金融工程 研 究 2024.08.12 金融工程周报 大小市值宽基标的资金流向出现分化，长久期债券 ETF 申购成交活跃 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 刘洋 登记编号：S1220522100001 庞敏 登记编号：S1220524040002 相关研究 《7 月新成立基金合计募资 563.8 亿元，环比 减少超千亿元》2024.08.06 《华泰柏瑞 300ETF 规模突破 2500 亿元，东方 红资管新发偏债 FOF 募资近 40 亿 元 》 2024.07.29 《市场资金流入规模明显放量，四大 300ETF 净申购额超 600 亿元》2024.07.22 《300/500/1000ETF 同获大额申购，红利主题 产品发行申报热度仍处高位》2024.07.16 《市场资金连续三周大额申购 300ETF，南方、 华泰柏瑞沙特 ETF 顺利结募》2024.07.09 《不同市值核心宽基标的均获大额申购，6 月 新成立基金募资超 1800 亿元 》2024.07.02 1、 1、基金表现回顾 主动权益基金：普通股票/偏股混合/灵活配置/平衡混合基金周收益中位数 分别为-1.36%/ ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|----------------|-------|-------|------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------- ...

| --- | --- | --- | --- | --- | --- | |----------------------|----------------|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected increase of over 10% relative to the benchmark index in the next 12 months [4][9]. Core Insights - The company, Huada Jiutian, reported a revenue of 444 million yuan for H1 2024, reflecting a year-on-year increase of 9.62% but a decrease of 54.81% compared to the previous half [1]. - The net profit attributable to shareholders was 37.87 million yuan, showing a significant decline of 441.88% year-on-year [1]. - The company continues to focus on R&D, with R&D expenses amounting to 349.24 million yuan, which is a substantial increase in personnel costs and incentives [1]. - The company is enhancing its core product matrix and accelerating the development of its ecosystem, particularly in the EDA (Electronic Design Automation) tools sector [1]. Financial Performance Summary - The projected total revenue for the company from 2024 to 2026 is expected to be 1.267 billion yuan, 1.632 billion yuan, and 2.064 billion yuan, with growth rates of 25.35%, 28.83%, and 26.48% respectively [5]. - The net profit attributable to shareholders is forecasted to be 108 million yuan, 221 million yuan, and 392 million yuan for the same period, with year-on-year growth rates of -46.23%, 104.32%, and 77.84% respectively [5]. - The earnings per share (EPS) are projected to be 0.20 yuan, 0.41 yuan, and 0.72 yuan for 2024, 2025, and 2026 [5]. Industry Context - The industry is currently in a critical phase of promoting domestic substitution, necessitating significant investments in R&D and talent [1]. - The leading domestic manufacturers are expected to expand their market share as product performance and diversity improve [1].

公司研究 2024.08.12 赛腾股份（ 603283） 公司点评报告 半年报业绩高增，看好 3C&半导体业务的双轮驱动 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 李鲁靖 登记编号：S1220523090002 联系人 王昊哲 徐凡 | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 | | | 行业 | 工控设备 | | | | | 最新收盘价(人民币/元 ) | 59.41 | | 总市值(亿 )(元) | 119.01 | | 52 周最高/最低价(元 ) | 90.54/39.30 | 历史表现 -18% 10% 38% 66% 94% 122% 23/8/12 23/11/11 24/2/10 24/5/11 24/8/10 赛腾股份 沪深300 数据来源：wind 方正证券研究所 相关研究 《赛腾股份(603283)：AI 驱动景气周期，3C& 半导体双双受益》2024.07.22 2024H1：收入稳健增长，盈利能力持续提升 1)上半年实现营收 16.31 ...

公司研究 2024.08.08 开特股份（ 832978） 公司深度报告 深耕汽车热管理，业务处于快速扩张期 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 郑豪 登记编号：S1220522040003 王玉 登记编号：S1220521010001 联系人 李倩 | --- | --- | |-------------------------|------------------| | | | | 推 荐 ( 首 次 | ) | | 公司信息 | | | 行业 | 底盘与发动机系统 | | 最新收盘价(人民币/元 ) | 9.2 | | 总市值(亿)(元 ) | 16.27 | | 52 周最高/最低价(元 ) | 16.31/5.17 | 历史表现 0% 25% 50% 75% 100% 125% 23/9/28 23/12/15 24/3/2 24/5/19 24/8/5 开特股份 数据来源：wind 方正证券研究所 相关研究 核心观点： 深耕汽车热管理，业务处于快速扩张期。公司系国内知名的汽车热系统产品 提供商，为国家级"专精特新"小巨人，主要业务为传感器类、控制器类和 执行器类等产品的研发 ...

宏 观 研 究 2024.08.11 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------|----------------------------------------------------------|------------|-------------------------------------------------|-----------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

宏 观 研 究 2024.08.09 每 日 宏 观 动 态 暂时性影响消退带动美国首申失业金人数回落 #海外市场每日动态 20240809 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 芦哲 登记编号：S1220523120001 张佳炜 登记编号：S1220523120005 联系人 韦祎 王茁 | --- | |----------------------------------------------------------| | | | 相关研究 | | 《宏观政策追踪日报》 2024.08.09 | | 《市场成交额跌破 6000 亿》 2024.08.09 | | 《美国 6 月消费信贷总额环比新增不及预期》 2024.08.09 | | 《24Q2 美国家庭债务总额持续上升》 2024.08.09 | | 《宏观政策追踪日报 》 2024.08.07 | | 《市场跟随流动性修复上涨》 2024.08.07 | 1.美国首申失业金低于预期：上周美国首次申领失业金人数 23.3 万，预期 24 万，前值 25 万；持续申领失业金 187.5 万人，持平预期，前值 186.9 万； ...

公司研究 2024.08.11 仙乐健康（ 300791） 公司点评报告 24H1 稳健增长，BF 盈利改善可期 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 王泽华 登记编号：S1220523060002 | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 保健品 | | 最新收盘价(人民币/元 ) | 23.51 | | 总市值(亿)(元 ) | 55.47 | | 52 周最高/最低价(元 ) | 42.98/21.35 | 历史表现 -18% -4% 10% 24% 38% 23/8/11 23/11/10 24/2/9 24/5/10 24/8/9 仙乐健康 沪深300 数据来源：wind 方正证券研究所 相关研究 《仙乐健康(300791)：加大境外业务开拓力度， 24H1 整体增长符合预期》2024.07.21 《仙乐健康(300791)：23 年圆满收官，持续推 进大客户开发策略》2024.04.22 《仙乐健康(300791)：内生业务表现亮眼，全 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance. Core Views - The company, 理工能科 (002322), has successfully navigated financial challenges and is now on a growth trajectory, with a focus on energy technology and environmental monitoring [2][25]. - The company has a leading market share in the transformer chromatographic online monitoring system and has expanded its business into energy information technology and environmental services [2][8]. - The company’s revenue and net profit have shown consistent growth, with 2023 revenues reaching 1.098 billion RMB, a year-on-year increase of 12.9%, and net profit of 246 million RMB, up 14.6% [2][15]. Summary by Sections Company Overview - 理工能科 was established in December 2000 and became the first listed company in China's online monitoring industry for power equipment in 2009. The company has since focused on energy technology and environmental monitoring [2][8]. - The company has undergone strategic acquisitions to enhance its capabilities in energy information technology and environmental services, although it has exited the soil remediation business due to underperformance [8][10]. Financial Performance - In 2023, the company reported total revenue of 1.098 billion RMB and a net profit of 246 million RMB, with significant growth in Q1 2024, where revenue reached 166 million RMB, up 16.18%, and net profit soared by 142.57% to 41 million RMB [2][15]. - The company maintains a stable cash flow, with net cash flow from operating activities at 335 million RMB in 2023, a 40.1% increase year-on-year [30]. Business Segments - The company operates in three main business areas: software and information technology, power intelligent instruments and services, and environmental intelligent instruments and services [10][11]. - The software segment, primarily driven by its subsidiary 博微新技术, has a market share exceeding 90% in the cost estimation software market, contributing significantly to revenue [33][41]. Market Demand and Growth Opportunities - There is a strong demand for online monitoring equipment, particularly transformer oil chromatographs, driven by regulatory requirements and technological advancements in the industry [49][52]. - The market for online monitoring devices is projected to grow significantly, with an estimated market space of approximately 56 billion RMB for 220kV and above transformers [52][55]. Research and Development - The company has increased its R&D investment, with the R&D expense ratio rising from 10.7% in 2018 to a peak of 17.0% in 2022, indicating a commitment to maintaining a technological edge in the industry [19][30]. - The company employs 775 research personnel, accounting for 39.08% of its total workforce, underscoring its focus on innovation [19]. Environmental Initiatives - The company is aligning with national "dual carbon" policies, focusing on green and low-carbon opportunities, with its environmental monitoring business showing signs of recovery in 2023 [61]. - The company aims to establish over 10,000 environmental data monitoring stations, enhancing its capabilities in environmental data services [61].