海光信息（688041.SH）/计 算机 证券研究报告/公司点评 2024 年 08 月 15 日 [Table_Industry] 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 总股本(百万股) 2,324 流通股本(百万股) 887 市价(元) 76.60 市值(百万元) 178,044 流通市值(百万元) 67,910 [基Ta本ble状_P况rofit] 海光信息：24H1 业绩持续高增，CPU+DCU 前景向好 [评Ta级ble：_T买itle入] （维持） 分析师：孙行臻 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn 市场价格：76.60 [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（ ...

鹏鼎控股（002938.SZ）/电子 证券研究报告/公司点评 2024 年 8 月 14 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：35.26 元/股 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：刘博文 执业证书编号：S0740524030001 Email：liubw@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 2,319 | | 流通股本(百万股) | 2,315 | | 市价(元) | 35.26 | | 市值(百万元) | 81,752 | | 流通市值(百万元) | 81,631 | [Table_QuotePic] 股价与行业-市场走势对比 -40% -20% 0% 20% 40% 60% 80% 100% 鹏鼎控股 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-0 ...

Global Manufacturing PMI Trends - The global manufacturing PMI for July recorded 49.7, a significant decline of 1.1 percentage points, entering the contraction zone[4] - The output and new orders indices fell by 2.1 and 1.9 percentage points, respectively, with new orders dropping to 48.8[4] - Developed markets' PMI decreased to 48.8, while emerging markets remained in expansion at 50.7[6] Regional Insights - The US manufacturing PMI fell by 1.7 percentage points to 46.8, with notable declines in production and employment indices[17] - China's manufacturing PMI slightly decreased to 49.4, with production and new orders showing signs of contraction[11] - India's manufacturing PMI remained robust at 58.1, indicating strong growth compared to other regions[6] Inventory and Pricing Dynamics - Global manufacturing is experiencing a "passive destocking" phase, with raw material inventories declining while finished goods inventories show signs of reduction[14] - The purchasing price index in China fell to 49.9, indicating a drop below the neutral line, while the factory price index decreased to 46.3[15] - In the US, the price index rose to 52.9, suggesting persistent inflationary pressures despite overall manufacturing contraction[23]

业绩同比高增，中期派息及注销回购股份有望提振股价 吉祥航空（603885.SH）/航空 证券研究报告/公司点评 2024 年 8 月 14 日 [Table_Industry] [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|----------------|----------|-----------|-----------|---------| | 市场价格：11.20 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 8,210 | 20,096 | 25,036 | 28,638 | 30,468 | | 执业证书编号：S0740522040001 | 增长率 yoy% 净利润（百万元） | -30% -4,148 | 145% 751 | 2 ...

工业富联(601138.SH)/电子 证券研究报告/公司点评 2024 年 8 月 13 日 Q2 营收高增，AI 服务器保持快速增长 [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 分析师：张琼 执业证书编号：S0740523070004 Email：zhangqiong@zts.com.cn [Table_Title] 评级：买入（维持） 市场价格：20.78 元 [Table_Profit] 基本状况 总股本(百万股) 19,868 流通股本(百万股) 19,862 市价(元) 20.78 市值(百万元) 412,855 流通市值(百万元) 412,740 [Table_QuotePic] 股价与行业-市场走势对比 -60% -40% -20% 0% 20% 40% 2023-082023-092023-102023-112023-122024-012024-022024-032024-04 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a total revenue of 1.413 billion yuan for the first half of 2024, a year-on-year decline of 16.36%. The net profit attributable to the parent company was 147 million yuan, down 76.71% year-on-year [4]. - The company plans to distribute a cash dividend of 0.09 yuan per share, which represents approximately 77.36% of the net profit for the first half of 2024 [4]. - The revenue from the company's subsidiary, Bianfeng, decreased by 26.7% to 999 million yuan in the first half of 2024, primarily due to a strategic contraction in social business [5]. - The IDC business, conducted through Fuchun Cloud Technology, achieved a revenue of 196 million yuan, reflecting a growth of 4.8% year-on-year [5]. - The company has been actively developing innovative businesses such as the Zhejiang Big Data Trading Center and the Hangzhou Urban Brain, expanding its market reach [5]. Financial Forecast and Valuation - The revenue forecast for 2024-2026 has been adjusted downwards, with expected revenues of 3.085 billion yuan (originally 3.558 billion yuan), 3.333 billion yuan (originally 3.737 billion yuan), and 3.6 billion yuan (originally 4.032 billion yuan) respectively [6]. - The net profit forecast for the same period is revised to 461 million yuan (originally 740 million yuan), 599 million yuan (originally 843 million yuan), and 729 million yuan (originally 922 million yuan) [6]. - The current market capitalization corresponds to a P/E ratio of 23x for 2024, 17x for 2025, and 14x for 2026, maintaining the "Buy" rating [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 15.56 [1] Core Views - The company has shown continuous growth in overseas business, with a focus on AI-driven applications and local operations through partnerships [1] - The company reported a revenue of 10.04 billion yuan for the first half of 2024, representing a year-on-year growth of 0.98%, and a net profit of 424.4 million yuan, up 17.48% [1] - The non-mainland market is accelerating growth, capitalizing on the trend of Chinese enterprises going global [1] Financial Summary - **Revenue Forecasts**: - 2022A: 1,995 million yuan - 2023A: 2,228 million yuan (growth rate: 11.6%) - 2024E: 2,488 million yuan (growth rate: 11.7%) - 2025E: 2,862 million yuan (growth rate: 15.0%) - 2026E: 3,378 million yuan (growth rate: 18.1%) [1][4] - **Net Profit Forecasts**: - 2022A: 134 million yuan - 2023A: 150 million yuan (growth rate: 19.1%) - 2024E: 177 million yuan (growth rate: 17.9%) - 2025E: 216 million yuan (growth rate: 22.0%) - 2026E: 273 million yuan (growth rate: 26.2%) [1][4] - **Earnings Per Share (EPS)**: - 2022A: 0.50 yuan - 2023A: 0.56 yuan - 2024E: 0.66 yuan - 2025E: 0.80 yuan - 2026E: 1.01 yuan [1][4] - **Return on Equity (ROE)**: - 2023: 6.8% - 2024E: 7.7% - 2025E: 8.6% - 2026E: 9.8% [1][5] - **Valuation Ratios**: - P/E: - 2023A: 28 - 2024E: 24 - 2025E: 19 - 2026E: 15 - P/B: - 2023A: 2 - 2024E: 2 - 2025E: 2 - 2026E: 2 [1][4][5]

24H1 业绩点评：Q2 业绩承压，业务线全面整合 AI 能力 彩讯股份（300634.SZ）/计算机 证券研究报告/公司点评 2024 年 8 月 14 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------|-------------------|--------------------------------------- ...

[Table_Industry] 证券研究报告/月度报告 2024 年 8 月 14 日 人民币贷款拖累 7 月社融 ——2024 年 7 月金融数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 8 月 13 日，中国人民银行公布 2024 年 7 月金融数据。2024 年 7 月新增社融 规模约 0.77 万亿元，低于市场预期的 1.02 万亿元，同比增加约 2343 亿元； 7 月新增人民币贷款 2600 亿元，低于市场预期的 4561 亿元，同比少增 859 亿元；7 月份货币供应量 M1、M2 同比分别为-6.6%、6.3%，较前值分别回落 1.6、回升 0.1 个百分点。 ◼ 社融方面，2024 年 7 月新增社融规模约 0.77 万亿元，较近 5 年同期均值（1 0740 亿元）减少约 3032 亿元；7 月末社融存量同比增长 8.2%，较前值小幅 回升 0.1 个百分点。 ◼ 分结构来看，7 月社融口径人民币贷款新增规模为-767 亿元，2005 年 8 月以 来首次为负，是本月社 ...

证券研究报告 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ESMO 2024&WCLC 2024亮点梳理 2024年8月14日 分析师： 祝嘉琦 执业证书编号：S0740519040001 分析师： 曹泽运 执业证书编号：S0740524060002 分析师： 穆奕杉 执业证书编号：S0740524070001 国产在研重磅产品动态 国产已上市产品的重要适应症拓展更新 海外重要产品数据及相关标的 汇报目的 ⚫ ESMO全称为European Society of Medical Oncology（欧洲内科肿瘤学会） ，是全球领先的肿瘤医学专业组织。ESMO 拥有来自全球168个国家30,000多名肿瘤学领域成员，深耕肿瘤学前沿进展传播和肿瘤医生教育。 ⚫ 世界肺癌大会（WCLC）是世界上最大的肺癌和其他胸部恶性肿瘤会议。来自100多个国家的7000多名代表共同探讨胸部 恶性肿瘤研究的最新进展。 ⚫ 创新药产品在ESMO、WCLC发布的临床研究结果，被认为具备权威性，是注册上市乃至上市后推广的根本依据，也是在境 内外完成对外授权的价值判断依据 : O T O ● ● ● ● ● ● ...