证券研究报告 | 行业月报 2024 年 09 月 05 日 通信 海外 AI 浪潮热度不减，看好 AI 端侧、具身智能领域产业链发展 英伟达业绩保持强劲增长势头，Blackwell 芯片加速落地。8 月 28 日，英伟 达发布 2025 财年二季报。2025 财年二季度，公司实现营收 300.40 亿美元， 同比增长 122.40%；实现归母净利润 165.99 亿美元，同比增长 168.24%。 其中，数据中心板块实现营收 262.72 亿美元，同比增长 154.50%，环比增 长 16.44%，主要为 Hopper GPU 所驱动。云服务提供商约占数据中心收入的 45%，超过 50%来自消费者互联网和企业公司，强劲的同比增长由所有的客 户类型推动，包括计算和网络收入。英伟达在该季度交付了 Blackwell 架构的 样品，公司对 Blackwell GPU 掩膜进行了改良来提高良率，预计在第四季度 开始提升产量，并一直延续到 2026 财年。公司预计第四季度 Blackwell 收 入将达到数十亿美元，同时 Hopper 架构需求持续强劲，预计在 2025 财年下 半年出货量将增加。 AI 眼镜助力 A ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance has shown recovery in the first half of 2024, driven by an increase in electricity generation in Fujian Province, with a year-on-year growth of 23.79% in Q2 [1] - The company achieved operating revenue of 818 million yuan in H1 2024, a decrease of 1.59% year-on-year, while net profit attributable to the parent company was 342 million yuan, an increase of 4.80% year-on-year [1] - The report highlights the positive outlook for offshore wind power projects in Fujian, with the company expected to benefit from the long-term growth in this sector [1][2] Financial Summary - The company's operating revenue is projected to be 1,778 million yuan in 2024, with a growth rate of 2.7% year-on-year, and net profit is expected to reach 782 million yuan, reflecting a growth rate of 15.3% [1][5] - Key financial metrics include an EPS of 0.41 yuan for 2024, with a P/E ratio of 11.2 times [1][5] - The company's total assets are expected to increase to 12,066 million yuan by 2024, with a debt-to-equity ratio of 40.6% [4][5] Operational Insights - The company has a total installed capacity of 957,300 kW, with onshore wind power capacity at 613,000 kW and offshore wind power capacity at 296,000 kW as of June 30, 2024 [1] - The report notes that the company has been awarded contracts for new offshore wind projects, indicating a strong pipeline for future growth [1][2] Market Position - The company is positioned as a key player in the renewable energy sector in Fujian, with expectations of continued revenue growth from offshore wind resources [1][2] - The report emphasizes the company's strategic advantage as the only publicly listed energy platform in the province, which is likely to enhance its market competitiveness [1]

证券研究报告 | 行业月报 2024 年 09 月 05 日 通信 海外 AI 浪潮热度不减，看好 AI 端侧、具身智能领域产业链发展 英伟达业绩保持强劲增长势头，Blackwell 芯片加速落地。8 月 28 日，英伟 达发布 2025 财年二季报。2025 财年二季度，公司实现营收 300.40 亿美元， 同比增长 122.40%；实现归母净利润 165.99 亿美元，同比增长 168.24%。 其中，数据中心板块实现营收 262.72 亿美元，同比增长 154.50%，环比增 长 16.44%，主要为 Hopper GPU 所驱动。云服务提供商约占数据中心收入的 45%，超过 50%来自消费者互联网和企业公司，强劲的同比增长由所有的客 户类型推动，包括计算和网络收入。英伟达在该季度交付了 Blackwell 架构的 样品，公司对 Blackwell GPU 掩膜进行了改良来提高良率，预计在第四季度 开始提升产量，并一直延续到 2026 财年。公司预计第四季度 Blackwell 收 入将达到数十亿美元，同时 Hopper 架构需求持续强劲，预计在 2025 财年下 半年出货量将增加。 AI 眼镜助力 A ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability improved significantly in Q2 2024, with a 94.13% QoQ increase in net profit attributable to the parent company [1] - The company's revenue in H1 2024 reached 1.459 billion yuan, a YoY increase of 8.69% [1] - The company's gross margin in Q2 2024 was 14.55%, a QoQ increase of 4.67 percentage points [2] Financial Performance - The company's revenue in 2024E is expected to be 2.996 billion yuan, a YoY increase of 11.4% [1] - The company's net profit attributable to the parent company in 2024E is expected to be 197 million yuan, a YoY increase of 200.3% [1] - The company's ROE in 2024E is expected to be 2.1%, up from -0.3% in 2023A [1] Business Segments - The semiconductor silicon wafer business revenue in H1 2024 was 1.022 billion yuan, a YoY increase of 12.96% [2] - The semiconductor power device business revenue in H1 2024 was 448 million yuan, a YoY decrease of 16.62% [2] - The compound semiconductor RF chip business revenue in H1 2024 was 128 million yuan, a YoY increase of 233.89% [2] Capacity Expansion - The company is actively expanding its production capacity, with the Quzhou base expected to complete the installation of 250,000 8-inch wafers per month by September 2024 [3] - The Jiaxing base is expected to reach a capacity of 150,000 12-inch wafers per month by the end of 2024 [3] - The Haining base is expected to complete the construction of a 60,000 6-inch RF chip production line by Q4 2024 [3] Market Outlook - The company's products are widely used in 5G communications, smartphones, computers, automotive, photovoltaic, consumer electronics, low-orbit satellites, smart grids, medical electronics, AI, and IoT [3] - The company is expected to benefit from the recovery in semiconductor market demand and further improve its profitability [3]

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 芯瑞达（002983.SZ） 24H1 业绩短期承压，MiniLED 渗透率提升有望带动业绩修复 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 954 | 1,176 | 1,194 | 1,373 | 1,538 | | | | 增长率 yoy （ % ） | 16.2 | 23.2 | 1.5 | 15.0 | 12.0 | 股票信息 | | | 归母净利润（百万元） | 106 | 166 | 147 | 186 | 199 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company has shown steady growth in onshore wind power development, with a strategic "dual-sea" layout driving performance growth [1]. - The company reported a revenue of 1.656 billion yuan in H1 2024, a slight year-on-year decrease of 0.84%, while net profit attributable to shareholders reached 130 million yuan, up 9.45% year-on-year [1][2]. - The company is focusing on expanding its export market, with overseas sales revenue of 889 million yuan in H1 2024, representing a year-on-year increase of 36.83% [2]. - The company has a robust order backlog totaling 4.238 billion yuan, with significant contributions from both onshore and offshore wind projects [2]. Financial Summary - Revenue is projected to grow from 5.332 billion yuan in 2024E to 8.900 billion yuan in 2026E, with a corresponding net profit increase from 463 million yuan to 881 million yuan [4][5]. - The company's gross margin and net margin improved to 19.97% and 7.80% respectively in H1 2024, reflecting operational efficiency despite a slight revenue decline [2]. - The report anticipates EPS to rise from 0.50 yuan in 2024E to 0.94 yuan in 2026E, with a decreasing P/E ratio from 13.6 to 7.1 over the same period [4][5].

电力及公用事业 证券研究报告 | 行业深度报告 2024 年 09 月 05 日 电网设备出海投资深度解码（一）：全球电网投资机遇从何而起？ 随着新能源装机激增和电气化进程加速，全球电力需求持续增长，电网投资 加快日趋明显。我国电网设备行业凭借在国内市场积累的成熟经验，有能力 捕捉国际市场高速发展的机遇，通过出海实现新飞跃。为此我们将通过系列 报告，系统梳理全球电网投资需求与机遇、以及公司层面的竞争格局与优势。 多因素共推全球电网建设需求激增。1）新能源并网需求：IRENA 预计按计 划 2030 年全球可再生能源累计装机至少达 6773GW，这一增势要求对电网 进行大量投资以适应新能源并网；2）电网旧改需求：电网老龄化严重，特别 是发达经济体超半数电网设施已运营超 20 年，存在现代化改造刚需以提高电 网效率和可靠性，并适应新能源发电波动性；3）用电需求：随着经济的蓬勃 发展和科技的飞速进步，对电力的依赖日益增强，推动了电力需求持续增长。 根据 IEA 预测，承诺目标情景下全球 2050 年用电需求较 2021 年将翻倍；4） 数字化监测需求：随可再生能源发电占比提升，对电网数字化监测和管理提 出更高要求。 ...

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 company has shown significant revenue growth in the first half of 2024, with a 40.16% year-on-year increase in revenue, reaching 1.444 billion yuan [1][2]. - The net profit for the same period was 247 million yuan, reflecting a slight increase of 2.31% year-on-year, while the net profit excluding non-recurring items was 240 million yuan, up 11.34% year-on-year [1][2]. - The company is expanding its biomanufacturing capacity, which is expected to enhance its market share and profitability [5]. Financial Performance Summary - Revenue for 2024 is projected to be 3.087 billion yuan, with a year-on-year growth rate of 46.0% [1]. - The net profit for 2024 is estimated at 549 million yuan, representing a 49.8% increase compared to 2023 [1]. - The company's gross margin for the first half of 2024 was 31.22%, an increase of 1.49 percentage points from the same period in 2023 [2]. - The company’s operating cash flow for the first half of 2024 increased by 34.33% year-on-year, amounting to 435 million yuan [2]. Production Capacity and Market Position - The company has a total production capacity of 115,000 tons for its biomanufactured products, including long-chain dicarboxylic acids and bio-based polyamides [1][5]. - In the first half of 2024, revenue from long-chain dicarboxylic acids reached 1.314 billion yuan, accounting for 91.01% of total revenue, with a year-on-year increase of 39.94% [5]. - The company is recognized as a global leader in the supply of biomanufactured long-chain dicarboxylic acids, leveraging its technological advantages to expand its market presence [5].

证券研究报告|行业动态点评 2024 年 09 月 02 日 电力及公用事业 2024 年 7 月行业数据：水电单月发电量增幅 36.18%，7 月水风 光发电量比例达到 30.4% 代码 名称 评级 2024E 2025E 2024E 2025E 股票 股票 投资 EPS （元） PE 600163.SH 中闽能源 增持 0.42 0.44 11.24 10.73 600674.SH 川投能源 增持 1.03 1.1 17.2 16.11 600795.SH 国电电力 买入 0.49 0.53 11.1 10.26 600886.SH 国投电力 增持 1.01 1.14 15.68 13.89 600900.SH 长江电力 买入 1.35 1.46 22.01 20.35 600995.SH 南网储能 增持 0.43 0.5 22.58 19.42 资料来源：公司财报，长城证券产业金融研究院 事件：国家能源局、国家统计局发布 2024 年 1-7 月发用电量、装机量、利用 小时数等电力行业数据。 水电发电增速加快，火电、核电降幅扩大：（1）2024 年 1-7 月，全国发电量 共计 53239.3 亿千瓦时 ...

2、《从稳健到成长，从航母到舰队》2023-11-23 证券研究报告 | 公司动态点评 2024 年 09 月 01 日 桂林三金（002275.SZ） Q2 业绩超预期，核心产品需求有支撑 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------------------------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 1,960 | 2,172 | 2,356 | 2,545 | 2,774 | | | | 增长率 yoy （ % ） | 12.5 | 10.8 | 8.5 | 8.0 | 9.0 | 股票信息 | | | 归母净利润（百 ...