Investment Rating - The report maintains a "Buy-A" rating for Aohai Technology with a 6-month target price of 36.00 CNY [4][7] Core Views - Aohai Technology achieved revenue of 2.96 billion CNY in H1 2024, a YoY increase of 46.84%, with net profit attributable to shareholders of 233 million CNY, up 8.46% YoY [2] - Q2 2024 revenue reached 1.598 billion CNY, a YoY increase of 43.42%, but net profit attributable to shareholders declined by 12.22% YoY to 111 million CNY [2] - The company's global expansion strategy is progressing, with the establishment of its sixth smart manufacturing base in Vietnam, focusing on power electronics R&D and production [3] - Aohai Technology's gross margin for export products is 28.41%, significantly higher than the 16.73% gross margin for domestic sales [3] Business Performance - In H1 2024, charger and adapter products contributed 2.341 billion CNY in revenue, accounting for 79.08% of total revenue, with a YoY growth of 57.07% [2] - Energy storage and other products generated 462 million CNY in revenue, a YoY increase of 44.42%, while new energy vehicle electronic control products and solutions saw a 23.49% YoY decline to 157 million CNY [2] Competitive Advantages - The company has achieved breakthroughs in energy-efficient application technologies, expanding from consumer electronics power technology to system integration and integrated photovoltaic-storage-charging solutions [4] - Aohai Technology operates six global smart manufacturing bases, with advanced automation and digital management systems, enabling rapid response to international customer demands [4] - The company has established deep partnerships with global AI, IoT, and new energy vehicle brands, with products exported to over 200 countries and regions [4][6] - Aohai Technology has obtained more than 2,500 certifications globally, enhancing its competitive position in the international market [6] Financial Projections - Revenue is expected to reach 6.623 billion CNY in 2024, 7.858 billion CNY in 2025, and 9.253 billion CNY in 2026 [7] - Net profit attributable to shareholders is projected to be 552 million CNY in 2024, 745 million CNY in 2025, and 910 million CNY in 2026 [7] - The company's PE ratio is forecasted to be 14.4x in 2024, 10.7x in 2025, and 8.7x in 2026 [8] Operational Efficiency - The company's ROE is expected to improve from 9.6% in 2022 to 14.6% in 2026, while ROIC is projected to increase from 68.5% in 2022 to 73.8% in 2026 [8] - Aohai Technology's asset turnover days are forecasted to decrease from 488 days in 2022 to 416 days in 2026, indicating improved operational efficiency [10]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 188.40 CNY over the next six months [5][11]. Core Views - The company has demonstrated strong revenue growth driven by high demand in export markets and the continuous expansion of high-power products. In H1 2024, the company achieved a revenue of 884 million CNY, a year-on-year increase of 33.65%, and a net profit of 491 million CNY, up 35.67% year-on-year [3][4]. - The company is expected to benefit from the growth in its welding business, which is anticipated to open new growth avenues [4][9]. Revenue Breakdown - The revenue from the "Follow-up + Board Card" segment was 299 million CNY in H1 2024, accounting for 34% of total revenue, with a year-on-year growth of 11.32% [4]. - The "Bus" segment, primarily high-power products, generated 212 million CNY, representing 24% of total revenue, with a significant year-on-year increase of 44.43% [4]. - The "Cutting Head" segment, compatible with both high-power and mid-low power systems, achieved 252 million CNY in revenue, accounting for 29% of total revenue, and a remarkable year-on-year growth of 64.44% [4]. - Other businesses, mainly welding, precision, and MES, contributed 121 million CNY, making up 14% of total revenue, with a year-on-year increase of 30.52% [4]. Profitability and Financial Metrics - The company's gross margin improved to 81.28% in H1 2024, up 0.92 percentage points year-on-year, while the net margin reached 59.82%, an increase of 1.72 percentage points [8]. - The gross margin for the "Follow-up + Board Card" segment was 86.19%, while the "Bus" segment achieved a gross margin of 90.66% [8]. - The company plans to distribute a cash dividend of 7.18 CNY per 10 shares, totaling 148 million CNY, which represents 30.03% of the net profit for H1 2024 [9]. Future Projections - Revenue projections for 2024 to 2026 are 1.89 billion CNY, 2.48 billion CNY, and 3.31 billion CNY, with growth rates of 34.34%, 31.00%, and 31.81% respectively [11]. - Net profit forecasts for the same period are 967 million CNY, 1.27 billion CNY, and 1.72 billion CNY, with growth rates of 32.67%, 31.73%, and 35.06% respectively [11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 20 日 杭叉集团(603298.SH) 收入稳健微增，"锂电化+国际化"持续 贡献结构性优化 事件：杭叉集团发布 2024 年半年报，上半年，公司实现营业收 入 85.54 亿元，同比增长 3.74%，实现归母净利润 10.07 亿元， 同比增长 29.29%；单 Q2，公司实现营业收入 43.82 亿元，同比增 长 1.53%，实现归母净利润 6.28 亿元，同比增长 28.19%。 "国际化+锂电化"带动市场需求结构持续优化。根据公司 2024 年半年报，2024 年上半年，中国叉车总销售量达 66.21 万台，同 比增长 13.09%；其中，①区域结构上，内销销量 43.39 万台，同 比增长 9.92%；出口销量 22.82 万台，同比增长 19.64%。出口持 续高增，国产品牌全球竞争力不断提升；②车型结构上，Ⅰ类车 销量 9.1 万台，同比增长 19.04%；Ⅱ类车销量 1.3 万台，同比增 长 22.62%；Ⅲ类车销量 36.46 万台，同比增长 25.58%；Ⅳ+Ⅴ类 车销量 19.36 万台，同比下降 7.02% ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 东山精密(002384.SZ) 电子电路业务同比增长，积极把握 AI 应用 事件： 8 月 19 日公司发布 2024 年半年度报告，报告期内，公司实现营 业收入 166.29,亿元，同比增加 21.67%；实现归母净利润 5.61 亿 元，比上年度同期降低 32.01%；扣非归母净利润 5.16 亿元，同 减 10.66%。 净利润短期承压，积极把握 AI 应用 报告期内，公司在复杂多变的行业环境下，营收同比增长 21.67%， 净利润短期承压，比上年度同期降低 32.01%，主要归因于去年同 期存在大额非经常性收入，且今年上半年汇率波动大和新产品陆 续量产等不利影响。面对迎接 AI 科技创新周期，公司积极应对多 重机遇与挑战，布局前瞻性技术创新产品，加大 PCB（含 FPC）产 品在 AI 服务器、云计算、车载等领域的研发和新客户的拓展等工 作。 确立双轮驱动的战略主线，新能源业务快速增长 报告期内，公司核心主业 PCB 业务韧性增长，新能源业务快速增 长，逐步形成以消费电子业务与新能源业务为韧性业务组合。中 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 周度经济观察 ————需求减速延续，利率下行未完 袁方1束加沛2 张端怡（联系人）3 2024 年 08 月 20 日 内容提要 从量价、支出端数据来看，7 月经济延续了 6 月的趋势，表明总需求仍在下 行途中，这也主导了同期股市的下跌和债券收益率下行。 在没有强力稳增长政策出台的条件下，经济下滑的趋势短期内或许难以扭 转。需要警惕经济减速过程中自我强化机制的启动，不宜对经济自发企稳的期待 过高。 尽管监管部门的干预导致此前债券市场收益率出现调整，但货币政策的宽 松未来或将延续，同时叠加经济的减速和偏低的物价水平，未来债券市场收益率 中枢有望继续下行。 风险提示：（1）地缘政治风险 （2）政策出台超预期 1宏观分析师，yuanfang@essence.com.cn，S1450520080004 2宏观分析师，shujp@essence.com.cn，S1450523010002 3联系人，zhangdy2@essence.com.cn 证券研究报告/国投证券宏观定期报告 第 1 页，共 13 页 2024 年 8 月 本报告仅供 Choice 东方财富 使 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 股价表现 2024 年 08 月 20 日 聚和材料(688503.SH) N 型银光照浆料"白马"，降本发展出 货捷报频传 乘风光伏青云直上，银浆龙头快速成长： 公司创立于 2015 年，是全球领先的光伏导电银浆行业的龙头之一。 公司主要产品为太阳能电池用正面银浆，依托持续性的技术迭代和产 能扩张，多年来营收利润高速增长，是行业历史上首家正银出货量超 过 1,000 吨的企业。2023 年公司实现营收 103 亿元，同比+58%；归 母净利润 4.4 亿元，同比+13%。受益于全球新能源光伏行业尤其是中 国光伏行业磅礴发展的态势，2022 年全球市场光伏银浆总消耗量为 3,322 吨，公司光伏银浆销量为 1,374 吨，光伏正银全球市场占有率 达到 41%，公司成长迅速。2023 年公司光伏银浆出货量为 2,003 吨， 成为行业首家光伏导电银浆年出货量超过 2,000 吨的企业，继续保 持太阳能电池用光伏银浆行业的领先地位。 N 型迭代银浆用量增长，聚沙成塔技术稳占先机： 经过 2023 年 N 型技术的快速发展，以 TOPCon 为代表的 N 型电池 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 81.98 CNY, maintaining the rating [3][8]. Core Views - The company has shown accelerated growth in Q2 2024, with significant performance in 3D CAD and overseas markets. The revenue for the first half of 2024 reached 308 million CNY, a year-on-year increase of 11.79%, and the net profit attributable to shareholders was 5.9762 million CNY, marking a turnaround from losses [2][3]. - The company is focusing on enhancing its CAx technology and expanding its key account (KA) customer base, which is growing faster than the company's average [4][8]. - The report projects the company's revenue for 2024, 2025, and 2026 to be 994.4 million CNY, 1.1928 billion CNY, and 1.4148 billion CNY respectively, with net profits of 68.6 million CNY, 93.5 million CNY, and 129.6 million CNY respectively [8][10]. Financial Performance - In Q2 2024, the company achieved a revenue of 188 million CNY, a year-on-year increase of 17.54%, and a net profit of 31.5874 million CNY, up 92.82% year-on-year [3]. - The revenue breakdown shows that standard general software revenue was 288 million CNY, with 2D CAD revenue at 192 million CNY (YoY +8.33%) and 3D CAD revenue at approximately 89 million CNY (YoY +30.15%) [3]. - The company’s sales, management, and R&D expense ratios were 56.82%, 19.14%, and 64.86% respectively, with changes reflecting increased compensation and talent acquisition [3]. Market Position and Strategy - The company is positioned as a leading domestic industrial software developer, focusing on an All-in-One CAx strategy to enhance its market presence and product competitiveness [8][10]. - The recent product releases, such as ZWCAD 2025 and ZW3D2025, have improved design efficiency and expanded capabilities in simulation and manufacturing [4][8]. - Collaborations with industry leaders like Donghua Machinery and Bond Laser are enhancing the effectiveness of the company's products in various sectors [4][8].

Investment Rating - The report maintains a "Buy - A" investment rating for the company [4] Core Views - The company has demonstrated stable performance with a revenue of 2.62 billion yuan in the first half of 2024, reflecting a year-on-year growth of 2.84%, and a net profit of 341 million yuan, up 1.35% year-on-year [1][2] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 313 million yuan, which represents 91.52% of the net profit for the half-year [1] - The company has seen significant growth in its gas installation projects, with a year-on-year increase of 29.75%, driven by the launch of new pipeline projects [2] - The company has a clear dividend return plan, committing to a cash dividend ratio of no less than 70% of net profit for the years 2023-2025 [2] - The stock's dividend yield is calculated at 6.05% based on the total cash dividend of 589 million yuan for 2023 and the closing price on August 19, 2024 [2] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 5.11 billion yuan, 5.52 billion yuan, and 5.94 billion yuan, respectively, with growth rates of 3.3%, 8.1%, and 7.6% [8] - Net profits are expected to be 651 million yuan, 694 million yuan, and 753 million yuan for the same years, with growth rates of 7.4%, 6.6%, and 8.5% [8] - The company’s price-to-earnings ratio is projected to decrease from 15.6 in 2023 to 12.5 in 2026, indicating improving valuation [9][10] - The company’s dividend payout ratio has been consistently high, with 2023 showing a payout ratio of 97.13% [2][9] Strategic Developments - The company has entered into a strategic partnership with the Henan Natural Gas Pipeline Company, enhancing its operational capabilities and market position [3] - The partnership is expected to leverage synergies between the two companies, potentially leading to improved operational efficiencies and market expansion [3]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 美埃科技(688376.SH) 证券研究报告 环保及公用事业 投资评级 买入-A 维持评级 6 个月目标价 36.74 元 股价 (2024-08-19) 25.58 元 交易数据 总市值(百万元) 3,437.95 流通市值(百万元) 1,269.16 总股本(百万股) 134.40 流通股本(百万股) 49.62 12 个月价格区间 24.55/39.01 元 升幅% 1M 3M 12M 相对收益 -6.4 -10.9 -6.1 绝对收益 -11.6 -19.6 -17.4 周喆 分析师 相关报告 新增产能即将放量叠加疫情 2023-02-28 影响消除，业绩有望高速增 长 业绩持续增长，耗材与海外占比提升驱 动利润率提升 事件： 公司发布 2024 年半年报，上半年实现营业收入 7.57 亿元，同比增长 16.17%；归母净利润 9288.37 万元，同比增长 20.64%；扣非归母净 利润 8575.99 万元，同比增长 27.08%。 海外收入高增，耗材与海外占比提升驱动毛利率增长： 2024 年上半年 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 20 日 万集科技(300552.SZ) 公司快报 24H1 收入端显著回暖，积极把握车路云一体化 和交通数字化转型建设机遇 事件概述 8 月 17 日，万集科技发布 2024 年半年报，2024 上半年公司实现营业 收入 3.78 亿元，同比增长 17.28%；实现归母净利润-1.50 亿元，同 比下降 17.33%，扣非归母净利润-1.58 亿元，同比下降 13.85%。 24H1 收入端显著回暖，成本端仍存在较大压力 24H1 公司收入端显著回暖，分业务来看，专用短程通信、动态称重、 激光检测、智能网联电子产品分别实现收入 2.39、0.83、0.38、0.17 亿元，分别同比增长 38.06%、2.80%、-4.52%、-35.93%。我们认为公 司收入显著回暖的最大驱动力来自于车载 ETC-OBU 业务走出周期底 部，销量持续回暖，预计该趋势有望在全年延续。另一方面，我们观 察到公司的成本端仍存在较大压力，24H1 毛利率为 28.09%，较去年 同期下滑 11.38pcts，主要系市场竞争加剧。此外，公司为应对下半 年车 ...