Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's AIDC business has experienced rapid growth, with revenue increasing by 112.47% YoY to RMB 3.575 billion in H1 2024 [6] - The company has a significant lead in the IDC business, with a total of 76,000 cabinets in operation and an occupancy rate exceeding 90% in mature data centers [6] - The AIDC business has become a new growth driver, with revenue from this segment surging by 1148% YoY to RMB 2.054 billion in H1 2024 [6] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of RMB 967 million, a 37.64% YoY increase [6] - The company plans to distribute a cash dividend of RMB 0.3995 per share (tax inclusive) for every 10 shares [6] - The company's revenue is expected to grow from RMB 4.351 billion in 2023 to RMB 10.881 billion in 2026, with a CAGR of 35.8% [7] Business Segments - IDC business revenue grew by 0.19% YoY to RMB 1.521 billion in H1 2024, with a gross margin of 51.36%, down 5.48 percentage points YoY [6] - AIDC business revenue surged by 1148% YoY to RMB 2.054 billion in H1 2024, with a gross margin of 22.14% [6] Market Position - The company has completed the planning of 7 AIDC intelligent computing infrastructure clusters across 6 core regions, with a total reserve of approximately 320,000 cabinets [6] - The company has attracted leading AI clients to deploy their core training modules in its intelligent computing centers, leading to exponential growth in AIDC business orders [6] Valuation - The company's PE ratio is expected to be 17.7x, 11.9x, and 9.7x for 2024, 2025, and 2026, respectively, based on the closing price on August 26, 2024 [7] - The company's EPS is forecasted to grow from RMB 1.02 in 2023 to RMB 2.33 in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4]. Core Views - The company has shown stable export performance in lubricant additives, with a significant year-on-year increase in export volume and revenue. The export volume for H1 2024 reached 119,800 tons, up 18.27% year-on-year, with an export value of 2.418 billion yuan, up 3.38% year-on-year [1][3]. - The company is successfully transitioning from single-agent products to composite agents, with steady growth in sales and improved market share due to breakthroughs in core customer approvals [1][3]. - The financial outlook is positive, with projected revenue growth from 2.816 billion yuan in 2023 to 4.995 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.3% [2][3]. Financial Summary - For H1 2024, the company reported revenue of 1.5 billion yuan, a year-on-year increase of 12.12%, and a net profit of 319 million yuan, up 27.59% year-on-year. The gross margin for lubricant additives improved to 35.83%, an increase of 2.91 percentage points compared to H1 2023 [3]. - The company's net profit forecast for 2024-2026 is 700 million yuan, 853 million yuan, and 1.025 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.6, 12.8, and 10.6 [3][4]. - The company’s return on equity (ROE) is projected to increase from 19.4% in 2023 to 22.9% by 2026, indicating improving profitability [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation based on expected performance relative to market indices [5]. Core Insights - The company has shown a significant increase in its brokerage business, with a 37.1% year-on-year growth in agency trading volume, leading to a market share increase of 0.18 percentage points to 0.84% [1][2]. - The asset management scale has rebounded, with a 3.5% increase year-on-year to 20.53 billion yuan, indicating potential for performance elasticity due to increased volatility in commodity markets [1][2]. - Risk management and overseas business have emerged as key profit growth areas, with overseas business revenue increasing by 160.1% year-on-year to 0.11 billion yuan [2][3]. - The company is expected to benefit from the growth in asset management scale and increased commodity market volatility, with projected net profits of 2.75 billion yuan and 3.12 billion yuan for 2024 and 2025, respectively, reflecting year-on-year growth of 12.9% and 13.5% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 1.00 billion yuan and net profit of 0.37 billion yuan, representing year-on-year increases of 65.4% and 16.6%, respectively [3]. - The company achieved a weighted average ROE of 5.05%, up by 0.50 percentage points year-on-year [3]. - Investment income has been a major contributor to profit growth, with investment income increasing by 1663.8% year-on-year to 1.26 billion yuan, primarily due to the appreciation of derivative financial instruments [3]. Cost and Expenses - Management expenses increased by 27.3% year-on-year to 1.70 billion yuan, driven by a 32.8% rise in employee compensation [3]. - The net profit margin decreased by 0.97 percentage points to 36.7% due to rising costs [3]. Business Segments - The company has focused on high-margin market-making and over-the-counter derivatives businesses, with OTC derivatives trading nominal principal increasing by 37.83% year-on-year to 539.89 billion yuan [3]. - The company’s market share in market-making reached 12.13%, contributing to a turnaround in the profitability of the risk management segment, which reported a profit of 0.66 billion yuan [3].

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision achieved robust growth in H1 2024, with revenue of 1036 billion yuan (YoY +5 7%) and net profit of 5 4 billion yuan (YoY +23 9%) [2] - Q2 2024 revenue was 511 9 billion yuan (YoY +6 6%, QoQ -2 3%), with net profit of 29 3 billion yuan (YoY +25 1%, QoQ +18 4%) [2] - The company expects Q3 2024 net profit to grow 20%-25% YoY, with revenue increasing 14 4%-26 6% [2] - AI-driven consumer electronics upgrades and rapid growth in automotive and communication businesses are key drivers [2][4] Business Performance Consumer Electronics - H1 2024 revenue: 855 5 billion yuan (YoY +3 25%) [2] - Benefiting from AI-driven market demand, both new and existing products performed well [2] - Gross margin improved to 10 49% in H1 2024 (QoQ +0 98pct) [2] Automotive Business - H1 2024 revenue: 47 6 billion yuan (YoY +48 30%) [2] - Diversified product portfolio including wiring harnesses, connectors, smart cockpits, and autonomous driving solutions [2] - Leveraging global production bases to serve leading automakers [2] Communication Business - H1 2024 revenue: 74 7 billion yuan (YoY +21 65%) [2] - Strong capabilities in electrical/optical connections, power, cooling, and RF products [2] - Comprehensive solutions for server, switch, and base station applications [2] Financial Metrics Profitability - H1 2024 gross margin: 11 71% (YoY +1 07pct) [2] - Q2 2024 gross margin: 12 69% (YoY +1 42pct, QoQ +1 95pct) [2] - ROE expected to increase from 19 5% in 2023 to 21 2% in 2026 [5] Expense Ratios - H1 2024 sales, management, and R&D expense ratios: 0 42%, 2 49%, 4 07% respectively [3] - Q2 2024 R&D expense ratio: 4 52% (YoY +0 81pct) [3] Future Projections - 2024-2026 revenue forecast: 2505 27, 2781 36, 3101 77 billion yuan (YoY +8 0%, +11 0%, +11 5%) [4] - 2024-2026 net profit forecast: 139 44, 179 51, 224 29 billion yuan (YoY +27 3%, +28 7%, +24 9%) [4] - 2024-2026 EPS forecast: 1 94, 2 49, 3 11 yuan [5] Market Data - Closing price (2024-08-23): 37 89 yuan [3] - Market cap: 7203 32 million shares [3] - Net assets: 59518 28 million yuan [3] - Total assets: 182828 4 million yuan [3] Industry Outlook - AI-driven consumer electronics expected to drive new replacement cycles [4] - Automotive and communication businesses positioned as second and third growth engines [4] - Strong capabilities in core technologies (acoustics, optics, electronics, thermal, magnetic, RF) supporting future growth [4]

证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃相关报告 relatedReport＃ 《【兴证电子】纳芯微 2023 年报 及 2024 年一季报点评：收入毛 利持续改善，坚定研发成长可 期》2024-05-03 ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 ＃研究助理： assAuthor＃ 刘珂瑞 liukerui@xyzq.com.cn 投资要点 ＃summary＃ ⚫ 公司发布 2024 年中报，2024 年上半年公司实现营业收入 8.49 亿元，同比 +17.30%，实现归母净利润-2.65 亿元，实现扣非归母净利润-2.86 亿元。Q2 单 季度实现营业收入 4.86 亿元，同比+92.50%，环比+34.18%，归母净利润-1.15 亿，同环比减亏，扣非归母净利润-1.27 亿元，亦同环比减亏。 ⚫ 营收逐季增加，毛利率改善。逐季来看，公司单季度营收于 23Q2 触底，后 续逐季环比改善，24Q2 收入 4 ...

Industry Investment Rating - The report maintains a **"Buy"** rating for the railway passenger transport industry, specifically recommending **"Buy"** for Beijing-Shanghai High-Speed Railway and **"Overweight"** for Guangzhou-Shenzhen Railway [1] Core Viewpoints - The development of China's railway passenger transport is currently in a stage similar to Japan's second phase (1976-1990), characterized by privatization reforms, large-scale railway construction, and the need for fare increases due to capital expenditures [1] - China's railway reform has laid the foundation for fare adjustments, with high-speed rail companies now having full autonomy in fare setting [1] - The future direction of railway reform may focus on increasing per-kilometer fares and diversifying fare types, with a long-term trend towards commuting and public utility attributes [1] Summary by Sections Japanese Railway Development History - **Phase 1 (1970-1975):** Railways were a new mode of transport, attracting passengers with low fares [8] - **Phase 2 (1976-1990):** Privatization reforms and large-scale railway construction led to fare increases, with fares growing 4 times during this period [1][10] - **Phase 3 (1991-Present):** Railways' public utility attributes became prominent, and fares stabilized [13] China's Railway Operation and Pricing Mechanism - China's railway operation model is based on **"network-operation separation,"** which is the cornerstone of marketization [24] - High-speed rail companies have full autonomy in fare setting, while ordinary rail fares are still determined by the National Development and Reform Commission [26] China's Railway Fare Marketization Reform - China's high-speed rail fare reform began in 2007, with the introduction of benchmark fares for EMU trains [27] - In 2016, the National Development and Reform Commission granted fare-setting autonomy to high-speed rail companies, marking a significant step in marketization [27] - Recent reforms include cross-province fare adjustments and the implementation of flexible pricing mechanisms [29] Future Reform Directions - **Fare Increases:** Due to high debt and weak profitability, fare increases are a key direction for reform [31] - **Capital Expenditure Pressure:** The construction of the "Eight Vertical and Eight Horizontal" high-speed rail network and the replacement of trains are driving significant capital expenditures [36][38] - **Diversification of Fare Types:** China's fare system is expected to become more diversified, similar to Japan's mature pricing system [53] Long-Term Outlook: Towards Railway Commuting - China's high-speed rail is moving towards a commuting model, with the trend of "high-speed rail entering cities" becoming more prominent [59] - The integration of high-speed rail into urban transportation networks is expected to enhance its role as a key link between cities [59]

行 业 跟 踪 报 告 证券研究报告 ＃industryId＃ 非银金融 ＃title＃ 公募基金市场月度跟踪（2024 年 7 月）： | --- | --- | |--------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------| | ＃investSuggestion 推荐 ＃ （ | 商业银行委外公募基金现状跟踪 | | | ＃createTime1＃ 2024 年 8 月 27 日 | | ge＃相关报告 relatedReport＃ | 投资要点＃summary＃⚫ 市场回顾：7 月权益市场下跌，沪深 300、中证 500、中证 1000 指数涨跌幅 | | 《 公 募 基 金 市 场 月 度 跟 踪（2024 年 6 月）：宽基 | 分别为-0.6 ...

行 业 研 究 ＃industryId＃ 农林牧渔 ＃title＃ 猪价窄幅调整，鸡苗价格回落 (农业行业周报 20240819-20240823) ＃createTime1＃ 2024 年 08 月 26 日 重点公司 | --- | --- | |----------|-------| | 重点公司 | 评级 | | 海大集团 | 买入 | | 温氏股份 | 增持 | | 牧原股份 | 增持 | | 普莱柯 | 增持 | | 金龙鱼 | 增持 | | | | ＃相关报告 relatedReport＃ 《【兴证农业】周报：猪价维持 震荡，鸡苗价格坚挺》 《【兴证农业】周报：猪价上涨 预期持续兑现，价格向上突破》 《【兴证农业】周报：猪价连续 调涨，毛鸡价格回落》 ＃分析师： emailAuthor＃ 纪宇泽 jiyuze@xyzq.com.cn S0190522080004 曹心蕊 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ⚫ 投资建议：短期板块震荡调整，看好猪价进入上涨后的右侧逻辑。根据 ...

行 业 研 究 维持） 降息预期增强，短期关注"金九银十"化工旺季 （20240819-20240823） ＃createTime1＃ 2024 年 08 月 26 日 行 业 周 报 ＃investSuggestion investSuggestion 推荐 ＃ (＃ investS uggesti | --- | --- | |--------------------------|-------| | 重点公司 | ge＃ | | 重点公司 | 评级 | | 万华化学 | 买入 | | 华鲁恒升 | 买入 | | 扬农化工 | 买入 | | 中国巨石 | 增持 | | 联化科技 | 增持 | | 华峰化学 | 增持 | | 金禾实业 | 买入 | | 新和成 | 增持 | | 润丰股份 | 增持 | | 中国石油 | 增持 | | 中国石化 | 增持 | | 宝丰能源 | 买入 | | 恒力石化 | 增持 | | 卫星化学 | 增持 | | 荣盛石化 | 增持 | | 东方盛虹 | 增持 | | 桐昆股份 | 增持 | | 新凤鸣 | 增持 | | ＃分析师： emailAuthor＃ | | 张志扬 z ...

证券研究报告 ＃industryId＃ 交通运输 分析师： 王凯 wangkai21@xyzq.com.cn S0190521090002 投资要点 ＃summary＃ 油轮 vlcc 市场 7 月运价同比下降，新订单数量提升。油轮市场 7 月运价 表现来看，vlcc-tce 在 7 月的均价为 23769 美元/天，其中 7 月 vlcc 船运价 水平同比下降 35.61%。2024 年 7 月 vlcc 没有新签造船订单， 2024 年 1-7 月合计新订单已经达到 43 艘。2024 年 7 月油轮市场 vlcc 在手新船订单合 计达到 65 艘，当前订单占运力比重为 7.2%，需求端海关总署数据显示， 中国 2024 年 7 月原油进口量为 4234 万吨，其中 7 月原油进口量同比下降 3.1%。 投资建议：油轮供给端优化空间较大，新船订单处于历史低位，潜在可拆 解的老旧船舶较多，预计未来几年供给增速将明显放缓。当前运价完成筑 底，随着旺季来临，建议关注油运公司中远海能、招商轮船、招商南油。 风险提示：1）运输经营风险；2）行业竞争加剧；3）燃油成本扰动利润； 4）红海事件扰动风险。 ＃inve推s ...