证 2024 年 08 月 16 日 研 报 告 公 司 研 究 究 AI 手机催化高端 PCB 放量，全方位的 PCB 产品 一站式服务平台有望率先受益 买入(首次) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：何鹏程 S1050123080008 hepc@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-15 | | 当前股价（元） | 33.2 | | 总市值（亿元） | 770 | | 总股本（百万股） | 2319 | | 流通股本（百万股） | 2315 | | 52 周价格范围（元） | 16.88-42.48 | | 日均成交额（百万元） | 438.74 | 市场表现 -40 -20 0 20 40 60 80 100 120 (%) 鹏鼎控股 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —鹏鼎控股（002938.SZ）公司事件点评报告 鹏鼎股份发布 2024 年半年度报告：2024 年上半年公司实现 131. ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][7]. Core Insights - The company has shown significant revenue growth, with H1 2024 revenue reaching 627 million yuan, a year-on-year increase of 56.68%, and a net profit of 84 million yuan, up 58.10% year-on-year [4]. - The rubber wear parts business is expected to see steady market share growth due to high copper prices and increasing demand for mining consumables, with a projected doubling of demand over the next 10-15 years [4][6]. - The company is expanding its overseas operations, with production bases in Zambia and Chile, which are expected to significantly increase export ratios and improve overall gross margins [5][6]. Summary by Sections Market Performance - The company is experiencing a gradual release of overseas production capacity, leading to sustained growth in overseas business [3]. Financial Performance - In H1 2024, the company achieved a gross margin of 35%, an increase of 2.6 percentage points year-on-year, with the core rubber wear parts business achieving a gross margin of 42.49% [6]. - The company’s revenue forecast for 2024-2026 is projected at 1.311 billion, 1.468 billion, and 1.758 billion yuan respectively, with corresponding EPS of 1.07, 1.47, and 1.82 yuan [7][9]. Cost Control - The company has demonstrated effective cost control, with a sales expense ratio of 5.05% and a management expense ratio of 10.29%, both showing improvements compared to the previous year [6]. Market Opportunities - The company is well-positioned in the rubber wear parts market, with a current penetration rate of less than 15%, indicating substantial room for growth [4][6].

证 券 研 告 公 司 研 究 究 报 2024 年 08 月 16 日 | --- | --- | --- | |---------------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 08 月 15 日 报 告 公 司 研 究 业绩环比大幅改善，迈入中长期向上通道 —珠海冠宇（688772.SH）公司事件点评报告 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-15 | | 当前股价（元） | 13.57 | | 总市值（亿元） | 153 | | 总股本（百万股） | 1127 | | 流通股本（百万股） | 770 | | 52 周价格范围（元） | 11.64-22.08 | | 日均成交额（百万元） | 232.5 | 市场表现 -50 -40 -30 -20 -10 0 10 (%) 珠海冠宇 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《珠海冠宇（688772）：消费有 望迎量利齐升，动力储能打造第二 增长极》2023-02-12 2、《珠海冠宇（688772）：客户再 下一城，有望迈入中长期向上通 道》2022-12-18 珠海冠宇发布公告：2024H1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Insights - The company has shown strong revenue growth, achieving a revenue of 2.404 billion yuan in the first half of 2024, representing a year-on-year increase of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [2][4] - The gross margin for the main business was 50.11% in the first half of 2024, with Q2 gross margin reaching 53.39%, an increase of 7.07 percentage points quarter-on-quarter. The net margin was 24.49%, up 15.79 percentage points quarter-on-quarter, indicating a significant improvement in profitability [2][4] - The company is expanding its overseas market presence, particularly in the US and South Korea, with differentiated equipment gaining favor among clients [3][4] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.472 billion yuan, 6.908 billion yuan, and 8.430 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.68 yuan, 3.60 yuan, and 4.56 yuan. The current stock price corresponds to PE ratios of 34.5, 25.6, and 20.3 for the respective years [4][6]

Investment Rating - The report maintains a "Buy" investment rating for Zhejiang Medicine Co., Ltd. [2] Core Views - The antibiotic product line of Zhejiang Medicine is continuously expanding, with recent approvals for new products enhancing its market position [1][2] - The company has a strong focus on the research and production of quinolone and resistant antibiotics, establishing an integrated supply chain from raw materials to formulations, and has received overseas market certifications [1] - The approval of injectable daptomycin (0.5g) and the raw material drug teicoplanin indicates the company's commitment to expanding its antibiotic offerings [1] - The price increase of vitamin E (VE) due to supply tightening and incidents affecting production is expected to enhance the company's profitability [1] Financial Summary - The company’s revenue for 2023 is projected at 7.794 billion yuan, with expected growth rates of 8.0% in 2024, 12.4% in 2025, and 3.1% in 2026 [4] - The net profit attributable to shareholders is forecasted to be 430 million yuan in 2023, increasing to 852 million yuan in 2024, 1.4 billion yuan in 2025, and 1.537 billion yuan in 2026 [4] - The earnings per share (EPS) are expected to rise from 0.45 yuan in 2023 to 1.60 yuan in 2026, reflecting the company's improving profitability [4] - The report anticipates a gradual increase in the company's profitability as it adds new antibiotic varieties and benefits from price increases in its vitamin products [2][4]

证 券 2024 年 08 月 15 日 报 告 公 司 研 究 业绩超预期，份额有望逆势扩张 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | --- | --- | |-----------------------|------------| | 基本数据 | 2024-08-14 | | 当前股价（元） | 36.73 | | 总市值（亿元） | 96 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 159 | | 52 周价格范围（元） | 23.5-55.85 | | 日均成交额（百万元） | 98.02 | 市场表现 (%) 尚太科技 沪深300 -70 -60 -50 -40 -30 -20 -10 0 10 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- 06 —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2024 年半年报：公司 2024 年上半年实现收入 20.93 亿元/yoy+6.45%，实现归母净利润 3.57 亿元 ...

Investment Rating - The report assigns an "Overweight" rating to Zhengbang Technology (002157 SZ) for the first time [2] Core Views - Zhengbang Technology's mid-2024 performance shows significant reduction in losses, with net profit attributable to parent company expected to be -120 to -150 million yuan, a year-on-year decrease of 92 48%-93 98% [4] - The company's turnaround is supported by Shuangbaotai Group's advanced technology and resources in the agricultural and animal husbandry industry [4] - Zhengbang Technology's operating costs decreased by 57 08% year-on-year in Q1 2024, mainly due to Shuangbaotai Group's cost control management [4] - The company's debt-to-asset ratio improved significantly, dropping from 156 99% in Q1 2023 to 50 43% in Q1 2024 [7] Financial Performance - Zhengbang Technology's 2024-2026 revenue is forecasted to be 10 288 billion yuan, 13 548 billion yuan, and 15 076 billion yuan respectively [8] - EPS for 2024-2026 is predicted to be 0 11 yuan, 0 17 yuan, and 0 15 yuan respectively [8] - The current stock price corresponds to PE ratios of 25 3x, 16 1x, and 18 4x for 2024-2026 [8] Business Operations - In H1 2024, Zhengbang Technology sold 1 5892 million hogs, a year-on-year decrease of 46 83%, with sales revenue of 1 738 billion yuan, down 39 36% year-on-year [5] - The company's hog production management has improved, with costs decreasing and capacity utilization increasing [4] - Zhengbang Technology's breeding sow inventory was approximately 196,000 at the end of Q1 2024 [5] Market Position - Zhengbang Technology's total market capitalization is 25 8 billion yuan, with a current stock price of 2 78 yuan [2] - The company's 52-week price range is 2 32-3 49 yuan, with an average daily trading volume of 114 97 million yuan [2]

2024 年 08 月 15 日 告 行 研 究 AI+眼镜 媒介新触达有望驱动应用增强 —传媒行业动态研究报告 ▌ 从 AIPC 到 AI 手机 从 AI Pin 到 AI 眼镜 AI 赋能 媒介新触达 传媒互联网围绕内容与媒介的发展带来供给需求新探索。每 一次科技革命均有望带来硬件、内容端的新增量。AI 时代正 在赋能与重塑行业新发展。从 AIPC 角度看，AIPC 的发展标 志着我国桌面操作系统迈入智能化时代，短期内 AIPC 的发展 预计商业应用为主，消费市场为辅的趋势，AIPC 行业的市场 规模有望从 2025 年的 233.42 亿元增加至 2029 年的 1948.61 亿元（复合增速 69.98%）。从 AI 手机角度看，生成式 AI 智 能手机是专为智能手机设计的，配备了硬件与软件功能，可 以实现生成式 AI 驱动功能与应用在智能手机上的无缝集成和 高效执行，如谷歌的 Gemini Nano、百度的文心以及 OpenAI 的 GPT-4；Gartner 预计到 2024 年底，生成式 AI 智能手机和 AI PC 的出货量将分别达到 2.4 亿台和 5450 万台（分别占到 2024 年基础 ...

证 2024 年 08 月 14 日 研 报 告 公 司 研 究 -40 -30 -20 -10 0 10 (%) 重庆啤酒 沪深300 ▌ 费率管控得当，盈利水平基本平稳 市场表现 ▌ 中、高档啤酒平稳增长，南区市场贡献主要增速 ▌ 盈利预测 ▌ 风险提示 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-14 | | 当前股价（元） | 60.65 | | 总市值（亿元） | 294 | | 总股本（百万股） | 484 | | 流通股本（百万股） | 484 | | 52 周价格范围（元） | 53.96-92.92 | | 日均成交额（百万元） | 309.86 | 券 究 价稳量升经营稳健，加大品牌投放立足长远 —重庆啤酒（600132.SH）公司事件点评报告 买入(维持) 事件 2024 年 08 月 14 日，重庆啤酒发布 2024 年中期业绩报告。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 liaowz@cfsc.com ...