证券研究报告 | 公司动态点评 2024 年 08 月 25 日 纳芯微（688052.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|--------------------------------|-----------| | 24Q2 | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | 股票信息 | | | | | | | | | 行业 | 电子 | | | | | | | | 2024 年 8 月 23 日收盘价（元） | 95.00 | | | | | | | | 总市值（百万元） | 13,540.20 | | | | | | | | 流通市值（百万元） | 8,867.35 | | | | | | | | 总股本（百万股） | 142.53 | | | | | | | | 流通股本（百万股） | 93.3 ...

证券研究报告 | 公司动态点评 2024 年 08 月 23 日 潞安环能（601699.SH） 24Q2 吨煤盈利持稳，煤炭增储持续推进 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 54,297 | 43,137 | 35,571 | 37,242 | 39,016 | | 增长率 yoy（%） | 19.8 | -20.6 | -17.5 | 4.7 | 4.8 | | 归母净利润（百万元） | 14,175 | 7,922 | 4,562 | 4,631 | 4,883 | | 增长率 yoy（%） | 110.6 | -44.1 | -42.4 | 1.5 | 5.4 | | ROE（%） | 31.8 | 18.8 | 10.7 | 10.5 | 10.9 | | EPS 最新摊薄（元） | 4.74 | ...

Investment Rating - The investment ratings for coal companies are as follows: - Buy: Guanghui Energy (600256.SH) - Hold: Hengyuan Coal Power (600971.SH), Huaibei Mining (600985.SH), China Shenhua (601088.SH), Shaanxi Coal and Energy (601225.SH), Zhongmei Energy (601898.SH), Xinji Energy (601918.SH) [1] Core Viewpoints - The coal industry is expected to maintain high profitability due to tight supply conditions and effective pricing mechanisms established post-supply-side reforms. The overall coal price volatility has decreased, leading to a more stable market environment [1][2][6] - The differentiation in stock performance is attributed to resource endowments and business model variations among companies. Leading firms benefit from high self-produced coal sales and stable pricing due to long-term contracts [2][6] - The essence of high profitability in the coal industry lies in possessing quality operating assets, which ensures higher returns compared to midstream manufacturing sectors. Companies backed by strong shareholder groups have a natural advantage in acquiring quality assets [2][6] Summary by Sections Section 1: High Profitability and Pricing Power - The coal industry has undergone significant changes over the past two decades, characterized by phases of growth, decline, restructuring, and stabilization. The current phase is marked by a return to a tight supply-demand balance, leading to reduced price volatility [13][22] - The supply-side reform has led to a significant reduction in outdated production capacity, with a total of 98 million tons removed, resulting in increased industry concentration [22][24] Section 2: Weakening Price Drivers and Individual Stock Valuation Advantages - The coal price has been on a downward trend in 2024, but the industry has seen a rise in valuations due to strong profitability certainty. This shift indicates a market preference for companies with stable earnings [18][20] - Companies with high long-term contract sales ratios, such as China Shenhua and Shaanxi Coal, exhibit strong performance resilience, while those with integrated coal and power operations show better stability against cyclical fluctuations [2][20] Section 3: Investment Strategy - The report recommends focusing on companies with high long-term contract ratios and stable performance, such as Zhongmei Energy and Shaanxi Coal. Additionally, companies with integrated operations, like China Shenhua and Hengyuan Coal Power, are highlighted for their ability to withstand market fluctuations [6][20]

证券研究报告 | 公司动态点评 2024 年 08 月 25 日 豪迈科技（002595.SZ） 下游维持高景气度，三条业务线稳健增长 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,642 | 7,166 | 8,246 | 9,334 | 10,373 | | 增长率 yoy（%） | 10.6 | 7.9 | 15.1 | 13.2 | 11.1 | | 归母净利润（百万元） | 1,200 | 1,612 | 1,908 | 2,151 | 2,386 | | 增长率 yoy（%） | 14.0 | 34.3 | 18.4 | 12.7 | 11.0 | | ROE（%） | 16.3 | 18.7 | 19.0 | 18.1 | 17.1 | | EPS 最新摊薄（元） | 1.50 | 2.02 | 2.38 | ...

证券研究报告 | 公司动态点评 2024 年 08 月 25 日 天孚通信（300394.SZ） 高速光器件需求持续增长，公司 24H1 营收利润快速增长 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,196 | 1,939 | 3,800 | 5,352 | 7,386 | | 增长率 yoy（%） | 15.9 | 62.0 | 96.0 | 40.9 | 38.0 | | 归母净利润（百万元） | 403 | 730 | 1,434 | 1,994 | 2,667 | | 增长率 yoy（%） | 31.5 | 81.1 | 96.5 | 39.0 | 33.7 | | ROE（%） | 15.4 | 21.7 | 32.7 | 33.0 | 31.9 | | EPS 最新摊薄（元） | 0.73 | 1.32 | 2 ...

买入（维持评级） 股票信息 行业 电子 2024 年 8 月 23 日收盘价（元） 21.47 总市值（百万元） 3,401.27 流通市值（百万元） 3,401.27 总股本（百万股） 158.42 流通股本（百万股） 158.42 近 3 月日均成交额（百万元） 50.28 股价走势 瑞可达（688800.SH） 新能源连接器带动 24H1 收入增长，持续完善产业布局助力公司长 期发展 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,625 | 1,555 | 2,208 | 2,606 | 2,996 | | 增长率 yoy （ % ） | 80.2 | -4.3 | 42.0 | 18.0 | 15.0 | | 归母净利润（百万元） | 253 | 137 | 147 | 206 | 264 | | 增长率 yoy （ ...

Investment Rating - The report maintains a "Buy" rating for Taihe New Materials [1][4][10] Core Views - The performance of Taihe New Materials is under pressure due to losses in the spandex segment, but there is optimism regarding the industrialization process of aramid coating films [1][4] - The company reported a slight increase in revenue for the first half of 2024, but a significant decline in net profit, primarily due to the oversupply in the spandex industry [2][4] - Long-term growth is expected in the aramid sector, driven by demand from the new energy and automotive industries, with the company positioned well due to its early investments in aramid production [4][5] Financial Summary - Revenue for 2024 is projected to be 43.14 billion, with a year-on-year growth of 9.9% [4] - The net profit for 2024 is expected to be 3.11 billion, reflecting a decline of 6.6% year-on-year [4] - The company’s aramid production capacity is approximately 32,000 tons, ranking third globally, and it is the only domestic company with an annual output exceeding 10,000 tons [4][5] - The report highlights a significant drop in the gross margin for spandex products, which was -8.99% in the first half of 2024, while aramid products maintained a gross margin of 38.48% [2][4] Cash Flow and Expenses - Operating cash flow for the first half of 2024 decreased by 56.68% to 0.66 billion [2][4] - Sales expenses increased by 5.74%, while financial expenses rose by 60.30% [2][4] - The company’s cash and cash equivalents at the end of the first half of 2024 were 1.783 billion, down 34.19% year-on-year [2][4]

证券研究报告 | 公司动态点评 2024 年 08 月 23 日 乾照光电（300102.SZ） 24Q2 同环比大幅扭亏，LED+太阳能电池双轮驱动长期发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,698 | 2,387 | 2,984 | 3,541 | 4,072 | 股票信息 | | | 增长率 yoy （ % ） | -9.7 | 40.6 | 25.0 | 18.7 | 15.0 | | | | 归母净利润（百万元） | -50 | 32 | 122 | 158 | 206 | 行业 | 电子 | | 增长 ...

证券研究报告 | 公司动态点评 2024 年 08 月 22 日 南芯科技（688484.SH） 24 年 H1 业绩同比高增，有望受益 AI 手机带来新增长空间 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,301 | 1,780 | 2,421 | 3,225 | 4,196 | 股票信息 | | | 增长率 yoy （ % ） | 32.2 | 36.9 | 36.0 | 33.2 | 30.1 | | | | 归母净利润（百万元） | 246 | 261 | 397 | 554 | 709 | 行业 | 电子 | | ...

证券研究报告 | 公司动态点评 2024 年 08 月 22 日 东山精密（002384.SZ） 24H1 营收稳健增长，看好 AI 驱动下半年旺季表现 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|--------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 31,580 | 33,651 | 37,749 | 43,370 | 49,690 | 股票信息 | | | 增长率 yoy（%） | -0.7 | 6.6 | 12.2 | 14.9 | 14.6 | | | | 归母净利润（百万元） | 2,368 | 1,965 | 2,166 | 3,025 | 3,752 | 行业 | 电子 | ...