显示基本盘稳中有升，LED 为业绩增长重要引擎 投资要点 24H1 实现营收/归母净利润同比双增长，LED 产业链净利润贡献超 50%。2024H1， 公司实现营业收入 95.20 亿元，同比增长 23.07%；实现归母净利润 9.11 亿元，同 比增长 24.04%；在传统业务智慧显示终端稳定增长的同时，LED 产业链净利润贡 献占比超过 50%，成为公司业绩弹性增长空间较大的重要引擎。在智慧显示领域， 尽管面临海运短期等挑战，但公司通过配合客户调整策略，出货量实现稳中有升， 维持了在全球 ODM 市场的领先地位。 LED 全链条延伸/深度协同产生叠加效应。在 Mini LED BLU 及 Mini/Micro RGB 技术商用化爆发的时期，公司技术迭代加速和产业链协同优势凸显，垂直一体化的 布局及深度协同将发挥关键作用，进一步推动公司 LED 全产业链迈向新的高速成 长阶段，引领整个产业链迈向更高的发展水平。（1）LED 芯片：公司致力于产品 结构优化，大幅减少低毛利产品的占比，将更多资源投向高端照明、Mini LED 背 光、Mini RGB 显示等高毛利、高附加值产品，带动公司利润率的提升，进而实现 ...

44 下 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------| | 2024 年 08 月 07 日 \n外需降温和关税壁垒的拖累开始显现 | 宏观类 ● 证券研究报告 \n事件点评 | | 进出口数据点评（2024.7） | 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 ...

Export Data - In July 2024, China's export value increased by 7% year-on-year, below the expected 9.54% and down from 8.60% in June 2024[1] - The export growth rate to major production countries decreased, with exports to South Korea dropping by 3.3 percentage points (pct) to 0.8%, and to Japan decreasing by 6.9pct to -6.0%[1] - Exports to the United States increased by 1.5pct to 8.1%, while exports to the European Union rose by 3.9pct to 8.0%[1] Import Data - In July 2024, China's import value rose by 7.2% year-on-year, exceeding the expected 2.99% and significantly up from -2.30% in June 2024[1] - Major imports included agricultural products, which increased by 9.16pct, and crude oil, which rose by 20.81pct[1] - The import of mechanical and electrical products surged by 15.42pct to 15.19%[1] Market Trends - The PMI for new export orders in July was 48.50, indicating a slight increase of 0.20 from the previous month, but still below the neutral level[1] - The global semiconductor cycle is on the rise, and some countries are initiating interest rate cuts, which may stimulate demand[1] - The overall economic outlook remains uncertain, with risks including economic slowdown and unexpected policy easing[2]

下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------| | 2024 年 08 月 06 日 \n特别国债加码补贴，拉动多少商品消费？ \n投资要点 | 宏观类●证券研究报告 \n主题报告 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 近期促进消费特别是商品消费的政策集中加码。 7 月 30 日政治局会议强调"要以 提振消费为重点扩大国内需求"，稍早前国家发改委公布与财政部联名印发的《关 | 报告联系人 qintai@huajinsc.cn 周欣然 zhouxinran@huajinsc.cn | | 于加力支持大规模设备更新和消费 ...

Investment Rating - The investment rating for the company is "Accumulate - A" [1][2] Core Views - The company reported a 26.14% year-on-year increase in revenue for the first half of 2024, reaching 1.04 billion yuan, and a 39.26% increase in net profit attributable to shareholders, amounting to 167 million yuan [1] - The company is focusing on optimizing its channel layout and expanding into overseas markets, with a notable increase in revenue from e-commerce and other sales channels [1][2] - The company plans to distribute a cash dividend of 10.92 yuan per 10 shares, with a payout ratio of 60.07%, indicating a commitment to shareholder returns [1] Revenue Analysis - In H1 2024, the company achieved revenue of 1.042 billion yuan, with Q1 growth at 49.75% and Q2 slowing to 4.90% due to seasonal factors and channel adjustments [1] - The revenue from the core product lines, including sunflower seeds and green peas, showed steady growth, with the sunflower seed series generating 138 million yuan (+12.76%) and the green pea series 238 million yuan (+16.87%) [1] - The company is actively enhancing its e-commerce capabilities and expanding its product offerings to adapt to online sales [1][2] Profit Analysis - The gross margin for H1 2024 was 34.94%, a slight decrease of 0.66 percentage points year-on-year, while the net profit margin improved to 16.49% due to tax benefits [2] - The company expects to maintain a net profit growth trajectory, with projections for 2024-2026 showing a compound annual growth rate of 16.7%, 26.4%, and 20.4% respectively [2][3] Financial Data and Valuation - The company’s projected revenue for 2024 is adjusted to 2.339 billion yuan, with net profit expected to reach 384 million yuan [3] - The earnings per share (EPS) for 2024 is projected at 4.12 yuan, with a price-to-earnings (P/E) ratio of 13.5 [3] - The company’s return on equity (ROE) is expected to be 20.6% in 2024, indicating strong profitability [3]

7 月营收同环比增长，打造全方位 PCB 一站式服 务平台 投资要点 2024 年 8 月 5 日，公司发布 2024 年 7 月营业收入简报。 7 月营收同环比增长，打造全方位 PCB 一站式服务平台 2024 年 7 月公司实现营收 26.74 亿元，同比增长 22.80%，环比增长 26.30%，为 历年同期次高。 公司是全球范围内少数同时具备各类 PCB 产品研发、设计、制造、销售与服务的 专业大型厂商，主要产品范围涵盖 FPC、SMA、SLP、HDI、Mini LED、RPCB、 Rigid Flex 等多类产品，并广泛应用于通讯电子产品、消费电子及计算机类产品以 及汽车和 AI 服务器、高速计算机等产品，具备为不同客户提供全方位 PCB 电子互 联产品及服务的强大实力，打造了全方位的 PCB 产品一站式服务平台。根据 Prismark 数据，公司 2017~2023 年连续七年位列全球最大 PCB 生产企业。 公司生产的印制电路板产品最小孔径可达 0.025mm、最小线宽可达 0.020mm，公 司在触控感压 FPC 模组、动态弯折 FPC 模组、超长尺寸 FPC 组件、高速低损 FPC 模组、大 ...

产业与政策协同共进推动行业发展 投资要点 事件： 近日，国务院发布《国务院关于促进服务消费高质量发展的意见》：为 优化和扩大服务供给，释放服务消费潜力，更好满足人民群众个性化、多样化、 品质化服务消费需求提出意见。 文化娱乐相关领域近年发展稳定，具备良好生态基础。文化娱乐消费涉及演出、 影视院线，网络文学，网络游戏等相关领域。网络文学：根据中国社科院统计， 2023 年网络文学市场规模达 404.3 亿，同比增长 3.8%，网络文学 IP 市场规模 大幅跃升至 2605 亿元，同比增长近百亿。网络文学融入非遗、国风元素，拥抱 中华优秀传统文化；现实题材创作年增速超 20%，新增读者 00 后占比过半。影 视相关：2023 年长剧市场走向精品化的趋势愈发凸显，根据德塔文数据显示， 网络剧主导剧集市场。2023 年网络影视剧市场规模达到 710 亿元，同比增长 18.7%，占据市场主导地位，纯网剧播出 236 部，占比 70.24%。网络游戏相关： 根据《2024 年 1-6 月中国游戏产业报告》数据，2024 年上半年，中国游戏用户 规模为 6.74 亿人，同比增长 0.88%，再创新高；国内游戏市场实际销售收 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][2]. Core Views - The report highlights the completion and production commencement of the first phase of Shanghai Huati Technology, which is expected to achieve a wafer testing capacity of 480,000 pieces per year [1]. - The company is positioned as a major integrated circuit testing center in China, focusing on wafer testing and establishing a differentiated development pattern with other testing bases [1][2]. - The anticipated revenue growth for the company from 2024 to 2026 is projected at 15.2%, 18.2%, and 12.3% respectively, with net profit growth rates of 161.6%, 53.6%, and 41.1% [1][3]. Financial Data and Valuation - The company's revenue for 2024 is estimated at 13,020 million yuan, with a year-on-year growth of 15.2% [3]. - The projected net profit for 2024 is 592 million yuan, reflecting a significant increase of 161.6% compared to the previous year [3]. - The company's P/E ratios for 2024, 2025, and 2026 are expected to be 44.0, 28.6, and 20.3 respectively, indicating a potential for improved valuation as earnings grow [3][5]. Operational Highlights - Shanghai Huati has established a cleanroom area of 30,000 square meters and over 1,300 high-end testing devices, enabling comprehensive testing capabilities across various chip types [1]. - The company employs advanced technologies such as MES, SAP, and CIM to achieve intelligent manufacturing and automation in its production processes [1][2]. - The report emphasizes the strategic importance of the company's 3D Matrix platform in enhancing its technological moat and expanding production capacity [2].

2024 年 08 月 05 日 行业研究●证券研究报告 传媒 行业快报 政策提振服务消费，数字文娱产业高质量发展 投资评级 领先大市-A维持 首选股票 评级 投资要点 事件：8 月 2 日，2024 年中国数字文娱大会在广州市天河区顺利开幕，期间发 布的《中国文娱产业人工智能行业应用发展报告》呈现人工智能深度参与和赋能 的趋势。8 月 3 日，国务院印发《关于促进服务消费高质量发展的意见》，旨在 优化和扩大服务供给，释放服务消费潜力，更好满足人民群众个性化、多样化、 品质化服务消费需求。数字文娱产业重磅盛会召开，积极政策发布，或有效释放 消费潜力，促进文旅、教培、文娱等服务型产业高质量发展。 数字文娱盛会召开，AI 赋能趋势显著。百度、网易游戏、酷狗音乐、凡拓数创、 科大讯飞等数十家企业和平台齐聚展现最新科技创新应用和产品，主展区还引入 数字虚拟人、AI 交互型数字人一体机等最新数字科技成果。据大会期间发布的 《中国文娱产业人工智能行业应用发展报告》，2023 年中国文化产业把握数智 化发展机遇，聚焦多元化商业变现。数字文娱、数字文旅、在线旅游市场规模分 别达 1.21 万亿元、9200 亿元、1.11 万 ...

电力设备及新能源 行业周报 时代长安投资 50 亿元建设 25GWh 动力电池基 地，国网年度投资额首超 6000 亿【第 30 期】 投资要点 新能源汽车：本周，据 SMM 数据显示，2024 年上半年宁德时代储能出货量约 45GWh，市占率超 40%，排名全球第一；亿纬锂能、中创新航、欣旺达出货量 分别约 20GWh、8GWh、2GWh，分别排名第二、第五和第十。据 GGII 数据显 示，2024 年上半年我国新能源车销售约 427.9 万辆，同比+41%，带动国内动 力电池装机量约 200.6GWh，同比+40%；其中，宁德时代上半年动力电池装机 量达 94.4GWh，同比+43.6%，市占率 47.1%，排名第一。据 GGII 统计的 11 家车企销量显示，2024 年 7 月新能源车销量业绩仅广汽埃安较上月出现下滑， 其余十家均保持正增长，其中，比亚迪、理想、零跑、极氪、岚图 7 月销量同 比增速均在 30%以上。宁德时代下半年排产和订单饱满，产能利用率预计会进 一步提升；公司上半年整体销量超 200GWh，其中二季度动力和储能电池整体 销量近 110GWh。时代长安计划投资 50 亿元，在川渝高竹 ...