[Table_Title] 评级：买入（维持） 市场价格：45.45 港元/股 分析师：王芳 执业证书编号： S0740521120002 Email： wangfang02@zts.com.cn 分析师：张琼 执业证书编号： S0740523070004 Email：zhangqiong@zts.com.cn S0740122030020 联系人：洪嘉琳 Email：hongjl@zts.com.cn S0740122030020 [Table_Profit] 基本状况 | --- | --- | |--------------------|--------| | 总股本(百万股) | 1,095 | | 流通股本(百万股) | 1,095 | | 市价(港元) | 45.45 | | 市值(百万港元) | 49,759 | | 流通市值(百万港元) | 49,759 | [Table_QuotePic] 股价与行业-市场走势对比 舜宇光学科技 恒生指数 -50% -40% -30% -20% -10% 0% 10% 20% 30% 2023-082023-092023-102023-112023-1220 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 8.04 CNY [1] Core Insights - The company reported a revenue of 139.25 billion CNY for the first half of 2024, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 7.42 billion CNY, a decrease of 39.3% year-on-year [5][6] - The company's sales amount reached 173.34 billion CNY in the first half of 2024, a decline of 26.8% year-on-year, but it maintained the top position in the industry [7] - Financing costs have decreased, with the average cost of new financing dropping by 21 basis points to 2.93% [8] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 281,017 million CNY - 2023A: 346,828 million CNY - 2024E: 362,435 million CNY - 2025E: 377,295 million CNY - 2026E: 389,180 million CNY - Year-on-year growth rates: 2023A (+23%), 2024E (+5%), 2025E (+4%), 2026E (+3%) [4] - **Net Profit Forecasts**: - 2022A: 18,347 million CNY - 2023A: 12,067 million CNY - 2024E: 13,563 million CNY - 2025E: 14,477 million CNY - 2026E: 15,253 million CNY - Year-on-year growth rates: 2024E (+12%), 2025E (+7%), 2026E (+5%) [4] - **Earnings Per Share (EPS)**: - 2023: 1.01 CNY - 2024E: 1.13 CNY - 2025E: 1.21 CNY - 2026E: 1.27 CNY [4] Market Position and Strategy - The company has focused on acquiring land in core cities, with a market share increase to 3.68% by the end of June 2024, and a sales rights ratio of 77%, up by 9 percentage points from the previous year [7] - The company expanded its project portfolio by 12 projects in core cities, with a total land price of 12.6 billion CNY [7] Financial Health - As of June 30, 2024, the company had total interest-bearing liabilities of 373.5 billion CNY, with a comprehensive cost of 3.31%, down by 25 basis points from the beginning of the year [8] - The company's asset-liability ratio, excluding prepayments, was 65.67%, indicating a high level of financial safety [8]

Core Insights - AST SpaceMobile is a low Earth orbit satellite manufacturer and operator, aiming to provide global satellite internet by utilizing existing 4G/5G communication frequencies, allowing mobile devices to connect directly to satellites without modifications [2] - The company plans to deploy 248 low Earth orbit satellites, having already launched 2 experimental satellites, with the first batch of 5 commercial satellites scheduled for launch in September 2024 [2] - AST has secured significant strategic investments totaling approximately $155 million from major telecom companies including Google, AT&T, Vodafone, and Verizon, which will support its commercial operations [2] Company Overview - AST SpaceMobile was established in May 2017 and went public on NASDAQ in 2021, headquartered in Midland, Texas [2] - The company has achieved a downlink speed of 21 Mbps in recent tests, with plans for commercial services to include emergency messaging and other non-continuous services in the U.S. after the launch of its Block1 satellites [2] Technology and Operations - The technology for direct satellite connection can be categorized into three routes: dual-mode terminals, existing terminal direct connections, and terminals using 3GPP standards [2] - AST's satellites utilize a transparent forwarding architecture and the largest phased array antennas in near-Earth orbit, with the BlueWalker3 satellite featuring an antenna area of 64 square meters [2] - The next-generation Block2 BlueBird satellite is expected to have an antenna area of 2400 square feet, significantly larger than Block1, and will utilize self-developed ASIC chips to enhance performance [2] Market Potential - The integration of satellite communication with terrestrial networks is anticipated to be a trend in the 6G era, with AST SpaceMobile positioned to capitalize on the growing consumer market for direct satellite connections [2] - The company has established partnerships with over 30 telecom operators, potentially reaching nearly 2.8 billion end-users, enhancing its market presence and resource access [2] Investment Outlook - The report suggests that as satellite launches and commercial operations progress, AST SpaceMobile's business is expected to experience rapid growth, indicating substantial market potential [2]

证券研究报告 2024年8月21日 AST SpaceMobile：美国低轨卫星第一股 中泰通信 首席分析师：陈宁玉（S0740517020004） Email：chenny@zts.com.cn 研究助理：佘雨晴 Email：sheyq@zts.com.cn 分析师：杨雷（S0740524060005） Email：yanglei01@zts.com.cn 1 报告摘要 低轨卫星制造与运营商，首批商用卫星发射在即。AST SpaceMobile成立于2017年5月，2021年纳斯达克上市，总部位于美国德州米德兰地区，致力于通过构建全球低轨 卫星互联网，利用现有4G/5G通信频段和标准，实现手机等终端无需修改直连卫星功能。公司规划部署248颗低轨卫星，已发射2颗试验星并基于其中的BW3实现普通手机 直连卫星5G通话上网，最新测试下行速率已达到21Mbps，计划24年9月上旬发射首批5颗Block1 BlueBird商用卫星，已获FCC初步运营授权。下一代Block2计划2025Q1 开启发射。AST通过与地面电信运营商合作，利用其频谱和用户，提供卫星接入服务，双方收入分成，24年1月获谷歌、AT&T、沃达丰合 ...

兆易创新：中报符合预告，行业复苏+份额提升助力业绩高增 兆易创新（603986.SH）/电子 证券研究报告/公司点评 2024 年 8 月 21 日 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn [Table_Title] 评级：买入（维持） 市场价格：79.23 元/股 | --- | --- | |------------------|--------| | 总股本(百万股) | 666 | | 流通股本(百万股) | 665 | | 市价(元) | 79.23 | | 市值(百万元) | 52,757 | | 流通市值(百万元) | 52,667 | [股价与行业 Table_QuotePic] -市场走势对比 沪深300 兆易创新 -40% -20% 0% 20% 40% 23-6 23-9 23-12 24-3 24-6 公司持有该股票比例 相关报告 《兆易创新：Q1 业绩亮眼，持续关注 存 ...

收入端稳健增长,剔除汇兑损益后利润增速超预期 中控技术(688777) /机械设备 证券研究报告/公司点评 2024 年 8 月 21 日 评级:增持(维持)公司盈利预测及估值 | --- | --- | --- | --- | --- | |----------------------------------------|-------------|--------------------------------|---------------|-----------------| | 市场价格: 36. 85 | 指标 | | 2022A | 2023A | | 分析师:冯胜执业证书编号:S0740519050004 | 增长率 VOV% | 营业收入(百万元)净利润(百万元) | 6,62446.6%798 | 8,62030.1%1.102 | | Email: fengsheng@zts.com.cn | 增长率 VOV% | | 37.2% | 38.1% | | | | | 1.01 | 1.39 | P/E36.526.426.8421.1316.42Email: caixh@zts.com. ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage with a market price of 8.54 yuan [1]. Core Insights - The company is a leading third-party semiconductor testing enterprise in China, with strong technical capabilities and a focus on high-end products. It has a stable core technical team and covers a wide range of testing capabilities across various chip types and advanced processes [4][18]. - The third-party testing model has unique advantages, and advanced packaging is expected to drive industry growth. The independent third-party testing market in mainland China is still in its early stages, with significant growth potential compared to established players in Taiwan [4][26]. - The company is expanding its capacity by constructing a 5-28nm 12-inch testing line, which is expected to alleviate capacity bottlenecks and enhance market share [4][40]. - The company is projected to achieve net profits of 0.83 billion, 1.0 billion, and 1.2 billion yuan from 2024 to 2026, with corresponding P/E ratios of 27.3, 22.7, and 19.1 times [4]. Summary by Sections Company Overview - The company was established in 2001 and is one of the earliest specialized third-party semiconductor testing firms in China. It has served over 300 clients, including major domestic design and manufacturing companies [4][18]. - The company has experienced steady revenue growth, with a compound annual growth rate (CAGR) of 19.3% from 2018 to 2023, despite facing challenges in 2022 due to industry downturns [20][22]. Competitive Advantages - The third-party testing model is crucial in the integrated circuit supply chain, offering strong professionalism and objectivity. The market for semiconductor testing in China is projected to grow, with a market size of approximately 38.3 billion yuan in 2023 [26][28]. - The company emphasizes research and development, holding 75 patents and 209 copyrights, which positions it favorably against competitors [40]. Financial Projections - The company forecasts revenue growth, with expected revenues of 365 million, 430 million, and 499 million yuan from 2024 to 2026, reflecting a year-on-year growth rate of 16%, 18%, and 16% respectively [1][4]. - The company's net profit is projected to grow from 0.83 billion yuan in 2024 to 1.2 billion yuan in 2026, indicating a robust growth trajectory [4].

[Table_Title] 评级：无 发行价格：10.00 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 投资要点 [Table_Profit] 基本状况 总股本(百万股) 62 流通股本(百万股) 24 市价(元) 10.00 市值(百万元) 624 流通市值(百万元) 243 成电光信（920008.BJ）/军工电 子 证券研究报告/新股研究报告 2024 年 8 月 21 日 军品稀缺标的，特种显示与网络总线两翼齐飞 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn ◼ 公司深耕军工领域，业绩进入高增长阶段 成电光信是军用网络总线和特种显示国家级专精特新"小巨人"。公司创立于 201 1 年，主要从事网络总线产品和特种显示产品的研发、生产及销售，多种产品与 技术填补了国内外细分行业空白。下游核心客户包含中航工业、中国船舶、中国 电科等国内大型国有企业，核心产品主要应用于军用飞机与飞行模拟系统。 公司业务壁垒高企，业绩进入高增长阶段。公司收入连续三年实现高增，过去三 年分别同比增 ...

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 has a clear first-mover advantage in the temperature-resistant stealth materials sector, with its flagship strategic layout taking shape. The core stealth business benefits from strong demand in both pre-installation and maintenance, leading to increased unit value [2][4]. - The company is expected to achieve revenues of 12.15 billion, 16.59 billion, and 20.80 billion yuan, with corresponding net profits of 5.07 billion, 6.71 billion, and 8.58 billion yuan from 2024 to 2026 [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 4.85 billion yuan, a year-on-year increase of 27.04%, and a net profit attributable to shareholders of 2.16 billion yuan, reflecting a growth of 17.44% [1][2]. - The projected operating income for 2024 is 12.15 billion yuan, with a net profit of 5.07 billion yuan, leading to an EPS of 2.60 yuan [2][4]. Business Development - The company is expanding its production models and maintenance services, with a steady increase in small batch trial production orders and an expanded scope of model research and development tasks [1][2]. - The company has established a strong order reserve, indicating positive performance expectations for the future [2][4]. Market Position - The company has formed market barriers with its mass-produced products, and its product lines are evolving towards stealth structural components and multifunctional compatibility, enhancing the value provided to customers [2][4]. - The company is integrating into the aerospace engine collaborative industry system, with a focus on ceramic matrix composites and component processing [2][4]. R&D and Innovation - The company maintains a high level of R&D investment, with ongoing projects in various fields, including acoustic metamaterials and protective materials, indicating a commitment to innovation and market expansion [2][4]. Future Outlook - The company is expected to benefit from scale effects as production capacity increases and cost efficiencies improve, which will likely accelerate growth in the coming years [2][4].

海澜之家（600398.SH）/纺 织服饰 证券研究报告/公司点评 2024 年 8 月 21 日 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn [Table_Profit] 基本状况 总股本(亿股) 48.03 流通股本(亿股) 48.03 市价(元) 5.80 市值(亿元) 278.6 流通市值(亿元) 278.6 [Table_QuotePic] 公司持有该股票比例 股价与行业-市场走势图 [Table_Title] 评级：买入（维持） 市场价格：5.80（元） 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 相关报告 H1 线上增长靓丽，静待消费回暖经营改善 [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------|--------| | 指标 | 2022A | 2023A | 2024E | ...