证 2024 年 09 月 05 日 告 行 研 究 究 报 新势力 8 月销量点评：零跑交付量创历史新高， MONA 03 等新车型有望进一步提振车企销量 —汽车行业动态研究报告 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------|-------|-------|-------|-------| | | | | | | | | | | 表现 | | | 1M | 3M | 12M | | | 汽车(申万 | ) | | 0.6 | -6.6 | -9.4 | | | 300 | | | -2.6 | -9.4 | -14.7 | 市场表现 -25 -20 -15 -10 -5 0 5 10 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：2024Q2 多家新 势力车企表现亮眼，小米汽车盈利 超预期》2024-09-03 2、《汽车行业周报：引望引入外部 投 ...

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Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company has shown robust revenue growth in the first half of 2024, with a year-on-year increase of 26.22%, achieving a revenue of 1.267 billion yuan [2][3]. - The net profit attributable to shareholders increased by 3.64% year-on-year, reaching 129 million yuan, although the net profit after deducting non-recurring gains and losses decreased by 69.38% [2][3]. - The company has a strong order backlog and continues to receive new orders from downstream customers, particularly in the semiconductor equipment sector, with a significant increase in shipment value by 146.50% year-on-year [2][3]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.973 billion yuan, 5.307 billion yuan, and 6.730 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.81 yuan, 3.84 yuan, and 5.06 yuan [4][6]. - The projected P/E ratios for the next three years are 44.4, 32.4, and 24.6 times [4][6]. Product Development and Market Position - The company is actively expanding its PECVD product matrix and has successfully industrialized new equipment, including the PECVD Bianca process equipment, which has passed customer validation [2][3]. - The company has also made advancements in wafer-level 3D integration technology, with products like Dione 300 and Propus achieving industrialization and receiving repeat orders from customers [3][4]. - Continuous investment in R&D has led to a 49.61% increase in R&D expenses, reflecting the company's commitment to enhancing its product offerings and core competitiveness [2][4].

Investment Rating - The report upgrades the investment rating for the company to "Buy" [1][3]. Core Insights - The company, Nanxin Technology (688484.SH), reported a significant revenue increase of 89.28% year-on-year, reaching 1.25 billion yuan in the first half of 2024, with a net profit of 205 million yuan, up 103.86% year-on-year [1]. - The semiconductor industry is showing signs of recovery, with the company's rapid growth in power management chips for smartphones contributing to its strong performance [1][2]. - The company is actively expanding its product offerings in automotive electronics, having entered multiple well-known automotive Tier 1 and OEM manufacturers [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 89.28%, and a net profit of 205 million yuan, up 103.86% [1]. - The company’s sales, management, and R&D expenses increased by 63.20% year-on-year, with sales expenses rising by 23.50% due to business expansion [1]. Product Development - The company leads in wired charging chips for mobile devices, with a revenue contribution of approximately 76.05% from this segment [1]. - New products include a car USB charging chip and various automotive chips designed for power supply systems, which have entered the market successfully [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 2.55 billion yuan, 3.15 billion yuan, and 3.95 billion yuan, respectively, with corresponding EPS of 1.09 yuan, 1.26 yuan, and 1.58 yuan [3]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 43.1% in 2024 [5].

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证 2024 年 09 月 04 日 研 告 基本数据 2024-09-03 当前股价（元） 46.74 总市值（亿元） 74 总股本（百万股） 157 流通股本（百万股） 157 52 周价格范围（元） 35.61-71.38 日均成交额（百万元） 199.61 公 究 -50 -40 -30 -20 -10 0 10 20 30 (%) 聚辰股份 沪深300 —聚辰股份（688123.SH）公司事件点评报告 买入(维持) 事件 投资要点 ▌ 营业收入稳步提升，净利润高速增长 市场表现 ▌ DDR5 渗透率持续提升，SPD 销量同比高增 ▌ 工业级、汽车级 EEPROM 实现高速增长，加速渗 透 券 究 高附加值板块销售占比提升，多产品出货同比高 速增长 报 聚辰股份发布 2024 年半年度报告：2024 年上半年公司实现 营业收入 5.15 亿元，同比增长 62.37%；实现归属于上市公 司股东的净利润 1.43 亿元，同比增长 124.93%；实现归属于 上市公司股东的扣除非经常性损益的净利润 1.45 亿元，同比 增长 222.60%。 分析师：毛正 S1050521120001 maozheng@c ...

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Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [1][4]. Core Views - The company, Tiancheng Technology (688603.SH), is a leader in electronic chemicals, showing steady growth in performance. In the first half of 2024, the company achieved revenue of 173 million yuan, a year-on-year increase of 7.94%, and a net profit attributable to shareholders of 36.65 million yuan, up 40.25% year-on-year [1][2]. - The company benefits significantly from the domestic substitution trend in high-end PCB electronic chemicals, with a focus on advancing its product lines and increasing market share [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 173 million yuan, a 7.94% increase year-on-year, and a net profit of 36.65 million yuan, which is a 40.25% increase year-on-year. The net profit after deducting non-recurring items was 30.68 million yuan, up 17.20% year-on-year [1][2]. - The second quarter of 2024 saw revenue of 92.69 million yuan, a year-on-year increase of 9.52% and a quarter-on-quarter increase of 15.73% [1][2]. - The company's gross profit margin improved to 38.51%, an increase of 3.16 percentage points year-on-year [1][2]. Market Position and Growth Potential - The company has established itself as a key player in the domestic market for electronic chemicals, particularly in the production of functional wet electronic chemicals for PCBs, packaging substrates, and other applications [2]. - The domestic market for PCB-specific electronic chemicals is projected to grow at a rate of 5%-9% over the next three years, with a current domestic substitution rate of approximately 15%-20% [2]. Strategic Initiatives - The company has implemented stock incentive plans to align the interests of its core team with the company's long-term development, which includes granting restricted stock to key employees [3]. - Management has shown confidence in the company's future by increasing their holdings and initiating stock buybacks, with a total buyback amounting to 37.77 million yuan at an average price of 49.80 yuan per share [3]. Profit Forecast - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 75 million, 100 million, and 131 million yuan respectively, with corresponding EPS of 1.29, 1.71, and 2.25 yuan [4].