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 ——收购公告点评 [table_Authors] 舒迪(分析师) 文紫妍(分析师) 段笑南(研究助理) 021-38676666 021-38038321 021-38031382 shudi@gtjas.com wenziyan@gtjas.com duanxiaonan029904@gtjas.com 登记编号 S0880521070002 S0880523070001 S0880124070028 本报告导读： 公司拟收购莱尼公司汽车电缆和线束系统业务，有望赋能公司汽车业务海外拓展， 协同导入优质客户资源。公司汽车智能化产品布局深厚，未来将加速成长。 投资要点： 公 司 更 新 报 告 股票研究 /[Table_Date] 2024.09.17 拟收购莱尼公司，汽车业务加速拓展 立讯精密(002475) 电子元器件 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_T ...

股 票 研 究 [Table_subIndustry] 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.17 降息临近，金融属性再成主导 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------| | | | | ——工业金属周报 | | | [table_Authors] 于嘉懿 ( 分析师 ) | 孟宪博 ( 分析师 ) | | | | 021-38038404 | 021-38038432 | | | | yujiayi@gtjas.com | mengxianbo029249@gtjas.com | | | 登记编号 | S0880522080001 | S0880523120001 | | 本报告导读： 上周美国 8 月就业数据低预期带来的悲观情绪有所缓和，工业金属价格普遍止跌反 弹 ...

策 略 研 究 策略研究 /[Table_Date] 2024.09.17 证 券 研 究 报 告 | --- | --- | --- | |---------------------------------------------------------------------------------------------|-----------------|-----------------------------| | 四部门 : 推动车网互动规模化应用试点 | [Table_Authors] | 方奕 ( 分析师 ) | | | | 021-38031658 | | ——国内"双碳"每周快讯 | | fangyi020833@gtjas.com | | | 登记编号 | S0880520120005 | | 本报告导读： | | | | 《关于推动车网互动规模化应用试点工作的通知》提出，按照"创新引导、先行先 | | 郭佼佼 ( 分析师 ) | | 试"的原则，全面推广新能源汽车有序充电，扩大 V2G 项目规模，以 V2G 项目为 | | 021-38031042 | | 主体探索技术先进、模式清晰 ...

股 票 研 究 行 业 周 报 证 券 研 究 报 告 ——海外科技行业 2024 年第 58 期 股票研究 /[Table_Date] 2024.09.16 o1 大模型涌现推理能力，推动 AI 产业加速前进 [Table_Industry] 海外科技 [Table_Invest] 评级： 增持 上次评级: 增持 [table_Authors] 秦和平(分析师) | --- | |---------------------------| | | | | | 0755-23976666 | | qinheping027734@gtjas.com | | 登记编号 S0880523110003 | 本报告导读： OpenAI 发布 o1 大模型，推理能力可沿 Scaling Law 而提升，有望走向真正的 AGI 智能，验证了算力需求的可持续性，展示了 AI 应用落地的光明前景。 投资要点： [Table_Summary] 大盘行情上，（2024.09.08 -2024.09.14）恒生指数下跌 0.43%，恒生 科技指数下跌 0.23%，道琼斯工业指数上涨 2.60%，纳斯达克指数 上涨 5.95%。港股震荡 ...

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.17 ——2024 年 8 月社零数据点评 社零增速环比略降，餐饮边际回暖 [Table_Industry] 批发零售业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|-------|-------|-------|-------|-------|-------|--------|-----------------------------|-------| | | | | | | | | | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 于清泰 ( 分析师 | ) | | | | | | 宋小寒 | ( 分析师 ) | | | | 021-38677706 | 021-3802 ...

股 票 研 究 行 业 事 件 快 评 证 券 研 究 报 告 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 /[Table_Date] 2024.09.16 OpenAI o1 开启大模型应用新范式 [Table_Industry] 计算机 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-------------------------------------|-----------------------| | | | | | | [table_Authors] 朱丽江 ( 分析师 ) | 伍巍 ( 研究助理 ) | | | 010-83939785 | 021-38031029 | | | zhulijiang@gtjas.com | wuwei028683@gtjas.com | | 登记编号 | S0880523060002 | S0880123070157 | 本报告导读： 2024 年 9 月 13 日 OpenAI o1 发 ...

股 票 研 究 行 业 事 件 快 评 证 券 研 究 报 告 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 ——2024 年 8 月上市险企保费数据点评 | --- | --- | --- | --- | --- | --- | |-----------------|--------------------|----------------------|-------|-------|-------------------------| | | | | | | | | [table_Authors] | 刘欣琦 ( 分析师 ) | 谢雨晟 ( 分析师 ) | | | 李嘉木 ( 分析师 ) | | | 021-38676647 | 021-38674943 | | | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | | | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S08805211200 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The e-commerce customer service outsourcing business has contributed significantly to revenue growth, but profit performance has not kept pace due to changes in business structure. Future new businesses are expected to gradually show synergy with the main business [1][2] - The company reported total revenue of 72.04 million yuan for H1 2024, a year-on-year increase of 34.1%, while net profit attributable to the parent company was 20.19 million yuan, down 5.1% year-on-year [2] - The SaaS software service and e-commerce customer service outsourcing revenues for H1 2024 were 57.14 million yuan and 13.17 million yuan, respectively, with year-on-year growth rates of 11.2% and 100% [2] Financial Summary - Revenue for 2022 was 113 million yuan, with projections of 114 million yuan for 2023, 151 million yuan for 2024, 211 million yuan for 2025, and 254 million yuan for 2026. The year-on-year growth rates are -4.8%, 0.9%, 32.0%, 40.3%, and 20.1% respectively [1] - Net profit attributable to the parent company for 2022 was 42 million yuan, with projections of 42 million yuan for 2023, 45 million yuan for 2024, 55 million yuan for 2025, and 65 million yuan for 2026, reflecting year-on-year changes of -13.4%, 1.4%, 5.7%, 22.8%, and 17.5% respectively [1] - The company maintains a high level of R&D investment, with R&D expenses for H1 2024 amounting to 13.83 million yuan, a year-on-year increase of 19.7%, representing a R&D expense ratio of 19.2% [2]

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 行 业 周 报 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.14 ——钴锂金属周报 | --- | --- | --- | |----------|-------------------------------------|---------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 宁紫微 ( 分析师 ) | | | 021-38038404 | 021-38038438 | | | yujiayi@gtjas.com | ningziwei@gtjas.com | | 登记编号 | S0880522080001 | S0880523080002 | 本报告导读： 受江西锂矿减产新闻影响，市场情绪波动，上周碳酸锂期货价格触底反弹。需求旺 季当前，与我们此前强调"库存持续去化，认为锂价短期已筑底"的观点形成呼应。 但考虑到长期供给过剩仍未发生本质扭转，我们认为锂价中长 ...

Investment Rating and Core Views - The report assigns an **"Overweight"** rating to Arm (ARM O) based on its strong position in the AI era and its potential for revenue growth driven by its CSS model and royalty income [2][3] - Arm is expected to benefit from the expansion of downstream market demand and the increase in royalty rates, with projected revenues of $3 98B $4 86B and $6 05B for FY2025E FY2026E and FY2027E respectively [4] - The company's target market value for 2025 is estimated at $162 95B with a target price of $154 [4] Revenue and Profit Forecasts - Arm's revenue is expected to grow at a CAGR of 23% from FY2025E to FY2027E driven by both licensing and royalty income [4] - Non GAAP net profits are projected to be $1 53B $1 81B and $2 38B for FY2025E FY2026E and FY2027E respectively [4] - The company's royalty income is expected to grow at a double digit rate supported by diversified customer base and market applications [11] Market Position and Competitive Advantages - Arm dominates the smartphone market with a 99% market share and 40% of its royalty income coming from this segment [4] - The company's energy efficiency advantage is highlighted as a key factor in its success in mobile and AI PC markets with Arm based chips consuming 30% less power than x86 chips [4] - Arm's CSS model is expected to drive higher royalty rates and market penetration in data centers and automotive electronics [4] Licensing and Royalty Income Breakdown - Licensing income is expected to grow due to the shift towards subscription based models (ATA and AFA) with projected licensing revenues of $1 79B $2 23B and $2 76B for FY2025E FY2026E and FY2027E respectively [9] - Royalty income is driven by the adoption of Arm v9 architecture and the expansion of AI enabled devices with smartphone royalty income expected to grow at an 18% CAGR from FY2024 to FY2027 [10] Growth Drivers in Key Markets - **Smartphones**: AI driven smartphone upgrades and the adoption of Arm v9 architecture are expected to boost royalty income [10] - **AI PCs**: Arm's energy efficiency is seen as a key advantage in the AI PC market with market share expected to grow from 14% to 25% by 2027 [13] - **Data Centers**: Arm's market share in cloud computing is expected to grow driven by partnerships with AWS Microsoft and others [14] - **Automotive**: The rise of electric vehicles and autonomous driving is expected to drive a 30% CAGR in automotive royalty income from FY2024 to FY2027 [15] Valuation and Financial Metrics - The report uses a DCF valuation method with a WACC of 13 2% and a perpetual growth rate of 5% to arrive at a target market value of $162 95B for 2025 [17][19] - Arm's forward P/E for FY2025 is estimated at 105x with a target price of $151 based on its growth prospects and market position [21]