Investment Rating - The report maintains its investment rating for the industry [1] Core Views - The electricity sector shows a decrease in coal prices and inventory levels, with the current coal market price at 835 RMB/ton, down 1.18% from the previous week [9] - The total electricity consumption in the first seven months of 2024 increased by 7.7% year-on-year, totaling 55,971 billion kWh [37] - The report highlights the approval of 11 nuclear power units by the State Council, indicating ongoing investment in nuclear energy [45] Summary by Sections 1. Electricity Sector Data Tracking - Coal prices have decreased by 1.2% week-on-week, with Qinhuangdao port coal inventory down 3.9% [9] - The Three Gorges Reservoir's inflow and outflow rates have decreased by 16.25% and 36.68% year-on-year, respectively [20] - New wind and solar power installations in the first seven months of 2024 reached 29.91 GW and 125.53 GW, respectively [28] 2. Natural Gas Key Data Tracking - Domestic gas ex-factory prices increased by 0.73%, while imported gas prices decreased by 0.79% [39] - The average ex-factory price for LNG in Shanghai is 4,949 RMB/ton, down 0.14% from the previous week [41] 3. Industry News - In July, total electricity consumption was 939.6 billion kWh, a year-on-year increase of 5.7% [45] - The cumulative installed capacity of power generation reached approximately 3.1 billion kW by the end of July, a 14% increase year-on-year [45]

＃title＃ 交通运输行业周报（2024.8.18-2024.8.24）—— | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

＃title＃ 海外地产周报(2024.08.19-2024.08.25) songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 yanningxin@xyzq.com.cn SAC：S0190521010001 孙钟涟 sunzhonglian@xyzq.com.cn SAC：S0190521080001 请注意：严宁馨、孙钟涟并非 香港证券及期货事务监察委员 会的注册持牌人，不可在香港 从事受监管的活动 地产板块股价表现分化 ＃createTime1＃ 2024 年 08 月 25 日 相关报告 指数表现： | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------------|--------------------|---------------|---------------|---------------| | 《关注房企中期业绩》 | 指数名称 | 指数点位 | 本周涨跌幅(%) | ...

Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power Corporation (CGN) [1][2] Core Views - In the first half of 2024, CGN achieved revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [1] - The company’s operational management of nuclear power units resulted in a total power generation of 113.378 billion kWh, which is flat compared to the previous year, influenced by the commissioning of Fangchenggang Unit 4 and maintenance schedules [1] - The company has received approval for six new nuclear power units in 2024, enhancing future growth certainty, with a total of 16 units approved for construction, amounting to approximately 19.406 million kW [1][2] Financial Summary - Revenue for 2023 is projected at 82.549 billion yuan, with a slight decline of 0.3% year-on-year, while 2024 revenue is expected to increase by 2.7% to 84.767 billion yuan [2][3] - Net profit attributable to shareholders is forecasted to grow from 10.725 billion yuan in 2023 to 11.649 billion yuan in 2024, reflecting an 8.6% increase [2][3] - The gross profit margin is expected to improve slightly from 36.0% in 2023 to 36.6% in 2024, indicating stable profitability [2][3] - The price-to-earnings (PE) ratio is projected to decrease from 23.0 in 2023 to 21.2 in 2024, suggesting a more attractive valuation over time [2][3]

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Viewpoints - The company, Xindong LianKe, is a leading domestic player in high-performance silicon-based MEMS inertial sensors, possessing core technology and achieving stable mass production [4][10]. - The company has demonstrated strong revenue growth, with a CAGR of 41.15% from 0.80 billion to 3.17 billion from 2019 to 2023, and a net profit CAGR of 44.51% from 0.38 billion to 1.65 billion during the same period [4][27]. - The company is well-positioned to benefit from the growing demand in the autonomous driving sector, which is expected to drive sales of high-performance MEMS inertial sensors [4][10]. Summary by Sections Company Overview - Xindong LianKe was founded in 2012 and went public on the STAR Market in June 2023, focusing on high-performance silicon-based MEMS inertial sensors [10]. - The company has achieved significant milestones in product development and validation, leading to increased production and sales [27]. Financial Analysis - The company maintains high gross and net profit margins, with gross margins consistently above 80% and net margins around 50% [4][27]. - Revenue from MEMS gyroscopes constitutes the majority of the company's income, accounting for over 80% of total revenue in recent years [27][34]. Market Trends - The global MEMS inertial sensor market is expected to grow steadily, with increasing applications in high-end industrial, unmanned systems, and high-reliability sectors [4][10]. - The company’s products are competitively priced compared to international counterparts, enhancing its market position [4][32]. Product and Technology - The company specializes in MEMS gyroscopes and accelerometers, with performance metrics that meet international standards [4][19]. - The technology barrier in high-performance MEMS inertial sensors is significant, making it difficult for competitors to catch up quickly [4][10]. Growth Potential - The report forecasts net profits for 2024, 2025, and 2026 to be 2.30 billion, 3.20 billion, and 4.44 billion respectively, with corresponding EPS of 0.58, 0.80, and 1.11 [4][27]. - The increasing number of trial and mass production projects among clients indicates a stable growth trajectory for the company [34].

公 司 研 究 证券研究报告 ＃industryId＃ 电力设备 ＃investSuggestion＃ 公 司 点 评 报 告 ＃分析师： emailAuthor＃ 主要财务指标 会计年度 ＄zycwzb|主要财务指标＄ 2023 2024E 2025E 2026E 营业收入(百万元) 7310 8530 11737 13801 同比增长 4.3% 16.7% 37.6% 17.6% 归母净利润(百万元) 1000 1208 1772 2175 同比增长 18.8% 20.8% 46.7% 22.8% 毛利率 25.2% 23.8% 26.3% 26.5% ROE 15.9% 16.8% 19.7% 19.5% 每股收益(元) 1.5 1.8 2.6 3.2 市盈率 31.9 26.4 18.0 14.7 来源：WIND，兴业证券经济与金融研究院整理 注: 每股收益均按照最新股本摊薄计算 | --- | --- | |-------------------------|-----------| | ＃市场数据 marketData＃ | | | 日期 | 2024-8-21 | | 收盘价（元） | 46.4 ...

.1 公 司 研 究 证券研究报告 ＃industryId＃ 宠物食品 ＃investSuggestion＃ ＃dyCompany 中宠股份＃ （ 002891 ） 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 000009 ＃title＃ 盈利能力持续向好，自主品牌营收或将加速提升 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|--------------------------------------| | | | | ＃市场数据 市场数据日期 | 2024-08-21 | | 收盘价（元） | 42.83 | | | | | 总股本（百万股） | 232.67 | | 流通股本（百万股） | 135.28 | | 净资产（百万元） | 3759.81 | | 总资产（百万元） | 4994.02 | | 每股净资产 ( 元 ) 来源： WIND | 16.16 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证电子】艾为电子 2023 年 报点评：基本面持续改善，24 年 业绩稳健增长可期》2024-04-11 《【兴证电子】艾为电子 2023 年 三季报点评：Q3 收入超预期， 毛利率短期承压》2023-1 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Views - The company reported a revenue of 3.271 billion yuan and a net profit attributable to shareholders of 591 million yuan for the first half of 2024, reflecting a year-on-year decline of 7.28% and 35.73% respectively. In Q2 2024, the revenue was 1.165 billion yuan, with a net profit of 41 million yuan, showing a significant decline of 88.70% year-on-year [3][4]. - The company is currently in an adjustment phase within the liquor industry, focusing on "stabilizing prices, controlling inventory, and enhancing sales" as core principles. It aims to strengthen its market presence in key regions while exploring growth opportunities in its product lines [5][6]. Financial Summary - For 2024, the company expects revenues of 6.733 billion yuan, with a year-on-year decline of 4.9%. The net profit attributable to shareholders is projected to be 1.416 billion yuan, down 20.1% year-on-year. The gross margin is expected to be 72.5% [7][8]. - The company anticipates a gradual recovery in sales rhythm, with projected revenues for 2025 and 2026 at 7.502 billion yuan and 8.281 billion yuan respectively, alongside net profits of 1.564 billion yuan and 1.705 billion yuan [5][7].

公 司 研 究 公 司 点 评 报 告 ＃市场ma数rk据etData＃ 日期 2024-8-21 收盘价（元） 13.99 总股本（百万股） 1408.70 流通股本（百万股） 1368.08 净资产（百万元） 13509.05 总资产（百万元） 56777.53 每股净资产（元） 9.59 来源：WIND，兴业证券经济与金融研究院整理 dongxiaobin@xyzq.com.cn S0190520080001 证券研究报告 ＃industryId＃ 汽车 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 均胜电子 （ 600699 ） 000009 ＃title＃ 24Q2 业绩符合预期，盈利能力稳步提升 ＃createTime1＃ 2024 年 8 月 22 日 于鹏亮 yupengliang@xyzq.com.cn ＃S0 a1 s9 s0A5 u2 t4 h0 o3 r＃0006 投资要点 ＃summary＃ 事件：公司发布 2024 年中报。2024 上半年公司年营收 270.79 亿元，同比+0.24%， ...