东 兴 晨 报 东兴晨报 P1 东 兴 证 券 股 份 有 限 公 司 分析师推荐 PDF 行 业 潜 在 规 模 广 阔 ， 仅 少 数 厂 商 掌 握 完 整 核 心 技 术 。 PDF （PortableDocumentFormat）作为一种电子文档格式，其在不同设备与操作 系统间能保持显示一致性，忠实再现原稿每一个字符、颜色及图象，同时具 有体积小、速度快的优点，因此在电子文档、工程制图、出版印刷、档案管 理等领域被广泛使用。参考 Adobe 与 IDC 的数据，2024 年行业的潜在市场规 模约 320 亿美元，行业增长因素包括高频使用垂直行业场景渗透、应用领域 扩展、网页及移动场景、共享 PDF、免费用户及盗版用户向付费转换、电子 签名与人工智能功能、新兴市场增长推动等。全球仅少数软件企业通过自主 研发掌握了完整的 PDF 格式生成、渲染、转换与版面识别等关键技术。特别 是对于稳定性要求高的企业客户，技术可以构筑显著壁垒。行业发展日趋成 熟，全球维度逐步形成了以 Adobe、Foxit（福昕）、Kofax、Nitro 等为代表 的知名品牌。Adobe 为绝对龙头，福昕在 Kofax、Nitro、P ...

Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company is a leading global supplier of turbocharger housings, with improving operational quality and a significant recovery in profitability, as evidenced by a gross margin increase to 17.6% in 2023, up 4.1 percentage points year-on-year [1][16]. - The company has established stable partnerships with major turbocharger system manufacturers, maintaining a global market share of approximately 8% since 2018, which is higher than its A-share competitors [1][36]. - The global turbocharger system market is expected to remain resilient, with limited impact from the rise of electric vehicles, as hybrid vehicle sales are increasing significantly [1][23]. Summary by Sections 1. Company Overview - The company specializes in the research, production, and sales of turbocharger components, including turbine housings and intermediate housings, and has been listed on the Shanghai Stock Exchange since January 2018 [1][12]. 2. Market Dynamics - The global turbocharger system market is showing resilience, with hybrid vehicle sales growing rapidly, while the penetration rate of pure electric vehicles has plateaued [1][23]. - In 2023, the total sales of hybrid vehicles in China, the US, and Europe reached 8.65 million units, a year-on-year increase of 41%, while the growth rate for pure electric vehicles was only 28% [1][23]. 3. Investment Highlights - The company has comprehensive coverage of major global turbocharger manufacturers, leveraging its scale and technological advantages to enhance market share [2][36]. - The high fixed cost structure of turbocharger housing production means that economies of scale will lead to more pronounced earnings elasticity as production capacity increases [2][41]. - Cash flow is entering a growth phase, with a continuous reduction in the debt-to-asset ratio, which decreased from a peak of 69% in 2021 to 61% in 2023 [5][47]. 4. Financial Forecast and Investment Rating - The company is expected to achieve a net profit of 1.52 billion, 1.77 billion, and 2.06 billion yuan from 2024 to 2026, with corresponding EPS of 0.78, 0.91, and 1.06 yuan [5][51]. - The report anticipates stable revenue growth, with projected revenues of 28.53 billion, 31.14 billion, and 34.00 billion yuan for the same period [5][51].

Industry Investment Rating - The report maintains a positive outlook on the computer industry, specifically highlighting NVIDIA's growth trajectory and its strategic positioning in the AI and data center markets [1] Core Viewpoints - NVIDIA's growth can be divided into five key stages, each marked by strategic pivots and technological advancements that have solidified its market leadership [3] - NVIDIA has successfully navigated multiple challenges through strategic adjustments and technological innovation, maintaining its competitive edge [4] - The company's success is attributed to its foresight in market trends and relentless focus on R&D, which has allowed it to capitalize on emerging opportunities such as AI and data centers [5] - NVIDIA's dominance in the AI chip market, particularly in GPUs, has positioned it as a key beneficiary of the AI revolution, with its data center business becoming a major revenue driver [6] Summary by Sections NVIDIA's Growth Stages - **Stage 1 (1993-1998):** NVIDIA established itself in the 3D gaming market by aligning with Microsoft's DirectX and focusing on hardware performance [3] - **Stage 2 (1999-2006):** The company accelerated growth through IPOs, acquisitions, and a strong R&D focus, leading to rapid expansion and market leadership [4] - **Stage 3 (2006-2015):** NVIDIA made strategic moves into GPGPU and CUDA platforms, laying the groundwork for future growth in AI and cryptocurrency markets [4] - **Stage 4 (2015-2021):** The first wave of AI revolution, driven by deep learning, propelled NVIDIA's market value from $10 billion to $800 billion, with data centers becoming a key growth area [3] - **Stage 5 (2022-2024):** The second wave of AI revolution, fueled by generative AI and large models like ChatGPT, further solidified NVIDIA's position as a leader in AI training and data center solutions [3] Overcoming Challenges - **Challenge 1:** Initial product compatibility issues were resolved by aligning with DirectX standards and improving marketing efforts [4] - **Challenge 2:** The "Graphics Gate" incident was managed through product recalls and the release of improved models [4] - **Challenge 3:** Failure in the mobile market led to a strategic pivot towards gaming consoles and autonomous driving [4] - **Challenge 4:** Supply chain disruptions were mitigated through increased inventory and product diversification [4] - **Challenge 5:** The decline in cryptocurrency mining demand was offset by a focus on data centers and autonomous driving [4] Key Success Factors - **Foresight:** NVIDIA's early recognition of the potential in 3D gaming and AI markets allowed it to stay ahead of competitors [5] - **R&D Focus:** Continuous investment in R&D has enabled NVIDIA to maintain technological leadership and adapt to market changes [5] Investment Recommendations - NVIDIA's leadership in AI and data center markets, combined with its strong ecosystem and continuous innovation, makes it a key player in the global AI chip market [6] - The report also highlights opportunities in the domestic AI chip market, driven by increased investment in computing power and restrictions on high-performance chip exports [6]

东 兴 晨 报 *价格单位为元/股 东 兴 证 券 股 份 有 限 公 司 分析师推荐 【东兴食品饮料】海天味业（603288.SH）：峰会路转，海阔天空（20240905） 事件：2024 上半年营业收入 141.56 亿元，同比+9.18%；归母净利润 34.53 亿元，同比+11.52%；扣非归母净利润 33.25 亿元，同比+11.95%。对应 2024 年 Q2，公司营业收入 64.62 亿元，同比+7.98%；归母净利润 15.34 亿元，同 比+11.12%；扣非归母净利润 14.65 亿元，同比+10.24%。 公司自 22 年开始遭遇压力后于今年一季度开始恢复增长，目前已经连续增长 两个季度。分产品来看，24 年上半年酱油收入 72.64 亿元，同比+6.85%，调 味 酱 / 蚝 油 / 其他收入分别为 14.52/23.22/21.46 亿 元 ， 分 别 同 比 +8.55%/+5.71%/22.31%。公司多品类策略取得一定成效，料酒等产品推动公 司其他品类高增长。Q2 单季酱油及蚝油增速降低至小个位数，其他产品及调 味酱依然保持较好增长。渠道方面，公司线上渠道恢复增长，其中 Q2 ...

Investment Rating - The report gives a "Strong Buy" rating for Foxit Software [2][7]. Core Views - The PDF industry has a vast potential market size, estimated at approximately $32 billion in 2024, with only a few companies mastering the complete core technologies [2][47]. - Foxit Software is positioned as a leading company in the PDF sector, with a strong focus on productization and global competitiveness, achieving nearly 90% of its revenue from overseas [2][3]. - The company's subscription business is growing, with an annual recurring revenue (ARR) of 325 million yuan as of mid-2024, reflecting a 30% increase from the end of 2023 [2][3][64]. Summary by Sections PDF Industry - The PDF format is widely used across various fields due to its consistency and efficiency in document representation [2][15]. - The industry is dominated by a few key players, with Adobe being the leader, while Foxit holds a strong position among secondary competitors [2][47]. Company Overview - Foxit Software specializes in PDF-related products and services, including PDF editors, development platforms, and enterprise solutions [4][27]. - The company has a complete product matrix and has been recognized as one of the "2024 Best Software Companies" by G2, being the only PDF vendor besides Adobe to make the top 100 list [2][3][54]. Financial Performance - The company reported revenues of 610.76 million yuan in 2023, with a growth rate of 5.33% [8]. - The gross margin remains high at around 95%, indicating strong profitability potential despite current losses [42][44]. Growth Logic - The core growth logic for Foxit Software is the potential to capture market share from Adobe, with a focus on B2B clients and a strategy to leverage competitive pricing [3][52]. - The transition to a subscription model is expected to enhance revenue stability and customer retention, with a current subscription revenue growth of 68% year-on-year [64][71]. AI and Cloud Computing - The integration of AI technologies is anticipated to enhance product offerings and customer engagement, providing a competitive edge in the market [64][66]. - Foxit is actively investing in AI capabilities to improve document processing efficiency and user experience [66][67].

Investment Rating - The report maintains a "Recommended" rating for Eastern Airlines Logistics [5] Core Views - The company achieved a revenue of 11.286 billion yuan in the first half of the year, representing a year-on-year growth of 20.38%, and a net profit attributable to shareholders of 1.277 billion yuan, up 0.45% year-on-year [4] - The decline in air freight rates has led to a decrease in the gross margin of air express services, but operational efficiency continues to improve [5] - The revenue from comprehensive logistics solutions grew significantly, with a year-on-year increase of 55.72% [5] - The company emphasizes shareholder returns, proposing a mid-term cash dividend of 0.389 yuan per share, which accounts for 48.35% of the net profit attributable to shareholders [5] Financial Performance Summary - In the first half of the year, air express business revenue was 4.333 billion yuan, down 4.31% year-on-year, with a gross margin of 19.11%, a decrease of 9.40 percentage points [4] - The comprehensive logistics solutions segment generated revenue of 5.727 billion yuan, with a gross margin of 13.79%, down 1.94 percentage points [4] - Ground service business revenue increased by 4.70% year-on-year to 1.222 billion yuan, with a gross margin improvement from 36.46% to 40.08% [5] Profit Forecast and Valuation - The company forecasts net profits of 2.92 billion, 3.59 billion, and 4.20 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.84, 2.26, and 2.65 yuan [5] - The current stock price corresponds to PE ratios of 8.7, 7.1, and 6.1 for 2024, 2025, and 2026 respectively [5]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company has shown a recovery in growth since the first quarter of 2024, with a year-on-year increase in revenue and net profit [2][3]. - The company aims for a revenue target of 27.51 billion yuan in 2024, representing a year-on-year growth of 12.02%, and a net profit target of 6.23 billion yuan, reflecting a growth of 10.72% [3][4]. - The company has implemented an employee stock ownership plan to enhance employee motivation, with a target of at least 10.8% growth in net profit for 2024 [3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 14.156 billion yuan, up 9.18% year-on-year, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [2]. - For Q2 2024, revenue was 6.462 billion yuan, an increase of 7.98% year-on-year, with net profit reaching 1.534 billion yuan, up 11.12% year-on-year [2]. - The company’s gross margin improved to 36.86%, a year-on-year increase of 0.95 percentage points, primarily due to declining raw material prices [2]. Product Performance - The revenue from soy sauce in the first half of 2024 was 7.264 billion yuan, up 6.85% year-on-year, while other products like seasoning sauces and oyster sauce also showed positive growth [2]. - The company’s multi-category strategy has yielded results, with products like cooking wine contributing to high growth in other categories [2]. Channel and Regional Performance - Online sales have rebounded, with Q2 online growth reaching 38.16%, while offline channels remained stable with slight growth [2]. - The southern region led growth with an increase of 13.27%, while other regions achieved single-digit growth [2]. Future Outlook - The company expects to maintain stable profit margins and continue to benefit from its strong channel, product, and brand advantages [3]. - Forecasts for net profit from 2024 to 2026 are 6.296 billion yuan, 6.885 billion yuan, and 7.436 billion yuan, respectively, indicating growth rates of 11.90%, 9.35%, and 8.00% [3][4].

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's revenue increased slightly year-over-year, with H1 2023 revenue reaching RMB 3.07 billion, a 46.45% YoY increase [1] - The company is a leading domestic supplier of metering chips and a major supplier of smart meter MCU chips, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company is actively repurchasing shares, with a planned repurchase amount of no less than RMB 20 million, demonstrating confidence in its operations [1] - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets, with projected revenue growth of 15.03% in 2024 and 28.22% in 2025 [2] Financial Performance - H1 2023 revenue: RMB 3.07 billion, up 46.45% YoY [1] - H1 2023 net cash flow from operating activities: RMB 553.611 million, a significant improvement YoY due to reduced payments to suppliers and increased sales collections [1] - 2023E revenue: RMB 603.05 million, down 15.05% YoY [2] - 2024E revenue: RMB 693.71 million, up 15.03% YoY [2] - 2025E revenue: RMB 889.48 million, up 28.22% YoY [2] Product and Market Position - The company is a leading supplier of metering chips in China, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company's single-phase SoC chips are gradually gaining market share in export markets, while its single-phase metering chips and MCU chips are also performing well in domestic markets [1] - The company is developing 32-bit MCU chip products and has completed the development of high-precision BMS chip core algorithms [1] Share Repurchase - The company plans to repurchase shares with a total amount of no less than RMB 20 million, with a repurchase price not exceeding RMB 60 per share [1] - The repurchase is expected to be completed by the 2024 annual shareholders' meeting, demonstrating the company's confidence in its future [1] Industry and Market Outlook - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets [1] - The report highlights the company's potential for sustained growth due to the ongoing smart grid transformation and the increasing demand for smart grid terminal equipment chips [1] Analyst Background - The report is authored by Liu Hang, Chief Analyst of the Electronics Industry and Head of the Technology Group at Dongxing Securities, with a background in engineering and experience in the semiconductor industry [6]

Investment Rating - The report maintains a "Recommended" rating for China National Aviation (601111.SH) due to the expected recovery in the aviation industry and the company's significant exposure to international routes, which offers substantial profit elasticity during the industry's recovery phase [3]. Core Views - The company experienced a revenue of 79.52 billion yuan in the first half of 2024, a year-on-year increase of 33.39%, but still reported a net loss attributable to shareholders of 2.782 billion yuan, an improvement from a loss of 3.451 billion yuan in the same period last year [2]. - The increase in passenger traffic was accompanied by a decrease in ticket prices and rising fuel costs, leading to continued losses despite improved operational metrics such as passenger load factor [2]. - The company is facing supply-side pressure due to an increase in fleet size, with a net addition of 10 aircraft in the first half of 2024, and plans to add 34 more aircraft by the end of the year [3]. Financial Performance Summary - Passenger revenue reached 73.137 billion yuan, up 31.85% year-on-year, with capacity growth of 33.38% and a passenger load factor increase of 8.77 percentage points to 79.29% [2]. - The average passenger kilometer yield decreased by 12.08% to 0.537 yuan, indicating a challenging pricing environment [2]. - Operating costs rose to 77.470 billion yuan, a 30.84% increase year-on-year, primarily driven by higher fuel prices [2]. Profit Forecast and Investment Recommendations - The profit forecasts for 2024-2026 have been revised downwards to net losses of 1.39 billion yuan, a profit of 3.284 billion yuan, and a profit of 7.918 billion yuan, respectively, with corresponding EPS of -0.09, 0.20, and 0.49 yuan [3][7]. - The report emphasizes the potential for recovery in the aviation sector and the company's strategic positioning in international routes, which could lead to significant profit recovery as demand improves [3].

Investment Rating - The report maintains a "Strongly Recommend" rating for China Everbright Bank (601818 SH) [3] Core Views - Everbright Bank's 1H24 revenue was RMB 698 1 billion, down 8 8% YoY, while net profit attributable to parent company increased 1 7% YoY to RMB 244 9 billion [2] - The bank's annualized weighted average ROE was 9 51%, down 0 63pct YoY [2] - Profit growth in 1H24 improved by 1 3pct compared to 1Q24, driven by provision reversal, scale growth, and stable non-interest income [2] - Net interest margin (NIM) stabilized at a low level, with 1H24 NIM at 1 54%, down 28bp YoY, but the decline narrowed in Q2 [2] - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1 25% at the end of June, unchanged from the previous quarter [3] - The provision coverage ratio decreased by 13pct to 172 45% at the end of June, mainly due to reduced provision expenses [3] Financial Performance - The bank's net interest income in 1H24 was RMB 1004 billion, down 6 6% YoY [12] - Non-interest income decreased slightly by 0 4% YoY, with other non-interest income surging 33 8% due to a bond market rally [2] - The bank's loan growth in 1H24 was 4 5% YoY, while deposits decreased by 0 4% YoY [2] - The deposit cost rate in 1H24 decreased by 6bp compared to 2023 [2] Asset Quality - The corporate loan NPL ratio increased by 56bp to 1 79% at the end of June, mainly due to higher NPLs in the wholesale and retail sector [3] - Retail loan NPL ratio decreased compared to the beginning of the year [3] - The bank's non-performing loan formation rate was 0 75%, at a low level [3] Strategic Focus - Everbright Bank is focusing on structural optimization and maintaining stable asset quality [2] - The bank is actively adjusting its liability structure, with deposit costs declining [2] - The wealth management strategy is progressing steadily, with core business indicators performing well [3] Valuation and Forecast - The bank's 2024E EPS is projected at RMB 0 70, with a 2024E PB of 0 39x [7] - The report forecasts 2023-2025 net profit growth rates of 0 9%, 3 7%, and 4 5% respectively [3] - The bank's BVPS is expected to increase from RMB 7 81 in 2023 to RMB 9 30 in 2025 [3]