证券研究报告 联合研究|联合研究专题|汽车（2128） 智能驾驶将驶向何方？ 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 本篇报告深度拆解了智能驾驶，充分剖析智能驾驶当下百花齐放的原因，以及未来在何时、何 种方式实现大规模的功能迭代以及商业模式如何成立。以全产业链视角充分回答了智能驾驶 未来进展，以及各个环节中所带来的投资机会。 |分析师及联系人 高登 张宁 SAC：S0590523110004 SAC：S0590523120003 请务必阅读报告末页的重要声明 1 / 45 联合研究|联合研究专题 glzqdatemark2 2024年08月20日 汽车 智能驾驶将驶向何方？ 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% -7% 7% 20% 2023/8 2023/12 2024/4 2024/8 汽车 沪深300 扫码查看更多 ➢ 从何而来：技术完善，智驾进入百花齐放阶段 共享出行或成为未来主要方向，高阶智能驾驶与共享出行相互促进，未来保持融 合进化，高阶智驾或带来安全和效率的提升。落地来看，受益于政策支持力度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 62.487 billion yuan for the first half of 2024, representing a year-on-year growth of 2.94%. The net profit attributable to shareholders was 5.732 billion yuan, up 4.76% year-on-year, while the net profit excluding non-recurring items was 4.964 billion yuan, growing by 1.11% year-on-year. The net cash flow from operating activities reached 7 billion yuan, an increase of 8.94% year-on-year. The net profit margin improved to 9.14%, up 0.26 percentage points year-on-year, indicating a continuous enhancement in profitability [11][12] - The company's enterprise business experienced rapid growth, with revenue from this segment reaching 9.172 billion yuan, a significant increase of 56.09% year-on-year, primarily driven by a surge in server and storage product shipments. The gross margin for the enterprise business was 21.77%, down 5.74 percentage points year-on-year due to changes in revenue structure [11][12] - The international market achieved double-digit growth, with revenue increasing by 10.44% year-on-year, accounting for 31.09% of total revenue. Notably, revenue from the Asian market (excluding China) grew by 22.76% year-on-year, with a gross margin of 36.02%, up 2.64 percentage points year-on-year [11][12] Financial Performance Summary - For the first half of 2024, the company's gross margin was 40.47%, down 2.75 percentage points year-on-year, influenced by changes in the revenue mix. The company expects revenue for 2024-2026 to be 130.263 billion yuan, 137.894 billion yuan, and 146.786 billion yuan, with year-on-year growth rates of 4.84%, 5.86%, and 6.45% respectively. The net profit attributable to shareholders is projected to be 9.855 billion yuan, 10.355 billion yuan, and 10.907 billion yuan for the same period, with growth rates of 5.67%, 5.08%, and 5.33% respectively [11][12][14]

证券研究报告 行业研究|行业点评研究|电力（214101） 核电项目核准创新高，看好核电加速成 长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 8 月 19 日，国常会核准江苏徐圩一期工程等 5 个核电项目，共计 11 台机组。核电重视度和建 设力度有望加强，高规模核准数量带动行业景气度持续提升。基荷+清洁两大属性保障核电长 期发展，从行业角度来看，2024M1-M6 核电投完成额为 407 亿元，同比+13.5%，从公司角度来 看，中国核电 2024 年资本开支上调，均印证行业景气度提升，关注核准超预期带动设备商和 运营商业绩增长。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年08月20日 电力 核电项目核准创新高，看好核电加速成长 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力 沪深300 -20% -7% 7% 20% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《电 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][10]. Core Insights - The company has been expanding its overseas market, achieving a 40.04% year-on-year increase in overseas revenue, totaling 1.515 billion yuan in the first half of 2024, which accounts for 24.56% of total revenue [4][10]. - The gross margin for overseas operations improved to 33.82%, up by 1.52 percentage points year-on-year [4][10]. - The company is adapting its market entry strategies and product mix based on target market demands, enhancing its competitive edge through multi-channel sales and customized services [4][10]. - The company is expected to see continued growth in both domestic and overseas markets, with a focus on renewable energy and industrial markets [10]. Financial Performance Summary - In the first half of 2024, the company reported total revenue of 6.166 billion yuan, a 16.27% increase year-on-year, and a net profit attributable to shareholders of 888 million yuan, up 26.64% year-on-year [10]. - For Q2 2024, revenue reached 3.509 billion yuan, reflecting a 12.05% year-on-year increase and a 32.03% quarter-on-quarter increase [10]. - The company’s revenue from coil products saw a significant increase of 50.48% year-on-year [10]. - The company’s earnings per share (EPS) are projected to be 2.67 yuan, 3.33 yuan, and 4.02 yuan for 2024, 2025, and 2026, respectively [10][11]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 15.213 billion yuan, 18.709 billion yuan, and 22.835 billion yuan, respectively, with year-on-year growth rates of 22.09%, 22.98%, and 22.06% [11]. - The net profit attributable to shareholders is expected to be 2.068 billion yuan, 2.576 billion yuan, and 3.115 billion yuan for the same years, with growth rates of 32.63%, 24.58%, and 20.92% [11].

程苏月董事长介绍公司2024年中期业绩有请董事长尊敬的投资者分析师媒体朋友们女士们先生们大家下午好欢迎大家蒞临中国联通2024年中期业绩发布会7月19日我们以向心同性共创智能新时代为主题召开了合作伙伴大会 发布了远景大模型算力质联网等一系列创新成果今天我们在会场特意安排了百年传承三四向心的历史展览和业务展示希望能够帮助大家进一步了解中国联通今天上半年公司经营业绩稳中有进高质量发展的基础更加扎实主要体现在 一是收入规模稳健增长上半年实现营业收入1973亿元同比增长2.9%主营业务收入1757亿元同比增长2.7%二是盈利能力持续提升实现利润总额168亿元同比增长10.2%连续八年实现 两位数增长面对新一轮科技革命和产业变革的巨大机遇我们着力推进网络向心技术向心服务向心加快发展新制生产力创造联网通信新价值开拓算网数字新蓝海我们持续加强新型基础设施建设推进网络向心 坚持网页协同 精准投入上半年完成固定资产投资239亿元投资规模稳中有降投资效能持续提升为公司高质量发展奠定了扎实基础上半年我们投资的重点领域是互联网 算力网 数据网这三张网在互联网方面 一是持续提升移动互联网覆盖水平上半年5G中频基站达到131万站低频基站 ...

证券研究报告 非金融公司|公司点评|星宇股份（601799） 优质项目快速放量，二季度业绩超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 8 月 15 日，公司发布 2024 年中报，2024H1 公司实现营业收入 57.17 亿元，同比+29.2%；实 现归母净利润 5.94 亿元，同比+27.3%；2024Q2 实现营业收入 33.04 亿元，同比+32.1%；实现 归母净利润 3.51 亿元，同比+33.6%，环比+44.8%。公司自主客户销量表现亮眼，问界 M9 交 付量持续攀升，带动公司高价值量 DLP 大灯快速放量，进而推动公司收入高速增长。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月19日 星宇股份(601799) 优质项目快速放量，二季度业绩超预期 | --- | --- | |------------|-----------------| | 行 ...

证券研究报告 行业研究|行业专题研究|汽车（2128） 从大众巅峰期看比亚迪销量潜力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 从大众巅峰期看一个车企如何实现市场领先地位，需要把握：1、抓住主流市场，密集布局车 型；2、应对不同市场，竞争策略灵活，最后实现打造爆款的高胜率。当前比亚迪在 20 万以下 基本盘价格带整体具备显著竞争优势，且爆款车型的销量天花板有望更高。产业链垂直一体 化布局赋予比亚迪在中低价格带的定价权优势，后续在 DM5.0 上市后，通过领先技术赋能车 型产品力，升级、丰富当前车型矩阵，有望实现量价齐升。随着高端化车型的不断开发、投 入，有望再塑爆款，实现优势价格带的向上扩张。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 21 行业研究|行业专题研究 glzqdatemark2 2024年08月19日 汽车 从大众巅峰期看比亚迪销量潜力 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% -7% 7% 2 ...

证券研究报告 行业研究|行业专题研究|汽车（2128） 从大众巅峰期看比亚迪销量潜力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 从大众巅峰期看一个车企如何实现市场领先地位，需要把握：1、抓住主流市场，密集布局车 型；2、应对不同市场，竞争策略灵活，最后实现打造爆款的高胜率。当前比亚迪在 20 万以下 基本盘价格带整体具备显著竞争优势，且爆款车型的销量天花板有望更高。产业链垂直一体 化布局赋予比亚迪在中低价格带的定价权优势，后续在 DM5.0 上市后，通过领先技术赋能车 型产品力，升级、丰富当前车型矩阵，有望实现量价齐升。随着高端化车型的不断开发、投 入，有望再塑爆款，实现优势价格带的向上扩张。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 21 行业研究|行业专题研究 glzqdatemark2 2024年08月19日 汽车 从大众巅峰期看比亚迪销量潜力 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 汽车 沪深300 -20% ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading R&D capabilities and potential long-term benefits from the trend of high-quality game development [2][4] Core Views - The company is expected to achieve revenues of 3.83/4.405/4.845 billion yuan in 2024-2026, with year-on-year growth rates of -8.48%/15.00%/10.00% respectively [2] - Net profit attributable to the parent company is projected to be 1.028/1.161/1.312 billion yuan in 2024-2026, with growth rates of -8.67%/12.98%/13.02% respectively [2] - EPS is forecasted to be 14.26/16.12/18.21 yuan for 2024-2026 [2] - The company's new game pipeline is robust, with several self-developed and agency-distributed games expected to launch in the near future, including "Wen Jian Chang Sheng" and "Zhan Jian Chuan Shuo" [6] - The company is accelerating its overseas expansion, with overseas business revenue reaching 255 million yuan in H1 2024, a year-on-year increase of 113.77% [6] Financial Performance - In H1 2024, the company reported revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and net profit attributable to the parent company of 518 million yuan, a year-on-year decrease of 23.39% [6] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, totaling 323 million yuan, and repurchased 241,500 shares in H1 2024 [6] - R&D expenses in Q2 2024 accounted for 19.90% of revenue, an increase of 3.67 percentage points year-on-year, driven by the expansion of the R&D team [6] Game Pipeline and Overseas Expansion - Key self-developed games include "Wen Jian Chang Sheng" (expected to enter paid testing in Q3 2024) and "Zhan Jian Chuan Shuo" (expected to launch in H1 2025) [6] - Agency-distributed games include "Feng Shen Huan Xiang Shi Jie" (scheduled for release on October 18) and "Yi Xiang Hui Sheng" (expected to launch in H2 2024) [6] - The company is focusing on global distribution for games like "Zhan Jian Chuan Shuo," "Chong Ya Yuan Shi Ren," and "Yi Wan Guang Nian," which are expected to further increase the proportion of overseas revenue [6] Valuation and Financial Ratios - The company's P/E ratio is projected to be 13.3/11.8/10.4 for 2024-2026, while the P/B ratio is expected to be 2.9/2.7/2.5 for the same period [7] - The EV/EBITDA ratio is forecasted to be 5.9/5.0/4.2 for 2024-2026 [7] - The company's ROE is expected to be 21.48%/22.57%/23.64% for 2024-2026, with a net profit margin of 34.20%/33.60%/34.52% [9]

证券研究报告 非金融公司|公司点评|继峰股份（603997） 规模效应初显，乘用车座椅业务加速 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 2024 年 8 月 14 日，公司发布上半年度报告，2024 年上半年实现营业收入 110.1 亿元，同比 +5.5%，实现归母净利润 5314.4 万元，同比-35.5%。其中 2024 年 Q2 实现营业收入 57.19 亿 元，同比+7.4%，环比+8.2%，实现归母净利润 0.34 亿元，同比+54.5%，环比+78.9%。公司乘 用车座椅业务规模效应初显，在手订单充沛，有望迎来快速放量。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月19日 继峰股份(603997) 规模效应初显，乘用车座椅业务加速 | --- | --- | |----------------------------|--------------------| | | | | 行 业： 投资评级： | 汽车 ...