公 司 研 究 ＃assAuthor＃ 公 司 点 评 报 告 点评： 杨志芳 | --- | --- | |----------------------------|-----------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-9-12 | | 收盘价（元） | 9.86 | | 总股本（百万股） | 701.77 | | 流通股本（百万股） | 694.85 | | 净资产（百万元） | 5357.55 | | 总资产（百万元） | 32035.97 | | 每股净资产（元） | 7.63 | | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|--------|-------|-------------------------|-------| | 会计年度 ＄ zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏电池组件 ＃investSuggestion＃ 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|--------------------------------------| | | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 16.60 | | 总股本（百万股） | 2179.37 | | 流通股本（百万股） | 2179.37 | | | | | 净资产（百万元） | 30696.45 | | 总资产（百万元） | 140730.11 | | 每股净资产 ( 元 ) 来源： WIND | 14.09 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证电新】天合光能 2023 年 报及 2024 年一季报点评：Q1 业 绩表现坚挺，长期布局光储协 同》2024-05-13 《【兴证电新】天合光能 2023 年 三季报点评：Q3 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏辅材 ＃investSuggestion＃ 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 16.06 | | 总股本（百万股） | 2343.04 | | 流通股本（百万股） | 2341.78 | | | | | 净资产（百万元） | 22465.7 | | 总资产（百万元） | 44689.64 | | 每股净资产 ( 元 ) 来源： | 9.59 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证电新】福莱特 2023 年年 报点评：2023 年光伏玻璃产销 两旺，2024 年迎供需改善》2024- 04-01 《【兴证电新】福莱特 2023 年三 季报点 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ ＃分析师： emailAuthor＃ | --- | --- | |----------------------------|------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 74.60 | | 总股本（百万股） | 66.28 | | 流通股本（百万股） | 43.41 | | 净资产（百万元） | 1047.51 | | 总资产（百万元） | 1829.29 | | 每股净资产（元） | 15.80 | | --- | --- | --- | --- | |---------------------------------------|--------|------------------------|-------| | 会计年度 ＄ zycwzb\| 主要财务指标＄ | | 2023 2024E 2025E 2026E | | | 营业收入 ( 百万元 ) | | 1060 1488 2032 2672 ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 风电设备盈利处于底部区间，静待行业开工景气度回暖 ＃ 推荐 (＃ investSuggestionCh 维持 ） | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 ＃industryId＃ 银行 ＃title＃ ＃assAuthor＃ 港股中小银行经营情况如何？ ＃investSuggestion 推荐 ＃(＃ investS uggesti onChan ge＃ 维持） ＃createTime1＃ 2024 年 9 月 13 日 投资要点 ＃我们以summary 19 家港股上市区域银行为样本， ＃ 分析 2024 年上半年中小银行经营情况。 ⚫ 样本银行 2024 年上半年营收下滑，利润略微正增长。样本银行 2024 年上半年营收/ 归母净利润同比增速分别为-2.1%/+0.3%，营收下滑主要受利息收入拖累，投资收益 率对营收形成一定支撑，利润略微正增长。样本银行中，徽商银行、天津银行、哈 尔滨银行、青岛银行、泸州银行业绩增速靠前，实现了营收正增长&归母净利润增速 超过 5%。盈利能力方面，样本银行 2024 年上半年平均年化 ROE 为 5.45%，同比0.33pcts，相较于商业银行整体盈利能力有一定差距，样本银行中有 9 家银行 ROE 低 于 5%，主要与息差水平偏低、信用成本较高等因素有关。 ⚫ 信贷扩张速度整体放缓，"对公强零售弱"的趋势延 ...

行 研究 证券研究报告 ＃industryId＃ 有色金属 重点公司 重点公司 评级 投资要点 ＃summary＃ 2024H1 行业盈利下行，24Q2 板块盈利呈现初步企稳迹象。2024H1 受锂资源 供需逆转等因素影响，锂价回落，锂板块企业盈利下滑。2024H1 锂板块企业 实现营收 288.34 亿元，同比下降 53.65%；实现归母净利润-37.44 亿元，由盈 转亏。24Q2 锂盐企业盈利环比增速出现分化，盐湖企业受益于产量的季节性 改善，盈利环比增长，而部分依靠外购矿进行生产的企业，因矿价下滑节奏 滞后于锂盐价格下滑节奏，出现阶段性亏损。 永兴材料 增持 中矿资源 增持 赣锋锂业 增持 盛新锂能 增持 天齐锂业 增持 来源：兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ 《【兴证金属】有色金属：降息 周期临近，黄金与铜铝价格持续 分化》2024-09-08 《【兴证金属】黄金行业 2024 年中报总结及展望：金价持续上 行，关注黄金股估值修复机会》 2024-09-08 《【兴证金属】旺季需求预期好 转，锂价底部反弹_有色金属周 报（240826-0830）》2024-08-31 ...

行 业 点 评 报 告 ＃assAuthor＃ 行 业 研 究 ＃相关报告 relatedReport＃ 王尘 SAC：S0190520060001 wangchenyjy@xyzq.com.cn 证券研究报告 ＃industryId＃ 银行 陈绍兴 SAC：S0190517070003 chenshaox@xyzq.com.cn ＃分析师： emailAuthor＃ ＃investSuggestion 推荐 ＃ （ ＃ investS uggesti onChan ge＃ 维持 ） 投资要点 ＃summary＃ 存量理财市场概况 ⚫ 8 月银行理财存续规模小幅增长。根据普益标准统计，截至 2024年 8月末，银行 理财市场存续规模为 29.61 万亿元，较上月末增加 1017 亿元。7 月存款挂牌利率 下调后，边际上有利于提升理财吸引力，持续促进银行理财规模增长，8 月债市 波动对银行理财规模影响也相对有限。分机构看，理财产品存续规模前三的机 构为招银理财（2.47 万亿元）、兴银理财（2.18 万亿元）和信银理财（1.99 万亿 元）。 理财产品发行市场概况 ⚫ 8 月银行理财产品发行规模小幅下降。8 月 ...

Investment Rating - The report maintains an "Increase" rating for the company [1][2]. Core Viewpoints - In the first half of 2024, the company achieved operating revenue of 489 million yuan, a year-on-year decrease of 44.93%, primarily due to order fluctuations and insufficient market demand [2]. - The net profit attributable to the parent company was -68 million yuan, a year-on-year decrease of 135.73%, with a basic earnings per share of -0.13 yuan, down 137.14% year-on-year [2]. - The company increased its R&D investment, with total expenses of 280 million yuan in the first half of 2024, a year-on-year increase of 20.52%, and R&D expenses of 192 million yuan, up 26.28% year-on-year [2]. - The report projects net profits for 2024-2026 to be 11 million, 201 million, and 326 million yuan respectively, with corresponding EPS of 0.02, 0.37, and 0.60 yuan, leading to a PE ratio of 474.1, 24.9, and 15.4 times based on the closing price on September 10 [2][3]. Financial Summary - For the first half of 2024, the company's gross margin was 42.88%, down 7.19 percentage points year-on-year, while the net profit margin was -13.92%, a decrease of 35.39% year-on-year [2]. - The company reported a net cash flow from operating activities of 32 million yuan, an increase of 212 million yuan compared to the same period in 2023 [2]. - The total assets of the company as of the end of 2024 are projected to be 4,494.41 million yuan, with total liabilities of 1,384 million yuan [1][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][19]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 2.873 billion yuan, down 23.18% year-on-year, and net profit at 738 million yuan, down 47.04% year-on-year [5][6]. - Despite the overall decline, revenue from smart security chips and crystal components showed growth, indicating potential areas of strength [6][17]. - The company has made advancements in automotive electronics, with new product launches expected to drive future growth [17]. Financial Summary - **Revenue and Profit**: For the first half of 2024, the company achieved revenue of 2.873 billion yuan, a decrease of 23.18% year-on-year, and a net profit of 738 million yuan, down 47.04% year-on-year [5][6]. - **Earnings Per Share (EPS)**: Basic EPS for the first half of 2024 was 0.87 yuan, a decline of 46.71% year-on-year [5][6]. - **Gross Margin**: The gross margin for the first half of 2024 was 57.95%, down 6.80 percentage points year-on-year [12]. - **Return on Equity (ROE)**: The weighted average ROE was 6.18%, a decrease of 7.32 percentage points year-on-year [12]. - **Cash Flow**: The net cash flow from operating activities was 633 million yuan, down from 1.147 billion yuan in the same period last year [14]. Segment Performance - **Integrated Circuits**: Revenue from integrated circuits was 2.725 billion yuan, down 24.96% year-on-year, accounting for 94.87% of total revenue [9]. - **Smart Security Chips**: Revenue from smart security chips was 1.482 billion yuan, up 0.93% year-on-year, representing 51.57% of total revenue [9]. - **Crystal Components**: Revenue from crystal components was 111 million yuan, up 23.15% year-on-year, accounting for 3.87% of total revenue [9]. Future Outlook - The company expects net profits for 2024-2026 to be 1.871 billion, 2.168 billion, and 2.677 billion yuan respectively, with corresponding EPS of 2.20, 2.55, and 3.15 yuan per share [19]. - The report highlights the company's competitive advantages in special integrated circuits and automotive electronics, which are anticipated to contribute to future revenue growth [17].