证券研究报告 | 行业周报 2024 年 08 月 25 日 通信 上海加码低空经济，2024 年世界机器人大会召开，持续看好相关 产业投资机会 股票 股票 投资 EPS （元） PE | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|-------|-------|-------| | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 3.07 | 4.23 | 26.85 | 19.49 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 54.07 | 26.39 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.87 | 14.56 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 16.81 | 14.81 | | 603516.SH | 淳中科技 | 买入 | 0.66 | 1.03 ...

证券研究报告 | 行业周报 2024 年 08 月 25 日 煤炭 | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|-------|-------|--------|-------|-------| | | | | | | | | | 股票 | 股票 | 投资 | E PS | （元） | P E | | | 代码 | 名称 | 评级 | | | | | | 000983.SZ | 山西焦煤 | 增持 | 1.2 | 1.22 | 6.41 | 6.3 | | 600256.SH | 广汇能源 | 买入 | 1.02 | 1.08 | 5.66 | 5.34 | | 600985.SH | 淮北矿业 | 增持 | 2.43 | 2.61 | 5.54 | 5.16 | | 601088.SH | 中国神华 | 增持 | 3.18 | 3.28 | 12.67 | 12.28 | | 601225.SH | 陕西煤业 | 增持 | 2.21 | 2.25 | 10.7 | 10.51 | | 601699.SH | 潞安环能 ...

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 22 日 韦尔股份（603501.SH） 高端手机&汽车 CIS 新品驱动高增，24Q2 归母净利润环比+45% | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 20,078 | 21,021 | 26,936 | 32,046 | 37,948 | | 增长率 yoy（%） | -16.7 | 4.7 | 28.1 | 19.0 | 18.4 | | 归母净利润（百万元） | 990 | 556 | 2,991 | 4,294 | 6,149 | | 增长率 yoy（%） | -77.9 | -43.9 | 438.4 | 43.6 | 43.2 | | ROE（%） | 5.3 | 2.5 | 12.2 | 15.0 | 17.8 | | EPS 最新摊薄（元） ...

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]