电信服务行业周报 2024 年 9 月 16 日 [Table_Main] 行业研究|电信服务 证券研究报告 [Table_Title] OpenAI o1 发布，推理能力大幅增强 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.9.9-2024.9.13）上证综指回调 2.23%，深证成 指回调 1.81%，创业板指回调 0.19%。本周申万通信上涨 2.11%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2024.9.9-2024.9.13）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 6.38%，通信工程及服务回 调幅度最高，跌幅为 3.27%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.9.9-2024.9.13）涨幅板块分析方面，大富科 技（37.31%）、鼎信通讯（21.45%）、中际旭创（16.62%）涨幅 分列前三。 OpenAI o1 模型登场：开启 AI 通用复杂推理新篇章，模拟人类 思考、处理问题 ...

Global ESG Disclosure Frameworks - 96% of exchanges reference the Global Reporting Initiative (GRI) standards when compiling ESG disclosure guidelines[8] - 78% of Fortune 250 companies use GRI standards for ESG disclosures[10] - Approximately 3/4 of Fortune 250 companies in the U.S. use SASB standards[11] - 4,900 organizations from 103 regions have adopted TCFD's framework for climate-related disclosures[12] - Companies representing about 2/3 of global market capitalization disclose climate change, forest, and water security data through CDP[13] EU ESG Policy - The EU's Corporate Sustainability Reporting Directive (CSRD) expands the scope of mandatory disclosure from 11,700 to approximately 50,000 companies[15] - CSRD introduces 12 sets of European Sustainability Reporting Standards (ESRS) covering general requirements, environment, social, and governance[15] U.S. ESG Policy - California's SB 253 and SB 261 laws will affect approximately 5,300 and 10,000 companies, respectively, with penalties up to $500,000 and $50,000 for non-compliance[19] - Only 40% of U.S. companies disclose Scope 1+2 greenhouse gas emissions, compared to 70% of non-U.S. companies[21] China ESG Policy Development - China's ESG policy development can be divided into three stages: initial (2002-2016), exploratory (2016-2020), and deepening (2020-present)[23] - The 2024 Sustainability Report Guidelines require 457 companies to disclose ESG information, with full implementation by 2026[28] - China's ESG policies currently focus more on environmental (E) disclosures, with social (S) and governance (G) aspects needing further development[29]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 26 CNY per share, based on a 6-month outlook [2][8]. Core Views - The company is expected to benefit from Tesla's accelerated commercialization of autonomous driving and the development of its Dojo supercomputing capabilities, which will enhance the company's revenue elasticity [2][8]. - The company is expanding its production capacity to meet customer demand, with a total planned capacity of 700,000 square meters upon completion of its expansion projects [2][28]. - The acquisition by a state-owned enterprise is anticipated to facilitate the company's market expansion and enhance its competitive position in the domestic market [2][31]. Summary by Sections Overall View - The company is projected to achieve a neutral target price of 26 CNY per share over the next six months, with an upside target of 33 CNY per share, based on a 20x valuation for 2025 [8][14]. Core Logic Changes - The PCB industry is expected to recover in 2024, driven by the automotive and server sectors, which are projected to increase their market share [17][20]. - The demand for PCB products is anticipated to rise due to the increasing penetration of electric vehicles and advancements in autonomous driving technologies [20][21]. Company Overview - The company has been a leader in the PCB industry for nearly 40 years, producing a wide range of products including double-sided boards, multi-layer boards, and HDI boards [32][35]. - The company has established a strong presence in the automotive electronics sector, with significant sales to major clients such as Tesla and other electric vehicle manufacturers [35]. Performance Breakdown and Valuation - The company is expected to achieve a revenue growth rate of over 20% in 2024, supported by the successful rollout of its production capacity and product structure optimization [5][14]. - The projected earnings per share (EPS) for 2024 is estimated at 0.99 CNY, with a price-to-earnings (P/E) ratio of 21 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company achieved significant growth in its revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year increase of 34.68%, and net profit attributable to shareholders amounting to 88.19 million yuan, a remarkable growth of 398.07% [3]. - The company is positioned as the largest metal additive manufacturing industrial base in China, with substantial advancements in SLM, SLS, BJ, and EBM technologies, expanding its market presence in civilian large-scale production [3][4]. - The company has made high investments in R&D, totaling 108 million yuan in the first half of 2024, reflecting a 28.60% increase year-on-year, which strengthens its technological moat [4]. Summary by Sections Financial Performance - The company reported a significant increase in revenue across its three main business segments: customized 3D printing products and technical services generated 317 million yuan (up 36.99%), self-developed 3D printing equipment and accessories brought in 227 million yuan (up 33.82%), and 3D printing raw materials achieved 47 million yuan (up 72.57%) [3]. - The company's expense ratio decreased to 35.53%, down 10.23 percentage points year-on-year, with net profit margin increasing to 14.92%, up 10.89 percentage points [5]. Investment Recommendations and Profit Forecast - The additive manufacturing industry is in a high-growth phase, and the company is expected to maintain a high market share in the domestic aerospace additive manufacturing sector. The forecasted net profits for 2024-2026 are 314 million, 467 million, and 639 million yuan, respectively, with corresponding PE ratios of 35.64, 23.94, and 17.49 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.30 yuan [4] Core Views - The company achieved revenue of 2.547 billion yuan in the first half of 2024, a year-on-year increase of 5.58%, and net profit attributable to the parent company of 604 million yuan, a year-on-year increase of 9.47% [1] - The aviation new materials business contributed 2.518 billion yuan in revenue, a year-on-year increase of 6.12%, driven by increased deliveries of prepreg and carbon brake products [1] - The company's gross margin and net margin improved to 37.25% and 23.98% respectively in the first half of 2024, reflecting enhanced profitability [3] Business Performance - The aviation advanced manufacturing technology industrialization business experienced a 37.6% decline in revenue to 15.7349 million yuan, mainly due to decreased sales of ordinary machine tools and special equipment [1] - The aviation industrial composite materials subsidiary achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.82%, and net profit of 618 million yuan, a year-on-year increase of 6.04% [2] - Youcai Baimu, a subsidiary, saw a significant increase in revenue and net profit, with revenue reaching 117 million yuan, a year-on-year increase of 105.68%, and net profit of 14.5038 million yuan, a year-on-year increase of 17.9438 million yuan [2] Financial Metrics - The company's period expense ratio decreased to 8.56% in the first half of 2024, down by 1.48 percentage points year-on-year, with reductions in management, financial, and R&D expense ratios [3] - The company's ROE improved to 16.70% in 2024E, with a projected increase to 18.15% by 2026E [7] - The company's P/E ratio is expected to decrease from 21.78 in 2024E to 15.03 in 2026E, indicating potential undervaluation [7] Future Outlook - The company is constructing a new advanced prepreg production line, which is expected to significantly increase prepreg production capacity upon completion [4] - The company's revenue is projected to grow from 52.1374 billion yuan in 2024E to 73.7019 billion yuan in 2026E, with net profit attributable to the parent company expected to increase from 1.18811 billion yuan in 2024E to 1.72188 billion yuan in 2026E [7] - The company's EPS is forecasted to rise from 0.85 yuan in 2024E to 1.24 yuan in 2026E, reflecting strong growth potential [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 1.622 billion yuan for the first half of 2024, representing a year-on-year growth of 10.47%. The net profit attributable to shareholders was 172 million yuan, with a slight increase of 2.62% [2]. - The growth was primarily driven by the refrigerator and small home appliance segments, while the medical and sports health sectors negatively impacted performance [2]. - The gross margin slightly decreased to 28.91%, and the net profit margin was 10.59%, reflecting a decline of 1.80 and 0.81 percentage points year-on-year, respectively [2]. - The company has successfully launched multiple new products and is expanding its production capacity, with a projected 60% increase by the end of 2024 [2]. - The long-term outlook remains positive, with projected revenues of 3.535 billion yuan, 4.208 billion yuan, and 4.837 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - For H1 2024, the company achieved a revenue of 1.622 billion yuan, with a net profit of 172 million yuan [2]. - The revenue breakdown by segment shows significant growth in refrigerator and small appliance motors, with respective year-on-year increases of 39.79% and 35.07% [2]. - The company’s R&D expense ratio was stable at 4.67%, with a slight decrease of 0.39 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders is 351 million yuan, 431 million yuan, and 504 million yuan for 2024, 2025, and 2026, respectively [3].

Investment Rating - The report maintains a rating of "Accumulate" for Yindu Co., Ltd. [4] Core Views - Yindu Co., Ltd. has entered an upward profit channel, with ongoing global expansion efforts [3] - The company reported a revenue of 1.367 billion yuan for the first half of 2024, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million yuan, up 28.80% year-on-year [4] - The decline in shipping costs has improved profitability, with gross margin and net profit margin increasing by 5.79 percentage points and 5.16 percentage points, respectively [4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenues of 631 million yuan in Q1 and 735 million yuan in Q2, representing year-on-year growth of 5.60% and 0.18%, respectively [4] - The revenue from commercial catering refrigeration equipment, Western kitchen equipment, and self-service equipment for H1 2024 was 1.014 billion yuan, 215 million yuan, and 72 million yuan, with year-on-year changes of 3.5%, -10.1%, and -10.2% [4] - The overseas revenue was 1.291 billion yuan, up 6.49% year-on-year, while domestic revenue was 740 million yuan, down 37.99% year-on-year [4] Profitability - The gross margin and net profit margin for H1 2024 were 46.51% and 25.36%, respectively, benefiting from lower shipping costs [4] - The company's R&D expense ratio was 1.85%, a decrease of 0.19 percentage points year-on-year due to fewer direct investments in R&D for new products [4] Product Development and Global Expansion - The company received the 2024 Kitchen Technology Innovation Award for its "French Fry Automatic Box Packing Machine," attracting more cooperation from U.S. chain customers [4] - The company is advancing its "85 Country Plan" with the completion of its own overseas warehouse in the UK and ongoing construction in France [4] Investment Recommendations and Profit Forecast - The report forecasts revenues of 2.995 billion yuan, 3.345 billion yuan, and 3.714 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 658 million yuan, 753 million yuan, and 855 million yuan [4] - The expected EPS for 2024, 2025, and 2026 is 1.55 yuan, 1.77 yuan, and 2.01 yuan, corresponding to P/E ratios of 15.76, 13.78, and 12.13 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company, Plater (688333), reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year growth of 34.68%, and a net profit of 88.19 million yuan, up 398.07% year-on-year [3]. - The growth is attributed to substantial increases in revenue from customized products, self-developed equipment, and raw materials, with specific revenue figures of 317 million yuan (36.99% growth), 227 million yuan (33.82% growth), and 47 million yuan (72.57% growth) respectively [3]. - The company is expanding its production capacity and market applications, particularly in the aerospace sector, with ongoing construction of multiple projects aimed at enhancing its manufacturing capabilities [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 45.95%, a decrease of 2.21 percentage points year-on-year, while the net profit margin increased by 10.89 percentage points to 14.92% [5]. - The company’s total R&D investment reached 108 million yuan, a 28.60% increase year-on-year, with ongoing projects focusing on new technologies [4][5]. Investment Recommendations and Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 314 million, 467 million, and 639 million yuan respectively, with corresponding price-to-earnings ratios of 35.64, 23.94, and 17.49 [6][9]. - The company is positioned as a leading player in the domestic metal additive manufacturing sector, particularly in the aerospace market, indicating strong growth potential [6]. Market Data - The current stock price is 42.02 yuan, with a market capitalization of approximately 11.42 billion yuan [7]. - The stock has experienced a significant decline of 53% over the past year [8].

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 银轮股份(002126)公司点评报告 2024 年 09 月 11 日 业绩如期兑现，北美整体转盈 国际化战略深化，加速第三曲线发展 ——银轮股份(002126)公司动态点评报告 [Table_Summary] 事件： 公司于 2024 年 9 月 6 日召开了 2024 年战略研讨会。在会议中，公司管理 层就海外业绩展望与第三曲线数字能源分领域业务进行了深入讨论。 公司上半年北美银轮已实现扭亏为盈，海外营收占比有望持续提升 在海外业务发展成效方面，公司通过十五年在海外投资与建厂方面的深厚 积累，目前已逐步进入业绩兑现期。在海外产能布置方面，公司目前已在美 国、墨西哥、瑞典、波兰等国分别建有研发分中心和生产基地，并通过在全 球范围内合理规划生产布局，以全球化供应能力满足客户的需求；在海外定 点获取方面，公司于 2023 年上半年陆续获得了包括奔驰、沃尔沃在内的全 球多家知名汽车集团与制造厂商的多个定点，产品涵盖冷却模块、空调箱、 IGBT 冷板、chiller、电池液冷板、冷凝器、前端模块、水空中冷器等多种 新能源车热管理部件。在海 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has achieved profitability in North America and is expected to continue increasing its overseas revenue share, which rose from 22.4% at the end of 2023 to 26.3% by mid-2024, with a target of over 40% by 2028 [1][2]. - The company is accelerating the development of its third curve business, focusing on strategic products and projects in digital and energy thermal management, with significant achievements in establishing partnerships with major clients [2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 132.69 billion, 158.77 billion, and 189.30 billion CNY, respectively, with corresponding net profits of 8.95 billion, 11.09 billion, and 13.64 billion CNY [3][4]. - The expected earnings per share for the same years are 1.11, 1.38, and 1.70 CNY, with price-to-earnings ratios of 14.86, 11.98, and 9.75 [3][4].