Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549.SH) [1] Core Views - The company's profit has significantly increased, with a net profit of 1.017 billion yuan in the first half of 2024, representing a year-on-year growth of 28.47% [4] - The tungsten and molybdenum segment has shown rapid growth, driven by rising tungsten concentrate prices and the expansion of photovoltaic tungsten wire production [4][5] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 37.351 billion yuan, 40.110 billion yuan, and 43.299 billion yuan respectively, with corresponding net profits of 2.125 billion yuan, 2.590 billion yuan, and 2.977 billion yuan [5] Summary by Sections Market Performance - The stock has shown a relative performance of -6.01% over the last month and -10.59% over the last two months compared to the CSI 300 index [3] Financial Performance - In the first half of 2024, the company reported total revenue of 17.162 billion yuan, a decrease of 8.37% year-on-year, while the tungsten and molybdenum business achieved revenue of 8.781 billion yuan, a year-on-year increase of 10.98% [4][5] - The average price of domestic black tungsten concentrate was 134,400 yuan per ton, up 13.04% year-on-year, and APT (88.5%) averaged 198,400 yuan per ton, up 11.02% year-on-year [4] Business Segments - The tungsten and molybdenum segment's profit totaled 1.427 billion yuan, reflecting a year-on-year increase of 29.50% [4] - The rare earth business saw a revenue decline of 21.48% to 2.054 billion yuan, primarily due to the integration with China Rare Earth Group [5] - The energy materials segment reported revenue of 6.3 billion yuan, down 22.43% year-on-year, despite a 29.98% increase in cobalt acid lithium sales [5] Investment Recommendations - The report suggests that the company is well-positioned to benefit from rising tungsten prices and the expansion of its photovoltaic product line, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for the company,珍酒李渡 (6979.HK) [1] Core Views - The company reported a revenue of 4.13 billion HKD for H1 2024, representing a year-on-year growth of 17.5%. The net profit attributable to shareholders was 752 million HKD, with an adjusted net profit of 1.02 billion HKD, reflecting a year-on-year increase of 26.9% [3][4] - The growth in the珍酒 and李渡 brands was significant, with李渡 experiencing a 38% increase in revenue, driven by an improved product matrix and penetration into markets outside its home province [3][4] - The company is actively implementing a dual-channel growth strategy, which is expected to enhance the potential of its partners and prepare for future growth [3][4] Financial Performance - For H1 2024, the珍酒 brand saw a 17% increase in revenue, while李渡 grew by 38%. The high-end and next-high-end segments grew by 18% and 33%, respectively [3][4] - The overall gross margin improved by 0.9 percentage points, primarily due to a decrease in the proportion of mid-range products and the positive contribution from new self-owned production capacity [3][4] - The adjusted net profit margin increased by 1.8 percentage points to 24.6% [3][4] Future Projections - Revenue projections for 2024-2026 are 8.45 billion, 10.13 billion, and 11.96 billion HKD, with year-on-year growth rates of 20.1%, 20.0%, and 18.1%, respectively. Adjusted net profits are expected to be 2.04 billion, 2.53 billion, and 3.14 billion HKD, with growth rates of 25.6%, 24.1%, and 24.1% [4][5]

[Table_Main] 证券研究报告 | 公司点评 致欧科技(301376.SZ) 2024 年 08 月 22 日 总股本(百万股)： 401.50 流通 A 股(百万股)： 127.56 52 周内股价区间(元)： 17.06-29.07 总市值(百万元)： 6,849.59 总资产(百万元)： 5,850.16 每股净资产(元)： 7.71 资料来源：公司公告 买入（维持） 所属行业：轻工制造/家居用品 当前价格(元)：17.06 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 2024-08 致欧科技 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -10.02 | -22.21 | -38.28 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company, Lingyi Technology (002600.SZ), is a leading enterprise in precision manufacturing for consumer electronics, benefiting from the AI terminal wave [3][4]. - In 2023, the company achieved revenue of 34.1 billion yuan and a net profit of 2.051 billion yuan, with a gross margin of 19.9% and a net margin of 6.0% [3][5]. - The company has a strong cash flow and is expanding its revenue from new business areas, with overseas revenue accounting for nearly 70% in 2023 [3][5]. Company Strength - Lingyi Technology was established in 2006 and went public in 2018 through a merger with Jiangfen Magnetic Materials. It has expanded from die-cutting to various manufacturing processes, including stamping, CNC machining, injection molding, and ODM services [3][12]. - The company serves major clients such as Apple, Huawei, OPPO, and Samsung, and has diversified into new sectors like electric vehicles and photovoltaic energy [3][4][12]. Consumer Electronics - The consumer electronics sector is expected to benefit from the innovation driven by generative AI, with a recovery in demand anticipated in the second half of 2023 [4][50]. - The company is well-positioned to capitalize on the upcoming upgrade cycle for AI smartphones and foldable devices, which are expected to drive sales growth [4][52][77]. New Fields - The electric vehicle and photovoltaic storage sectors are projected to maintain high growth rates, with the company already supplying precision structural components for battery systems [4][89]. - In 2023, the automotive business generated approximately 1.697 billion yuan in revenue, reflecting a growth of over 40% year-on-year [4][93]. Financial Performance - The company forecasts revenues of 40.995 billion yuan, 50.086 billion yuan, and 58.210 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.903 billion yuan, 3.003 billion yuan, and 4.022 billion yuan [5][109]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 26.07, 16.52, and 12.34, respectively, indicating significant potential for valuation improvement [5][112]. Competitive Advantages - The company emphasizes a globalized layout and strong R&D capabilities, which enhance its long-term growth potential [3][39]. - A new round of stock option incentives is set to activate core employee interests, further supporting the company's strategic goals [5][44].

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics industry, indicating a positive outlook for the sector [2]. Core Insights - The consumer electronics industry is experiencing a significant transformation with the introduction of innovative foldable screen smartphones by major manufacturers such as Honor, Samsung, Xiaomi, and Huawei. This trend is expected to lead to a turning point in the industry chain [2]. - The global shipment of foldable smartphones is projected to grow by 49% year-on-year in Q1 2024, driven by brands like Huawei, Honor, and Motorola. As user pain points such as battery life, weight, and software compatibility are addressed, foldable smartphones are anticipated to enter a rapid growth phase [2]. Summary by Sections Market Performance - The report includes a market performance chart showing a range of percentage changes from -22% to +22% for the consumer electronics sector compared to the CSI 300 index from August 2023 to August 2024 [2]. Product Launches - Honor launched its first small foldable smartphone, the Nova Flip, with a starting price of 5288 RMB, featuring a unique 1:1 square outer screen and advanced specifications [3]. - Xiaomi introduced its first small foldable smartphone, the MIX Flip, and the new lightweight flagship MIX Fold 4, both equipped with high-performance Snapdragon 8 Gen3 processors [4]. - Samsung released the sixth generation of its foldable series, the Galaxy Z Fold 6 and Z Flip 6, featuring advanced AI capabilities and improved durability [5][6]. Future Outlook - The report anticipates that foldable smartphones will become a key focus for major brands in the saturated smartphone market. It highlights the potential for significant growth in the foldable smartphone segment, particularly with the expected entry of Apple into this market with foldable iPhones and iPads by 2026 [8]. - IDC data indicates that the price range for foldable smartphones in China is decreasing, with models priced between 600-800 USD increasing to 14.1% of the market, suggesting a shift towards mainstream adoption [8]. Investment Recommendations - The report suggests focusing on key components of the foldable smartphone supply chain, including flexible OLED panels, UTG covers, hinges, batteries, and thermal management solutions. Specific companies to watch include BOE Technology, TCL Technology, and others involved in these segments [8].

[Table_Main] 证券研究报告 | 公司点评 爱 美 客(300896.SZ) 2024 年 08 月 22 日 买入（维持） 所属行业：美容护理/医疗美容 当前价格(元)：164.07 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 爱美客 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -4.17 | -7.31 | -25.55 | | 相对涨幅(%) | 1.97 | -2.33 | -15.91 | 资料来源：德邦研究所，聚源数据 相关研究 1.《爱美客：归母净利同增 47%，管线 成长持续验证》，2024.3.20 2.《爱美客：Q3 出行短期扰动，看好 全年业绩兑现度》，2023.10.5 3.《爱美客：23Q1 业绩超预期，坚定 看好后续表 ...

[Table_Main] 证券研究报告 | 公司点评 冰轮环境(000811.SZ) 2024 年 08 月 22 日 | --- | --- | |-------------------------------------------------------|---------------------------------| | 增持（维持） | 冰轮环境（ 000811.SZ ）：国内需 | | 所属行业：机械设备 / 通用设备 当前价格 ( 元 ) ： 8.03 | 求不足致业绩下滑，盈利能力依 | | 证券分析师 | | | 郭雪 | 旧稳健 | 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 联系人 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 冰轮环境 沪深300 | --- | --- | --- | --- | |------------------------------ ...

买入（维持） 所属行业：轻工制造/家居用品 当前价格(元)：25.10 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 顾家家居 沪深300 -46% -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -0.36 | -23.94 | -31.38 | | 相对涨幅(%) | 5.79 | -18.96 | -21.74 | 资料来源：德邦研究所，聚源数据 相关研究 1.《顾家家居（603816.SH）：一体化 整家运营发力，盈利能力进一步提 升》，2023.8.31 [Table_Main] 证券研究报告 | 公司点评 顾家家居(603816.SH) 2024 年 08 月 22 日 顾家家居（603816.SH）：境外业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2024 (24H1) was approximately 10.54 billion yuan, a year-on-year decrease of 14.86%, with a net profit attributable to shareholders of about 465 million yuan, down 66.60% year-on-year [5] - The report highlights that the prices of the company's three core businesses—glass fiber, wind turbine blades, and lithium membranes—have all declined year-on-year, impacting overall performance [5] - The forecast for net profit for the years 2024 to 2026 is adjusted to 1.165 billion yuan, 1.385 billion yuan, and 1.556 billion yuan respectively, with corresponding price-to-earnings ratios of 14.30, 12.03, and 10.71 times [5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a relative decline of 5.35% over the past month [3] Financial Performance - In Q2 2024, the company achieved revenue of approximately 6.11 billion yuan, a year-on-year decrease of 16.71%, but a quarter-on-quarter increase of 37.91% [5] - The gross profit margin for the first half of 2024 was approximately 15.37%, down 9.69 percentage points year-on-year [5] Business Segments 1. **Wind Turbine Blades**: - Sales volume was approximately 7.52 GW, down 21.6% year-on-year, with revenue of about 2.831 billion yuan, a decrease of 34.13% year-on-year [5] 2. **Glass Fiber**: - Sales volume was approximately 681,000 tons, up 7.2% year-on-year, with revenue of about 3.855 billion yuan, down 6.54% year-on-year [5] 3. **Lithium Membranes**: - Sales volume was approximately 810 million square meters, up 15.1% year-on-year, with revenue of 762 million yuan, down 24.43% year-on-year [6] Cost and Expenses - The company's expense ratio increased slightly to 14.21%, up 2.74 percentage points year-on-year, with specific increases in management and R&D expenses [6] Future Outlook - The report anticipates a gradual recovery in profitability levels for wind turbine blades as project construction accelerates in the second half of the year [5]

Investment Rating - The report maintains a "Buy" rating for Zhongzhou Special Materials (300963.SZ) [1] Core Views - The company reported a revenue increase of 5.38% year-on-year to 545 million yuan in the first half of 2024, while the net profit attributable to shareholders slightly decreased by 1.40% to 47.37 million yuan [1][2] - The product structure continues to optimize, with high-end alloy materials such as cobalt-based and nickel-based high-temperature corrosion-resistant alloys increasing their proportion by 17.61% compared to the same period last year [2] - The demand for high-temperature alloys in China is expected to grow significantly, with the market size projected to rise from approximately 22 billion yuan in 2021 to over 30 billion yuan by 2025, indicating a substantial supply-demand gap [2] - The subsidiary Jiangsu Xinzhongzhou achieved a revenue of 342.53 million yuan in the first half of 2024, marking an 11.95% year-on-year increase, with net profit growing by 32.96% [2] - Future revenue projections for the company are 1.341 billion yuan in 2024, 1.623 billion yuan in 2025, and 1.845 billion yuan in 2026, with corresponding net profits of 110 million yuan, 154 million yuan, and 199 million yuan respectively [2][7] Summary by Sections Financial Performance - In the first half of 2024, Zhongzhou Special Materials reported a revenue of 545 million yuan, a 5.38% increase year-on-year, while the net profit attributable to shareholders was 47.37 million yuan, down 1.40% [1][2] - Jiangsu Xinzhongzhou's revenue reached 342.53 million yuan, an 11.95% increase, with net profit at 18.03 million yuan, up 32.96% [2] Market Outlook - The high-temperature alloy market in China is expected to grow from 22 billion yuan in 2021 to over 30 billion yuan by 2025, with a significant supply-demand gap [2] - The company is focusing on high-end materials and markets, enhancing its product offerings and R&D efforts [2] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.341 billion yuan, 1.623 billion yuan, and 1.845 billion yuan respectively, with net profits of 110 million yuan, 154 million yuan, and 199 million yuan [2][7]