Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [5] - The demand for advanced packaging is increasing due to the AI wave and high demand for HPC chips, with the global AI market expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4% [6] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [6] - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] Company Overview - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [12] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [14] - The company's revenue for 2023 was RMB 29.661 billion, with an operating profit of RMB 1.52 billion [12] Advanced Packaging - Advanced packaging is becoming a major growth driver in the packaging and testing market, with the global advanced packaging market expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] - The company has been actively investing in advanced packaging technologies, with R&D expenses of RMB 1.44 billion in 2023 and 2,897 R&D personnel [6] - The company's advanced packaging technologies include FIWLP, FOWLP, TSV, eWLB, SiP, and FCBGA, among others [6] Financial Performance - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] - The company's net profit for 2023 was RMB 1.471 billion, a decrease of 54.5% year-on-year, but is expected to recover to RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026 [7] - The company's free cash flow has been positive for four consecutive years (2020-2023), with a free cash flow of RMB 1.37 billion in 2023 [45] Industry Trends - The global semiconductor packaging market is recovering, driven by stable consumer demand, a rebound in the memory market, and the rise of AI and HPC applications [34] - The global AI market is expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4%, driving demand for advanced packaging [6] - The global advanced packaging market is expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] Valuation and Forecast - The company's revenue is expected to grow to RMB 31.391 billion in 2024, RMB 36.569 billion in 2025, and RMB 42.513 billion in 2026, with a CAGR of 16.25% [49] - The company's net profit is expected to reach RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026, with a PE ratio of 26.0x, 18.8x, and 14.7x respectively [50] - The company's gross margin is expected to improve to 17.0% in 2024, 18.0% in 2025, and 18.5% in 2026 [49]

证券研究报告 ＃industryId＃ 数字芯片设计 ＃investSuggestion＃ | --- | --- | |--------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 89.80 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 279.64 | | 净资产（百万元） | 3315.11 | | 总资产（百万元） | 3768.29 | | 每股净资产 元 | | | ( ) 来源： WIND | 8.27 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------|------------------------------|-------|--------------| | 主要财务指标 \n＄ 会计年度 zycwzb| 主要 ...

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ 公 司 点 评 报 告 | --- | --- | |---------------------------------------|-----------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-11 | | 收盘价（元） | 23.31 | | 总股本（百万股） | 2,781.74 | | 流通股本（百万股） 净资产（百万元） | 2,768.65 19,967.93 | | 总资产（百万元） | 73,514.74 | | 每股净资产（元） | | | 来源： WIND | 7.18 ，兴业证券经济与金融研究院整 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|-------------------------|----- ...

公 司 研 究 证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 12.50 | | 总股本（百万股） | 1218.37 | | 流通股本（百万股） | 724.17 | | | | | 净资产（百万元） | 11494.17 | | 总资产（百万元） | 13836.86 | | 每股净资产 ( 元 ) | 9.43 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|---------------------|-------|-------| | 主要财务指标 \n＄ 会计年度 zycwz ...

证券研究报告 ＃＃industryId＃＃ 零售 ＃investSuggestion＃ 公 司 研 究 | --- | --- | |---------------------------------------|--------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 12.02 | | 总股本（百万股） | 1135.05 | | 流通股本（百万股） 净资产（百万元） | 1093.47 19,740.30 | | 总资产（百万元） | | | 每股净资产（元） | 41,055.03 | | 来源： WIND | 17.39 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |--------------------------------------------------------|--------|-------------------------|-------|-------| | 主要财务指标 ＄ ...

证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 8.59 | | 总股本（百万股） | 3418.52 | | 流通股本（百万股） | 3417.00 | | | | | 净资产（百万元） | 9329.04 | | 总资产（百万元） | 23650.94 | | 每股净资产 ( 元 ) 来源： | 2.73 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------|--------------------------|------------------------|- ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.382 billion yuan in H1 2024, representing a year-on-year growth of 15.09%, with a net profit attributable to shareholders of 25 million yuan, up 10.83% year-on-year [2][3] - The company continues to focus on platformization and globalization strategies, with significant growth in its SaaS business, which saw an annual recurring revenue (ARR) of 447 million yuan in H1 2024, a year-on-year increase of approximately 30.8% [3] - The company has successfully signed benchmark clients in the hotel industry, including major international hotel groups, and has a high renewal rate of over 90% for its SaaS business [3] Financial Summary - For the fiscal year 2024E, the company is projected to generate a revenue of 3.255 billion yuan, with a year-on-year growth of 18.4% [2] - The gross profit margin is expected to improve from 37.7% in 2023 to 38.1% in 2024E, and the return on equity (ROE) is projected to turn positive at 0.9% in 2024E [2] - The net profit attributable to shareholders is forecasted to be 68 million yuan in 2024E, with a significant increase to 145 million yuan in 2025E, reflecting a growth rate of 113.6% [2][4]

＃assAuthor＃ 证券研究报告 ＃industryId＃ 农林牧渔 ＃title＃ 农业行业 2024 年半年报总结：猪周期拐点向上， Q2 板块大幅扭亏 ＃ investSug gestionCh ange＃ 维持) ＃investSuggestion 推荐 ＃ ( ＃createTime1＃ 2024 年 09 月 05 日 投资要点 ＃summary＃ ⚫ 2024H1 农业板块营收增速减缓，Q2 实现扭亏为盈。2024H1 农业板块实 现营业收入 5803.73 亿元，同比-3%，板块整体实现扣非净利润 54.32 亿 元，同比转盈。自 2019 年起，生猪养殖规模集中度提升，带动养殖业、 饲料板块公司营收规模在近几年大幅增长，2023 年全年猪价低迷，养殖 主体处于普亏，2024H1各公司扩张速度减缓，带动板块营收减缓，Q2伴 随猪价回暖，板块利润快速增长，业绩实现扭亏为盈。 ⚫ 猪周期拐点向上，下半年猪价有望进一步上涨。全国能繁母猪存栏已连 续下降超一年，Q2 随着前期产能去化兑现致商品猪供应减少，猪价开启 新一轮上行周期。根据能繁母猪存栏量绝对水平及新生健仔数推演，下 半年生猪出栏仍趋势性 ...

行 业 研 究 证券研究报告 ＃industryId＃ 美容护理 行 业 投 资 策 略 报 告 投资要点 ＃summary＃ 2024 上半年线下美护需求放缓，化妆品表现分化，个护增长具备韧性。1） 线下美护赛道：上游产品端竞争格局恶化，收入增速放缓，新材料重组胶原 蛋白及 OEM 代工业务仍有景气度；下游机构端需求放缓，新老消费力减弱， 开始向上游寻求 OEM 机会。2）化妆品赛道：行业增速放缓，化妆品品牌端 营收分化日益拉大；原料端终端需求走弱，行业竞争加剧，整体业绩增速放 缓；代工厂端业绩增速边际有好转，但持续度有待进一步观察。3）个护赛道： 个护赛道收入与业绩增速较为稳定，个护公司积极布局抖音等新兴渠道，线 上化率整体提高，固有竞争格局被打破，品牌曝光度提高。 化妆品赛道：2024H1 化妆品公司营收增速分化进一步拉大，毛销差普遍收窄， 盈利能力整体下滑。上美股份、巨子生物、珀莱雅等公司营收增速超过 30%， 表现亮眼，珀莱雅：主品牌持续放量，彩棠等子品牌增速亮眼，未来新品储 备丰富。丸美股份：公司大单品打造能力突出，品牌心智持续强化，线上电 商平台贡献超高速增长，经营质量不断提高。上美股份：把握短 ...

海 外 研 究 ＃investSuggestion＃ 证券研究报告 食品饮料行业 海外酒精饮料行业 2024 年中期业绩综述: 推荐 （ ＃ investSug gestionCh ange＃ 维持 ） 行 业 投 资 策 略 研 究 报 告 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...