建筑材料 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 百强房企销售 8 月延续下滑，静待地产链拐点 ——建材行业周报（2024.8.26-2024.8.30） ◼ 核心观点 本周核心观点与重点要闻回顾 消费建材：百强房企 8 月销售延续下降，新房市场或继续承压。据中 指研究院，2024 年 1-8 月，TOP100 房企销售额同比下降 38.5%，降幅 较上月继续收窄 1.6 个百分点，8 月单月 TOP100 房企销售额同比下降 22.1%，环比降低 2.43%。我们认为，新房市场或继续承压，"以价换 量"下，二手房市场有望保持活跃度。据新京报，8 月 23 日，住建部 举行 "推动高质量发展"主题新闻发布会，表示锁定应在年底前交付 的 396 万套任务目标，将工作目标落实到户，我们认为该举措能够有 效保障保交房工作的顺利进行，有望推动地产高质量发展。 玻纤：据卓创资讯，本周国内无碱粗纱市场行情稳中小涨，截至 8 月 29日，国内 2400tex无碱缠绕直接纱主流成交价在 3600-3700元/吨，全 国均价 3677.50元/吨，环比上周均价持平，同比上涨 3.46%；周内 ...

石油石化 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 美国商业原油库存去化，油价维持震荡 ——石油化工行业周报（20240826-20240830） ◼ 市场行情回顾 市场表现 本周（20240826-20240830）中信石油石化板块提升约 1.92%，上证综 合指数下滑约 0.43%，同上证综合指数相比，石油石化板块领先约 2.34 个百分点。子板块方面，石油石化子板块以上涨为主，其中工程服务、 油田服务等子板块涨幅居前。 本周（20240826-20240830）石油石化板块领涨个股包括 ST 新潮、三 联虹普、海油发展、统一股份、和顺石油等；领跌个股包括广聚能源、 新凤鸣、恒逸石化、石化油服、蓝焰控股等。其中民营大炼化公司周 度涨跌幅如下：东方盛虹（+5.56%）、荣盛石化（+1.38%）、恒力石化 （+1.05%）、桐昆股份（-1.33%）、恒逸石化（-1.78%）、新凤鸣（-3.9%） 等。 ◼ 核心观点 上游板块方面，上周国际油价高位震荡。从周度数据以及 EIA 短期展 望数据来看，尽管未来两年美国原油产量维持增长，但是国际油价重 心仍有望维持在相对高位，持续利好 ...

电力设备 行业研究/行业周报 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|--------------------------------------------------------------------------------------------------| | ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][6]. Core Insights - The automotive market is expected to see stable growth in consumer demand due to supportive policies, with a projected retail market of approximately 184.0 million vehicles in August 2024, reflecting a year-on-year decrease of 4.4% but a month-on-month increase of 7.0% [5][17]. - The market share of new energy vehicles (NEVs) reached about 43.8% in July 2024, indicating ongoing competition in the NEV segment [5][15]. - The report highlights significant sales growth for companies like BYD and Chery, with year-on-year increases of 51.0% and 49.4%, respectively [5][11]. Summary by Sections 1. Market Review - The automotive industry index rose by 2.67% from August 26 to August 30, 2024, outperforming the overall A-share market [6][7]. - The motorcycle and other segments saw the highest increase of 6.10%, while commercial vehicles had the smallest increase of 0.03% [7][9]. 2. Industry Data Tracking - In July 2024, total automotive sales were approximately 2.262 million units, down 11.4% month-on-month and 5.2% year-on-year [11][12]. - Retail sales of passenger vehicles from August 1 to 25, 2024, reached 1.305 million units, a 5% increase compared to the same period in 2023 [16]. 3. Material Price Tracking - As of August 30, 2024, the price of battery-grade lithium carbonate was approximately 74,600 yuan per ton, with no change from the previous week [18][19]. - Copper prices were reported at 73,960 yuan per ton, also unchanged [18][19]. 4. Industry Dynamics - New models launched include the Xpeng MONA MO3 and the Seres M7, indicating ongoing innovation in the market [20][22]. - Partnerships such as the one between Baolong Technology and Yinjing Technology aim to enhance automotive technology solutions [21]. 5. Company Announcements - Hu Guang Co. reported a net profit increase of 721.73% year-on-year for the first half of 2024 [23].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading manufacturer of vacuum cleaners and small home appliances, benefiting from overseas expansion and domestic substitution [4]. - The company has established strategic partnerships with major international brands, enhancing its product offerings and market presence [4]. - The company is positioned to capitalize on the growing demand for electric power steering (EPS) motors in the automotive sector, with significant projects already secured [4]. Summary by Sections Company Overview - The company, established in 2002, focuses on the research and production of motors and vacuum cleaners, primarily targeting the European and American markets [31]. - It is recognized as one of China's top ten vacuum cleaner exporters and has received various industry accolades [31]. Business Performance - The company's revenue grew from 1.201 billion to 2.775 billion yuan from 2019 to 2023, with a CAGR of approximately 23.29% [38]. - The net profit increased from 150 million to 322 million yuan during the same period, with a CAGR of about 21.04% [38]. - The company has seen a recovery in revenue since Q2 2023, maintaining positive growth for four consecutive quarters [38]. Product and Market Development - The company has a diverse product range, including vacuum cleaners and various small appliances, with significant contributions from both segments [41]. - The vacuum cleaner and small appliance segments accounted for 58.77% and 29.62% of total revenue in 2023, respectively [41]. - The company has formed strategic partnerships with leading brands such as TTI, HOT, and SharkNinja, expanding its market reach [33]. Future Growth Prospects - Revenue forecasts for 2024-2026 are projected at 3.585 billion, 4.388 billion, and 5.270 billion yuan, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% respectively [5]. - The net profit is expected to reach 417 million, 519 million, and 638 million yuan during the same period, with corresponding growth rates of 29.5%, 24.5%, and 22.9% [5]. - The company is also exploring opportunities in the humanoid robot sector, leveraging its motor technology [4].

Investment Rating - The report maintains a "Buy" rating for Cixing Co Ltd (300307) [3][6] Core Views - Cixing achieved revenue of RMB 1.278 billion in H1 2024, up 1.00% YoY, with net profit attributable to parent company of RMB 284 million, surging 197.38% YoY [2] - The flat knitting machine business maintained stable growth, generating revenue of RMB 1.129 billion in H1 2024, up 18.93% YoY, driven by replacement demand for existing equipment [2] - The company's gross margin improved to 30.86% in H1 2024, up 3.75 percentage points from 27.11% in the same period last year [2] - The computer flat knitting machine industry is expected to enter a new replacement cycle, with the last peak in 2017 and typical equipment lifespan of 5-8 years [2][3] - The integration of AI, IoT, and big data technologies is enhancing the intelligence of computer flat knitting machines, enabling remote monitoring and management [2] Financial Projections - Revenue is projected to reach RMB 2.68 billion in 2024, RMB 3.15 billion in 2025, and RMB 3.714 billion in 2026, representing YoY growth of 31.9%, 17.5%, and 17.9% respectively [3][5] - Net profit attributable to parent company is forecasted at RMB 387 million in 2024, RMB 258 million in 2025, and RMB 318 million in 2026 [5] - EPS is estimated to be RMB 0.49 in 2024, RMB 0.33 in 2025, and RMB 0.40 in 2026 [3][5] - The company's ROE is expected to improve significantly to 11.6% in 2024 from 3.9% in 2023 [5] Industry Outlook - The computer flat knitting machine market is expected to maintain high prosperity due to technological advancements and replacement demand [2] - The one-piece molding flat knitting machine technology aligns with the "small order, fast return" trend in the downstream apparel industry, potentially becoming a new growth driver [3] - The integration of intelligent technologies is transforming the industry, enabling more complex pattern production and multi-functional capabilities [2]

Group 1: Market Sentiment - The A-share market experienced a slight decline in trading activity, with the average margin financing balance around 1.40 trillion yuan, down 1.19% from the previous week [11][12] - The proportion of financing purchases in total A-share trading volume decreased to 7.46%, a drop of 0.42 percentage points week-on-week [11][12] - The trading activity saw a general decline, with the Wind dual innovation trading volume dropping the most by 11.26%, followed by the ChiNext index at 11.22% [13][15] Group 2: Valuation Trends - The majority of major indices saw a decline in PE valuation percentiles, with the Shanghai Composite Index leading the drop by 1.6 percentage points, while the Shanghai 50 Index increased by 1.6 percentage points [17][21] - The consumer style led the decline in PE valuation percentiles, falling by 2.1 percentage points, while the financial style increased by 1.0 percentage points [21][22] - The building materials sector saw the largest increase in PE valuation percentiles, rising by 16.0 percentage points, while the agriculture, forestry, animal husbandry, and fishery sector experienced a decline of 8.4 percentage points [26]

Investment Rating - The report maintains an "Overweight" rating for the media industry [1]. Core Insights - The gaming sector is expected to benefit from the approval of 117 new game licenses, marking the highest number of approvals this year, with a total of 926 licenses issued so far in 2024, including 76 for imported games [1][6]. - The short video drama sector is poised for growth following Shenzhen's announcement of significant policy support, including a financial allocation of 80 million yuan and the establishment of an investment fund exceeding 200 million yuan [1][6]. - The advertising sector in Shanghai shows signs of recovery, with advertising revenue for 2023 reaching 294.59 billion yuan, a year-on-year increase of 23.7%, and accounting for about one-quarter of the national total [1][6]. Summary by Sections 1. Core Insights and Investment Recommendations - The gaming sector is highlighted due to the recent approval of 117 game licenses, suggesting a focus on companies like 37 Interactive Entertainment, Kaixin Network, and Gigabit [7]. - The short video drama sector is recommended for investment, particularly in companies such as Mango Excellent Media and Zhejiang Cultural Industry [7]. - The advertising sector is also recommended, with a focus on companies like Focus Media and Zhi Zhi Mai [7]. 2. Market Review 2.1. Sector Performance - The media index rose by 4.41% from August 26 to August 30, outperforming the CSI 300 index by 4.58 percentage points [8][10]. - The gaming sector led the performance with a 7.27% increase, followed by digital media (4.61%) and television broadcasting (3.95%) [10][12]. 2.2. Individual Stock Performance - Top-performing stocks included Guangxi Radio and Television (+32.32%) and 365 Network (+23.64%), while the worst performers included CITIC Publishing (-10.47%) and Zhejiang Publishing (-9.07%) [16][17]. 3. Industry News - The approval of 117 game licenses was announced by the National Press and Publication Administration, marking a significant milestone for the gaming industry [18]. - Shenzhen's new policies to support the micro-drama industry were detailed, emphasizing financial backing and the establishment of industry bases [19]. - Shanghai's advertising revenue statistics were released, showcasing a robust growth trend in the advertising sector [20]. 4. Company Dynamics - China Publishing Group signed a strategic cooperation agreement with the Guizhou provincial government to enhance digital economy initiatives [21]. - Douyin launched a new independent search app, indicating a shift in content search dynamics [22]. 5. Company Announcements - 37 Interactive Entertainment reported a total revenue of approximately 9.232 billion yuan for the first half of 2024, reflecting an 18.96% year-on-year increase [23]. - Other companies like Oriental Pearl and Southern Media reported declines in revenue and net profit for the same period [23].

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [5][8]. Core Insights - The foldable screen market is expected to benefit from the exposure of Transsion's new foldable smartphones, Tecno Phantom V Fold2 and Phantom V Flip2, which feature significant design improvements and advanced specifications [5][6]. - Apple's upcoming product launch on September 10 is anticipated to drive the replacement cycle for users, benefiting the related supply chain [6][15]. - The passive components sector, including major manufacturers like Murata and TDK, is expected to see price increases of approximately 10% to 20% due to rising demand from smartphone and PC markets [6][14]. - Advanced packaging equipment sales are projected to grow by over 10% in 2024, driven by increasing demand for AI servers and advancements in packaging technologies [6][16]. Summary by Sections 1. Core Insights and Investment Recommendations - The foldable screen industry is poised for growth with the launch of new models, suggesting a focus on companies like Dongmu Co., Jingyan Technology, and others [8]. - The Apple supply chain is expected to benefit from the new iPhone launch, with recommended companies including Luxshare Precision and others [8]. - The passive components sector is likely to grow due to rising prices and demand, with specific companies highlighted for investment [8]. - The advanced packaging segment is also expected to see accelerated growth, with recommended companies such as Yongxi Electronics and others [8]. 2. Market Review - The A-share Shenwan Electronics Index rose by 3.43% during the week of August 26 to August 30, outperforming the CSI 300 Index by 3.6 percentage points [9][10]. - Among the secondary sectors, "Other Electronics II" saw the highest increase at 5.99%, while "Optical and Optoelectronics" had the lowest at 2.67% [9][10]. 3. Industry News - Major passive component manufacturers are expected to raise prices by 10% to 20% due to market conditions [14]. - Apple has officially announced a product launch event for September 10, expected to unveil new iPhone models [15]. - TrendForce forecasts a growth of over 10% in advanced packaging equipment sales in 2024, driven by AI server demand [16]. - Transsion's new foldable smartphones have been revealed, indicating potential growth in the foldable screen market [17]. 4. Company Dynamics - Unigroup Guowei focuses on special integrated circuits and smart security chips, achieving high-level international certifications [18]. - Silan Microelectronics' subsidiary is expected to release new circuit capacity in Q1 2025, indicating growth in production capabilities [19].

Investment Rating - The industry investment rating is maintained as "Overweight" for the electronics sector [1]. Core Insights - The NAND Flash market is experiencing slight price fluctuations, with a significant year-on-year decrease of 40% in retail channel shipments for consumer NAND Flash in Q2 2024, indicating severe challenges in the global consumer storage market [1][13]. - NAND Flash wafer prices continue to rise, increasing operational costs for module manufacturers, while DRAM prices show minor fluctuations with SK Hynix successfully developing the sixth-generation 10nm (1c) DDR5 DRAM, expected to supply next year [1][14]. - The market for embedded products is seeing price reductions, particularly in low-capacity eMMC products due to weak demand, while high-capacity products are slightly adjusted to capture market share [12]. Summary by Sections 1. Weekly Price Tracking of Storage Chips - NAND Flash prices fluctuated between -1.22% to 4.64% with an average change of 0.51% during the week of August 26 to August 30, 2024 [1]. - DRAM prices showed a range of -4.73% to 0.07%, with an average decline of 1.10% during the same period [1]. 2. Industry News - The supply side of the storage market is showing signs of loosening, with a narrowing of price declines in the channel market after three rounds of price drops [12]. - The consumer storage market is facing significant challenges, with a notable drop in shipments and rising wafer prices impacting operational costs [13]. 3. Company Dynamics - Jiangbolong is adjusting its external and internal production capacities based on business development and customer demand, following acquisitions in Brazil and Suzhou [17]. - Jiangbolong clarified that reports of a "cooperation breakdown" with Kingston are inaccurate, and discussions regarding collaboration are ongoing [18]. 4. Company Announcements - Jiangbolong reported a revenue of approximately 9.039 billion yuan for the first half of 2024, a year-on-year increase of 143.82%, with a net profit of about 594 million yuan, up 199.64% [20].