偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 150 期，总第 1709 期（电子版） 2024 年 8 月 15 日 星期四 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2849.83 | -0.6 | | 深证成指 | 8311 | -1.17 | | 中小 100 | 5338.64 | -1.18 | | 创业板指 | 1584.33 | -1.42 | | 沪深 300 | 3308.71 | -0.75 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40008.39 | 0.61 | | 纳斯达克 | 17192.6 | 0.03 | | 标普 500 | 5455.21 | 0.38 | | 英国富时 100 | 8281.05 | 0.56 | | 日经 225 | 36593.2 | 0.41 | | 恒生指数 | ...

Market Analysis - The market showed a rebound with the Shanghai Composite Index rising by 0.94% and the Shenzhen Component Index increasing by 0.71% on August 15, 2024, indicating a positive market sentiment despite previous lows [2][4] - Key sectors that performed well included AI glasses, gaming, and tourism, with several stocks reaching their daily limit up [2][6] - The total trading volume in the Shanghai and Shenzhen markets was 591.5 billion, significantly higher than the previous trading day [2][3] Data Insights - As of August 14, 2024, the financing balance on the Shanghai Stock Exchange was reported at 739.725 billion, an increase of 0.0116 billion from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 664.201 billion, up by 0.0701 billion, bringing the total to 1,403.926 billion, an increase of 0.0817 billion [3] Concept Highlights - The AI sector is experiencing significant growth, with over 300 large models launched in China, and more than 100 of these models have completed generative AI service filings [5] - The upcoming AIAC 2024 conference aims to foster collaboration across various sectors to enhance the integration of AI technology into industry applications [5] Key News - Hon Hai Precision Industry announced that it will begin delivering AI servers equipped with NVIDIA's GB200 processor in Q4 2024, which is expected to significantly contribute to its revenue [5] - Tencent reported a 9% year-on-year growth in gaming revenue for Q2 2024, driven by increased user engagement and successful game launches [5]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 152 期，总第 1711 期（电子版） 2024 年 8 月 19 日 星期一 一、市场分析 市场缺乏延续性 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2879.43 | 0.07 | | 深证成指 | 8349.87 | -0.24 | | 中小 100 | 5352.24 | -0.3 | | 创业板指 | 1591.46 | -0.08 | | 沪深 300 | 3345.63 | 0.11 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40659.76 | 0.24 | | 纳斯达克 | 17631.72 | 0.21 | | 标普 500 | 5554.25 | 0.2 | | 英国富时 100 | 8311.41 | -0.43 | | 日经 225 | 38098.42 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 153 期，总第 1712 期（电子版） 2024 年 8 月 20 日 星期二 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2893.67 | 0.49 | | 深证成指 | 8356.9 | 0.08 | | 中小 100 | 5338.48 | -0.26 | | 创业板指 | 1589.29 | -0.14 | | 沪深 300 | 3356.97 | 0.34 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40896.53 | 0.58 | | 纳斯达克 | 17876.77 | 1.39 | | 标普 500 | 5608.25 | 0.97 | | 英国富时 100 | 8356.94 | 0.55 | | 日经 225 | 37839.85 | 1.21 | | 恒生指数 ...

Investment Rating - The report assigns a "Buy" rating to ZTE Corporation (000063 SZ) [3] Core Views - ZTE Corporation maintains steady performance in the first half of 2024, with total revenue reaching RMB 624 87 billion, a year-on-year increase of 2 94% [2] - The company's government and enterprise business revenue grew significantly by 56 09% to RMB 91 2 billion, driven by server and storage revenue growth [2] - ZTE continues to focus on the "connectivity + computing power" strategy, with R&D expenses accounting for 20 4% of revenue in the first half of 2024, totaling RMB 127 3 billion [3] - The company holds over 90,000 global patent applications and 46,000 authorized patents, including approximately 5,000 AI-related patent applications and over 2,000 authorized patents [3] Business Performance Operator Network - Revenue decreased by 8 61% to RMB 372 96 billion, mainly due to domestic investment environment factors [2] - Gross margin increased slightly by 0 12 percentage points to 54 32% [2] Government and Enterprise Business - Revenue surged by 56 09% to RMB 91 2 billion [2] - Gross margin decreased by 5 74 percentage points to 21 77%, primarily due to changes in revenue structure [2] Consumer Business - Revenue grew by 14 28% to RMB 160 19 billion, driven by growth in home terminal and mobile phone products [2] - Gross margin increased by 1 11 percentage points to 18 93% [2] Market Position - ZTE maintains a leading position in wireless and wired core products [2] - The company has achieved breakthroughs in international markets, including Cameroon, Côte d'Ivoire, Thailand, and Africa [2] - ZTE's fixed network products maintain a global leading position, with market share expansion in Italy, Indonesia, and Brazil [2] Financial Forecast - Revenue is expected to grow at 4 58%, 5 84%, and 5 83% in 2024, 2025, and 2026 respectively [4] - Net profit attributable to parent company is projected to reach RMB 10 104 billion, RMB 11 309 billion, and RMB 12 689 billion in 2024, 2025, and 2026 respectively [4] - The current P/E ratio is 12 1x for 2024, 10 8x for 2025, and 9 7x for 2026 [4] Valuation - The report compares ZTE's valuation with peers, showing a 2024E P/E of 11 8x, lower than the industry average of 23 1x [6] - ZTE's market capitalization stands at RMB 1,225 5 billion as of August 20, 2024 [6]

Investment Rating - Buy (maintained) [2] Core Views - The company's performance is driven by full order books, with revenue and net profit showing significant year-on-year growth in H1 2024 [2] - The company is expanding into the commercial aerospace sector, which is expected to open up new growth opportunities [2] - The EGR system and motor core businesses are the main drivers of revenue growth, with strong order growth from both existing and new customers [2] Financial Performance - H1 2024 revenue reached 1,060 million yuan, up 44.4% YoY, with net profit attributable to shareholders of 103 million yuan, up 43.6% YoY [2] - Q2 2024 revenue was 495 million yuan, up 25.2% YoY, with net profit attributable to shareholders of 51 million yuan, up 60.8% YoY [2] - Gross margin in Q2 2024 increased by 2.14 pct YoY and 0.88 pct QoQ to 19.47%, driven by economies of scale [2] Business Segments - EGR system business achieved revenue of 354 million yuan in H1 2024, up 43.3% YoY, with strong order growth from BYD, Geely, and Chery [2] - Motor core business achieved revenue of 457 million yuan in H1 2024, up 76.8% YoY, with new customers including Tesla, BYD, and Hefei Junlian [2] Commercial Aerospace Expansion - The company's subsidiary, Weiyan Zhongjia, has extensive experience in national aerospace projects, including Shenzhou, Tianzhou, and Chang'e missions [2] - The company has signed a strategic cooperation agreement with Galaxy Aerospace to supply precision components for energy modules [2] - The company is constructing a third-phase factory, expected to be operational by the end of 2024, to support its aerospace business [2] Financial Forecasts - Forecasted net profit attributable to shareholders for 2024-2026 is 243 million yuan, 336 million yuan, and 410 million yuan, respectively [2] - The current PE ratio is 17.0x for 2024, 12.3x for 2025, and 10.1x for 2026, lower than the industry average [2] Valuation - The company's valuation is lower than comparable companies, with an average PE ratio of 30.8x for 2024, 19.7x for 2025, and 13.0x for 2026 [4]

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策略研究报告 证券研究报告 策略报告 报告日期：2024 年 8 月 19 日 7 月经济数据分化，消费端有所改善 ——A 股投资策略周报告 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 计算机 报告日期：2024 年 08 月 19 日 谷歌推出 Gemini live，端侧 AI 再迎新进展 ——计算机行业周报 华龙证券研究所 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：朱凌萱 执业证书编号：S0230124010005 邮箱：zhulx@hlzqgs.com 《政策催化+投资落地，低空经济有望加 速发展—计算机行业周报》2024.08.06 《DRG/DIP 2.0 版分组方案发布，关注 医疗 IT 投资机会—计算机行业周报》 2024.07.29 《从微软蓝屏事件看国产替代必要性— 计算机行业周报》2024.07.22 摘要： 投资建议：我们认为，在端侧 AI 技术突破的推动下，AI 终端产 品出货量提升具备较为确定性的趋势，也为端侧多模态相关的软 件厂商技术落地拓展了更多场景，维持行业"推荐"评级。建议 关注科大讯飞（002230.SZ）、中科创达（300496.SZ）、软通动 力（301236.SZ）、金山办公（688111.SH）等。 相关阅读 风险提示：多模态 AI 推进不及预期；所引用 ...

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