Investment Rating - The report assigns a "Buy" rating for the company [1][2]. Core Insights - The company is a leading domestic database provider in China, offering a full-stack of data products and solutions, with a strong technical background and significant market share in the relational database management software sector [2][14]. - The database industry in China is expected to grow at a compound annual growth rate (CAGR) of 26.1% from 2022 to 2027, driven by the push for domestic innovation and the increasing demand for database solutions [2][22]. - The company's revenue and net profit forecasts for 2024-2026 indicate a steady growth trajectory, with expected revenue of 9.40 billion, 11.32 billion, and 13.60 billion yuan, and net profits of 3.68 billion, 4.54 billion, and 5.44 billion yuan respectively [2][22]. Summary by Sections Company Overview - The company, founded in 2000, has over 40 years of technical accumulation in database development, evolving from a single product provider to a comprehensive data solution provider [14][22]. - The company is backed by China Software, which holds an 18.91% stake, enhancing its credibility and market position [2][14]. Market Position - According to IDC, the company ranks fourth in the local deployment of relational database management software in China, with a market share of 7.45%, and is the leading player when excluding public cloud vendors [2][22]. - The company has achieved high security standards, being certified by the Ministry of Public Security and other authorities, making it one of the safest domestic database products available [2][14]. Financial Performance - The company reported a revenue of 727.99 million yuan in 2023, with a significant portion (91.65%) coming from software product licensing [18][22]. - The gross margin for software licensing has consistently remained above 99%, indicating strong profitability in this segment [22][24]. Growth Drivers - The report highlights the accelerating demand for domestic database solutions driven by government and enterprise digital transformation initiatives, particularly in finance and energy sectors [22][24]. - The relational database market in China is projected to grow significantly, with a CAGR of 20.9% from 2023 to 2028, indicating robust future demand for the company's offerings [29][30].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 1.62 based on a 1.0x PB valuation for 2024E [2][4]. Core Insights - The company has successfully navigated multiple cycles in the photovoltaic industry, leveraging its first-principles approach and technological advancements in granular silicon, silane gas, and perovskite technology to create new growth momentum. It is expected that the total production capacity of granular silicon will reach 480,000 tons by 2024 [2][4]. Summary by Sections 1. Technological Foundation and Market Position - The company has established a strong technological foundation that allows it to withstand various market cycles, achieving stable revenue and cash flow [19]. - The company’s revenue has shown steady growth, with reported revenues of 19.7 billion, 35.9 billion, and 33.7 billion CNY for 2021, 2022, and 2023 respectively, reflecting a year-on-year growth of 34.7%, 82.4%, and a decline of 6.2% [19][20]. 2. Granular Silicon Technology - Granular silicon production is based on a low-energy consumption process, positioning the company on the left side of the industry cash cost curve. The production process significantly reduces energy costs, with energy consumption reaching as low as 13.8 kWh/kg [22][23]. - The company’s granular silicon technology has high barriers to entry, relying on precise control of gas flow rates, temperatures, and doping ratios to optimize production and costs [32][33]. 3. Market Dynamics and Future Growth - The report anticipates a recovery in silicon prices in Q4 2024, driven by traditional seasonal demand and inventory depletion, with granular silicon expected to become the mainstream product due to its superior minority carrier lifetime and cost advantages [3][4]. - The company is also exploring international markets, with plans to release significant production capacity in the UAE by 2025/2026, which is expected to yield higher profit margins compared to domestic operations [4]. 4. Financial Projections - The company is projected to achieve revenues of 12.96 billion, 17.90 billion, and 24.84 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to recover to 5.83 billion and 4.26 billion CNY in 2025 and 2026 [4].

[Table_Info1] 光伏玻璃/电力设备 [Table_Date] 发布时间：2024-08-06 [Table_Title] 证券研究报告 / 行业深度报告 光伏玻璃：供需改善，看好大窑炉趋势下龙头α 报告摘要： [Table_Summary] 当前库存高企，镀膜玻璃价格处于下行通道。在工信部宏观调控下，光 伏玻璃整体供需平衡，但是由于月度阶段性供需错配，2024 年 3 月光伏 组件排产达到 56GW，环比+53.3%，光伏玻璃由于供给端的刚性，3 月 份光伏玻璃出现阶段性供不应求，成功去库存，根据卓创资讯，2024 年 4 月初光伏玻璃价格进一步上涨，3.2mm 镀膜价格上涨 0.5 元/平米， 2.0mm 镀膜价格上涨至 17.5 元/平米，环比上涨 0.7 元/平米。但由于 3 月份新点火窑炉产能于 2024 年 6 月释放，当前光伏玻璃供过于求，根 据卓创资讯，截至上周四光伏玻璃行业库存达 33.3 天。 听证会制度在一定程度上限制了光伏玻璃供给端的大爆发，2022-2024 年听证会实际过会率约 10%。我们梳理 2022-2024 年光伏玻璃听证会报 会总产能超过 20 万吨/天，而 2 ...

0[Table_Info1] 建筑材料 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告/行业动态报告 西藏水利建设空间大，下游需求有望提升 ——东北证券建材行业周报 报告摘要： [周关注： Table_Summary] 西藏水利建设空间大，下游需求有望提升 雅鲁藏布江下游地区水能资源丰富，预计"十四五"期间水电开发将吸 引超万亿投资，显著促进当地经济发展。雅鲁藏布江水能资源蕴藏量 为 113GW，占全国的 17% , 其中 68GW 在干流下游,而"大拐弯"处储 量即为 45GW，水电建设将有望带动水泥建材、民爆工程、主体施工 建设需求提升。 市场回顾： 上周上证综指下跌 1.48%、创业板指下跌 2.60%、同花顺 全 A 下跌 1.53%、建筑材料（申万）上涨 1.29%。建材行业细分领域 中，水泥、玻璃玻纤、装修建材指数分别上涨 1.31%、下跌 1.29%、 上涨 2.97%。 重点数据跟踪：水泥：全国水泥均价周环比下降 0.38%，月环比下降 2.34%；玻纤：玻纤 2400tex 均价 3733.33 元/吨，周环比下降 2.61%， 同比上升 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - Fuyao Glass has steadily increased its global market share in the automotive glass sector, with its market share reaching approximately 33% in 2023 [2] - The company's revenue from automotive glass in 2023 was RMB 29.9 billion, significantly higher than its closest competitor, Asahi Glass, which reported RMB 25.2 billion [2] - Fuyao's U.S. operations have shown strong growth, with revenue increasing by 32% YoY in H1 2024, and net profit margin reaching 11.5%, a historical high [2] - The company is expanding its production capacity in the U.S. and overseas, with new facilities under construction to meet growing demand [2] Market Expansion and High-Value Products - The automotive glass market is expanding, driven by the adoption of high-value-added products such as panoramic sunroofs, smart glass, and HUD display glass [3] - Fuyao's average selling price (ASP) for automotive glass increased from RMB 201 per square meter in 2022 to RMB 208 per square meter in 2023, reflecting the growing contribution of high-value products [3] - The company is also expanding into the aluminum trim business, with a fully integrated supply chain and global production layout [3] Financial Projections - The report forecasts Fuyao's net profit to reach RMB 7.1 billion, RMB 8.4 billion, and RMB 9.8 billion in 2024, 2025, and 2026, respectively [4] - Earnings per share (EPS) are projected to be RMB 2.71, RMB 3.22, and RMB 3.77 for the same years [4] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of around 16-20% from 2024 to 2026 [4] Global Market Position - Fuyao has become the global leader in automotive glass, with a market share of 33% in 2023, surpassing competitors like Asahi Glass, Nippon Sheet Glass, and Saint-Gobain [11] - The company's overseas revenue has grown significantly, accounting for 44.6% of total revenue in 2023, up from 31.9% in 2013 [15] - Fuyao's U.S. operations have been a key driver of its global expansion, with revenue from the U.S. factory increasing steadily since 2017 [23] Cost Control and Profitability - Fuyao's strong cost control measures have resulted in a gross margin of over 35%, significantly higher than its competitors [27] - The company has integrated its supply chain, from raw materials to production, to reduce costs and improve efficiency [28] - Fuyao's management efficiency has also improved, with operating expenses as a percentage of revenue declining to around 15% in recent years [31] High-Value Glass Products - Fuyao is focusing on high-value glass products such as panoramic sunroofs, smart glass, and HUD display glass, which offer higher ASPs and margins [32] - The company's high-value products accounted for a significant portion of its revenue in 2023, with further growth expected as these products gain wider adoption [32] - Fuyao is also investing in advanced technologies like smart glass antennas and solar glass, which are expected to drive future growth [56]

[Table_Info1] 有色金属 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告 / 行业动态报告 流动性冲击缓解，继续看好金价上行，铜跌幅有限 核心观点： [Table_Summary] 金：流动性冲击逐渐消解，将逐渐回归自身逻辑，继续看好衰退交易带 动金价上行。本周五伦敦金现收盘价 2430.7 美元/盎司，周跌幅-0.5%。 1）短期金价波动更主要受资金面因素影响：随着近期日元套息交易逆转， 叠加上周开始愈发强烈的衰退担忧，全球金融市场下挫，包括美股、日 股等前期交易较为拥挤的资产均出现大幅度调整，而资产端收益缩水-负 债端日元升值，又进一步触发了更多日元套息交易平仓。对于黄金而言， 如果只是单纯的衰退交易环境，美债利率下行利多黄金，但如果短期出 现流动性冲击，则黄金其实也一样面临抛压（类似于 2020 年 3 月，但此 次冲击范围更局部、程度更轻微）。从盘面看，近期金价与美债利率进一 步脱钩，反而与美股、铜油等风险资产同涨同跌，更多反映的即是资金 面问题，不过在有衰退交易-利率下行的支持下，金价表现仍优于权益和 其他商品。2）目前看资金面扰动正逐 ...

[Table_Info1] 藏格矿业(000408) 能源金属/有色金属 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告 / 公司点评报告 Q2 钾产品量价齐升带动业绩环比大幅改善 --- 藏格矿业 2024 年半年报点评 [Table_Summary] 事件：公司发布 2024 年半年报，实现营收 17.62 亿元，同比-37.0%； 归母净利 12.97 亿元，同比-36.0%，扣非净利 12.78 亿，同比-36.1%。 其中 Q2 营收 11.47 亿元，同环比-19.4%/+86.8%；归母净利 7.68 亿元， 同环比-30.6%/+45.1%；扣非净利 7.0 亿元，同环比-35.5%/+21.1%。 补缴卤水税款影响利润，铜板块盈利同比大增。1）锂板块：量增难以 弥补价跌，1H24 净利润同比-50%至 3.9 亿元。量方面，公司 1H24 实 现碳酸锂产销量 5809、7630 吨，同比分别+28.9%、+56.8%；其中 2Q24 产销量分别为 3424、3660 吨，环比分别+43.5%、-7.8%。售价及 成本方面，公司 1H24 碳 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [1][3]. Core Insights - The company focuses on an integrated development strategy centered around phosphorus resources, with significant reserves and production capabilities in various chemical products [3][11]. - The report adjusts revenue forecasts for 2024-2026 to 686.9 billion, 730.3 billion, and 768.9 billion yuan, respectively, and net profit forecasts to 47.7 billion, 49.0 billion, and 51.4 billion yuan, respectively [3][134]. Summary by Sections Company Overview - The company has nearly 800 million tons of phosphorus ore reserves and an annual production capacity of 14.5 million tons of ore, with a total fertilizer production capacity of 10 million tons per year [3][11]. - The company has a stable shareholding structure, with the actual controller being the Yunnan Provincial State-owned Assets Supervision and Administration Commission [18]. Phosphate Rock - China's policies are tightening, limiting new production capacity, while overseas increments mainly come from Morocco [30][49]. - China is the largest producer of phosphate rock, accounting for nearly 40% of global production [30][32]. Phosphate Fertilizer - Domestic phosphate fertilizer production has been declining since 2016 due to strict environmental checks and a plateau in agricultural fertilizer application [3][73]. - The report highlights that low inventories in Brazil and India support phosphate fertilizer prices [3][94]. Yellow Phosphorus - The production of yellow phosphorus is highly energy-intensive and heavily regulated, leading to a stable total capacity in China [4][99]. Phosphoric Acid - Wet-process phosphoric acid has cost and energy advantages over the thermal process, but the disposal of phosphogypsum is a significant constraint on production [5][112]. Phosphorus Iron - The rapid growth in phosphorus iron production capacity is driven by the demand for lithium iron phosphate materials in the new energy vehicle and energy storage industries [119][121]. - The report notes that the current capacity utilization rate for phosphorus iron is low, leading to profitability pressures [121]. Financial Forecast and Investment Advice - The report predicts stable revenue growth and profitability for the company, with adjusted earnings estimates reflecting a positive outlook for the coming years [134][128].

[Table_Invest] [Table_Title] 证券研究报告 /宏观专题 货币政策新框架加速形成 ---二季度货币政策执行报告解读 报告摘要： [Table_Summary] 关于经济形势判断：国内经济形势方面，报告的基调明显比一季度乐观。 积极的一面，报告指出"我国经济发展具有强大韧性、巨大潜力和有力 支撑"，相比一季度的"有利条件较多"，明显更乐观。世界经济形势方 面，本次报告对整体经济形势判断要弱于一季度。本次报告指出，全球 经济增长动能偏弱，而一季度则整体判断是"延续复苏态势"。对发达经 济体的通胀判断，也从"继续回落的速度或不及预期"到"回落速度放 缓，出现反复的风险依然存在"。 关于通胀的表述：本次报告对价格温和回升的预期比一季度更强。报告 指出，"进入下半年，暑期旅游出行增加将带动服务消费需求上升，四季 度还是传统消费旺季，国内供需将进一步趋于平衡，CPI 有望总体延续 温和回升态势"。实际上服务消费通胀今年一直保持在温和的通胀态势 中，暑期的出行或将继续巩固趋势，传统消费旺季将随着 9 月份中秋节 等重要节日到来，并将促进商品和服务的供需平衡。 货币政策方面，本次报告对货币政策新框架 ...

[Table_Info1] 途虎(09690.HK) 社会服务 [Table_Date] 发布时间：2024-08-09 [Table_Title] 证券研究报告 / 港股公司报告 汽后行业 beta 为矛，公司管理能力为盾 途虎系列深度报告之二 报告摘要： [Table_Summary] 汽车后市场空间方面，我们认为在低车龄、高保有量的基本盘下，中国 汽车后市场从长期来看是一个确定性很高的稳增赛道，即使受到高线城 市公共交通挤占导致的用车频次下滑以及车主习惯导致的维保周期拉长 的边际负面影响，行业短期增速会面临压力，但是中国汽车后市场整盘 增长趋势不变，市场份额向 IAM+O2O 服务商集中的趋势不变。 汽车后市场商业模式方面，我们认为由于下游需求极为分散以及熟客占 比较大的行业特性，汽车后市场服务商生意很难呈现爆发式增长，而更 多表现为稳扎稳打、逐年积累规模和口碑的复利效应。高线城市的规模 增长可以借助互联网流量+线下门店加密进行双轮驱动，此过程中还伴 随着平台服务商的品牌效应不断强化，从而形成坚实的规模优势；低线 城市伴随着关于价格不透明等行业顽疾的用户痛点，品牌化、标准化在 低成本的下沉拓展中具备较为 ...