| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|------------------|--------------------|--------------------------|--------------------| | 2024 年 08 月 27 日 \n鼎泰高科（ 301377.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 其他专用机械Ⅲ | | AI 驱动刀具销售实现增长，功能性膜产品发展加速 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 交易数据 | (2024-08-27) | | 15.45 元 | | 事件内容： 8 月 22 日盘后，公司披露 2024 年度中期报告， 2024H1 公司实现营业 | 总市值（百万元） | | | 6,334.50 | | 收入 7.13 亿元，同比增长 22.30% ；实现归母净利 ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2] Core Views - The company has experienced rapid growth in energy storage shipments and is steadily advancing in overseas markets. The revenue for the first half of 2024 reached 21.66 billion yuan, with a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was 2.14 billion yuan, a slight decrease of 0.6% year-on-year. However, the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company has achieved a significant increase in energy storage battery shipments, with a market share further improving. In the first half of 2024, the revenue from power batteries and energy storage batteries was 8.99 billion yuan and 7.77 billion yuan, accounting for 41.52% and 35.89% of total revenue, respectively. The shipment volume of energy storage batteries reached 20.95 GWh, a year-on-year increase of 133.18% [1][2] - The company is focusing on overseas markets, with overseas revenue reaching 5.443 billion yuan, accounting for 25.13% of total revenue. The successful launch of the energy storage project in Malaysia supports global delivery [1][2] Financial Performance - For the first half of 2024, the company reported total revenue of 21.66 billion yuan, with a year-on-year decrease of 5.7%. The net profit attributable to shareholders was 2.14 billion yuan, a decrease of 0.6% year-on-year, while the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company’s capacity utilization rate remained stable at 83.6%, with a comprehensive gross profit margin of 16.45%, a year-on-year increase of 0.5 percentage points [1][2] - The company’s R&D investment reached 1.468 billion yuan, a year-on-year increase of 16.42%, indicating a continuous commitment to product development and innovation [1][2] Future Outlook - The company is expected to see a new growth point starting in 2025 with the production of small cylindrical batteries in Malaysia, which is projected to contribute to revenue immediately upon production [2] - The profit forecasts for the company for 2024-2026 are adjusted to 4.701 billion yuan, 5.790 billion yuan, and 7.091 billion yuan, respectively, with corresponding P/E ratios of 13.9, 11.3, and 9.2 [2][3]

华 发 集 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-----------------------|-----------------------------------------|------------------------------------------|---------------------------------------------| | 2024 年 08 月 27 日 \n安集科技（ 688019.SH ） \n24Q2 营收创历史新高，先进制程领域持续发力 \n投资要点 | 投资评级 \n股价 | (2024-08-27) | 公司研究●证券研究报告 \n基础化工 \| 买入 | 公司快报 \n电子化学品Ⅲ -A(维持) \n106.28 元 | | 2024 年 8 月 25 日，公司发布 2024 ...

446 下 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-------------------------------|--------------------------|----------------------| | 2024 年 08 月 27 日 \n华峰测控（ 688200.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 24Q2 业绩环比显著提升，以期 STS8600 验证&海 | 投资评级 | | 电子 \| 买入 -A( | 半导体设备Ⅲ 维持) | | 外市场拓展 | 股价 | (2024-08-27) | | 82.50 元 | | 投资要点 | 交易数据 | 总市值（百万元） | | 11,173.75 | | 行业逐 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1]. Core Insights - The company reported a revenue of 10.76 billion yuan for the first half of 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year [1]. - The photovoltaic film sector demonstrates strong cost control capabilities and significant overseas resource advantages, with sales volume reaching 138.91 million square meters, a growth of 43.61% year-on-year [1]. - The electronic materials business is entering a high-growth phase, with sales of photosensitive dry film increasing by 35.83% year-on-year, generating revenue of 275.37 million yuan, a rise of 26.92% [1]. - The company is experiencing a sales ramp-up in functional film materials, with aluminum-plastic film sales volume increasing by 35.54% year-on-year, contributing 58.90 million yuan in revenue, up 26.52% [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 10.76 billion yuan, a 1.4% increase from the previous year, and a net profit of 930 million yuan, reflecting a 4.9% growth [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.932 billion, 2.412 billion, and 2.899 billion yuan respectively, with corresponding EPS of 0.74, 0.92, and 1.11 yuan per share [1][3]. Market Position - The company has improved its global market share in the photovoltaic film sector, maintaining relatively stable profitability despite industry challenges [1]. - The electronic materials segment has established a customer base that includes well-known industry players, indicating strong market penetration [1]. Future Outlook - The report anticipates a decline in film prices, leading to a downward adjustment in profit forecasts, yet maintains a positive long-term growth outlook for the company [1]. - The company is expected to enhance its industry ranking through capacity expansion and customer development in the functional film materials segment [1].

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Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company is a leading player in the cable industry and is expected to benefit from the increasing industry concentration and its long-standing technical reserves in submarine cables, which may contribute to new growth [2]. - The company has a robust order book in its smart airport business, indicating promising future prospects [2]. - Due to intensified competition in the battery sector, the company has developed differentiated competitive strategies and anticipates gradual recovery as lithium carbonate prices stabilize [2]. Financial Performance - In the first half of 2024, the company achieved revenue of 11.345 billion yuan, a year-on-year increase of 9.41%, while the net profit attributable to the parent company was -130 million yuan, a decline of 140.66% [1]. - The smart cable network business generated revenue of 10.287 billion yuan in 24H1, up 5.98% year-on-year, but net profit fell by 72.78% due to rising copper prices affecting cable gross margins [1]. - The company secured over 10 million yuan in contract orders amounting to 10.412 billion yuan, indicating a strong backlog of orders [1]. Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 455 million yuan, 751 million yuan, and 1.018 billion yuan, respectively, with corresponding EPS of 0.21 yuan, 0.34 yuan, and 0.46 yuan [2][3]. - The projected P/E ratios for the same years are 18, 11, and 8 times, respectively [2]. Operational Developments - The company is actively advancing major industrial projects, including the construction of the Far East Nantong submarine cable smart lighthouse factory and participation in significant high-voltage transmission projects [1]. - In the clean energy sector, the company is seizing opportunities for equipment exports and participating in major international wind farm projects [1]. R&D and Shareholder Confidence - The company increased its R&D investment to 355 million yuan in 24H1, a year-on-year increase of 17.59%, while maintaining stable expense ratios across various operational areas [1]. - The company plans to repurchase shares worth 150 million to 200 million yuan, and the chairman intends to increase his stake by 30 million to 50 million yuan, reflecting confidence in the company's future [2].

http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 | --- | --- | |-------------------------------------------------------------------------------------|--------------------------------------------| | 2024 年 08 月 26 日 \n歉收同时支出加速，国债融资还需加力 | 宏观类 ● 证券研究报告 \n事件点评 | | 财政数据点评（2024.7） | 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 | | 一般公共预算：高基数消退但低通胀仍导致财政收入负增长，去年增发国债对应的 | qintai@huajinsc.cn 周欣然 | | 预算内水利工程投资拉动财政支出加快。7 月一般公共预算收入同比跌幅较 6 月收 | 报告联系人 zhouxinran@huajinsc.cn | | 窄 0.7 个百分点至 -1.9% ，但仍然低迷，明显低于年度预算增速。随着 2023 年上 ...

Jackson Hole 会后，美联储年内降息 100BP？ 事件点评 投资要点 鲍威尔在 Jackson Hole 年会上发表讲话称当前美国的劳动力市场和通胀数据已经令美联储 所面临的风险平衡发生了变化，明确传递出即将降息的信号，但仍不愿提供降息幅度的定量 指引，并仍为调整政策立场留有退路。当地时间 8 月 23 日，美联储主席鲍威尔出席 2024 年 Jackson Hole 全球央行年会并发表题为"重估货币政策的有效性和传导（Reassessing the Effectiveness and Transmission of Monetary Policy）"的讲话，称当前美国"通胀率已经大 幅下降"、"劳动力市场不再过热"的状况令美联储"双重使命所面临的风险平衡也发生了 变化"，两年多时间以来首度公开宣称"调整政策的时刻已经到来（the time has come for policy to adjust）"，传递出较 7 月 FOMC 会议声明更明确的降息信号，预示着美联储 9 月 会议开始本轮降息周期基本成为定局。但由于疫情以来美联储改为基于近期数据而非对未来 预测的滞后性决策框架，鲍威尔在讲话中仍 ...

部分周期和成长行业中报可能占优 主题报告 投资要点 中报预告视角：已披露的可比口径下部分消费和科技行业中报盈利增速占优。（1） 披露率较低下中报业绩增速呈现继续回落：截至 2024/8/23，全部 A 股中报披露率 为 33.5%，可比口径下已披露的 A 股中报盈利增速为-16.4%，较全部 A 股一季报 盈利增速下降。（2）部分消费、科技、周期行业中报盈利增速占优。一是食品饮 料、轻工制造、农林牧渔、电子、通信等行业已披露中报业绩增速排名靠前；二是 交运、钢铁、石油石化、基础化工等周期行业已披露中报业绩均是正增长；三是传 媒、地产、建材、电新等部分科技和地产链相关行业已披露中报业绩增速排名靠后。 局部新热点或难掩周期变盘可能正在开启， 建议暂时加强博弈防守-华金证券新股周报 2024.8.18 工业企业利润增速视角：上半年部分上游原材料和中游制造行业利润增速较高。（1） 缩量后 A 股会怎么走？ 2024.8.17 新股局部热点或依然有所表现，但节奏把握 难 度 明 显 增 加 - 华 金 证 券 新 股 周 报 2024.8.11 上半年工业企业利润增速较一季度增速小幅回落，预示着 A 股中报盈利增速较一 ...