研究早观点 2024 年 8 月 21 日 星期三 市场走势 资料来源：最闻 【行业评论】煤炭：煤炭月度供需数据点评-供给符合预期，制造业投 资延续高增 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,866.66 | -0.93 | | 深证成指 | 8,252.87 | -1.24 | | 沪深 300 | 3,332.70 | -0.72 | | 中小板指 | 5,274.46 | -1.20 | | 创业板指 | 1,567.97 | -1.34 | | 科创 50 | 693.52 | -1.39 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证宏观策略】海外经济周观察（20240812~20240818） 【行业评论】化学原料：新材料周报（240812-0816）-中共中央、国务 院印发《关于加快经济社会发展全面绿色转型的意见》 【行业评论】新能源动力系统：行业周报 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company's performance is supported by the continuous increase in OLED penetration and the diversification of its product offerings, which are expected to drive long-term growth [1] - The company has successfully entered the supply chains of several well-known domestic panel manufacturers, which is anticipated to enhance its market share and maintain its leading position in the domestic market [1] - The significant improvement in profitability is driven by increased demand and the release of new products, with a notable rise in revenue and net profit for the first half of 2024 [2][3] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 246 million yuan, a year-on-year increase of 73.65%, and a net profit of 92 million yuan, up 111.43% [2] - The second quarter of 2024 saw revenue of 131 million yuan, reflecting an 85.28% year-on-year growth and a 15.24% quarter-on-quarter increase, with a net profit of 49 million yuan, marking a 142.16% year-on-year increase [2] - The gross margin for the first half of 2024 was 66.20%, an increase of 1.33 percentage points year-on-year, attributed to new product price increases and scale effects [2] - The net profit margin for the first half of 2024 was 37.67%, up 6.73 percentage points year-on-year, driven by improved gross margins and cost reduction measures [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.50 yuan, 0.81 yuan, and 1.21 yuan, respectively [3] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 31.7, 19.5, and 13.1, respectively [3]

Investment Rating - The report maintains a "Market Perform-A" rating for the electricity and public utilities sector [1]. Core Insights - The rapid development of emerging industries and robust industrial replenishment have driven the recent electricity consumption growth, which has exceeded expectations. Since 2020, electricity consumption growth has consistently outpaced GDP growth, with a year-on-year increase of 6.70% in 2023 and 8.10% in the first half of 2024, surpassing GDP growth by 1.5 and 3.1 percentage points respectively [1][8]. - The structural transformation of industries and the swift development of emerging sectors have led to an increase in electricity consumption per unit of GDP. The share of the tertiary sector in GDP has risen, enhancing its positive impact on overall electricity consumption growth [1][20]. - The current economic environment shows a contradiction where demand is weaker than production, particularly in the manufacturing sector led by emerging industries, which has resulted in a significant expansion of production capacity [1][8]. Summary by Sections 1. Reasons for Recent Exceeding Electricity Consumption Growth - The correlation between electricity consumption and GDP has shown strong ties over the past two decades, with distinct phases influenced by economic cycles and structural changes. From 2000 to 2011, electricity growth was higher than GDP growth, while from 2012 to 2019, it was lower. Since 2020, electricity growth has outpaced GDP growth for four consecutive years [1][8][9]. - The rapid development of emerging industries and strong industrial replenishment are identified as the main factors for the recent electricity consumption growth exceeding GDP growth [1][8]. 2. Potential Growth Space for Emerging Industries - Predictions indicate that by 2030, the electricity consumption of data centers, 5G base stations, electric vehicle charging services, and the photovoltaic industry chain will account for at least 13.14% of total electricity consumption [1][8]. - The report emphasizes the significant regional characteristics of electricity consumption, highlighting that the eastern regions of China are the primary electricity load areas, with a consumption share exceeding 49% over the past five years [1][8]. 3. Investment Recommendations - The report suggests focusing on power companies with assets concentrated in regions where electricity supply is tight and where there is significant growth potential in electricity consumption. Companies such as WanNeng Power, ShenNeng Co., Zhejiang Energy, and Huaihe Energy are highlighted as key investment opportunities [1][8].

【山证电力及公用事业】6 月用电增速 稳健，来水带动水电向好-【山证煤炭公 用】电力月报 2024.7.30 【山证电力及公用事业】容量电价半年 考及火电板块影响测算-行业深度报告 2024.7.20 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 电力及公用事业 行业深度报告 同步大市-A(维持) 多维度解析用电量增长 2024 年 8 月 21 日 行业研究/行业深度分析 投资要点： 电力及公用事业 新兴产业快速发展及相关行业工业补库旺盛带动近年用电量增速超预期增长。复 盘过往二十年，用电量与 GDP 之间有较强相关性，但二者的增速关系受经济周 期、产业结构变迁和能源供给结构等多种因素影响，呈现出阶段性特点。2000- 2011 年处于经济快速增长期，用电增速整体高于经济增速；2012-2019 年处于经济 转型期,用电增速整体弱于经济增速。自 2020 年起用电量增速已连续四年高于 GDP 增速，我们对现象背后原因进行推演并得出结论：新兴产业的快速发展以及 以相关行业为主 ...

集成电路 韦尔股份（603501.SH） 买入-A(维持) 图像传感器新品提升份额，手机汽车业务双轮驱动成长 2024 年 8 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公告 2024 年中报，公司实现营业收入 120.91 亿元，同比+36.50%， 归母净利润 13.67 亿元，同比+792.79%。2024 年二季度实现营业收入 64.48 亿元，同比+42.55%，环比+14.24%，归母净利润 8.09 亿元，同比+1869.21%。 事件点评 市场数据：2024 年 8 月 20 日 收盘价（元）： 92.28 年内最高/最低（元）： 115.89/75.94 流通A股/总股本（亿）： 12.14/12.14 流通 A 股市值（亿）： 1,120.67 总市值（亿）： 1,120.67 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 1.14 摊薄每股收益(元)： 1.14 每股净资产(元)： 17.88 净资产收益率(%)： 6.26 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 公司 2 ...

u 证券研究报告 新材料 新材料周报（240812-0816） 领先大市-B(维持) 中共中央、国务院印发《关于加快经济社会发展全面绿色转型的意见》 2024 年 8 月 20 日 行业研究/行业周报 化学原料行业近一年市场表现 摘要 二级市场表现 市场与板块表现：本周新材料板块下跌。新材料指数下跌 1.68%，跑输创业 板指 1.42%。近五个交易日，合成生物指数下跌 2.67%，半导体材料下跌 0.87%， 电子化学品下跌 1.60%，可降解塑料下跌 0.85%，工业气体下跌 3.16%，电池化 学品下跌 2.44%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(13850 元/吨，不变)、精氨酸(32000 元/吨，-3.03%)、色氨 酸(61500 元/吨，不变)、蛋氨酸(20600 元/吨，-0.24%) 可降解材料：PLA(FY201 注塑级)(19500 元/吨，不变)、PLA(REVODE 201 吹膜级)(18200 元/吨，不变)、PBS(23700 元/吨，-1.25%)、PBAT(10900 元/吨， 不变) 维生素：维生素 A(230000 元/吨，9.52%)、维生素 ...

F 证券研究报告 宠物食品 中宠股份（002891.SZ） 增持-A(维持) 主粮产品增长强劲，员工持股计划有效激励 2024 年 8 月 21 日 公司研究/公司快报 事件描述 公司近一年市场表现 中宠股份 中小100 分析师： 陈振志 执业登记编码：S0760522030004 我们认为需重视公司在全球化战略布局的领先优势，随着公司国内 业务调整基本结束，重点关注公司自有品牌顽皮下半年持续改善以及 Zeal、领先维持增长情况，同时看好海外工厂进一步抬升公司境外盈利 水平。我们维持盈利预测，预计公司 2024-2026 年净利润为 2.84/3.65/4.35 亿元，EPS 分别为 0.97/1.24/1.48 元，目前股价对应公司 2024、2025 年 PE 分别为 19.4 倍、15.1 倍，维持"增持-A"评级。 风险提示 邮箱：chenzhenzhi@sxzq.com 张彦博 邮箱：zhangyanbo@sxzq.com 公司发布 2024 年半年报，2024 年 H1 公司实现营收 19.56 亿元，同比 +14.08%；实现归母净利润 1.42 亿元，同比+48.11%；实现扣非归母净利润 1 ...

研究早观点 2024 年 8 月 20 日 星期二 市场走势 资料来源：最闻 【行业评论】通信：周跟踪（20240812-20240816）-积极因素正在累积， 建议关注 AI 算力估值修复 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,893.67 | 0.49 | | 深证成指 | 8,356.90 | 0.08 | | 沪深 300 | 3,356.97 | 0.34 | | 中小板指 | 5,338.48 | -0.26 | | 创业板指 | 1,589.29 | -0.14 | | 科创 50 | 703.32 | -0.27 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【山证纺服】行业周报-裕元集团发布 2024H1 业绩，伟星股份 2024H1 业绩超预期 【今日要点】 【山证新股】新股周报（0819-0823）：8 月份创业板新股上市首日估值 较 7 月份上升 【行业评论】运 ...

公司近一年市场表现 市场数据：2024 年 8 月 16 日 收盘价（元）： 4.73 总股本（亿股）： 318.01 流通股本（亿股）： 309.66 流通市值（亿元）： 1,464.68 基础数据：2024 年 6 月 30 日 每股净资产（元）： 11.58 每股资本公积（元）： 2.59 每股未分配利润（元）： 1.69 资料来源：最闻 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 电信运营Ⅲ 中国联通（600050.SH） 买入-A(维持) 业绩保持双位数增长，"三个向新"构筑稳健运营底座 2024 年 8 月 19 日 公司研究/公司快报 事件描述： 中国联通发布 2024 年半年度报告。2024H1，公司实现营业收入 1973 亿 元，同比+2.9%；其中，服务收入 1,757 亿元，同比+2.7%。实现利润总额 168 亿元，同比+10.2%；归母净利润 60 亿 ...

Investment Rating - The report maintains an "Accumulate-A" rating for ZTE Corporation (000063.SZ) [1] Core Views - ZTE is accelerating the expansion of its second curve businesses, such as computing power and mobile phones, while maintaining stable operational progress [1][3] - The company reported a revenue of 62.49 billion yuan for the first half of 2024, a year-on-year increase of 2.94%, with a net profit of 5.73 billion yuan, up 4.76% year-on-year [1][3] Financial Performance - For H1 2024, revenue from the operator, government enterprise, and consumer segments was 37.30 billion, 9.17 billion, and 16.02 billion yuan, respectively, showing year-on-year changes of -8.61%, +56.09%, and +14.28% [1] - The gross margin and net margin for H1 2024 were 40.47% and 9.14%, respectively, with year-on-year changes of -2.75 and +0.26 percentage points [1] - The company achieved a revenue of 31.91 billion yuan in Q2 2024, reflecting a year-on-year increase of 1.10% and a quarter-on-quarter increase of 4.4% [1] Business Segments - The traditional operator network business faced pressure due to reduced capex from domestic operators, with a revenue of 37.30 billion yuan in H1 2024, down 8.6% year-on-year [1] - The enterprise business saw rapid growth, with revenue reaching 9.20 billion yuan in H1 2024, driven by AI computing power expansion [3] - The consumer business, particularly mobile phones, is recovering, with innovative products targeting young consumers [3] Future Outlook - The company expects net profits of 10.52 billion, 11.24 billion, and 12.13 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 12.8%, 6.9%, and 7.9% [3][4] - The report anticipates an EPS of 2.20, 2.35, and 2.54 yuan for the same years, with corresponding P/E ratios of 12.3, 11.5, and 10.6 [3][4]