% 源达 | --- | --- | |------------------------------------------------------------|-------| | 证券研究报告/行业研究 | | | 六维力传感器：高附加值核心部件，人形机器人推动行业长足发展 | | | | | | ——力传感器专题研究 | | 投资要点 ➢ 六维力传感器是机器人核心部件，市场空间有望加速扩容 六维力传感器适用于力作用点随机并对测量精度要求较高的场景，适合在人 形机器人和协作机器人中应用。人形机器人产品加快迭代成熟，有望拉动六 维力传感器市场空间。2023年12月特斯拉发布的Optimus Gen2已能完成单 腿瑜伽等复杂动作。2023年国产人形机器人领军企业优必选推出工业版人形 机器人Walker S，可在工商业领域精密作业。根据MIR睿工业数据，2023年 中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 成本降低，市场有望迎来快速扩容期。 ➢ 人形机器人商业图景远大，推动六维力传感器市场加快增长 以O ...

%l 源达 证券研究报告/投资策略 | --- | --- | |---------------------------------------------------------------------|-------------------------| | | 报告日期:2024年09月13日 | | 8 月 CPI 同比涨幅继续扩大，全国人大常委会正式批准渐进式延迟退休方案 | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1. 9月9日，国家统计局公布8月份CPl和PPl数据。1）8月份，受高温多雨天气等因素影响， 全国CPl同比涨幅继续扩大，环比季节性上涨。从同比看，CPI上涨0.6%，涨幅比上月扩大 0.1个百分点。从环比看，CPI上涨0.4%，涨幅比上月回落0.1个百分点。2）8月份，受市 场需求不足及部分国际大宗商品价格下行等因素影响，全国PPI同比、环比均下降。从同 比看, PPI下降1.8%,降幅比上月扩大1.0个百分点。从环比看, PPI下降0.7%，降幅比上 月扩大0.5个百分点。 2. 9月13日，全国人民代表大会常务委员会关于实施渐进式延迟法定退休年龄的决定，同 步启动延 ...

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" [5]. Core Insights - The operating performance of the agricultural, forestry, animal husbandry, and fishery industry shows marginal improvement, with a significant recovery in net profit. In H1 2024, the industry achieved a total revenue of 567.8 billion yuan, a year-on-year decrease of approximately 5%. However, the net profit attributable to shareholders reached 9.1 billion yuan, a substantial increase of 184% compared to a loss of 10.9 billion yuan in H1 2023, ranking first in net profit growth among 31 primary industries [2][11]. - Various sub-sectors within the industry are performing well, particularly in seed production and pig farming, which have seen significant profit recovery. The seed industry reported a 140% increase in net profit, while the pig farming sector experienced a 111% increase. Other notable performances include a 100% increase in aquatic feed and a 95% increase in other agricultural product processing [3][15]. - The industry is currently valued at historical lows, with a price-to-book (PB) ratio of 2.13 as of September 10, 2024, significantly below the historical median of 3.45 and the average of 3.51. This low valuation may reflect overly pessimistic market expectations, indicating potential undervaluation and opportunities for value reassessment [4][23]. Summary by Sections 1. Industry Performance Improvement - The agricultural, forestry, animal husbandry, and fishery industry has shown a notable recovery in net profit growth, with a 184% increase in H1 2024 compared to H1 2023, despite a slight decline in total revenue [2][11][12]. 2. Sub-sector Performance - The seed industry achieved a revenue of 8.61 billion yuan in H1 2024, a 5% increase year-on-year, with net profit rising by 140%. The pig farming sector reported a net profit of 1.6 billion yuan, a 111% increase, aided by rising pig prices. Other sectors like aquatic feed and agricultural product processing also showed strong performance [3][15][17][19]. 3. Valuation and Future Outlook - The current PB ratio of 2.13 indicates that the industry is undervalued compared to historical averages, suggesting potential for future value reassessment as the market adjusts its expectations [4][23].

% 源达 资料来源：Wind，源达信息证券研究所 证券研究报告/行业研究 报告日期:2024年09月09日 行业 2024H1 经营稳健，数字经济和人工智能驱动行业增长 ——通信行业 2024 半年报业绩点评 投资要点 ➢ 2024H1通信行业保持稳健增长，在全行业中业绩增速居前 2024H1申万通信行业营收同比增长3.92%，在31个申万一级行业中增速位 居第九。2024H1申万通信行业归母净利润同比增长7.32%，在31个申万一级 行业中增速位居第十二。从2024H1看，受益数字经济、人工智能和5G扩建， 通信行业保持稳健增长步伐。2024年第二季度申万通信行业营收同比增长 3.19%，在31个申万一级行业中增速位居第十一位。2024年第二季度申万通 信行业归母净利润同比增长7.37%，在31个申万一级行业中增速位居第十一 位。从季度营收和利润看，通信行业增长步伐保持稳健。 ➢ 电信运营商经营稳健，通信网络设备及通信应用子版块业绩亮眼 从2024Q1&2024Q2通信行业子版块经营情况看，多数板块营收和盈利保持 稳健增长。其中其他通信设备、通信应用增值服务板块经营情况表现较为亮 眼。从盈利能力情况看，20 ...

%l 源达 证券研究报告/投资策略 | --- | --- | |--------------------------------------------|-------------------------| | | 报告日期:2024年09月06日 | | 8 月制造业 PMI 小幅回落，全 A 业绩静待复苏 | | | | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1.A股2024年半年报总结：全A业绩微降，行业表现分化。1）2024年上半年全A整体盈利 微降。2024年上半年全行业实现营业收入34.87万亿元，同比增速为-1.42%；实现归母净 利润2.90万亿元，同比增速为-2.37%；实现扣非归母净利润2.75万亿元，同比增速为- 0.74%。2) 2024年二季度业绩承压。2024年二季度全行业实现营业收入17.98万亿元，同 比增速为-1.75%；实现归母净利润1.46万亿元，同比增速为-0.41%；实现扣非归母净利润 1.39万亿元，同比增速为0.82%。 2. 8月31日，国家统计局公布8月中国制造业PMI为49.1%，较7月继续回落0.3个百分点， 制造业景气度基本稳定。 3. ...

Investment Rating - The report rates the home appliance industry as "Positive" [1] Core Insights - In the first half of 2024, the home appliance industry achieved a revenue of 798.69 billion yuan, representing a year-on-year growth of 6.27%, and a net profit of 62.31 billion yuan, with a year-on-year increase of 7.87% [2][14] - The export scale of the domestic home appliance industry saw rapid growth, with a total export value of 347.9 billion yuan in the first half of 2024, marking an 18.3% increase year-on-year [3][14] - Government policies promoting "old-for-new" appliance exchanges are expected to boost domestic demand in the latter half of 2024 [4][28] Summary by Sections 1. Overview of 2024H1 & 2024Q2 Home Appliance Industry Performance - The home appliance industry reported a revenue of 798.69 billion yuan in 2024H1, with a net profit of 62.31 billion yuan, showing growth in both metrics [2][14] - In 2024Q2, the revenue was 424.14 billion yuan, with a net profit of 35.96 billion yuan, reflecting a year-on-year growth of 4.69% and 6.30% respectively [2][14] 2. Performance of Various Sub-sectors in 2024H1 - The white goods sector accounted for 67.51% of the total revenue in 2024H1, with a net profit contribution of 76.04% [18][23] - The small appliance sector showed a net profit of 5.10 billion yuan in 2024H1, growing by 6.55% year-on-year [23][24] 3. Policy Support for Domestic Demand Growth - The government initiated a large-scale equipment update and "old-for-new" appliance exchange program in March 2024, with various local governments providing subsidies to encourage consumer upgrades [4][28] - The implementation of these policies is expected to enhance domestic demand for home appliances in the second half of 2024 [4][28] 4. Investment Recommendations - The report suggests focusing on the white goods sector, highlighting companies such as Haier, Midea, and Gree as stable investments [5][29] - It also recommends monitoring companies in the small appliance sector that are expanding their overseas business, such as Roborock [5][29]

Group 1: Overall Performance - In the first half of 2024, the overall profit of the A-share market slightly declined, with total operating revenue reaching 34.87 trillion yuan, a year-on-year growth rate of -1.42%. The net profit attributable to shareholders was 2.90 trillion yuan, down by 2.37% year-on-year, while the net profit excluding non-recurring items was 2.75 trillion yuan, a decrease of 0.74% year-on-year [1][11] - The second quarter of 2024 saw continued pressure on performance, with total operating revenue of 17.98 trillion yuan, a year-on-year decline of 1.75%. The net profit attributable to shareholders was 1.46 trillion yuan, down by 0.41% year-on-year, while the net profit excluding non-recurring items was 1.39 trillion yuan, showing a slight increase of 0.82% year-on-year [1][11] Group 2: Industry Performance - The electronic industry showed remarkable performance in the first half of 2024, with operating revenue growth of 17.3%, and a year-on-year increase of 18.9% in the second quarter, driven by downstream demand recovery, inventory digestion, and new product launches [2][12] - The agricultural, forestry, animal husbandry, and fishery industry experienced significant profit growth, with a net profit increase of 188.4% in the first half of 2024 and 264.1% in the second quarter, largely due to rising pig prices [2][14] - The real estate and non-bank financial industries faced substantial declines, with operating revenue growth rates of -21.9% and -15.8% respectively in the first half of 2024, and -26.7% for real estate in the second quarter [12][14] Group 3: Asset and Cash Flow Performance - The non-financial sectors of the A-share market saw construction and fixed asset growth rates of 5.0% and 8.5% respectively, indicating strong downstream demand in certain industries such as public utilities, construction decoration, non-ferrous metals, and power equipment [3][15] - Most industries exhibited good profit quality, with 17 out of 29 sectors having a ratio of operating cash flow to net profit greater than 1, indicating strong self-sustaining capabilities [4][18] - The mechanical equipment, environmental protection, and agricultural sectors showed significant cash flow growth rates of 403.8%, 28.2%, and 24.0% respectively, while the real estate and construction decoration sectors faced declines of -141.9% and -115.2% [4][19] Group 4: Investment Recommendations - It is recommended to focus on industries with sustained growth and improving economic conditions, including electronics, automotive, home appliances, oil and petrochemicals, public utilities, and telecommunications [5][21] - The electronics sector is expected to benefit from external sanctions driving domestic innovation, with strong demand for AI-related products and new consumer electronics launches anticipated in September 2024 [21][22] - The automotive industry is supported by domestic demand policies and the increasing international market presence of Chinese brands, particularly in the electric vehicle segment [22][23] - The home appliance sector is driven by replacement demand and has promising long-term export prospects [24][25] - The oil and petrochemical sector is benefiting from rising international oil prices and increased production capacity among major companies [26][27] - The public utilities sector is expected to see stable profitability and potential for price recovery in the long term [28][30] - The telecommunications sector is poised for growth due to advancements in AI and steady performance from operators [32][33]

% 源达 资料来源：Wind，源达信息证券研究所 证券研究报告/行业研究 报告日期:2024年09月05日 行业 2024H1 业绩表现亮眼，抓住顺周期和国产替代机遇 ——电子行业 2024 半年报业绩点评 投资要点 ➢ 2024H1电子行业经营表现亮眼，周期复苏趋势明显 2024H1申万电子行业营收同比增长17.27%，在31个申万一级行业中增速位 居第一。2024H1申万电子行业归母净利润同比增长39.26%，在31个申万一 级行业中增速位居第四。从2024H1看，受益下游需求复苏、库存消化及新品 发布，显示面板、电子元器件、消费电子和半导体等行业都有明显增速。 2024Q2申万电子行业营收同比增长18.87%，在31个申万一级行业中增速位 居第一位。2024Q2申万电子行业归母净利润同比增长29.69%，在31个申万 一级行业中增速位居第四位。从季度营收增速看，电子行业复苏趋势加强，处 于周期上行通道中。 ➢ 细分板块经营均有改善，关注半导体、消费电子和显示行业 从2024Q1&2024Q2电子行业子版块经营情况看，多数板块营收和盈利情况 均有明显改善。其中半导体、元件、光学光电子和消费电子板块经营表现 ...

Group 1 - The report emphasizes the strategic importance of Xiong'an New Area in relieving Beijing's non-capital functions and promoting high-quality economic development in China, with a focus on becoming a new economic growth pole [11][12] - Xiong'an New Area is set to systematically layout five high-end industries, including new-generation information technology, modern life sciences, new materials, high-end modern services, and green ecological agriculture, to foster new productive forces [12][19] - The digital economy in China is rapidly growing, with the market size increasing from 27 trillion yuan in 2017 to 55 trillion yuan in 2023, reflecting a compound annual growth rate of 12.5% [4][12] Group 2 - Xiong'an New Area has attracted numerous central enterprise headquarters and subsidiaries, enhancing its role as an innovation hub and contributing to the development of industrial clusters [22] - The establishment of the Xiong'an Innovation Center aims to create a comprehensive service platform for technology incubation and transformation, with several top laboratories already settled in the area [25][26] - The report highlights the development of the low-altitude economy, with policies in place to support the establishment of related businesses and technologies, indicating a significant market potential [26][27] Group 3 - The semiconductor industry in China faces challenges, particularly in high-performance AI chips, with domestic products lagging behind international standards [32][34] - The report discusses the establishment of the Xiong'an Future Chip Innovation Research Institute, which aims to promote the localization of high-performance chips based on the RISC-V architecture [34][35] - The digital infrastructure in Xiong'an is being developed to support the digital economy, including the construction of urban computing centers and next-generation communication networks [40][41]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue increased by 5.83% year-on-year to 207 million yuan in H1 2024, while the net profit attributable to shareholders improved by a reduction in losses of 20.12 million yuan, a decrease of 42.13% compared to the previous year [1] - The gross profit margin improved from 24.80% in H1 2023 to 30.67% in H1 2024 [1] - The company is actively expanding its military equipment business line, achieving significant breakthroughs in multiple projects [2] - The 5G RF business line is enhancing product advantages, with continuous improvement in market competitiveness [2] - The low-altitude air traffic management business is expected to benefit significantly from the low-altitude economy [4] - The high thermal conductivity adhesive film is anticipated to create a new profit growth point for the company [5] - The company is projected to achieve net profits of 41 million yuan, 75 million yuan, and 112 million yuan from 2024 to 2026, with year-on-year growth rates of 121.13%, 80.12%, and 49.75% respectively [6] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 207 million yuan, a year-on-year increase of 5.83% [1] - The net profit attributable to shareholders was -27.64 million yuan, a reduction in losses of 20.12 million yuan, representing a decrease of 42.13% [1] - The gross profit margin improved to 30.67% in H1 2024 from 24.80% in H1 2023 [1] Business Development - The military equipment business line has made significant market expansions, with multiple projects achieving key breakthroughs [2] - The 5G RF business line has completed sample deliveries to several major clients, enhancing its market competitiveness [2] - The low-altitude air traffic management business is positioned to benefit from the emerging low-altitude economy [4] - The high thermal conductivity adhesive film is being developed to meet the growing demand in various sectors, potentially becoming a new profit driver [5] Future Outlook - The company is expected to turn profitable in 2024, with projected net profits of 41 million yuan, 75 million yuan, and 112 million yuan for 2024, 2025, and 2026 respectively [6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.08 yuan, 0.14 yuan, and 0.22 yuan, corresponding to price-to-earnings (PE) ratios of 100, 56, and 37 times [6]