Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company's mid-term performance is impacted by exhibition scheduling, with a focus on the order situation in the second half of the year [1][4]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 260.11 million yuan, down 26.39% year-on-year, and net profit at 40.72 million yuan, down 46.56% year-on-year [2][4]. - The company is transitioning towards specialized exhibitions, which has led to an increase in average booth numbers and an improvement in gross margin [2][4]. - The company is expanding its overseas exhibition collaborations, aiming to create a platform for Chinese brands to showcase internationally [2][4]. Financial Summary - Revenue projections for 2024-2026 are 834.97 million yuan, 1.09 billion yuan, and 1.35 billion yuan, with growth rates of 30.18%, 23.90%, and 22.71% respectively [4][5]. - Expected net profits for the same period are 188.21 million yuan, 246.99 million yuan, and 325.63 million yuan, with growth rates of 31.23%, 31.84%, and 30.11% respectively [4][5]. - The report forecasts EPS of 1.08 yuan, 1.42 yuan, and 1.85 yuan for 2024-2026, with corresponding PE ratios of 14X, 11X, and 8X [2][4].

家电 2024 年 08 月 12 日 行业周报 看好/维持 家电 TCL 智家 2024Q2 业绩超预期，光峰提供享界 S9 核心器件 ◼ 走势比较 报告摘要 (20%) (10%) 0% 10% 20% 30% 23/8/11 23/10/2224/1/224/3/1424/5/2524/8/5 家电 沪深300 ◼ 子行业评级 白色家电Ⅱ 无评级 黑色家电Ⅱ 无评级 小家电Ⅱ 无评级 无评级 照 明 电 工 及 其他 厨房电器Ⅱ 无评级 相关研究报告 <<比依股份：2024Q2 业绩环比明显改 善，收入双位数增长向好>>--2024- 08-11 <<创科实业：2024H1 业绩双位数增 长，MILWAUKEE 贡献动力>>--2024- 08-11 <>--2024-08-08 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190 ...

2024 年 08 月 10 日 行业周报 看好/维持 医药 Aldeyra 在研疗法 3 期临床成功，用于治疗干眼症 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/8/9 23/10/2124/1/224/3/1524/5/2724/8/8 医药 沪深300 市场表现： 2024年8月9日，医药板块涨跌幅-1.57%，跑输沪深300指数1.23pct， 涨跌幅居申万 31 个子行业第 27 名。各医药子行业中，医疗耗材(-0.24%)、 医药流通(-1.47%)、血液制品（-1.61%）表现居前，线下药店(-2.45%)、 医疗研发外包(-2.42%)、疫苗(-2.10%)表现居后。个股方面，日涨幅榜前 3 位分别为 奥精医疗 (+19.97%) 、 正海生物 (+15.81%) 、 东北制药 (+10.01%)；跌幅榜前 3 位为本立科技(-12.45%)、多瑞医药(-11.08%)、 新天药业（-10.04%）。 行业要闻： 8 月 9 日，Aldeyra 宣布，公司在研疗法 0.25% Reproxalap 眼药水在 治疗干眼症的一项随机双盲、载体对照的 3 ...

2024 年 08 月 09 日 行业周报 看好/维持 医药 Amneal 创新疗法获 FDA 批准上市，用于治疗帕金森 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/8 23/10/2024/1/124/3/1424/5/2624/8/7 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 中性 其 他 医 药 医 疗 中性 ◼ 推荐公司及评级 医药 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 相关研究报告 <<英矽智能抗肿瘤新药 SM6331 在美 国获批临床>>--2024-08-08 <<拜耳 Kerendia 达到 3 期临床终点， 计划递交监管申请>>--2024-08-07 <<礼来Tirzepatide 三期临床结果积 极，有望治疗心衰>>--2024-08-07 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S119052406000 ...

医药 免疫组化诊断：快速增长的蓝海市场，国产替代正当时 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/11 23/10/2224/1/224/3/1424/5/2524/8/5 医药 沪深300 ◼ 子行业评级 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 无评级 其 他 医 药 医 疗 无评级 ◼ 推荐公司及评级 相关研究报告 <<九强生物：业绩增长稳健，国药赋 能营销提效>>--2024-04-07 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 2024 年 08 月 11 日 行业周报 看好/维持 生物医药Ⅱ 报告摘要 本周我们讨论病理诊断中的免疫组化诊断市场。 免疫组化诊断是指利用抗原与抗体特异性结合原理，通过化学反 应使标记抗体的显色剂显色来确定组织细胞内抗原，对其定位、定性 及定量的研究。应用于判断肿瘤的原发位置、良/恶性、分型、分期， 发现微小转移灶，指导靶向治疗，判断预后情况。 市场规模快速增长，国产品牌畅游蓝海市场 受益于国内诊疗人次稳定增长、医保覆盖面 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report indicates that overseas leading applications are experiencing growth bottlenecks, while domestic leading applications are achieving high growth due to a lower base. Specifically, in text-based applications, most overseas chatbots and virtual character applications have seen varying degrees of year-on-year declines in access volume. In terms of average usage time, virtual characters and productivity tools are performing exceptionally well. In multimodal applications, image application access has seen slight year-on-year growth, while video applications have not continued the significant growth trend observed in June [3][4]. Summary by Sections 1. Text-Based Applications - Multiple chatbot applications have seen a decline in global access volume, with the total access volume of the top 100 chatbot applications at 2.929 billion, down 15.28% year-on-year. Virtual character applications also experienced a significant decline, with a total access volume of 347 million, down 28.85% year-on-year. However, the average usage time for these applications remains strong, with 7 applications entering the global top 30 for average usage time [2][3]. 2. Multimodal Applications - In July, the total access volume of image applications among the top 100 globally reached 941 million, reflecting a year-on-year increase of 8.30%. Conversely, video application access volume slightly decreased to 97.33 million, down 2.26% year-on-year. Notably, the domestic application Kuaishou Keling saw significant growth after announcing full access and launching global membership services, with domestic access volume reaching 1.4 million, up 72.34% year-on-year, and overseas access volume at 2.28 million, up 281.43% [3][4]. 3. AI Product Access Volume - According to the AI Product Rankings for July 2024, the top three global AI products by access volume are ChatGPT (2.52 billion), New Bing (1.78 billion), and Canva Text to Image (668 million). ChatGPT's access volume decreased by 14.81% year-on-year, while New Bing saw an increase of 31.49% [21][22]. 4. Domestic AI Product Access Volume - In July 2024, the top three domestic AI products by access volume were Baidu Search AI Smart Q&A (39.199 million), 360AI Search (9.369 million), and Baidu Wenku AI Function (5.140 million). Baidu Search AI Smart Q&A experienced a year-on-year increase of 61.22% [25][26]. 5. Film Industry - As of August 10, 2024, the total box office for domestic films reached 30.6 billion yuan, with a single-day box office of 365 million yuan, an increase of 71.36% from the previous week. The top three films on that day were "White Snake: The Legend" (95.036 million), "Grab the Doll" (92.931 million), and "Reverse Life" (85.421 million) [27][28]. 6. Television Ratings - According to CSM data, the top three TV dramas in terms of ratings on August 8, 2024, were "Private Collection Romance" (2.38%), "Lonely Boat" (2.068%), and "You Are More Beautiful Than Starlight" (2.028%) [30][31]. 7. Variety Shows - The top three variety shows by broadcast index as of August 9, 2024, were "Chinese Restaurant Season 8," "Wonderful Night," and "Singer 2024" [35][36]. 8. Advertising Market - The advertising market expenditure increased by 5.0% year-on-year from April to December 2023, with July showing a similar growth rate [43].

证券研究报告·行业策略报告 光储平价加速展开，新市场+新技术开启新周期 光伏行业2024年中期投资策略 太平洋证券研究院 新能源团队 首席分析师 刘强 执业资格证书登记编号：S1190522080001 分析师 梁必果 执业资格证书登记编号：S1190524010001 分析师 刘淞 执业资格证书登记编号：S1190523030002 研究助理 钟欣材 一般证券业务登记编号：S1190122090007 2024年8月6日 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 证券研究报告·行业策略报告 报告摘要 1.光储平价展开，报价与盈利有望迎来拐点 随着降息周期开启、海外产能投建加速、地缘政治缓和，2025年供需将重新匹配，同时随着光储平价在全球范围内加速展开，光伏行业将迎 来新一轮向上周期。 从各个市场看，欧美已经迎来光储平价，中国、印度、中东以及其他新兴市场光储平价正在加速展开。随着国内光伏产 能深度出清，供需有望快速重塑，报价与盈利有望随着短期去库加速迎来修复。 2.新技术持续推进，新技术开启新周期 底部重视技术创新，技术突破有望加深龙头企业成本优势。硅料环节，随着颗粒硅成本下降、产品参数提升 ...

2024 年 08 月 06 日 行业周报 看好/维持 汽车 行 业 研 究 汽车 鸿蒙智行双 9 旗舰高端拼图，华为 ADS 3.0 首发享界 S9 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/7 23/10/1923/12/3124/3/1324/5/2524/8/6 汽车 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 报告摘要 鸿蒙智行双 9 旗舰高端拼图。享界 S9 发布，搭载最新华为途灵平台， D 级轿车专属，定义豪华驾控新标杆，全系标配空气悬架，鸿蒙智行家族 迄今最豪华舱内空间，首个量产轿车后排零重力座椅。华为 ADS 3.0 首发 享界 S9。享界 S9 首发 HUAWEI ADS 3.0，全场景全天候贯通。率先应用 端到端类人智驾，升级 GOD 感知神经网络，实现从物体识别到场景理解。 首发路面自适应 AEB、首发 eAES 自动紧急避让，首发车位到车位，实现 全场景贯通，鸿蒙智行家族智驾总里程 ...

| --- | |-------| | | | | | | | | TCL 智家(002668) 目标价: 昨收盘:8.75 TCL 智家：2024Q2 业绩超预期，海外冰冷贡献主动力 ◼ 走势比较 (40%) (18%) 4% 26% 48% 70% 23/8/8 23/10/2024/1/124/3/1424/5/2624/8/7 TCL智家 沪深300 ◼ 股票数据 总股本/流通(亿股) 10.84/10.84 总市值/流通(亿元) 94.86/94.86 12 个月内最高/最低价 (元) 13.22/5.03 相关研究报告 <<奥马电器：2024Q1 业绩快速增长， 运营效率有所提升>>--2024-04-28 <<奥马电器：出口红利+以旧换新催 化，冰冷 ODM 龙头整合 TCL 白电焕发 新生>>--2024-03-28 <<奥马电器：2023Q4 业绩高增，战略 整合 TCL 合肥家电深化协同>>-- 2024-03-24 事件：2024 年 8 月 7 日，TCL 智家发布 2024 年半年报。2024H1 公司 收入 89.62 亿元（+24.74%），归母净利润 5.59 亿元（+32.6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company's main business profitability has improved in the first half of 2024, with a focus on new materials. The revenue for H1 2024 reached 3.313 billion yuan, a year-on-year increase of 3.31%, while the net profit attributable to shareholders was 141 million yuan, a significant decline of 56.82% year-on-year. However, the non-recurring net profit increased by 60.73% year-on-year to 111 million yuan [1][2]. - The company has successfully launched new production facilities, including a 90,000-ton/year VA facility and a 20,000-ton/year UHMWPE facility, which are expected to enhance its product offerings in the photovoltaic materials sector [1][2]. - The report anticipates that the company's net profit attributable to shareholders will be 408 million yuan in 2024, 498 million yuan in 2025, and 721 million yuan in 2026, with corresponding EPS of 0.31, 0.37, and 0.54 yuan, respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.313 billion yuan, with a year-on-year growth of 3.31%. The net profit attributable to shareholders was 141 million yuan, down 56.82% year-on-year, while the non-recurring net profit was 111 million yuan, up 60.73% year-on-year [1][2]. - The revenue for 2024 is projected to be 6.949 billion yuan, with a growth rate of 2.53%. The net profit is expected to decline by 8.64% to 446 million yuan, followed by a recovery in subsequent years [3][5]. Production Capacity and Projects - The company is focusing on expanding its production capacity in the new materials sector, with several projects underway. The 20,000-ton/year POE project is expected to be completed in 2025, enhancing the company's position in the photovoltaic materials market [2][5]. - The report highlights that the company will have both EVA and POE products, which are key materials for photovoltaic applications, thereby strengthening its competitive advantage in the industry [2][5]. Market Outlook - The report indicates a positive outlook for the photovoltaic materials market, driven by increasing demand. The company is expected to benefit from this trend, particularly in the second half of 2024, as traditional demand peaks during the "Golden September and Silver October" period [1][2].