[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 丸美股份（603983）公司研究报告 2024 年 09 月 12 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | 21.52 | | 52 周股价波动（元） | 20.17-33.81 | | 总股本 / 流通 A 股（百万股） | 401/401 | | 总市值 / 流通市值（百万元） 相关研究 | 8630/8630 | 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | |-------------------------------------|-----------|------------|----------| | | | | | | 沪深 300 对比 绝对涨幅（ % ） | 1M ...

[Table_MainInfo]行业研究/房地产 证券研究报告 行业深度报告 2024 年 09 月 12 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -29.69% -22.82% -15.95% -9.08% -2.21% 4.66% 2023/9 2023/12 2024/3 2024/6 房地产 海通综指 资料来源：海通证券研究所 | --- | |---------------------------------------------------------------| | | | | | 相关研究 | | [Table_ReportInfo] 《第 36 周新房成交同比增速回升，供销 | | 比回升》 2024.09.08 | | 《物业 1H2024 年综述：估值处于底部区 | | 域，股息率成关注重点》 2024.09.06 | | 《第 35 周新房成交同比增速回落，供销 比回升》 2024.09.02 | | --- | |---------------------------| ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor packaging and testing sector [1][31]. Core Insights - The semiconductor industry is experiencing a recovery in demand, particularly driven by AI technology, which is pushing advancements in packaging technology [2][4]. - The global packaging market is projected to reach $89.9 billion in 2024, reflecting a year-on-year growth of 9.4%, while China's packaging market is expected to reach 289.1 billion yuan, growing by 3.0% year-on-year [2]. - Major companies in the sector, such as Changdian Technology, Tongfu Microelectronics, and Huatian Technology, have reported significant growth in revenue and net profit, with some companies seeing net profit increases exceeding 200% year-on-year [2]. Summary by Sections Semiconductor Industry Overview - The semiconductor industry is recovering from inventory destocking that occurred in 2022-2023, with inventory levels stabilizing in 2024 [2][13]. - The average turnover days for IC design companies and semiconductor distributors decreased by 69.78 days year-on-year by the end of Q1 2024 [2]. Company Performance - Changdian Technology reported a revenue of 15.487 billion yuan in H1 2024, a year-on-year increase of 27.22%, with a net profit of 619 million yuan, up 24.96% year-on-year [9]. - Tongfu Microelectronics achieved a revenue of 11.08 billion yuan in H1 2024, with a net profit of 323 million yuan, marking a return to profitability [15]. - Huatian Technology's revenue reached 6.718 billion yuan in H1 2024, reflecting a year-on-year growth of 32.02%, with a net profit of 223 million yuan, up 254.23% year-on-year [18]. Market Trends - The global semiconductor market is expected to grow by 16% in 2024, with AI chips and storage chips showing strong demand [7]. - The advanced packaging segment is gaining traction due to the increasing performance requirements driven by AI applications [22]. - The advanced packaging market is projected to account for nearly half of the global packaging market, which was valued at $85.7 billion in 2023 [22]. Investment Recommendations - The report suggests focusing on companies involved in advanced packaging equipment and materials, such as Shanghai Xinyang and Aisen Co., as they are expected to benefit from the recovery in the semiconductor cycle driven by AI demand [4].

[Table_MainInfo] 公司研究/传媒 证券研究报告 中原传媒（000719）公司研究报告 2024 年 09 月 12 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|------------| | 股票数据 | | | 09 [ Table_StockInfo 月 11 日收盘价（元） ] | 10.85 | | 52 周股价波动（元） | 7.69-15.58 | | 总股本 / 流通 A 股（百万股） | 1023/667 | | 总市值 / 流通市值（百万元） | 11102/7239 | | 市场表现 | | [Table_QuoteInfo] -25.53% -13.53% -1.53% 10.47% 22.47% 2023/9 2023/12 2024/3 2024/6 中原传媒 海通综指 | --- | --- | --- | --- | |--------------------------|-------|------- ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 湖南裕能（301358）公司研究报告 2024 年 09 月 12 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 11 日收盘价（元） ] | 27.86 | | 52 周股价波动（元） | 22.28-42.30 | | 总股本 / 流通 A 股（百万股） | 757/383 | | 总市值 / 流通市值（百万元） 相关研究 | 21097/10682 | 市场表现 [Table_QuoteInfo] 湖南裕能 海通综指 -40.72% -31.72% -22.72% -13.72% -4.72% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |--------------------------|---- ...

[Table_MainInfo]行业研究/汽车与零配件 证券研究报告 行业跟踪报告 2024 年 09 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 汽车与零配件 海通综指 -18.67% -13.07% -7.48% -1.88% 3.71% 9.31% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《地方以旧换新相继展开，消费者置换新 车意愿增加》2024.09.09 《新车密集上市，经济型乘用车中报盈利 整体走强》2024.09.02 《欧盟披露对华电动汽车反补贴最终调 查结果草案，新款魏牌蓝山正式上市》 2024.08.26 分析师 [Table_AuthorInfo] :刘一鸣 Tel:(021)23154145 Email:lym15114@haitong.com 证书:S0850522120003 分析师:房乔华 Tel:(021)23185699 Email:fqh12888@haitong.com 证书:S085052203000 ...

证券研究报告 （优于大市，维持） 半导体存储板块24半年报业绩总结及跟踪（中） 张晓飞（SAC号码：S0850523030002） 联系人：郦奕滢 2024年09月12日 投资策略 | --- | --- | |------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------| | | | | 24H1 ，江波龙 / 佰维存储分别实现营收 90.39/34.41 亿元，同比 +143.82%/+199.64% | ，营收均实现同比大幅增 | | 长；单季度来看， 24Q2 ，江波龙 / 佰维存储单季度分别实现营业总收入 45.86/17.14 | 亿元，分别环比 +2.99%/- | | 0.72% ， 与 24Q1 基 本 保 持 稳 定 ； ...

Investment Rating - The report suggests a positive outlook for the Southeast Asian home appliance market, indicating potential for growth in the range of 5%-10% [19][49]. Core Insights - Southeast Asia's six countries account for 7.6% of the global population and 4% of final consumption expenditure, with a GDP of $3.65 trillion in 2023 [8][9]. - The home appliance market in Southeast Asia is at a developmental stage similar to China around 2010, indicating significant growth potential [12][19]. - Chinese brands are gaining market share in Southeast Asia, particularly in the black and white goods segments, competing effectively against established Korean and Japanese brands [24][26]. Summary by Sections 1. Current Status and Development Potential of Southeast Asia's Home Appliance Market - The population of Southeast Asia's six countries is 606 million, representing 7.55% of the global population, with a GDP share of 3.47% [8][9]. - The total home appliance sales volume in Southeast Asia is 21% of China's, with a significant price gap indicating room for price increases [10]. - The market is expected to experience high single-digit growth, similar to China's past growth rates [19]. 2. Differentiated Performance Across Appliance Categories - Black goods have a higher penetration rate than white goods, with air conditioning still lagging due to power supply issues [24]. - Korean brands dominate the market, while Chinese brands are increasing their presence, especially in air conditioning and television segments [24][26]. 3. Gradual Development of Chinese Home Appliance Enterprises in Southeast Asia - Chinese companies are establishing manufacturing bases in Southeast Asia, focusing on local market needs and brand development [32][34]. - Major players like Midea and Haier are actively expanding their production capabilities and brand recognition in the region [42][43]. 4. Investment Recommendations - The report recommends focusing on companies that are early movers in the Southeast Asian market, such as Midea Group, Haier, Hisense, and TCL, which are expected to benefit from the growing market [49].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market [4]. Core Insights - The company has shown significant growth in its performance for the first half of 2024, with revenue reaching 12.469 billion yuan, a year-on-year increase of 1.4%, and a profit of 417 million yuan, up 56.6% year-on-year [4]. - The company is actively promoting technological innovation, enhancing its competitive edge with new product releases and advancements in battery technology [4][8]. - The report highlights the company's strong position in various sectors, including power batteries, energy storage, and marine applications, with substantial growth in installed capacity and product deliveries [4][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 12.469 billion yuan, with a profit margin of 15.62%, reflecting a 6.03 percentage point increase year-on-year [4]. - The projected net profits for 2024-2026 are estimated at 654 million yuan, 1.023 billion yuan, and 1.474 billion yuan respectively, indicating robust growth [5][6]. Business Segments - Power Battery: The company ranks second among third-party power battery manufacturers in China, with a 155% year-on-year increase in installed capacity for hybrid vehicles and a 125% increase for commercial vehicles [4]. - Energy Storage: The company has seen a significant increase in shipments, with the 314Ah cell product achieving large-scale stable deliveries and securing the largest global energy storage battery order [4][6]. - Marine Applications: The company is the first domestic battery manufacturer to receive DNV certification and has signed multiple international large ship projects [4]. Valuation and Forecast - The report estimates a price-to-earnings (PE) ratio of 38-40 for 2024, translating to a reasonable value range of 14.01-14.75 yuan, or 15.35-16.15 Hong Kong dollars [4][8]. - The company is projected to maintain a gross margin of 15.50% across its product lines, with significant growth in both power battery and energy storage revenues over the next few years [6][7].

Investment Rating - The investment rating for the company is "Neutral" [2][11] Core Viewpoints - The company has experienced significant growth in plasma etching equipment revenue, with a 50.7% year-on-year increase in new orders for the first half of 2024 [6][7] - The company achieved a revenue of 3.448 billion yuan in the first half of 2024, representing a year-on-year increase of 36.46% [6][8] - The company is planning to develop more products in the LPCVD equipment category, with new orders amounting to 168 million yuan in the first half of 2024 [7][8] - The company expects total new orders to exceed 7.5 billion yuan in the first three quarters of 2024, a year-on-year increase of over 50% [8] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue from plasma etching equipment reached 2.698 billion yuan, up 56.68% year-on-year, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [6][8] - The company's gross profit margin for the first half of 2024 was 41.32%, a decrease of 4.57 percentage points [6][8] - The company forecasts revenues of 8.2 billion yuan, 11.6 billion yuan, and 14.05 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 30.92%, 41.47%, and 21.10% [7][11] Order and Delivery Insights - The company has delivered a record number of etching equipment, with new orders for etching equipment reaching 3.94 billion yuan in the first half of 2024, a year-on-year increase of 50.7% [6][7] - The company has accumulated over 3,600 CCP etching reaction chambers produced and shipped by June 2024 [6][8] Market Position and Future Outlook - The company is positioned as a leader in the MOCVD market for GaN-based LEDs and is developing new products for various applications, including deep UV LEDs and Mini-LEDs [8][9] - The company plans to expand its market share in the semiconductor equipment sector, particularly in advanced processes and mature process expansions in domestic wafer fabs [8][9]