446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|--------------|-------|-----------------------|-------| | 2024 年 09 月 08 日 | | | 公司研究●证券研究报告 | | | | | | | | | 问界系列销售景气推动业绩高速增长，入股引望进而深化与华为 | | | | | | 智能驾驶合作 | | | | | | 投资要点 | 交易数据 | | | | | | | | | | | | | | | | | 事件内容：公司披露 2024 年度中期报告， 2024H1 公司实现营业收入 650.44 亿元， | | | | | | 同比增长 489.58% ；实现归母净利润 16.25 亿元，同比增长 220.85% ；实现扣非 | | | | | | 后归母净利润 14.37 亿元，同比增长 176.27% 。 | | | | | ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has shown strong performance with a revenue of 4.11 billion yuan in the first half of 2024, representing a year-on-year growth of 16.21%. The net profit attributable to shareholders reached 1.08 billion yuan, up 77.71% year-on-year [1]. - The company is benefiting from strong demand, tax reductions, and robust production and sales, with a focus on both domestic and international markets [1][2]. - The company aims to become a global leader in high-end tires for new energy vehicles, capitalizing on the growing market for electric vehicles [2]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 4.11 billion yuan, a 16.21% increase year-on-year. The net profit attributable to shareholders was 1.08 billion yuan, reflecting a 77.71% increase year-on-year. The gross profit margin improved to 33.24%, up 10.84 percentage points year-on-year [1]. - For 2024, the company forecasts revenues of 9.515 billion yuan, 11.326 billion yuan, and 12.814 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.3%, 19.0%, and 13.1% [2][3]. Production and Sales - The company produced 16.09 million tires in 2024 H1, a year-on-year increase of 18.90%. The sales volume reached 15.10 million tires, up 10.35% year-on-year [1]. - The company is expanding its production capacity, with projects in Morocco and Spain expected to contribute significantly to output in the near future [1]. Market Outlook - The demand for tires, particularly semi-steel tires, remains strong in both domestic and international markets, with the company focusing on high-growth potential areas [1][2]. - The company is well-positioned to leverage the increasing demand for new energy vehicle tires, as the market for electric vehicles continues to grow [2].

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------|-----------------------|-------| | 2024 年 09 月 09 日 \n24H1 业绩阶段承压，持续创新提升产品竞争力 \n投资要点 | | | 公司研究●证券研究报告 | | | | | | | | | | 交易数据 | | | | | 事件：公司发布 2024 年半年报，根据公告，公司 24H1 实现收入 373.57 亿元，同 | | | | | | | | | | | | 比 -8.54% ；实现归母净利 -8.74 亿元，同比 -118.16% ；实现扣非归母净利 -8.19 亿 元，同比 -115.86% 。 | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company has shown impressive performance with a revenue of 15.154 billion yuan in the first half of 2024, representing a year-on-year growth of 30.29%. The net profit attributable to shareholders reached 2.151 billion yuan, up 105.77% year-on-year [1]. - The tire industry continues to thrive, supported by a growing global automotive market and strong demand for replacement tires. The company is benefiting from its global expansion strategy and technological innovations [1][3]. - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projected revenues of 31.356 billion yuan, 34.865 billion yuan, and 40.184 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 28.77%, an increase of 4.79 percentage points year-on-year. The second quarter of 2024 saw a revenue of 7.858 billion yuan, a year-on-year increase of 25.53% [1]. - The company produced 35.41 million tires in the first half of 2024, a year-on-year increase of 37.89%, with sales reaching 34.54 million tires, also up 37.56% year-on-year [1][4]. - The projected net profit for 2024 is 4.313 billion yuan, reflecting a year-on-year growth of 39.5% [3][4]. Global Expansion Strategy - The company is the first Chinese tire manufacturer to establish overseas production facilities, with ongoing investments in Vietnam, Cambodia, Mexico, and Indonesia. The planned production capacity includes 26 million steel radial tires and 103 million semi-steel radial tires annually [1][3]. - The company has successfully increased its market share in the global tire market, with significant sales growth both domestically and internationally [1][3].

Investment Rating - The investment rating for the company is "Accumulate-A" [1][3]. Core Views - The company is expected to maintain a growth trend in performance due to the release of new brand products in the second half of the year [1][3]. - Revenue for the first half of 2024 reached 674 million yuan, a year-on-year increase of 20.90%, driven by new production capacity and warming demand for end products like high-definition televisions [1][3]. - The net profit attributable to the parent company for the first half of 2024 was 60 million yuan, a decrease of 27.26% year-on-year, primarily due to high depreciation costs and other factors [1][3]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 19.90%, down 4.11 percentage points year-on-year [1][3]. - The company’s revenue projections for 2024 to 2026 are 1.44 billion yuan, 1.78 billion yuan, and 2.05 billion yuan, with growth rates of 16.3%, 23.6%, and 15.0% respectively [3][4]. - The net profit attributable to the parent company is projected to be 200 million yuan, 267 million yuan, and 312 million yuan for the years 2024 to 2026, with growth rates of 2.1%, 33.6%, and 16.7% respectively [3][4]. Capacity Expansion and Market Outlook - The company is advancing its convertible bond projects aimed at enhancing the packaging capacity for OLED and other new display driver chips [3][4]. - The company expects an increase in OLED product revenue share due to the peak stocking period for new brand products and growth in the aftermarket [3][4]. - The company’s projects are progressing well, with significant increases in production capacity expected upon completion [3][4].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its growth potential [1] Core Views - The company is a leading fabless semiconductor company specializing in memory technology, MCUs, sensors, and power solutions [1] - It holds the second-largest global market share in SPI NOR Flash and the largest in China, with cumulative shipments exceeding 23.7 billion units [1] - The company has a diverse product portfolio, including 51 series and over 600 models of MCUs, with cumulative shipments exceeding 1.57 billion units [1] - The company is expected to benefit from the DRAM supercycle and capacity adjustments by major manufacturers, with plans to cover major niche DRAM markets by 2025 [1] Financial Projections - Revenue is projected to grow from 7.647 billion yuan in 2024 to 11.776 billion yuan in 2026, with a CAGR of 18.6% [3] - Net profit is expected to increase from 1.179 billion yuan in 2024 to 2.249 billion yuan in 2026, with a CAGR of 29.4% [3] - The company's gross margin is forecasted to improve from 37.2% in 2024 to 39.8% in 2026 [3] Market Position and Product Portfolio - The company is a leader in SPI NOR Flash, with a global market share of 23.2% in 2021, up from 7% in 2016 [1][29] - It offers a wide range of SPI NOR Flash products, covering capacities from 512Kb to 2Gb, with 55nm process technology fully in production [1] - The company is expanding its DRAM product line, including DDR3L and DDR4, with plans to introduce LPDDR4 by 2025 [1] - In the MCU segment, the company has over 600 models, covering applications in automotive, industrial, and consumer electronics [1] Industry Trends - The global semiconductor market is expected to recover strongly in 2024, with memory chips leading the growth [23] - The NOR Flash market is projected to grow to $4 billion by 2029, driven by demand from IoT, automotive, and industrial applications [27] - The DRAM market is expected to reach $780 billion in 2024, with niche DRAM products gaining traction due to capacity shifts by major manufacturers [25] Key Applications - NOR Flash is widely used in smartphones, wearables, IoT devices, and automotive electronics, with demand driven by AI and IoT advancements [27][34] - The company's DRAM products are applied in network communications, TVs, set-top boxes, and automotive systems [1] - MCUs are increasingly used in automotive, industrial control, and IoT applications, with the company's products supporting a wide range of use cases [1]

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------------------|-----------------------------------|-----------------------|-------| | 2024 年 09 月 11 日 | | | 行业研究●证券研究报告 | | | 字节跳动收购 Oladance ，或入局 AI 眼镜赛道 | | | | | | 投资要点 | | | | | | 收购 Oladance ，布局音频领域，或为进军 AI 音频眼镜打下基础。（1）音频： | | | | | | 深圳市大十未来科技有限公司（ Oladance ）被字节跳动收购 100% 股权，成为 | | | | | | 旗下全资子公司。 2021 年 9 月，作为 OWS（Open Wearable Stereo ，开放式 | 一年行业表现 | | | | | 穿戴立体声）技术引领者， ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 09 月 07 日 \n利安隆（ 300596.SZ ） \n业绩延续改善趋势，多层次业务打造可持续发展 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-09-06) | 公司研究●证券研究报告 \n\| 增持 | 公司快报 \n其他化学制品Ⅲ -B(维持) \n23.90 元 | | | 交易数 ...

等待催化，底部区域可能反弹 定期报告 投资要点 情绪指标显示 A 股当前已处于历史低位，但还不是最低。（1）换手率已处于 8 次 历史大底（含当前）中前 3 低的水平，创业板指换手率创历次大底时最低。（2） 上证综指和创业板指估值分位数分别处于 8 次历史大底的第 5 低和第 2 低水平，创 业板指估值历史分位数仅有 0.4%。（3）沪深 300 的股权风险溢价（ERP）达 6.8%， 处于 8 次历史大底中第 3 高水平。（4）全部 A 股和创业板指的 200 日均线以上个 股占比均处于 10%左右，分别处于 8 次历史大底中第 7 低和第 5 低水平。 2024 中 报 点 评 - 盈 利 回 升 趋 势 延 续 2024.9.5 市场情绪回暖拉动上周新股交投热情，但休 整 周 期 或暂 时 未 改 - 华 金 证 券新 股 周 报 2024.9.1 难有大的负面冲击、行业轮动基本完成、微观资金已流出较充分显示 A 股调整已 较充分。（1）历史上 A 股出现较大调整往往都有外部大的负面冲击，当前出现的 概率较低。一是上证综指自 2005 年以来的 8 次大幅下行期间多出现外部大的负面 冲击，如 2008 ...

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