Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price adjusted to 42.97 CNY, down from the previous forecast of 46.95 CNY [4][16]. Core Insights - The company has achieved rapid revenue growth, with a significant contribution from the acquisition of hardware businesses. The net profit turned positive in the second quarter, indicating a potential for exceeding expectations under the integrated software and hardware advantage [3][4]. - For the first half of 2024, the company reported revenue of 12.526 billion CNY, a year-on-year increase of 45.98%, while the net profit attributable to shareholders was -154 million CNY, a decline of 176.17% year-on-year [8][14]. - The traditional software business remains stable, and the newly acquired hardware business has significantly bolstered revenue. The company completed acquisitions in February 2024, enhancing its hardware capabilities [3][14]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 30.9 billion CNY in 2024, 34.56 billion CNY in 2025, and 38.47 billion CNY in 2026, reflecting growth rates of 75.8%, 11.8%, and 11.3% respectively [8][14]. - The net profit attributable to shareholders is expected to be 631 million CNY in 2024, 823 million CNY in 2025, and 1.107 billion CNY in 2026, with corresponding EPS of 0.66 CNY, 0.86 CNY, and 1.16 CNY [8][14]. - The company’s total assets are projected to reach 21.225 billion CNY by 2024, with total liabilities of 10.265 billion CNY, resulting in a debt-to-equity ratio of approximately 48.4% [10][14]. Business Segments - The software and digital technology services segment includes general technology services, digital technology services, consulting solutions, and digital operation services. Revenue growth is expected to stabilize and recover in 2024 after a decline in 2023 due to budget constraints from major clients [13][14]. - The computing products and digital infrastructure services segment, bolstered by recent acquisitions, is expected to maintain rapid growth, with projected revenue of 120.41 billion CNY in 2024 [14]. - The emerging business in digital energy and intelligent computing services is anticipated to grow rapidly, with expected revenue of 2.5 billion CNY in 2024, driven by increasing demand for AI computing and digital energy solutions [14].

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has successfully implemented a dual strategy of direct sales and distribution, leading to rapid revenue growth in South China and East China, with promising progress in humanoid robot new products [2][8]. - The company maintains a "Buy" rating and has raised the target price to 32.50 yuan, reflecting a significant increase in expected earnings per share (EPS) for 2024, 2025, and 2026 [8]. - The humanoid robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 19.6% globally and 23.8% in China from 2024 to 2030, indicating a broad market opportunity for the company [8]. Financial Performance - In the first half of 2024, the company achieved revenue of 823 million yuan, a year-on-year increase of 15.46%, and a net profit attributable to shareholders of 116 million yuan, up 54.29% [8]. - The company's revenue from servo business reached 340 million yuan in H1 2024, growing by 38.2%, while control technology business revenue was 121 million yuan, up 40.7% [8]. - The company’s net profit for 2024 is projected to be 227 million yuan, with a significant increase in EPS from 0.45 yuan in 2023 to 0.74 yuan in 2024 [9]. Market Strategy - The company has shifted its sales strategy from primarily direct sales to a balanced approach of direct and distribution sales, with distribution revenue share increasing from 7.04% in 2021 to 28.01% in 2023 [8]. - The company has established over 50 sales service outlets globally and set up 15 regional offices, enhancing its market presence [8]. - The East China region has shown an average annual growth rate of 31.4% from 2020 to 2023, indicating effective strategic deployment in a high-end industrial manufacturing hub [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][5]. Core Views - The company announced its 2024 semi-annual report, which slightly missed expectations due to weak downstream demand, resulting in a revenue decline of 9.64% year-on-year to 2.217 billion yuan and a net profit drop of 47.60% to 42 million yuan [4][5]. - The report highlights that the display and application materials segments experienced revenue declines of 32.95% and 23.15%, respectively, primarily due to intensified supply-demand conflicts in the photovoltaic sector and ongoing adjustments in the real estate market [5]. - The company is expected to maintain certain revenue resilience as it continues structural adjustments and deepens relationships with major clients, despite short-term demand challenges [5]. - The report anticipates improvements in profitability for the display segment, while the materials segment awaits the release of advantageous products [5]. - The company's integrated advantages in UTG (Ultra-Thin Glass) and steady progress in synthetic silica projects are noted, with expectations for enhanced contributions from new products in the second half of 2024 [5]. Financial Summary - For the first half of 2024, the company achieved a revenue of 2.217 billion yuan, a decrease of 9.64% year-on-year, and a net profit of 42 million yuan, down 47.60% year-on-year [5][6]. - The report projects EPS for 2024 and 2025 to be 0.14 yuan and 0.21 yuan, respectively, with a new EPS forecast for 2026 at 0.31 yuan [5][6]. - The target price remains at 14.03 yuan, based on a price-to-sales ratio of 3x for 2024 [5]. - The company’s total revenue for 2024 is estimated at 4.45 billion yuan, reflecting a decline of 11.2% from 2023, with a projected recovery in subsequent years [6][11].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.18 ——伟创电气更新报告 [table_Authors] 庞钧文(分析师) 021-38674703 pangjunwen@gtjas.com 登记编号 S0880517120001 本报告导读： 海外市场广阔，公司凭借优势产品抓住出海机遇，产品丰度提升进军大平原业务。 投资要点： [Table_Summary] 维持增持评级，下调目标价至 31.40 元。公司产品竞争力提升，海 外市场开拓顺利，上调 2024/2025/2026 年 EPS 分别为 1.33（+0.13） /1.73（+0.19）/2.26（+0.33）元。考虑公司在海外市场优势及产品竞 争力带来的成长性，给予 2024 年 23.6X PE 估值，下调目标价至 31.40 元，给予增持评级。 海外工控市场规模是国内市场的数倍，产品线完备助力进军大平原 业务。2023 年全球工业自动化市场规模达到 4807.3 亿美元， ...

Investment Rating - First coverage of Jinxi Axle with a "Buy" rating and a target price of 4.38 RMB, corresponding to a 128x PE for 2024 [3][4] Core Views - Jinxi Axle is the only listed platform under Jinxi Group and is expected to benefit from large-scale equipment renewal policies and the upcoming rail transit maintenance cycle, leading to potential outperformance in earnings [2][3] - The company is a global leader in railway axle production, with significant overseas market expansion and participation in the domestic substitution of high-speed rail axles [3][4] - The railway and urban rail transit sectors are entering a peak demand period for axles due to maintenance cycles and equipment renewal policies [3][10] Financial Projections - Revenue is expected to grow from 1.428 billion RMB in 2024 to 1.758 billion RMB in 2026, with a CAGR of 11.3% [3][10] - Net profit is projected to increase from 41 million RMB in 2024 to 61 million RMB in 2026, with a CAGR of 30.6% [3][10] - EPS is forecasted to rise from 0.03 RMB in 2024 to 0.05 RMB in 2026 [3][10] Industry and Market Analysis - The railway sector is supported by policies such as the "Belt and Road" initiative, with railway fixed-asset investment reaching 337.3 billion RMB in H1 2024, a 10.6% YoY increase [3][10] - The maintenance cycle for railway and urban rail transit vehicles is expected to drive demand for axles, with the replacement cycle typically being 8 years [3][10] - Overseas revenue accounted for over 30% of total revenue in 2023, with significant growth in markets such as North America, the EU, and Southeast Asia [3][10] Company Strengths - Jinxi Axle is the only listed platform under Jinxi Group, with a comprehensive product portfolio in railway axles and vehicles [15][17] - The company has a strong presence in the domestic market, with a 33% market share in railway freight axles and a 4% share in railway freight vehicles [38][39] - It has successfully expanded into international markets, becoming the first mainland manufacturer to supply axles for Hong Kong MTR [39][43] Technological Advancements - The company is a key participant in the domestic substitution of high-speed rail axles, with its 350 km/h high-speed rail axles already in use on "Fuxing" trains [43] - Jinxi Axle has developed advanced axle technologies, including real-time monitoring systems for key parameters, enhancing operational efficiency and safety [39][43]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6][16]. Core Views - The company is a leading player in the global relay industry, benefiting from the rapid development of the renewable energy sector and the recovery of the automotive and home appliance industries. The company is also actively expanding its product lines, particularly in low-voltage electrical products, to create a new growth curve [3][4][16]. - The projected net profits for the company from 2024 to 2026 are estimated to be 1.685 billion, 1.960 billion, and 2.242 billion yuan, respectively, with year-on-year growth rates of 21%, 16.3%, and 14.4% [4][16]. Summary by Sections Financial Summary - The company's revenue for 2022 was 11.646 billion yuan, with a projected increase to 14.893 billion yuan in 2024, reflecting a year-on-year growth of 15.2%. The net profit attributable to the parent company is expected to grow from 1.393 billion yuan in 2023 to 1.685 billion yuan in 2024, marking a growth of 21% [5][16]. - The earnings per share (EPS) are projected to be 1.62 yuan in 2024, 1.88 yuan in 2025, and 2.15 yuan in 2026 [4][5][16]. Business Overview - The company maintains a strong market share in the relay industry, with a global market share of 21.3% in 2023, an increase of 7.2 percentage points since 2019. The market shares for power relays and high-voltage direct current relays are 31.9% and over 40%, respectively [4][16]. - The company is implementing a strategy to expand its product categories, focusing on new components such as low-voltage electrical products, connectors, capacitors, fuses, and current sensors, particularly targeting the renewable energy market [4][18]. Market Position and Strategy - The company has established overseas factories in Indonesia and Germany, with the Indonesian factory already achieving stable profitability. The German factory is expected to be completed by the end of 2024, enhancing the company's responsiveness to global market changes [4][16]. - The report emphasizes the company's commitment to maintaining its leading position in the relay market while pursuing an "expand categories" strategy to drive long-term growth [4][16].

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [1]. Core Viewpoints - The introduction of trade-in policies is expected to drive a short-term improvement in data, with leading companies poised to benefit first [2]. - The home appliance retail sector is anticipated to see an upward turning point in domestic sales as substantial subsidies are rolled out in Q4 2024 [3]. Summary by Sections Industry Overview - The home appliance index saw a decline of 0.95% in the 36th week of 2024, outperforming the Shanghai Composite Index, which fell by 2.7%. This is attributed to the rollout of trade-in policy details by local governments, providing a floor for future appliance sales [3]. - Online sales of major appliances showed a month-on-month increase, particularly in air conditioners and refrigerators, which improved by 1.1 percentage points [3]. Sales Performance - For the first week of September, online sales growth for major appliances remained positive, with air conditioners and refrigerators showing the most significant improvements [3]. - Year-to-date online sales for air conditioners, refrigerators, and washing machines increased by 4.5%, 3.4%, and 6.9% respectively [3]. Key News - Midea Group's H-shares were listed on the Hong Kong Stock Exchange on September 17, 2024, at a price of HKD 54.80 per share [3]. - Upcoming focus areas include the impact of tariff policies on exports and the release of air conditioning production and sales data [3]. Investment Recommendations - The report emphasizes that leading white goods companies are well-positioned to benefit from the trade-in policies, with companies that have a comprehensive product lineup expected to gain more [3]. - Recommended stocks include Midea Group (2024 PE of 11.9X), Haier Smart Home (12.5X), Hisense Home Appliances (9.5X), and Gree Electric Appliances (7.4X) among others [3][10].

股 票 研 究 证 券 研 究 报 告 次新板块大幅回调，新股首日涨幅收窄 本周新股发行信息 ——次新市场周报（2024 年 9 月第 2 周） | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|--------------------------| | | [table_Authors] 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 9 月第 2 周，次新板块大幅回调，新股指数和近端次新股指数当周分别下跌 2.91% 和 7.62%，沪深市场近半年上 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——2025 年制冷剂配额征求意见点评 股票研究 /[Table_Date] 2024.09.17 配额政策延续，看好二代/三代制冷剂景气周期 [Table_Industry] 氟化工 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------------|---------------------------------|---------------------------| | | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | 钟浩 ( 分析师 ) | 陈传双 ( 研究助理 ) | | | | 0755-23976795 | 021-38038445 | 021-38676675 | | | | she ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 47.40 CNY, down from the previous target of 52.56 CNY [2][7]. Core Views - The company is expected to exceed its annual output target with 6.24 million heads sold in August, leading to an upward revision of profit forecasts for 2024 [7]. - The company has a leading cost advantage in pig farming, with total costs decreasing from 15.5 CNY/kg in Q1 to 13.7 CNY/kg in August, primarily due to lower feed prices and improved farming metrics [7]. - The company’s debt ratio is expected to continue decreasing, with a current debt ratio of 61.81% as of the mid-2024 report, down approximately 1 percentage point from Q1 [7]. Financial Summary - Revenue for 2022 was 124.826 billion CNY, with a projected revenue of 110.861 billion CNY for 2023, and expected to rise to 138.653 billion CNY in 2024 [6][9]. - Net profit attributable to shareholders was 13.266 billion CNY in 2022, with a projected loss of 4.263 billion CNY in 2023, and a significant recovery to 24.015 billion CNY in 2024 [6][9]. - Earnings per share (EPS) is expected to be 4.39 CNY in 2024 and 4.74 CNY in 2025, with a downward adjustment from previous estimates [7]. Market Data - The company's market capitalization is approximately 204.459 billion CNY, with a current share price of 37.41 CNY [3][2]. - The stock has traded within a range of 31.64 CNY to 49.35 CNY over the past 52 weeks [3]. Cost Structure - The complete farming cost is expected to reach 13 CNY/kg by Q4 2024, which is considered industry-leading [7]. - The company’s average profit per fattened pig is estimated to be around 600 to 700 CNY based on current farming costs [7].