本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 15 日 继峰股份(603997.SH) 公司快报 2024Q2 格拉默环比改善，座椅首次盈利 事件：公司发布 24 年半年报，上半年公司实现营收 110.06 亿元，同比 +5.47%，实现归母净利 0.53 亿元，同比-35.54%；单二季度看，24Q2 实现 营收 57.19 亿元，同环比分别+7.41%/+8.18%，24Q2 实现归母净利 0.34 亿 元，同环比分别+52.02%/+78.63%。 24Q2 归母净利同比增长超 50% 24Q2 实现营收 57.19 亿元，同环比分别+7.41%/+8.18%，24Q2 实现归母净 利 0.34 亿元，同环比分别+52.02%/+78.63%，座椅业务我们预期会下半年 会到盈亏平衡点，Q2 单季度已经实现盈利，Q2 资产减值和信用减值合计 0.36 亿元，预计主要为高合等减值影响，剔除减值后，营业利润同比增长 23%。 继峰分部：座椅首次单季度盈利、新业务快速发展 继峰分部上半年归母利润约为 0.97 亿元，同比+14.17%，其中 1）座椅业 务，Q2 实现营收 6.9 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 15 日 鹏鼎控股(002938.SZ) 紧跟 AI 浪潮，专注发展高阶产品 事件： 公司发布 2024 年半年度报告，报告期内，公司实现营业收入 131.26 亿元，同比增加 13.79%；实现归母净利润 7.84 亿元，较 2023 年同期下降 3.40%；扣非归母净利润 7.56 亿元，同增 2.17%。 受益于 AI 科技革命，下游消费电子行业回暖 2024 年以来，各品牌 AI 终端硬件创新潮也不断涌现，AI 技术革 命推动了整个电子行业的稳步复苏，消费电子产业链创新发展周 期已经到来。公司多年深耕应用于智能手机及消费电子端的 PCB 产品，已形成较强的规模优势。半年报披露，2024 年上半年，公 司通讯用板业务实现营收 87.30 亿元，较上年增长 3.68%，消费 电子及计算机用板业务实现营收 39.31 亿元，同比增长 36.57%。 同时，叠加苹果 AI 升级迭代，AI 应用赋能智能手机、PC 及平板， 为新一轮换机热潮持续蓄能，公司作为核心供应商将深度受益于 苹果 AI 升级红利。2023 年年报披露，根据 ID ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 15 日 歌尔股份(002241.SZ) 24H1 业绩符合预告指引，盈利能力持 续修复 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 403.82 亿 元，同比减少 10.60%；公司实现归母净利润 12.25 亿元，同比增长 190.44%。其中 24Q2 单季度，公司实现营业收入 210.70 亿元，同比 增长 0.10%，环比增长 9.11%；归母净利润 8.46 亿元，同比增长 167.89%，环比增长 122.77%。24H1 公司智能硬件业务受个别项目在 产品生命周期后段的正常降量等因素的影响，营收同比下降，导致公 司整体收入有小幅下滑。盈利端来看，公司在持续提升精益运营水平、 推动盈利能力修复的各项工作中取得了较为显著的成果，上半年盈利 水平同比显著提升：24Q2 单季度，公司实现销售毛利率 13.63%，同 比增长 5.97 个 pct，环比增长 4.44 个 pct。 消费电子行业复苏，可穿戴和 XR 市场亮眼： 2024 年上半年，全球消费电子行业开始复苏，部分新兴智能硬件 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 15 日 诺禾致源(688315.SH) 业绩平稳增长，持续优化基础设施 事件： 2024 年 8 月 14 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 9.97 亿元，同比增长 7.18%；实现归母净利润 0.78 亿元，同比增长 3.86%；实现扣非归母净利润 0.66 亿元，同比增长 12.92%。单季度来看，2024 年 Q2 公司实现营业收入 5.28 亿元， 同比增长 7.94%；实现归母净利润 0.51 亿元，同比下降 3.66%；实 现扣非归母净利润 0.45 亿元，同比增长 16.06%。 境内外收入平稳增长，盈利水平保持稳定。 2024 年上半年公司整体营业收入增长相对平稳：分区域来看，2024 年上半年中国大陆实现营收 4.96 亿元，同比增长 6.27%；港澳台及 海外地区实现营收 5.01 亿元，同比增长 8.09%。2024 年上半年公司 盈利水平保持稳定：2024H1 整体毛利率 41.71%，同比增加 0.14pct， 其中中国大陆毛利率 41.16%，港澳台及海外地区毛 ...

Investment Rating - The investment rating for the company is "Buy - A" with a six-month target price of 36.1 CNY [6][9]. Core Views - The company reported a revenue of 873 million CNY for the first half of 2024, representing a year-on-year increase of 15.16%. The net profit attributable to shareholders reached 218 million CNY, up 47.45% year-on-year [2]. - The demand from emerging fields and the recovery of downstream markets have led to a continuous increase in product orders, allowing for rapid inventory turnover [3]. - The company has significantly increased its production capacity in response to market changes and customer needs, particularly for its SGT-MOSFET product line, which saw a revenue of 360 million CNY in the first half of 2024, a growth of 40.29% year-on-year [3]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 502 million CNY, a quarter-on-quarter increase of 35.01% [2]. - The company expects continued sales growth in its SGT products, driven by the increasing demand for AI computing servers [3]. Market Development - The company has strengthened its collaboration with leading clients in the photovoltaic industry and is actively developing new customer bases in emerging fields such as AI computing and low-altitude economy [4]. - The partnership with BYD in automotive electronics has resulted in over a 50% increase in product supply in the first half of 2024 [4]. Research and Development - The company invested over 40 million CNY in R&D in the first half of 2024, accounting for 4.63% of its revenue, focusing on enhancing its core product competitiveness [5]. - The company has established advanced power module production lines and is positioned as a leading domestic semiconductor power device design company [5]. Future Projections - Revenue projections for 2024 to 2026 are 1.887 billion CNY, 2.346 billion CNY, and 2.920 billion CNY, respectively, with net profits of 454 million CNY, 576 million CNY, and 732 million CNY [9]. - The company maintains a price-to-earnings ratio of 33 times for 2024, supporting its target price of 36.1 CNY [9].

Investment Rating - The report assigns an initial investment rating of "Buy-A" for the company [4][5]. Core Insights - The company is positioned as a leading provider of AI infrastructure, benefiting from growth drivers such as computing power, HarmonyOS, and AIPC, with multiple product lines developing rapidly [4]. - Revenue projections for the company are estimated at 4.193 billion, 5.018 billion, and 5.894 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be 154 million, 206 million, and 270 million yuan for the same years [4][10]. Summary by Sections Company Overview - The company is a leading provider of IoT hardware products and solutions in China, with a product matrix covering industry terminals, ICT infrastructure, and industrial IoT [1]. - The company has established itself as a standard setter in the industry, having co-released the OPS and OPSC standards with Intel, achieving a significant market share [1][14]. AI Computing and AIPC - The demand for computing power has surged due to large model training, and the company offers comprehensive AI computing services throughout the lifecycle, including planning, design, delivery, operation, and optimization [2]. - The company has expanded its AI supercomputer server matrix, which includes various specifications and products, enhancing its capabilities for AI cluster training and inference tasks [2]. HarmonyOS Ecosystem - The company has signed a strategic cooperation agreement with ChinaSoft International to develop the HarmonyOS ecosystem, focusing on IoT terminals and computer products [3]. - The rapid development of the HarmonyOS ecosystem is supported by government policies, with the company actively positioning itself within this ecosystem [3]. Financial Performance - The company reported a revenue of 3.665 billion yuan in 2023, with a year-on-year growth of 20.86%, while net profit decreased by 72.44% to 33 million yuan [25]. - The revenue from the industry terminal segment reached 2.506 billion yuan in 2023, a 33.54% increase year-on-year, making it the largest revenue contributor [27][28]. Future Outlook - The company is expected to benefit from the recovery of downstream market demand and the promotion of its self-owned brand through the HarmonyOS cooperation project, which may lead to new growth points [25]. - The company aims to achieve a revenue target of 4.050 billion yuan or a net profit of 296 million yuan in 2024, reflecting a year-on-year growth target of 10.5% [16][17].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.2 CNY, maintaining the rating based on continuous improvement in revenue and profitability in the first half of 2024 [5][7]. Core Insights - The company reported a significant increase in revenue and net profit for Q2 2024, with revenue reaching 1.606 billion CNY, a year-on-year growth of 29.15%, and net profit of 229 million CNY, up 44.38% year-on-year [1][2]. - The introduction of the core product "Fast Response King" has positively impacted sales, contributing to an increase in average prices and gross margins [2]. - The domestic market was the primary driver of growth in the first half of 2024, with domestic revenue of 1.773 billion CNY, a 43.38% increase year-on-year, while overseas revenue showed modest growth of 0.89% [3]. - The launch of the new overlock sewing machine "Overlock King" is expected to enhance sales further, aligning with the industry's demand for quick response and small orders [4]. Summary by Sections Financial Performance - In Q2 2024, the gross margin was 33.59%, an increase of 3.53 percentage points from Q1, while the gross margin for industrial sewing machines in the first half was 30.19%, up 3.35 percentage points year-on-year [1]. - The company forecasts revenues of 6.96 billion CNY, 8.58 billion CNY, and 10.13 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 800 million CNY, 1.02 billion CNY, and 1.28 billion CNY for the same years [5][7]. Market Analysis - The domestic market's growth is attributed to improvements in product quality, marketing, and management, which have enhanced the company's market share [3]. - The overseas market is expected to recover gradually in the second half of 2024, providing new growth momentum for the company [3]. Product Development - The "Overlock King" machine features advanced technologies aimed at meeting current industry demands, which is anticipated to drive sales during the peak season in the garment processing industry [4].

2024 年 08 月 13 日 透视 A 股：稳增长预期高切低+外部降息预期的组合下最优解是什么 报告摘要： 估值分化指数：上周行业估值分化指数有所上升 全球市场概览：上周 A 股全面下跌，成交量相较上一周有所下 跌 市场风格：上周大盘风格占优 货币市场：上周流动性边际宽松 基金发行：上周发行下降，仓位处历史中位 市场情绪：上周 A 股换手率下降，美国恐慌指数下降 国债及外汇市场：上周国债收益率下降，人民币升值 资金流向：上周两融余额下降，A 股资金流出，北向资金流出 重要股东减持：上周食品饮料减持最多 机构调研：近一个月机构密集调研银行行业 出口：6 月混合动力客车(10 座及以上)出口持续增长 货币供给与社融：6 月 M2 增速下降、社融增速下降 中游景气：7 月挖掘机销量同比增长 8.3% 风险提示：政策不及预期，地域政治冲突超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 相关报告 | --- | --- | |-------------------------------|------------| | | | | 磨人的高切低：是继续"冷 | 2024-08-11 | | ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 周度经济观察 ————外需趋于走弱，海外风波暂歇 袁方1束加沛2 张端怡（联系人）3 2024 年 08 月 13 日 内容提要 7 月我国出口增速出现回落，同期全球制造业 PMI 大幅下滑，全球制造业 和贸易活动的走弱或许是导致我国出口减速的主要原因。从 8 月以来的 BDI、美 西和欧洲的集装箱运价指数来看，出口活动的减速在未来或将延续。 近期国内债券市场收益率波动加剧，这背后主要反映了监管当局引导收益 率上行的影响。考虑到经济基本面没有明显变化、以及市场风险偏好的下降，未 来债券市场将处于波动加剧的状态中，债券市场的配置价值在逐步累积。 最新公布的美国 PMI 数据与劳动力市场数据均出现边际回暖，缓解了市场 对美国陷入衰退的担忧情绪。市场前期剧烈的去杠杆交易也趋于弱化。未来经济 基本面的走向将主导资产价格的波动，市场或将沿着经济减速的方向持续交易。 风险提示：（1）地缘政治风险 （2）政策出台超预期 1宏观分析师，yuanfang@essence.com.cn，S1450520080004 2宏观分析师，shujp@essence.com.cn，S1 ...

证券研究报告 中成药 公司快报 2024 年 08 月 13 日 羚锐制药(600285.SH) 营销发力营业收入平稳增长，盈利水平 创历史新高 事件： 2024 年 8 月 12 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 19.06 亿元，同比增长 12.07%；实现归母净利润 4.13 亿元，同比增长 30.30%；实现扣非归母净利润 3.94 亿元，同 比增长 30.82%。单季度来看，2024 年 Q2 公司实现营业收入 9.97 亿元，同比增长 9.31%；实现归母净利润 2.23 亿元，同比增长 28.90%；实现扣非归母净利润 2.13 亿元，同比增长 30.20%。 营销持续发力，营业收入实现平稳增长。 2024 年上半年公司营业收入实现平稳增长，我们认为主要得益于营 销持续发力。 1）持续加大品牌投入：打造全民健康品牌，羚锐医药 2024"龙抬头·颈轻松"健康服务公益活动在全国 300 多个城市开展 2,000 余场次活动，呼吁消费者重视骨健康。2）持续加强广告宣传： 通过央视和地方卫视的广告投放树立品牌高度；线下发起的"两只老 虎闹新春""带着两只老虎去旅行 ...