晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月03日 [晨会纪要 Table_NewTitle] 20240903 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_main] 重点推荐 ➢ 1.英伟达二季度业绩持续超预期，IDC调高全年手机交付同比增幅——电子行业周报 （2024/8/26-2024/9/1） ➢ 2.中报披露收官，关注旺季量价表现——食品饮料行业周报（2024/8/26-2024/8/30） 财经要闻 ➢ 1.国务院办公厅印发《关于以高水平开放推动服务贸易高质量发展的意见》。 ➢ 2.国家发展改革委组织召开新型城镇化战略五年行动计划落实动员部署会。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 英伟达二季度业绩持续超预期，IDC 调高全年手机交付同比增幅——电子行 业周报（2024/8/26-2024/9/1 ） . 1.2. 中报披露收官，关注旺季量价表现― ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved revenue of 7.587 billion yuan in H1 2024, a year-on-year increase of 118.30%, with net profit attributable to the parent company of 233 million yuan, up 14.89% year-on-year [4] - Non-recurring losses impacted short-term profitability, with a total of -117 million yuan in H1 2024, mainly due to fluctuations in silver prices and exchange rates affecting financial assets and liabilities [4] - The company's TOPCon silver paste shipments reached 1,132.05 tons in H1 2024, a year-on-year increase of 76.09%, with TOPCon paste accounting for 87.28% of total shipments [4] - The company's operating cash flow turned positive in H1 2024, reaching 638 million yuan, with expectations of continued improvement in cash flow [4] - The company is expected to achieve revenue of 15.336 billion yuan in 2024, a year-on-year increase of 59.70%, with net profit attributable to the parent company of 549 million yuan [5] Financial Performance - In Q2 2024, the company achieved revenue of 3.942 billion yuan, a year-on-year increase of 104.58%, with net profit attributable to the parent company of 57 million yuan, down 50.89% year-on-year [4] - The company's gross margin in Q2 2024 was 10.99%, an increase of 0.34 percentage points quarter-on-quarter [4] - The company's R&D expenses in 2024 are expected to be 491 million yuan, accounting for 3% of revenue [7] - The company's net profit attributable to the parent company is expected to grow at a compound annual growth rate of 42.34% from 2024 to 2026 [6] Industry and Technology - The company maintains a leading position in the photovoltaic conductive silver paste market, with a focus on N-type TOPCon battery metalization solutions [4] - The company's HJT and IBC paste products are in the stage of mass production, with product performance leading the industry [4] - The company's technological advantages in TOPCon silver paste are expected to be maintained due to ongoing technological iterations [4] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 15.336 billion yuan, 17.517 billion yuan, and 19.448 billion yuan, respectively [5] - The company's 2024-2026 net profit attributable to the parent company is expected to be 549 million yuan, 645 million yuan, and 741 million yuan, respectively [5] - The company's current P/E ratio is 9.03x for 2024, 7.67x for 2025, and 6.68x for 2026 [5] - The company's ROE is expected to be 25% in 2024, 23% in 2025, and 21% in 2026 [6]

公 司 研 究 食 品 饮 料 新乳业 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 9.32 | | 总股本 ( 万股 ) | 86,067 | | 流通 A 股 /B 股 ( 万股 ) | 85,158/0 | | 资产负债率 (%) | 69.59% | | 市净率 ( 倍 ) | 2.90 | | 净资产收益率 ( 加权 ) | 11.13 | | 12 个月内最高 / 最低价 | 15.49/7.88 | [Table_QuotePic] -57% -47% -38% -28% -19% -9% 0% 9% 23-09 23-12 24-03 24-06 [相关研究 Tabl ...

公 司 研 究 [Table_Reportdate] 2024年09月02日 公 司 简 评 汽 车 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | --- | --- | |------------------------------------|------------------| | | | | 数据日期 Table_cominfo] 收盘价 | 2024/09/02 | | | 11.70 | | 总股本 ( 万股 ) | 991,729 | | 流通 A 股 /B 股 ( 万股 ) | 821,258/164,1 61 | | 资产负债率 (%) | 60.49% | | 市净率 ( 倍 ) | 1.57 | | 净资产收益率 ( 加权 ) | 3.94 | | 12 个月内最高 / 最低价 | 21.48/11.43 | [Table_QuotePic] -33% -17% -2% 14% 30% 45% ...

公 司 研 究 电 子 [数据日期 Table_cominfo] 2024/09/02 收盘价 63.15 总股本(万股) 53,439 流通A股/B股(万股) 44,743/0 资产负债率(%) 23.05% 市净率(倍) 3.34 净资产收益率(加权) 3.55 12个月内最高/最低价 152.49/61.77 卓胜微 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn [table_main] 投资要点 [Table_QuotePic] -63% -50% -36% -22% -8% 6% 20% 34% 23-09 23-12 24-03 24-06 [相关研究 Table_Report] 1.卓胜微（300782.SZ）：十年磨剑成 就射频龙头，自主可控构建强大内核 ——公司深度报告 2.5G主推射频前端高速发展，国内厂 商产品升级扶摇直上——半导体行 业深度报告（七） [卓胜 ...

公 司 研 究 医 药 生 物 康龙化成 沪深300 2024年09月03日 买入（维持） 报告原因：业绩点评 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/09/02 19.50 | | 总股本 ( 万股 ) | 178,673 | | 流通 A 股 /B 股 ( 万股 ) | 142,094/0 | | 资产负债率 (%) | 40.55% | | 市净率 ( 倍 ) | 2.55 | | 净资产收益率 ( 加权 ) | 8.54 | | 12 个月内最高 / 最低价 | 37.00/17.70 | -50% -38% -26% -14% -2% 10% 22% 35% 23-09 23-12 24-03 24-06 相关研究 《康龙化成（300759）：一体化龙头 彰显韧性，业务间导流贡献增长动力 —公司简 ...

公 司 研 究 医 药 生 物 [Table_Reportdate] 2024年09月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 收盘价 | 2024/09/02 16.59 | | 总股本 ( 万股 ) | 84,000 | | 流通 A 股 /B 股 ( 万股 ) | 32,883/0 | | 资产负债率 (%) | 26.24% | | 市净率 ( 倍 ) | 2.37 | | 净资产收益率 ( 加权 ) | 4.68 | | 12 个月内最高 / 最低价 | 48.58/16.30 | [Table_QuotePic] -77% -64% -50% -37% -23% -10% 4% 17% 23-09 23-12 24-03 24 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年08月30日 [晨会纪要 Table_NewTitle] 20240830 [证券分析师 Table_Authors] 张帆远 S0630524070002 zfy@longone.com.cn [table_main] 重点推荐 ➢ 1.汽车出海系列（一）：梦启暹罗，观中国整车厂如何越日系之界、塑电动未来（上）—— 汽车行业深度报告 ➢ 2.汽车出海系列（一）：梦启暹罗，观中国整车厂如何越日系之界、塑电动未来（下）—— 汽车行业深度报告 ➢ 3.扬杰科技（300373）：加大投入汽车电子，海外布局不断深化——公司简评报告 财经要闻 ➢ 1.中央全面深化改革委员会第六次会议召开。 ➢ 2.国家主席习近平会见美国总统国家安全事务助理沙利文。 ➢ 3.《中国的能源转型》白皮书发布。 ➢ 4.央行召开专家学者及金融企业负责人座谈会。 ➢ 5.央行从一级交易商买入4000亿元特别国债。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. ...

Investment Rating - The report rates the industry as "Overweight" [5] Core Insights - The equipment manufacturing industry has become a significant support for industrial enterprise profits, with notable growth in the railway, shipping, and electronics sectors. In the first seven months of this year, profits from the equipment manufacturing sector accounted for 35.1% of total industrial profits, an increase of 0.8 percentage points year-on-year. Profits in this sector grew by 6.1% year-on-year, with the railway, shipping, and aerospace industries seeing profits increase by 36.9% and 25.1% respectively [6][10] Summary by Sections Railway Equipment - Passenger flow is active, with the China National Railway Group expected to release large-scale tenders in 2024. In 2023, the number of railway passengers reached 3.685 billion, a year-on-year increase of 128.8%. The first tender for this year will involve 165 standard train sets [6][12] - Low-carbon development is driving locomotive upgrades, with a target for electric locomotives to account for over 70% by 2030. The elimination of old diesel locomotives is ongoing, creating opportunities for new energy locomotives [12] - Existing trains are entering maintenance periods, with significant demand for upgrades expected. In 2024, there will be tenders for high-level repairs of 361 train sets, indicating a sustained high demand for maintenance services [6][12] Shipping Equipment - The International Maritime Organization's 2023 strategy aims to increase the share of zero-emission technologies and fuels in international shipping to at least 5% by 2030. The last major delivery period for ships was from 2008 to 2013, and many of these vessels will soon reach their 20-year renewal cycle [7][15] - In 2023, China accounted for 67% of new ship orders and 55% of the global order backlog, maintaining a leading position in the market [7][15] 3C Equipment - The consumer electronics sector is recovering, with smartphone sales rebounding. In Q2 2024, smartphone shipments in mainland China grew by 10% year-on-year [16] - Companies like Kuaike Intelligent are benefiting from this recovery, with their precision welding equipment seeing a revenue increase of 22.6% in the first half of 2024 [18] - The integration of AI technology is enhancing the automation of production lines, aligning with the strategies of consumer electronics manufacturers [16][18]

Investment Rating - The report maintains a "Buy" rating for the company, citing performance review as the reason for this rating [1]. Core Insights - The company's H1 2024 performance was under pressure, but Q2 showed significant improvement. H1 2024 revenue was 1.202 billion yuan (down 30.54% year-on-year), with a net profit of 165 million yuan (down 67.61% year-on-year). Q2 2024 revenue was 750 million yuan (down 23.60% year-on-year, up 66.14% quarter-on-quarter), with a net profit of 111 million yuan (down 63.51% year-on-year, up 105.81% quarter-on-quarter). The decline in H1 was mainly due to intensified market competition and inventory reduction, while Q2 performance began to recover with the official launch of the human diploid rabies vaccine contributing to revenue growth [4]. - The company experienced rapid growth in batch approvals, with the human diploid rabies vaccine contributing to revenue. In H1 2024, non-immunization planning vaccines generated 1.151 billion yuan in sales (down 33.76% year-on-year), while immunization planning vaccines generated 27 million yuan (up 406.74% year-on-year). The report noted significant increases in batch approvals for various vaccines, including a 58.43% increase for the quadrivalent vaccine and a 356.45% increase for the 13-valent pneumonia vaccine [4]. - The company is increasing R&D investment, with a total of 236 million yuan in R&D expenses, representing an 18.32% R&D expense ratio (up 4.17 percentage points year-on-year). Several products in the pipeline are making progress, including the inactivated polio vaccine and various combination vaccines, which are in different stages of clinical trials [5]. - The investment suggestion anticipates revenues of 4.777 billion yuan, 5.954 billion yuan, and 7.220 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.192 billion yuan, 1.543 billion yuan, and 1.960 billion yuan. The corresponding EPS is expected to be 1.07 yuan, 1.38 yuan, and 1.75 yuan, with P/E ratios of 13.06, 10.08, and 7.94 [5]. Summary by Sections Financial Performance - H1 2024 revenue was 1.202 billion yuan, down 30.54% year-on-year, with a net profit of 165 million yuan, down 67.61% year-on-year. Q2 2024 revenue was 750 million yuan, down 23.60% year-on-year but up 66.14% quarter-on-quarter [4]. - The company’s total share capital is 111.692 million shares, with a closing price of 13.93 yuan [2]. Market and Product Insights - The human diploid rabies vaccine was officially launched in Q2 2024, contributing 117 million yuan in sales during the reporting period. The company has also signed contracts for the export of the 13-valent pneumonia vaccine to Indonesia, marking a significant step into international markets [4]. - The report highlights a strong increase in batch approvals for various vaccines, indicating a positive trend in product acceptance and market penetration [4]. R&D and Future Outlook - The company is focusing on expanding its product pipeline with increased R&D investment, which is expected to drive future growth. The R&D expense ratio has increased, reflecting a commitment to innovation and product development [5]. - The overall development trend is positive, with expectations for revenue and profit growth in the coming years, supported by new product launches and market expansion [5].