0.20 yuan per share, corresponding to a dividend yield of 2.8% based on the closing price on August 19 [2] - The operational structure is being continuously optimized, with a reduction in losses from decoration projects [2] - The company signed new orders worth 700 million, a year-on-year increase of 9.4%, with design and soft decoration businesses growing by 25.2% and 7.6% respectively [2] Financial Performance - The company's gross profit margin for H1 2024 was 33.84%, an increase of 6.62 percentage points year-on-year [3] - The net profit margin attributable to shareholders reached 12.50%, up 10.89 percentage points year-on-year [3] - The company expects to achieve revenues of 1.122 billion, 1.216 billion, and 1.344 billion for 2024, 2025, and 2026 respectively, with net profits of 76 million, 108 million, and 146 million [3][4] - The price-to-earnings ratio (PE) based on the closing price on August 19 is projected to be 25.62 for 2024, 17.98 for 2025, and 13.34 for 2026 [3][4] Business Segments - Revenue from design, soft decoration, and engineering businesses in H1 2024 was 326 million, 99 million, and 84 million respectively, with year-on-year changes of 7.87%, -11.30%, and -23.94% [2] - The gross profit margins for these segments were 44.71%, 37.29%, and -13.52%, with year-on-year changes of -7.07 percentage points, 0.22 percentage points, and 36.17 percentage points respectively [2] Cash Flow and Assets - As of the end of June, the company had cash and other liquid assets totaling 984 million, providing a solid foundation for future dividends and transformation upgrades [3] - The cash collection ratio was 125.51%, a decrease of 4.1 percentage points year-on-year, while the cash payment ratio increased by 1.29 percentage points to 91.23% [3]