行 业 研 究 行 业 周 报 证券研究报告 ＃industryId＃ | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 行 业 研 究 通信 行 业 周 报 | --- | --- | --- | |----------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 推荐 ( | 维持 ） | 【兴证通信】通信行业周报（ 09.16-09.22 ） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.18 yuan as of September 20, 2024 [1] Core Views - The company's revenue and net profit declined year-over-year in H1 2024, with revenue decreasing by 10.37% to 1.019 billion yuan and net profit attributable to shareholders dropping by 42.11% to 66 million yuan [2][4] - Despite overall revenue decline, the drone business showed growth, with revenue increasing by 10.22% year-over-year to 548 million yuan, accounting for 53.78% of total revenue [2][10] - Overseas business revenue grew by 8.73% year-over-year to 559 million yuan, with gross margin improving by 2.36 percentage points to 41.92% [2][14] Financial Performance - In Q2 2024, the company's revenue was 555 million yuan, down 11.58% year-over-year but up 19.66% quarter-over-quarter [2][5] - Net profit attributable to shareholders in Q2 2024 was 63 million yuan, down 33.47% year-over-year but up 2387.33% quarter-over-quarter [2][5] - Gross margin in H1 2024 was 24.76%, up 0.12 percentage points year-over-year, while net margin decreased by 3.55 percentage points to 6.48% [2][9] Business Segments - Drone and related products maintained a high gross margin of 40.52%, with revenue accounting for 53.78% of total revenue [2][10] - Backsheet film and insulation materials revenue decreased by 36.03% year-over-year to 248 million yuan, with gross margin turning negative at -9.31% [2][10] - Optical film revenue decreased by 9.14% year-over-year to 191 million yuan, but gross margin improved by 9.57 percentage points to 24.89% [2][10] Future Projections - The report forecasts net profit attributable to shareholders of 217 million yuan, 305 million yuan, and 338 million yuan for 2024, 2025, and 2026 respectively [2][21] - EPS is projected to be 0.22 yuan, 0.31 yuan, and 0.34 yuan for 2024, 2025, and 2026 respectively [2][21] - The company's PE ratio is estimated at 60.4x, 43.1x, and 38.9x for 2024, 2025, and 2026 based on the closing price on September 20, 2024 [2][21]

＃title＃ 行 बार 据 周 | --- | --- | |---------------------|-------| | 重点公司 \n重点公司 | 评级 | | 长城汽车 | 增持 | | 银轮股份 | 增持 | | 拓普集团 | 增持 | | 爱柯迪 | 增持 | | 福耀玻璃 | 买入 | | 科博达 | 增持 | | | | 来源：兴业证券经济与金融研究院 yupengliang@xyzq.com.cn S0190524030006 王凯丽 于鹏亮 dongxiaobin@xyzq.com.cn S0190520080001 wangkaili@xyzq.com.cn S0190522070001 liuxinyao@xyzq.com.cn 《【兴证汽车】周动态：阿维塔入 股华为引望，腾势 Z9/Z9GT 开始预 售》2024-8-25 《【兴证汽车】周动态：三部门联 合发文促进电动汽车基建加速，享 界 S9 正式发布》2024-8-12 《【兴证汽车】周动态:广州拟立法 支持自动驾驶出租车和公交车，比 亚迪与 Uber 合作》2024-8-4 证券研究报告 ＃industryId＃ 汽车 ...

重点公司 评级 陕西煤业 买入 中国神华 增持 兖矿能源 增持 淮北矿业 增持 潞安环能 增持 晋控煤业 增持 山西焦煤 增持 电投能源 增持 华阳股份 增持 平煤股份 增持 中煤能源 增持 山煤国际 增持 王锟 wangkun89@xyzq.com.cn S0190521010002 研究助理： 李冉冉 liranran@xyzq.com.cn 行 业 研 究 证券研究报告 ＃industryId＃ 煤炭开采 ＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持 ） 行 业 周 报 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证煤炭】周报 34：动力 煤价格持续上涨，焦煤静待需 求回升（09.08-09.16）》2024- 09-17 《【兴证煤炭】周报 33：节前 补库需求释放，煤价有望震荡 偏强（09.01-09.07）》2024-09- 08 《【兴证煤炭】周报 32：动煤 价格小幅回升，焦煤开启补库 行情（08.25-08.31）》2024-09- 01 ＃emailAuthor＃ 分析师： ＃title＃ ...

＃title＃ 陈鑫 行 业 研 究 证券研究报告 ＃industryId＃ 计算机 OpenAI o1 引入"思维链"，算力需求持续提升 （9.17-9.21） ＃createTime1＃ 2024 年 9 月 22 日 ＃investSuggestion 推荐 ＃(＃ investS uggesti onCha nge＃ 维持 ） 投资要点 行 业 周 报 ＃相关报告 relatedReport＃ 【兴证计算机】数据库：核心基 础软件，深度受益信创景气提升 （9.8-9.16） 【兴证计算机】华为计算产业： 全联接大会将至，生态建设有望 提速（9.1-9.7） 【兴证计算机】DCS 市场快速 发展，国产厂商乘风而起（8.25- 8.31） ＃分析师： emailAuthor＃ 蒋佳霖 jiangjialin@xyzq.com.cn S0190515050002 ＃assAuthor＃ 孙乾 sunqian@xyzq.com.cn S0190518110001 chenxin21@xyzq.com.cn S0190522030001 杨本鸿 yangbenhong@xyzq.com.cn S01905220 ...

Investment Rating - The report maintains the investment rating for the asset management industry, particularly focusing on commodity funds as an important component of diversified assets. Core Insights - Commodity funds are gaining attention from investors, with total assets reaching 57.674 billion yuan, a 69.9% increase from the end of 2023, driven by rising global commodity prices and heightened market risk aversion due to geopolitical tensions and fluctuating interest rate expectations [1][7][9]. - Gold is highlighted as a valuable investment, possessing financial, commodity, and currency attributes, with its price expected to trend upwards in the long term due to its inflation-hedging and safe-haven properties [1][19][21]. - Soybean meal is identified as a commodity with unique investment characteristics, including inflation resistance and potential for roll yield, making it an attractive option for investors [1][24][26]. - The Nanhua Commodity Index serves as a significant indicator for commodity price trends in China, providing a diversified investment approach that enhances risk management for investors [1][30][32]. - Ruida Futures is recognized as a leader in the CTA asset management sector, with a focus on product-driven strategies and a notable recovery in asset management scale, reaching 2.053 billion yuan in the first half of 2024, reflecting a 3.5% increase from the previous year [1][35][36][38]. Summary by Sections 1. Domestic Commodity Fund Investment Overview - The rapid growth of commodity funds in 2024 is attributed to geopolitical tensions and fluctuating interest rates, with a total of 29 funds existing, primarily in ETF format [7][9]. 2. Gold: A Commodity with Financial and Commodity Attributes - Gold's price is influenced by its supply-demand dynamics, with central bank purchases providing price support, while its financial attributes are linked to real interest rates [19][21][22][23]. 3. Soybean Meal: A Commodity with Roll Yield Contribution - The supply of soybean meal is closely tied to soybean production and import levels, with its demand driven by livestock feed requirements, making it less correlated with stock and bond markets [24][25][28]. 4. Index: Nanhua Commodity Index as a New Investment Method - The Nanhua Commodity Index has been widely used for macroeconomic analysis and investment decisions, reflecting the price movements of various commodities [30][32][33]. 5. Active Management: Ruida Futures as a Leader in CTA Asset Management - Ruida Futures has developed a strong asset management business, focusing on CTA strategies and achieving significant performance, with a notable increase in asset management scale and revenue [35][36][38].

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 国防军工 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report maintains a **"Recommend"** rating for the diversified financial industry, specifically focusing on the financial leasing sector [1] Core Views - The **Financial Leasing Company Management Measures** (referred to as the "Measures") were revised and released in September 2024, aiming to promote the orderly development of the financial leasing industry [1] - The Measures introduce stricter risk management requirements, including a new **"Lease Receivables Provision Ratio"** of at least 2.5% [2][10] - The report highlights the importance of **risk prevention** and **returning to the core business of leasing** as key themes for the industry's development [2] - The report is optimistic about companies with **stable operations**, **high-quality manufacturer-regional development models**, and **excellent risk management capabilities**, such as **Jiangsu Financial Leasing** [2] Key Revisions in the Measures Major Shareholder System - The minimum shareholding ratio for major shareholders of financial leasing companies has been increased [1] - The total asset threshold for commercial bank shareholders has been lowered from **RMB 800 billion** to **RMB 500 billion** [1][3] - The total asset requirements for state-owned capital and state-owned financial capital investment and operation companies have been relaxed to **RMB 300 billion** and **RMB 500 billion**, respectively [1][6] - The registered capital requirements for these entities have been reduced from **RMB 10 billion** to **RMB 3 billion** and **RMB 5 billion**, respectively [1][6] Business Classification and Regulation - The Measures further clarify the scope of **basic business** and **specialized business**, canceling non-core and non-essential businesses [4] - The **basic business** scope has been expanded to include **"lease disposal and handling business"** [2][7] - The **specialized business** scope has been adjusted, with the removal of **"capital supplement tool issuance"** from the business scope [7] Risk Management - The Measures introduce stricter requirements for **profit stability** and **equity investment balance** for overseas financial leasing companies [1][6] - The profit requirement for overseas financial leasing companies has been tightened from **"two consecutive profitable fiscal years"** to **"three consecutive profitable fiscal years"** [6] - The equity investment balance limit for overseas financial leasing companies has been reduced from **50% of net assets** to **40% of net assets** [6] Shareholder Obligations and Corporate Governance - The Measures strengthen the protection of **minority shareholders' rights** and require financial leasing companies to ensure effective participation of minority shareholders in shareholder meetings [8] - The Measures emphasize the importance of **internal control systems** and risk management, with a focus on **capital adequacy**, **credit risk**, **liquidity risk**, and **operational risk** [4][8] Business Scope and Regional Expansion - Financial leasing companies are now allowed to establish **project companies** both domestically and internationally to conduct related leasing business [7][9] - The Measures clarify the **geographical scope** for financial leasing companies and their subsidiaries, allowing them to operate nationwide and establish project companies overseas under certain conditions [9] Fixed-Income Investment - The **fixed-income investment** scope has been expanded to include **interbank certificates of deposit** [9]

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, indicating a positive outlook for the sector [1]. Core Insights - The express delivery industry experienced a significant increase in business volume, with a total of 14.38 billion packages delivered in August 2024, representing a year-on-year growth of 19.5% [1][3]. - The average revenue per package decreased to 7.93 yuan, a decline of 5.5% year-on-year, while total revenue for the industry reached 114.12 billion yuan, reflecting a year-on-year increase of 12.9% [1][3]. - The report highlights the strong performance of major players in the industry, with YTO Express, Yunda, and Shentong reporting revenue growth rates of 20.7%, 11.4%, and 21.5% respectively [1][8]. Summary by Sections Industry Overview - The express delivery sector is showing robust demand, with a business volume growth of 19.5% year-on-year and a total of 143.8 billion packages delivered in August 2024 [1][3]. - The industry’s CR8 index stands at 85.2%, indicating a stable competitive landscape [1][2]. E-commerce Delivery - Major companies such as YTO Express, Yunda, and Shentong reported significant increases in business volume, with YTO Express achieving a 29.9% growth [1][8]. - The average price per package for these companies has seen a decline, with YTO Express at 2.17 yuan, down 7.1% year-on-year [1][9]. Financial Performance - SF Express reported a total revenue of 229.81 billion yuan, up 13.4% year-on-year, with a business volume of 10.43 billion packages, reflecting a 14.6% increase [1][8]. - The report emphasizes the potential for revenue and valuation growth in the express delivery sector, driven by strong demand and favorable market conditions [1][3].