Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has achieved significant progress in acquiring new orders, particularly in the automotive electronics sector, which lays a solid foundation for long-term growth [2][4]. - The company is expected to experience rapid growth due to its advantageous market position, product category expansion, and continuous customer order acquisition [6]. Financial Projections - The projected revenues for 2024, 2025, and 2026 are 92.27 billion, 114.95 billion, and 143.05 billion CNY, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% respectively [6][18]. - The expected net profits attributable to the parent company for the same years are 6.40 billion, 8.79 billion, and 11.42 billion CNY, with growth rates of 37.78%, 37.29%, and 29.84% respectively [6][18]. - Earnings per share (EPS) are projected to be 1.22, 1.68, and 2.18 CNY, with a three-year compound annual growth rate (CAGR) of 34.92% [6][18]. Order Acquisition and Business Expansion - The company has successfully secured new projects in various automotive electronic products, including cockpit domain controllers, HUDs, digital acoustics, and wireless charging systems, among others [5][16]. - Notable domestic clients include Great Wall, Changan, BYD, and NIO, while international projects include partnerships with Maserati and Volkswagen [5][16]. Performance Highlights - The company reported a significant increase in net profit for the first half of 2024, with an expected range of 2.75 to 2.95 billion CNY, representing a year-on-year growth of 51.33% to 62.34% [16]. - The second quarter is anticipated to show a net profit of 1.33 to 1.53 billion CNY, reflecting a year-on-year increase of 27.88% to 47.12% [16]. Market Position - The company is positioned in a high-growth sector, benefiting from ongoing demand in the automotive industry, which is expected to drive future performance [6][18].

公 司 报 告│ 公 司 点 评 研 究 事件: 新和成(002001) 营养品景气共振,业绩超预期 7 月 11 日晚,公司披露业绩预告,预计 2024 年上半年实现归母净利润 20.77~22.25 亿元,同比增长 40%~50%;扣非净利润预计 20.63~22 亿元, 同比增长 50%~60%;基本每股收益 0.67~0.72 元/股。 营养品主业景气向上,业绩超市场预期 单季度看,2024Q2 公司实现归母净利润为 12.07~13.55 亿元(均值 12.81 亿元),环比+39%~56%(均值+47%),同比+44%~61%(均值+53%)。业绩同环 比大幅提升主要系公司营养品业务板块主要产品的销售数量、价格较上年 同期增长。 上半年公司实现维生素与蛋氨酸主业的景气共振。分产品看,VE、VA 行业 寡头集中,需求改善契机下,头部企业集中挺价,年初以来 VE、VA 价格分 别上涨了 21%、43%至 85、88 元/公斤;蛋氨酸全球 CR4 已来到 73%,定价 逻辑逐步转向寡头定价,Q2 淡季价格依然坚挺,单季度均价为 21.6 元/公 斤,比去年同期增长了 30%。 展望后市,维生素行业检修较 ...

证券研究报告 2024 年 07 月 13 日 行 业 报 告│ 行 业 专 题 研 究 通信 更快的 PCIe 6.0、更快的 1.6T 光模块 ➢ Blackwell 架构全面采用 PCIe 6.0 2024 年 3 月,英伟达在 GTC 大会上发布了基于"Blackwell"架构的 GB200、 HGX B200 和 HGX B100,其中 GB200 集成 2 个 Blackwell 系列 GPU 和 1 个 Grace CPU,支持内部 NVLink v5 和 PCIe 6.0。PCIe 带宽比"Hopper"架 构扩大了一倍。英伟达发布的产品 Datasheet 显示,目前"Blackwell"架 构的服务器暂时配置 PCIe 5.0 网卡,其中:DGX SuperPOD NVL72 搭载了 72 张 Blackwell GPUs,网络配置为 72 张单端口 400G 的 ConnectX-7 网卡, 需要配置 72 个基于 NDR 的 400G 光模块;DGX B200 搭载了 8 张 Blackwell GPUs,配置了 8 张 ConnectX-7 网卡,需要配置 4 个基于 NDR 的 8 ...

证券研究报告 2024 年 07 月 14 日 电力设备 行 业 报 告│ 行 业 专 题 研 究 如何看待亚非拉电力设备需求潜力? ➢ 亚非拉地区是我国电力设备出口的重要市场 2024 年 1-5 月,我国出口至亚非拉地区的变压器金额约占总出口额的 67%, 其中东南亚、非洲、南美洲、南亚、中东、其他亚洲地区出口额分别占比 16%/10%/9%/8%/3%/21%。1-5 月,逆变器出口数据整体下滑较明显,仅对南 亚地区的出口增速较高,东南亚地区亦维持了接近 20%的增速。1-5 月电表 出口数据多数地区下滑,依靠中东、南亚及非洲市场的需求高增维持了总 量上 4.3%的增长。 ➢ 2024 年 1-5 月各新兴市场变压器需求增长旺盛 2024 年前 5 月,亚洲国家中我国出口至越南、印尼、印度、乌兹别克斯坦 的变压器在较高基数下呈现高速增长态势;在南美洲,我国对墨西哥、巴 西、乌拉圭出口金额居前,乌拉圭、洪都拉斯出口额增速较高;在中东地 区,阿联酋、阿曼、约旦等国需求增速较快,分别同比增长 99%/314%/301%; 非洲国家中,对埃及和埃塞俄比亚的出口额同比增长 300%以上。 ➢ 逆变器出口数据中巴基 ...

行 业 报 告│ 行 业 专 题 研 究 证券研究报告 2024 年 07 月 14 日 投资建议: 强于大市(维持) 上次建议: 强于大市 汽车 汽车行业 2024Q2 业绩前瞻: 2024Q2 销量稳健增长,龙头业绩表现亮眼 乘用车:政策加码汽车消费,全年有望稳健增长 2024Q2 乘用车累计批发 629.2 万辆,同比+2.6%,环比+10.7%,2024Q2 批 发销量同环比均有所增长,渠道库存略有增长,库存仍处于健康水平。出 口方面,2024Q2 乘用车累计出口 123.0 万辆,同比增长 29.0%。2024 年乘 用车消费呈现两大特征:1)12 万以下低端市场、三线和四线城市及以下销 量占比提升;2)30 万以上高端市场占比提升。展望全年,以旧换新政策落 地,中央地方齐发力,有望拉动乘用车换车需求,我们预计 2024 年乘用车 销量有望达到 2679 万辆,同比+3.0%。 新能源:新能源需求持续向上,插混维持较高增速 2024Q2 新能源乘用车批发 272.0 万辆,同比增长 31.7%,环比增长 37.2%, 新能源渗透率 43.2%,同比+9.5pct,环比+8.4pct,2024Q2 新 ...

证券研究报告 2024 年 07 月 14 日 电力设备 行 业 报 告│ 行 业 专 题 研 究 如何看待亚非拉电力设备需求潜力? ➢ 亚非拉地区是我国电力设备出口的重要市场 2024 年 1-5 月,我国出口至亚非拉地区的变压器金额约占总出口额的 67%, 其中东南亚、非洲、南美洲、南亚、中东、其他亚洲地区出口额分别占比 16%/10%/9%/8%/3%/21%。1-5 月,逆变器出口数据整体下滑较明显,仅对南 亚地区的出口增速较高,东南亚地区亦维持了接近 20%的增速。1-5 月电表 出口数据多数地区下滑,依靠中东、南亚及非洲市场的需求高增维持了总 量上 4.3%的增长。 ➢ 2024 年 1-5 月各新兴市场变压器需求增长旺盛 2024 年前 5 月,亚洲国家中我国出口至越南、印尼、印度、乌兹别克斯坦 的变压器在较高基数下呈现高速增长态势;在南美洲,我国对墨西哥、巴 西、乌拉圭出口金额居前,乌拉圭、洪都拉斯出口额增速较高;在中东地 区,阿联酋、阿曼、约旦等国需求增速较快,分别同比增长 99%/314%/301%; 非洲国家中,对埃及和埃塞俄比亚的出口额同比增长 300%以上。 ➢ 逆变器出口数据中巴基 ...

证券研究报告 2024 年 07 月 13 日 行 业 报 告│ 行 业 专 题 研 究 通信 更快的 PCIe 6.0、更快的 1.6T 光模块 ➢ Blackwell 架构全面采用 PCIe 6.0 2024 年 3 月,英伟达在 GTC 大会上发布了基于"Blackwell"架构的 GB200、 HGX B200 和 HGX B100,其中 GB200 集成 2 个 Blackwell 系列 GPU 和 1 个 Grace CPU,支持内部 NVLink v5 和 PCIe 6.0。PCIe 带宽比"Hopper"架 构扩大了一倍。英伟达发布的产品 Datasheet 显示,目前"Blackwell"架 构的服务器暂时配置 PCIe 5.0 网卡,其中:DGX SuperPOD NVL72 搭载了 72 张 Blackwell GPUs,网络配置为 72 张单端口 400G 的 ConnectX-7 网卡, 需要配置 72 个基于 NDR 的 400G 光模块;DGX B200 搭载了 8 张 Blackwell GPUs,配置了 8 张 ConnectX-7 网卡,需要配置 4 个基于 NDR 的 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve approximately 8.238 billion yuan in revenue for the first half of 2024, representing a year-on-year growth of 26.51%. The net profit attributable to the parent company is projected to be around 200 million yuan, marking a turnaround from losses, with a non-recurring net profit of approximately 184 million yuan [2]. - In Q2 2024, the company anticipates revenue of about 4.284 billion yuan, reflecting a year-on-year increase of 27% and a quarter-on-quarter increase of 8%. The net profit attributable to the parent company is expected to be around 145 million yuan, showing a significant year-on-year growth of 625% and a quarter-on-quarter growth of 164% [2]. - The company has optimized operational efficiency, leading to a decrease in expense ratios, with a Q2 net profit margin of 3.4%, an increase of 2.8 percentage points year-on-year and 2 percentage points quarter-on-quarter [2]. - The global cellular IoT module market showed signs of recovery in Q1 2024, with a year-on-year growth of 7%, driven mainly by demand from China and India. The company holds a leading position in the IoT module market with a 37.1% share [2]. Financial Data and Valuation - Revenue projections for 2024-2026 are 17.343 billion yuan, 21.701 billion yuan, and 27.797 billion yuan, with year-on-year growth rates of 25.12%, 25.13%, and 28.09% respectively [12]. - The net profit attributable to the parent company for the same period is expected to be 450 million yuan, 624 million yuan, and 900 million yuan, with year-on-year growth rates of 395.79%, 38.76%, and 44.16% respectively [12]. - Earnings per share (EPS) are projected to be 1.70 yuan, 2.36 yuan, and 3.40 yuan for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 115.44% [12]. - The company maintains a strong market position and is expected to benefit from the development of edge AI technology [12].

作者 相关报告 美国 6 月 CPI 环比为-0.1%,是 2020年以来第一次出现负值,上月上升 0.2%,低于预期;CPI 同比从上个月的3.3%降到 3%(预期 3.1%)。6月核心 CPI 环比上升 0.1%,低于预期 0.2%,低于上月 0.2%;同比增长 3.3%,预期 3.4%,前值3.4%。通胀再降温,商品通缩,服务通胀的大格局没有变化。 市场对美联储降息预期升温,9月降息概率超过85%,12月降息概率 99%。 美股开盘涨跌不一,美债收益率下行,美元下跌,黄金突破2400美元关口。 近期就业和通胀数据符合我们的分析,美国的政策利率或已经具有一定限 制性,未来通胀大概率继续回落。 事件点评 A CPI 数据再次低于预期,通胀压力显著下行 A 证券研究报告 1、《供需如期四升: -- 5 月经济数据点评》 2024. 06. 19 2、《关联储放偏慰信号:年内或只有一次降息:一 -美联储 6月议总会议点评》 2024.06.14 2024 年 07 月 13 日 济一家观 通胀再降温,降息或可期待 美国6月CPI 数据点评 事件: CP| 和核心 CP| 数据都低于预期,再通胀的风险下降。6月 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from approximately 145.5 to 154.5 billion yuan, representing a year-on-year growth of about 41% to 50% [2] - The production of gold, copper, and silver has increased, contributing to a substantial rise in profitability, with Q2 2024 net profit estimates showing a year-on-year growth of approximately 70.5% to 89.1% [3] - The company has announced a new five-year plan aiming to position its copper production among the top three globally by 2028 [4] - Significant breakthroughs in resource exploration have been achieved, with new copper metal resources amounting to 1,837.7 million tons, which is about 14.2% of China's copper reserves as of the end of 2022 [5] Summary by Sections Financial Performance - For H1 2024, the company expects gold, copper, and silver production to be approximately 35.4 tons, 518,000 tons, and 210.3 tons, respectively, with year-on-year growth of 9.6%, 5.3%, and 1.3% [3] - The average prices for copper, gold, and silver in H1 2024 increased by 10.3%, 20.5%, and 28.0% year-on-year [3] - The projected net profits for 2024 to 2026 are 315.37 billion yuan, 382.38 billion yuan, and 443.55 billion yuan, respectively, with corresponding EPS of 1.19, 1.44, and 1.67 yuan [6] Production and Pricing - The company reported a significant increase in production and sales prices for its main mineral products, leading to a substantial rise in profitability [3] - The average prices for Q2 2024 showed year-on-year increases of 19.3% for copper, 23.8% for gold, and 36.5% for silver [3] Strategic Planning - The five-year plan includes production targets of 1.22 million tons of copper by 2025 and 1.5 to 1.6 million tons by 2028, with gold production targets of 85 tons and 100 to 110 tons, respectively [4] - The company aims to enhance its position in the global market for copper, gold, and zinc, with projections indicating it could rank third in copper and zinc production by 2028 [4] Resource Development - The company has made significant progress in resource exploration, with new copper metal reserves that significantly contribute to its competitive advantage [5]