Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company reported a revenue of 5.45 billion yuan for H1 2024, a year-on-year decrease of 31.76%, and a net profit attributable to shareholders of 238 million yuan, down 81.56% year-on-year [4]. - The company's gross margin for H1 2024 was 18.85%, a decline of 11.58 percentage points, primarily due to price reductions in lithium battery materials, especially electrolyte products [4]. - A supply agreement with CATL has been signed, securing the supply of 58,600 tons of solid lithium hexafluorophosphate, which is expected to stabilize the company's profitability in electrolyte products [4]. - The company has achieved over 97% self-sufficiency in core raw materials, ensuring a cost advantage and maintaining industry-leading profitability levels [4]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 601 million yuan, 1.505 billion yuan, and 2.134 billion yuan respectively, with corresponding P/E ratios of 45.8, 18.3, and 12.9 based on the closing price on September 12, 2024 [5][6]. - The company's revenue is projected to decline by 21.6% in 2024, followed by a growth of 38.3% in 2025 and 26.3% in 2026 [6]. - The gross margin is expected to be 16.3% in 2024, improving to 20.7% in 2025 and 21.8% in 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 2.473 billion yuan in H1 2024, a YoY increase of 29.94%, with net profit attributable to shareholders of 246 million yuan, a YoY increase of 52.36%, exceeding expectations [1] - Multiple business lines showed rapid growth, with photovoltaic sector up 32%, wind power sector up 25%, and energy storage sector up 62% YoY [2] - Transformer products revenue reached 474 million yuan in H1 2024, more than doubling YoY [2] - Q2 2024 gross margin improved to 23.40%, up 0.33 percentage points QoQ despite rising copper prices [2] - Q2 2024 net margin reached 10.88%, up 2.20 percentage points QoQ [2] - The company has obtained international certifications (IEEE, IEC, CQC, UL, CE, DNV-GL), laying foundation for overseas expansion [2] - Forecasted net profit for 2024-2026 is 652/840/1039 million yuan, with PE ratios of 15.0/11.6/9.4x based on Sep 12, 2024 closing price [2] Financial Performance - 2024E revenue is projected at 6.421 billion yuan, with 28.1% YoY growth [3] - 2024E net profit is forecasted at 652 million yuan, with 31.0% YoY growth [3] - 2024E gross margin is expected to remain stable at 22.9% [3] - 2024E ROE is projected to improve to 14.0% [3] - 2024E EPS is estimated at 2.09 yuan [3] - 2024E operating cash flow is expected to be -589 million yuan [4] - 2024E total assets are projected to reach 8.577 billion yuan [4] - 2024E liabilities are forecasted at 3.918 billion yuan, with a debt-to-asset ratio of 45.7% [4] Business Development - The company has strengthened cost control and secured some material supplies in advance [2] - Indirect export business with higher margins contributed to profitability improvement [2] - The company is accelerating direct sales channel layout overseas [2] - Overseas business is expected to become a new growth driver [2]

Investment Rating - The investment rating for the company is "Add" [2][3] Core Views - The company's revenue for Q2 2024 reached 547 million yuan, representing a year-on-year increase of 14.74% and a quarter-on-quarter increase of 17.03%. The net profit attributable to the parent company was 229 million yuan, up 22.33% year-on-year and 104.41% quarter-on-quarter [3] - The company's profitability has significantly improved, with a gross margin of 53.17% in Q2 2024, an increase of 11.78 percentage points quarter-on-quarter, and a net profit margin of 42.17%, up 18.86 percentage points quarter-on-quarter. This improvement is attributed to the company's technological innovation and smart manufacturing advantages [3] - The company is expected to benefit from an upward cycle in its electric meter business, with charging pile and energy IoT businesses anticipated to become new growth points. Projected net profits for 2024-2026 are 629 million, 728 million, and 870 million yuan, respectively, corresponding to valuations of 12.0, 10.3, and 8.7 based on the closing price on September 13 [3][4] Financial Summary - The company's operating revenue is projected to grow from 1,771 million yuan in 2023 to 2,907 million yuan in 2026, with year-on-year growth rates of 17.6%, 23.1%, 13.2%, and 17.8% for the respective years [2] - The net profit attributable to the parent company is expected to increase from 607 million yuan in 2023 to 870 million yuan in 2026, with growth rates of 28.6%, 3.6%, 15.8%, and 19.5% [2] - The gross margin is projected to decline slightly from 44.8% in 2023 to 43.1% in 2026, while the return on equity (ROE) is expected to remain stable around 15.9% to 16.3% during the same period [2][3]

公 司 研 究 | --- | --- | |------------------------------|--------------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 14.19 | | 总股本（亿股） | 675.26 | | | | | 流通股本（亿股） | 672.23 | | 净资产（百万元） | 7,757.14 | | 总资产（百万元） | 11,816.02 | | 每股净资产（元） 来源： | 11.47 ，兴业证券经济与金融研究院整理 | 公 司 点 评 报 告 WIND 投资要点 ＃summary＃ 公司公告：2024H1 公司实现营收 33.21 亿元，同比-8.51%；归母净利润 2.38 亿元，同比-20.93%； 扣非归母净利润 2.35 亿元，同比-10.36%，若按同口径计算，则提升 9.06%；毛利率 61.13%， 同比+0.88pct；归母净利率 7.17%，同比-1.13pct。其中 24Q2 公司实现营收 14.15 亿元，同比 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [5] - The demand for advanced packaging is increasing due to the AI wave and high demand for HPC chips, with the global AI market expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4% [6] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [6] - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] Company Overview - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [12] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [14] - The company's revenue for 2023 was RMB 29.661 billion, with an operating profit of RMB 1.52 billion [12] Advanced Packaging - Advanced packaging is becoming a major growth driver in the packaging and testing market, with the global advanced packaging market expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] - The company has been actively investing in advanced packaging technologies, with R&D expenses of RMB 1.44 billion in 2023 and 2,897 R&D personnel [6] - The company's advanced packaging technologies include FIWLP, FOWLP, TSV, eWLB, SiP, and FCBGA, among others [6] Financial Performance - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] - The company's net profit for 2023 was RMB 1.471 billion, a decrease of 54.5% year-on-year, but is expected to recover to RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026 [7] - The company's free cash flow has been positive for four consecutive years (2020-2023), with a free cash flow of RMB 1.37 billion in 2023 [45] Industry Trends - The global semiconductor packaging market is recovering, driven by stable consumer demand, a rebound in the memory market, and the rise of AI and HPC applications [34] - The global AI market is expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4%, driving demand for advanced packaging [6] - The global advanced packaging market is expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] Valuation and Forecast - The company's revenue is expected to grow to RMB 31.391 billion in 2024, RMB 36.569 billion in 2025, and RMB 42.513 billion in 2026, with a CAGR of 16.25% [49] - The company's net profit is expected to reach RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026, with a PE ratio of 26.0x, 18.8x, and 14.7x respectively [50] - The company's gross margin is expected to improve to 17.0% in 2024, 18.0% in 2025, and 18.5% in 2026 [49]

证券研究报告 ＃industryId＃ 数字芯片设计 ＃investSuggestion＃ | --- | --- | |--------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 89.80 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 279.64 | | 净资产（百万元） | 3315.11 | | 总资产（百万元） | 3768.29 | | 每股净资产 元 | | | ( ) 来源： WIND | 8.27 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------|------------------------------|-------|--------------| | 主要财务指标 \n＄ 会计年度 zycwzb| 主要 ...

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ 公 司 点 评 报 告 | --- | --- | |---------------------------------------|-----------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-11 | | 收盘价（元） | 23.31 | | 总股本（百万股） | 2,781.74 | | 流通股本（百万股） 净资产（百万元） | 2,768.65 19,967.93 | | 总资产（百万元） | 73,514.74 | | 每股净资产（元） | | | 来源： WIND | 7.18 ，兴业证券经济与金融研究院整 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|-------------------------|----- ...

公 司 研 究 证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 12.50 | | 总股本（百万股） | 1218.37 | | 流通股本（百万股） | 724.17 | | | | | 净资产（百万元） | 11494.17 | | 总资产（百万元） | 13836.86 | | 每股净资产 ( 元 ) | 9.43 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|---------------------|-------|-------| | 主要财务指标 \n＄ 会计年度 zycwz ...

证券研究报告 ＃＃industryId＃＃ 零售 ＃investSuggestion＃ 公 司 研 究 | --- | --- | |---------------------------------------|--------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-12 | | 收盘价（元） | 12.02 | | 总股本（百万股） | 1135.05 | | 流通股本（百万股） 净资产（百万元） | 1093.47 19,740.30 | | 总资产（百万元） | | | 每股净资产（元） | 41,055.03 | | 来源： WIND | 17.39 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |--------------------------------------------------------|--------|-------------------------|-------|-------| | 主要财务指标 ＄ ...

证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 8.59 | | 总股本（百万股） | 3418.52 | | 流通股本（百万股） | 3417.00 | | | | | 净资产（百万元） | 9329.04 | | 总资产（百万元） | 23650.94 | | 每股净资产 ( 元 ) 来源： | 2.73 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------|--------------------------|------------------------|- ...