Investment Rating - The report maintains a "Buy" rating for the company [3][9] Core Insights - The company is experiencing significant profit growth driven by core technology innovations in acoustics, optics, and microelectronics, with a projected net profit of 11.81 billion to 12.65 billion yuan for the first half of 2024, representing a year-on-year increase of 180% to 200% [5][6] - The company has made breakthroughs in emerging business areas such as smart hardware, precision optical components, and VR technology, contributing to rapid revenue and net profit growth [6][8] - The recovery of terminal demand in major markets following the end of the interest rate hike cycle in developed countries is expected to positively impact the company's market environment [6][8] Summary by Sections Financial Performance - The company achieved a net profit of 11.81 billion to 12.65 billion yuan in the first half of 2024, with a year-on-year growth of 180% to 200% [5][6] - The projected revenue for 2024-2026 is 1039.28 billion, 1187.76 billion, and 1330.60 billion yuan, with corresponding EPS of 0.67, 0.90, and 1.09 yuan [9][11] Technology and Innovation - The company has a strong innovation advantage in acoustics, optics, and microelectronics, focusing on smart acoustic products and precision optical components [7][8] - The acquisition of Yuguang Technology has enhanced the company's capabilities in micro-nano optical components and 3D sensing [7] Market Position and Strategy - The company is diversifying its smart hardware business across entertainment, health, and home security sectors, with products including VR, MR, and AR devices [8] - The company is enhancing its manufacturing capabilities through the GPS manufacturing system, aiming to maintain competitive strength in the market [8]

证 2024 年 07 月 17 日 报 告 公 司 研 究 券 研 究 消费业务表现亮眼,业绩大超市场预期 —欣旺达(300207.SZ)公司事件点评报告 欣旺达发布公告: 1)2024 半年度业绩预告:预计实现归母净利润 7.67-8.99 亿元,同比增长 75%-105%,预计实现扣非归母净利润 7.38- 8.7 亿元,同比增长 100%-135%; 2)海外建厂公告:拟设立子公司越南锂威,以自有资金投资 建设消费类锂电池工厂项目,投资总额不超过人民币 20 亿 元。 投资要点 ▌二季度业绩表现亮眼,大超市场预期 公司预计 2024 年二季度实现归母净利润 4.5-5.8 亿元,同比 降低 4%-26%,环比提升 41%-82%,实现扣非归母净利润 4.6- 5.9 亿元,同比降低 4%-26%,环比增长 65%-112%。公司二季 度业绩同比降低主要由于 2023 年二季度实现汇兑收益超 2 亿 元,若剔除汇兑影响则公司二季度将实现较高同比增速,业 绩表现超市场预期。公司业绩表现亮眼主要得益于消费电池 业务,一方面市场端消费电子迎需求复苏,根据 Canalys, 2024 年二季度全球智能手机出货 ...

2024 年 07 月 17 日 公 券 宏观经济下行风险、线上竞争加剧、社区零食店优质点位竞 争加剧、食品安全风险、渠道拓展不及预期、大单品开拓不 及预期等。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------------------------|-------|--------------------------------------|-----------------|-------------------------|--------|--------| | 公司盈利预测（百万元） \n资产负债表 | | | 2023A 2024E 2025E 2026E | | 利润表 | | 2023A 2024E 2025E 2026E | | | | 流动资产 : | | | | | 营业收入 7,115 10,136 13,586 17,604 | | | | | | 现金及现金等价物 | 328 | 540 ...

Investment Rating - The report maintains a "Buy" rating for the company Keda Li (002850.SZ) [2] Core Views - The company reported strong performance in Q2, showcasing resilience in profitability, with expected net profit for Q2 2024 projected between 610 million to 680 million yuan, representing a year-on-year growth of 19.9% to 33.65% [2][3] - The growth is attributed to sustained high demand in downstream markets, particularly in the power and energy storage battery sectors, with China's power battery sales reaching 318.1 GWh in the first half of 2024, a year-on-year increase of 26.6% [2] - The company is accelerating its global capacity layout, having established 13 production bases in key regions of China's lithium battery industry and plans to invest up to 49 million USD in a new production base in the U.S. [2][3] Summary by Sections Financial Performance - The company expects to achieve a net profit of 3.01 to 3.71 billion yuan in Q2 2024, with a non-recurring net profit of 2.95 to 3.65 billion yuan, both showing significant year-on-year growth [2] - The net profit for 2024, 2025, and 2026 is projected to be 14 billion, 18 billion, and 21 billion yuan respectively, with corresponding EPS of 5.25, 6.55, and 7.90 yuan [4][5] Market Position and Strategy - The company has established a strategic production base close to major clients, reducing logistics costs and enhancing service efficiency, with clients including leading battery and automotive manufacturers [2] - The report highlights the company's ongoing efforts to reduce costs and improve operational efficiency, contributing to stable profit growth despite a challenging industry backdrop [2] Future Outlook - The company is expected to continue its robust growth trajectory, with revenue projected to increase from 10.51 billion yuan in 2023 to 19.07 billion yuan by 2026, reflecting a compound annual growth rate of 19% [4][5] - The report emphasizes the company's strong competitive advantages and stable growth prospects, reinforcing the positive outlook for its long-term development [2][3]

证 2024 年 07 月 15 日 报 告 究 三聚氰胺、赖氨酸等涨幅居前,建议继续关注 涤纶长丝、制冷剂和农化板块 —基础化工行业周报 推荐(维持) 投资要点 分析师:张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人:刘韩 S1050122080022 liuhan@cfsc.com.cn 行业相对表现 基础化工(申万) -5.3 -8.0 -21.1 表现 1M 3M 12M 沪深 300 -1.8 -2.1 -10.8 市场表现 -40 -30 -20 -10 0 10 (%) 基础化工 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《基础化工行业周报:炭黑、原 油等涨幅居前,建议继续关注涤纶 长丝、制冷剂和农化板块》2024- 07-08 2、《基础化工行业周报:原油、丁 二烯等涨幅居前,建议继续关注涤 纶长丝、上游开采板块等》2024- 06-19 3、《基础化工行业周报:R22、磷 酸一铵等涨幅居前,继续建议继续 关注涤纶长丝、制冷剂和农化板 块》2024-06-11 行 业 研 ▌三聚氰胺赖氨酸等涨幅居前,纯碱丁二烯等跌幅较大 周环比涨幅较大的 ...

证 券 研 究 报 告 行业周报 关注原料药供给侧变化带来业绩趋势转变 医药行业周报 投资评级: 报告日期: 推荐 ( 维持 ) 2024年07月15日 ◼ 分析师:胡博新 ◼ SAC编号:S1050522120002 医 药 行 业 观 点 1. 部分原料药产业供给变化,2024年Q2业绩趋势转变 原料药及中间体是制药产业的上游,受到国内医保等支付政策影响较少,而且出口销售占比高,其中大宗原料药品种呈现 一定的价格周期。筛选处于景气提升阶段的品种,其业绩增长由单品种的供需变化驱动,独立于医药行业整体。根据医保 商会数据,2023年中国原料药出口呈下降的趋势,内竞争导致价格下滑,化学原料药子行业利润下降。低价竞争下,部分 品种的供应格局转变,龙头企业主动限量提升价格。部分品种如VB1和VB6等品种从2023年Q4已开始触底回升,2024年 Q2,提价品种增加,从月度数据变化来看,2024年1~5月份西药原料药出口比较2024年1~4月份下滑幅度已放缓。考虑 近期提价的维生素品种增加,预计从2024年Q2或者Q3起,受益于提价的盈利有望逐步可见。根据新和成发布的2024年中 报预期,扣非后净利同比增长50%—6 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to achieve revenue between 11.41 billion and 13.14 billion yuan for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The forecasted net profit attributable to shareholders is between 2.57 billion and 2.96 billion yuan, indicating a growth of 42.84% to 64.51% [4][5] - The company has focused on its core business, leading to an increase in market share and effective cost control, which has contributed to the growth in revenue and net profit [5] - The company has made significant advancements in etching technology, achieving full coverage of 12-inch silicon, metal, and dielectric etching machines, which has strengthened its competitive advantage [6] - The thin film deposition equipment segment has also seen successful applications across multiple fields, with the company being a pioneer in PVD technology in China [7] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates revenue growth of 35.40% to 55.93% and net profit growth of 42.84% to 64.51% [4][5] - The company’s revenue is projected to reach 29.95 billion yuan in 2024, with a growth rate of 35.7% [10] Product Development - The company has launched over 40 PVD devices and achieved stable mass production in various semiconductor manufacturing processes, contributing to significant revenue from thin film deposition equipment [7] - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, highlighting its growing importance within the company's overall business [6] Earnings Forecast - The company is expected to generate revenues of 29.95 billion, 39.21 billion, and 49.14 billion yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 10.70, 14.51, and 18.52 yuan [8][10] - The current stock price corresponds to a PE ratio of 30.7 for 2024, 22.6 for 2025, and 17.7 for 2026, indicating a favorable valuation given the company's leading position in the semiconductor equipment sector [8]

2024 年 07 月 15 日 究 底部迎反弹,关注中报催化剂 —食品饮料行业周报 ▌ 一周新闻速递 行业新闻: 1)7 月上旬白酒环比价格总指数上涨。2)2024 中国啤酒 T5 峰会召开。3)我国现存 6.7 万家啤酒相关企 业。 公司新闻:1)贵州茅台:茅台上半年完成各项目标。2)五粮 液:五粮液等成立约 6 亿元私募基金。3)洋河股份:洋河非 遗获国家级保护补助。 ▌ 投资观点 获融券平仓及交易降息预期的资金支撑,板块过去一周录得 不错涨幅,底部区域我们认为更应理性应对,不宜过分悲 观,关注中报披露带来的催化。当前我们仍维持之前子板块 推荐顺序:白酒>啤酒>休闲食品=软饮料>速冻食品>调味品> 乳制品。 白酒板块:本周我们调研华致酒行,我们认为公司在白酒销 售淡季以稳健经营为主,消费疲软下终端销售压力较大,高 端标品品牌力更强情况下动销较精品酒更坚挺。短期看,茅 台批价波动对整个白酒板块的投资情绪带来一定扰动,但反 观历史茅台批价亦曾经历过较大的波动,但白酒板块得益于 特殊的产品场景和需求、优异的商业模式等因素,发展始终 呈波段上升态势。当前白酒销售仍处于淡季,可关注未来地 产增量政策的持续出台对需 ...

2024 年 07 月 15 日 2024H1 净利高增,看好涤纶长丝景气度提升 —桐昆股份(601233.SH)公司事件点评报告 桐昆股份发布业绩预告:预计 2024H1 实现归母净利润 10 亿 元至 11.5 亿元,同比增幅 849.40%至 991.81%。扣非归母净 利 润 为 8.5 亿 元 至 10 亿 元 , 同 比 增 幅 2186.62% 至 2554.85%。归属于上市公司股东扣除对联营企业和合营企业 的投资收益部分的净利润 6 亿元至 7.5 亿元,同比增幅 31.86%至 64.82%。单二季度实现归母净利润为 4.2 亿元至 5.7 亿元,同比下降 29%到下降 4%;环比下降 28%到下降 2%。归属于上市公司股东扣除对联营企业和合营企业的投资 收益部分的净利润 2.7 亿元至 4.2 亿元,同比下降 38%到下 降 3%;环比下降 18%到增长 28%。 投资要点 ▌长丝景气度提升,2024H1 业绩高增 2024 年上半年,随着国内稳增长政策的持续发力,涤纶长丝 行业下游需求相较于 2023 年同期边际改善显著,供给层面行 业龙头大规模扩产周期结束,产业集中度进一步提升,行业 ...

2024 年 07 月 14 日 究 研 报 美国 CPI 同比回落,降息预期提升支撑贵金属 告 推荐(维持) 投资要点 分析师:傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师:杜飞 S1050523070001 dufei2@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 有色金属(申万) 1.2 -9.6 -3.7 沪深 300 -2.0 -0.1 -10.9 市场表现 -30 -20 -10 0 10 20 (%) 有色金属 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《有色金属行业周报:美国失业 率持续反弹,降息预期再起支撑金 铜铝价格》2024-07-07 2 、 《 有 色 金 属 行 业 周 报 : Antofagasta 年中谈判落地,铜精矿 长单 TC 进一步下滑》2024-07-01 3、《有色金属行业周报:美国通胀 不及预期,贵金属价格获支撑》 2024-06-17 行 究 业 研 —有色金属行业周报 ▌黄金:美国 CPI 同比回落,降息预期提升支撑贵 金属 数据方面,美国 6 月核心 CPI 同比今值 3.3%,预期 3. ...