[Table_MainInfo]行业研究/信息服务 证券研究报告 行业月报 2024 年 08 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 信息服务 海通综指 -40.67% -32.49% -24.30% -16.11% -7.92% 0.26% 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《科技金融系列观察 6：加快构建同科技 创新相适应的科技金融体制》2024.08.01 《计算机行业跟踪周报 349 期：Llama 3.1 发布，405B 开源模型实现对标 GPT-4》2024.07.28 《"车路云"产业观察（5）： 公路水路交 通基础设施数字化转型升级示范区域名 单公布，城市车路云一体化快速推进》 2024.07.29 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@ ...

[Table_MainInfo]行业研究/纺织与服装 证券研究报告 行业周报 2024 年 08 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -15.34% -10.19% -5.03% 0.12% 5.28% 10.43% 纺织与服装 海通综指 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《10 万亿元时尚消费产业发展机遇何 在？》2024.07.22 《2024 年纺服行业中报前瞻》 2024.07.10 《5 月纺服出口数据环比回暖，关注 "618"开门红各平台战绩》2024.06.12 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 奢侈品日本领增、皮具成衣仍具韧性， Adidas 再次上调 24 全年指引 [T ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家各位参会人员本次会议观点和信息仅限于此次受邀的海东证券客户中的专业投资者参考所有参与者均负有合规参会义务和保密义务严禁私自录音录像 严禁传播会议机要或泄露会议内容严禁发表诱导他人发表或传播违规言论市场有风险投资需谨慎投资者应自主独立决策一海之言一海通达海通研究小程序智能财经全时等是研究所指定会议平台好的 尊敬的各位计划策展大家早上好我是海生有色陈先龙那么本场电话会呢由我和我们同事张佳瑶一起为大家介绍情况 那么我首先呢介绍一下我们整个的一个想法那么本周呢是我们这个继续安排新的这个能源金属周啊来给大家整体介绍我们关于能源金属的主要观点和新覆盖的一些公司的标的的一些一些情况啊 那么我想讲几个层面吧第一呢就是为什么现在要搞这个那么其实本身来讲就是对于呃旅行业和有业行业的话我们认为呃理想的话现在事实上是处于这个已经到八万那么实际上来讲是一个呃蛮关键的一个点位再往上的其实来讲的话我们可以看到现在很多的一些 这个扩产项目包括亚宝在澳洲的一些项目可能也慢慢的放缓下来然后的话呢所以再往下下停的空间其实也不是太大然后的话呢涅槃这边的话呢其实和密宁那边也到一万六千美金当前面也下停的比 ...

[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 08 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 医药与健康护理 海通综指 -19.89% -14.66% -9.43% -4.19% 1.04% 6.28% 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《三部门联合发布《重点中心乡镇卫生院 建设参考标准》，加强中心乡镇卫生院医 疗设备配臵》2024.08.04 《持续推动医疗器械产业创新高质量发 展，关注增量领域的投资机会》 2024.08.04 《国家卫生健康委通报 2023 年度县医院 医疗服务能力评估情况，县级医院设备配 臵率有望提升》2024.08.04 分析师:余文心 Tel:(8610)58067941 Email:ywx9461@haitong.com 证书:S0850513110005 分析师:贺文斌 Tel:(010)68067998 Email:hwb10850@haitong. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][7] Core Insights - The company reported a revenue of 973 million yuan for the first half of 2024, representing a year-on-year growth of 8.60%, while the net profit attributable to shareholders decreased by 14.39% to 136 million yuan [4][5] - The electronic bulk gas segment achieved a revenue of 705 million yuan, a significant year-on-year increase of 66.81%, contributing 72.49% to total revenue, although its gross margin decreased by 8.37 percentage points to 32.98% [4][5] - The general industrial gas segment saw a revenue of 223 million yuan, a modest year-on-year growth of 1.52%, accounting for 22.88% of total revenue, with a gross margin of 17.69%, down 14.33 percentage points [4][5] - The company is expanding its core electronic bulk gas business and has made progress in general industrial gas projects, enhancing its market position [5] - Helium sales volume continued to grow, but pricing pressures remain, impacting the gross margin of the main business [5] - The company forecasts revenues of 2.097 billion yuan, 2.580 billion yuan, and 3.164 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 324 million yuan, 450 million yuan, and 580 million yuan [6][9] - The estimated reasonable market capitalization for the company is between 14.601 billion yuan and 16.224 billion yuan, translating to a reasonable share price range of 11.07 to 12.30 yuan [7][9] Financial Performance - For the first half of 2024, the company reported total assets of 7.684 billion yuan [4] - The gross margin is projected to be 32.6% in 2024, with a gradual recovery expected in subsequent years [9] - The company’s net profit margin is expected to be 15.5% in 2024, improving to 18.3% by 2026 [9] - The company maintains a strong liquidity position with a current ratio of 4.23 in 2023, projected to decrease to 2.51 by 2025 [10] Market Comparison - The company is positioned as a leading supplier in the electronic bulk gas sector, with significant competitive advantages and a strong domestic market presence [7] - The average PE ratio for comparable companies in the electronic gas sector is 30.45X for 2024E and 23.69X for 2025E, indicating a favorable valuation for the company [8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - Sensors are crucial for humanoid robots, serving as the interface between the physical and digital worlds, enabling embodied intelligence [11] - The six-dimensional force sensor is a key component for achieving compliant and intelligent control in humanoid robots, with significant market growth potential [14][32] - The MEMS inertial sensors and pressure sensors are also expected to play important roles in humanoid robots, with a large market size and growth potential [3][8] Summary by Sections Section 1: Sensor Overview - Sensors are essential for detecting and converting information into electrical signals, facilitating communication, processing, and control [11] - Key types of sensors in humanoid robots include torque sensors, tactile sensors, IMUs, and visual sensors [11] Section 2: Six-Dimensional Force Sensors - Six-dimensional force sensors measure forces and moments in six directions, crucial for precise control and interaction in humanoid robots [14] - The market for six-dimensional force sensors in China was valued at 239 million yuan in 2022, with a year-on-year growth of 52.04%, and is expected to exceed 1.5 billion yuan by 2027 [32] - Domestic manufacturers are increasingly entering the six-dimensional force sensor market, with companies like Kuli Sensor, Haoshi Electromechanical, and Donghua Testing showing potential [37] Section 3: MEMS Sensors - The global MEMS inertial sensor market was valued at 3.509 billion USD in 2021 and is projected to reach 4.943 billion USD by 2027, with a CAGR of 6.39% [3] - MEMS pressure sensors are expected to play significant roles in internal pressure detection and tactile feedback, with a market size projected to grow from 2.004 billion USD in 2021 to 2.624 billion USD by 2027 [3] Section 4: Investment Recommendations - The report suggests focusing on companies involved in the production of six-dimensional force sensors, such as Kuli Sensor, Haoshi Electromechanical, and Donghua Testing, as well as MEMS sensor companies like Xindong Lian Ke and Minxin Shares [3][37]

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证券研究报告 （优于大市，维持） 锂价跌破8万，雅保暂停澳大利亚锂盐扩产计划 陈先龙（有色金属行业首席分析师） SAC号码：S0850522120002 甘嘉尧（有色金属高级分析师） SAC号码：S0850520010002 张恒浩（有色金属分析师） SAC号码：S0850524070008 联系人：梁琳、谭伊珊 2024年8月4日 投资要点 • 黄金白银：美国经济放缓加剧波动，看好黄金白银表现。8月2日伦敦现货黄金、白银价格分别为2469.85美元/盎司和28.95美元 /盎司，周涨跌幅分别为3.51%和4.31%；上海金交所黄金、白银价格分别为571.17元/克和7.44元/克，周涨跌幅分别为2.82%和 2.93%。避险情绪方面，8月2日VIX指数23.39，较上周末上升43%，美股扰动或带动全球避险的模式启动，黄金白银这类避险 资产有望表现亮眼。经济数据方面，美国7月ISM制造业PMI 46.8，低于前值48.5；新增非农就业人数11.4万人，低于前值20.6 万人；失业率4.3%，高于前值4.1%；劳动参与率62.7%，高于前值62.6%；平均每小时工资年率3.6%，低于前值3.9%。推荐： 山金国 ...

[Table_MainInfo]行业研究/房地产 证券研究报告 行业跟踪报告 2024 年 08 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 房地产 海通综指 2312.39 2559.45 2806.50 3053.56 3300.61 3547.67 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《TOP100房企 7月销售数据点评——政 策利好边际效应减弱，单月销售同环比减 弱》2024.08.02 《第 30 周新房成交同比增速回落，供销 比回升》2024.07.28 《对央行调降利率政策的点评：小幅调降 LPR，增强购买力和释放需求》 2024.07.24 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 联系人:陈昭颖 Tel:(021)23183953 Email:czy15598@haitong.com 支持收储加速推进，构建地产新模式 ——7 ...

[Table_MainInfo]行业研究/房地产 证券研究报告 行业跟踪报告 2024 年 08 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 房地产 海通综指 -33.01% -26.22% -19.43% -12.63% -5.84% 0.95% 2023/8 2023/11 2024/2 2024/5 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《第 31 周新房成交同比增速回升，供销 比回升》2024.08.04 《TOP100房企 7月销售数据点评——政 策利好边际效应减弱，单月销售同环比减 弱》2024.08.02 《支持收储加速推进，构建地产新模式 ——7 月政治局会议地产表态解读》 2024.08.04 分析师:涂力磊 Tel:(021)23219747 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23219436 Email:xiey@haitong.com 证书:S0850511010019 新型城镇化战略五 ...