2024 年 7 月 9 日三大指数集体反弹，市场午后放量上涨。上证指数上涨 1.26%，深证成指上涨 1.68%，创业板指上涨 1.43%。市场成交额 7269.87 亿 元，较上一交易日大幅增加 1427.80 亿元。全市场 4271 只个股上涨，917 只 个股下跌。 资金筹码方面，主力资金首次大幅净流入，7 月 9 日净流入 75.47 亿元， 为 7 天来主力资金首次净流入。其中超大单净流入 62.31 亿元，大单净流入 13.16 亿元。中单资金净流出 63.16 亿元，小单持续净流出 12.31 亿元。 7 月 9 日，亚太主要股指收盘多数上涨，恒生指数持平，报 17523.23 点； 恒生科技指数上涨 0.96%，报 3600.90 点；韩国综合指数上涨 0.34%，报 2867.34 点；日经 225 指数上涨 1.96%，报 41580.17 点；印度 SENSEX30 指数上涨 0.49%，报 80351.64 点；澳洲标普 200 指数上涨 0.86%，报 7829.70 点。 2024 年 07 月 10 日 内容目录 请务必阅读正文之后的免责条款部分 2 / 11 美股三大指数涨跌 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 108.5 to 134.8 CNY based on a valuation of 62x to 72x for 2024 [2][10]. Core Views - The company is expected to recover its performance in the first half of 2024, with projected revenue of 3.609 billion CNY (YoY +21.69%) and net profit of 518 million CNY (YoY +54.18%) [2]. - The decline in inventory levels and the upward trend in product prices are anticipated to improve the company's gross margin, leading to significant profit growth in Q2 2024 [2]. - The demand for Nor Flash products is expected to rise due to applications in TWS headphones, AI phones, AI PCs, and servers, benefiting the company as the second-largest Nor Flash manufacturer globally [2]. - The transition of major manufacturers from DDR3 to higher-value DDR5 and HBM is expected to create a supply gap in niche DRAM, which the company aims to capitalize on by shifting from agency sales to self-developed DRAM [2]. - The automotive sector, a key application area for MCUs, is projected to enter a replenishment phase in late 2024 to early 2025, which may revitalize demand for the company's MCU products [2]. Summary by Sections Financial Performance - The company achieved revenue of 3.609 billion CNY in H1 2024, slightly exceeding expectations, with an upward revision of 2024 revenue forecast to 7.969 billion CNY and net profit to 1.165 billion CNY [2][3]. - The gross margin is expected to be approximately 39% for 2024 [2]. Market Outlook - The report highlights a positive outlook for the semiconductor industry, driven by the recovery in demand and pricing power due to inventory adjustments and market dynamics [2]. - The company is positioned to benefit from the anticipated price increases in the Nor Flash market as competitors face margin pressures [2]. Valuation Metrics - The report provides a detailed financial forecast, projecting significant revenue growth rates of 38.3% for 2024 and 24.7% for 2025, alongside a substantial increase in net profit margins [3][7]. - Key financial ratios such as P/E and P/B are projected to improve, indicating a favorable investment proposition [3][7].

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业研究报告 2024 年 07 月 06 日 [Table_Title] 中国力量河出伏流,出海浪潮中各显身手 ——药品出海行业研究报告 [Table_Summary] 报告要点: 药品出海是成长为全球化大药企的基本门槛和必经之路 据 Frost&Sullivan 统计,2022-2030 年中国在全球医药市场中的占比 仅保持在 17%左右,未来有很大的提升空间。从国际医药巨头的成长 历史来看,进军全球市场是必经之路,国际市场是支撑企业做大的必 要基础。我国"十四五"医药工业发展规划也提出支持企业立足本土 资源和优势,面向全球市场,培育一批世界知名品牌,形成一批国际 化程度高、全球布局发展的大型制药公司。 法规医药市场规模巨大,新兴市场人口多、卫生支出增长快 据 Frost&Sullivan,2018-2030 年美国与欧盟的医药市场之和超过全 球市场的 50%。据 WHO,2020 年中低收入、中高收入和高收入国家 人均卫生支出平均分别为 125 美元、515 美元和 3708 美元,且高收 入国家占全球卫生支出 80%以上,整体来看,法 ...

[Table_ 报告作者Author] 分析师 耿军军 执业证书编号 S0020519070002 电话 021-51097188-1856 邮箱 gengjunjun@gyzq.com.cn 联系人 王朗 [Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 鸿蒙操作系统专题报告 2024 年 07 月 09 日 [Table_Invest] 推荐|维持 [Table_Title] 鸿蒙系统开天辟地，生态应用千帆启航 ——鸿蒙操作系统专题报告 [Table_Summary] 报告要点： 华为十年磨一剑，打造全栈自研的鸿蒙操作系统 鸿蒙是面向万物互联的全场景分布式操作系统，支持手机、平板、智 能穿戴、智慧屏等多种终端设备运行。鸿蒙利用分布式技术，将手机、 电脑、平板、电视等设备连接起来，实现设备之间的互联互通。自 2019 年首发以来，鸿蒙操作系统以几乎每年一版本的速度迭代，最新的 HarmonyOS NEXT 鸿蒙星河版从操作系统内核、文件系统，到编程 语言、编译器/运行时、编程框架，再到设计系统、集成开发环境，以 及 AI 框架和大模型等，实现了全栈自研，完全砍掉了传统的 AOSP （安 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.02 CNY, compared to the current price of 21.58 CNY [5][6] Core Views - The company's H1 2024 net profit attributable to shareholders is expected to be 450-470 million CNY, a year-on-year increase of 22.08%-27.51% [2] - The company's commercial vehicle business continues to grow despite a high base, demonstrating strong growth capabilities [3] - The company's "Civil Gear" business is expanding into new areas such as smart office, smart home, and smart automotive, with significant revenue and profit growth in the smart home sector [4] - The company's new energy gear business remains a major driver of performance growth, while its robotics business shows strong potential with increasing market share in domestic robot precision reducers [5] Financial Performance - The company's revenue is expected to grow from 6,837.95 million CNY in 2022 to 13,262.18 million CNY in 2026, with a CAGR of 18.08% [5] - Net profit attributable to shareholders is projected to increase from 582.09 million CNY in 2022 to 1,639.39 million CNY in 2026, with a CAGR of 29.82% [5] - The company's ROE is expected to improve from 7.92% in 2022 to 13.71% in 2026 [5] Business Segments - The company's commercial vehicle business achieved over 78% growth in H1 2023 due to core customer capacity expansion, and continues to maintain growth momentum in 2024 [3] - The company's robotics business has successfully deployed RV reducers for robots with loads ranging from 6-1000KG and is supplying multiple models of harmonic reducers [5] - The company's smart drive business, led by subsidiary Huanqu Technology, is leveraging synergies with the parent company's automotive market resources to expand smart automotive component drive business [4] Valuation - The company's PE ratio is expected to decrease from 30.84x in 2022 to 10.95x in 2026, indicating improving valuation attractiveness [5] - The company's PB ratio is projected to decline from 2.44x in 2022 to 1.50x in 2026 [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.92-1.04 billion yuan in H1 2024, representing a year-on-year increase of 50%-70% [1] - The growth in the new energy sector and the optimization of product and customer structure are key drivers for the company's performance [1] - The company has successfully expanded into energy storage and data center businesses, with initial results showing promise [1] Summary by Sections Performance Forecast - The company forecasts a net profit of 2.27 billion yuan for 2024, 3.09 billion yuan for 2025, and 3.99 billion yuan for 2026, with corresponding earnings per share of 1.05, 1.43, and 1.84 yuan respectively [1][12] Business Growth - The company's net profit for Q2 2024 is projected to be 0.54 billion yuan, a year-on-year increase of 38.96%, marking a historical high for a single quarter since its listing [1] - The revenue from new energy vehicles has increased, with the company covering over 50 automotive manufacturers and numerous secondary suppliers [1] New Business Development - The company has begun mass production of energy storage liquid cooling pipeline systems and small-scale supply for data center server liquid cooling systems [1] - The company is also entering the aircraft sector, collaborating with AVIC Xi'an Aircraft Industry Group on fuel and vent pipeline systems, which are currently in flight verification [1]

20240708 市场复盘：指数全线收跌，市场延续疲软 风格上看，只有稳定微涨，金融、周期跌幅较小，消费、成长跌幅较大； 非基金重仓股指数跌幅大于基金重仓股指数；价值风格表现优于成长，大盘 表现稍优于中小盘，只有大盘价值微涨。分行业看，30 个中信一级行业中 28 个行业下跌；表现相对靠前的是：电力及公用事业（0.77 %），银行（0.51 %）， 通信（-0.37 %）；表现相对靠后的是：综合金融（-3.90 %），计算机（-3.34 %）， 综合（-3.22 %）。概念板块方面，多数概念板块下跌，只有锗镓、央企银行等 小幅上涨；数字货币、华为 NMS、抖音平台等大幅走低。 7月 5日欧洲三大股指涨跌不一。德国 DAX指数上涨0.14%，报 18475.45 点；英国富时 100 指数下跌 0.45%，报 8203.93 点；法国 CAC40 指数下跌 0.26%，报 7675.62 点。美股三大指数全部收涨，道琼斯工业指数上涨 0.17%， 收于 39375.87 点；标普 500 指数上涨 0.54%，收于 5567.19 点；纳斯达克 综合指数上涨 0.90%，收于 18352.76 点。 本文基于客 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2024 年 07 月 08 日 [Table_Title] 《国家人工智能产业综合标准化体系建设指南》发 布，应用侧发展或将加速 ——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（2024.07.01-2024.07.05）上证综指回调 0.59%，深 证成指回调1.73%，创业板回调1.65%。本周申万通信回调 1.08%。 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（2024.07.01-2024.07.05）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 0.42%，其他通信设 备回调幅度最高，跌幅为 5.28%，本周各细分板块主要呈回调趋势。 个股方面：本周（2024.07.01-2024.07.05）通信板块涨幅板块分析 方面，ST 中嘉（14.47%）、超讯通信（12.07%）、ST 鹏博士 （9.40%）涨幅分列前三。 《国家人工智能产业综合标准化体系建设指 ...

[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 韦尔股份(603501)公司点评报告 2024 年 07 月 08 日 [Table_Title] 手机汽车双线带动,24Q2 业绩保持高增态势 ——公司 2024 年中期业绩预告点评 报告要点 [Table_Summary] 7 月 5 日,公司发布2024年中期业绩预告,预计24H1 营收实现 119.04- 121.84 亿元(按中值计算 YoY+35.97%),预计归母净利达到 13.08-14.08 亿元(中值 YoY+787.58%)。从二季度来看,公司预计营收实现 62.60-65.40 亿元(中值 YoY+41.50%),预计公司归母净利实现 7.5-8.5 亿元(中值 YoY+1739.13%)。 公司推出的 OV50H 和 OV50K40 等高规格料号在高端智能手机市场产 品导入顺利,目前 OV50H 已上量小米 14Pro 等机型,OV50K40 在荣耀 Magic 6 至臻版首发,有望上量小米、华为等新机型。 汽车自动驾驶渗透率提升带动 CIS 需求,L2 向 L3 过度将带动单车摄 像头数量增加,叠加 ...

[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 韦尔股份(603501)公司点评报告 2024 年 07 月 08 日 [Table_Title] 手机汽车双线带动,24Q2 业绩保持高增态势 ——公司 2024 年中期业绩预告点评 报告要点 [Table_Summary] 7 月 5 日,公司发布2024年中期业绩预告,预计24H1 营收实现 119.04- 121.84 亿元(按中值计算 YoY+35.97%),预计归母净利达到 13.08-14.08 亿元(中值 YoY+787.58%)。从二季度来看,公司预计营收实现 62.60-65.40 亿元(中值 YoY+41.50%),预计公司归母净利实现 7.5-8.5 亿元(中值 YoY+1739.13%)。 公司推出的 OV50H 和 OV50K40 等高规格料号在高端智能手机市场产 品导入顺利,目前 OV50H 已上量小米 14Pro 等机型,OV50K40 在荣耀 Magic 6 至臻版首发,有望上量小米、华为等新机型。 汽车自动驾驶渗透率提升带动 CIS 需求,L2 向 L3 过度将带动单车摄 像头数量增加,叠加 ...