Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q2 2024 performance showed steady improvement with revenue reaching 4,468 million yuan, up 23.2% YoY and 45.96% QoQ, driven by strong demand for two-wheel motorcycles both domestically and internationally [2] - Net profit attributable to shareholders in Q2 2024 was 431 million yuan, up 26.35% YoY and 55.40% QoQ, with a gross margin of 30.82% [2] - The company's all-terrain vehicle (ATV) business remains stable, maintaining a leading position in exports with a 71.75% market share in the industry [3] - The two-wheel motorcycle business saw significant growth, with revenue reaching 3,248 million yuan in H1 2024, up 41.95% YoY, driven by the company's focus on user-centric product development and strong performance in the domestic large-displacement motorcycle market [3] - The company's electric two-wheelers entered the high-end market with a 300% YoY revenue increase [3] Financial Projections - Revenue is projected to grow from 14,500 million yuan in 2024E to 20,322 million yuan in 2026E, with a CAGR of 19.7% from 2024E to 2026E [1][3] - Net profit attributable to shareholders is expected to increase from 1,270 million yuan in 2024E to 1,942 million yuan in 2026E, with a CAGR of 23.4% [1][3] - EPS is forecasted to grow from 8.39 yuan in 2024E to 12.82 yuan in 2026E [1][3] - ROE is expected to remain stable at around 19% from 2024E to 2026E [1] Business Segments - The ATV business generated 3,532 million yuan in revenue in H1 2024, down 1.55% YoY, but maintained a strong export market share, particularly in the US and Europe [3] - The two-wheel motorcycle business achieved 3,248 million yuan in revenue in H1 2024, up 41.95% YoY, with the company leading the domestic market for motorcycles over 250cc [3] Valuation Metrics - The company's P/E ratio is expected to decline from 16.2x in 2024E to 10.6x in 2026E, indicating potential undervaluation [1] - The P/B ratio is projected to decrease from 3.2x in 2024E to 2.1x in 2026E [1] Financial Ratios - The company's gross margin is expected to remain stable at around 33% from 2024E to 2026E [5] - Net margin is forecasted to improve from 9.1% in 2024E to 10.0% in 2026E [5] - ROIC is projected to increase from 12.4% in 2024E to 13.7% in 2026E [5] Cash Flow and Balance Sheet - Operating cash flow is expected to grow from 1,743 million yuan in 2024E to 2,491 million yuan in 2026E [6] - The company's total assets are projected to increase from 13,366 million yuan in 2024E to 18,448 million yuan in 2026E [5] - The debt-to-equity ratio is expected to decline from 61.9% in 2024E to 59.4% in 2026E [6]

下游需求阶段性承压，看好景气复苏促业绩修复 旭升集团(603305.SH)/汽车 证券研究报告/公司点评 2024 年 9 月 4 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------|-------------------------------------------------------|------------------------|------------------|----------------------------------------------------|-------------------|---------------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 9.04 元 \n分析师：何俊艺 | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022A | ...

证券研究报告 报告日期：2024年9月5日 【中泰电子】24Q2总结：Q2业绩亮眼，持续 看好AI+国产化 分析师： 王芳 S0740521120002，杨旭 S0740521120001，李雪峰 S0740522080004，游凡 S0740522120002，张琼 S0740523070004，王九鸿 S0740523110004，刘博文 S0740524030001 联系人：洪嘉琳 1 目 录 一、行业概述：Q2营收同环比增长，盈利持续改善 二、半导体：Q2景气度持续向上，财务数据改善显著 三、消费电子：Q2需求继续复苏，AI+有望开启新创新周期 四、PCB：AI带动产品结构调整，Q2需求修复明显 五、面板：Q2备货旺季稼动率高，Q3进一步控产价格有望恢复上涨 六：被动元件：Q2进一步复苏，盈利能力持续改善 七、投资建议&风险提示 2 1.1 行业概述：24Q2电子仓位抬升 ◼ 电子行业涨跌幅：24年以来电子（中信）指数累计下跌13%，跑输沪深300指数10%。 ◼ 年初以来电子细分板块涨跌幅（基于自选股票池计算）：PCB+19%，面板-14%，消费电子-9%，被动元件-5%，LED-16%， 半导体- ...

[Table_Industry] [评Ta级ble：_T买itle入] （维持） 市场价格：16.07 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,480 11,018 13,139 16,539 19,493 增长率 yoy% 8% 30% 19% 26% 18% 净利润（百万元） 383 612 845 1,164 1,376 增长率 yoy% 74% 60% 38% 38% 18% 每股收益（元） 0.46 0.74 1.02 1.41 1.66 每股现金流量 0.67 1.11 1.55 1.97 2.31 净资产收益率 7% 10% 12% 15% 15% P/E 34.7 21.7 15.7 11.4 9.7 P/B 2.8 2.4 2.2 1.9 1.6 备注：数据统 ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative price increase of over 15% within the next 6 to 12 months compared to the benchmark index [304]. Core Views - The company is focusing on deepening value management and comprehensively laying out the BASIC6+X field, which includes new security business segments that are showing significant growth [2][3]. - The company has reported stable revenue growth, with a notable increase in new orders and collaboration with China Mobile, particularly in the emerging security business [2][3]. - The report highlights the company's strategic innovation in research and development, with a significant increase in R&D investment [2][3]. Financial Summary - The company's revenue for 2024 is projected to be 51.94 billion, with a year-on-year growth rate of 15% [2]. - Net profit for 2024 is expected to be 792 million, reflecting a 7% year-on-year growth [2]. - Earnings per share (EPS) is forecasted to be 0.83 for 2024, increasing to 1.28 by 2026 [2][302]. - The company’s gross margin is expected to improve, supported by effective cost management [2]. - The report anticipates total revenue for 2024-2026 to be 87 billion, with net profit projections of 792 million, 984 million, and 1.22 billion respectively [2][302]. Operational Highlights - The company is enhancing its cloud security capabilities and has established a new industrial security capability system [2]. - The report notes a significant increase in the revenue of cloud security and identity trust products, with some segments growing over 200% year-on-year [2]. - The company is also focusing on building a comprehensive data element security system, integrating security with data elements [2]. Market Position - The company is positioned to leverage its collaboration with China Mobile to enhance its network security capabilities and expand its market presence [2][3]. - The report indicates that the company is well-prepared to navigate the competitive landscape of the information security industry [2].

[Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 46,391 37,371 33,670 32,164 30,969 增长率 yoy% -3% -19% -10% -4% -4% 净利润（百万元） 6,981 4,260 2,981 3,237 3,449 增长率 yoy% 41% -39% -30% 9% 7% 每股收益（元） 3.52 2.15 1.50 1.63 1.74 每股现金流量 6.81 3.02 3.02 3.48 3.54 净资产收益率 37% 21% 13% 13% 13% P/E 3.3 5.4 7.7 7.1 6.6 P/B 1.5 1.5 1.5 1.5 1.4 备注：股价为 2024 年 8 月 30 日收盘价 市场价格：11.56 元 [Table_Profit] 基本状况 总股本(百万股) 1,982 流通股本(百万股) 1,982 市价(元) 11.56 市值(百万元) 22,917 流通市值(百万元) 22,917 山煤国际（6005 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue and profitability are expected to grow steadily, with revenue projected to increase from 1,071 million yuan in 2022 to 1,729 million yuan in 2026, representing a compound annual growth rate (CAGR) of 12.7% [1] - Net profit attributable to the parent company is forecasted to rise from 102 million yuan in 2022 to 439 million yuan in 2026, with a CAGR of 44.0% [1] - The company's self-lubricating bearings business is expected to benefit from the steady growth of the sliding bearings industry, which has seen its market size increase from 10.5 billion yuan in 2017 to 16.5 billion yuan in 2022 [4] - The company is actively expanding into new areas such as humanoid robots and ball screws, which are expected to become new growth drivers [4][5] Financial Performance - In H1 2024, the company achieved revenue of 560 million yuan, up 4.1% YoY, and net profit attributable to the parent company of 120 million yuan, down 2.6% YoY [2] - In Q2 2024, the company's gross margin was 37.2%, up 2.1 percentage points YoY and 2.9 percentage points QoQ, while the net margin was 23.2%, down 1.6 percentage points YoY but up 4.0 percentage points QoQ [3] - The company's ROE is expected to increase from 7.0% in 2022 to 17.1% in 2026, reflecting improving profitability [1] Industry and Market Position - The company is a leading domestic manufacturer of self-lubricating bearings, with its products widely used in automotive applications such as transmissions, seats, axles, hinges, engines, steering systems, and shock absorbers [4] - The company has a relatively low market share in the automotive sector but is expected to benefit from the trend of domestic substitution and the shift of the automotive supply chain to China [4] - The company is collaborating with leading humanoid robot manufacturers such as Unitree Technology to develop sliding bearings for robotic joints, which could open up new growth opportunities [4][5] Valuation and Forecasts - The company's P/E ratio is expected to decline from 40.0x in 2022 to 9.3x in 2026, reflecting strong earnings growth [1] - The company's P/B ratio is forecasted to decrease from 3.0x in 2022 to 1.7x in 2026, indicating improving valuation attractiveness [1] - The company's EPS is projected to grow from 0.34 yuan in 2022 to 1.47 yuan in 2026, driven by robust profit growth [1] Strategic Initiatives - The company is pursuing a strategy of "expanding product categories, expanding customer base, and expanding production capacity" since 2019, which has enabled it to enter new markets such as nuclear power and wind power [5] - The company is actively developing new products such as ball screws, which have applications in CNC machine tools, automotive, and humanoid robots, and are expected to become a new highlight business [5]

业绩稳健向好，新签合同提升明显 中国通信服务（0552.HK）/通信 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------------------|------------------------|--------------------------|--------------------------|----------------|----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 3.99 港 元 | | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈宁玉 | | ...

业绩持续增长，项目稳步拓展 市场价格：3.40 港元 [Table_Title] 评级：买入（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@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：liyao01@zts.com.cn | --- | --- | |------------------------------|-------| | | | | 基本状况 总股本 ( 百万股 ) | 2,010 | | 流通股本 ( 百万股 ) | 2,010 | | 市价 ( 港元 ) | 3.40 | | 市值 ( 百万港元 ) | 6,834 | | 流通市值 ( 百万港元 ) | 6,834 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 2023-092023-092023-102023-112023-112023- ...

中顺洁柔(002511.SZ)/轻工 证券研究报告/公司点评 2024 年 09 月 05 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...