Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.80 CNY over the next six months [1][7]. Core Views - The company's performance is currently under pressure due to lower-than-expected sales from downstream customers, impacting revenue and net profit [1]. - The company is actively enhancing its production capacity, particularly in integrated die-casting, which is expected to contribute significantly to future revenue growth [1]. - The company has received orders from a leading domestic electric vehicle manufacturer, indicating strong future sales potential [1]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.53 billion CNY, a year-on-year decrease of 11.6%, and a net profit of 220 million CNY, also down 11.6% year-on-year [1]. - In Q2 2024, revenue was 750 million CNY, down 17.1% year-on-year and 3.6% quarter-on-quarter, with a net profit of 100 million CNY, down 26.3% year-on-year and 9.4% quarter-on-quarter [1]. - The gross margin for H1 2024 was 22.5%, a decrease of 2.2 percentage points year-on-year, while the net margin was 14.2%, down 0.1 percentage points year-on-year [1]. Production Capacity and Strategy - The company is expanding its integrated die-casting capacity with four production lines in Jiangsu and Anhui, which have transitioned from construction to fixed assets as of June 30, 2024 [1]. - A new production line is under construction in Changzhou, Jiangsu, expected to start mass production in 2025 [1]. - The company has secured a project with a major domestic electric vehicle manufacturer, with expected sales of 2.1 to 2.3 billion CNY over the project's lifecycle [1]. Future Outlook - The company anticipates improved order scheduling for the second half of 2024, driven by new model launches from key customers [1]. - Earnings per share (EPS) forecasts for 2024-2026 are 2.12, 2.46, and 2.81 CNY, respectively, with a projected compound annual growth rate (CAGR) of 10.53% for net profit [1][6]. - The report estimates revenue growth of 6.8%, 20.1%, and 24.5% for 2024, 2025, and 2026, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 230 million yuan, up 72.9% year-on-year, and net profit of 62.9 million yuan, up 450.9% year-on-year [1]. - Both domestic and international sales have shown strong growth, with overseas sales increasing by 108.5% year-on-year [1]. - The company has benefited from a decrease in raw material prices and scale effects, leading to improved gross and net profit margins [1]. - A new production capacity of 180 million lithium batteries is expected to enhance growth potential, with the project set to be operational by the second half of 2025 [1]. Financial Summary - The company forecasts net profits of 121.1 million yuan, 143.5 million yuan, and 176.5 million yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 49.1% [2]. - Revenue projections for the years 2024 to 2026 are 346.38 million yuan, 421.57 million yuan, and 563.88 million yuan, with growth rates of 21.71%, 33.76%, and 20.14% respectively [3]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 0.53 yuan, 1.20 yuan, and 1.42 yuan respectively [3]. Market Position and Competitiveness - The company is positioned to capitalize on the growing demand in downstream markets, with an optimized product and customer structure enhancing its competitive edge [2]. - The report highlights the company's ability to scale production of lithium iron batteries, which are expected to replace carbon-zinc batteries, further driving revenue growth [5].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 2.47 billion yuan, a year-on-year increase of 29.9%, and a net profit attributable to shareholders of 250 million yuan, up 52.4% year-on-year [1] - The transformer business is experiencing significant growth, with transformer product revenue increasing by 110.2% year-on-year [1] - The company is benefiting from high demand in the renewable energy sector, with solar and wind energy revenues growing by 32% and 25% respectively [1] - The company is expanding its overseas presence, having established a dual-driven strategy of "indirect overseas expansion + global layout" [1] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 23.3% and a net profit margin of 10%, both showing improvements year-on-year [1] - The company’s R&D expense ratio increased to 3.6%, reflecting a commitment to innovation [1] - Revenue projections for 2024-2026 are 6.46 billion yuan, 8.21 billion yuan, and 9.79 billion yuan respectively, with net profit growth rates of 29.1%, 32.7%, and 19.3% [2][5] Business Segment Performance - The company’s revenue from the photovoltaic sector reached 1.1 billion yuan, a 32% increase year-on-year, while the energy storage sector saw a 62% increase [1] - The company has successfully delivered a prototype for a 500MW solar project in Oman, marking a significant milestone in its overseas business [1] Market Position and Strategy - The company operates in over 40 countries, including Southeast Asia, Europe, the Middle East, and North America, and has received multiple international certifications [1] - The company is leveraging its technological advantages and partnerships with leading domestic renewable energy firms to enhance its global market presence [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 3.418 billion yuan, up 142% year-on-year, and net profit of 255 million yuan, up 722% year-on-year [1] - The gross margin improved to 15.4%, an increase of 4.2 percentage points year-on-year, while the net profit margin reached 7.5%, up 10.4 percentage points year-on-year [1] - The company is focusing on technological innovation and has seen a rise in the proportion of high-voltage wiring harnesses in its product mix, which is expected to drive further growth [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.885 billion yuan, a year-on-year increase of 149% and a quarter-on-quarter increase of 23% [1] - The net profit for Q2 2024 was 154 million yuan, up 1058% year-on-year and 53% quarter-on-quarter [1] - The company’s gross margin for Q2 2024 was 16.5%, up 5 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, while the net profit margin was 8.2%, up 10.3 percentage points year-on-year [1] Market and Product Development - The company is expanding its market presence in the high-voltage wiring harness sector, which is crucial for electric vehicles, with a unit value exceeding 5000 yuan compared to 3000 yuan for traditional fuel vehicles [2] - The company has developed a full range of high-voltage connectors and charging sockets, with products already deployed in various automotive projects [2] Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.36 yuan, 1.75 yuan, and 2.06 yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) for net profit of 155% [2] - The price-to-earnings (PE) ratios are expected to be 17, 13, and 11 for the same years [2]

Investment Rating - The report maintains a "Buy" rating for Jingce Electronic (300567) [1] Core Views - Semiconductor business is rapidly expanding, while display business is gradually recovering [2] - The company achieved revenue of 1.12 billion yuan in H1 2024, a year-on-year increase of 1.0% [2] - Net profit attributable to the parent company was 49.83 million yuan, a significant year-on-year increase of 312.0% [2] - The company's gross profit margin was 43.1% in H1 2024, a slight decrease of 0.7 percentage points year-on-year [2] - The net profit margin was 3.9%, an increase of 4.6 percentage points year-on-year [2] Business Performance Revenue Breakdown - Display business revenue: 780 million yuan, up 5.4% year-on-year [2] - Semiconductor business revenue: 230 million yuan, up 86.2% year-on-year [2] - New energy business revenue: 90 million yuan, down 59.8% year-on-year [2] Order Backlog - Total order backlog: 3.44 billion yuan, up 10.0% year-on-year [2] - Display orders: 1.04 billion yuan, down 17.1% year-on-year [2] - Semiconductor orders: 1.77 billion yuan, up 29.5% year-on-year [2] - New energy orders: 670 million yuan, up 30.0% year-on-year [2] R&D and Product Development - R&D investment in H1 2024: 300 million yuan, up 2.6% year-on-year [3] - Display R&D: 140 million yuan, down 6.9% year-on-year [3] - Semiconductor R&D: 130 million yuan, up 31.3% year-on-year [3] - New energy R&D: 30 million yuan, down 31.1% year-on-year [3] - The company established Shenzhen Jingce to expand into AR/VR-related businesses in the new display field [3] - Micro-OLED module testing equipment has been delivered to global top customers [3] - The company has reached core optical instrument customization cooperation with leading AR customers [3] Financial Projections - Expected net profit attributable to the parent company: - 2024: 240 million yuan [3] - 2025: 320 million yuan [3] - 2026: 450 million yuan [3] - Expected PE ratio: - 2024: 61x [3] - 2025: 45x [3] - 2026: 33x [3] - Expected revenue growth rate: - 2024: 17.92% [4] - 2025: 25.60% [4] - 2026: 22.96% [4] Industry Trends - Display business recovery driven by: - Large-size OLED new factory investments [2] - AIPC and AI phone equipment updates [2] - Micro-OLED expansion projects [2] - Production automation upgrades in old production lines [2] - Semiconductor business growth supported by: - Data center development [3] - Supercomputing industry expansion [3] - AI industry growth [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.80 CNY over the next six months [1][7]. Core Views - The company's performance is currently under pressure due to lower-than-expected sales from downstream customers, impacting revenue and net profit [1]. - The company is actively enhancing its production capacity, particularly in integrated die-casting, which is expected to contribute significantly to future revenue growth [1]. - The report anticipates a compound annual growth rate (CAGR) of 10.53% for net profit over the next three years [1]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.53 billion CNY, a year-on-year decrease of 11.6%, and a net profit of 220 million CNY, also down 11.6% [1]. - In Q2 2024, revenue was 750 million CNY, down 17.1% year-on-year and 3.6% quarter-on-quarter, with a net profit of 100 million CNY, down 26.3% year-on-year and 9.4% quarter-on-quarter [1]. - The gross margin for H1 2024 was 22.5%, a decline of 2.2 percentage points year-on-year, while the net margin was 14.2%, a slight decrease of 0.1 percentage points year-on-year [1]. Production Capacity and Strategy - The company is expanding its integrated die-casting capabilities, with four production lines in Jiangsu and Anhui now classified as fixed assets as of June 30, 2024 [1]. - A new production line is under construction in Changzhou, Jiangsu, expected to start mass production in 2025, with a projected sales value of 2.1 to 2.3 billion CNY over its lifecycle [1]. - The company is also investing 900 million CNY in a smart manufacturing base in Shanghai to enhance customer engagement and product demand [1]. Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 2.12 CNY, 2.46 CNY, and 2.81 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 9, 8, and 7 [1][6]. - Revenue is expected to grow to 4.18 billion CNY in 2025 and 6.25 billion CNY in 2026, reflecting year-on-year growth rates of 20.05% and 24.53%, respectively [6][11].

[Table_IndustryInfo] 2024 年 08 月 25 日 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0818-0824） 快手可灵 AI 推出会员订阅计划，关注游戏板块新游上线进展 基础数据 | --- | --- | |-------------------------------------|----------------------| | [Table_BaseData] 股票家数 | 129 | | 行业总市值（亿元） | 10,443.50 | | 流通市值（亿元） | 10,379.99 | | 行业市盈率 TTM | 24.4 | | 沪深 300 市盈率 TTM | 11.5 | | 相关研究 | | | [Table_Report]1. 影视传媒行业周报（ | 0811-0817）：黑神 | | 话：悟空即将全球上线，看好板块活跃 | | | 度提升 (2024-08-19) | | | 2. 影视传媒行业周报（ | 0804-0810）：阿里 | | 开源 Qwen2-Math | 系列，看好游戏低位 | | 布局机会 (2024-08-14) ...

[Table_IndustryInfo] 2024 年 08 月 25 日 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0818-0824） 快手可灵 AI 推出会员订阅计划，关注游戏板块新游上线进展 基础数据 | --- | --- | |-------------------------------------|----------------------| | [Table_BaseData] 股票家数 | 129 | | 行业总市值（亿元） | 10,443.50 | | 流通市值（亿元） | 10,379.99 | | 行业市盈率 TTM | 24.4 | | 沪深 300 市盈率 TTM | 11.5 | | 相关研究 | | | [Table_Report]1. 影视传媒行业周报（ | 0811-0817）：黑神 | | 话：悟空即将全球上线，看好板块活跃 | | | 度提升 (2024-08-19) | | | 2. 影视传媒行业周报（ | 0804-0810）：阿里 | | 开源 Qwen2-Math | 系列，看好游戏低位 | | 布局机会 (2024-08-14) ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong performance in H1 2024, with revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 1.59 billion yuan, up 18.9% year-on-year [2] - The drilling platform day rates continue to recover, contributing to the overall growth in various business segments [2] - The company is benefiting from high oil prices, which are driving capital expenditure growth and sustaining the favorable outlook for the offshore oil and gas sector [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 225.3 billion yuan, with Q2 revenue at 123.8 billion yuan, reflecting an 18.8% year-on-year growth [2] - The gross margin improved to 16.4%, up 1.6 percentage points year-on-year, while the net margin was 7.6%, down 0.1 percentage points [2] - The company expects net profits for 2024-2026 to be 3.89 billion, 4.77 billion, and 5.51 billion yuan respectively, with a compound annual growth rate of 22% [3] Business Segments - Drilling services revenue reached 6.42 billion yuan, a year-on-year increase of 18.2%, with day rates for self-elevating and semi-submersible platforms increasing by 7.2% and 8.9% respectively [2] - Oilfield technical services generated 12.83 billion yuan, up 20.8% year-on-year, while marine services revenue was 2.18 billion yuan, up 14.2% [2] Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, driven by increased exploration and development investments from oil and gas companies [2] - The company is well-positioned as a leader in the offshore oil services sector, benefiting from the industry's high demand and favorable conditions [2]

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：31.70 元 步科股份（688160）机械设备 目标价：——元（6 个月） 23-08 23-10 23-12 24-02 24-04 24-06 2024H1 营收稳健增长，短期盈利能力承压 [Table_Summary 事件：公司公布] 2024 中报，2024H1 公司实现营业收入 2.56 亿元，同比增长 9.16%；实现归母净利润 0.23亿元，同比下降 26.65%。2024Q2公司实现营业 收入 1.44 亿元，同比增长 11.30%，环比增长 28.85%；实现归母净利润 0.12 亿元，同比下降 31.34%，环比增长7.34%。 公司各业务均实现增长，其中机器人业务保持稳定增长，通用自动化业务有所 恢复。公司属于工控零部件制造行业，2024年以来整体下游需求一般，公司营 收实现稳健增长，其中 2024H1 机器人营收 9675 万元，同比增长 11.90%，机 器物联网营收 7377万元，同比增长 0.94%，通用自动化营收 6444万元，同比 增长 16.3 ...