[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 王府井（600859）公司跟踪报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|--------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 19 日收盘价（元） ] | 12.10 | | 52 周股价波动（元） | 11.52-21.12 | | 总股本 / 流通 A 股（百万股） | 1135/1093 | | 总市值 / 流通市值（百万元） | 13734/13231 | | 相关研究 | | | [Table_ReportInfo] 《 3Q23 净利增 277% | ，奥莱维持高增长》 | | 2024.01.20 | | 市场表现 [Table_QuoteInfo] -43.51% -34.51% -25.51% -16.51% -7.51% 2023/9 2023/12 2024/ ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 卫宁健康（300253）公司跟踪报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|------------| | 股票数据 | | | 09 [ Table_StockInfo 月 19 日收盘价（元） ] | 5.34 | | 52 周股价波动（元） | 5.11-8.38 | | 总股本 / 流通 A 股（百万股） | 2160/1862 | | 总市值 / 流通市值（百万元） | 11536/9941 | | 相关研究 | | | [Table_ReportInfo] 《利润表现亮眼，新签订单节奏有望加快》 | | | 2024.05.11 | | | 《" 1+X "战略，引领医疗健康信息行业》 | | | 2024.03.14 | | 市场表现 [Table_QuoteInfo] -31.97% -21.97% -11.9 ...

[Table_MainInfo]行业研究/信息设备/电子元器件 证券研究报告 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 2995.45 4106.95 5218.45 6329.96 7441.46 8552.96 2023/9 2023/12 2024/3 2024/6 电子元器件 海通综指 资料来源：海通证券研究所 | --- | |--------------------------------------------------------------------------| | | | 相关研究 | | [Table_ReportInfo] 《光博会盛大开幕，关注 AR 光学创新》 2024.09.18 | | 《电子行业周报（ 2024/09/09-09/13 ）》 | | 2024.09.18 《半导体存储行业周报 240909-0913 》 | | 2024.09.15 | 分析师:张晓飞 Email:zxf15282@haitong.com 证书:S0850523030002 分析师: ...

[Table_MainInfo]行业研究/交通运输/航空公司 证券研究报告 行业跟踪报告 2024 年 09 月 19 日 [Table_AuthorInfo] 分析师:陈宇 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |----------------------------|------------------------------------| | | | | [Table_QuoteInfo] 航空公司 | 海通综指 | | | | | | | | | | | | | | 2024/3 | 2024/6 | | 资料来源：海通证券研究所 | | | | | | [Table_ReportInfo] | 月行业供需同比改善，客座率明显提 | | | 月行业供给环比收紧，客座率改善》 | | | 月行业供需环比回升，需求逐步修复》 | | --- | |---------------------------| | | | Tel:(021)23185610 | | Email:cy13115@haitong.com | | 证书 :S085052 ...

[Table_MainInfo]行业研究/食品 证券研究报告 行业专题报告 2024 年 09 月 19 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 2995.45 7466.85 11938.25 16409.65 20881.05 25352.44 2023/9 2023/12 2024/3 2024/6 食品 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月 CPI 当月同比+0.6%》2024.09.18 《7 月消费者信心指数同比-0.46%》 2024.09.11 《白酒韧性仍足分化加剧，啤酒需求承压 成本红利兑现》2024.09.08 分析师:颜慧菁 | --- | |----------------------------| | | | Email:yhj12866@haitong.com | | 证书 :S0850520020001 | | 分析师 : 程碧升 | | Tel:(021)23154171 | | Email:cbs10969@ ...

[Table_MainInfo]行业研究/金融/银行 证券研究报告 行业专题报告 2024 年 09 月 19 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -11.99% -4.31% 3.36% 11.03% 18.71% 26.38% 2023/9 2023/12 2024/3 2024/6 银行 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《7 月社融数据点评：贷款降票据升，居 民长贷同比改善》2024.08.13 《周报：6 月新发放贷款利率环比下降， Q2 上市银行利润增速有望提升》 2024.08.13 《养老金融银行篇：向精、向全、向实》 2024.08.26 分析师:林加力 Tel:(021)23154395 Email:ljl12245@haitong.com 证书:S0850518120003 分析师:董栋梁 Tel:(021)23185697 Email:ddl13206@haitong.com 证书:S0850523100001 分析师:徐 ...

[Table_MainInfo]行业研究/机械工业/电气设备 证券研究报告 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 创业慧康（300451）公司跟踪报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-----------| | 股票数据 | | | 09 [ Table_StockInfo 月 18 日收盘价（元） ] | 3.23 | | 52 周股价波动（元） | 3.06-7.96 | | 总股本 / 流通 A 股（百万股） | 1549/1527 | | 总市值 / 流通市值（百万元） | 5004/4931 | | 相关研究 | | | [Table_ReportInfo] 《 Hi-HIS 推广新阶段，盈利能力有望快速修 | | | 复》 2024.04.15 | | 市场表现 [Table_QuoteInfo] -51.67% -36.67% -21.67% -6.67% 8.33% 2023/9 2023/12 2024/ ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 顶点软件（603383）公司研究报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 18 日收盘价（元） ] | 24.90 | | 52 周股价波动（元） | 23.25-66.00 | | 总股本 / 流通 A 股（百万股） | 205/204 | | 总市值 / 流通市值（百万元） 相关研究 | 5115/5070 | 市场表现 [Table_QuoteInfo] -51.80% -39.80% -27.80% -15.80% -3.80% 2023/9 2023/12 2024/3 2024/6 顶点软件 海通综指 | --- | --- | --- | --- | |--------------------------|-------|- ...

Industry Overview - The semiconductor materials sector is positioned upstream in the semiconductor industry chain, playing a crucial supporting role with characteristics such as large industrial scale, numerous sub-sectors, high technical barriers, significant R&D investment, and long R&D cycles [2] - With the gradual recovery of the semiconductor cycle and the rebound in fab utilization rates, the demand for semiconductor materials is expected to increase, coupled with breakthroughs in new products and customers by domestic manufacturers, leading to improved profitability [2] - The report maintains an "Outperform" rating for the semiconductor materials sector [1] Key Companies Performance Anji Technology - In 24H1, Anji Technology achieved revenue of 7.97 billion yuan, a YoY increase of 38.68%, with a net profit of 2.34 billion yuan, a slight YoY decrease of 0.43% [6] - In 24Q2, revenue reached 4.19 billion yuan, up 37.06% YoY and 10.67% QoQ, with a net profit of 1.29 billion yuan, down 18.84% YoY but up 22.68% QoQ [6] - The company focuses on chemical mechanical polishing (CMP) slurries, functional wet chemicals, and electroplating solutions, with products widely used in integrated circuit manufacturing and advanced packaging [7][9] Dinglong Holdings - In 24H1, Dinglong Holdings reported revenue of 15.19 billion yuan, up 31.01% YoY, and a net profit of 2.18 billion yuan, up 127.22% YoY [11] - In 24Q2, revenue was 8.11 billion yuan, up 32.35% YoY and 14.52% QoQ, with a net profit of 1.36 billion yuan, up 122.88% YoY and 67.04% QoQ [11] - The company's CMP polishing pads and slurries saw significant growth, with CMP polishing pad revenue reaching 298 million yuan in 24H1, up 99.79% YoY [13] Shanghai Xinyang - In 24H1, Shanghai Xinyang achieved revenue of 6.61 billion yuan, up 19.78% YoY, with a net profit of 589 million yuan, down 32.14% YoY [17] - In 24Q2, revenue was 3.63 billion yuan, up 24.96% YoY and 22.21% QoQ, with a net profit of 400 million yuan, up 31.62% YoY and 111.96% QoQ [17] - The company's electroplating solutions and cleaning solutions saw strong growth, with electroplating additive sales increasing over 80% YoY in 24H1 [19] Aisen Technology - In 24H1, Aisen Technology reported revenue of 1.86 billion yuan, up 20.63% YoY, with a net profit of 137.4 million yuan, up 23.57% YoY [23] - In 24Q2, revenue was 1.04 billion yuan, up 26.20% YoY and 26.97% QoQ, with a net profit of 60 million yuan, down 17.83% YoY and 17.05% QoQ [23] - The company focuses on electroplating solutions and photoresist-related products, with breakthroughs in advanced packaging and wafer-level applications [25][27] Nanda Optoelectronics - In 24H1, Nanda Optoelectronics achieved revenue of 11.22 billion yuan, up 35.86% YoY, with a net profit of 1.79 billion yuan, up 17.38% YoY [29] - In 24Q2, revenue was 6.13 billion yuan, up 43.28% YoY and 20.42% QoQ, with a net profit of 970 million yuan, up 25.00% YoY and 17.62% QoQ [29] - The company's precursor business and specialty gases saw strong growth, with nearly 10 products in stable mass production [31] Jacquet Technology - In 24H1, Jacquet Technology reported revenue of 32.57 billion yuan, up 40.21% YoY, with a net profit of 5.20 billion yuan, up 52.19% YoY [33] - In 24Q2, revenue was 16.38 billion yuan, up 30.91% YoY and 1.25% QoQ, with a net profit of 2.74 billion yuan, up 62.44% YoY and 11.28% QoQ [33] Guangzhou Gas - In 24H1, Guangzhou Gas achieved revenue of 9.73 billion yuan, up 8.60% YoY, with a net profit of 1.36 billion yuan, down 14.39% YoY [34] - In 24Q2, revenue was 5.12 billion yuan, up 6.25% YoY and 11.04% QoQ, with a net profit of 690 million yuan, down 18.14% YoY but up 2.19% QoQ [34] - The company's electronic bulk gas business saw steady growth, with new projects contributing to performance improvement [36] Industry Valuation - The average PE valuation multiples for the semiconductor materials industry in 2024E and 2025E are 36.11X and 27.04X, respectively, while the PS multiples are 5.57X and 4.52X [38]