Investment Rating - The investment rating for the company is "Buy-A" [1][2] Core Views - The company is focusing on market share and continuously expanding and optimizing its product matrix, with a significant increase in revenue and net profit in the first half of 2024 [1][2] - The recovery in consumer and network communication markets has driven an increase in shipment volume and revenue, with a notable growth in the industrial and automotive sectors [1][2] - The company achieved a revenue of 3.609 billion yuan in the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit of 517 million yuan, up 53.88% year-on-year [1][2] Financial Performance - In Q2 2024, the company reported revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78% [1] - The net profit for Q2 2024 was 312 million yuan, showing a year-on-year growth of 67.95% and a quarter-on-quarter growth of 52.46% [1] - The company’s revenue projections for 2024 to 2026 have been adjusted to 7.647 billion yuan, 9.926 billion yuan, and 11.776 billion yuan, with growth rates of 32.8%, 29.8%, and 18.6% respectively [2][4] Product Development - The company continues to enhance its product lines, particularly in storage and MCU (Microcontroller Unit) segments, with new low-power and high-performance products launched [1][3] - The company is the second-largest SPI NOR Flash provider globally, offering a wide range of capacity options and has established partnerships with leading automotive manufacturers for its automotive-grade products [1][3] - The introduction of new fingerprint recognition solutions for PC devices marks an expansion into the PC market, enhancing the company's product offerings [3] Market Outlook - The company is expected to benefit from the recovery in niche storage markets and the ongoing demand in consumer electronics, automotive electronics, and industrial applications [2][4] - The anticipated growth in revenue and profitability is supported by the company's continuous innovation and adaptation to market demands, particularly in the context of DRAM capacity adjustments by leading manufacturers [2][4]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|--------------------------------------------|----------------------------------------------| | 2024 年 08 月 20 日 \n鼎龙股份（ 300054.SZ ） \n半导体材料带动业绩增长，打造进口替代类创新 \n材料平台公司 | 投资评级 \n股价 | (2024-08-20) | 公司研究●证券研究报告 \n基础化工 \| \n买入 | 公司快报 \n电子化学品Ⅲ \n-A(维持) ...

核电项目核准提速，四代堆应用空间有望打开 事件点评 8 月 19 日，经国务院常务会议审议，决定核准江苏徐圩一期工程等五个核电项 目。会议强调，安全是核电发展的生命线，要不断提升核电安全技术水平和风险 防范能力，加强全链条全领域安全监管，确保核电安全万无一失，促进行业长期 健康发展。 核准数量超预期，核电发展迎景气。此次核准的 5 个核电项目，包括中核江苏 徐圩一期工程，中广核广东陆丰一期工程、山东招远一期工程、浙江三澳二期工 程，国家电投广西白龙一期工程，合计 11 台机组。2019—2023 年，我国核准 核电机组数量分别为 4 台、4 台、5 台、10 台、10 台，整体呈现出积极安全有 序发展的势头。2024 年此次核准数量达 11 台，创 2008 年以来核准数量新高。 根据核能行业协会，按年度开工 8-10 台百万千瓦机组规模预计，2030 年、2035 不断提升。 年我国核电装机将分别达到 1.2 亿、1.5 亿千瓦左右，发电量分别约占全国总发 电量的 7.3%、10%（2023 年占比约为 5%），核电发展空间广阔。2024 年 3 月， 中国核电发布 24 年投资计划额 1215.53 亿元 ...

AI 应用与端侧迭代协同发展拓宽生态场景 投资要点 大模型正在从算力统筹和场景优化两个维度在边缘侧进行落地尝试。算力：大 模型能够部分替代和接管原有云端计算中心的算力调度权限与能力，减少云端传 输所带来的时间损耗，对边缘侧算力使用效率带来改进。场景：大模型可取代原 有边缘侧用于预测、决策、判别、生成等多类任务的小模型，提升场景泛化能力 和使用效果。终端模型与云端模型协同提供服务，存、算、网同步升级。大模型 已经率先在手机和汽车座舱中得到初步应用。 目前大模型已从早期的技术驱动转向生态驱动。根据量子位智库统计，目前 AI 应用 90%+为软件形态，AI 硬件开始进行尝试。AI 硬件主要分为两种：AI+万物： 即在传统产品上集成 AI 功能，主要包含 AI 手机、AIPC、XR、具身智能、学习 机等。例如 Ray-Ban Meta，该产品为 Meta 与 Ray-Ban 第二次合作，此次除硬 件更新外，实现与其他 Meta 应用集成，如 WhatsApp 和 Messenger。同时集 成 Meta AI：允许用户通过语音命令进行免提控制和信息查询。使得用户在执行 获取信息、拍照、录视频等操作时无需使用双手。AI ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [21]. Core Insights - The company, Chengdian Guangxin (920008.BJ), specializes in the research, production, and sales of network bus products and special display products, primarily serving the defense and military sectors. The company has shown significant revenue growth, with a forecasted increase in revenue and net profit for 2024 [9][10]. - The company has established itself as a core supplier for major clients such as AVIC, China Electronics Technology Group, and China Shipbuilding Industry Corporation, benefiting from strong relationships built over years [16]. - The market for the company's core products, including FC network bus and LED dome display systems, is expected to grow significantly due to low current penetration rates in military applications and increasing demand for advanced military aircraft [16][19]. Financial Performance - The company reported revenues of 121.3 million, 169.2 million, and 216.1 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 199.44%, 39.43%, and 27.72% [2][10]. - For the first half of 2024, the company achieved revenues of 145 million yuan, a year-over-year increase of 89.86%, and a net profit of 27 million yuan, up 40.32% from the previous year [10][19]. - The company forecasts a 25.52% increase in revenue and a 14.21% increase in net profit for the full year 2024 compared to the previous year [19]. Industry Overview - The company operates within the defense and military sectors, focusing on network bus products and special display products, which are critical for military simulation and training applications [12][13]. - The military simulation market in China is expected to grow, with an estimated annual demand for around 57 military flight simulators, which will drive the need for advanced display systems like LED dome displays [13]. - The FC network bus technology is becoming the mainstream solution in modern military aircraft, with significant growth potential as new generation aircraft are introduced into service [15]. Competitive Analysis - Compared to industry peers, Chengdian Guangxin's revenue scale is below the average, but its gross profit margin is higher than the industry average, indicating strong profitability [19]. - The average revenue for comparable companies in the industry is 3.079 billion yuan, with a comparable PE-TTM of 39.15X and a gross profit margin of 34.20% [19].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" [1] Core Viewpoints - The report highlights the importance of government-linked gaming cultural content, emphasizing that high-quality content can drive the development of the gaming industry through multiple channels [1] - The report notes that the rapid development of AI underscores the significance of cybersecurity, with innovative models expected to resonate with cultural IP [1] - The global licensing market has shown a record sales figure of $356.5 billion in 2023, reflecting a 4.6% year-on-year growth, indicating a strong demand for quality IP [1] Summary by Relevant Sections Investment Highlights - The report discusses the upcoming National Cybersecurity Publicity Week from September 9 to 15, 2024, and the involvement of major gaming companies in promoting cybersecurity awareness [1] - It mentions that the gaming industry is experiencing a surge in popularity during the summer, with government departments collaborating with quality gaming IPs to enhance public legal awareness [1] Industry Performance - The report indicates that the cybersecurity industry in China reached a scale of approximately 220 billion yuan in 2023, with 28 listed companies, showcasing significant growth in comprehensive industry strength [1] - It highlights that the average R&D cycle has been shortened by 20% and production efficiency has increased by 35% due to AI empowerment [1] Investment Recommendations - The report suggests focusing on high-quality gaming IPs, particularly those linked to popular titles like "Black God Talk," and recommends companies such as Tencent Holdings, NetEase, and Bilibili among others for potential investment opportunities [1]

电力设备及新能源 行业周报 宁德时代 7 月三元市占率超 70%，加快构建新 型电力系统行动方案印发【第 32 期】 投资要点 新能源汽车：本周，据中国汽车动力电池产业创新联盟数据统计，2024 年 1-7 月三元电池装机量 73.6GWh，其中宁德时代市占率达 68.45%，7 月市占率高达 70.88%。蜂巢能源低容量高电压商用轻卡 100kWh 电池系统标准品下线。富临 精工控股子公司江西升华与宁德时代签订《业务合作协议》，双方就磷酸铁锂正 极材料验证、生产方面建立长期合作关系，共同开拓新能源市场。极氪第二代金 砖电池将首发装车 2025 款 007，二代金砖电池同样基于磷酸铁锂，10.5 分钟可 从 10%充能至 80%，较第一代快了 4.5 分钟。厦钨新能针对低空飞行器及无人 机领域开发的高功率高电压三元产品实现量产，月度产销量达数百吨。奇瑞商用 车与宁德时代达成战略合作，奇瑞商用车新品零米轻卡将全系标配宁德时代天行 L-超充版和天行 L-长续航版。孚能科技取得锂金属负极相关专利，其循环性能得 到明显提升。珠海冠宇 2024H1 实现营业总收入 53.47 亿元，同比-2.31%，归 母净利润 1. ...

毛利率显著改善，50MP 系列替代同类竞品助力 高端份额提升 投资要点 2024 年 8 月 19 日，韦尔股份发布 2024 年半年度报告。 毛利率显著改善，24Q2 营收创历史新高 24H1 随着消费市场进一步回暖，下游客户需求有所增长，加之公司在高端智能手 机市场的产品导入及汽车市场自动驾驶应用的持续渗透，公司营收显著增长。此外， 受到产品结构优化以及成本控制等因素影响，公司产品毛利率逐步恢复。 24H1 公司实现营收 120.91 亿元，同比增长 36.50%；归母净利润 13.67 亿元，同 比增长 792.79%；扣非归母净利润 13.72 亿元，同比大幅增长；毛利率 29.14%， 同比提升 8.21 个百分点；期末库存 67.58 亿元，环比基本持平。 单季度看，24Q2 公司实现营收 64.48 亿元，同比增长 42.55%，环比增长 14.24%， 单季营收超过此前历史峰值 21Q2 的 62.36 亿元，创历史新高；归母净利润 8.09 亿元，同比扭亏为盈，环比增长 45.08%；扣非归母净利润 8.06 亿元，同比扭亏为 盈，环比增长 42.43%；毛利率 30.24%，同比提升 12 ...

电力设备及新能源 行业周报 宁德时代 7 月三元市占率超 70%，加快构建新 型电力系统行动方案印发【第 32 期】 投资要点 新能源汽车：本周，据中国汽车动力电池产业创新联盟数据统计，2024 年 1-7 月三元电池装机量 73.6GWh，其中宁德时代市占率达 68.45%，7 月市占率高达 70.88%。蜂巢能源低容量高电压商用轻卡 100kWh 电池系统标准品下线。富临 精工控股子公司江西升华与宁德时代签订《业务合作协议》，双方就磷酸铁锂正 极材料验证、生产方面建立长期合作关系，共同开拓新能源市场。极氪第二代金 砖电池将首发装车 2025 款 007，二代金砖电池同样基于磷酸铁锂，10.5 分钟可 从 10%充能至 80%，较第一代快了 4.5 分钟。厦钨新能针对低空飞行器及无人 机领域开发的高功率高电压三元产品实现量产，月度产销量达数百吨。奇瑞商用 车与宁德时代达成战略合作，奇瑞商用车新品零米轻卡将全系标配宁德时代天行 L-超充版和天行 L-长续航版。孚能科技取得锂金属负极相关专利，其循环性能得 到明显提升。珠海冠宇 2024H1 实现营业总收入 53.47 亿元，同比-2.31%，归 母净利润 1. ...

446 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|--------------------|--------------------|--------------------------------------------|---------------------------------| | 2024 年 08 月 19 日 \n纳睿雷达（ 688522.SH ） \n订单高速增长，但项目推进及回款节奏暂时拖累短期业绩 | 投资评级 | | 公司研究●证券研究报告 \n国防军工 \| \n增持 | 公司快报 \n其他军工Ⅲ \n-A(首次) | | 投资要点 | 股价 | (2024-08-16) | | 42.25 元 | | | 交易数据 | | | | | 事件内容： 8 月 16 日盘后，公司披露 2024 年中期报告， 2024H1 公司实现营业收 ...