Investment Rating - The investment rating for Hikvision (002415.SZ) is "Buy" (maintained) with a market price of 26.71 CNY [1][7]. Core Views - The report indicates that Hikvision's EBG and innovative businesses are experiencing steady growth, although profits are under pressure due to expenses. The company achieved a revenue of 41.209 billion CNY in the first half of 2024, representing a year-on-year growth of 9.68%, while the net profit attributable to shareholders was 5.064 billion CNY, down 5.13% year-on-year [4][5]. Summary by Sections Financial Performance - For 2022A to 2026E, the projected operating revenue is expected to grow from 83.166 billion CNY in 2022 to 120.303 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 10% [1]. - The net profit is forecasted to increase from 12.837 billion CNY in 2022 to 18.659 billion CNY in 2026, with a growth rate of 4% in 2024E and 14% in 2025E [1]. - The earnings per share (EPS) is expected to rise from 1.39 CNY in 2022 to 2.02 CNY in 2026 [1]. Business Segments - Domestic main business revenue for the first half of 2024 was 18.971 billion CNY, a slight decrease of 0.26% year-on-year, while the EBG segment achieved a revenue of 7.489 billion CNY, growing by 7.05% year-on-year [4]. - The overseas main business generated 11.441 billion CNY, reflecting a year-on-year increase of 15.46% [4]. - Innovative business revenue reached 10.328 billion CNY, marking a significant year-on-year growth of 26.13% [4]. Market Position - The company holds a total market capitalization of approximately 246.619 billion CNY, with a circulating market value of about 243.221 billion CNY [2]. - The report emphasizes the importance of technological innovation in driving down costs and improving efficiency in downstream sectors, which is expected to support stable growth for the company [5]. Valuation Metrics - The projected P/E ratio for 2024E is 17 times, decreasing to 13 times by 2026E, indicating a potential undervaluation as earnings grow [5][6]. - The P/B ratio is expected to decline from 3.6 in 2023A to 2.0 in 2026E, suggesting improving asset efficiency [1]. Analyst Insights - Analysts expect the company's performance to show a trend of lower growth in the first half of 2024, followed by a recovery in the latter half, driven by advancements in AI and digital transformation initiatives [5]. - The report maintains a "Buy" rating based on the expectation of a relative price increase of over 15% compared to benchmark indices within the next 6 to 12 months [7].

药石科技（300725.SZ）/医药生物 证券研究报告/公司点评 2024 年 08 月 20 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------- ...

证券研究报告 2024年8月20日 | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | 分析师：王芳 S0740521120002，杨旭 S0740521120001，游凡 S0740522120002 1 目 录 一、代工板块：Al+中低端消费需求好带来Q2显著分化，板块Q3趋势向上 二、封测板块：Q2先进封装需求好于传统，安靠乐观指引苹果Q3表现 三、国产化成效显著，关注大陆供应链产能及高端产品投放情况 四、投资建议和风险提示 2 营收：台积电和中芯国际超预期，积极指引24Q3 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|---------|-------|-----------|------------|-----------|----------|----------| | 营收（单位；亿美元） | 24Q2 | yoy | qo ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Universal Axle Co Ltd (430418 BJ) [1] Core Views - Overseas markets continue to drive growth with Q2 performance slightly exceeding expectations [1] - The company's overseas revenue reached 167 million yuan in H1 2024, up 23 5% YoY [3] - Overseas revenue accounted for 46 7% of total revenue in H1 2024, up from 42 3% in 2023 [3] - Overseas gross margin improved to 44 2% in H1 2024, up 6 8pct from H1 2023 [3] - The company achieved revenue of 358 million yuan in H1 2024, up 17 94% YoY [3] - Net profit attributable to shareholders reached 74 million yuan in H1 2024, up 33 99% YoY [3] Financial Performance - Revenue is projected to grow from 636 million yuan in 2023 to 1 166 billion yuan in 2026 [1] - Net profit is expected to increase from 124 million yuan in 2023 to 241 million yuan in 2026 [1] - EPS is forecasted to rise from 0 92 yuan in 2023 to 1 78 yuan in 2026 [1] - ROE is projected to improve from 17% in 2023 to 19% in 2026 [1] - P/E ratio is expected to decline from 14 3 in 2023 to 7 3 in 2026 [1] Operational Highlights - The company is expanding into new downstream sectors including aerospace, defense, and robotics [8] - Its needle roller bearings are already used in industrial robot joints [8] - New cross roller bearings are being supplied to the defense sector [8] - The company is strengthening its position in high-end products [3] Cost Management - Gross margin improved to 38 1% in H1 2024, up 1 2pct from H1 2023 [5] - Net profit margin reached 20 6% in H1 2024, up 2 5pct from H1 2023 [5] - Management expenses grew only 2 4% YoY in H1 2024, slower than revenue growth [5] - The company is implementing comprehensive budget management and cost reduction measures [5] Valuation - Market cap stands at 1 77 billion yuan with a share price of 13 07 yuan [2] - Total shares outstanding are 135 million with 72 million shares in free float [2] - The company's P/B ratio is expected to decline from 2 5 in 2023 to 1 4 in 2026 [1]

创世纪(300083. SZ) /机械设备 证券研究报告/公司点评 消费电子复苏驱动,2024Q2 业绩拐点已现 2024 年 8 月 19 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 [9]. Core Views - The company is expected to benefit significantly from the increasing penetration of OLED technology, with a projected net profit of 2.05 billion yuan in 2024, 3.31 billion yuan in 2025, and 5.28 billion yuan in 2026 [1][4]. - The report highlights a strong revenue growth of 73.65% year-on-year in the first half of 2024, driven by a recovery in consumer electronics demand and an increase in OLED penetration [1][2]. Summary by Sections Financial Performance - Revenue for 2022 was 280 million yuan, with a projected increase to 610 million yuan in 2024 and 1.655 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 58% from 2024 to 2026 [1]. - Net profit decreased from 105 million yuan in 2022 to 77 million yuan in 2023, but is expected to rebound to 205 million yuan in 2024 and reach 575 million yuan by 2026 [1]. - The company's earnings per share (EPS) is projected to grow from 0.19 yuan in 2023 to 1.43 yuan in 2026 [1]. Market Position and Trends - The report notes that the company has established a strong market presence by entering the supply chains of major domestic panel manufacturers such as BOE and Huaxing [1]. - The ongoing trend of increasing OLED penetration across various downstream sectors is expected to drive further growth for the company [1][2]. Research and Development - The company invested 30 million yuan in R&D in the first half of 2024, marking a 21.15% increase year-on-year, with ongoing development of new materials [1]. - The report emphasizes the importance of R&D in maintaining competitive advantages and expanding the customer base [1].

中报业绩位于预告中值偏上，手机&汽车驱动高增 韦尔股份 (603501. SH) /电子 证券研究报告/公司点评 2024 年 8 月 19 日 评级： 买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------|----------------------------------------|-------------|-----------| | 市场价格： 89. 7 无 | 指标 | | 2022A | 2023A | | 分析师：王芳 | | 苍业状入（百万元） | 20,078 | 21,021 | | 执业证书编号：S0740521120002Email: wangfang02@zts.com.cn | | 增长丰 yoy%净利润（百万元）增长牛 yoy% | -17%990-78% | 5%556-44% | | 分析师：杨旭 | | 年殷牧蟲（无） | 0.82 | 0.46 | 每股现全流企-1.646.21-2. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 16.9 billion yuan, up 29.1% year-on-year, and net profit at 3.3 billion yuan, up 46.4% year-on-year [4][5] - The company's olefin segment showed strong performance with substantial revenue growth driven by increased production and sales volumes, particularly in polyethylene and polypropylene [4][5] - The company is expected to benefit from new project launches, including the Inner Mongolia project, which is anticipated to enhance growth potential [4][5] Financial Summary - Total shares outstanding: 7,333 million [2] - Market price: 15.32 yuan [2] - Market capitalization: 112.347 billion yuan [2] - Revenue forecast for 2024 is 39.333 billion yuan, with a growth rate of 35% year-on-year [4] - Net profit forecast for 2024 is 8.167 billion yuan, with a growth rate of 45% year-on-year [4] - Earnings per share (EPS) for 2024 is projected at 1.11 yuan [4] - The company maintains a leading position in the coal chemical industry, particularly in coal-to-olefins production [5]

【中泰研究丨晨会聚焦】策略徐驰：央国企价值再发现：原因、驱动与策略 证券研究报告 2024 年 8 月 20 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 今日重点 >> 【策略】徐驰：央国企价值再发现：原因、驱动与策略 研究分享 >> 【固收】肖雨：配债需求从银行转向基金——7 月中债登、上清所托管数 据点评 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【策略】徐驰：央国企价值再发现：原因、驱动与策略 徐 驰｜中泰策略行业首席 S0740519080003 国有企业是中国特色社会主义的重要物质基础和政治基础，是党执政兴国的重要支柱和依靠力量。 2015 年以来我国国有企业改革不断深化。国有企业布局结构优化调整，国有资本整体功能和配置 效率显著提升。今年以来，我国经济增速中枢持续下行，金融监管力度不断上升。在资本市场高质 量发展背景下，具有稳健，高分红等特征的优质央国企不断受到市场的追捧。 当前央国企整体估值依 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 央国企价值再发现：原因、驱动与策略 2024 . 8 . 1 9 徐驰 S0740519080003 xuchi@zts.com.cn 张文宇 S0740520120003 zhangwy01@zts.com.cn | --- | --- | |-------|-------| | | | | | | 1 央国企价值被低估的原因 2 畅通央国企价值发现的机制 3 央国企价值实现的驱动因素 4 推动央国企价值重估的措施 5 风险提示 00 ● 0 0 0 0 0 前言 为何今年以来央国企热度 持续上升? 4 新一轮国企改革持续推进 总书记指出："国有企业是中国特色社会主义的重要物质基础和政治基础，是党执政兴国的重要支柱和 依靠力量。"纵观国企混改历程，从2015年54号文件明确提出分类分层推进国企混合所有制改革到2024年2 月27日，国务院国资委召开国有企业改革深化提升行动2024年第一次专题推进会推进新一轮国企改革深化提 升行动，我国国有企业改革不断深化。国有企业布局结构优化调整，国有资本整体功能和配置效 ...