Investment Rating - The report maintains an "Accumulate-A" rating for the company, with adjusted earnings per share (EPS) forecasts for 2024-2026 being 0.34, 0.49, and 0.65 respectively, corresponding to price-to-earnings (PE) ratios of 50.9, 35.0, and 26.7 based on the closing price of 17.23 yuan on September 3, 2024 [2]. Core Insights - The company has experienced a stable revenue growth, with a focus on the supermaterial business, which has shown a significant increase in revenue by 24.16% year-on-year in the first half of 2024, contributing to 99.81% of total revenue [4]. - The company has streamlined its operations by divesting from the automotive parts business in August 2023, allowing it to concentrate on the supermaterial sector, which is expected to drive long-term growth [4]. - The company is expanding its production capacity for supermaterials, with the second phase of its Shunde industrial base nearing completion, which will enhance delivery capabilities and production efficiency [4]. Financial Performance - For the first half of 2024, the company reported a revenue of 8.52 billion yuan, a year-on-year increase of 1.07%, and a net profit attributable to shareholders of 3.61 billion yuan, up 20.33% year-on-year [3]. - The company's gross profit margin is projected to improve, with estimates of 51.9% for 2024, 52.0% for 2025, and 52.1% for 2026 [5]. - The company's total liabilities increased by 2.48% year-on-year to 8.47 billion yuan, while cash and cash equivalents rose by 9.81% to 57.38 billion yuan [3]. Revenue and Profit Forecast - The projected revenue for the company is expected to grow from 17.23 billion yuan in 2024 to 36.32 billion yuan by 2026, reflecting a compound annual growth rate [5]. - Net profit is forecasted to increase from 729 million yuan in 2024 to 1.39 billion yuan in 2026, indicating a strong growth trajectory [5]. - The company's return on equity (ROE) is expected to rise from 7.6% in 2024 to 11.6% by 2026, showcasing improved profitability [5].

公司近一年市场表现 市场数据：2024 年 9 月 2 日 订单保持稳定增长，持续加大研发投入。2024 年上半年公司订单保持稳 定增长，营业收入同比增长 14.52%。在主业方面，公司在全力保障各型装备 研制生产的基础上，主动对接客户，积极拓展新的业务增长点，在多个领域 实现新产品布局。在外贸方面进一步拓展国际航空装备市场，争取更大市场 份额。公司在研发上持续保持高投入，不断进行技术积累并保持持续的科研 创新能力，2024 年上半年研发费用同比提升 9.62%。 收盘价（元）： 47.72 年内最高/最低（元）： 65.85/40.58 流通 A 股/总股本（亿）： 1.15/4.50 流通 A 股市值（亿）： 54.97 总市值（亿）： 214.74 军民用航空制造业保持高景气度，公司业绩有望持续受益。我国空军建 设向战略空军加速转型，军机新增和升级换代需求迫切，军用航空市场及航 空发动机市场进入快速发展期，国防军工对于航空材料制品需求将相应增 长。另外随着全球航运景气度的持续提升以及国产民用飞机 ARJ21 和 C919 相继量产，民用航空材料将逐步开展国产化替代工作，对国产航空材料需求 也将大幅增长。 ...

illy ji 证券研究报告 电子行业近一年市场表现 资料来源：最闻 市场整体：本周（2024.08.26-08.30）上证指数跌 0.43%，其余主要股指均 涨，深圳成指涨 2.04%，创业板指涨 2.17%，科创 50 涨 1.23%，申万电子指数 涨 3.43%，Wind 半导体指数涨 2.96%，外围市场费城半导体指数跌 1.34%，台 湾半导体指数跌 0.25%。细分板块中，周涨跌幅前三为其他电子（+5.99%）、 半导体设备（+5.47%）、集成电路封测（+4.68%）。从个股看，涨幅前五为科 森科技（+61.30%）、深圳华强（+52.03%）、智动力（+50.66%）、奋达科技 （+33.61%）、智新电子（+32.53%）；跌幅前五为：云里物里（-15.92%）、力 源信息（-11.56%）、好上好（-10.67%）、利亚德（-10.06%）、华岭股份（-9.15%）。 行业新闻：华为宣布推出全新 TruSense 系统，为即将推出的可穿戴设备 提供动力。华为 TruSense 系统是一个新的数字健康和健身范式。为了确保连续 生命体征监测的长期准确性，并提供更快的结果，华为在光学、电气和材料 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][2]. Core Views - The company is a global leader in aluminum electrolytic capacitors, with a significant recovery in profits expected in Q2 2024, showing a year-on-year increase [1]. - The second quarter of 2024 saw record revenue of 2.11 billion yuan, marking a 1.70% year-on-year growth and a 24.89% quarter-on-quarter increase [1]. - The report highlights the company's strategic focus on expanding its market share in film capacitors and supercapacitors, alongside its core aluminum electrolytic capacitor business [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 2.364 billion yuan, a decrease of 4.43% year-on-year, with a net profit of 211 million yuan, reflecting a year-on-year increase of 1.61% in Q2 [1][3]. - The gross margin for Q2 2024 improved to 26.02%, up from 23.58% in Q1 2024 [1]. - The company expects net profits for 2024-2026 to be 774 million, 952 million, and 1.21 billion yuan respectively, with corresponding EPS of 0.91, 1.12, and 1.42 yuan [2][3]. Market Position and Growth Potential - The company is positioned as one of the few in the power electronics sector with competitive advantages across three major types of capacitors, indicating substantial growth potential [2]. - The report notes that the valuation is at a historical low, suggesting significant upside potential for investors [2][3]. - The company is actively expanding its production capacity for film capacitors to meet the growing demand in the electric vehicle sector [1][2].

证 证券研究报告 非银行金融 行业周报（20240826-20240830） 领先大市-A(维持) 行业估值触底，自营提振业绩表现 投资建议 半年报券商业绩承压，自营业务成分化原因。目前 43 家上市 证券公司全部披露半年报，合计实现营业收入 2350.23 亿元，同比 下降 12.69%；实现归母净利润合计 639.61 亿元，同比下降 21.92%。 其中 8 家营业收入实现增长，35 家下滑；11 家归母净利润实现增长， 首创证券、东兴证券、红塔证券增速在 50%以上，第一创业、中原 证券、南京证券、华林证券增速在 20%以上。43 家上市券商实现自 营业务收入合计 749.72 亿元，下滑 8.66%，但呈现明显分化，部分 上市券商业绩改善主要是受益于自营业务中固收投资导致的投资 净收益及持有的金融资产公允价值变动净收益的大幅提升，2 家自 相关报告： 营业务收入增速达到 100%以上，4 家达到 50%以上，而权益市场的 极端行情使得部分券商自营业务收入下滑，7 家下滑幅度在 50%以 上。财富、投行等业务均有所承压，43 家上市券商经纪业务合计实 现收入 457.62 亿元，同比下滑 13.04% ...

证 证券研究报告 非银行金融 行业周报（20240826-20240830） 领先大市-A(维持) 行业估值触底，自营提振业绩表现 投资建议 半年报券商业绩承压，自营业务成分化原因。目前 43 家上市 证券公司全部披露半年报，合计实现营业收入 2350.23 亿元，同比 下降 12.69%；实现归母净利润合计 639.61 亿元，同比下降 21.92%。 其中 8 家营业收入实现增长，35 家下滑；11 家归母净利润实现增长， 首创证券、东兴证券、红塔证券增速在 50%以上，第一创业、中原 证券、南京证券、华林证券增速在 20%以上。43 家上市券商实现自 营业务收入合计 749.72 亿元，下滑 8.66%，但呈现明显分化，部分 上市券商业绩改善主要是受益于自营业务中固收投资导致的投资 净收益及持有的金融资产公允价值变动净收益的大幅提升，2 家自 相关报告： 营业务收入增速达到 100%以上，4 家达到 50%以上，而权益市场的 极端行情使得部分券商自营业务收入下滑，7 家下滑幅度在 50%以 上。财富、投行等业务均有所承压，43 家上市券商经纪业务合计实 现收入 457.62 亿元，同比下滑 13.04% ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1][3] Core Views - The company's performance in the short term is impacted by the decline in coal volume and price, but new resource acquisitions will support future development [1][3] - The company achieved a revenue of 12.199 billion yuan in the first half of 2024, a year-on-year decrease of 20.85%, and a net profit attributable to shareholders of 1.299 billion yuan, down 56.87% year-on-year [1] - The report highlights the recovery of coal production in Shanxi province in July, which is expected to benefit the company's output in the second half of the year [1] Financial Performance Summary - For the first half of 2024, the company reported a coal production of 18.66 million tons, a decrease of 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average selling price of coal was 572 yuan per ton, down 8.72% year-on-year, while the cost per ton was 354 yuan, an increase of 9.49% year-on-year, leading to a gross profit of 218 yuan per ton, down 28.09% year-on-year [1] - The company's coal business revenue was 9.788 billion yuan, a decrease of 27.63% year-on-year, with costs amounting to 6.053 billion yuan [1] Future Outlook - The company is expected to see an increase in production capacity with ongoing projects at Qiyuan and Bolin coal mines, which have a combined capacity of 10 million tons [1][3] - The report forecasts the company's EPS for 2024-2026 to be 0.82, 0.86, and 0.98 yuan, respectively, with corresponding PE ratios of 8.7, 8.4, and 7.4 [1][4]

证券研究报告 被动元件 三环集团（300408.SZ） 买入-A(维持) 二季度收入创历史新高，MLCC 业务持续受益 AI 产业趋势 2024 年 9 月 3 日 公司研究/公司快报 事件描述 公司近一年市场表现 高宇洋 AI 服务器与笔电升级带动高容值 MLCC 需求，公司有望持续受益 AI 产业趋势。TrendForce 数据显示：（1）AI 服务器，MLCC 总用量（GB200 系统主板）较通用服务器增加一倍，且 1u 以上用量占 60%，X6S/X7S/X7R 耐高温用量高达 85%，系统主板 MLCC 总价也增加一倍；（2）AI PC，WoA 笔电整体 MLCC 用量高达 1160~1200 颗，与 Intel 高端商务机种用量接近， 且 1u 以上 MLCC 用量占总用量近八成。三环集团目前是国内领先的 MLCC 厂商，市场认可度不断提升，公司有望持续受益 AI 产业趋势。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 近日，公司发布 2024 年半年报 ...

Investment Rating - Maintained "Buy-A" rating for Huagin Technology (688281 SH) [1][3] Core Views - Huagin Technology achieved steady growth in its main business with increased orders for new products in small-batch trials [1] - The company is one of the few domestic high-tech enterprises capable of comprehensively covering the design, R&D, and production of stealth materials across normal, medium, and high temperatures, with significant technological advantages in medium and high-temperature stealth materials [1] - The company's revenue and profitability increased year-over-year due to the steady rise in production and sales volume, driven by batch production tasks and new product orders [1] - Huagin Technology has a robust order backlog, with multiple new product models entering the small-batch trial phase, which is expected to contribute to future performance growth [1] - The company is actively expanding its product portfolio and market opportunities through business synergy, enhancing profitability and business scale [2] Financial Performance - In H1 2024, Huagin Technology reported revenue of RMB 485 17 million, a year-over-year increase of 27 04%, and net profit attributable to shareholders of RMB 216 million, up 17 44% [1] - The company's gross margin in H1 2024 was 56 27%, a decrease of 1 80 percentage points, while the net profit margin was 42 10%, down 5 3 percentage points [1] - Huagin Technology disclosed two major stealth material contracts worth RMB 310 million and RMB 332 million in January 2024, and another significant contract of RMB 132 million in July 2024 [1] - The company's subsidiaries, including Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng, contributed to revenue growth in H1 2024, with Huagin Aeroengine generating RMB 23 76 million, Huagin Acoustics RMB 1 02 million, and Shanghai Ruihuasheng RMB 520,000 [1] Future Projections - Revenue is projected to reach RMB 1 243 billion in 2024, RMB 1 612 billion in 2025, and RMB 2 062 billion in 2026, with year-over-year growth rates of 35 5%, 29 7%, and 27 9% respectively [3] - Net profit attributable to shareholders is expected to be RMB 500 million in 2024, RMB 641 million in 2025, and RMB 795 million in 2026, with growth rates of 49 4%, 28 0%, and 24 0% respectively [3] - The company's EPS is forecasted to be RMB 2 57 in 2024, RMB 3 29 in 2025, and RMB 4 08 in 2026, with P/E ratios of 29 1x, 22 7x, and 18 3x respectively [3] Business Expansion - Huagin Technology is actively expanding its product line and market opportunities through business synergy, enhancing profitability and business scale [2] - The company is focusing on high-end new materials, with subsidiaries like Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng contributing to its diversified product portfolio [1] - Shanghai Ruihuasheng is expected to achieve trial production of some production lines in H2 2024, further boosting the company's growth prospects [1]

动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...