[Table_MainInfo]行业研究/交通运输 证券研究报告 行业周报 2024 年 09 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 市场表现 [Table_QuoteInfo] -11.45% -7.84% -4.22% -0.61% 3.00% 6.62% 2023/9 2023/12 2024/3 2024/6 交通运输 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月行业供需持续改善，客座率继续提 升》2024.09.19 《周报：深入学习贯彻习近平总书记关于 交通强国的重要论述奋力加快建设交通 强国》2024.09.19 《周报：海南推动道路客运转型升级，多 元服务让出行更美好》2024.09.13 分析师:虞楠 Tel:(021)23219382 Email:yun@haitong.com 证书:S0850512070003 分析师:罗月江 Tel:(010)58067993 Email:lyj12399@haitong.com | --- | |--------------- ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 恒玄科技（688608）公司研究报告 2024 年 09 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 23 日收盘价（元） ] | 149.50 | | 52 周股价波动（元） | 98.38-179.65 | | 总股本 / 流通 A 股（百万股） | 120/120 | | 总市值 / 流通市值（百万元） | 17947/17947 | | 相关研究 | | | [Table_ReportInfo] 《业绩预告 24H1 高增长， | Q2 营收创新高》 | | 2024.07.24 | | | 《 6nm 新品 24 年有望量产，积极拓展 领域》 2024.05.30 | AIoT | 市场表现 [Table_Quo ...

[Table_MainInfo]行业研究/医药与健康护理 证券研究报告 行业周报 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |--------------------------------------------------|--------------------------------------| | | | | | | | [Table_QuoteInfo] 4.87% | 海通综指 | | -0.87% -6.62% | | | -12.37% -18.11% -23.86% 2023/9 | 2024/6 | | 资料来源：海通证券研究所 | | | 相关研究 | | | [Table_ReportInfo] 《医药板块 械出海、国企改革》 | 复盘：关注创新药、器 2024.09.23 | | 新阶段》 2024.09.17 | 《安徽省发布中成药集采文件，集采进入 | | 《 2024 年 | 月医保统筹基金主要指标 | 分析师:余文心 Tel:(8610)58 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's H1 2024 revenue reached 1.309 billion yuan, a year-on-year increase of 58.08%, with net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 73.15%, and non-GAAP net profit of 123 million yuan, a year-on-year increase of 69.29%, all in line with expectations [6] - The automotive display business saw significant growth, with revenue reaching 433 million yuan, a year-on-year increase of 187.88%, and a gross margin of 7.03%, up 2.94 percentage points year-on-year [6] - The company's contract liabilities increased to 40.58 million yuan at the end of H1 2024, up from 26.24 million yuan at the end of 2023, mainly due to increased prepayments from customers [6] - The company's sales, management, and R&D expense ratios were 3.00%, 5.03%, and 3.33% respectively, down 1.92, 1.61, and 1.16 percentage points year-on-year [6] Financial Performance and Forecast - The company's revenue for 2024E is forecasted to be 2.765 billion yuan, a year-on-year increase of 106.8%, with net profit attributable to the parent company of 296 million yuan, a year-on-year increase of 66.1% [7] - The EPS for 2024E, 2025E, and 2026E is forecasted to be 1.70 yuan, 1.91 yuan, and 2.28 yuan respectively [7] - The gross margin for 2024E is expected to be 20.4%, down from 31.8% in 2023, due to changes in product mix and cost structure [7] - The company's ROE is expected to increase from 11.1% in 2023 to 17.6% in 2024E, 17.8% in 2025E, and 19.0% in 2026E [7] Business Segment Analysis - The smart interactive display business generated revenue of 338 million yuan in H1 2024, a year-on-year increase of 16.51%, with a gross margin of 35.31%, up 5.50 percentage points year-on-year [6] - The smart interactive all-in-one machine business generated revenue of 365 million yuan in H1 2024, a year-on-year increase of 60.73%, with a gross margin of 25.34%, down 1.08 percentage points year-on-year [6] - The touch display module and other businesses generated revenue of 173 million yuan in H1 2024, a year-on-year increase of 7.78%, with a gross margin of 40.16%, down 1.07 percentage points year-on-year [6] Valuation and Peer Comparison - The company's 2024E dynamic PE is estimated to be in the range of 18-20X, with a reasonable value range of 30.60-34.00 yuan [6] - The average PE ratio for comparable companies in 2024E is 22X, with an average EPS of 1.45 yuan [9]

[Table_MainInfo] 公司研究/机械工业/航空航天与国防 证券研究报告 海格通信（002465）公司研究报告 2024 年 09 月 23 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 23 日收盘价（元） ] | 8.68 | | 52 周股价波动（元） | 8.06-14.01 | | 总股本 / 流通 A 股（百万股） | 2482/2432 | | 总市值 / 流通市值（百万元） 市场表现 | 21542/21107 | | [Table_QuoteInfo] | | -21.64% -11.64% -1.64% 8.36% 18.36% 28.36% 海格通信 海通综指 | --- | --- | --- | --- | |--------------------------|--------|--------|-------| ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is positioned as a leading domestic database provider, expected to benefit from the opportunities presented by domestic innovation initiatives. The first half of 2024 showed steady growth in performance, with revenue reaching 352 million yuan, a year-on-year increase of 22.41%, and a net profit of 103 million yuan, up 40.68% year-on-year [5][8] - The database industry is experiencing rapid growth, with the domestic market share of the company consistently ranking among the top in China. The market for database management systems is projected to reach 55.87 billion yuan by 2026 [5][8] - The company has made significant advancements in technology and brand recognition, receiving multiple awards and recognitions in 2024, including being named a "National Manufacturing Single Champion Enterprise" [6][8] Financial Summary - For 2024, the company is projected to achieve revenues of 940 million yuan, with a year-on-year growth rate of 18.4%. The net profit is expected to reach 351 million yuan, reflecting a growth rate of 18.7% [7][11] - The company's gross margin is forecasted to remain high at around 95.8% for the coming years, indicating strong profitability [11] - Earnings per share (EPS) are projected to increase from 3.90 yuan in 2023 to 4.62 yuan in 2024, and further to 6.77 yuan by 2026 [11] Business Segmentation - The revenue from office software usage authorization is expected to contribute significantly, with projections of 859.03 million yuan in 2024, maintaining a gross margin of 99.68% [10] - The database integrated machine segment is anticipated to grow by 50% annually, reaching 7 million yuan in 2024 [10] - The maintenance service segment is also expected to grow, with revenues projected at 35.42 million yuan in 2024, reflecting a year-on-year growth of 35% [10]

Investment Rating - The report assigns an "Outperform" rating to the company [5] Core Views - The company is expected to benefit significantly from the acceleration of the vehicle-road coordination industry due to its deep industrial chain layout [1] - The company's 2024H1 revenue was RMB 228 million, up 2.52% YoY, with net profit attributable to the parent company reaching RMB 16 million, a 90.19% YoY increase [5] - The gross margin improved to 36.40% in 2024H1, driven by a shift in product mix towards higher-margin RSU and intelligent toll collection robot products [5] - The company's vehicle-road coordination business is expected to grow rapidly, supported by favorable government policies and increasing demand for smart transportation solutions [5][6] Financial Performance - 2024H1 revenue breakdown: Smart Highway (71.09%, RMB 162 million), Automotive Electronics (23.67%, RMB 54 million), Smart City (3.34%, RMB 8 million) [5] - Revenue is forecasted to grow from RMB 512 million in 2023 to RMB 1,125 million in 2026, with a CAGR of 29.4% [5][8] - Net profit is expected to increase from RMB 49 million in 2023 to RMB 148 million in 2026, with a CAGR of 29.5% [5][8] - Gross margin is projected to rise from 35.1% in 2023 to 37.7% in 2026 [8] Industry and Policy Context - The government has issued policies to accelerate the digital transformation of transportation infrastructure, aiming to upgrade 85% of busy national highways and 70% of important national waterways by 2027 [4] - The Ministry of Industry and Information Technology has opened over 32,000 km of intelligent connected vehicle test roads and issued more than 7,700 test licenses [4] - The "Vehicle-Road-Cloud Integration" pilot program is being implemented in 20 cities, including Beijing, Shanghai, and Shenzhen, marking a significant step in the industrialization of intelligent connected vehicles [4] Valuation and Peer Comparison - The company's 2024E PE ratio is 50.85x, slightly higher than the peer average of 50.83x [7] - The report suggests a fair value range of RMB 26.17-28.35 for 2024, based on a PE multiple of 60-65x [6] Business Segments - Smart Highway: Expected to grow from RMB 393 million in 2023 to RMB 882 million in 2026, with a CAGR of 30% [8] - Automotive Electronics: Projected to increase from RMB 84 million in 2023 to RMB 178 million in 2026, with a CAGR of 30% [8] - Smart City: Anticipated to grow from RMB 25 million in 2023 to RMB 47 million in 2026, with a CAGR of 20% [8]

Investment Rating - The report maintains an "Outperform the Market" rating for several major state-owned construction enterprises, including China State Construction, China Chemical, China Electric Power Construction, China Railway, China Communications Construction, and China Railway Construction [5][6][7]. Core Insights - The construction industry is under pressure, with a significant decline in revenue growth, dropping by 10.06 percentage points to -3.58% in H1 2024. Q2 alone saw a revenue decrease of -7.82% [4][5]. - Cash flow from operating activities in the construction sector showed a net outflow of 511.63 billion yuan, an increase of 120% year-on-year [4]. - The average capital advance ratio for the eight major state-owned construction enterprises reached a historical high, increasing by 1.57 percentage points compared to 2014 [4]. - A proposed economic stimulus plan of no less than 10 trillion yuan over the next two years aims to revitalize the economy through a combination of fiscal policy and structural reforms [3]. Summary by Sections Investment Strategy - The report suggests focusing on state-owned enterprises with low valuations, such as China State Construction, China Chemical, and China Electric Power Construction. It also highlights companies with overseas expansion and high dividend yields, such as China National Materials and Northern International [5][6][7]. Market Performance - The construction engineering index rose by 1.91% in the week of September 16-20, 2024, while the Shanghai Composite Index increased by 1.21%. Year-to-date, the construction index has decreased by 16.48%, ranking 11th out of 29 industries [10][15]. - All sub-sectors within the construction industry experienced gains, with the residential construction sector showing the highest increase of 2.66% [10][15]. Company-Specific Insights - China Railway is projected to achieve net profits of 37.82 billion yuan, 42.37 billion yuan, and 46.20 billion yuan for 2024-2026, with respective growth rates of 13.0%, 12.0%, and 9.0% [6]. - China Metallurgical Group is expected to have EPS of 0.48 yuan and 0.53 yuan for 2024 and 2025, respectively, with a valuation range of 4.33-4.81 yuan [6]. - China Communications Construction is anticipated to have EPS of 1.62 yuan and 1.75 yuan for 2024 and 2025, with a valuation range of 12.96-14.58 yuan [6]. - China Railway Construction is expected to benefit from stable infrastructure growth, with projected EPS of 2.14 yuan and 2.27 yuan for 2024 and 2025 [6].

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业周报 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -16.50% -12.23% -7.95% -3.68% 0.60% 4.87% 2023/9 2023/12 2024/3 2024/6 新能源板块 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月新能源车产销、市占率稳步提升， 动力电池产销同环比保持增长》 2024.09.16 《俄罗斯或限制铀出口，看好铀价》 2024.09.15 《N 型硅料价格继续上调，产业链价格缓 慢筑底》2024.09.15 分析师:马天一 Tel:(021)23185735 Email:mty15264@haitong.com 证书:S0850523030004 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 联系人:李依雯 T ...

[Table_MainInfo]行业研究/信息设备/半导体产品与半导体设备 证券研究报告 行业跟踪报告 2024 年 09 月 23 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -29.75% -22.83% -15.90% -8.98% -2.05% 4.87% 2023/9 2023/12 2024/3 2024/6 半导体产品与半导体设备 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《半导体材料板块 24 半年报业绩总结》 2024.09.19 《MEMS 麦克风顺应 AI 趋势高信噪比 化，价值量有望较大提升》2024.09.17 《8 英寸碳化硅加速落地》2024.09.13 分析师:张晓飞 Email:zxf15282@haitong.com 证书:S0850523030002 分析师:华晋书 Tel:(021)23185608 Email:hjs14155@haitong.com 证书:S0850521090001 楼氏出售 MEMS 麦克风业务，花 ...