请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的 尊敬的各位投资者 大家晚上好我是声望机械团队的王柯那么今天我们华工和我们机械两大团队在线上进行对这次大家关注度比较高的西南水电的开发相关的受益方向进行一个核心的解读那么今天同时参会的还有我们华工的任杰老师以及我们机械团队的建伟 應該說從上週的週末我們化工團隊的老師們就率先的提示了摩托相關的投資機會我們也看到編輯上一些招標的一些非常大的一些變化可以說見微知著實際上對今年下半年這個已經從高層定調的這個西南水電大開發的這個角度來看還是隱藏著非常多的機會的其中有我們化工這邊 好的 谢谢柯总各位领导好 我是华工建男的艺术人杰 重点汇报下跟这个水电站相关的投资板块明豹和这个水基首先主要是这个明豹板块明豹也是我们今年持续推荐的一个化工子方向那现在来看的话首先从全国来看整个明豹板块目前就是处在一个供需紧急中的状态那么在西部地区像新疆和西藏目前的价格景气要是比这个东部景 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加西南水电和配电网等新型电力系统的投资机会解读目前所有参会者均处于静音状态下面有请主持人讲话谢谢各位投资者各位朋友晚上好我是国军舰救韩岐成今天晚上给大家汇报一下西南大型水电和国家配电网新型电力系统的投资机会 推荐中国能建、中国电建其中中国能建是最近两个月我们坚定的首推但是这个时间点上如果说建筑选一家公司推的话我们把中国能建做我们的首推这也是我们最近两个月的一个首推事实上我们看最近大盘跌了10个点创新低中国能建涨了10个点创新高也印证了我们这样一个坚定的一个判断这是第一 今天我们分享题目要给大家汇报首先把最近的这个政策和逻辑的细节给大家舒展一下 第二把中国能建和中国电建详细作为对比和拆分这是两个主要内容今年我们节奏上踩的还可以在春节前后 ...

[Table_IndustryInfo] 2024 年 08 月 11 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（0804-0810） 阿里开源 Qwen2-Math 系列，看好游戏低位布局机会 [Table_Summary] 行情回顾：本周，传媒板块表现一般，下跌 0.76%，跑赢创业板约 1.85 个百 分点（创业板指下跌 2.60%）；跑赢市场约 0.80 个百分点（沪深 300 下跌 1.56%）。 细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）上涨 1.14%， 沪深 300下跌 1.56%。中信游戏指数相对于沪深 300指数上涨 2.70%；（2） 广告指数跑输市场：中信广告指数（CI005847）下跌 1.58%，沪深 300 下跌 1.56%。中信广告指数相对于沪深 300 指数下跌 0.02%；（3）体育指数跑赢 市场：中证体育指数（399804）上涨 0.13%，沪深 300 下跌 1.56%。中证体 育指数相对于沪深 300 指数上涨 1.69%；（4）A 股教育公司跑赢沪深 300， 港股教育公司跑赢恒生指数。中信教育指数（CI00581 ...

Group 1: Market Trends - The normalization of centralized procurement has become a consensus in the market, with a gradual shift towards price-for-volume and increased domestic production rates[2] - Since 2019, the range of high-value consumables subject to centralized procurement has expanded, achieving near-complete coverage except for certain products like aortic intervention and structural heart disease[2] - The average price drop for coronary stents reached 93% in 2020, while the average price for artificial lenses in 2023 was reduced by 60%[2] Group 2: Growth Opportunities - Low penetration and low domestic production rates in certain sectors such as electrophysiology (10% penetration, 12.5% domestic production), left atrial appendage occluders (6% penetration, 25% domestic production), and peripheral artery stents (1% penetration, 10% domestic production) present long-term growth potential[2] - The overseas revenue growth rate for high-value consumables is promising, particularly in the ophthalmology and orthopedic sectors, with electrophysiology contributing 15.3% to revenue[3] Group 3: Risks and Challenges - The industry faces risks including performance not meeting expectations, deteriorating market competition, and declining industry prosperity[3] - Domestic companies may struggle with international expansion due to a lack of academic support and reliance on distributors for high-value consumables[3]

| --- | --- | |--------------------------------------------|---------------------------------------------------------------------------------------| | | | | | | | 后集采时代，如何看高值耗材投资机遇与挑战？ | | | | 西南证券研究发展中心 2024年8 月 | | | 分析师：杜向阳 执业证号： S1250520030002 电话： 021-68416017 邮箱： duxy@swsc.com.cn | | | 分析师：张殊豪 执业证号： S1250524030002 电话： 021-68416017 邮箱： zhshh@swsc.com.cm | 核心观点 1 常态化、有兜底的集采逐渐成为市场共识，以价换量、国产化率提升逻辑走通。1）范围基本全覆盖，自2019年以来，国内高值耗材带量采购品类逐渐完 善，目前除主动脉介入、结构性心脏病等产品外，高值耗材领域基本实现全部集采；2）降幅逐渐温和，以国采为例，从20年冠脉支架的93%到23年人工 晶体 ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved revenue of 8.96 billion yuan, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 560 million yuan, up 32.7% year-on-year [1] - The growth was driven by the external ODM business, with significant increases in sales of refrigerators and washing machines, outperforming industry growth rates [1][2] - The company is positioned for future growth with a focus on smart home appliances, expecting EPS of 0.87 yuan, 1.04 yuan, and 1.20 yuan for 2024-2026 [2] Financial Performance Summary - Revenue for 2024 is projected at 17.72 billion yuan, with a growth rate of 16.75% [3] - Net profit attributable to shareholders is expected to reach 945.68 million yuan in 2024, reflecting a growth rate of 20.22% [3] - The company's gross margin for the first half of 2024 was 23%, a decrease of 5.2 percentage points year-on-year, primarily due to changes in product mix [1][2] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth [2] - The company has maintained a leading position in technology, design, product quality, manufacturing costs, and operational efficiency [2] Future Outlook - The company aims to continue expanding its product categories in smart home appliances, which is expected to contribute to growth momentum [2] - The report anticipates stable financial performance with a focus on maintaining competitive advantages in the market [2][3]

[Table_StockInfo] 2024 年 08 月 13 日 证券研究报告•2024 年半年报点评 买入 （首次） 当前价：56.33 元 赛腾股份（603283）机械设备 目标价：74.34 元（6 个月） 请务必阅读正文后的重要声明部分 AI 加速落地，3C&半导体设备双重受益 [Table_Summary 事件：公司发布] 2024 年半年报，2024H1 公司实现营业收入 16.3 亿元，同比 增长 16.2%，实现归母净利润 1.5 亿元，同比增长 48.9%。2024Q2 公司实现 营业收入8.6亿元，同比增长24.5%，实现归母净利润0.6亿元，同比增长93.0%。 2024H1，受益于国内交付进度加速，业绩实现快速增长。 盈利能力明显改善，费用管控能力相对稳定。2024H1 公司毛利率、净利率分 别为 45.0%、10.0%，同比+4.6pp、+2.4pp，盈利能力提升较多。2024H1，公 司期间费用率为 33.2%，同比+0.4pp，其中销售/管理/研发/财务费用率分别同 比+0.9/-0.6/-1.0/+1.1pp，公司持续加大研发投入力度，研发费用率提升较多。 Q2 单季度毛利 ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved a revenue of 8.96 billion yuan, representing a year-on-year growth of 24.7%. The net profit attributable to shareholders was 560 million yuan, up 32.7% year-on-year, while the net profit after deducting non-recurring items also reached 560 million yuan, reflecting a 42.2% increase [1][2] - The growth was primarily driven by the increase in ODM (Original Design Manufacturer) orders for exports, with domestic sales showing a slight decline [1][2] - The company is expected to continue expanding its product categories in smart home appliances, contributing to future growth [2] Summary by Sections Financial Performance - For Q2 2024, TCL Smart Home reported a revenue of 4.76 billion yuan, a year-on-year increase of 24.9%, and a net profit of 330 million yuan, up 36.1% year-on-year [1] - The overall gross margin for the first half of 2024 was 23%, down 5.2 percentage points year-on-year, attributed to changes in product mix [1][2] - The company’s sales, management, and R&D expense ratios were 3.6%, 3.5%, and 3.2% respectively, showing a slight decrease compared to the previous year [1] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth. The company also maintained strong positions in international markets, particularly in Thailand and the Philippines [2] - The sales volume for refrigerators and washing machines in the first half of 2024 reached 8.34 million units and 1.66 million units, respectively, with growth rates of 22.9% and 46.5% year-on-year [1][2] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.04 yuan, and 1.20 yuan respectively, indicating a positive growth trajectory [2][3] - The report anticipates revenue growth rates of 16.75% in 2024, 11.21% in 2025, and 10.00% in 2026 [3]

Group 1: Social Financing Overview - As of the end of July 2024, the total social financing stock was CNY 395.72 trillion, with a year-on-year growth of 8.2%, an increase of 0.1 percentage points from the end of June[3] - In July, the social financing increment was CNY 770.8 billion, lower than market expectations, but CNY 234.2 billion higher than the same period last year[3] - The total amount of RMB loans to the real economy decreased by CNY 76.7 billion in July, marking the first negative growth since July 2005, and a year-on-year reduction of CNY 113.1 billion[3] Group 2: Loan Dynamics - From January to July 2024, RMB loans increased by CNY 13.53 trillion, with July alone seeing an increment of CNY 260 billion, a year-on-year decrease of CNY 859 billion[8] - Corporate loans increased by CNY 130 billion in July, while short-term loans decreased by CNY 550 billion, reflecting a year-on-year reduction of CNY 1.71 trillion[8] - Household loans decreased by CNY 210 billion in July, with short-term loans down by CNY 215.6 billion, continuing a trend of weak consumer credit demand[9] Group 3: Financing Structure - Direct financing saw a year-on-year increase, with new direct financing reaching CNY 917 billion in July, up CNY 298.5 billion from the previous year[5] - Government bond financing amounted to CNY 691.1 billion in July, a year-on-year increase of CNY 280.2 billion, primarily due to a low base effect[5] - The proportion of new RMB loans in the total social financing increment turned negative, indicating a shift towards direct financing sources[5] Group 4: Monetary Indicators - M2 growth was 6.3% year-on-year as of the end of July, with a slight increase of 0.1 percentage points from the previous month, but down 4.4 percentage points from the same period last year[13] - M1 decreased by 6.6% year-on-year, with the gap between M1 and M2 widening to 12.9 percentage points, reflecting weak corporate expectations and a shift in deposits[13] - The total RMB deposits decreased by CNY 800 billion in July, a year-on-year reduction of CNY 3.2 trillion, mainly due to increased deposits from households and non-bank financial institutions[13]

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 revenue increase of 89.3% year-on-year, reaching 1.25 billion yuan in the first half of 2024, with a net profit of 210 million yuan, reflecting a 103.9% growth [1]. - The company has a strong product matrix and is focusing on high R&D investment to ensure long-term growth, with R&D expenses increasing by 46.5% to 180 million yuan [1]. - The company leads the market in charge pump products and is rapidly expanding its power adapter business, with notable growth in various consumer electronics sectors [1]. - The automotive electronics segment is also highlighted as a key area for future growth, with products already being adopted by major automotive manufacturers [1]. Financial Summary - Revenue projections for 2024-2026 are 2.46 billion yuan, 3.25 billion yuan, and 4.09 billion yuan, respectively, with net profits expected to be 400 million yuan, 600 million yuan, and 820 million yuan [2]. - The company’s gross margin for the first half of 2024 was 41.3%, with a net margin of 16.4%, showing slight improvements in net margin year-on-year [1]. - The operating cash flow for the first half of 2024 was 267 million yuan, a 61.9% increase compared to the previous year [1].