证券研究报告 | 行业周报 2024 年 09 月 15 日 非银行金融 关注关税加征对市场风偏影响，聚焦中美利差收窄、并购重组对券 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|------------------------------------------------------------------------------------|--------------| | | | | | ...

通信 OpenAI 发布 o1 大模型，算力需求持续高增，看好相关产业链投 资机会 -21% -17% -13% -10% -6% 2023-09 2024-01 2024-05 2024-09 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|-------|----------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 29.66 | 21.34 | | 行业走势 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.93 | 25.83 | | | | ...

证券研究报告 | 宏观经济研究*动态点评 2024 年 09 月 14 日 宏观经济研究 存款定期化趋势仍待扭转 ——8 月金融数据点评 数据： 8 月新增人民币贷款 9000 亿元，同比少增 4600 亿元；1-8 月人民币贷款增 加 14.43 万亿元，同比少增 3.0 万亿元。8 月新增社会融资规模为 3.03 万亿 元，同比少增 981 亿元；1-8 月社会融资规模增量累计为 21.9 万亿元，同 比少增 3.32 万亿元。8 月社会融资规模存量同比 8.1%，前值 8.2%。M1 同 比-7.3%，前值-6.6%；M2 同比 6.3%，前值 6.3%。 要点： 8 月新增社融 30298 亿元，同比少增 981 亿元，其中政府债新增 16130 亿元，贡献了本月新增社融的一半以上；而信贷和直接融资同比少增， 对社融贡献相对较弱。 对于政府债，今年 8 月政府债融资明显提速，发行进度已升至 62.9%， 有力支撑了本月社融增长。按照年初财政预算，今年 9 月至年末预计还 有 3 万亿左右新增政府债融资空间。 对于信贷，房地产市场供求关系发生重大变化+防范化解地方政府债务 风险深入推进，金融机构项目储备 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [1]. Core Views - The company's H1 2024 performance shows significant growth, with revenue reaching 362 million yuan, a year-on-year increase of 46.15%, and net profit of 38 million yuan, up 10.57% year-on-year [1][2]. - The dual drivers of display and storage markets are expected to enhance profitability, with the semiconductor equipment market projected to grow by 4% in 2024 [3][4]. - The company is actively expanding its business through R&D investments and partnerships, focusing on integrated circuit testing equipment and new display device testing solutions [2][3]. Financial Performance Summary - Revenue for 2024 is projected to be 914 million yuan, with a year-on-year growth rate of 41.0% [1][7]. - The net profit for 2024 is estimated at 154 million yuan, reflecting a growth rate of 33.1% [1][7]. - The company's gross margin for H1 2024 was 40.97%, an increase of 3.51 percentage points year-on-year [2]. - The company has maintained a strong focus on R&D, with R&D expenses increasing, contributing to long-term competitive advantages [2][4]. Business Development - The company has made significant advancements in new product development, including a high-speed front-end interface ASIC chip and various testing machines for semiconductor storage [3][4]. - The company is enhancing its market position in the display device testing sector, with successful collaborations with major manufacturers like BOE and TCL [3][4]. - The strategic focus on both new display device testing and semiconductor storage testing is expected to drive future growth and market share [3][4].

通信 OpenAI 发布 o1 大模型，算力需求持续高增，看好相关产业链投 资机会 -21% -17% -13% -10% -6% 2023-09 2024-01 2024-05 2024-09 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|-------|----------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 29.66 | 21.34 | | 行业走势 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 52.93 | 25.83 | | | | ...

电力设备及新能源 理性回归低价竞争趋缓，"两海"拓展边际拐点若现 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|---------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 强于大市（维持评级） | | | | | | | | | | | | | | | | | | | | 行业走势 | | | | | | | | | | | | | | | | | | | | 电力设备及新能源 沪深 300 | | | | | | | | | | 0% | | | | | | | | | | -4% | | | | | | | | | | -8% | | | | | | | | | | -17% -13% | | | | | | | | | | -21% | | | | | | | | | | - ...

证券研究报告 | 行业动态点评 2024 年 09 月 10 日 医药 开放中医药领域外资准入，有望加速国际化进程 事件：国家发展改革委、商务部于 2024 年 9 月 8 日发布第 23 号令，全文发 布《外商投资准入特别管理措施（负面清单）（2024 年版）》，自 2024 年 11 月 1 日起施行。2024 年版全国外资准入负面清单限制措施由 31 条减至 29 条，删除了"出版物印刷须由中方控股"，以及"禁止投资中药饮片的蒸、炒、 炙、煅等炮制技术的应用及中成药保密处方产品的生产"2 个条目，制造业 领域外资准入限制措施实现"清零"。 制造业领域实现"清零"，高水平对外开放取得新进展。2017-2021 年，我国 连续五年修订全国版和自贸试验区外资准入负面清单，负面清单数量分别从 93 条、122 条下降至 31 条、27 条，在制造业、采矿业、农业、金融业等领 域推出了一系列重大开放措施，其中自贸试验区外资准入负面清单制造业领 域限制措施已于 2021 年率先实现"清零"。我们认为，制造业是市场竞争最充 分、全球产业分工合作最紧密的领域，也是国民经济的支柱产业，开放制造 业外资准入，有助于：1）引 ...

证券研究报告 | 行业专题报告 2024 年 09 月 10 日 电力设备及新能源 理性回归低价竞争趋缓，"两海"拓展边际拐点若现 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|-----------|---------------------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 002531.SZ | 天顺风能 | 增持 | 0.61 | 0.88 | 10.99 | 7.69 | | 行业走势 | | 300129.SZ | 泰胜风能 | 增持 | 0.50 | 0.71 | 12.96 | 9.01 | | | | 300443.SZ | ...

证券研究报告 | 公司动态点评 2024 年 09 月 12 日 通威股份（600438.SH） Q2 硅价下降业绩承压，一体化布局持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 142,423 | 139,104 | 116,152 | 151,776 | 182,207 | 股票信息 | | | 增长率 yoy （ % ） | 119.7 | -2.3 | -16.5 | 30 ...

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 [12]. Core Views - The vitamin market is expected to continue its upward trend, with the company showing promising growth potential due to the orderly advancement of new projects [1][5]. - The company's financial performance in the first half of 2024 shows improvement, driven by a moderate recovery in vitamin demand and stable raw material prices [2][5]. Financial Summary - The company's revenue for 2022 was 2,305 million, which decreased to 1,882 million in 2023, but is projected to rise to 2,547 million in 2024, reflecting a year-on-year growth rate of 35.3% [1]. - The net profit attributable to the parent company was 622 million in 2022, dropping to 476 million in 2023, with an expected recovery to 757 million in 2024, marking a 59.0% year-on-year increase [1]. - The company's return on equity (ROE) is projected to improve from 11.2% in 2023 to 15.9% in 2024 [1]. Market and Product Insights - The company's vitamin B segment generated revenue of 891 million in the first half of 2024, with a gross margin of 48.24%, an increase of 8.37 percentage points year-on-year [2][5]. - The prices of VB1 and VB6 have stabilized and are expected to continue rising, contributing positively to the company's performance [5]. - The company is advancing multiple projects, including a 7,000-ton vitamin B5 project and a 1,000-ton vitamin A project, which are expected to enhance product structure and performance [5][6]. Future Projections - The company is projected to achieve revenues of 25.47 billion, 30.71 billion, and 35.34 billion from 2024 to 2026, with corresponding net profits of 7.57 billion, 9.20 billion, and 11.30 billion [5][6]. - The expected earnings per share (EPS) are forecasted to be 1.73, 2.10, and 2.58 for the years 2024, 2025, and 2026, respectively [5][6].