Investment Rating - The report maintains a "Buy" rating for Shannon Core Creation (300475 SZ) with a target PE valuation of 29/22/20x for 2024/2025/2026 [1] Core Views - Shannon Core Creation's performance aligns with forecasts, with Q2 revenue and non-GAAP net profit hitting record highs [1] - The company is well-positioned in both advanced storage and computing power sectors, making it a rare investment opportunity [1] - Shannon Core Creation is the largest local agent for SK Hynix's cloud service storage in mainland China, with clients covering major cloud providers [1] - The company has entered the storage module business, opening up long-term growth potential [1] Financial Performance - 2024E revenue is projected at 19 483 million yuan, a 73% YoY increase [1] - 2024E net profit is forecasted at 388 million yuan, a 3% YoY growth [1] - 2024E EPS is estimated at 0 85 yuan per share [1] - ROE is expected to remain stable at 14% in 2024 [1] Business Highlights - 24H1 revenue reached 7 81 billion yuan, up 80% YoY [1] - 24Q2 revenue was 5 5 billion yuan, up 99% YoY and 909% QoQ [1] - The company has become an authorized distributor for AMD processors, representing cutting-edge computing power [1] - Shannon Core Creation has completed R&D and trial production of enterprise-level storage modules, with products already certified and adapted for major domestic server platforms [1] Industry Position - The company is mainland China's fifth-largest electronic component distributor [1] - It holds a unique position as the largest local agent for SK Hynix's cloud service storage [1] - Shannon Core Creation is deeply involved in the AI wave, with its internet and server clients being the largest demand side for AI hardware in mainland China [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Insights - The company reported a 9.0% year-on-year increase in main business revenue for the first half of 2024, reaching 6.838 billion HKD, with a net profit of 738 million HKD, up 16.0% year-on-year [1][2]. - The company's comprehensive gross profit margin improved from 16.0% in 2023 to 16.8% in 2024, attributed to strict cost control measures [1][2]. - The company added 2.12 million square meters of managed area in the first half of 2024, with a total managed area increasing to 42.3 million square meters [1][2]. Financial Performance Summary - **Revenue**: - 2022A: 11,334.7 million HKD - 2023A: 13,220.9 million HKD - 2024E: 15,008.9 million HKD - 2025E: 16,960.1 million HKD - 2026E: 18,825.7 million HKD - Year-on-year growth rates: 2023A: 16.6%, 2024E: 13.5%, 2025E: 13.0%, 2026E: 11.0% [1][4]. - **Net Profit**: - 2022A: 1,137.3 million HKD - 2023A: 1,342.5 million HKD - 2024E: 1,579.0 million HKD - 2025E: 1,835.2 million HKD - 2026E: 2,115.7 million HKD - Year-on-year growth rates: 2023A: 18.0%, 2024E: 17.6%, 2025E: 16.2%, 2026E: 15.3% [1][4]. - **Earnings Per Share (EPS)**: - 2022A: 0.35 HKD - 2023A: 0.41 HKD - 2024E: 0.48 HKD - 2025E: 0.56 HKD - 2026E: 0.64 HKD [1][4]. - **Return on Equity (ROE)**: - 2023A: 36.5% - 2024E: 32.2% - 2025E: 27.7% - 2026E: 24.6% [1][4]. Business Development - The company has seen a shift in its service structure, with an increase in the proportion of third-party and non-residential projects, enhancing its resilience in a challenging market [1][2]. - The non-residential value-added services revenue decreased to 9.11 billion HKD in the first half of 2024, accounting for 13.3% of total revenue, primarily due to adjustments in service offerings [1][2].

[Table_Industry] [Table_Title] !"#$%&'() !"#$%28.60 & '()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn | --- | --- | |-----------------------|-------| | | | | [Table_Profit] *+,- | | | 456(785 ) | 242 | | 9:56(785 ) | 179 | | !#(& ) | 28.60 | | !;(78& ) | 6,922 | | 9:!;(78& ) | 5,114 | [Table_QuotePic] ./012-345678 -70% -60% -50% -40% -30% -20% -10% 0% 10% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !" ...

Group 1: Fixed Income Analysis - The report emphasizes the importance of optimizing the guarantee spread algorithm due to the significant narrowing of guarantee spreads, which affects the assessment of guarantee effectiveness [3][4] - A new calculation method for guarantee spreads is proposed, utilizing excess yield analysis based on the implied ratings of guaranteed and non-guaranteed bonds, which aims to provide more accurate investment decision-making references [3][4] - The average guarantee spread has decreased from 116.08 basis points to 25.45 basis points, indicating a trend of diminishing effectiveness as a measure of guarantee strength [3][4] Group 2: Database Industry Insights - The global database market is dominated by non-relational and hybrid databases, with relational databases still leading in popularity, particularly Oracle, MySQL, and Microsoft SQL Server [4][5] - The domestic database market in China shows a similar trend, with relational databases being predominant, while the demand for non-relational databases is growing [4][5] - The report forecasts that by 2025, China's data volume will surpass that of other countries, potentially driving significant demand for database solutions [4][5] Group 3: Employment Data Analysis - The U.S. non-farm employment data for August showed an increase of 142,000 jobs, which was below expectations, raising concerns about the labor market's health [5][6] - Despite the disappointing job growth, the unemployment rate fell to 4.2%, and wage growth rebounded, complicating the interpretation of labor market conditions [5][6] - The report suggests that the mixed employment data may lead to uncertainty in market expectations regarding recession and interest rate cuts [5][6] Group 4: Consumer Goods Sector Overview - The consumer goods sector is facing pressure from weak demand and competitive challenges, particularly in the beer and seasoning segments, where sales volumes are declining [6][7] - Despite the challenges, some companies are expected to benefit from cost reductions and improved profit margins, particularly in the beer segment [6][7] - The report highlights the need to identify alpha opportunities within the consumer goods sector, focusing on companies with strong independent growth narratives [6][7] Group 5: Electronic Industry Performance - The electronic industry has seen a mixed performance in 2024, with significant declines in semiconductor and display sectors, while other segments like PCB have shown growth [7][8] - The report indicates that the overall revenue and net profit for the electronic sector increased in Q2 2024, with notable growth in the semiconductor and consumer electronics segments [7][8] - Investment recommendations focus on AI-related technologies and domestic production capabilities, suggesting a positive outlook for companies involved in these areas [7][8] Group 6: Aviation and Transportation Sector - The aviation sector experienced a decline in stock performance in August, despite record passenger transport numbers during the summer peak season [8] - The report notes that while the overall market is entering a quieter period post-summer, upcoming holidays may provide a boost to demand [8] - It highlights the operational differentiation among airlines, with smaller private carriers showing resilience compared to larger state-owned airlines [8]

投资要点 如何看待近期市场风格切换？ 证券研究报告/策略周刊 2024 年 9 月 7 日 [Table_Industry] [Table_Title] 分析师：徐驰 执业证书编号：S0740519080003 Email:xuchi@zts.com.cn ◼ 一、如何看待近期市场风格切换？ 今年以来我国经济增速放缓，市场逐渐进入存量时代，且金融监管逐渐收紧，使 得具有稳健、高分红特征的红利资产热度较高。然而最近两周时间银行"抱团" 出现一定瓦解，市场风格出现明显切换。我们认为之前资金过度聚集红利板块， 导致交易拥挤，以及近期机构对于部分媒体报道过分担忧引发集中调仓是本轮风 格切换的主要原因。 尽管短期来看，部分中小市值与"果链"科技板块或反复活跃，但考虑到当前总 量政策的定力与金融强监管的方向并没有变化，我们预计红利等偏稳健风格依然 将是下半年的主导风格。当前时间点，建议机构投资者重点关注，有"新质生产 力"属性的公用事业细分，如：核电、电信运营商，以实现"攻守兼备"。 近期《每日经济新闻》网站、《北京商报》等媒体文章提出不应过度抱团银行等 大盘股。部分机构投资者或因担心监管动向，而对本已交易过于拥挤的银行 ...

交运/航空机场 证券研究报告/行业周报 2024 年 09 月 06 日 Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 电话： Email：lidy@zts.com.cn | --- | --- | |----------------|----------------| | | | | 执业证书编号： | S0740522040001 | | 电话： | | | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 上市公司数 | 13 | | 行业总市值 (百万元) | 587,067 | | 行业流通市值(百万元 ) | 457,536 | [Table_QuotePic] 行业-市场走势对比 1,500.00 1,550.00 1,600.00 1,650.00 1,700.00 1,750.00 1,800.00 1,850.00 1,900.00 23-0923-1023-1123-1224-0124-0224-0324 ...

、 中泰科技：特斯拉拟于 25Q1 在中国推出 FSD，国内高阶智驾有望加速落地 [评Ta级ble：_M增ai持n] （维持） 分析师：孙行臻 特斯拉 FSD：入华节点将近，版本迭代加速。 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn [基Ta本ble状_P况rofit] 上市公司数 332 行业总市值(亿元) 26100.36 行业流通市值(亿元) 14347.47 监管：1）安全检测：自驾数据安全引起重视，2024 年 4 月 28 日公布第一批汽车 数据处理安全检测名单，特斯拉 2022、2023 款 Model 3、Model Y 车型符合安全 要求检测。2）路测资质：入华步伐渐行渐近，上海示范区发放道路测试牌照。 计算中心：海外算力使用 Dojo，2024 年年底 Dojo1 的算力将等同于 8000 块 H10 0 的算力；入华后数据本地化存储，将寻求本土算力支持。 数据/模型：场景异于美国，特斯拉需要大量中国本土数据强化模型，智能网联汽车 数据出境+建立上海数据中心实现本地数据存储+在华高销量推动训练侧数据积累 深厚，形成合力，解决入华后特斯拉的数据积 ...

执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 执业证书编号：S0740522080002 [Tab锂le电_&Su电m力ma设ry备]：特斯拉预计在 2025 年第一季度在中国内地和欧洲推出 FSD 系统，但 这一计划尚需获得当地监管部门的批准。湖南省发布以旧换新方案，老旧营运货车报 废更新最高补贴 9.5 万元。9 月 3 日，四川省交通运输厅关于印发《交通运输大规模设 备更新专项行动方案》的通知，到 2027 年交通运输领域设备投资规模较 2023 年增长 25%以上，带动设备投资总规模超 200 亿元，其中高速公路服务区快充桩实现 100%覆 盖。理想汽车披露理想智能驾驶 8 月出行报告，8 月新增智能驾驶里程 2 亿公里，总里 程 22.6 亿公里；新增智能驾驶用户 4.4 万人，总智能驾驶用户 90.8 万人，智能驾驶试 驾用户占比 55%。我们预计 1 季度为全年单位盈利的最低点，2 季度环比向上或持 平；展望 24 年季度利润环比向上。1）看好后续价格相对 ...

、 房地产/公募 REITs 2024 年 9 月 8 日 [Table_Main] 评级：增持（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liy@zts.com.cn [Table_Profit] 基本状况 上市 REITs 数 42 行业总市值(亿元) 1203.52 行业流通市值(亿元) 元) 598.14 [Table_QuotePic] 行业-市场走势对比 [Table_Report] 相关报告 多支高速 REITs 拟举行中期报告说明会 证券研究报告/行业研究周报 [公募Table_Summary] REITs 行业周报-2024 年 9 月 8 日 ◼ 一周行情回顾 本周 REITs 指数下跌 0.33%，其中经营权类下跌 0.28%，产权类下跌 ...

、 需求边际好转，预期有望改善 公司持有该股票比例 [Table_Report] 相关报告 煤炭 证券研究报告/行业周报 2024 年 9 月 8 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|---------|-----------------------------------------|--------------------------------------|------------|-----------------|---------|---------|--------|---------|----------------|--------------------------------------------------------------------------|------- ...