Investment Rating - The report maintains an "Overweight" rating for the company [2][6]. Core Views - The company is expected to continue its growth momentum in the second half of 2024, with adjusted net profit forecasts for 2024-2026 being CNY 11.29 billion, CNY 13.86 billion, and CNY 16.08 billion respectively, corresponding to PE ratios of 13.1, 10.7, and 9.2 times based on the closing price on August 26, 2024 [6]. Market Data - As of August 26, 2024, the closing price is CNY 71.44, with a total share capital of 2,073.21 million shares and circulating shares of 1,590 million [3]. Financial Performance - In H1 2024, the company achieved operating revenue of CNY 31.02 billion, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of CNY 4.959 billion, up 13.89% year-on-year [6]. - The quarterly breakdown shows Q1 revenue of CNY 12.614 billion (up 0.26% YoY) and Q2 revenue of CNY 18.406 billion (up 14.74% YoY) [6]. - The gross margin for H1 2024 improved by 3 percentage points to 32.42%, while the net margin increased by 0.86 percentage points to 16.27% [6]. Business Segments - The photovoltaic inverter business generated revenue of CNY 13.09 billion in H1 2024, reflecting a 12.63% year-on-year growth, with a gross margin of 37.62% [6][7]. - The energy storage business reported revenue of CNY 7.82 billion, down 8.3% year-on-year, but with a gross margin of 40.08%, up 12.61 percentage points [7]. - The renewable energy investment and development segment achieved revenue of CNY 8.95 billion, an 18.45% increase year-on-year, with a gross margin of 16.88% [7]. Future Outlook - The company is expected to maintain its leading position in the inverter industry and capitalize on opportunities in the energy storage market, with significant contracts signed for major projects [7].

公 司 点 评 报 告 ＃assAuthor＃ | --- | --- | |---------------------------------|-------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-26 | | 收盘价（元） | 8.90 | | 总股本（百万股） | 2,481.83 | | 流通股本（百万股） | 2,431.73 | | 净资产（百万元） | 12,695.37 | | 总资产（百万元） | 19,378.03 | | 每股净资产（元） 来源： iFinD | 5.12 ，兴业证券经济与金融研究院整理 | 《海格通信 2023 年年报点评： 北斗业务翻倍增长，布局卫星和 低空等新增长点》2024-04-12 《海格通信 2023 年三季报点 评：研发投入持续增长，定增赋 能未来发展》2023-11-08 《海格通信 2023 年中报点评： 持续深耕四大主业，卫星通信领 域成为系统研制厂家》2023-09- 04 shikang@xyzq.com.cn S1220517040001 李 ...

证券研究报告 ＃industryId＃ 软饮料 ＃investSuggestion＃ 公 司 研 究 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 承德露露 （ 000848 ） 000009 ＃title＃ 电商渠道增长靓丽，短期费投力度加大 ＃createTime1＃ 2024 年 08 月 28 日 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-27 | | 收盘价（元） | 7.49 | | 总股本（百万股） | 1,052.55 | | 流通股本（百万股） | 1,039.53 | | 净资产（百万元） | 3,052.36 | | 总资产（百万元） | 3,603.67 | | 每股净资产（元） | 2.90 | ＃相关报告 relatedReport＃ | --- | --- | |--------------|-------------------------------| | | ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][7]. Core Views - The company has experienced significant growth in both domestic and international markets, with a notable increase in net profit driven by improved sales structure and export performance [5][6]. - The demand for new energy vehicles is showing a recovery trend, which is expected to benefit from domestic policies promoting the replacement of old buses with new ones [6][7]. - The company is well-positioned to enhance its market share in overseas markets due to its competitive advantages and strong order continuity [7]. Summary by Sections Market Data - Closing price: 21.13 CNY - Total shares: 2,213.94 million - Net assets: 12,197.78 million CNY - Total assets: 30,567.03 million CNY - Earnings per share: 5.51 CNY [2]. Financial Performance - In H1 2024, the company reported revenue of 16.34 billion CNY, a year-on-year increase of 47.0% - The net profit attributable to shareholders was 1.67 billion CNY, up 255.8% year-on-year - The average selling price (ASP) increased to 795,000 CNY, reflecting an 8.2% year-on-year growth [5][6]. - In Q2 2024, revenue reached 9.72 billion CNY, with a year-on-year growth of 29.0% and a net profit of 1.02 billion CNY, marking a 190.6% increase year-on-year [5][6]. Sales Performance - Total sales volume for large and medium buses in H1 2024 was 18,300 units, a 41.5% increase year-on-year, outperforming the industry growth rate of 35.6% - Domestic and overseas sales volumes were 11,800 and 6,500 units, respectively, with year-on-year increases of 33.7% and 58.5% [6][7]. Profitability - The gross margin for H1 2024 was 25.6%, up 1.8 percentage points year-on-year - The net profit margin for Q2 2024 was 10.5%, reflecting a year-on-year increase of 5.8 percentage points [6][7]. Future Outlook - The company expects continued growth in the second half of 2024, driven by domestic demand for new energy buses and international projects in the Middle East [6][7]. - Profit forecasts for 2024-2026 have been adjusted to 3.518 billion, 4.135 billion, and 5.058 billion CNY, respectively [7].

and Art Print Production Comment Comment Comment Comment of Art Production Comment of Art Production Comment of Art Production Comment Comme yaokang@xyzq.com.cn | --- | --- | |-------------------------------------------|------------------| | | | | | | | | | | ＃市场 ma 数 rk 据 etData ＃ 市场数据日期 | | | 收盘价（元） | 2024-08-26 18.91 | | | | | 总股本（百万股） 流通股本（百万股） | 658.59 540.62 | | 净资产（百万元） | | | 总资产（百万元） | 5070.54 | | | 8177.46 | | 每股净资产(元 ) | 7.52 | 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 印制电路板 ＃investSuggestion＃ 增持 ( ＃ invest ...

证券研究报告 ＃industryId＃ 通信网络设备及器件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 中际旭创 （ 300308 ） 300308 ＃title＃ 盈利能力显著提升，1.6T 产品放量在即 ＃createTime1＃ 2024 年 08 月 27 日 投资要点 | --- | --- | |--------------------|------------| | 市场数据日期 | 2024-08-26 | | 收盘价（元） | 114.34 | | 总股本（百万股） | 1,121.17 | | 流通股本（百万股） | 1,115.71 | | 净资产（百万元） | 16,180.33 | | 总资产（百万元） | 24,422.77 | | 每股净资产(元) | 14.43 | 来源：WIND，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 《【兴证通信】中际旭创年报和 一季报点评：季度业绩符合预 期，未来环比高增趋势明确》 2024-05-09 《【兴证通信】中际旭创三季 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's AIDC business has experienced rapid growth, with revenue increasing by 112.47% YoY to RMB 3.575 billion in H1 2024 [6] - The company has a significant lead in the IDC business, with a total of 76,000 cabinets in operation and an occupancy rate exceeding 90% in mature data centers [6] - The AIDC business has become a new growth driver, with revenue from this segment surging by 1148% YoY to RMB 2.054 billion in H1 2024 [6] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of RMB 967 million, a 37.64% YoY increase [6] - The company plans to distribute a cash dividend of RMB 0.3995 per share (tax inclusive) for every 10 shares [6] - The company's revenue is expected to grow from RMB 4.351 billion in 2023 to RMB 10.881 billion in 2026, with a CAGR of 35.8% [7] Business Segments - IDC business revenue grew by 0.19% YoY to RMB 1.521 billion in H1 2024, with a gross margin of 51.36%, down 5.48 percentage points YoY [6] - AIDC business revenue surged by 1148% YoY to RMB 2.054 billion in H1 2024, with a gross margin of 22.14% [6] Market Position - The company has completed the planning of 7 AIDC intelligent computing infrastructure clusters across 6 core regions, with a total reserve of approximately 320,000 cabinets [6] - The company has attracted leading AI clients to deploy their core training modules in its intelligent computing centers, leading to exponential growth in AIDC business orders [6] Valuation - The company's PE ratio is expected to be 17.7x, 11.9x, and 9.7x for 2024, 2025, and 2026, respectively, based on the closing price on August 26, 2024 [7] - The company's EPS is forecasted to grow from RMB 1.02 in 2023 to RMB 2.33 in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4]. Core Views - The company has shown stable export performance in lubricant additives, with a significant year-on-year increase in export volume and revenue. The export volume for H1 2024 reached 119,800 tons, up 18.27% year-on-year, with an export value of 2.418 billion yuan, up 3.38% year-on-year [1][3]. - The company is successfully transitioning from single-agent products to composite agents, with steady growth in sales and improved market share due to breakthroughs in core customer approvals [1][3]. - The financial outlook is positive, with projected revenue growth from 2.816 billion yuan in 2023 to 4.995 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.3% [2][3]. Financial Summary - For H1 2024, the company reported revenue of 1.5 billion yuan, a year-on-year increase of 12.12%, and a net profit of 319 million yuan, up 27.59% year-on-year. The gross margin for lubricant additives improved to 35.83%, an increase of 2.91 percentage points compared to H1 2023 [3]. - The company's net profit forecast for 2024-2026 is 700 million yuan, 853 million yuan, and 1.025 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.6, 12.8, and 10.6 [3][4]. - The company’s return on equity (ROE) is projected to increase from 19.4% in 2023 to 22.9% by 2026, indicating improving profitability [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation based on expected performance relative to market indices [5]. Core Insights - The company has shown a significant increase in its brokerage business, with a 37.1% year-on-year growth in agency trading volume, leading to a market share increase of 0.18 percentage points to 0.84% [1][2]. - The asset management scale has rebounded, with a 3.5% increase year-on-year to 20.53 billion yuan, indicating potential for performance elasticity due to increased volatility in commodity markets [1][2]. - Risk management and overseas business have emerged as key profit growth areas, with overseas business revenue increasing by 160.1% year-on-year to 0.11 billion yuan [2][3]. - The company is expected to benefit from the growth in asset management scale and increased commodity market volatility, with projected net profits of 2.75 billion yuan and 3.12 billion yuan for 2024 and 2025, respectively, reflecting year-on-year growth of 12.9% and 13.5% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 1.00 billion yuan and net profit of 0.37 billion yuan, representing year-on-year increases of 65.4% and 16.6%, respectively [3]. - The company achieved a weighted average ROE of 5.05%, up by 0.50 percentage points year-on-year [3]. - Investment income has been a major contributor to profit growth, with investment income increasing by 1663.8% year-on-year to 1.26 billion yuan, primarily due to the appreciation of derivative financial instruments [3]. Cost and Expenses - Management expenses increased by 27.3% year-on-year to 1.70 billion yuan, driven by a 32.8% rise in employee compensation [3]. - The net profit margin decreased by 0.97 percentage points to 36.7% due to rising costs [3]. Business Segments - The company has focused on high-margin market-making and over-the-counter derivatives businesses, with OTC derivatives trading nominal principal increasing by 37.83% year-on-year to 539.89 billion yuan [3]. - The company’s market share in market-making reached 12.13%, contributing to a turnaround in the profitability of the risk management segment, which reported a profit of 0.66 billion yuan [3].

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision achieved robust growth in H1 2024, with revenue of 1036 billion yuan (YoY +5 7%) and net profit of 5 4 billion yuan (YoY +23 9%) [2] - Q2 2024 revenue was 511 9 billion yuan (YoY +6 6%, QoQ -2 3%), with net profit of 29 3 billion yuan (YoY +25 1%, QoQ +18 4%) [2] - The company expects Q3 2024 net profit to grow 20%-25% YoY, with revenue increasing 14 4%-26 6% [2] - AI-driven consumer electronics upgrades and rapid growth in automotive and communication businesses are key drivers [2][4] Business Performance Consumer Electronics - H1 2024 revenue: 855 5 billion yuan (YoY +3 25%) [2] - Benefiting from AI-driven market demand, both new and existing products performed well [2] - Gross margin improved to 10 49% in H1 2024 (QoQ +0 98pct) [2] Automotive Business - H1 2024 revenue: 47 6 billion yuan (YoY +48 30%) [2] - Diversified product portfolio including wiring harnesses, connectors, smart cockpits, and autonomous driving solutions [2] - Leveraging global production bases to serve leading automakers [2] Communication Business - H1 2024 revenue: 74 7 billion yuan (YoY +21 65%) [2] - Strong capabilities in electrical/optical connections, power, cooling, and RF products [2] - Comprehensive solutions for server, switch, and base station applications [2] Financial Metrics Profitability - H1 2024 gross margin: 11 71% (YoY +1 07pct) [2] - Q2 2024 gross margin: 12 69% (YoY +1 42pct, QoQ +1 95pct) [2] - ROE expected to increase from 19 5% in 2023 to 21 2% in 2026 [5] Expense Ratios - H1 2024 sales, management, and R&D expense ratios: 0 42%, 2 49%, 4 07% respectively [3] - Q2 2024 R&D expense ratio: 4 52% (YoY +0 81pct) [3] Future Projections - 2024-2026 revenue forecast: 2505 27, 2781 36, 3101 77 billion yuan (YoY +8 0%, +11 0%, +11 5%) [4] - 2024-2026 net profit forecast: 139 44, 179 51, 224 29 billion yuan (YoY +27 3%, +28 7%, +24 9%) [4] - 2024-2026 EPS forecast: 1 94, 2 49, 3 11 yuan [5] Market Data - Closing price (2024-08-23): 37 89 yuan [3] - Market cap: 7203 32 million shares [3] - Net assets: 59518 28 million yuan [3] - Total assets: 182828 4 million yuan [3] Industry Outlook - AI-driven consumer electronics expected to drive new replacement cycles [4] - Automotive and communication businesses positioned as second and third growth engines [4] - Strong capabilities in core technologies (acoustics, optics, electronics, thermal, magnetic, RF) supporting future growth [4]