证券研究报告 | 公司动态点评 2024 年 08 月 22 日 捷佳伟创（300724.SZ） 24H1 业绩高增，平台型企业技术卓越 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,005 | 8,733 | 15,327 | 20,324 | 23,799 | | 增长率 yoy（%） | 19.0 | 45.4 | 75.5 | 32.6 | 17.1 | | 归母净利润（百万元） | 1,047 | 1,634 | 2,669 | 3,479 | 3,913 | | 增长率 yoy（%） | 45.9 | 56.0 | 63.4 | 30.4 | 12.5 | | ROE（%） | 14.5 | 18.7 | 24.3 | 24.3 | 21.7 | | EPS 最新摊薄（元） | 3.01 | 4.69 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company's performance is under short-term pressure, but there is optimism regarding the future potential of the Jilong Copper Mine [6]. - The company's revenue and net profit are expected to decline in 2024, but a recovery is anticipated in subsequent years due to resource reserves and ongoing projects [6]. Financial Performance Summary - **Revenue (Million CNY)**: - 2022A: 8,194 - 2023A: 5,226 - 2024E: 3,324 - 2025E: 3,978 - 2026E: 4,907 - YoY Growth: 2023A: -36.2%, 2024E: -36.4%, 2025E: 19.7%, 2026E: 23.3% [6][8]. - **Net Profit (Million CNY)**: - 2022A: 5,655 - 2023A: 3,420 - 2024E: 2,506 - 2025E: 2,935 - 2026E: 4,144 - YoY Growth: 2023A: -39.5%, 2024E: -26.7%, 2025E: 17.1%, 2026E: 41.2% [6][8]. - **EPS (CNY)**: - 2022A: 3.58 - 2023A: 2.16 - 2024E: 1.59 - 2025E: 1.86 - 2026E: 2.62 [6][8]. Product Performance Summary - The company's main products, potassium chloride and lithium carbonate, saw significant revenue declines in 1H24, with year-over-year decreases of 32.70% and 43.39%, respectively [2]. - The average selling price of potassium chloride decreased by 26.52% to 2,265.41 CNY/ton, while lithium carbonate's price dropped by 63.90% to 93,892.80 CNY/ton [2]. Project Development Summary - The Jilong Copper Mine is expected to significantly increase its production capacity, with plans to expand from 150,000 tons/day to 350,000 tons/day, potentially making it the largest copper mine globally [6]. - The company has a rich reserve of resources and is progressing with various projects, including the Xizang Mami Cuo project and the Laos potassium salt mine project [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company achieved rapid growth in Q2 2024, with total revenue reaching 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [2]. - The company has a strong order backlog, with new orders amounting to 6.285 billion yuan in the first half of 2024, reflecting a year-on-year increase of 8.74% [2]. - The company is focusing on R&D, with investments totaling 178 million yuan in the first half of 2024, a year-on-year increase of 37.01%, which supports stable order growth [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.418 billion yuan, up 75.48% year-on-year, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [1]. - The gross margin and net margin for the first half of 2024 were 33.81% and 18.19%, respectively, showing a slight decline compared to the previous year [2]. - The company’s return on equity (ROE) is projected to be 35.7% in 2024, indicating strong profitability [1][7]. Market and Product Insights - The photovoltaic equipment market is experiencing a slowdown in demand growth, with new installations in China reaching 102.48 GW in the first half of 2024, a year-on-year increase of 30.7% [3]. - The energy storage market is expected to continue growing, driven primarily by power storage needs, with new installations in the first half of 2024 increasing by 48.5% year-on-year [3]. - The semiconductor packaging sector presents significant opportunities for domestic substitution, as the industry is expected to recover in the second half of 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of continued growth in niche memory and MCU market share [1] Core Views - The company's 24Q2 net profit attributable to parent company increased by 52% QoQ, driven by improved profitability and recovery in consumer/network communication demand [1] - Revenue for 24H1 reached 3.609 billion yuan, up 21.69% YoY, with net profit attributable to parent company increasing by 53.88% YoY [7] - The company's Serial Nor Flash holds the second global market share (2023), and its MCU ranks seventh globally (2022) [1] Financial Performance Revenue and Profit - 24Q2 revenue reached 1.982 billion yuan, up 21.78% QoQ, with net profit attributable to parent company at 312 million yuan, up 52.46% QoQ [5] - 24H1 storage chip revenue accounted for 72% of total revenue, reaching 2.605 billion yuan, up 115% YoY [1] - MCU revenue in 24H1 was 805 million yuan, accounting for 22% of total revenue, up 187% YoY [1] Profitability - 24Q2 gross margin was 38.15%, slightly down 0.01pct QoQ, while net margin improved by 3.17pct to 15.75% [5] - Storage chip gross margin improved to 39.24% in 24H1, up from 33.00% in 2023 [1] Future Projections - Expected net profit attributable to parent company for 24-26E is 1.054/1.470/1.914 billion yuan, with corresponding P/E ratios of 50.1/35.9/27.6x [1] - Revenue growth is projected at 29.1%/24.1%/14.5% for 24E/25E/26E [1] Business Segments Storage Chips - The company's self-developed DDR3L and DDR4 have covered major customers in network communication/TV fields, with 8Gb DRAM successfully taped out [1] - NAND capacity covers 1Gb~8Gb, achieving full product coverage in consumer/industrial/automotive fields [1] MCU - MCU business is expected to benefit from industrial market demand recovery in 24H2 [1] - Automotive-grade product solutions have been applied in batches by multiple car manufacturers [1] Sensors - Sensor revenue in 24H1 was 192 million yuan, accounting for 5% of total revenue, up 9% YoY [1] Market Position - The company holds a strong position in the global market for Serial Nor Flash and MCU, with rapid growth in self-developed DRAM [1]

证券研究报告 | 公司动态点评 2024 年 08 月 22 日 江中药业（600750.SH） 2024Q2 利润增速放缓，积极进行现金分红 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 3,885 | 4,390 | 4,275 | 4,756 | 5,425 | 股票信息 | | | 增长率 yoy （ % ） | 35.2 | 13.0 | -2.6 | 11.3 | 14.1 | | | | 归母净利润（百万元） | 598 | 708 | 795 | 902 | 1,038 | 行业 | 医药 | | 增长率 yoy （ % ） | 18.3 | 18.4 | 12.3 ...

证券研究报告 | 公司动态点评 2024 年 08 月 21 日 兆易创新（603986.SH） 24Q2 归母净利润环比+52%，加速提升利基型存储&MCU 市占率 财务指标 2022A 2023A 2024E 2025E 2026E 消费/网通市场需求回暖，24Q2 归母净利润环比增长 52%，盈利能力改善。 24H1 营收 36.09 亿元，同比增长 21.69%，归母净利润 5.17 亿元，同比增 长 53.88%，扣非归母净利润 4.73 亿元，同比增长 71.87%。营收同比增长 主要受益于消费/网通市场需求回暖，存储芯片销量增长。 24Q2 单季度营收 19.82 亿元，环比增长 21.78%，归母净利润 3.12 亿元， 环比增长 52.46%，扣非归母净利润 2.90 亿元，环比增长 57.66%；毛利率 38.15%，环比小幅下降 0.01pct，净利率 15.75%，环比提升 3.17pct，扣非 归母净利率 14.62%，环比提升 3.33pct。净利率环比提升主要受益于随着营 收环比增长，研发费用率环比下降 2.41pct。 利基型存储量价齐升，工业领域需求复苏拉动 MCU出货同比增 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Views - The company has shown significant revenue growth in H1 2024, achieving 125 million yuan, a year-on-year increase of 58.84%, and a net profit of 5 million yuan, up 120.09% year-on-year [1][2] - The semiconductor industry is experiencing a recovery, leading to increased orders for the company, which is expected to benefit from the demand for semiconductor materials [2][3] - The company is enhancing its product structure and expanding its sales network to meet the new market demands arising from the industry's recovery [2] Financial Summary - In H1 2024, the company's gross margin was 25.26%, a decrease of 4.29 percentage points year-on-year, while the net margin increased by 34.06 percentage points to 4.39% [2] - The company's revenue from large-diameter silicon materials reached approximately 80.4 million yuan, with a gross margin of 57.75% [2] - The company plans to achieve steady revenue growth from silicon component products, which have already entered the supply chains of leading domestic integrated circuit manufacturers [3] Earnings Forecast - The company forecasts net profits of 4.3 million yuan, 14.4 million yuan, and 17.3 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.25 yuan, 0.84 yuan, and 1.02 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [13]. Core Insights - The company has experienced a slight decline in revenue and net profit in the first half of 2024, with revenue at 2.926 billion yuan, a year-on-year increase of 1.62%, and net profit at 236 million yuan, a year-on-year decrease of 22.99% [1][2]. - The company is focusing on optimizing its product structure, with high-end PCB products now accounting for over 60% of total revenue, driven by significant growth in IC substrates, which saw a 90.16% year-on-year increase [2]. - The company is increasing its R&D investment, with 166 million yuan spent in the first half of 2024, a 3.86% increase year-on-year, to enhance its competitive edge in high-tech products, particularly in the 5G application sector [2]. Financial Summary - The company's projected net profits for 2024-2026 are 473 million, 551 million, and 649 million yuan, respectively, with corresponding EPS of 0.43, 0.50, and 0.59 yuan [5]. - Revenue is expected to grow from 6.305 billion yuan in 2024 to 7.770 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.4% [1][5]. - The company's P/E ratio is projected to decrease from 19 times in 2024 to 14 times in 2026, indicating a potential increase in valuation as earnings grow [5][8].

Central Policy - The State Council issued a plan to establish a dual control system for carbon emissions, aiming to create a national greenhouse gas emission factor database by 2025[1] - The plan focuses on key industries such as electricity, steel, and construction, implementing stricter controls on sectors with rapid emission growth[1] - By 2030, the energy-saving and environmental protection industry is expected to reach a scale of approximately 15 trillion yuan, with non-fossil energy consumption accounting for about 25%[1] Regional Policy - Shanghai's three major leading industry mother funds have a total scale of 100 billion yuan, focusing on integrated circuits, biomedicine, and artificial intelligence[2] - Shenzhen's action plan aims to strengthen foundational research and technological innovation in artificial intelligence, emphasizing key technology areas such as smart chips and intelligent sensors[2] Market Trends - The report highlights recent market performance in the new productivity-related sectors, including renewable energy and electronics, with specific indices provided for photovoltaic and wind power equipment[6][7] - Risk factors include industry overcapacity, slower-than-expected demand recovery, and potential deterioration in competitive landscape[10]

Investment Rating - The report maintains a "stronger than the market" rating for the traditional Chinese medicine industry, indicating an expectation for the industry to outperform the market in the next six months [21]. Core Insights - The traditional Chinese medicine industry outperformed the market by 1.12 percentage points during the week of July 29 to August 2, 2024, with a 1.62% increase compared to a 0.50% increase in the Shanghai Composite Index and a 0.73% decrease in the CSI 300 [4][6]. - The current price-to-earnings (PE) ratio for the traditional Chinese medicine industry is 25.1X, down from a median of 30.60X since the beginning of 2023, indicating that the industry is still valued at a relatively low level [10]. - The PE ratio of the traditional Chinese medicine industry compared to the CSI 300 is currently at 2.17, which is below the median of 2.61, suggesting that the industry remains undervalued [10]. - The traditional Chinese medicine material price index decreased by 0.93% week-on-week, indicating a slight decline in material costs [13]. Summary by Sections Market Review - The traditional Chinese medicine industry outperformed the broader market by 1.12 percentage points during the specified week, with significant gains in the sector [4]. - The industry has shown a low valuation level, with the current PE ratio at 25.1X compared to a historical median of 30.60X [10]. Industry Dynamics - The report highlights the release of the "Guiding Opinions on Improving the Long-term Mechanism for Basic Medical Insurance Participation" by the State Council, which aims to enhance the basic medical insurance system [15]. - The National Administration of Traditional Chinese Medicine introduced the "Standardization Action Plan for Traditional Chinese Medicine (2024-2026)" to improve standardization in the industry [15][16].