% 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]

Investment Rating - The investment rating for the company is "Positive" [8] Core Views - The company's main business is recovering, with the state-owned controlling shareholder planning to fully subscribe to the private placement, demonstrating confidence in the company's future [2][7] - The textile and apparel professional market is experiencing a continuous recovery, and the company's business is achieving growth [6][15] - The company is focusing on traditional business development, leading to a sustained improvement in profitability [11][12] Summary by Sections 1. Focus on Traditional Business Development and Continuous Profitability Recovery - In H1 2024, the company achieved operating revenue of 356 million, a year-on-year decrease of 24.64%, while net profit attributable to shareholders was 73 million, a year-on-year increase of 61.79% [3][11] - The company is concentrating on its core business and reducing new retail operations, which impacted Q2 performance [11] 2. Deepening Professional Market Management and Commercial Retail Business - The professional market management business, which includes the Hangzhou and Nanjing wholesale markets, is the core business, accounting for over 60% of total revenue [15] - In H1 2024, the professional market management business generated revenue of 221 million, a year-on-year increase of 2.31%, with a gross margin of 78.55% [6][15] 3. State-Owned Controlling Shareholder Plans Full Subscription to Private Placement - The state-owned controlling shareholder, Yuanming Holdings, plans to raise 530 million for core business development, digital transformation, and hotel investment projects [17] 4. Comparable Company Valuation - The company's current valuation is at a reasonable level compared to peers, with a market cap of 2.695 billion and a projected PE ratio of 20.26 for 2024 [18]

Group 1: Key Insights - The People's Bank of China conducted a buyback of special government bonds worth 400 billion RMB, leading to a significant appreciation of the RMB, which rose nearly 300 basis points, surpassing the 7.1 mark against the USD [2][8] - Huawei reported a sales revenue of 417.5 billion RMB for the first half of 2024, representing a year-on-year growth of 34.3%, with a net profit margin of 13.2% [11][22] - The government is focusing on improving the market access system, emphasizing a negative list approach to clarify which industries are restricted or require permission for investment, aiming to enhance market entry efficiency and reduce barriers [9][10] Group 2: Market Overview - The domestic securities market showed mixed performance, with the Sci-Tech 100 index gaining the most at 3.1%, while the average daily trading volume was 604.28 billion RMB [2][19] - Among the Shenwan first-level industries, the media sector saw the highest increase of 4.4%, followed by power equipment and comprehensive sectors, both at 4.3% [16][18] - Tesla's global delivery volume reached 1,808,581 vehicles in 2023, a 38% increase from 2022, solidifying its position as the leading new energy vehicle manufacturer [11][12] Group 3: Investment Recommendations - Focus on high-dividend sectors such as banking and oil & petrochemicals, as well as industries with stable growth like electronics, automotive, and public utilities that may benefit from pricing mechanisms [3][21] - New productivity-related sectors such as artificial intelligence and low-altitude economy are highlighted as potential investment opportunities [3][21] - Long-term investment opportunities in gold are also suggested [3][21]

7d 源达 证券研究报告/行业研究 电动汽车领航，能源生态与人形机器人共筑未来 特斯拉研究之业务篇 投资要点 ＞ 特斯拉：电动汽车先锋，推动全球可持续能源变革 特斯拉 (Tesla) 是一家知名的电动汽车和清洁能源公司。公司宗旨是加速世界向可持续能 源的转变,从2006年至2023年,特斯拉合计发布了"秘密蓝图"的三个篇章,将公司发展 步调定义为：电动车平价化→清洁能源产品进一步普及→打造能源可持续和智能化世界。 > 汽车业务：打造全系列电动汽车产品矩阵，树立新能源汽车行业先锋形象 特斯拉开创全新品类且全球大单品模式，通过Roadster-Model S/X-Model 3/Y三代主力产 品逐步实现价格覆盖由高至低,囊括轿车/SUV两大主力品类,实现降本增效。此外，特斯 拉采用直营模式,消除中间环节,简化了购买流程,并且使得价格更加透明和公开，保持 品牌信息的一致性和控制力。2020年，特斯拉凭借4款爆款车型成为全球份额第一的新能 源车企。2023年，特斯拉的全球交付量达到了1.808,581辆，比2022年的1,310,048辆增长 了38%。根据特斯拉披露,2023 年特斯拉在中、美、欧的销量分别为60. ...