证 券 研 究 报 告 行业周报 7月电车销量为99万辆，同比+27%，渗透率达44% 新能源汽车行业周报 报告日期： 推荐 维持 投资评级： （ ） 2024年08月10日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 中汽协：7月电车销量为99万辆，同比+27%。中汽协数据显示，7月，新能源汽车产销分别完成98.4万辆和99.1万辆，同比 分别增长22.3%和27%，新能源汽车新车销量达到汽车新车总销量的43.8%。1-7月，新能源汽车产销分别完成591.4万辆 和593.4万辆，同比分别增长28.8%和31.1%，新能源汽车新车销量达到汽车新车总销量的36.4%。 行业评级及投资策略： 以旧换新政策加码落地拉动需求，供给端部分企业开始收缩资本开支，供需结构在边际优化，2024年产业链盈利有望逐季 环比改善，估值或将修复，基本面反转尚需等待产能出清。继续优选有望贡献超额收益方向，看好液冷、固态电池、电池材 料α品种、华为链、机器人等方向。维持新能源汽车行业"推荐"评级。 1）主材：宁德时代、尚太科技、科达利等； 2）新方向：液冷散热（飞荣达、申菱环境、英维克、强瑞技术、 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported strong H1 2024 earnings, with revenue of 2.1 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 248 million yuan, up 282.9% year-on-year [2][3] - The company's operational efficiency is improving, with a gross margin of 19.9%, up 1.5 percentage points year-on-year, and a period expense ratio of 11.8%, down 2.2 percentage points year-on-year [3] - The company is expanding its customer base in interior and exterior trim and electromechanical components, with revenue of 1.21 billion yuan, a year-on-year increase of 12.8% [3] - The wheel hub bearing segment continues to penetrate the OEM market, achieving revenue of 600 million yuan, a year-on-year increase of 7.3% [3] - The electric drive business has rebounded significantly, with revenue of 230 million yuan, a year-on-year increase of 266.1% [3] Summary by Sections Financial Performance - H1 2024 revenue reached 2.1 billion yuan, with a net profit of 248 million yuan, and a non-recurring net profit of 158 million yuan [2] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 171 million yuan, reflecting a year-on-year increase of 655.5% [2] Business Segments - Interior and exterior trim and electromechanical components: Revenue of 1.21 billion yuan, gross margin of 20.9% [3] - Wheel hub bearings: Revenue of 600 million yuan, gross margin of 21.8% [3] - Electric drive business: Revenue of 230 million yuan, gross margin of 13.2% [3] - Ball screw business: Expected to achieve project designation by December 2024 [3] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 4.93 billion yuan, 5.43 billion yuan, and 5.86 billion yuan respectively, with EPS of 0.99, 1.03, and 1.25 [4]

证 券 研 报 公 司 研 2024 年 08 月 10 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 08 月 09 日 告 公 司 研 究 究 报 成本优化利好盈利，高端化战略持续推进 —中炬高新（600872.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-08 | | 当前股价（元） | 19.8 | | 总市值（亿元） | 155 | | 总股本（百万股） | 783 | | 流通股本（百万股） | 771 | | 52 周价格范围（元） | 18.04-35.88 | | 日均成交额（百万元） | 254.29 | 市场表现 -60 -50 -40 -30 -20 -10 0 10 (%) 中炬高新 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中炬高新（600872）：改革阵 痛期业绩承压，关注需求回暖及策 略优化》2024-07-10 2、《中炬高新（600872）：改革成 效显现，推进酱油高端化策略》 2024-04-24 3、《中炬高新（600 ...

证 2024 年 08 月 09 日 报 告 公 司 研 究 养殖成本快速下降，持续扩张拓宽业绩增长空间 —巨星农牧（603477.SH）公司动态研究报告 买入(首次) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn | --- | --- | |----------------------|-----------------| | 基本数据 | 2 0 2 4-0 8-0 8 | | 当前股价（元） | 21.24 | | 总市值（亿元） | 108 | | 总股本（百万股） | 510 | | 流通股本（百万股） | 510 | | 52 周价格范围（元） | 21.24-37.98 | | 日均成交额（百万元） | 212.55 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 巨星农牧 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 生猪养殖转亏为盈，盈利空间逐季回暖 2024 年 7 月 9 日，巨星农牧发布 2024 年半年度业绩预告。 2024H1 公司预计实现归母净利润-4900 至-3200 万元之间； 预计 ...

证 2024 年 08 月 09 日 告 公 司 研 究 究 报 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" investment rating for the company Best [1][3] Core Insights - Best achieved a revenue of 697 million yuan in H1 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, with a year-on-year increase of 10.86% [1] - The company is implementing a three-tier industrial development strategy, focusing on enhancing its existing turbocharger components business, transitioning to electric vehicle components, and expanding into linear motion components for robotics [1] - The company is also making strides in its screw rod business, with high-precision products gaining market recognition [1] Summary by Sections Financial Performance - In H1 2024, Best's revenue was 697 million yuan, with a 10.06% increase year-on-year, and a net profit of 144 million yuan, up 10.86% year-on-year [1] - The gross margin improved to 34.81%, an increase of 1.44 percentage points year-on-year [1] - For Q2 2024, the company reported a revenue of 354 million yuan, an 8.97% year-on-year increase, and a net profit of 74 million yuan, a decrease of 2.18% year-on-year [1] Business Strategy - Best's three-tier strategy includes: 1. Strengthening its core turbocharger components business while expanding into range-extended and hybrid vehicle components 2. Transitioning to electric vehicle components, with a new facility in Anhui expected to ramp up production in the second half of the year 3. Developing linear motion components through its subsidiary Yuhua Precision Machinery, targeting new markets such as industrial mother machines and humanoid robots [1] Future Projections - Revenue projections for 2024-2026 are 1.667 billion yuan, 2.048 billion yuan, and 2.473 billion yuan, respectively, with corresponding EPS of 0.63 yuan, 0.81 yuan, and 1.05 yuan [3][5] - The current stock price corresponds to a PE ratio of 22.1, 17.1, and 13.3 for the years 2024, 2025, and 2026, respectively [3]

证 券 研 究 报 告 行业 专题报告 3D DRAM时代或将到来，国产DRAM 有望迎来变革契机 3D DRAM行业专题报告 推荐 维持 投资评级： （ ） 2024年08月08日 报告日期： ◼ 分析师：毛正 ◼ SAC编号：S1050521120001 ◼ 联系人：张璐 ◼ SAC编号：S1050123120019 投 资 要 点 DRAM技术工艺逐渐步入瓶颈期，3D DRAM应运而生 随着摩尔定律推进速度放缓，DRAM技术工艺也逐渐步入瓶颈期。目前DRAM芯片工艺已到10nm级别，尽管10nm还不是 DRAM的最后极限，但多年来随着DRAM制程节点不断缩小，工艺完整性、成本、电容器漏电和干扰等方面的挑战愈发明显， 要在更小的空间内实现稳定的电荷存储和读写操作变得日益困难。3D NAND Flash早已实现商业化应用，3D DRAM技术 尚在研发中，但随着AI浪潮，大容量、高性能存储器需求将大幅增加，3D DRAM有望成为存储器市场的主流产品。 存储巨头纷纷布局3D DRAM技术，产业生态或迎变局 2024年3月，三星在加州举行的Memcon 2024会议上公布了其3D DRAM开发路线图，并计划在20 ...

证 2024 年 08 月 08 日 报 告 公 司 研 究 -25 -20 -15 -10 -5 0 5 (%) 安琪酵母 沪深300 ▌二季度烘焙需求修复，产品结构优化拉升毛利 市场表现 ▌酵母主业销量回升，产品推新贡献增量 ▌国内业务成本下降，海外产能建设持续推进 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-07 | | 当前股价（元） | 29.61 | | 总市值（亿元） | 257 | | 总股本（百万股） | 869 | | 流通股本（百万股） | 866 | | 52 周价格范围（元） | 27.88-36.73 | | 日均成交额（百万元） | 204.17 | 券 研 究 需求边际修复，盈利持续改善 —安琪酵母（600298.SH）公司事件点评报告 买入(维持) 事件 2024 年 8 月 7 日，安琪酵母发布 2024 年半年度报告。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 投资要点 公司 2024H1 实现营收 71.75 亿元（同增 7%），归母净 ...

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