Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2] Core Insights - The report highlights significant technological breakthroughs in China's 10-kilometer reusable rocket systems, focusing on key technologies such as liquid rocket engine thrust regulation, multiple engine restarts, landing guidance and control, high-precision navigation, and structural design for landing systems [4][5] - The successful flight test of the Zhuque-3 reusable rocket marks a milestone as it achieved vertical takeoff and landing with in-air second ignition, validating several advanced control methods and technologies [4] - The report emphasizes that the "dual-zero state" landing technology of the Eighth Academy of Aerospace Science and Technology has reached an internationally advanced level, laying the groundwork for the first flight of a 4-meter reusable launch vehicle by 2025 [4] Summary by Sections Technological Breakthroughs - Key technologies for vertical recovery include thrust adjustment, multiple ignitions, landing guidance, high-precision navigation, and structural design [4] - The report details the challenges and solutions in thrust regulation and engine management for reusable rockets [4] Flight Test Achievements - The Zhuque-3 rocket successfully completed a 10-kilometer vertical takeoff and landing test, demonstrating advanced control algorithms and real-time wind correction techniques [4] - The test validated the use of the largest domestic liquid oxygen-methane engine and confirmed critical propulsion system technologies [4] Future Prospects - The report outlines the strategic importance of these advancements for the future of China's aerospace industry, particularly in reusable launch vehicles [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 2.212 billion yuan for the first half of 2024, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [4][5] - The company’s gross margin for the first half of 2024 was 36.69%, a decrease of 0.11 percentage points compared to the previous year [4] - The company has a strong reputation in overseas markets, particularly in North America, the Middle East, Australia, and Southeast Asia, and has secured several prestigious projects [5] Financial Performance - For the second quarter of 2024, the company achieved a revenue of 1.392 billion yuan, a year-on-year decrease of 6.88%, and a net profit of 102 million yuan, down 20.54% year-on-year [4] - The company’s operating income for 2023 is projected to be 6.116 billion yuan, with a slight decrease to 6.069 billion yuan in 2024, followed by growth in subsequent years [6][8] - The net profit for 2024 is forecasted to be 562 million yuan, down from 595 million yuan in 2023 [6][8] Product and Channel Analysis - Revenue from kitchen cabinets, custom wardrobes, and wooden doors for the first half of 2024 was 973 million yuan, 944 million yuan, and 139 million yuan respectively, with year-on-year changes of -3.04%, -4.3%, and +6.88% [5] - Direct sales, distribution, and bulk business generated revenues of 175 million yuan, 1.166 billion yuan, and 606 million yuan respectively, with year-on-year changes of -8.18%, -10.90%, and +8.22% [5] Profitability Forecast - The company’s net profit estimates for 2024 and 2025 have been revised down to 560 million yuan and 590 million yuan respectively, corresponding to a price-to-earnings ratio of 7.1x and 6.9x [5] - The reasonable value range for the stock is estimated to be between 12.9 and 15.4 yuan per share based on comparable companies [5]

[Table_MainInfo]行业研究/传媒 证券研究报告 行业周报 2024 年 09 月 14 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 | --- | --- | |-------------------------------------------------------------------------------------------------|---------------------------------| | | | | [Table_QuoteInfo] 7.89% 传媒 | 海通综指 | | 1.39% | | | -5.10% | | | -11.60% | | | -18.09% | | | -24.59% 2023/9 2023/12 | 2024/6 | | | | | 资料来源：海通证券研究所 | | | 相关研究 [Table_ReportInfo] 《传媒板块收入仍具增长韧性，关注优质 | | | 内容供给和新技术创新》 《传媒行业 24Q2 健，关注下半年优质内容供给和新技术创 新》 2 ...

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 行业专题报告 2024 年 09 月 14 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 -10.38% 1.59% 13.56% 25.53% 37.50% 49.47% 2022/5 2022/8 2022/11 2023/2 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] 《光伏招标机制座谈会召开，部分环节初 现回暖迹象》2024.09.08 《甘肃省印发电力现货市场规则，十部委 联合印发数字化绿色化协同转型发展实 施指南》2024.09.03 《比亚迪华为联手打造方程豹智驾方案， 鹏辉能源发布第一代全固态电池》 2024.09.03 分析师 [Table_AuthorInfo] :徐柏乔 Tel:(021)23219171 Email:xbq6583@haitong.com 证书:S0850513090008 联系人:吴志鹏 Tel:(021)23215736 Email:wzp15273@haitong.com 联系人:罗青 Tel:(021) ...

[Table_MainInfo]行业研究/机械工业/新能源板块 证券研究报告 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo]行业研究/交通运输 证券研究报告 行业周报 2024 年 09 月 14 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 市场表现 [Table_QuoteInfo] -11.23% -7.58% -3.92% -0.26% 3.39% 7.05% 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] 《周报：中国—中南半岛多式联运联盟昆 明成立》2024.09.03 《周报：广东发布智慧公路标准体系》 2024.08.27 《周报：海南优化车辆过海流程》 2024.08.19 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 证书:S0850518100001 分析师:陈宇 Tel:(021)23185610 Email:cy13115@h ...

[Table_AuthorInfo] 分析师:张晓飞 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -34.25% -26.85% -19.44% -12.04% -4.63% 2.77% 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] 《关注 MEMS 扬声器应用落地》 2024.08.19 《半导体材料专题 1：硅片，从奋力追赶 到不断夯实技术竞争力》2024.07.11 《G8.6 OLED 生产线建设潮，建议关注 相关设备、材料公司业绩持续高增》 2024.07.05 [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 行业信息点评 2024 年 09 月 13 日 8 英寸碳化硅加速落地 [Table_Summary] 投资要点： 汉磊和世界先进携手共建 8 英寸 SiC 产线。据行说三代半微信公众号报道，汉 磊科技于 9 月 10 日发布公告，宣布与世界先进签订策略合作协议，双方将 ...

| --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/旅游服务业/景点与休闲设施 证券研究报告 宋城演艺（300144）公司半年报点评 2024 年 09 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | 7.25 | | 52 周股价波动（元） | 7.11-13.07 | | 总股本 / 流通 A 股（百万股） | 2620/2351 | | 总市值 / 流通市值（百万元） | 18998/17048 | | 相关研究 | | | [Table_ReportInfo] 《 23 年收入增长 321% | ，新项目提供新增量》 | | 2024.05.10 | | | 《 3Q23 收入超 19 | 年同期，场次修复亮眼》 | | 2023.10.30 | | 市场表现 [Table_QuoteInfo] | ...

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 华润三九（000999）公司半年报点评 2024 年 09 月 13 日 | --- | --- | --- | |-------------------------------------------------------------|----------|-------------| | [Table_InvestInfo] 投资评级 优于大市 | | 维持 | | 股票数据 | | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | | 37.24 | | 52 周股价波动（元） | | 37.01-65.84 | | 总股本 / 流通 A 股（百万股） | | 1284/1276 | | 总市值 / 流通市值（百万元） | | 47828/47526 | | 相关研究 | | | | [Table_ReportInfo] 《品牌持续驱动成长，战略融合昆药进展顺 | | | | 利》 2024.04.01 《 CHC 业务持续增长，昆药整合稳步推进》 | | | | 2023.09.26 市 ...