行 研究 证券研究报告 ＃industryId＃ 有色金属 重点公司 重点公司 评级 投资要点 ＃summary＃ 2024H1 行业盈利下行，24Q2 板块盈利呈现初步企稳迹象。2024H1 受锂资源 供需逆转等因素影响，锂价回落，锂板块企业盈利下滑。2024H1 锂板块企业 实现营收 288.34 亿元，同比下降 53.65%；实现归母净利润-37.44 亿元，由盈 转亏。24Q2 锂盐企业盈利环比增速出现分化，盐湖企业受益于产量的季节性 改善，盈利环比增长，而部分依靠外购矿进行生产的企业，因矿价下滑节奏 滞后于锂盐价格下滑节奏，出现阶段性亏损。 永兴材料 增持 中矿资源 增持 赣锋锂业 增持 盛新锂能 增持 天齐锂业 增持 来源：兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ 《【兴证金属】有色金属：降息 周期临近，黄金与铜铝价格持续 分化》2024-09-08 《【兴证金属】黄金行业 2024 年中报总结及展望：金价持续上 行，关注黄金股估值修复机会》 2024-09-08 《【兴证金属】旺季需求预期好 转，锂价底部反弹_有色金属周 报（240826-0830）》2024-08-31 ...

行 业 点 评 报 告 ＃assAuthor＃ 行 业 研 究 ＃相关报告 relatedReport＃ 王尘 SAC：S0190520060001 wangchenyjy@xyzq.com.cn 证券研究报告 ＃industryId＃ 银行 陈绍兴 SAC：S0190517070003 chenshaox@xyzq.com.cn ＃分析师： emailAuthor＃ ＃investSuggestion 推荐 ＃ （ ＃ investS uggesti onChan ge＃ 维持 ） 投资要点 ＃summary＃ 存量理财市场概况 ⚫ 8 月银行理财存续规模小幅增长。根据普益标准统计，截至 2024年 8月末，银行 理财市场存续规模为 29.61 万亿元，较上月末增加 1017 亿元。7 月存款挂牌利率 下调后，边际上有利于提升理财吸引力，持续促进银行理财规模增长，8 月债市 波动对银行理财规模影响也相对有限。分机构看，理财产品存续规模前三的机 构为招银理财（2.47 万亿元）、兴银理财（2.18 万亿元）和信银理财（1.99 万亿 元）。 理财产品发行市场概况 ⚫ 8 月银行理财产品发行规模小幅下降。8 月 ...

Investment Rating - The report maintains an "Increase" rating for the company [1][2]. Core Viewpoints - In the first half of 2024, the company achieved operating revenue of 489 million yuan, a year-on-year decrease of 44.93%, primarily due to order fluctuations and insufficient market demand [2]. - The net profit attributable to the parent company was -68 million yuan, a year-on-year decrease of 135.73%, with a basic earnings per share of -0.13 yuan, down 137.14% year-on-year [2]. - The company increased its R&D investment, with total expenses of 280 million yuan in the first half of 2024, a year-on-year increase of 20.52%, and R&D expenses of 192 million yuan, up 26.28% year-on-year [2]. - The report projects net profits for 2024-2026 to be 11 million, 201 million, and 326 million yuan respectively, with corresponding EPS of 0.02, 0.37, and 0.60 yuan, leading to a PE ratio of 474.1, 24.9, and 15.4 times based on the closing price on September 10 [2][3]. Financial Summary - For the first half of 2024, the company's gross margin was 42.88%, down 7.19 percentage points year-on-year, while the net profit margin was -13.92%, a decrease of 35.39% year-on-year [2]. - The company reported a net cash flow from operating activities of 32 million yuan, an increase of 212 million yuan compared to the same period in 2023 [2]. - The total assets of the company as of the end of 2024 are projected to be 4,494.41 million yuan, with total liabilities of 1,384 million yuan [1][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][19]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 2.873 billion yuan, down 23.18% year-on-year, and net profit at 738 million yuan, down 47.04% year-on-year [5][6]. - Despite the overall decline, revenue from smart security chips and crystal components showed growth, indicating potential areas of strength [6][17]. - The company has made advancements in automotive electronics, with new product launches expected to drive future growth [17]. Financial Summary - **Revenue and Profit**: For the first half of 2024, the company achieved revenue of 2.873 billion yuan, a decrease of 23.18% year-on-year, and a net profit of 738 million yuan, down 47.04% year-on-year [5][6]. - **Earnings Per Share (EPS)**: Basic EPS for the first half of 2024 was 0.87 yuan, a decline of 46.71% year-on-year [5][6]. - **Gross Margin**: The gross margin for the first half of 2024 was 57.95%, down 6.80 percentage points year-on-year [12]. - **Return on Equity (ROE)**: The weighted average ROE was 6.18%, a decrease of 7.32 percentage points year-on-year [12]. - **Cash Flow**: The net cash flow from operating activities was 633 million yuan, down from 1.147 billion yuan in the same period last year [14]. Segment Performance - **Integrated Circuits**: Revenue from integrated circuits was 2.725 billion yuan, down 24.96% year-on-year, accounting for 94.87% of total revenue [9]. - **Smart Security Chips**: Revenue from smart security chips was 1.482 billion yuan, up 0.93% year-on-year, representing 51.57% of total revenue [9]. - **Crystal Components**: Revenue from crystal components was 111 million yuan, up 23.15% year-on-year, accounting for 3.87% of total revenue [9]. Future Outlook - The company expects net profits for 2024-2026 to be 1.871 billion, 2.168 billion, and 2.677 billion yuan respectively, with corresponding EPS of 2.20, 2.55, and 3.15 yuan per share [19]. - The report highlights the company's competitive advantages in special integrated circuits and automotive electronics, which are anticipated to contribute to future revenue growth [17].

公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏电池组件 ＃investSuggestion＃ ＃dyCompany＃ 晶科能源 （ 688223 ） 688223 ＃title＃ 出货持续领先，债务结构优化 ＃createTime1＃ 2024 年 09 月 12 日 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 6.73 | | 总股本（百万股） | 10005.20 | | 流通股本（百万股） | 3108.65 | | 净资产（百万元） | | | 总资产（百万元） | 33414.84 | | | 124528.09 | | 每股净资产 ( 元 ) 来源： WIND | 3.34 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ...

海 外 研 究 证券研究报告 ＃industryId＃ 食品饮料行业 行 业 投 资 策 略 研 究 报 告 ＃title＃ | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

海 外 研 究 证券研究报告 ＃industryId＃ 物业管理 ＃investSuggestion＃ 推荐 (＃ investS uggesti onChan ge＃ 维持 ） ＃title＃ 2024H1 港股物管中报总结： 有质量的外拓，有现金的利润，有分红的业绩 ＃createTime1＃ 2024 年 09 月 10 日 行 业 投 资 策 略 研 究 报 告 | --- | --- | |--------------|-------| | | | | 重点公司 | 评级 | | 华润万象生活 | 买入 | | 绿城服务 | 增持 | | 中海物业 | 买入 | | 保利物业 | 买入 | | 越秀服务 | 买入 | | | | ＃相关报告 relatedReport＃ 来源：兴业证券经济与金融研究院 海外研究 ＃emailAuthor＃ 分析师： 宋健 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 孙钟涟 sunzhonglian@xyzq.com.cn SAC：S0190521080001 请注意：孙钟涟并非香港证券及 期货事务监察委员会的 ...

Investment Rating - The report maintains a recommendation for the defense and military industry [2]. Core Insights - The global connector market has shown steady growth, with a compound annual growth rate (CAGR) of 6.18% from 2018 to 2023, increasing from $66.7 billion to $90 billion. The market is expected to grow by 6% in 2024, reaching $95.4 billion [7][8]. - China has become the largest market for connectors, with its market size growing from 152.9 billion yuan to 205.7 billion yuan from 2018 to 2023, also reflecting a CAGR of 6.11% [8][9]. - The primary application areas for connectors are communication and automotive, accounting for 24% and 22% of the market share in 2023, respectively [10]. Summary by Sections 1. Connector Industry: Market Growth and Key Applications - The global connector market is projected to reach $95.4 billion in 2024, with China leading as the largest market [7][8]. - Communication and automotive sectors are the main application areas for connectors, with stable market shares [10]. 2. Major Global Connector Manufacturers: Military and Aerospace - Key players include Amphenol, TE Connectivity, and Japan Aviation Electronics, with significant revenue from military and aerospace sectors [11][12]. - In 2023, Amphenol's revenue was $12.555 billion, slightly down by 0.54%, while net profit increased by 1.37% [13][15]. 3. Military Connectors: Steady Growth and Market Opportunities - The military connector market in China grew from 9.125 billion yuan in 2017 to 17.138 billion yuan in 2023, with a projected CAGR of 11.33% from 2024 to 2026 [20]. - The demand for AI servers is driving growth in communication connectors, with global AI server shipments expected to reach 225,000 units by 2026, reflecting a CAGR of 15.38% [20]. 4. Automotive Connectors: Growth Driven by Electric Vehicles - The penetration rate of electric vehicles in China rose from 5% in 2020 to 36% in 2023, with projections of 41% in 2024 [20]. - The increase in smart driving levels is expected to drive demand for high-speed connectors due to the growing number of sensors in vehicles [20].

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

Investment Rating - The report maintains a positive investment rating for the electrical equipment industry, specifically focusing on the photovoltaic sector [1]. Core Insights - The photovoltaic sector is experiencing pressure on profitability, with companies adopting more conservative operational strategies. In Q2 2024, the sector's revenue reached 272.6 billion yuan, a year-on-year decrease of 21% but a quarter-on-quarter increase of 17%. However, the net profit attributable to shareholders turned negative, with a loss of 4.7 billion yuan for the quarter [10][20]. - The report highlights that the cash flow situation is improving, with operating cash flow turning positive and inventory and capital expenditures decreasing, indicating a shift towards more cautious management practices within the industry [10][20]. Summary by Sections 1. Sector Overview - The photovoltaic industry is segmented into main chains (silicon materials, silicon wafers, batteries, modules), inverters and brackets, auxiliary materials for silicon wafers, batteries, and modules, as well as photovoltaic equipment [10]. 2. Financial Analysis of Sub-sectors 2.1 Main Chain (Silicon Materials) - In Q2 2024, the silicon material segment reported a revenue of 25.8 billion yuan, down 43% year-on-year but up 15% quarter-on-quarter. The net profit attributable to shareholders was a loss of 3.3 billion yuan, indicating an increase in losses [20]. 2.2 Silicon Wafers - The silicon wafer segment generated a revenue of 12.6 billion yuan in Q2 2024, with significant losses reported. The net profit attributable to shareholders was a loss of 5 billion yuan, reflecting increased operational pressure [28]. 2.3 Inverters and Brackets - The report suggests focusing on the inverter and bracket segments, recommending companies such as Sungrow Power and DeYe shares for stable performance [3]. 2.4 Auxiliary Materials - The auxiliary materials for the silicon wafer segment saw a decline in revenue, while the battery segment's auxiliary materials reported growth in both revenue and profit [3]. 3. Investment Recommendations - The report recommends monitoring the inverter and bracket segments, as well as new technologies such as BC and HJT, with specific companies highlighted for potential investment [3].