Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company's performance in H1 2024 met expectations, with revenue growth of 27.65% year-on-year, reaching 1.352 billion yuan, and a net profit attributable to the parent company of 177 million yuan, up 35.09% year-on-year [2][4]. - The gross margin improved to 74.68%, an increase of 4.55 percentage points, attributed to product structure optimization and lean management [2]. - The online transformation of the company has shown significant results, with online channel revenue reaching 1.139 billion yuan, a year-on-year increase of 34.85%, accounting for 84.34% of total revenue [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 177 million yuan, with a year-on-year growth of 35.09% and a non-recurring net profit of 166 million yuan, up 40.21% [2]. - The sales expense ratio increased to 53.06%, reflecting higher competition and rising traffic costs, while the management expense ratio decreased to 3.44% [2]. Brand Performance - The main brand, Marubi, generated 930 million yuan in revenue, a growth of 25.87%, with a notable increase in sales from the Tmall flagship store by 34.29% [3]. - The second brand, PL, achieved revenue of 417 million yuan, growing 35.83% year-on-year, with strong performance during promotional events [3]. Future Projections - The company is expected to achieve net profits of 360 million yuan, 454 million yuan, and 574 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.90, 1.13, and 1.43 yuan [4].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported impressive revenue growth of 90.59% year-on-year, reaching 603 million yuan in H1 2024, with a net profit of 310 million yuan, up 182.88% year-on-year, closely aligning with the upper limit of its previous earnings forecast [2]. - The gross margin improved to 91.58%, an increase of 2.43 percentage points, while the net profit margin rose to 51.34%, up 16.96 percentage points [2]. - The company is a leading player in the domestic recombinant collagen protein market, with a strong focus on functional protein research and diversified industrial applications [2]. Financial Performance - For H1 2024, the company achieved a revenue of 603 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, reflecting a growth of 182.88% [2]. - The company’s revenue for Q2 2024 was 377 million yuan, marking a 100.45% increase year-on-year, with a net profit of 208 million yuan, up 213.41% [2]. - The company’s revenue projections for 2024-2026 are 1.39873 billion yuan, 1.92465 billion yuan, and 2.4695 billion yuan, respectively, with expected EPS of 6.89 yuan, 9.42 yuan, and 12.18 yuan [3][5]. Product and Market Development - The company’s flagship product, Wei Yi Mei, has seen rapid sales growth, surpassing one million units sold by H1 2024 [2]. - The company has expanded its product matrix with new specifications and treatment options, while also increasing its distribution network to approximately 3,000 medical institutions by H1 2024 [2]. - The company plans to invest up to 220 million yuan to build a collagen production facility to further enhance its production capacity [2].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 兆易创新(603986)公司点评报告 2024 年 08 月 23 日 [Table_Title] Q3"旺季不旺"的预期无碍公司后继成长 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 8 月 20 日，公司发布 2024 年中报。2024H1，公司营收实现 36.09 亿 元，YoY+21.69%；归母净利实现 5.17 亿元，YoY+53.88%；毛利率和净利 率分别为 38.16%和 14.33%。单季度 2Q24 来看，公司营收实现 19.82 亿 元，YoY+21.99%；归母净利实现 3.12 亿元，YoY+67.95%；毛利率和净利 率分别为 38.15%和 15.75%。 Nor Flash 业务，消费电子、网通和安防等需求复苏下，Q2 需求增长 较好，公司作为全球第二大 SPI Nor Flash 厂商，产品出货和营收增长较 快，上半年营收同比 40%以上。Q2 受供给趋紧，Nor 价格稳中有升，公司 毛利率较去年同期小幅上升。展望 Q3， ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company is expected to benefit significantly from the growing demand for AI hardware and edge deployment, driven by the expansion of computing power needs across various industries [4][5] - The company's revenue for H1 2024 reached 266.09 billion yuan, a year-on-year increase of 28.69%, with a net profit of 8.74 billion yuan, up 22.04% year-on-year [2][3] Revenue and Profit Growth - In Q2 2024, the company achieved revenue of 147.40 billion yuan, representing a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [2][3] - The AI hardware segment, particularly AI servers, saw revenue growth exceeding 230%, contributing significantly to overall revenue [3] Business Segments Performance - Cloud computing business benefited from the increasing demand for AI hardware, with a revenue growth of 60% year-on-year, and AI servers accounted for 43% of total server revenue [3] - The communication and mobile network equipment segment also experienced growth, with 400/800G high-speed switches seeing a revenue increase of 30% year-on-year [3] Future Profitability Forecast - The company is projected to achieve net profits of 25.65 billion yuan, 29.90 billion yuan, and 34.53 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17x, 15x, and 13x [5][6]

[Table_Index] 主要数据： 上证综指： 2848.77 深圳成指： 8162.18 沪深 300： 3313.14 中小盘指： 3011.02 创业板指： 1546.63 [Table_Author] 报告作者 分析师 朱定豪 执业证书编号 S0020521120002 邮箱 zhudinghao@gyzq.com.cn 电话 021-51097188 分析师 房倩倩 2024 年 08 月 22 日 [Table_Title] 每日复盘 证券研究报告 20240822 市场复盘：市场震荡走低，大盘价值表现稳健 报告要点： 2024 年 8 月 22 日市场震荡走低，大盘价值表现稳健。上证指数下跌 0.27%，深证成指下跌 0.82%，创业板指下跌 0.76%。市场成交额 5520.40 亿元，较上一交易日增加 393.55 亿元。全市场 775 只个股上涨，4466 只个 股下跌。 风格上看，周期、金融、消费和成长风格均出现下跌，其中成长风格跌 幅最显著，稳定风格小幅上涨；基金重仓股指数表现优于基金非重仓股；价 值股表现优于成长股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：纺织 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-on-year increase of 2.46%, while the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to changes in corporate income tax policies [2][3]. - Membership revenue showed strong growth, increasing by 27% to 2.486 billion yuan, driven by high-quality content and a robust membership benefits system [3][5]. - The advertising revenue declined by 4% to 1.721 billion yuan, but the overall recovery trend remains intact [3]. - The operator business faced a significant decline of 46%, generating 750 million yuan, impacted by the implementation of industry governance measures [3]. - The content e-commerce segment reported a revenue of 1.357 billion yuan, up 8.74%, with a GMV of 6.65 billion yuan, reflecting nearly 50% growth [3]. - The new media interactive entertainment content production business saw a remarkable increase of 63.80%, generating 633 million yuan [3]. Financial Performance Summary - For H1 2024, the company’s operating expenses decreased, with sales, management, and R&D expense ratios at 10.96%, 2.85%, and 1.28%, respectively, down from the previous year [2]. - The company expects net profits for 2024-2026 to be 2.072 billion, 2.292 billion, and 2.547 billion yuan, with corresponding EPS of 1.11, 1.23, and 1.36 yuan, reflecting a PE ratio of 17, 15, and 14 times [5][6]. - The company has a total market capitalization of approximately 37.227 billion yuan, with a circulating market value of about 20.332 billion yuan [7]. Content Strategy - The company launched 56 new variety shows in H1 2024, an increase of 17 shows from the previous year, with significant viewership for programs like "Singer 2024" [4]. - The company has a robust pipeline of over 80 upcoming dramas, including potential hits like "National Color and Fragrance" and "Water Dragon Chant" [4].

Investment Rating - Buy | Maintain [2] Core Views - The company achieved steady revenue growth and turned a profit in H1 2024, with revenue reaching 308.20 million yuan, up 11.79% YoY, and net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - The company optimized its organizational structure and strengthened its domestic and overseas channel layout, with overseas revenue growing 29.91% YoY to 88.30 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY, focusing on breakthroughs in CAX key technologies [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Financial Performance - Revenue in H1 2024 was 308.20 million yuan, up 11.79% YoY, with net profit attributable to shareholders of 5.98 million yuan, a significant improvement from a loss in the same period last year [3] - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] Product and Market Performance - Revenue from 2D CAD products grew 8.33% YoY to 191.83 million yuan, while 3D CAD products saw a 30.15% YoY increase to 89.04 million yuan [3] - Revenue from CAE products increased 21.04% YoY to 3.10 million yuan, and revenue from the Bochao series surged 629.80% YoY to 4.28 million yuan [3] - Domestic commercial market revenue grew 19.53% YoY to 186.95 million yuan, while domestic education market revenue declined 35.46% YoY to 32.62 million yuan [3] - Overseas revenue grew 29.91% YoY to 88.30 million yuan, with the company ranking first in the G2 Easiest To Use General-Purpose CAD Software list [3] R&D and Technological Advancements - R&D investment reached 206 million yuan, accounting for 66.81% of revenue, up 6.10 percentage points YoY [4] - The company strengthened large-scale assembly design support technology and expanded low-frequency simulation capabilities in CAD products [4] - The company released its first fluid simulation software based on the acquired PHOENICS software, integrating fluid solvers into its general-purpose pre- and post-processing platform [4] - Low-frequency electromagnetic simulation software focused on power equipment industry solutions, forming industry solutions in transformer and high-voltage switch fields [4] Future Outlook - The company is expected to achieve revenue of 977.46 million yuan, 1.17 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 77.35 million yuan, 102.09 million yuan, and 129.34 million yuan [5] - EPS is forecasted to be 0.64 yuan, 0.84 yuan, and 1.07 yuan per share in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 99.85, 75.65, and 59.71 [5] - The company is expected to maintain its leading position in the domestic R&D and design industrial software market, with strong growth potential driven by product performance, localized services, and ecosystem development [5]

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 [5][11]. Core Insights - The company's revenue and profit are steadily increasing, with a historical high in profit margins. In H1 2024, the company achieved a revenue of 603.83 billion, a year-on-year growth of 14.0%, and a gross margin of 55.1%, up 6.7 percentage points from the same period last year. The adjusted net profit was 90.67 billion, with a net margin of 15.0%, an increase of 9.8 percentage points year-on-year [2]. - Active user numbers are growing steadily, with the AI matrix enabling multiple business enhancements. In Q2 2024, the Daily Active Users (DAU) and Monthly Active Users (MAU) reached 395 million and 692 million, respectively, representing a year-on-year growth of 5.1% and 2.7%. The average daily usage time per DAU was 122 minutes, with total user usage time increasing by 9.5% year-on-year [3]. - Advertising revenue growth is in line with expectations, while e-commerce GMV has slowed down. In Q2 2024, online marketing revenue was 175 billion, a year-on-year increase of 22.1%. The e-commerce GMV for H1 2024 was 593.3 billion, up 21% year-on-year, with Q2 GMV reaching 305.3 billion, a 15% increase [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 603.83 billion, with a gross margin of 55.1% and an adjusted net profit of 90.67 billion, reflecting a net margin of 15.0% [2][5]. - The projected adjusted net profits for 2024-2026 are 176.49 billion, 224.52 billion, and 275.48 billion, respectively [5][9]. User Engagement - The DAU and MAU figures for Q2 2024 were 395 million and 692 million, with daily usage time averaging 122 minutes [3]. - The penetration rate of search users has improved, with nearly 500 million monthly active users utilizing the search function in Q2 2024 [3]. Business Segments - The online marketing business saw a revenue of 175 billion in Q2 2024, while the e-commerce GMV for H1 2024 was 593.3 billion [4]. - The live streaming revenue in Q2 2024 was 93 billion, showing a decline of 6.7% year-on-year, despite a 60% increase in the number of signed contract hosts [4].