44 主题报告 图表目录 2 / 10 一、总目标：社会主义现代化强国和二〇三五目标的三大支柱 2）经济实力跃升，人均国内生产总值达到中等发达国家水平。十九届五中全会首次提出这 一目标，二十大报告中再度给予了确认和强调。国际上和理论研究界，往往将达到美国人均 GDP 的 30%以上作为中等发达国家水平的基本门槛。考虑到美国作为全球最大的经济体、最大的发 达国家和当前较为全面地掌握全球先进生产力的国家，仍在不断试图通过其国内经济政策组合和 对国际经济贸易规则进行有利于其本国经济的修改而试图获得相对较高的经济增长，2035 年达 到人均国内生产总值中等发达国家水平的目标，实际上同时意味着我国实际经济增速和本币汇率 尽量取得长期的同步高增是最为重要的。战后数十年的全球经济发展史已经充分证明，制造业高 图 1："制造业高级化"推动持续赶超，"过早去工业化"则陷入"中等收入陷阱" 资料来源：CEIC，华金证券研究所 《公报》指出，高质量发展是全面建设社会主义现代化国家的首要任务，强调要健全因地 制宜发展新质生产力体制机制，科技创新引领的新发展模式将作为我国长期经济战略蓝图的重 要基础。"全会提出，高质量发展是全面建设社 ...

http://www.huajinsc.cn/ 6 / 11 http://www.huajinsc.cn/ 7 / 11 请务必阅读正文之后的免责条款部分 膜版企业。公司创始人及多名核心技术人员在掩膜版领域具备丰富从业经验，带领公司成为国内 领先的独立第三方半导体掩膜版企业之一，据一轮审核问询函回复披露，2022 年龙图光罩在中 国大陆半导体独立第三方掩模市场中占国产厂商的份额约为 13.19%-26.39%。公司主要以特色 工艺半导体市场为切入点，在部分制程节点上成功实现国产替代，与中芯集成、士兰微、积塔半 导体、华虹半导体、新唐科技、比亚迪半导体、立昂微等国内主流晶圆厂达成稳定合作；其中， 士兰微、立昂微、华虹半导体均通过关联方持有公司股份。 http://www.huajinsc.cn/ 8 / 11 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | |-----------------|---------------------------------------------------------------------------------|-------- ...

IP 授权盛会召开,优质内容助力文娱发展 投资要点 事件:7 月 16 日,中国国际授权业峰会成功举办。7 月 17 日,第七届全球授权 展·上海站在国家会展中心开幕。展会同期举行多场专题论坛活动,包括中国国 际授权业峰会(CLC)、中国授权业论坛、合作伙伴大会等权威行业活动。系列 展会打破行业壁垒,推动行业联动创新与发展。 IP 集中亮相展会,全球授权市场多元化发展。展会展出面积达 4.8 万平米,较 2021 年增长 37%;汇聚展商 350 余家,1800+个 IP,设立动漫&形象&游戏& 文学、影视及传媒、品牌及代理、文博及艺术、潮流生活 5 大主题板块。会展 不仅包括环球、华纳、腾讯、优酷、芒果 TV 等知名授权商和喜羊羊、熊出没、 哆拉 A 梦、三丽鸥等国内外知名 IP,还包括故宫博物院、吴文化博物馆等国风 IP,充分展现授权业市场的多元性和丰富度。多个圆桌论坛分会场汇聚行业大咖, 探讨品牌联动 IP 多维度赋能营销。合作伙伴大会邀请包括阿里鱼、优酷少儿、 奥飞娱乐、梦之城等 IP 产业权威嘉宾分析行业洞见,探讨行业发展。 IP 价值在全球市场日益显著。据国际授权业协会(Licensing Int ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for future performance [1][7][38]. Core Insights - The company is a leader in the geotechnical engineering sector, focusing on key areas such as nuclear power and water conservancy, with a significant improvement in gross margins observed [1][25]. - The company has successfully turned around its performance, achieving a net profit of 18.91 million yuan in 2023, a year-on-year increase of 113.13% [1][25]. - The report highlights the company's strategic focus on "core technology + core materials" to drive growth in national strategic sectors, including nuclear power and water conservancy [21][25]. Financial Performance - The company expects to achieve a net profit of 1.7 to 2.21 billion yuan in the first half of 2024, representing a year-on-year increase of 194.72% to 283.14% [1]. - Revenue for 2023 was 916 million yuan, with a projected increase to 1.1 billion yuan in 2024, reflecting a growth rate of 20% [6][18]. - The gross margin for the company improved to 17.22% in 2023, with further increases expected in the coming years [1][40]. Business Segments - The geotechnical engineering segment generated revenue of 700 million yuan in 2023, with a projected growth of 23% in 2024 [6][40]. - The environmental remediation segment is expected to generate stable revenue, with projections of 37 million yuan in 2024 [5][40]. - Product sales saw a significant increase, achieving 178 million yuan in 2023, with a projected growth of 10% in the following years [6][40]. Market Opportunities - The company has secured a benchmark nuclear power project, which is expected to open new growth avenues in the context of energy supply and green transition [2]. - The report notes that China's nuclear power generation capacity is expected to grow significantly, providing a substantial market opportunity for the company [2][25]. - The company is well-positioned to benefit from the increasing demand for geotechnical engineering services in the nuclear power sector, with an estimated annual demand of 15 billion yuan [2][25].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive long-term outlook despite a slight adjustment in earnings forecasts due to Q2 performance being slightly below expectations [2][3]. Core Insights - The company is pursuing a dual-driven strategy, with a solid foundation in its brewing business and potential growth in its ready-to-drink segment. The report anticipates that the ready-to-drink products will gradually release performance elasticity as successful pilot markets are established nationwide, alongside diversified channel expansion and increased marketing efforts [2][3]. - The revenue forecasts for 2024-2026 have been slightly adjusted, with expected revenues of 42.09 billion, 48.61 billion, and 55.13 billion yuan respectively, reflecting year-on-year growth rates of 16.1%, 15.5%, and 13.4%. The adjusted net profit forecasts are 3.37 billion, 4.16 billion, and 4.93 billion yuan, with growth rates of 20.3%, 23.2%, and 18.5% respectively [2][3]. Financial Data and Valuation - The company reported a revenue of 3.625 billion yuan in 2023, with a year-on-year growth of 15.9%. The projected revenues for 2024, 2025, and 2026 are 4.209 billion, 4.861 billion, and 5.513 billion yuan, respectively, with expected growth rates of 16.1%, 15.5%, and 13.4% [6][10]. - The net profit for 2023 was 280 million yuan, with a year-on-year increase of 31%. The projected net profits for the next three years are 337 million, 416 million, and 493 million yuan, with growth rates of 20.3%, 23.2%, and 18.5% [6][10]. - The gross margin is expected to improve from 37.5% in 2023 to 38.5% by 2026, indicating a positive trend in profitability [6][10].

业绩持续超预期,改革红利加速释放 事件: 公司发布 2024 年上半年业绩预告,预计 24H1 实现归母净利润 7.19-7.97 亿元,同比 增长 40%-55%,实现扣非归母净利润 7-7.75 亿元,同比增长 60%-77%。单季度来看, 24Q2 公司实现归母净利润 6.19-6.94 亿元,同比增长 37%-55%,实现扣非归母净利 润 5.97-6.72 亿元,同比增长 56%-76%。 投资要点 利润分析:24Q2 延续 Q1 高增,预计大单品 U8 维持较快增速。公司 24Q2 实现 归母净利润 6.19-6.94 亿元(中值为 6.55 亿元),同比增长 37%-55%,实现扣非 归母净利润 5.97-6.72 亿元(中值为 6.35 亿元),同比增长 56%-76%。24Q2 是 公司上市以来最高单季度净利润,我们认为主要系 1)公司 Q2 大单品 U8 系列持 续放量,我们预计 Q2 U8 系列销量延续较快增速,推动产品结构升级延续;2)24 但销售及管理费用率或持续改善。 年公司主要原材料及包材的采购成本均有不同程度的下降,带动公司吨成本下行。 我们预计 24 年进口大麦价格较 23 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The supply of micro-short dramas is abundant, with a trend towards quality content becoming prominent. In the first half of 2024, the domestic investment flow scale for micro-short dramas exceeded 11.6 billion yuan, with over 20,000 unique micro-short dramas participating in the investment flow, of which more than 13,500 were new dramas, accounting for approximately 68% [1]. - The user base for micro-short dramas has surpassed 500 million, with nearly 40% of users watching micro-short dramas regularly. Among these, 64.8% are aged 15-29, and 73.4% are female. Key factors influencing user preferences include production quality, storyline, and actor performance [1]. - The industry is expected to see a stable increase in box office revenue, with micro-short drama box office reaching 37.39 billion yuan in 2023, accounting for 70% of the total box office for Chinese films. It is projected to exceed 100 billion yuan by 2027 [1]. - The report highlights that the number of companies supplying micro-short dramas has exceeded 300,000, with a rich upstream supply chain including 229,000 professional short drama production companies [1]. Summary by Sections Industry Performance - In the first half of 2024, the average monthly investment flow for micro-short dramas was 8,259, with 2,240 new dramas released. The enthusiasm for content creation remains high, with 3,574 micro-short dramas planned for creation and 584 launched in 2023, representing growth of 382.2% and 445.8% compared to 2021, respectively [1]. User Engagement - The report notes that the demand for micro-short dramas continues to grow, with significant increases in paid users and viewing frequency on platforms like Douyin. The paid user base grew tenfold, and the next-day revisit rate increased by 50% [1]. Monetization Strategies - Current monetization strategies for micro-short dramas primarily include advertising marketing, paid subscriptions, copyright sharing, and e-commerce sales. Advertising marketing aimed at B-end clients and paid subscriptions for C-end users are the main sources of revenue [1]. Future Outlook - The report suggests that the industry will continue to grow due to market demand, despite challenges such as increased competition and regulatory scrutiny. The development of AIGC technology is expected to enhance production efficiency and content quality [1].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company signed a contract with Saudi ALGIHAZ for the world's largest energy storage project with a capacity of 7.8 GWh, expected to contribute significantly to profits upon full operation in 2025 [2] - The company plans to repurchase shares using its own funds, with a total repurchase amount between RMB 500 million and 1 billion, demonstrating confidence in long-term development [2] Financial Performance and Forecast - The company’s projected net profits for 2024-2026 are RMB 10.248 billion, RMB 12.046 billion, and RMB 14.812 billion respectively, with corresponding EPS of 4.94, 5.81, and 7.14 yuan per share [2][5] - The expected P/E ratios for the same period are 14.2, 12.1, and 9.8 times [2][5] - Revenue is forecasted to grow from RMB 89.778 billion in 2024 to RMB 129.482 billion in 2026, with year-on-year growth rates of 24.3%, 22.1%, and 18.1% respectively [5] Project Details - The energy storage project will enhance the stability of the Saudi power grid and support the country's Vision 2030 [2] - The project will utilize over 1,500 PowerTitan 2.0 liquid-cooled energy storage systems, designed for high energy density and efficient land use [2] Share Repurchase Plan - The share repurchase plan aims to incentivize employees and align interests among shareholders, the company, and employees [2] - The repurchase will occur within 12 months from the board's approval, targeting 5.15 million to 10.31 million shares, representing 0.25% to 0.50% of the total share capital [2]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the electrical equipment industry [1]. Core Viewpoints - The report highlights the ongoing trend of high-voltage direct current (HVDC) projects in Saudi Arabia, indicating a significant opportunity for Chinese companies in the international market [1][2]. - The report emphasizes the importance of renewable energy development in Saudi Arabia, with a target of achieving 40GW of installed photovoltaic capacity by 2030 as part of the "Vision 2030" initiative [1]. - The report notes that the recent contracts awarded for HVDC projects in Saudi Arabia will enhance the stability of the local power grid and support the long-term energy strategy of the country [1]. Summary by Relevant Sections Industry Performance - The report discusses the recent awarding of contracts for HVDC converter stations in Saudi Arabia, which are part of major national projects aimed at enhancing the power transmission capacity [1]. - It mentions the successful signing of a global energy storage project by Sungrow Power Supply Co., with a capacity of 7.8GWh, expected to be operational by 2025 [1]. Market Trends - The report indicates that the demand for renewable energy solutions, particularly solar and energy storage, is increasing in the Middle East, driven by government initiatives to reduce reliance on oil [1]. - It highlights the strategic partnerships formed by Chinese companies with Saudi entities to establish local production of photovoltaic components, which is expected to boost exports and local manufacturing capabilities [1][2]. Investment Opportunities - The report suggests that the HVDC technology will play a crucial role in the integration of renewable energy into the grid, making it a key area for investment in the upcoming energy transition [2]. - It identifies specific companies in the HVDC supply chain, such as State Grid Corporation and other leading manufacturers, as potential beneficiaries of the growing market demand [2].

Investment Rating - The report maintains an "Overweight - A" rating for the company [1] Core Views - The semiconductor industry is in a recovery phase, leading to an adjustment in the company's revenue and profit forecasts for 2024 to 2026. Expected revenues are revised from 3.023 billion, 3.547 billion, and 4.252 billion to 3.525 billion, 4.383 billion, and 5.560 billion, representing growth rates of 47.5%, 24.3%, and 26.9% respectively. Net profit forecasts are adjusted from 20 million, 166 million, and 317 million to 54 million, 191 million, and 331 million, with growth rates of 158.3%, 249.7%, and 73.7% respectively [1] - The company's one-stop delivery capability in "Bumping + CP + FC + FT" is forming, with the gradual release of capacity from the second phase project and an expanding customer base and application fields. Significant breakthroughs have been achieved with leading IC design companies in Taiwan, which is expected to improve profitability [1] Financial Data and Valuation - The company is projected to achieve a revenue of 8.53 to 9.53 billion in Q2 2024, representing a year-on-year growth of 52.92% to 70.84% and a quarter-on-quarter growth of 17.45% to 31.21% [21] - For the first half of 2024, the company is expected to achieve revenues between 15.80 billion and 16.80 billion, with a year-on-year growth of 60.78% to 70.96% [21] - The financial forecast includes a gross margin of 21.1% in 2024, increasing to 30.3% by 2026, and a net profit margin projected to reach 6.0% by 2026 [10][25]