Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company achieved a net profit attributable to shareholders of approximately 1.197 billion yuan in the first half of 2024, representing a year-on-year increase of about 22%. The net profit for Q2 alone was approximately 722 million yuan, a quarter-on-quarter increase of about 52% [1]. - The company's R&D expenses decreased by approximately 42% year-on-year to 323 million yuan in the first half of 2024, contributing to an increase in net profit margin by 2.1 percentage points to 9.13% [1]. - The international offshore oil and gas engineering industry is gradually recovering, driven by increased capital expenditure from oil companies due to high oil prices. The company completed a steel processing volume of 271,300 tons in the first half of 2024, a year-on-year increase of 16% [1]. - The company signed new contracts worth 12.518 billion yuan in the first half of 2024, with overseas contracts accounting for approximately 39.74% of the total [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of approximately 1.197 billion yuan, up 22% year-on-year, and a net profit of approximately 722 million yuan in Q2, up 52% quarter-on-quarter [1]. - The company’s net profit margin increased to 9.13%, up 2.1 percentage points year-on-year, due to a reduction in R&D expenses and tax refunds [1]. Market Outlook - The report highlights a recovery in the offshore oil and gas engineering industry, supported by China's ongoing energy engineering construction needs [1]. - The company has a robust order backlog of approximately 38.8 billion yuan, providing strong support for long-term business development [1]. Profit Forecast and Valuation - The profit forecasts for the company for 2024, 2025, and 2026 are 2.058 billion yuan, 2.381 billion yuan, and 2.783 billion yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [2].

博俊科技(300926) 公司研究/公司点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 24Q2 业绩强势延续，下游优质客户持续放量 ——24H1 业绩点评 ◼ 事件描述 公司发布 2024 年中报。24H1 公司实现营收约 17.23 亿元，同比 +68.73%；归母净利润约 2.32 亿元，同比+143.66%。其中 24Q2，营收 约 9.25 亿元，同比+52.05%，环比+15.89%；归母净利润约 1.31 亿元， 同比+115.68%，环比+29.83%。 ◼ 核心观点 公司业绩表现亮眼，主要系 1）下游主机厂客户 24Q2 持续放量。 据 Marklines，24Q2，问界 M9 交付 47817 辆，环比+277.91%；理想 L6 于 24 年 4~6 月逐月爬升，分别交付 4756、14810、23329 辆，24Q2 累 计交付 42895 辆；比亚迪宋 PLUS 交付 137572 辆，环比+53.73%，同 比+76.40%；吉利星越 L 交付 56352 辆，环比+9.18%，同比+49.78%。 2）客户及产品双升级。客户端，公司从 Tier1 供应商向整车厂供应 ...

Group 1: Monetary Policy and Financial Data - As of July 2024, M2 increased by 6.30% year-on-year, up by 0.1 percentage points from the previous value[4] - M1 decreased by 6.60%, a decline of 1.60 percentage points compared to the previous value[4] - The total social financing (TSF) stock grew by 8.2% year-on-year, with new TSF in July amounting to 770.8 billion yuan, an increase of 8.20% year-on-year[4][9] Group 2: Credit Demand and Financing Trends - New RMB loans in July were -76.7 billion yuan, marking the first negative value since July 2005, a decrease of 117.2 billion yuan year-on-year[9] - Government bond net financing reached 691.1 billion yuan, an increase of 280.2 billion yuan compared to the same period last year[9] - Non-standard financing decreased by 75.5 billion yuan, with a year-on-year reduction of 97 billion yuan[9] Group 3: Investment Recommendations and Risks - The central bank's counter-cyclical monetary policy space is expected to open up, with potential adjustments in response to recent financial data fluctuations[17] - Future government financing is anticipated to continue supporting TSF growth in the second half of 2024[9] - Risks include geopolitical tensions, unexpected adjustments in U.S. Federal Reserve policies, and domestic price changes exceeding market expectations[19]

Investment Rating - The industry investment rating is maintained at "Overweight" for the electronics sector [1]. Core Insights - Passive Components: Major manufacturers like Murata and TDK are expected to raise prices for certain products, with anticipated increases of approximately 10% to 20% due to the upcoming smartphone season and a recovering PC market, benefiting domestic passive component manufacturers [5][15]. - Computing Chips: E Ink Holdings has developed a new timing control chip, T2000, which is expected to enhance the computing chip supply chain as AI demand continues to rise [5][16]. - Apple Supply Chain: Apple will allow third-party access to its iPhone payment chip, enhancing competition with Apple Pay and potentially accelerating user upgrades, benefiting the related supply chain [5][17]. - Advanced Packaging: TSMC is urgently hiring advanced packaging technicians, with salaries significantly higher than the industry average, indicating the growing importance of advanced packaging in the computing era [5][18]. Summary by Sections 1. Core Insights and Investment Recommendations - The report continues to favor the passive components supply chain, AI-driven computing chip supply chain, Apple Intelligence-related supply chain, and advanced packaging as key areas for investment [6]. 2. Market Review - During the week of August 12-16, the A-share Shenwan Electronics Index rose by 0.66%, outperforming the CSI 300 Index by 0.24 percentage points [8]. - The performance of the Shenwan Electronics secondary sectors varied, with "Other Electronics II" leading at 5.4% growth, while "Electronic Chemicals II" fell by 1.26% [10]. 3. Industry News - Major passive component manufacturers are expected to increase prices by 10% to 20% due to rising demand from smartphone launches and a recovering PC market [15]. - E Ink Holdings announced the development of the T2000 chip, which significantly improves speed and energy efficiency for electronic paper applications [16]. - Apple will permit third-party use of its payment chip, enhancing competition and potentially benefiting the supply chain [17]. - TSMC is actively recruiting for advanced packaging roles, with salaries approximately 40% higher than the industry average, reflecting the growing demand in this area [18]. 4. Company Dynamics - Companies like Sunlord Electronics are positioning their inductors for applications in AI smart glasses, indicating a trend towards integrating basic components into advanced technologies [19]. - KTC focuses on providing thermal management solutions for data centers, showcasing the diversification of electronic component applications [20]. - Ruikeda's connectors are being utilized in flying car projects, highlighting innovation in the industry [21]. 5. Company Announcements - New Clean Energy reported a 15.16% increase in revenue for the first half of 2024, while Crystal Morning's net profit surged by 96.06% [22].

石油石化 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 分析师： 赵飞 E-mail： zhaofei@yongxingsec. com SAC编号： S1760524040002 行 业 周 报 长丝库存明显去化，旺季价差修复可期 ——石油化工行业周报（20240812-20240816） ◼ 市场行情回顾 市场表现 本周（20240812-20240816）中信石油石化板块上涨约 0.66%，上证综 合指数上涨约 0.6%，同上证综合指数相比，石油石化板块领先约 0.06 个百分点。子板块方面，石油石化子板块涨跌互现，其中石油开采、 炼油等子板块涨幅居前。 本周（20240812-20240816）石油石化板块领涨个股包括宝利国际、ST 新潮、中国石油、中国海油、广汇能源等；领跌个股包括沈阳化工、 国际实业、博汇股份、新凤鸣、润贝航科等。其中民营大炼化公司周 度涨跌幅如下：恒力石化（+0.45%）、东方盛虹（-2.48%）、恒逸石化 （-3.14%）、荣盛石化（-4.04%）、桐昆股份（-4.9%）、新凤鸣（-7.66%） 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 ...

传媒 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 3A 级游戏大作《黑神话：悟空》即将推出，相关 板块或将受益 ——传媒行业点评报告 ◼ 事件 据界面新闻消息，3A 级游戏大作《黑神话：悟空》预计将于 2024 年 8 月 20 日上线。市场分析显示，《黑神话：悟空》的预售表现火热， 一个月内销量达到 120 万份，销售额近 4 亿元。根据 Valve 公布的 Steam平台最新一周销量榜（2024年 8 月 6日至 13日），《黑神话：悟 空》预购拿下当期全球第 1 名（排除免费游戏内容和 SteamDeck）。 据财联社报道，8 月 17 日晚，《黑神话：悟空》迎来媒体评分解禁。 截至周六凌晨，52 家全球媒体平均给出了 82 分的评价。 ◼ 核心观点 内容为王，优质内容会获得市场认可。据有连云消息，《黑神话：悟 空》的全球同步上线和在 Steam 平台的高销量，展现了我国文化传媒 行业在全球逐渐具备一定竞争力。《黑神话：悟空》的成功，表明在 内容为王的时代，优质内容的生产者能够获得市场的高度认可和丰厚 的回报。 国产优质游戏有望在全球市场拥有竞争力。据财联社报道，IGN ...

有色金属 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 金价有望震荡向上 ，工业金属承压寻底 ——有色行业周报（2024.8.05-2024.8.09） ◼ 核心要点 1、贵金属 "衰退交易"将取代"降息交易"成为市场主要叙事，美债期限利差 倒挂，国际局势不稳定性加剧，将降低市场的风险偏好。金价有望震 荡向上，中长期仍坚定看好金价走势。美国制造业数据仍处于荣枯线 以下，就业数据持续恶化，美债期限利差倒挂加剧，"衰退交易"将取 代"降息交易"成为市场主要叙事。美国 7 月 ISM 制造业 PMI 指数为 46.8，环比下降 1.7pct，连续 4 个月下降。美国 7 月失业率为 4.3%， 环比增长 0.2pct, 就业市场持续恶化。目前美联储降息仍未落地，当前 市场预期变化较大。综合来看，"衰退交易"将成市场主要叙事，且国 际冲突频发，或将进一步驱动市场寻求避险资产的交易，金价有望震 荡向上，中长期维度看美联储未来降息或仍是金价向好的核心动力， 坚定看好后续金价及相关标的表现。 2、工业金属 短期内铜铝价格承压寻底。美国失业率自 3 月以来连续 4 个月上升， 最新公布的 7 月 ...

汽车 行业研究/行业周报 8 月 1-11 日，乘用车市场零售同比+7% ——汽车行业周报（2024/08/12~2024/08/16） ◼ 行情回顾 过去一周(2024/08/12~2024/08/16），申万汽车行业下跌 0.30%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 14。细分板块涨跌 幅：过去一周(2024/08/12~2024/08/16），商用车涨幅最大，摩托车及 其他跌幅最大。商用车上涨 2.93%，乘用车上涨 0.57%，汽车零部件 下跌 0.74%，汽车服务下跌 0.93%，摩托车及其他下跌 6.44%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2024 年 7 月汽车销量约 226.2 万辆， 环比-11.4%，同比-5.2%。 2）车企端：据乘联会数据，2024 年 7 月，比亚迪、吉利和一汽大众 零售销量位列前三，分别约 31.2、11.8 和 11.4 万辆，份额分别约为 18.1%、6.9%和 6.6%。其中奇瑞汽车、理想汽车分别同比+51.0%、 +49.4%。 3）周度数据： 据乘联会数据，2024 年 8 月 1-11 日，乘用车市场零售 52. ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 通信 行业研究/行业周报 A 中国联通半年报稳健增长，国家能源局推动配电网高 质量发展 ——通信行业周报（2024.8.12-2024.8.16） ◼ 核心观点 本周核心观点与重点要闻回顾 运营商：中国联通半年报稳健增长。据第一财经 8 月 15 日报道，中 国联通当日晚间披露半年报，公司上半年实现营业收入 1973.41 亿 元，同比增长 2.9%；净利润 60.39 亿元，同比增长 10.9%；基本每股 收益 0.19 元。公司拟每 10 股拟派发现金股利人民币 0.959 元（含 税）。我们认为，受益于5G-A持续落地和推进，运营商有望在多领域 持续受益，盈利能力及战略布局有望进一步推进。 电网智能化：国家能源局推动配电网高质量发展。据财联社 8 月 13 日电，国家能源局印发《配电网高质量发展行动实施方案（2024— 2027 年）》。围绕供电能力、抗灾能力和承载能力提升，结合各地实 际，重点推进四个一批建设改造任务。我们认为，随着国家能源局对 电网及配电网高质量发展的推动，产业链相关厂商有望受益。 通信设备：上海推进 5G-A 基站规模部署。据 ...

中小市值 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 海外科技巨头持续发力 AI，龙头公司中报业绩亮眼 ——AI 行业点评报告 ◼ 核心观点 海外 AI 视角：（1）英伟达推出 B200A，2025 年 Blackwell GPU 有望 上量。《科创板日报》8 月 7 日讯，据 TrendForce 集邦咨询，英伟达仍 计划在 2024 年下半年推出 B100 及 B200，供应 CSPs（云端服务业者） 客户，并规划于 2024 年第三季后陆续供货。在 CoWoS-L 良率和量产 尚待整备的情况下，英伟达同步规划降规版 B200A 给其他企业客户， 并转为采用 CoWoS-S 封装技术。B200A 的存储器规格将采用 4 颗 HBM3e（第五代高带宽内存）12hi（12 层堆叠），总容量为 144GB。 预期 OEMs（原始设备制造商）应会于 2025 年上半年正式拿到 B200A 芯片。到 2025 年 Blackwell 平台将占英伟达高端 GPU 逾八成，并促 使英伟达高端 GPU 系列的出货年增率上升至 55%。（2）马斯克旗下 xAI 公司发布 Grok-2 测试版 ...