Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing rapid growth in AI and chip-related revenues, driven by its AI-driven cloud integration strategy [4][5] - The company reported a revenue of 62.562 billion yuan for the first half of 2024, a year-on-year increase of 12.52%, and a net profit attributable to shareholders of 509 million yuan, up 17.52% year-on-year [4] - The second quarter of 2024 saw a significant acceleration in growth, with revenue increasing by 16.87% compared to 7.95% in Q1, and net profit growth accelerating to 22.35% from 12.35% in Q1 [4] - The company’s self-branded revenue reached 2.659 billion yuan in H1 2024, a 45.54% increase year-on-year, with AI server revenue soaring by 273.3% [4] - The company is positioned to benefit from the rapid growth of domestic computing power, leveraging its partnership with Huawei and its own sales channels and cloud service capabilities [5] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 4.5%, an increase of 0.75 percentage points year-on-year [4] - The company’s projected revenues for 2024-2026 are 124.495 billion yuan, 131.179 billion yuan, and 139.614 billion yuan, with net profits expected to be 1.397 billion yuan, 1.667 billion yuan, and 1.997 billion yuan respectively [5] - The company’s PE ratios are projected to be 12x, 10x, and 8x for the years 2024, 2025, and 2026 respectively [5] - The company’s revenue growth rates are expected to be 4.07%, 5.37%, and 6.43% for the years 2024, 2025, and 2026 respectively [6]

英伟达财报高增长，B 系列 Q4 开始产能爬坡 投资评级:看好(维持) 最近 12 月市场表现 -37% -29% -21% -13% -5% 3% 计算机 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 罗云扬 SAC 证书编号：S0160522050002 luoyy@ctsec.com 相关报告 1. 《英伟达 Q2 业绩前瞻》 2024-08- 25 2. 《90s 日本信息与通信公司分阶段表 现》 2024-08-18 3. 《千帆星座成功首发，打造国产低轨 互联网》 2024-08-11 ❖ 投资建议：见正文。 核心观点 证券研究报告 ❖ 财报继续超预期增长。北京时间 2024 年 8 月 29 日，英伟达发布其 FY25Q2 财报(2024 年 Q2)。2024 年 Q2 英伟达实现收入 300.40 亿美元，同比增长 122.4%，净利润 165.99 亿美元，同比增长 168.2%，根据 factset，市场事前预 期收入与为 287.22 亿美元，业绩超市场预期。 ❖ 英伟达 3 季度收入指引超预期，blackwell ...

甘肃电力现货市场规则印发，市场转正吹响号角 证券研究报告 -16% -10% -4% 2% 8% 14% 投资评级:看好(维持) 最近 12 月市场表现 公用事业 沪深300 上证指数 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《配电网方案正式出台 深圳发布碳 配额分配方案》 2024-08-20 2. 《新型电力系统方案发布 智能化与 绿色转型并举》 2024-08-14 3. 《绿电交易专章发布 可再生能源消 纳权重提升》 2024-08-06 甘肃电力现货市场规则正式印发 核心观点 ❖ 甘肃电力现货市场规则正式印发：甘肃省工信厅、甘肃能源监管办、甘肃 省发展改革委、甘肃省能源局发布关于印发甘肃电力现货市场规则的通知， 《甘肃电力现货市场规则》（V3.1）包括五项实施细则，自 2024 年 9 月 1 日起 执行，有效期二年。 ❖ 加快推进中小用户参与电力现货市场，压实新能源预测主体责任：10 千 伏及以上的用电侧经营主体应全部参与现货市场或零售市场，电网企业代理 工商业用户具备条件后，应参与电力现货市场。当新能源报价相同时，该 ...

九洲药业(603456) / 医疗服务 / 公司点评 / 2024.08.29 CDMO 项目管线保持稳定增长，亟待行业回暖 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-28 | | 收盘价 ( 元 ) | 12.25 | | 流通股本 ( 亿股 ) | 8.98 | | 每股净资产 ( 元 ) | 9.33 | | 总股本 ( 亿股 ) | 8.99 | | 最近 12 月市场表现 | | -53% -40% -27% -14% -1% 13% 九洲药业 沪深300 上证指数 医疗服务 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 相关报告 1. 《CDMO 业务稳健增长，原料药短期 承压》 2024-04-13 2. 《收入短期承压，盈利能力持续提升》 2023-10-31 3. 《CDMO 保持稳健增长，盈利能力提 升》 2023-08-15 证券研究报告 ❖ 事件：24H1 实现营收 27.64 亿元（-15.0 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a recovery in revenue growth, with a 11.6% year-on-year increase in H1 2024 revenue to 1.45 billion yuan, and a 31.4% increase in net profit to 90 million yuan [3] - The growth is driven by the toolbox cabinet and cross-border e-commerce businesses, with the AM market revenue reaching 870 million yuan, up 17.7% year-on-year [3] - The company is expected to benefit from the easing of U.S. interest rates and improved consumer spending, with projected revenues of 3.1 billion yuan, 3.6 billion yuan, and 4.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections Financial Performance - H1 2024 revenue was 1.45 billion yuan, a 11.6% increase year-on-year, while Q2 revenue was 820 million yuan, up 17.5% year-on-year [3] - The company's gross margin for H1 2024 was 19.7%, an increase of 1.5 percentage points year-on-year [3] - The net profit margin for H1 2024 was 6.3%, up 0.8 percentage points year-on-year [3] Business Segments - AM market revenue was 870 million yuan, with commercial jacks and professional automotive maintenance equipment showing growth of 29.2% and 29.6% respectively [3] - OEM market revenue for automotive parts was 560 million yuan, a 3.6% increase year-on-year [3] Regional Performance - Revenue from the U.S. market was 560 million yuan, down 10.1% year-on-year, while revenue from Europe and other regions increased by 25.4% to 520 million yuan [3] - Revenue from mainland China reached 350 million yuan, a significant increase of 44.4% year-on-year, driven by expansion into the new energy vehicle sector [3] Future Outlook - The company plans to continue expanding its cross-border e-commerce operations and has set up overseas warehouses in Seattle, Houston, and Charlotte [3] - The acquisition of Puke Technology has led to rapid sales growth and profitability, with further capacity expansion expected [3] - The company anticipates continued revenue recovery in the second half of 2024, supported by easing inflation in the U.S. [3]

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company reported strong H1 2024 results with revenue of 2.372 billion yuan, up 28.88% YoY, and net profit of 256 million yuan, up 11.43% YoY [1] - Q2 2024 revenue reached 1.313 billion yuan, up 31.89% YoY, with net profit of 152 million yuan, up 10.08% YoY [1] - Gross margin in H1 2024 was 18.16%, down 2.57 percentage points YoY, while R&D expenses increased to 4.24% of revenue, up 0.14 percentage points YoY [1] - The company is expanding its production capacity with new bases in Zhaoqing, Hefei, and Anqing, and has entered the German OEM supply chain with its third-generation smart cockpit "ix-2024" [2] - Forecasted net profits for 2024-2026 are 601 million yuan, 755 million yuan, and 873 million yuan, respectively, with corresponding P/E ratios of 7.65x, 6.09x, and 5.26x [2] Financial Performance - Revenue growth is expected to be 19.89% in 2024E, 14.90% in 2025E, and 14.90% in 2026E [3] - Net profit growth is projected at 10.04% in 2024E, 25.59% in 2025E, and 15.71% in 2026E [3] - ROE is forecasted to increase from 11.02% in 2024E to 13.19% in 2026E [3] - EPS is expected to grow from 1.58 yuan in 2024E to 2.30 yuan in 2026E [3] Operational Highlights - The company has 15 production bases across China, including Changshu, Changchun, Shenyang, and Beijing [2] - Smart cockpit business is a key focus, with the "ix-2024" model winning the Red Dot Award and securing a position in the German OEM supply chain [2] - The company is actively expanding its overseas market presence, particularly in the smart cockpit segment [2] Valuation Metrics - The company's P/E ratio is expected to decline from 7.65x in 2024E to 5.26x in 2026E [2] - PB ratio is forecasted to decrease from 0.84x in 2024E to 0.69x in 2026E [3] - EV/EBITDA is projected to drop from 5.1x in 2024E to 3.8x in 2026E [4]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-27 | | 收盘价 ( 元 ) | 42.77 | | 流通股本 ( 亿股 ) | 3.04 | | 每股净资产 ( 元 ) | 5.64 | | 总股本 ( 亿股 ) | 4.30 | | 最近 12 月市场表现 | | -52% -33% -14% 6% 25% 44% 佰维存储 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《发掘先进封装需求，深耕存储模组 市场》 2024-06-08 佰维存储(688525) / 半导体 / 公司点评 / 2024.08.28 行业景气度恢复，营收利润大幅增长 证券研究报告 ❖ 事件：佰维存储发布 2024 年半年报：2024H1 公司实现营收 34.41 亿元，同比 增长 199.64%；实现归母净利润 2.83 亿元，同比增长 195.58%。 ❖ 存储器行业复苏，推动公司业绩大幅改善：2024 年上半年 ...

AI 及汽车电子带动传统 PCB 业务高速增长 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-27 | | 收盘价(元) | 104.66 | | 流通股本(亿股) | 5.11 | | 每股净资产(元) | 26.73 | | 总股本(亿股) | 5.13 | 最近 12 月市场表现 深南电路 沪深300 上证指数 元件 -23% 4% 30% 57% 83% 110% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 白宇 SAC 证书编号：S0160523100001 baiyu@ctsec.com 证券研究报告 ❖ 事件：公司 2 季度实现营业收入 43.60 亿元，同比增长 34.19%，环比增长 10.07%，实现归母净利润 6.08 亿元，同比增长 127.18%，环比增长 60.11%。 ❖ AI 及汽车电子带动公司高多层 PCB 业务及毛利率加速增长：公司高毛 利的有线侧 PCB（交换机、路由器、光模块等领域）以及数通 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-27 | | 收盘价 ( 元 ) | 40.30 | | 流通股本 ( 亿股 ) | 0.71 | | 每股净资产 ( 元 ) | 18.15 | | 总股本 ( 亿股 ) | 0.94 | | 最近 12 月市场表现 | | -50% -33% -15% 3% 20% 38% 精智达 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《利润大幅增长，半导体产品研发稳 步推进》 2023-11-02 2. 《存储测试打开新格局，国产检测设 备突破者》 2023-09-01 精智达(688627) / 通用设备 / 公司点评 / 2024.08.28 营收与利润稳步增长，半导体业务稳步推进 证券研究报告 ❖ 事件：精智达发布 2024 年半年报：2024H1 公司实现营收 3.62 亿元，同比增 长 46.15%；实现归母净利润 0.38 亿元，同比增长 1 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a stabilization in silicon material prices, with slight declines in prices for silicon wafers, batteries, and components, while silver prices have increased [3] - In July 2024, China's new photovoltaic installations reached 21.05 GW, a year-on-year increase of 12.3%, with cumulative installations reaching 123.53 GW, a 27.1% increase year-on-year [3][9] - The lithium battery sector shows signs of recovery, with Q2 performance indicating a significant improvement in operational conditions [3] - The wind power sector is witnessing new project announcements, including a 900 MW offshore wind project in Guangzhou, indicating a potential turning point for offshore wind energy [3] - Investment in power equipment remains robust, with a 19.2% year-on-year increase in grid project investments from January to July 2024 [3][25] - The hydrogen energy segment is expected to grow significantly, with a focus on green hydrogen projects and the demand for electrolyzers and compressors [3] - The robotics industry is advancing, with China holding two-thirds of global robot-related patents and showcasing new industrial applications at the World Robot Conference [3] Summary by Sections Photovoltaics - Silicon material prices have stabilized, while prices for silicon wafers, batteries, and components have slightly decreased [7] - In the first seven months of 2024, photovoltaic installations accounted for 67% of the total new power installations in China [9] Lithium Batteries - The average price of battery-grade lithium carbonate has decreased to 74,300 CNY per ton, with a weekly decline of 1.20% [10] - The demand for lithium iron phosphate is increasing, driven by the storage market [10][12] Wind Power - The Guangdong 400 MW offshore wind project has announced its winning bidders, with construction expected to start in October 2024 [21] - The 500 MW offshore wind project by Huadian Group has also announced its winning bidders [22] Power Equipment - From January to July 2024, grid project investments reached 294.7 billion CNY, a 19.2% increase year-on-year [25] - Transformer exports for the first seven months of 2024 reached 16.64 billion CNY, a 47.8% increase year-on-year [27] Hydrogen Energy - The cumulative bidding for electrolyzers reached 2,181 MW from January to August 2024, a year-on-year increase of 66.81% [31] - Shandong Province has introduced a policy to exempt hydrogen vehicles from highway tolls, promoting the hydrogen energy industry [34] Robotics - The World Robot Conference showcased 27 humanoid robots, with China holding a significant share of global robot patents [35] - New humanoid robot solutions were presented, indicating advancements in industrial applications [36]