2024 年 08 月 27 日 | --- | --- | |---------------------|---------------| | 评级 | 买入 | | | 评级变动 调高 | | 交易数据 | | | 当前价格（元） | 18.91 | | 52 周价格区间（元） | 14.71-27.11 | | 总市值（百万） | 54084.12 | | 流通市值（百万） | 54084.12 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | 涨跌幅比较 紫光股份 IT服务Ⅱ -40% -20% 0% 20% 2023/08 2023/11 2024/02 2024/05 2024/08 | --- | --- | --- | --- | |----------|--------|--------|--------| | % | 1M | 3M | 12M | | 紫光股份 | -16.84 | -15.16 | -22.12 | | IT 服务Ⅱ | -6.47 | -15.89 | -32.00 | 何晨 分析师 执业证书编号:S053051308 ...

2024 年 08 月 26 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n22.06 | | 52 周价格区间（元） | | 19.58-38.90 | | 总市值（百万） | | 10732.79 | | 流通市值（百万） | | 6490.17 | | 总股本（万股） | | 48652.70 | | 流通股（万股） | | 29420.60 | 涨跌幅比较 -16% 34% 84% 134% 2023-08 2023-11 2024-02 2024-05 2024-08 九典制药 化学制药 | --- | --- | --- | --- | |----------|--------|--------|-------| | % | 1M | 3M | 12M | | | | | | | 九典制药 | -10.94 | -13.08 | 57.82 | | 化学制药 | 1.99 | -7.71 | -3.55 | 吴号 分 ...

证券研究报告 公司点评 春风动力(603129.SH) 汽车｜ 摩托车及其他 两轮快速成长，盈利能力改善 2024 年 08 月 23 日 评级 买入 | --- | --- | --- | |---------------------------|----------|---------------| | 交易数据 \n当前价格（元） | 评级变动 | 首次 \n126.00 | | 52 周价格区间（元） | | 81.10-176.80 | | 总市值（百万） | | 19080.50 | | 流通市值（百万） | | 19080.50 | | 总股本（万股） | | 15143.20 | | 流通股（万股） | | 15143.20 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|--------------|---------| | | | | | | 36% | 春风动力 | 摩托车及其他 | | | 16% -4% | | | | | -24% | | | | | -44% 2023-0 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1][8][14] Core Views - The company has demonstrated strong growth resilience in H1 2024, achieving revenue of 8.55 billion yuan (up 3.7% year-on-year) and a net profit of 1.01 billion yuan (up 29.3% year-on-year) [5][9] - The company's product structure optimization, favorable policies, and investment income have contributed to profit growth [6][8] - The company is advancing its electrification and internationalization strategies, with significant growth expected in South America and Southeast Asia [7][8] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 8.55 billion yuan, with a net profit of 1.01 billion yuan, reflecting a year-on-year increase of 29.3% [5][9] - The gross margin and net margin for H1 2024 were 21.4% and 12.5%, respectively, with the net margin reaching a historical high [6][9] Revenue Forecast - The company forecasts revenue growth from 14.41 billion yuan in 2022 to 23.86 billion yuan in 2026, with net profit expected to rise from 0.99 billion yuan in 2022 to 2.77 billion yuan in 2026 [6][13] Product and Market Strategy - The company is focusing on optimizing its product structure, with significant sales growth in electric forklifts, particularly high-margin products [6][8] - The company is expanding its international presence, establishing subsidiaries in Japan, Indonesia, and France to enhance its market influence [7][8] Investment and Policy Impact - The company benefited from a VAT reduction policy, contributing approximately 80 million yuan to profits in H1 2024 [6][8] - Investment income from joint ventures has also positively impacted profitability, with a reported income of 230 million yuan in H1 2024 [6][8]

Investment Rating - The report maintains an "Overweight" rating for Inspur Information (000977 SZ) [1] Core Views - Inspur Information's H1 2024 performance showed significant recovery, with robust demand for AI computing power in downstream markets [3] - Overseas business expanded rapidly, with overseas sales revenue reaching 12 264 billion yuan in H1 2024, a YoY increase of 171 54% [4] - Gross margin faced pressure, but cost control remained stable, with overall expense ratios showing effective management [4] - Contract liabilities and inventory levels were high, indicating strong demand for AI computing power, with contract liabilities increasing by 5 8 billion yuan compared to the end of 2023 [4] - The company's server and storage products maintained leading global market shares, benefiting from the AIGC trend [4] Financial Performance Summary - H1 2024 revenue reached 42 064 billion yuan, a YoY increase of 69 63%, with net profit attributable to shareholders of 597 million yuan, up 83 53% YoY [3] - Q2 2024 revenue was 24 457 billion yuan, a YoY increase of 58 49%, with net profit attributable to shareholders of 291 million yuan, up 129 01% YoY [3] - Asset impairment losses in H1 2024 reached 302 million yuan, higher than previous years, impacting reported profits [3] Market Position - Inspur Information ranked second globally and first in China for server market share in Q1 2024 [4] - The company was among the top three globally and first in China for storage installation capacity in Q1 2024 [4] - It held the top position in China for liquid-cooled server market share in 2023 and edge server market share in 2023 [4] Financial Forecasts - Revenue for 2024-2026 is projected to be 757 96/864 81/978 31 billion yuan, with YoY growth rates of 15 08%/14 10%/13 12% [4] - Net profit attributable to shareholders is expected to be 2 138/2 549/3 041 billion yuan for 2024-2026, with YoY growth rates of 19 93%/19 23%/19 31% [4] - EPS for 2024-2026 is forecasted to be 1 45/1 73/2 07 yuan, with corresponding P/E ratios of 22/18/15 times [4] Valuation Metrics - The current P/E ratio is 22 42, with a P/B ratio of 2 87 [1] - The company's total market capitalization is 46 63725 billion yuan, with a circulating market capitalization of 46 58166 billion yuan [1]

证券研究报告 公司点评 爱美客(300896.SZ) 2024 年 08 月 23 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 141.30 | | 52 周价格区间（元） | 141.30-453.10 | | 总市值（百万） | 42734.50 | | 流通市值（百万） | 29456.10 | | 总股本（万股） | 30243.80 | | 流通股（万股） | 20846.50 | 涨跌幅比较 爱美客 美容护理 -51% -31% -11% 9% 29% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 爱美客 -16.86 -36.75 -52.77 美容护理 -11.01 -25.85 -38.38 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 爱美客（300896.SZ）2024 年一季报点评：业 绩增长符合预期，期待核心 ...

2024 年 08 月 26 日 评级 买入 | --- | --- | |---------------------|------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 9.96 | | 52 周价格区间（元） | 7.90-12.14 | | 总市值（百万） | 26197.52 | | 流通市值（百万） | 26197.52 | | 总股本（万股） | 263027.30 | | 流通股（万股） | 263027.30 | 涨跌幅比较 福能股份 电力 -6% 14% 34% 54% 74% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 福能股份 -11.15 -4.05 28.35 电力 -4.27 -2.10 5.71 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 福能股份（600483.SH）23 年一季报点评：煤 价拖累业绩短暂下滑，海风和气电高增 2023-05-05 证券研究报告 公司点评 福能股份(600483.SH) ...

行业月度点评 医疗器械 证券研究报告 补短板强基层，医疗设备更新行动不断推进 2024 年 08 月 20 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 医疗器械 沪深300 -16% -6% 4% 14% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 医疗器械 -6.20 -16.90 -15.88 龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 沪深 300 -5.83 -9.39 -11.93 1 医疗器械行业 7 月报：设备更新财政贴息贷 款政策发布，国产厂商有望受益 2024-07-19 2 医疗器械行业 6 月报：集采提质扩面，关注 创新+出海主线 2024-06-24 3 医疗器械行业 5 月报：压制因素逐步消化， 板块业绩企稳 2024-05-10 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------|----------|-----------|----------|---- ...

Investment Rating - The report maintains a "Buy" rating for Wanxing Technology (300624 SZ) [1] Core Views - Wanxing Technology's H1 2024 performance was under pressure due to increased AI investments, leading to a decline in gross margin and higher R&D expenses [3] - The company continues to enhance its AI capabilities, with over 100 AI algorithms developed or integrated, resulting in over 100 million calls [4] - Wanxing Technology is actively exploring AI commercialization scenarios and monetization models, which could expand its product revenue potential [5] - The company announced a share repurchase plan to boost employee confidence, with a maximum repurchase price of 71 78 yuan per share [5] - Revenue and profit forecasts for 2024-2026 have been slightly adjusted downward, with expected revenue growth rates of 10 05%, 20 68%, and 20 98% respectively [5] Financial Performance - H1 2024 revenue was 705 million yuan, a YoY decrease of 1 80%, with net profit attributable to the parent company at 24 million yuan, a YoY decrease of 43 99% [3] - Q2 2024 revenue was 347 million yuan, a YoY decrease of 4 43%, with a net loss of 1 million yuan [3] - Gross margin decreased by 1 62 percentage points due to increased server and AI software costs [3] - R&D expense ratio increased by 2 83 percentage points YoY [3] AI Development - Wanxing Technology is advancing its self-developed multimedia model, integrating it with various products and accessing high-quality algorithms [4] - The company has developed or integrated over 100 AI algorithms, achieving over 100 million calls [4] - AI features such as AI background removal, noise reduction, and text generation are being monetized through AI add-on packages [5] Share Repurchase - The company plans to repurchase 2000-4000 million yuan worth of shares at a maximum price of 71 78 yuan per share, representing 0 14%-0 29% of total shares [5] - The repurchased shares will be used for employee stock ownership or equity incentive plans [5] Financial Forecasts - 2024-2026 revenue is forecasted at 16 30, 19 67, and 23 79 billion yuan, with YoY growth rates of 10 05%, 20 68%, and 20 98% respectively [5] - Net profit attributable to the parent company is expected to be 93, 119, and 160 million yuan, with YoY growth rates of 8 13%, 28 18%, and 33 66% respectively [5] - EPS is projected at 0 48, 0 62, and 0 83 yuan, with corresponding P/E ratios of 87, 68, and 51 times [5] Valuation Metrics - Current P/E ratio is 87 15, with a P/B ratio of 5 78 [5] - The company's P/S ratio is expected to decrease from 5 0 in 2024 to 3 4 in 2026 [5]

证券研究报告 公司点评 金山办公(688111.SH) 计算机｜ 软件开发 个人订阅延续增长势头，AI 商业化稳步推进 2024 年半年报点评 2024 年 08 月 21 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 191.15 | | 52 周价格区间（元） | 187.33-394.60 | | 总市值（百万） | 88411.78 | | 流通市值（百万） | 88411.78 | | 总股本（万股） | 46252.60 | | 流通股（万股） | 46252.60 | 涨跌幅比较 金山办公 软件开发 -49% -29% -9% 11% 2023/08 2023/11 2024/02 2024/05 2024/08 % 1M 3M 12M 金山办公 -6.06 -31.78 -47.99 软件开发 -5.03 -19.44 -43.65 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 hu ...