Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue and net profit showing positive growth. The growth is attributed to the recovery in demand for MLCC dielectric powder products and the increasing market demand for catalytic materials and precision ceramics [2][3]. - The company is expected to achieve revenue of 46.23 billion, 55.97 billion, and 61.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.55 billion, 9.37 billion, and 11.62 billion yuan [8]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit of 330 million yuan, up 3.60% year-on-year. The net cash flow from operating activities increased significantly by 61.25% year-on-year to 154 million yuan [1][2]. - The overall gross margin for the first half of 2024 was 39.89%, an increase of 2.39 percentage points compared to the same period last year [2]. - The company's revenue and net profit are projected to grow at compound annual growth rates (CAGR) of 19.8% and 32.6% respectively from 2023 to 2024 [10]. Business Segment Performance - The electronic materials segment reported revenue of 279 million yuan in the first half of 2024, a decrease of 2.19% year-on-year, while the gross margin improved to 35.58% [3]. - The catalytic materials segment achieved revenue of 406 million yuan, a year-on-year increase of 21.20%, with a gross margin of 43.56% [7]. - The precision ceramics segment is expected to benefit from the rapid development of the global new energy industry, with multiple products gradually releasing performance [7]. Future Outlook - The company is focusing on enhancing product applications in automotive and AI-related fields, which is expected to drive continued recovery in performance [7]. - The report highlights the ongoing trend of domestic substitution in various product lines, particularly in MLCC dielectric powder and electronic materials [3][8].

Investment Rating - The report maintains a "Buy" rating for TSMC, expecting the stock price to outperform the industry index by over 15% in the next six months [10]. Core Insights - TSMC has confirmed a growth trend in the semiconductor industry and has raised its revenue growth guidance for the year to approximately 25% [5]. - The company reported Q2 2024 revenue of NT$673.51 billion, a year-on-year increase of 40.1%, and a net profit of NT$247.85 billion, up 36.3% year-on-year [1]. - Advanced process technology (3nm and 5nm) demand has significantly contributed to revenue, with high-performance computing (HPC) now accounting for over 50% of revenue [2]. Financial Performance - Revenue (in million USD): - 2022: 73,670 - 2023: 70,599 - 2024E: 88,851 - 2025E: 110,815 - 2026E: 133,985 [1] - Net Profit (in million USD): - 2022: 32,311 - 2023: 27,816 - 2024E: 34,319 - 2025E: 43,599 - 2026E: 53,179 [1] - The company expects a long-term gross margin of 53% or higher, driven by strong demand and pricing power in advanced packaging and process technologies [2]. Market Dynamics - The advanced process technology utilization rate has reached 100%, prompting TSMC to increase production capacity and adjust pricing for certain products [2]. - The semiconductor manufacturing market is projected to grow by approximately 10% in 2024, with TSMC's revenue growth rate expected to be around 25% [5]. - TSMC plans to increase its capital expenditure budget to $30-32 billion to support future growth trends, particularly in AI and high-end smartphones [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company is expected to achieve record revenue in Q2 2024, driven by strong performance in high-end mobile and automotive markets, with a forecasted revenue of 6.26 to 6.54 billion yuan, representing a year-on-year increase of 41.5% [2][6]. - The company is positioned as a leading image sensor manufacturer, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [2][8]. Financial Summary - **Revenue Growth**: The company reported a revenue of 20,078 million yuan in 2022, with a projected increase to 26,936 million yuan in 2024, reflecting a year-on-year growth rate of 28.1% [2][12]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 990 million yuan in 2022 to 2,991 million yuan in 2024, showing a substantial growth rate of 438.4% [2][12]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.81 yuan in 2022 to 2.46 yuan in 2024 [2][12]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to decrease from 127.2 in 2022 to 42.1 in 2024, indicating improved valuation metrics as earnings grow [2][12]. Market Performance - The company is benefiting from strong demand for new CIS products in both the smartphone and automotive sectors, with smartphone revenue contributing 50% and automotive revenue contributing 30% to total revenue in 2023 [2][8]. - The introduction of high-specification CIS products like OV50H and OV50K40 is expected to enhance the company's market position in high-end smartphones [2][8]. Strategic Developments - The company has formed strategic collaborations to enhance its automotive platform, integrating storage, analog, and sensor technologies [2][8]. - The company is actively adjusting its business layout through acquisitions and divestitures to capture growth opportunities in emerging sectors [2][8].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [7]. Core Viewpoints - The company focuses on LED commercial and industrial lighting, showing promising growth potential. It has a strong overseas market presence, with over 95% of its revenue coming from international sales [4][16]. - The LED lighting industry is experiencing a steady increase in penetration rates and market demand, with a projected global market size exceeding $100 billion in 2023 [5][48]. - The company has demonstrated excellent profitability and is expected to continue growing, with projected net profits increasing by 17% to 20% from 2024 to 2026 [16]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of LED green lighting products, with applications in commercial, industrial, and special lighting [4][39]. - As of Q1 2024, the company reported revenues of 349 million yuan, a slight decrease of 0.18% year-on-year, while net profit increased by 13.53% to 50.9 million yuan [4][42]. - The revenue breakdown for 2023 shows commercial lighting at 56.78%, industrial lighting at 37.81%, and special lighting at 5.33% [46]. Industry Overview - The LED lighting industry is characterized by its high efficiency, long lifespan, and diverse applications, with China accounting for approximately 70% of the global LED lighting export value [2][50]. - The market is highly fragmented, but the concentration of leading companies is expected to increase, particularly in the smart and specialty lighting segments [3][60]. Market Demand - The penetration rate of LED lighting is rapidly increasing, with China's growth outpacing the global average. The overall market for LED lighting in China has shown a compound annual growth rate (CAGR) of 13.4% from 2012 to 2022 [5][78]. - The commercial and industrial lighting market alone has a potential space exceeding $20 billion, indicating significant growth opportunities [5]. Company Business - The company has a strong financial position with low debt levels and a high dividend payout ratio, with cash dividends in 2023 reaching 108% of net profit [10]. - The company is actively expanding its production capacity, with significant investments planned for automation and R&D, supported by an IPO fundraising of 1.102 billion yuan [11][66]. - The company is also diversifying its market reach by exploring new regions and product lines, particularly in specialty lighting, which has a global market potential exceeding $10 billion [16].

证券研究报告 | 行业周报 2024 年 06月 18日 通信 苹果 WWDC24 召开，Optimus 加速落地，持续看好 Al 产业链投 资机会 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 002881.SZ 美格智能 买入 0.46 0.65 45.7 32.34 行业走势 300308.SZ 中际旭创 买入 4.54 6.25 31.39 22.80 300394.SZ 天孚通信 买入 6.15 8.66 15.75 11.19 通信 沪深300 600941.SH 中国移动 买入 6.70 7.45 14.76 13.28 3% 601728.SH 中国电信 买入 0.37 0.42 15.35 13.52 -2% 688668.SH 鼎通科技 买入 0.96 1.29 47.14 35.08 -7% -12% 资料来源：长城证券产业金融研究院 -17% -22% 本周策略观点： -27% -32% 1. 苹果 WWDC24召开，持续看好 AI产业链投资机会。2024年 6月 11 2023-06 2023-10 2 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5] Core Views - The company experienced significant year-on-year growth in Q1 2024, driven by increased shipments of high-pixel products and a recovery in the consumer market [2][5] - The overall performance in 2023 was under pressure due to a sluggish consumer electronics market and intensified price competition [2][5] - The company is expanding its presence in non-mobile CMOS fields, with promising prospects for display driver chips [2][5] Financial Summary - In 2023, the company reported revenue of 4.697 billion yuan, a decrease of 20.97% year-on-year, and a net profit of 48 million yuan, down 89.01% year-on-year [1][2] - For Q1 2024, the company achieved revenue of 1.289 billion yuan, a year-on-year increase of 51.13%, and a net profit of 30 million yuan, marking a return to profitability [1][2] - The projected net profits for 2024-2026 are 254 million yuan, 476 million yuan, and 631 million yuan, respectively, with corresponding EPS of 0.10 yuan, 0.18 yuan, and 0.24 yuan [5][8] Market Position and Product Development - The company has successfully launched high-pixel image sensors, including 32 million pixel products, which are now being shipped to multiple smartphone brands [5][8] - The company is also advancing in the automotive electronics sector, achieving over 200 million yuan in sales in the aftermarket for its products [2][5] - The report highlights the company's efforts in developing AMOLED display driver IC products, which are expected to become a significant growth driver in the future [5][8]

证券研究报告 | 行业深度报告 2024年 06月 17日 机械 3D 打印技术革新 3C 行业：成本精细化分析与市场展望 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 688333.SH 铂力特 增持 1.14 1.84 47.9 29.68 行业走势 688433.SH 华曙高科 增持 0.57 0.89 37.96 24.31 机械 沪深300 资料来源：长城证券产业金融研究院 4% 行业现状：钛合金材料性能优越，成为 3C消费终端材料的新选择。钛合金 -1% -6% 具有强度高、热强度高、抗腐蚀性好、低温性能好、化学活性大、导热系数 -11% 小、弹性模量小的优势，目前 3C企业纷纷开始使用钛合金材料并尝试以 3D -16% 打印方式生产钛合金零部件。例如：1）荣耀：2023年 7月发布的 MagicV2 -21% 是全球首款采用钛合金铰链的折叠旗舰机，并且铰链的轴盖部分首次采用钛 -26% 合金 3D打印工艺；2）苹果：2023年推出的 Apple Watch产品部分钛金属 -31% 机构件就采用到了 3D打印技术。加 ...

Investment Rating - The report maintains an "Outperform" rating for the energy sector, emphasizing the digital transformation as a core driver for the next energy revolution [3]. Core Insights - The digitalization of the energy sector is essential for achieving carbon neutrality and peak carbon emissions, with smart grids playing a crucial role in stabilizing renewable energy supply [3][26]. - The smart grid market has shown a compound annual growth rate (CAGR) of 15.52% over the past five years, indicating robust growth potential [3][19]. - Investment in smart grids is expected to increase, with the proportion of smart grid investment in total grid investment rising from 6.2% in the first phase (2009-2010) to 12.5% in the third phase (2016-2020) [3][19]. Summary by Sections 1. Review of State Grid and Southern Grid Investments and Policy Analysis - Continuous strengthening of funding support for grid construction, with a reported 5.25% year-on-year increase in total grid investment in 2023 [9]. - The State Grid's investment reached a historical high of 501.2 billion yuan in 2022, with expectations to exceed 520 billion yuan in 2023 [9][12]. - The Southern Grid plans to invest 670 billion yuan during the 14th Five-Year Plan, focusing on new power system construction [9][12]. 2. Digital and Intelligent Power "Generation, Transmission, Transformation, Distribution, and Use" - The need for timely data analysis and power generation forecasting has become essential at the generation end [27]. - Digitalization is crucial for ensuring the safety of high-voltage transmission [34]. - Intelligent transformation at substations enhances the coordination between power equipment [39]. 3. Beneficiary Segments and Product Analysis - The smart sensor market is steadily growing, with power inspection robots expected to become a necessity [5]. - The demand for intelligent power scheduling and forecasting systems is increasing due to the rise in renewable energy installations [5]. - The global demand for smart meters is expected to significantly boost industry prosperity [5]. 4. Recommended Stocks in the Energy IT Sector - Longxin Group is positioned well under the dual-wheel strategy in the context of carbon neutrality [5]. - Guodian NARI covers four major sectors and is seen as a restructured energy giant [5]. - State Grid Information Communication is undergoing a business transformation post-asset restructuring [5].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4] Core Views - The company's performance has been impacted by weak downstream demand, but the semiconductor business is expected to aid in performance recovery [2][4] - In 2023, the consumer electronics market faced persistent unfavorable factors, leading to a decline in the company's performance [2] - The company has made significant progress in the semiconductor sector, achieving a sales revenue of 395 million in 2023, representing a year-on-year growth of 116.02% [4] Financial Summary - In 2023, the company's revenue was 2,429 million, down 11.03% year-on-year, with a net profit of 150 million, down 44.79% year-on-year [1][2] - The gross profit margin for 2023 was 48.95%, an increase of 4.56 percentage points year-on-year, while the net profit margin was 3.68%, a decrease of 3.94 percentage points [2] - The company expects revenues to recover to 2,880 million in 2024, with a projected net profit of 261 million [1][4] Business Development - The company has focused on optimizing its product structure and has achieved breakthroughs in smart and precision optical instruments, gaining repeat orders from core domestic and international clients [2][4] - The company is actively expanding its semiconductor business, with a strategic focus on advanced packaging technology and deepening cooperation with core customers [4] - As of April 23, 2024, the company has approximately 1.248 billion in hand orders in the display sector and 1.602 billion in the semiconductor sector [4]

证券研究报告 | 行业深度报告 2024年 06月 17日 机械 3D 打印技术革新 3C 行业：成本精细化分析与市场展望 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 688333.SH 铂力特 增持 1.14 1.84 47.9 29.68 行业走势 688433.SH 华曙高科 增持 0.57 0.89 37.96 24.31 机械 沪深300 资料来源：长城证券产业金融研究院 4% 行业现状：钛合金材料性能优越，成为 3C消费终端材料的新选择。钛合金 -1% -6% 具有强度高、热强度高、抗腐蚀性好、低温性能好、化学活性大、导热系数 -11% 小、弹性模量小的优势，目前 3C企业纷纷开始使用钛合金材料并尝试以 3D -16% 打印方式生产钛合金零部件。例如：1）荣耀：2023年 7月发布的 MagicV2 -21% 是全球首款采用钛合金铰链的折叠旗舰机，并且铰链的轴盖部分首次采用钛 -26% 合金 3D打印工艺；2）苹果：2023年推出的 Apple Watch产品部分钛金属 -31% 机构件就采用到了 3D打印技术。加 ...