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 ...

电力设备 / 行业投资策略周报 / 2024.08.15 主产业链出清，各板块均在复苏 投资评级:看好(维持) 最近 12 月市场表现 -36% -29% -21% -14% -7% 0% 电力设备 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《硅片价格预计见底 海风项目逐步 突破》 2024-08-06 2. 《8 月光伏排产乐观，电新各板块 底部回升》 2024-08-01 3. 《24Q2 新能源持仓下滑，电网较为 稳定》 2024-07-25 核心观点 周观点 证券研究报告 ❖ 光伏：本周国内光伏市场持续低迷，硅料、硅片、电池片和组件价格全面下 跌，辅材价格整体稳定。硅料方面，国产块料均价降至每公斤 39 元，颗粒硅 价格降至每公斤 36 元。电池片方面，P 型 M10 和 G12 分别降至每瓦 1.25 元 /1.70 元，N 型电池片价格也有所下降。组件价格普遍下滑，TOPCon 组件约为 每瓦 0.72-0.80 元。硅料和电池片产量预计下降，反映出市场的供需失衡。光 伏行业面临价格压力和产量波动，但也在积极 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q2 2024 financial report shows revenue of $1.9 billion, a year-on-year increase of 21.8% and a quarter-on-quarter increase of 8.6%. The gross margin is 13.9%, down 6.4 percentage points year-on-year but up 0.2 percentage points quarter-on-quarter. The net profit attributable to shareholders is $165 million, down 59.1% year-on-year but up 129.2% quarter-on-quarter [3][4] - The increase in revenue and gross profit exceeded expectations, driven by a significant increase in wafer sales. The company shipped 2.112 million wafers in Q2 2024, a quarter-on-quarter increase of 17.7%. However, the average selling price (ASP) decreased by 8% quarter-on-quarter, which partially offset the revenue growth [4] - The overseas revenue proportion has increased, with the consumer electronics sector showing significant growth. In Q2 2024, the revenue proportions from China, the US, and the Eurasian region were 80.3%, 16.0%, and 3.7%, respectively. The consumer electronics sector has become the largest revenue source, surpassing smartphones [4] Financial Performance Summary - The company expects to expand its 12-inch wafer capacity by 60,000 pieces in 2024, with an anticipated increase of 46,000 pieces in the second half of the year. The guidance for Q3 2024 indicates a revenue increase of 13% to 15% and a gross margin between 18% and 20% [4] - The projected revenues for 2024-2026 are 587.35 billion, 685.44 billion, and 789.62 billion yuan, with net profits of 34.02 billion, 40.46 billion, and 50.56 billion yuan, respectively. The corresponding price-to-earnings (PE) ratios are 114.47, 96.27, and 77.03 times [4][5]

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元) | 73.57 | | 流通股本(亿股) | 8.87 | | 每股净资产(元) | 8.27 | | 总股本(亿股) | 23.24 | 最近 12 月市场表现 -17% 0% 17% 33% 50% 67% 海光信息 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. 《收入增长超预期，加大新品研发力 度》 2024-07-15 2. 《业绩略超预期，存货大幅增长蓄势 待发》 2024-04-25 3. 《毛利率显著提升，DCU 投入力度加 大》 2024-04-12 海光信息(688041) / 计算机 / 公司点评 / 2024.08.15 前瞻指标持续创新高，DCU 支持大模型训练 证券研究报告 ❖ 事件：公司发布 2024 年中报，2024 年 ...

证券研究报告 投资评级:增持(首次) 核心观点 | --- | --- | |--------------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元 ) | 15.44 | | 流通股本 (亿股) | 0.84 | | 每股净资产 (元) | 7.86 | | 总股本(亿股 ) | 3.37 | | 最近 12 月市场表现 | | 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com IPO 融资促进扩产，推进募投项目。公司于 2023 年进行了 IPO 募资，募 资金额约 9.1 亿元，主要投资于生产智能化改造和研发测试基地建设项目。募 投项目将提升雷达整体智能化生产水平，提升关键工序生产效率和产品质量， 同时为公司研发提供更为良好的测试环境。 航天南湖(688552) / 军工电子Ⅱ / 公司深度研究报告 / 2024.08.14 立足防空预警雷达，推进业务多元化 防空预警雷达龙头企业，产品品类全面。公司是国内防空预警雷达设计和 生产制造的龙头企业之一，由于行业的高门槛，同赛道内竞争对手较少。公 司的主要业 ...

Company Overview - The company, Suzhou Kema Materials Technology Co Ltd, was founded in 2009 and specializes in advanced structural ceramics, particularly for the semiconductor industry [1] - It has developed key products such as 12-inch electrostatic chucks, ultra-high purity silicon carbide kits, and ceramic heaters, contributing to the localization of critical semiconductor equipment components [1] - The company is led by Dr Liu Xianbing, a ceramic materials expert with nearly 20 years of experience in the field [6] Financial Performance - In 2023, the company achieved a sales gross margin of 39 78%, a net profit margin of 17 04%, and an ROE of 11 86% [1] - Revenue increased by 3 89% year-over-year, while net profit declined by 12 20% [1] - The company expects significant growth in 2024, with projected revenue of 3 65-3 92 billion yuan, a 55 93%-67 46% increase, and net profit of 120-144 million yuan, a 253 66%-323 08% increase [28] Market Position and Industry - The company is a leader in domestic advanced structural ceramics for semiconductors, with a strong focus on localization and technological breakthroughs [1] - The global advanced structural ceramics market was valued at 1,067 billion yuan in 2021, with China accounting for 261 billion yuan, and is expected to grow to 1,176 billion yuan by 2024 [12] - The domestic semiconductor equipment advanced structural ceramics market had a localization rate of only about 19% in 2021, indicating significant room for growth [13] Products and Technology - The company offers a wide range of advanced ceramic products, including materials for semiconductor, display panel, and powder processing industries [18] - Key products include ceramic heaters, electrostatic chucks, and ultra-high purity silicon carbide kits, which are critical for semiconductor manufacturing [19] - The company has a strong R&D focus, with 152 technical personnel accounting for 18 34% of total employees, and R&D expenses reaching 46 53 million yuan in 2023 [31][32] Customer Base - The company serves major domestic and international clients, including A Company, Northern Huachuang, and TCL CSOT [36] - It has established long-term relationships with leading companies in the semiconductor, display panel, and powder processing industries [36] Growth Drivers - The company benefits from the rapid development of the domestic semiconductor industry and the increasing demand for localized semiconductor equipment components [25] - Its focus on R&D and technological innovation positions it well to capitalize on the growing demand for advanced structural ceramics in various high-tech industries [30][33]

汽车 / 行业投资策略周报 / 2024.08.13 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 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 月新能源汽车行业洞察》 2024- 08-08 2. 《Robotaxi 行业专题报告》 2024- 08-06 3. 《7 月重卡行业洞察》 2024-08-02 淡季销量有所承压，以旧换新政策有望带动行业回暖 证券研究报告 核心观点 ❖ 板块表现： 8 月 3 日-8 月 9 日沪深 300 指数涨幅-0.35%，申万行业指数中，一级行业汽车 相对收益为-0.13%，二级行业中，汽车零部件相对收益为 0.32%，汽车服务相 对收益为-4.50%，摩托车及其他相对收益为 2.79%，乘用车相对收益为-1.03%， 商用车相对收益为-0.17%。 ❖ 子行业观点： 乘用车：据乘联会数据，7 月 1-31 日，乘用车市场零 ...

建筑材料 / 行业专题报告 / 2024.08.14 B 端消费建材减值计提专题研究之防水行业 投资评级:看好(维持) 最近 12 月市场表现 -32% -25% -18% -11% -4% 3% 建筑材料 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 | --- | --- | |-------------------------|------------| | 1. 《建材行业策略周报》 | 2024-08-12 | | 2. 《建材行业策略周报》 | 2024-08-06 | | 3. 《建材行业策略周报》 | 2024-07-29 | 企业情况各异，地产余波仍存在 证券研究报告 核心观点 ❖ 背景：地产开启下行周期，B 端企业计提压力大。2020 年 7 月开始，为 了调整房企高杠杆、高周转、高负债现象以及一二线城市高房价的情况，政府 开始明确"房住不炒"以及出台"三条红线"等政策限制地产企业进一步提高经 营风险。此背景下，地产企业融资困难，在现金流压力不断加大下，民营地产 企业出清加速，加之人口老龄化、负增长等因素，居民对于房价以 ...

Group 1: Foreign Capital Trends - Over the past three years, foreign capital holdings have decreased by approximately 800 billion CNY, primarily due to stock price adjustments, but there has still been a net inflow of about 130 billion CNY[2] - Northbound capital's market value has decreased by about 830 billion CNY from its peak of approximately 2.7 trillion CNY in 2021, largely due to a 34% decline since December 2021[3] - The main sectors attracting foreign capital over the past three years include new energy and TMT (Technology, Media, and Telecommunications), with about 40% of inflows aligning with the top 100 stocks held by actively managed equity funds[2] Group 2: Changes in Foreign Capital Structure - The structure of foreign capital holdings has shifted, with new energy surpassing food and beverage as the largest sector, while the shares of banking and electronics have increased by 3 percentage points and 1 percentage point, respectively[7] - In the past year, foreign capital has seen an outflow of approximately 140 billion CNY, influenced by a strong US dollar, with active foreign capital adjusting global asset allocations while passive funds remain stable[9] - In the last year, foreign capital has increased its holdings in sectors such as AI-related semiconductors, power, and banking, with significant increases in the allocation to electronics, power, public utilities, and banks[9] Group 3: Fund Holdings and Market Dynamics - The scale of fund holdings has decreased by about 2 trillion CNY, primarily due to price impacts, with active equity funds seeing a decline of 2.1 trillion CNY from Q4 2021 to Q2 2024[14] - The largest sector for actively managed equity funds has shifted from banking to electronics, with increased allocations to Hong Kong stocks and TMT sectors over the past three years[14] - The top 30 newly added stocks in northbound trading are predominantly AI and dividend-related stocks, indicating a strategic focus on these sectors[13]