Investment Rating - The report maintains a "Buy" rating for the smart glasses sector, highlighting the long-term growth potential driven by AI integration and evolving consumer preferences [3][4]. Core Insights - Smart glasses are positioned as the next blue ocean in the wearable market, with significant growth potential as the category is still in its early development phase. The collaboration between Ray-Ban and Meta has resulted in a successful product launch, with over 300,000 units sold in the first quarter and exceeding one million in two quarters [3][5]. - AR glasses represent the next evolutionary step for smart glasses, enhancing functionality with optical display capabilities. Meta's established presence in the VR market is expected to facilitate growth in the consumer AR segment, particularly with advancements in reflective waveguide technology [3][5]. - The report suggests focusing on key segments of the supply chain, including brands, complete devices, optics, and core components. Recommended companies include GoerTek, Luxshare Precision, and others in the optical and SoC sectors [3][4]. Summary by Sections Smart Glasses: The Next Blue Ocean in Wearables - The wearable market is experiencing sustained growth, with TWS earbuds and smartwatches having reached maturity. Smart glasses are anticipated to be the next high-growth segment, with a strong emphasis on stylish design and comfortable wearability [3][5][15]. - The first-generation smart glasses, Ray-Ban Stories, had modest sales, while the second-generation Ray-Ban-Meta glasses have become a hit, showcasing the importance of AI features in driving consumer interest [3][5][24]. AR as the Next Step in Smart Glass Evolution - The AR market is still developing, with significant growth expected as major players like Meta enter the space. The report emphasizes that AR glasses will enhance user experience through improved input and output modalities [3][5][30]. - The report identifies the reflective waveguide display technology as a key driver for the industry's advancement, enabling better display quality and user engagement [3][5][46]. Investment Recommendations - The report recommends investing in various segments of the smart glasses supply chain, including assembly, optics, and SoC manufacturers. Specific companies highlighted include GoerTek, Luxshare Precision, and several others in the optical and semiconductor sectors [3][4][5].

唐人神(002567) / 饲料 / 公司深度研究报告 / 2024.09.27 | --- | --- | |--------------------------|-----------------| | | | | | | | | | | 投资评级 : 增持 | ( 维持 ) | | 基本数据 收盘价 ( 元 ) | 2024-09-27 5.28 | | 流通股本 ( 亿股 ) | 14.32 | | 每股净资产 ( 元 ) | 3.89 | | 总股本 ( 亿股 ) | 14.33 | | 最近 12 月市场表现 | | -30% -20% -11% -1% 9% 18% 唐人神 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《养殖规模稳步增长，成本下行 Q2 扭亏》 2024-09-01 2. 《生猪规模如期增长，养殖成本延续 下行》 2023-11-01 3. 《生猪规模较快增长，养殖成本稳步 下行》 2023-08-31 专注生猪全产业链，扩规模降成本增长可期 证券研究报告 三十余年专注生猪全产业链经营。公司于 19 ...

Investment Rating - The report maintains a "Buy" rating for the computer sector, with a focus on the brokerage IT segment, recommending stocks such as Tonghuashun, Dongfang Caifu, Caifutrend, Zhinan Zhen, Dingdian Software, and Hengsheng Electronics [3][4]. Core Insights - The report highlights a significant shift in economic policy, emphasizing increased fiscal and monetary stimulus to boost market confidence and economic recovery [3]. - The recent interest rate cut by the Federal Reserve is expected to enhance market risk appetite, benefiting the computer sector and facilitating valuation expansion [3]. - The positive tone from the Central Political Bureau meeting signals strong economic support, which may improve profitability expectations in the computer sector [3]. - The brokerage IT segment is closely linked to market activity and is likely to benefit first from the anticipated market rebound [3]. - The report suggests a strong market rebound similar to the one observed after the July 2023 meeting, where market confidence was notably boosted [3]. Summary by Relevant Sections Economic Policy Impact - The report discusses the Central Political Bureau's meeting on September 26, 2024, which called for enhanced fiscal and monetary policies to stimulate the economy [3]. - It mentions the issuance of long-term special bonds and local government bonds as a means to improve market conditions [3]. Sector Performance - The computer sector is expected to see improved liquidity and profitability due to recent policy changes and market conditions [3]. - The brokerage IT sector is identified as a key beneficiary of increased market activity, with potential for significant gains [3]. Company Ratings - Specific company ratings include: - Tonghuashun: Hold rating with a market cap of 86.602 billion and a PE ratio of 61.75 for 2023A [4]. - Dongfang Caifu: Hold rating with a market cap of 267.091 billion and a PE ratio of 32.60 for 2023A [4]. - Caifutrend: Not covered with a market cap of 24.020 billion [4]. - Zhinan Zhen: Not covered with a market cap of 26.109 billion [4]. - Dingdian Software: Hold rating with a market cap of 7.040 billion and a PE ratio of 30.18 for 2023A [4]. - Hengsheng Electronics: Hold rating with a market cap of 39.379 billion and a PE ratio of 27.65 for 2023A [4].

Investment Rating - The industry is rated positively, with expectations of price increases and improved profitability for cement companies due to supply-demand adjustments and supportive policies [3][8]. Core Insights - The cement price in the Yangtze River Delta is set to increase by 100 yuan/ton starting September 27, driven by long-term low prices and operational losses among companies, leading to a planned production halt for 12 days [3]. - The recent price increase reflects a strong determination from companies in the Yangtze River Delta, with expectations that the price rise will exceed the previous years' increases, potentially enhancing profitability for cement firms [3]. - Ongoing policy support, including interest rate cuts and reduced down payment ratios, is expected to stabilize and boost demand in the real estate market, which will positively impact cement consumption [3]. - Leading cement companies maintain high dividend yields above 4% and are currently valued at historical lows, providing a substantial margin of safety for investors [3]. Summary by Sections - **Price Increase and Production Adjustments**: The Yangtze River Delta plans a significant price increase for cement, with companies reducing production to align supply with demand [3]. - **Policy Impact on Demand**: Recent government policies are expected to stabilize the real estate market, thereby increasing cement demand [3]. - **Investment Opportunities**: High dividend yields and low valuations in leading cement companies present attractive investment opportunities [3].

Investment Rating - The overall investment rating for the electronic sector is positive, with a focus on AI-driven opportunities and recovery in semiconductor and PCB industries [5]. Core Insights - The electronic sector is experiencing continuous marginal improvement in operations as of Q3 2024, driven by AI-led technological innovations and a recovery in demand across consumer electronics, semiconductors, and PCB industries [3]. - The semiconductor industry has passed its cyclical turning point, with various segments showing recovery trends, particularly in storage, digital chips, and power semiconductors, supported by AI demand and seasonal stocking [3]. - Consumer electronics are entering a traditional peak season, with new AI-enabled products expected to drive a new replacement cycle, benefiting from ongoing upgrades in data center infrastructure [4]. - The PCB industry is also benefiting from AI demand, with expectations for product upgrades and improved utilization rates in the third quarter [4]. Summary by Relevant Sections Semiconductor - The semiconductor industry is recovering, with storage prices expected to rise due to AI demand and seasonal stocking [3]. - Digital chip manufacturers are projected to maintain stable revenue growth, with improved profit and cash flow performance [3]. - The power semiconductor sector is anticipated to enter a new growth cycle as inventory clearances in the industrial and automotive sectors conclude [3]. Consumer Electronics - The traditional peak season for consumer electronics is approaching, with new AI features expected to drive sales of flagship devices from major brands [3]. - The integration of AI in consumer electronics is expected to accelerate product iterations across various categories, including home appliances and wearables [3]. PCB - The PCB industry is expected to see demand growth driven by AI model upgrades and the ongoing transition to new hardware platforms [4]. - The overall utilization rate for copper-clad laminates is recovering, supported by fiscal policies and rising copper prices [4]. Investment Recommendations - Key companies to watch include: - AI computing core supply chain: Huadian Co., Industrial Fulian, Shenzhen South Circuit - AI terminal core supply chain: Luxshare Precision, GoerTek, Pengding Holdings - Leading companies in various segments: Jingce Electronics, Naxin Micro, Hengxuan Technology, Sanhuan Group [4].

Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Views - The company is a leading domestic provider of electronic soldering equipment, having evolved from a single product line supplier to a comprehensive solution provider focusing on semiconductor, new energy, and consumer electronics sectors [2][9]. - The AI technology is accelerating the recovery of the 3C industry, with the company's core business expected to improve as AI smartphones are gradually launched [2][3]. - The trend of SiC adoption is clear, with the company poised to benefit from the growth in the SiC power semiconductor market, projected to reach approximately 8.01 billion USD (about 560 billion RMB) by 2028 [2][3]. - The company has established a diverse customer base, including major players like Apple and CATL, and is expanding its international presence with subsidiaries and service centers in various countries [2][3]. Summary by Sections Company Overview - The company has over 20 years of experience in the electronic soldering equipment industry and has developed a strong foothold in the market [9][10]. - The ownership structure is concentrated, with the controlling shareholders having a solid management and technical background, which supports long-term operations [10]. Business Development - The company is diversifying its business to mitigate the impact of the consumer electronics sector, with a clear strategic plan despite short-term performance pressures [10][11]. - Revenue growth from 2019 to 2023 shows a compound annual growth rate (CAGR) of 14.52%, while net profit has a CAGR of 2.36% [10][11]. Financial Projections - Revenue projections for 2024-2026 are estimated at 1.047 billion, 1.312 billion, and 1.535 billion RMB, with corresponding net profits of 267 million, 341 million, and 420 million RMB [3][12]. - The company’s PE ratios for the same period are projected to be 18.13, 14.19, and 11.52 times [3][12]. Market Trends - The global AI smartphone penetration is expected to reach 43% by 2027, with significant growth in the demand for high-precision soldering equipment due to increased hardware requirements [2][3]. - The company is well-positioned to benefit from the growing market for automatic dispensing machines, projected to reach 1.168 billion USD by 2030 [23]. Competitive Landscape - The electronic assembly equipment industry in China has a pyramid-shaped competitive structure, with high-end markets dominated by foreign companies, while domestic players are making significant inroads [19][20]. - The company has established itself as a key player in the high-end market, leveraging its core soldering technology to compete effectively [19][20].

Investment Rating - The investment ratings for key companies in the report are as follows: - 欧派家居 (603833.SH): Buy [4] - 顾家家居 (603816.SH): Accumulate [4] - 慕思股份 (001323.SZ): Accumulate [4] - 喜临门 (603008.SH): Accumulate [4] - 申洲国际 (2313.HK): Accumulate [4] - 思摩尔国际 (6969.HK): Buy [4] Core Viewpoints - The report indicates that the home furnishing sector is expected to improve due to supportive policies aimed at stabilizing the real estate market and boosting consumer demand. The People's Bank of China has announced measures to lower mortgage rates and unify down payment ratios, which are anticipated to benefit the home furnishing sector [3][6] - Retail sales in the home furnishing and sanitary ware sectors have shown significant growth, with furniture sales increasing by 8.9% and sanitary ware sales by 12% from April to August, indicating a positive trend in consumer spending [3] - The report highlights the long-term growth potential of leading companies in the vaping industry, particularly due to improved overseas regulations and the increasing market share of compliant brands. 思摩尔国际 is expected to benefit from these trends [3][6] Summary by Relevant Sections Real Estate and Consumer Demand - The report emphasizes the importance of real estate stabilization policies and their expected positive impact on the home furnishing sector. The government has implemented several measures to support the market, which is likely to lead to a recovery in home furnishing sales [3][6] Home Furnishing Sector Performance - The report forecasts a recovery in the home furnishing sector, with key companies expected to benefit from improved management efficiency and consumer demand. 欧派家居 is focusing on enhancing operational efficiency, while 顾家家居 is transitioning towards a channel-driven model [6][3] Vaping Industry Outlook - The report notes that the vaping industry is seeing stricter regulations on non-compliant products, which is expected to favor leading brands like 思摩尔国际. The company is also investing in research and development for heated tobacco products, which could contribute to future revenue growth [3][6]

Investment Rating - The investment rating for Hikvision and Dahua Technology is "Accumulate" [4] Core Insights - The meeting of the Political Bureau of the Central Committee on September 26, 2024, emphasized increasing counter-cyclical adjustments in fiscal and monetary policies, indicating strong economic stimulus which may alleviate funding and demand issues for downstream clients [3] - The AIoT leaders, such as Hikvision, have strong resilience and broad coverage of downstream clients, positioning them to benefit from policy funding [3] - AI empowerment is expected to resonate continuously with new productive forces, with Hikvision's "Guanlan Model" and Dahua's "Xinghan Model" leveraging AIoT technology to enhance digital transformation across various industries [3] - The market capitalization of AIoT leaders is substantial, with Hikvision at 260.6 billion and Dahua at 49.5 billion, suggesting they may be prioritized in computer sector allocations as the investment environment improves [3] Summary by Sections Company Ratings - Hikvision: Market capitalization of 260.6 billion, closing price of 28.22, 2023A EPS of 1.53, 2024E EPS of 0.02, 2025E EPS of 0.02, PE ratios of 18.47 (2023A), 1696.91 (2024E), 1543.88 (2025E), rated as "Accumulate" [4] - Dahua Technology: Market capitalization of 49.5 billion, closing price of 15.04, 2023A EPS of 2.24, 2024E EPS of 1.16, 2025E EPS of 1.32, PE ratios of 6.73 (2023A), 13.01 (2024E), 11.43 (2025E), rated as "Accumulate" [4]

证券Ⅱ / 行业点评报告 / 2024.09.27 政策力度加码，各部委合力推进中长期资金入市 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -11% -6% -1% 4% 证券Ⅱ 沪深300 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《对主要指数成份股和长期破净公司 作出专门要求——上市公司市值管理 监管指引点评》 2024-09-25 2. 《支持上市公司并购重组，券商并购 业务迎机遇——并购重组市场改革新 政点评》 2024-09-25 3. 《如何看待"一行一局一会"政策组 合拳对券商股的影响？》 2024-09-25 9 月政治局会议&中长期资金入市意见点评 核心观点 ❖ 事件：9 月 26 日，中共中央政治局召开会议，分析研究当前经济形势，部署 下一步经济工作。同日，为落实政治局会议部署，中央金融办、中国证监会联 合印发《关于推动中长期资金入市的指导意见》(以下简称《指导意见》)。 ❖ 政策力度加码，努力提 ...

Investment Rating - The report suggests a positive outlook for the home furnishing industry, indicating that it is expected to outperform the market benchmark index in the coming months [8]. Core Insights - The recent meeting of the Central Political Bureau emphasized measures to stabilize the real estate market, including controlling new construction, optimizing existing projects, and increasing loan support for "white list" projects, which is expected to benefit the home furnishing sector as it is part of the real estate supply chain [3]. - The government has announced policies to lower existing mortgage rates and adjust housing purchase restrictions, which are anticipated to stimulate demand in the home furnishing market [3]. - The "trade-in" program for home appliances is showing positive results, with various regions implementing subsidies to promote home renovations and smart home consumption, leading to a significant increase in retail sales for furniture and sanitary ware [3]. Summary by Sections Real Estate Market Stabilization - The report highlights the government's commitment to stabilize the real estate market through various measures, including optimizing existing housing stock and increasing financial support for key projects [3]. Consumer Demand and Trade-in Programs - The report notes that the trade-in programs for home appliances are gaining traction, with several regions actively promoting home renovations, which is expected to release pent-up demand in the home furnishing sector [3]. Sales Growth - Retail sales for furniture and sanitary ware have shown significant growth, with furniture sales increasing by 8.9% and sanitary ware by 12% year-on-year from April to August 2024, indicating a strong recovery in consumer spending [3].