Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q2 2024 revenue reached NT$673.5 billion, a year-on-year increase of 40.1% and a quarter-on-quarter increase of 13.6%, exceeding the Factset consensus estimate of NT$659.5 billion [1] - The net profit attributable to shareholders for Q2 2024 was NT$247.9 billion, up 36.3% year-on-year and 9.9% quarter-on-quarter, also surpassing the Factset consensus estimate of NT$236.4 billion [1] - The company expects to benefit from the demand for advanced processes driven by smartphones and AI in Q3 2024, with revenue guidance between US$22.4 billion and US$23.2 billion [1] - The company is progressing well with its N2 process, which is expected to enter mass production in 2025, and anticipates better performance and profitability from N2P and A16 processes compared to N3 [1] - The company announced its Foundry 2.0 model, highlighting its potential in advanced packaging and testing beyond traditional foundry services [1] - The company is planning price increases for advanced processes and packaging in 2025, aiming to negotiate with key clients to reflect its value without damaging relationships [1] - Revenue projections for 2024, 2025, and 2026 are NT$280.22 billion, NT$358.72 billion, and NT$425.94 billion, respectively, with net profits of NT$108.48 billion, NT$142.21 billion, and NT$170.01 billion [1] Financial Summary - For 2024, the expected revenue is NT$280.22 billion, with a year-on-year growth of 30% [2] - The projected net profit for 2024 is NT$108.48 billion, reflecting a 29% increase year-on-year [2] - The company's gross margin is expected to remain stable at around 54% [4] - The return on equity (ROE) is projected to be 53% for 2024 [4] - Earnings per share (EPS) for 2024 is estimated at NT$209.23 [2][4]

Investment Rating - The report maintains an "Overweight" rating for the company [1][3]. Core Views - The company is experiencing a decline in profitability due to the fading pandemic benefits, with a 1.2% year-over-year decrease in revenue to $8.8 billion and an 8.1% drop in net profit to $1.12 billion in Q2 2024 [2][3]. - Truck deliveries decreased by 6.7% year-over-year to 48,400 units, while truck sales revenue fell by 3.7% to $6.58 billion [2][3]. - The company has lowered its industry sales guidance for North America and Canada to 240,000-280,000 units, down from the previous forecast of 250,000-290,000 units, marking the second downward revision this year [2][4]. - Despite the overall industry decline, the company has managed to increase its market share in North America from 27.7% to 31.5% year-over-year [2][3]. Market Data - As of August 5, 2024, the closing price is $91.93, with a total market capitalization of $48.192 billion and total assets of $41.177 billion [1]. - The company’s net assets stand at $17.703 billion, with a book value per share of $33.79 [1]. Financial Performance - The company reported a gross margin of 18% in Q2 2024, the lowest since 2023, and has guided for a further decline to 17% in Q3 2024 [2][3]. - The parts business saw a revenue increase of 4.1% to $1.66 billion, with a gross margin of 30.3% [2][3]. - The forecast for global industry sales in 2024 is a decline of 13.3% compared to 2023, with total expected sales of 605,000 to 695,000 units [2][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][18] Core Viewpoints - The company reported a revenue of 3.06 billion yuan for the first half of 2024, representing a year-on-year increase of 36.2%, with a net profit attributable to shareholders of 167 million yuan, up 301.7% year-on-year [4][8] - The lithium battery business saw a revenue increase of approximately 1.11 billion yuan, up 78.71% year-on-year, benefiting from a recovery in the downstream application market [3][4] - The company is expected to experience stable performance due to the recovery of orders and a decrease in lithium carbonate prices, although revenue growth is anticipated to be lower than shipment growth [2][3] Financial Summary - Revenue projections for 2024-2026 are adjusted to 6.669 billion yuan, 7.685 billion yuan, and 8.680 billion yuan, respectively, with corresponding net profits of 434 million yuan, 590 million yuan, and 689 million yuan [2][4] - The gross profit margin is expected to improve to 16.4% in 2024, with a return on equity (ROE) projected at 6.3% [2][4] - The company’s earnings per share (EPS) are forecasted to be 0.38 yuan, 0.51 yuan, and 0.60 yuan for 2024, 2025, and 2026, respectively [2][4]

证券研究报告 ＃industryId＃ 生猪养殖 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ ） 增持 (维持) ＃dyCompany＃ 牧原股份 （ 002714 ） 002714 ＃title＃ 成本优化显著，公司 Q2 扭亏为盈 ＃createTime1＃ 2024 年 08 月 05 日 投资要点 ＃summary＃ ⚫ 事件：公司 2024 上半年实现营收 568.66 亿元，同比+9.63%，实现归母净 利润 8.29 亿元，同比扭亏为盈；2024Q2 实现营收 305.94 亿元，同比 +10.56%，实现归母净利润 32.08 亿元，同比由亏转盈。 ⚫ 公司生猪出栏量稳步增长：公司 2024H1 共销售生猪 3238.8 万头，同比 +7.0%，其中商品猪 2898.2 万头，同比-0.3%，仔猪 309.3 万头，同比+9.5%， 种猪 31.2 万头，同比+221.6%。单季度来看，公司 2024Q2 共销售生猪 1637.7 万头，同比-0.3%，其中商品猪 1367.5 万头，同比-12.9%，仔猪 249.6 万头，同比+271.4% ...

行 业 研 究 证券研究报告 ＃industryId＃ 化工 维持） 海外装置不可抗力大幅推涨维生素价格 ＃title＃ ， "衰退交易"致油价大幅回撤 （20240729-20240802） ＃createTime1＃ 2024 年 08 月 05 日 ⚫ "衰退交易"致油价大幅回撤，高频数据未转向前，油价或有所承压。 原油需求在进入北美夏季出行旺季以来，终现旺季成色，美国原油及原 油产品呈现持续去库态势，但原油价格自 7月初持续回落，或为 5月以来 美国高频数据连续 miss引发的"降息交易"，即风险集中释放所致，而当 周周五原油价格的快速大幅回撤，则归因于当周周四美国制造业 PMI、 周五失业率和非农数据的大幅 miss 所引发的美国衰退预期。 鉴于油价自 7 月初已有较多基于"降息交易"的回调，且考虑到验证美 国经济衰退指标的滞后性，我们认为虽然短期原油价格依然有所承压， 但对原油价格不宜过分悲观，中期维度仍需更多美国高频数据佐证"衰 退交易"的合理性以及跟踪中东地缘政治局势情况。 ⚫ 作为化工品的终端产品，美国商品消费自 2023 年边际走弱以来，年内美 国个人耐用品消费支出增速进一步放缓，在需求边 ...

证券研究报告 ＃industryId＃ 传媒 ＃title＃ 行 业 研 究 政策呵护+AI 应用渐入佳境，传媒底部反弹可期 ＃investSuggestion 推荐 ＃(＃ investS uggesti onChan ge＃ 维持 ） 行 业 点 评 报 告 ＃相关报告 relatedReport＃ 《【兴证传媒】AI 系列报 告：智谱"清影"正式发布， AI 视频模型加速涌现进行 时》 ＃分析师： emailAuthor＃ 李阳 liyangyjs@xyzq.com.cn S0190518080004 杨尚东 yangshangdong@xyzq.com.cn S0190521030003 罗悦纯 luoyuechun@xyzq.com.cn S0190524070006 | --- | |---------------------------------------------------------------------------------| | summary 事件＃：8 月 3 日国务院印发《关于促进服务消费高质量发展的意见》。在激发 | | 改善型消费活力层面，关于文化娱乐消费，提出丰富 ...

行 业 研 究 证券研究报告 ＃industryId＃ 食品饮料 ＃title＃ 周专题：预期处于低位、政策边际向好，聚焦韧性与 成长 维持 ） 行 业 周 报 ＃investSuggestion 推荐 ＃ (＃ investS | --- | --- | --- | |--------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | uggestionChan | ＃createTime1＃ 2024 年 8 月 5 日 | | | ge＃ | 投资要点 | | 重点公司 | | ＃周专题： summary预期处于低位、政策边际向好，聚焦韧性与成长 ＃ | | ...

行 业 研 究 证券研究报告 ＃industryId＃ 交通运输 推荐 （维持） ＃title＃ 交通运输行业周报（2024.7.28-2024.8.3）—— 高速推进"受益者付费"，暑运前半段国际航班持续恢复 202 ＃createTime1 4 年 8 月 5 ＃日 行 业 周 报 | --- | --- | |--------------------------------|-------| | 重点公司 | 评级 | | 皖通高速 | 买入 | | 招商公路 | 买入 | | 春秋航空 | 买入 | | 圆通速递 | 增持 | | 中远海能 | 增持 | | 中远海控 | 增持 | | 嘉友国际 | 增持 | | 青岛港 | 增持 | | 招商港口 | 增持 | | 唐山港 | 增持 | | 广深铁路 | 买入 | | 京沪高铁 | 买入 | | 东航物流 | 增持 | | 吉祥航空 | 买入 | | 韵达股份 | 增持 | | 顺丰控股 | 增持 | | 德邦股份 | 增持 | | 中谷物流 | 增持 | | 兴通股份 | 增持 | | 华夏航空 | 增持 | | 中国国航 | 增持 | | 南方航 ...

＃title＃ ＃assAuthor＃ 证券研究报告 ＃industryId＃ 医药生物 ＃investSuggestion 推荐 ＃ ＃ investSuggesti （onChange 维持）＃ 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 ＃createTime1＃ 2024 年 8 月 5 日 投资要点 ⚫ 近期，医药板块市场关注度逐步回升。回顾来看，医药板块经历 2 个多 月的下行周期，自 5 月以来中信医药指数下行 11.0%（截至 8 月 2 日收 盘），同期沪深 300 指数下行 6.1%，当前医药板块估值和机构持仓均处 于历史低点。从业绩端来看，综合分析 2023 年 Q2 的业绩基数及行业大 环境等因素，我们预计 2024 年 Q2 板块多数公司增长相对平稳，市场已 有相应预期。近期业绩预告和中报陆续落地，多数公司符合预期，部分 公司实现超预期，体现出医药板块较强的业绩韧性。展望下半年，行业 大环境因素有望逐步改善，同时板块将迎来业绩基数下行阶段，我们预 计板块业绩将呈现边际向好趋势。此外，近期上海市人民政府发布《关 于支持生物医药产业全链 ...

＃重点公司 relatedReport＃ 重点公司 评级 中国海防 增持 菲利华 增持 西部材料 增持 七一二 增持 三角防务 增持 图南股份 增持 航发控制 增持 航发动力 增持 中航西飞 增持 航宇科技 增持 中科星图 增持 中航沈飞 增持 来源：兴业证券经济与金融研究院 行 业 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃title＃ 兴证军工观察： 持续积蓄向上动能，静待需求环比加速 ＃createTime1＃ 2024 年 8 月 4 日 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） 行 业 周 报 相关报告 《兴证军工观察：中报预期逐 步落地，静待需求环比加速》 2024-07-22 《2024Q2 公募基金军工股持仓 分析：配置比例环比提升，主 动宽基仍处低配》2024-07-22 ＃分析师： emailAuthor ＃ 石康 shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 ＃assAuthor＃ 投资要点 ＃s ...