Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects driven by AI and SiP technologies [1][4] Core Views - The company's 24H1 performance showed steady growth with revenue of 27.386 billion yuan, up 1.94% YoY, and net profit of 784 million yuan, up 2.23% YoY [1] - The company's SiP business is expected to benefit from the recovery in consumer electronics demand and the "AI+" trend, while its cloud storage business is poised for growth due to increasing demand for AI servers and switches [4] - The automotive electronics business is expected to grow rapidly, driven by the acquisition of Hirschmann Car Communication and the company's existing strengths in wireless communication modules [4] Financial Performance - Revenue for 2024E is projected at 65.205 billion yuan, with a YoY growth of 7.3%, and net profit is expected to reach 2.144 billion yuan, up 10.1% YoY [1] - The company's ROE is forecasted to improve from 11.5% in 2024E to 14.4% in 2026E, reflecting enhanced profitability [1] - EPS is expected to grow from 0.97 yuan in 2024E to 1.50 yuan in 2026E, with a corresponding decline in P/E ratio from 16.0x to 10.3x [1] Business Segments - Cloud and storage revenue grew by 38.96% YoY in 24H1, driven by industry demand recovery and new technology applications [2] - Automotive electronics revenue increased by 37.24% YoY in 24H1, benefiting from the consolidation of Hirschmann Car Communication and organic growth [2] - Industrial product revenue declined by 17.55% YoY in 24H1 due to weak downstream demand, despite a sequential recovery in Q2 [2] Technological Advancements - The company is investing in advanced SiP technology to meet the demand for highly integrated smart terminal products, driven by AI advancements [2] - SiP technology is expected to play a key role in addressing the design complexity of smart wearable devices, particularly in space-constrained products like smart glasses [2] Future Outlook - The company expects Q3 revenue growth to outperform the 16.8% YoY growth seen in the same period last year, with improved operating margins [2] - The cloud storage business is projected to grow significantly in 2024, with AI-related server business expected to nearly double [4] - The automotive electronics business is expected to maintain strong growth momentum, supported by investments in powertrain and power module technologies [4]

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 鸿合科技（002955.SZ） 归母净利润稳步提升，海外业务持续拓展，AI 赋能教育业务创新 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,549 | 3,929 | 4,464 | 5,147 | 6,104 | 股票信息 | | | 增长率 yoy （ % ） | -21.7 | -13.6 | 13.6 | 15.3 | 18.6 | | | | 归母净利润（百万元） | 396 | 323 | 402 | 483 | 585 | 行业 | 电子 | | 增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 5.955 billion yuan, a year-on-year increase of 7.11%, and net profit of 553 million yuan, also up 7.14% year-on-year [1][2] - The gross margin improved to 46.11%, up 1.47 percentage points year-on-year, while the net profit margin remained stable at 9.25% [2] - The company is focusing on brand upgrades and market expansion, particularly in Southeast Asia, where it has opened seven stores in Vietnam and entered the Shopee e-commerce platform [2] Financial Performance - Revenue for 2022 was 13.331 billion yuan, with a projected increase to 14.896 billion yuan in 2024, reflecting a growth rate of 9.0% [1][5] - The net profit for 2022 was 637 million yuan, expected to rise to 1.236 billion yuan by 2024, indicating a growth rate of 10.2% [1][5] - The company's return on equity (ROE) improved from 5.6% in 2022 to a projected 10.2% in 2024 [1][5] Business Segments - In the first half of 2024, revenue from leisure apparel, children's apparel, and other segments were 1.814 billion yuan, 4.070 billion yuan, and 71 million yuan, respectively, with year-on-year growth rates of 7.66%, 6.43%, and 39.80% [2] - Online sales contributed 2.695 billion yuan, while direct sales, franchise sales, and joint sales generated 703 million yuan, 2.401 billion yuan, and 85 million yuan, respectively, with all channels showing stable growth [2] Future Outlook - The company forecasts earnings per share (EPS) of 0.46 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.4X, and 7.5X [4][5]

技（688372.SH）公司动态点评 》2024-03-05 | --- | |------------------------------------------------------| | | | 2 、《 Q3 营收创历史新高，加大研发投入助力长期成长 | | —伟测科技（ 688372.SH ）公司动态点评》 2023-11-14 | | 3 、《 Q2 业绩环比改善，超募资金加码高端测试产能— | | 伟测科技（ 688372 ）公司动态点评》 2023-09-20 | 证券研究报告 | 公司动态点评 2024 年 09 月 03 日 伟测科技（688372.SH） 24H1 营收实现稳健增长，期待高端测试业务助力长期盈利修复 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|---------- ...

买入（维持评级） 股票信息 行业 电子 2024 年 8 月 30 日收盘价（元） 21.84 总市值（百万元） 2,825.00 流通市值（百万元） 2,825.00 总股本（百万股） 129.35 流通股本（百万股） 129.35 近 3 月日均成交额（百万元） 73.94 股价走势 腾景科技（688195.SH） 高速光通信器件需求增长，公司加强重点领域业务布局，助力 24H1 业绩稳步增长 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 344 | 340 | 496 | 673 | 862 | | 增长率 yoy （ % ） | 13.7 | -1.3 | 46.0 | 35.7 | 28.0 | | 归母净利润（百万元） | 58 | 42 | 71 | 103 | 132 | | 增长率 yoy （ % ） | 11 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 源杰科技（688498.SH） 电信及数据中心业务订单复苏，带动公司上半年营收稳步提升 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 283 | 144 | 273 | 461 | 572 | 股票信息 | | | 增长率 yoy （ % ） | 21.9 | -49.0 | 89.0 | 69.0 | 24.0 | | | | 归母净利润（百万元） | 100 | 19 | 46 | 139 | 175 | 行业 | 电子 | | ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 贝泰妮（300957.SZ） 24H1 收入增长 18%，多品牌矩阵日益完善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,014 | 5,522 | 6,586 | 7,656 | 8,837 | 股票信息 | | | 增长率 yoy （ % ） | 24.6 | 10.1 | 19.3 | 16.3 | 15.4 | | | | 归母净利润（百万元） | 1,051 | 757 | 995 | 1,202 | 1,448 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 21.8 | - ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua, expecting the stock price to outperform the industry index by over 15% in the next six months [4][14]. Core Views - China Shenhua's performance in the first half of 2024 met expectations, demonstrating stable operations as an integrated energy giant despite pressures from declining coal prices [3][8]. - The company is expected to maintain a high dividend payout ratio, ensuring shareholder returns [9]. Financial Performance Summary - **Revenue**: In H1 2024, the company achieved revenue of 168.08 billion yuan, a year-on-year decrease of 0.8% [2][3]. - **Net Profit**: The net profit attributable to shareholders was 29.504 billion yuan, down 11.3% year-on-year [2][3]. - **Earnings Per Share (EPS)**: The basic EPS for H1 2024 was 1.485 yuan, a decrease of 11.3% year-on-year [2][3]. - **Return on Equity (ROE)**: The weighted average ROE was 7.32%, down 1.27 percentage points year-on-year [2][3]. Segment Performance Summary - **Coal Business**: - Coal production reached 163 million tons in H1 2024, up 1.6% year-on-year, while coal sales increased by 5.4% to 230 million tons [3][8]. - The average selling price of coal was 566.15 yuan/ton, down 5.8% year-on-year [3][8]. - Gross profit per ton of coal was 147.01 yuan, a decrease of 17.45% year-on-year [3][8]. - **Power Generation**: - Total power generation was 104.04 billion kWh, an increase of 3.8% year-on-year [8]. - The average selling price for coal-fired electricity was 403 yuan/MWh, down 3.13% year-on-year [8]. - The gross profit per MWh for coal-fired power was 43.86 yuan, down 15.86% year-on-year [8]. - **Transportation and Other Segments**: - The railway segment saw a transportation volume of 161.4 billion ton-km, up 7.3% year-on-year [9]. - The port segment handled coal shipments of 11 million tons, a year-on-year increase of 9.3% [9]. - The coal chemical segment reported a revenue of 2.538 billion yuan, down 15.5% year-on-year [9]. Future Projections - Revenue is projected to be 336.12 billion yuan in 2024, 347.39 billion yuan in 2025, and 362.60 billion yuan in 2026 [9]. - Net profit is expected to be 59.87 billion yuan in 2024, 64.16 billion yuan in 2025, and 67.82 billion yuan in 2026 [9]. - The projected EPS for 2024, 2025, and 2026 is 3.01 yuan, 3.23 yuan, and 3.41 yuan respectively [9].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, expecting a stock price increase of over 15% relative to the industry index in the next six months [11]. Core Views - The differentiated product strategy of the company is showing initial success, particularly with the high-voltage conductive carbon black project gradually coming to fruition [4]. - The company reported a significant increase in net profit for the first half of 2024, with a year-on-year growth of 105.94% [2]. - The overall performance of the company is expected to improve further due to the optimization of product structure and the successful implementation of high-value-added products [2][4]. Financial Summary - Revenue for 2022 was 1,835 million, with projections of 1,917 million for 2023, 2,493 million for 2024, 3,006 million for 2025, and 3,324 million for 2026, indicating a growth rate of 26.8% in 2022 and 30.1% in 2024 [1][4]. - Net profit for 2022 was 111 million, with projections of 169 million for 2023, 255 million for 2024, 348 million for 2025, and 397 million for 2026, showing a year-on-year growth of -31.9% in 2022 and 51.2% in 2024 [1][4]. - The company's return on equity (ROE) is projected to increase from 8.3% in 2022 to 13.5% in 2024 [1][4]. Product Performance - In the first half of 2024, the company's revenue from carbon black, silica, and sodium silicate was 5.27 million, 5.07 million, and 0.07 million respectively, with year-on-year changes of -5.12%, 44.66%, and -3.21% [2]. - The gross margin for silica products has significantly increased, attributed to a higher proportion of high-value-added products [2]. - The high-dispersion silica project has reached full operational status, with a capacity utilization rate of 91.13% in the first half of 2024 [2]. Cost and Cash Flow Analysis - Sales expenses increased by 39.63% year-on-year, while financial expenses decreased by 83.03% [2]. - The net cash flow from operating activities for the first half of 2024 was 0.94 billion, a year-on-year increase of 106.81% [2]. - The company's cash and cash equivalents at the end of the period were 6.15 billion, showing a year-on-year decrease of 1.63% [2].

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 珀莱雅（603605.SH） 上半年收入、利润均大幅增长，国货龙头地位不断巩固 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|-----------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 6,385 | 8,905 | 11,249 | 13,904 | 17,015 | | | | 增长率 yoy （ % ） | 37.8 | 39.5 | 26.3 | 23.6 | 22.4 | 股票信息 | | | 归母净利润（百万元） | 817 | 1,1 ...