Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 11.69 billion yuan, a year-on-year increase of 34.0%, and net profit attributable to shareholders at 840 million yuan, up 38.1% year-on-year [4][5]. - The second quarter of 2024 saw revenue of 6.04 billion yuan, with year-on-year growth of 27.5% and a net profit of 450 million yuan, reflecting a 64.1% increase year-on-year [4][5]. - The company is accelerating its expansion in the European market, establishing a new technology park in Weimar, Germany, and opening an office in Paris, France [5][6]. - The gross margin improved in Q2 2024, attributed to the price reduction of NVIDIA chips and an increase in new projects from companies like Xiaomi [5][6]. Summary by Sections Financial Performance - For H1 2024, the company's revenue was 11.69 billion yuan, with a net profit of 840 million yuan and a non-recurring net profit of 790 million yuan, showing year-on-year increases of 34.0%, 38.1%, and 49.7% respectively [4][5]. - In Q2 2024, the gross margin was 21.3%, up 1.9 percentage points year-on-year, driven by cost reductions and new project contributions [5][6]. Business Segments - The smart cockpit business generated 7.97 billion yuan in H1 2024, a 27.4% increase year-on-year, while the smart driving business reached 2.67 billion yuan, up 22.8% year-on-year [4][5]. - The company has secured multiple new project orders from major automotive clients, including Li Auto, GAC, and Geely, for its fourth-generation smart cockpit and high-performance smart driving controllers [6]. Market Expansion - The company is focusing on local production capabilities in Europe to enhance delivery speed and service responsiveness to market demands [5][6]. - The establishment of a smart factory in Spain is part of the company's strategy to strengthen its presence in the European market [5][6]. Profitability Forecast - The company has adjusted its net profit forecasts for 2024-2026 to 2.044 billion yuan, 2.884 billion yuan, and 3.660 billion yuan respectively, reflecting strong growth expectations [6].

证券研究报告 ＃钢in铁dustryId＃ 钢价震荡寻底，静待需求回暖 ＃createTime1＃ 2024 年 08 月 25 日 ＃ investSuggestion ＃ 推荐 （ ＃ investSugge stionChang e＃ 维持 ） 相关公司 相关公司 评级 宝钢股份 增持 华菱钢铁 增持 南钢股份 增持 河钢资源 增持 久立特材 增持 甬金股份 增持 来源：iFinD，兴业证券经济与金融研究院 ＃相关rel报ate告dReport＃ 《【兴证金属】钢铁：悲观情绪 宣泄，黑色商品价格延续下跌》 2024-08-18 《【兴证金属】钢铁：需求持续 疲弱，黑色商品价格承压下行》 2024-08-11 《【兴证金属】钢铁：钢价阶段 性反弹》2024-08-04 laifuyang@xyzq.com.cn S0190522050001 投资要点 需求有所回暖，钢价震荡寻底 随着上周甩货情绪再度释放，螺纹钢已经呈现"低产量+低库存"的结构，Mysteel 统计的 螺纹钢表需也有一定修复，供需矛盾不大之下钢价跌势趋缓。此外，热轧此前的"低产量+ 高库存+低需求"结构在本期得到改善，对应表需为 318.6 ...

行 业 研 究 证券研究报告 ＃industryId＃ 电气设备 维持 ） 国家电网加快特高压工程建设，持续看好特高压需求 ＃createTime1＃ 2024 年 08 月 25 日 细分行业 锂电：固态电池持续推进，产业链企业重点布局。近期锂电产业链公司持续推进固态电池研 发，鹏辉能源计划 8 月 28 日直播固态电池产品技术，智己汽车官宣 L6 车型搭载固态电池， 蔚来汽车已上线 150kWh 固态电池。智己汽车使用清陶能源第二代技术，蔚来汽车使用卫蓝 新能源固态技术，虽然两款产品均为半固态电池，但固态电池的技术不断进步。电池公司也 在积极推进固态电池研发，全产业链也在更加积极推进攻关固态电池核心难点，预计未来 1~2 年固态电池从技术到产品都会不断有边际利好。 光伏：美国上调 201 关税豁免额度，组件出口季节性回落。8 月 12 日，美国宣布将光伏电 池的 201 关税豁免配额由原来的 5GW 上调至 12.5GW，据 Infolink Consulting 统计，2024 年 底美国市场组件名义产能预计达到 40GW，而目前美国电池产能还在起步阶段，短期无法获 得充足本土供应，预计本次政策目标为适 ...

证券研究报告 ＃industryId＃ 房地产 ＃title＃ 新房二手房周报：收储细则持续落地，研究建立房 屋养老金等长效机制 2024 年 8 月 25 日 ＃相r关el报ate告dReport＃ 投资要点 《2024 年房地产行业中期策略 报 告 ： 渐 行 渐 近 的 拐 点 》 2024-6-25 ＃emailAuthor＃ 分析师： 我们跟踪 12 个城市新房+二手房合计成交面积：本周成交面积 229.7 万方，环 比+7.6%，同比-3.4%。2024 年 8 月以来，新房二手房整体成交面积环比-9.2%， 同比+1.7%。2024 年年初以来，新房二手房整体成交面积同比-19.1%，其中， 一/二/三四线新房二手房整体成交面积累计同比-5.5%/-22.4%/-21.8%。注：12 城为有周频新房二手房数据更新的北京、深圳、杭州、成都、青岛、苏州、厦 门、南宁、扬州、金华、江门、佛山。（数据口径：本周为 8 月 16 日至 8 月 22 日， 2024 年 8 月以来为 8 月 1 日至 8 月 22 日，2024 年年初以来为 1 月 1 日至 8 月 22 日，下文同。） 靳璐瑜 研究建立 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific companies such as Jincheng Mining, Luoyang Molybdenum, and China Aluminum receiving "Buy" recommendations [1][2]. Core Views - The report highlights that precious and base metal prices are gradually rising, while corresponding stocks have lagged behind due to a weak overall equity market and significant doubts about mid-term commodity prices. It is expected that gold prices will continue to rise, aiding in the valuation recovery of gold stocks. For copper and aluminum, the report notes that previous recession trades and liquidity shocks led to rapid price adjustments, but with pessimism fading, commodity prices are rebounding from their lows. The report suggests focusing on companies like Luoyang Molybdenum, Jincheng Mining, and China Aluminum for potential investments [2][3]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector experienced a slight decline of 0.39%, outperforming the Shanghai Composite Index by 0.48 percentage points [6]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum: Continued Price Increase - Aluminum prices have continued to rise, with average profitability per ton reaching 1,403 RMB. Domestic electrolytic aluminum production capacity is approximately 43.42 million tons, expected to remain stable. The demand is anticipated to improve slightly as the peak season approaches, with inventory levels beginning to decrease [2][3]. 2.2 Copper: Continued Price Rebound - Copper prices have rebounded, influenced by market expectations of interest rate cuts. Domestic smelting output is facing supply concerns due to a shortage of scrap copper, while downstream demand remains stable. The report suggests that copper prices will have limited downside potential in the medium term, with companies like Luoyang Molybdenum and Jincheng Mining recommended for investment [3][14]. 2.3 Zinc: Slight Price Increase - Zinc prices have seen a slight increase, with the report indicating a stable outlook for the zinc market [44]. 2.4 Tin: Continued Price Rebound - Tin prices have also continued to rebound, reflecting positive market sentiment [44]. 3. Precious Metals Fundamentals Tracking 3.1 Gold: New Highs in Price - Gold prices have reached new historical highs, driven by expectations of interest rate cuts and macroeconomic factors. The report suggests focusing on companies like Chifeng Jilong Gold Mining and Shandong Gold for investment opportunities [3][2]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium: Slight Price Decline - The average price of lithium carbonate has slightly decreased, with production expected to decline by 5.57% week-on-week. Despite this, the report suggests monitoring companies like Yongxing Materials and Zhongmin Resources for potential investment [2][3]. 5. Industry Dynamics - The report emphasizes the importance of monitoring domestic policy guidance and changes in overseas economic expectations in the fourth quarter, as these factors will significantly impact the non-ferrous metals sector [2][3].

证券研究报告 ＃industryId＃ 传媒 行 业 研 究 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 行 业 周 报 重点公司 重点公司 评级 相关报告 ＃relatedReport＃ 《【兴证传媒】每周一报 20240818： 《黑神话：悟空》获 IGN 中国 10 分评 价，国产游戏迎来新里程碑时刻》 《【兴证传媒】每周一报 202408011： AI 应用加速涌现，关注中报超预期标 的》 《【兴证传媒】每周一报 20240804： Kimi 推出生成 PPT 服务，暑期重磅影 片密集上映》 | --- | --- | |----------|-------| | 恺英网络 | 增持 | | 上海电影 | 增持 | | 光线传媒 | 增持 | | 万达电影 | 增持 | | 恺英网络 | 增持 | | 华策影视 | 增持 | | 盛天网络 | 增持 | | 芒果超媒 | 买入 | | 中信出版 | 增持 | | 中文在线 | 增持 | | 皖新传媒 | 增持 | | 昆仑万维 | 增持 | | 三七互娱 | 增持 | | 完美世界 | ...

行 业 研 究 证券研究报告 ＃industryId＃ 医药生物 ＃ investSuggestion ＃ 推荐 ＃ investSuggestionChange ＃ （维持） 重点公司 行 业 周 报 重点公司 评级 恒瑞医药 买入 信达生物 增持 百济神州 增持 翰森制药 增持 爱博医疗 增持 恩华药业 增持 鱼跃医疗 增持 来源：兴业证券经济与金融研究院 相关报告 【兴证医药】医疗设备更新逐步进 入落地阶段，继续重点关注创新药 及医疗器械 — — 医药行业周报 2024.08.12-2024.08.16 【兴证医药】成长穿越周期，继续 关注创新+国际化——医药行业周 报 2024.08.05-2024.08.09 【兴证医药】创新药支持政策持续 推进，板块后续有望迎来触底回升 ——兴证医药 2024 年 08 月投资月 报 ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 黄翰漾 huanghanyang@xyzq.com.cn S0190519020002 ⚫ 风险提示：行业政策超预期变化，板块比较优势弱化，艾力斯、联影医 疗、 ...

证券研究报告 ＃industryId＃ 家用电器 以旧换新加速落地，看好家电龙头估值业绩齐修复 推荐 ( 维持 ） ＃createTime1＃ 2024 年 08 月 25 日 重点公司 投资要点 ＃summary＃ 本周天津、吉林、海南、宁夏、重庆五地新一轮家电以旧换新实施方案密集出台，以 中央文件为基准，补贴范围扩大、补贴标准提升，补贴力度超预期持续加码。展望后 续，各省市继续跟进政策落地，政策托底有望拉动国内家电更新需求加速释放，继续 看好家电板块估值及基本面修复。 重点公司 评级 美的集团 增持 海尔智家 买入 1） 多地补贴品类进一步扩充，较中央政策，补贴范围更广泛。天津市方案补贴品类 海信视像 增持 为中央政策明确规定的冰箱、洗衣机、电视、空调、电脑、热水器、家用灶具、 新宝股份 增持 吸油烟机 8 类家电产品。在中央政策基础之上，吉林省方案新增智能家电购新活 动，补贴品类覆盖洗碗机、净水机、扫（拖）地机、微波炉（含一体机）、电烤 箱（含电蒸箱）、电饭煲、智能门锁、空气净化器 8 类家电产品；海南省方案新 增洗碗机、空气净化器、吸尘器、微波炉（含一体机）、电磁炉、电饭煲、电风 扇（含空调扇）和净水 ...

行 业 研 究 证券研究报告 ＃industryId＃ 建筑材料 ＃ investSuggest ion＃ 推荐 （维持） 重点公司 ＃相关报告 relatedReport＃ 《【兴证建材】周观点：地产政 策持续改善，继续关注建材底部 机会》2024-01-21 《【兴证建材】周观点：政策推 动地产资金改善，行业有望逐渐 走出底部》2024-01-14 《【兴证建材】周观点：地产政 策再度加码，布局建材底部机 会》2024-01-07 ＃ emailAuthor＃ | --- | --- | |----------|-------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 森鹰窗业 | 增持 | | 伟星新材 | 增持 | | 科顺股份 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | | | | 分析师： 黄杨 huangyang@xyzq.com.cn S0190518070004 季贤东 jixiandong@xyzq.com.cn S0190522100003 行 业 周 报 关注玻 ...

证券研究报告 ＃industryId＃ 环保 ＃title＃ wangyuxuan@xyzq.com.cn S0190523070002 shiyisu@xyzq.com.cn S0190523110001 zhulixian@xyzq.com.cn 青海推动环境基础设施提标改造，广西提出制造业绿色化 升级提升 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 8 月 25 日 ＃相关rel报ate告dReport＃ ＃重s要um数ma据ry跟＃ 踪：（1）碳市场：2024 年 8 月 19 日至 8 月 23 日，全国碳市场碳排放 配额（CEA）挂牌协议成交量 56.00 万吨，上期（8.12-8.16）成交量为 18.08 万吨， 期间上涨 37.92 万吨，与上期相比+209.75%；2024 年 8 月 23 日碳排放配额（CEA） 收盘价为 89.60 元/吨，日环比+0.43%，与上期相比-1.85%。2024 年 8 月 12 日至 8 月 16 日，国内 8 个试点城市碳排放配额总成交量 ...