农林牧渔 / 行业投资策略周报 / 2024.08.18 供应偏紧猪价延续上行，7 月产能回补较慢 投资评级:看好(维持) 最近 12 月市场表现 -18% -14% -10% -6% -2% 2% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《猪价震荡向上，鸡苗价格较快回升》 2024-08-17 2. 《供应偏紧猪价升破 20 元，持续推 荐生猪养殖》 2024-08-11 3. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价偏强上涨，价格周期反转。市场挺价情绪较强，供应持续偏紧 张；部分压栏大猪陆续出栏，预计短期肥猪价格会有所下降。中长期，企业 现金流压力明显，价格周期反转，持续推荐配置生猪养殖。1）数量端：7 月能 繁母猪存栏有所增加。根据钢联统计，7 月能繁母猪存栏量较 6 月环比 +1.11%，其中规模场环比+1.14%，中小散环比+0.20%。2）价格端：震荡向 上。根据涌益咨询，8 月 15 日，商品猪出栏价为 21. ...

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 136.14 | | 流通股本(亿股) | 1.70 | | 每股净资产(元) | 37.01 | | 总股本(亿股) | 2.37 | 最近 12 月市场表现 -24% -16% -8% 1% 9% 17% 华海清科 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《CMP 业务稳步发展，新产品进展顺 利》 2024-04-28 2. 《把握机遇业绩高增，多元布局加速 成长》 2023-11-02 3. 《业绩高速增长，新业务发展良好》 2023-08-31 华海清科(688120) / 半导体 / 公司点评 / 2024.08.17 营收利润稳步增长，多地扩建厂房 证券研究报告 ❖ 事件：华海清科发布 2024 年半年报。2024 年上半年，公司实现营业收入 14.97 亿元，同比增长 21.23%；归母净利润 4.33 亿元，同比增 ...

Investment Rating - The investment rating for Hikvision (002415) is "Accumulate" (maintained) [1] Core Views - The overall operation in Q2 2024 is stable, with rapid growth in innovative businesses. The company reported a revenue of 41.209 billion yuan in 1H2024, a year-on-year increase of 9.68%, while the net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan. The non-recurring net profit attributable to shareholders increased by 4.11% to 5.243 billion yuan [4][6] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 23.392 billion yuan, a year-on-year increase of 9.46%. However, the net profit attributable to shareholders decreased by 10.73% to 3.148 billion yuan. The non-recurring net profit attributable to shareholders remained stable at 3.483 billion yuan, with a slight increase of 0.02% [5][6] - For 1H2024, the domestic main business remained stable, with the PBG segment under pressure, reporting a revenue of 5.693 billion yuan (down 9.25%). The EBG segment grew by 7.05% to 7.489 billion yuan, while the SMBG segment was stable with a revenue of 5.789 billion yuan (up 0.64%). The overseas main business showed resilience, with a revenue of 11.441 billion yuan, an increase of 15.46% [6] Innovative Business Growth - The innovative business segment experienced rapid growth, generating a revenue of 10.328 billion yuan, up 26.13%, accounting for 25.06% of total revenue. The gross margin increased by 1.94 percentage points year-on-year. Notable growth was seen in storage (up 65.51% to 1.312 billion yuan), automotive electronics (up 60.35% to 1.606 billion yuan), thermal imaging (up 24.05% to 1.83 billion yuan), robotics (up 20.45% to 2.744 billion yuan), and smart home (up 12.17% to 2.449 billion yuan) [6] Future Projections - The company is expected to achieve revenues of 99.199 billion yuan, 111.391 billion yuan, and 125.912 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 15.355 billion yuan, 16.877 billion yuan, and 19.031 billion yuan for the same years. The corresponding PE ratios are expected to be 16.56, 15.07, and 13.36 times [6][7]

科达利(002850) / 电池 / 公司点评 / 2024.08.17 2024H1 业绩符合预期，利润率维持稳定 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 71.05 | | 流通股本(亿股) | 1.93 | | 每股净资产(元) | 39.05 | | 总股本(亿股) | 2.71 | 最近 12 月市场表现 -52% -42% -31% -21% -10% 0% 科达利 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 分析师 张磊 SAC 证书编号：S0160522120001 zhanglei02@ctsec.com 相关报告 1. 《结构件全球布局，进军机器人拓宽 赛道》 2024-08-12 证券研究报告 ❖ 事件：公司发布 2024 年半年报，2024 年上半年公司实现营收 54.46 亿元，同 比+10.75%；实现归母净利 6.48 亿元，同比+27.38%；实现扣非归母净 ...

东方电缆(603606) / 电网设备 / 公司点评 / 2024.08.17 投资评级:买入(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 48.48 | | 流通股本(亿股) | 6.88 | | 每股净资产(元) | 9.64 | | 总股本(亿股) | 6.88 | 最近 12 月市场表现 东方电缆 沪深300 上证指数 -20% -10% -1% 9% 19% 29% 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《国内海外订单持续落地，有望持续 成长》 2024-08-06 2. 《一季度业绩超预期，在手订单充裕》 2024-05-12 3. 《高端海缆巩固龙头地位，海内外市 场持续开拓》 2023-08-12 证券研究报告 ❖ 事件：公司发布半年度报告，报告期末公司实现营业收入 40.68 亿元，同比增 长 10.31%；实现归母净利润 6.44 亿元，同比增长 4.47%；实现扣非净利润 5. ...

农林牧渔 / 行业投资策略月报 / 2024.08.17 投资评级:看好(维持) 最近 12 月市场表现 -19% -15% -11% -7% -4% 0% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《供应偏紧猪价升破 20 元，持续推 荐生猪养殖》 2024-08-11 2. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 3. 《供应持续偏紧，看好猪价上行趋势》 2024-07-28 猪价震荡向上，鸡苗价格较快回升 证券研究报告 7 月畜禽养殖跟踪月报 核心观点 ❖ 生猪养殖：猪价整体向上，产能回补较慢。供应整体偏紧，推动猪价上行， 压栏有所增加但影响整体有限；需求端暂无好转。据农业农村部，7 月生猪均 价为 18.65 元/kg，月环比+2.78%，月同比+30.01%。7 月出栏均重整体震荡， 根据涌益咨询，7 月全国平均商品猪出栏体重为 125.53kg，月环比-0.51%。7 月行业产能有所增加。由于夏季高温高湿天气，以及养殖模式结构的改变，中 小规模养殖户补栏情绪较为有限，南方部分中 ...

润本股份(603193) / 美容护理 / 公司点评 / 2024.08.17 驱蚊旺季快速增长，产品结构优化盈利能力增强 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-16 | | 收盘价 ( 元 ) | 17.22 | | 流通股本 ( 亿股 ) | 0.61 | | 每股净资产 ( 元 ) | 5.02 | | 总股本 ( 亿股 ) | 4.05 | | 最近 12 月市场表现 | | -44% -35% -26% -17% -8% 1% 润本股份 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《Q1 利润增速超预期，期待销售旺 季新品表现》 2024-04-25 2. 《营收规模持续增长，带动盈利能力 提升》 2024-01-25 3. 《Q3 营收增速减缓，净利率提升保 持盈利韧性》 2023-10-28 证券研究报告 ❖ 事件：公司发布 2024 年半年报：2024H1 公司实现营收 7.44 亿元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company is a leading player in the digital printing industry, focusing on a comprehensive product matrix that includes digital printing equipment, inks, and process solutions, achieving over 50% market share in high-end textile digital inkjet printing machines in China from 2017 to 2019 [2][3] - The penetration rate of digital printing equipment is increasing, driven by the "small batch quick return" model in the textile industry, which is expected to accelerate the transition from traditional printing methods to digital printing [2][3] - The company is enhancing its revenue growth through a dual-driven model of "equipment + ink," with significant investments in production capacity for both digital printing equipment and inks [2][3] Company Overview - The company has been dedicated to the digital printing field for 30 years, developing a full industry chain advantage [13] - The product structure includes three main categories of digital printing equipment: direct-to-fabric printers, digital ink transfer printers, and high-speed industrial printers, along with various types of inks [13][52] - The company has a stable shareholding structure with no controlling shareholder, and the management team has extensive industry experience [49][52] Financial Analysis - The company has shown steady growth in profitability, with a CAGR of +28.24% in revenue and +34.83% in net profit from 2017 to 2023 [57] - The projected revenue for 2024-2026 is expected to reach 1.665 billion, 2.243 billion, and 2.927 billion yuan, with corresponding net profits of 416 million, 543 million, and 700 million yuan [3][4] - The company’s gross profit margins for digital printing equipment and ink have improved significantly, indicating enhanced profitability [57]

电子 / 行业专题报告 / 2024.08.16 AI 催化交换机配套升级，PCB 行业有望受益 投资评级:看好(维持) 最近 12 月市场表现 -25% -18% -11% -4% 3% 10% 电子 沪深300 上证指数 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. 《AI 引领增长，行业复苏向上》 2024-06-28 2. 《景气度呈现复苏态势，国产替代集 中发力》 2024-05-23 3. 《铜互联，数据中心通信网络重要解 决方案》 2024-05-23 表 1：重点公司投资评级: EPS（元） PE 投资评级 2023A 2024E 2025E 2023A 2024E 2025E 002463 沪电股份 622.08 32.51 0.79 1.20 1.53 27.91 27.01 21.24 增持 002916 深南电路 542.98 105.87 2.73 3.52 4.21 26.04 30.06 25.13 增持 60 ...

继峰股份(603997) / 汽车零部件 / 公司点评 / 2024.08.16 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-15 | | 收盘价 ( 元 ) | 11.03 | | 流通股本 ( 亿股 ) | 11.66 | | 每股净资产 ( 元 ) | 4.18 | | 总股本 ( 亿股 ) | 12.66 | | 最近 12 月市场表现 | | -30% -22% -14% -6% 1% 9% 继峰股份 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. 《乘用车座椅总成再获定点，订单充 裕未来可期》 2024-07-26 2. 《乘用车座椅总成项目获头部主机厂 定点》 2024-07-15 3. 《H1 业绩扭亏为盈，乘用车座椅空 新兴业务发展迅速，海外业务整合持续推进 证券研究报告 ❖ 事件 ...