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 股票研究 /[Table_Date] 2024.09.12 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|---------------------------------------------------|-------------------------|--------------------------------|-------------------------|-------------------------------------------------| | | | 盈利短期承压，营收多点开花 \n——祥鑫科技系列之六： | \n24 年上半年业绩点评 | [Table_Invest] 评级： | 祥鑫科技 \n运输设备业 / | (002965) \n[Table_Industry] 可选消费品 \n增持 | ...

Investment Rating - Maintain "Overweight" rating with a revised target price of 16.94 RMB [3][5] Core Views - The company achieved rapid revenue growth, driven by both hardware and software businesses, but net profit attributable to the parent company is under short-term pressure [2][3] - The company is expected to benefit from the AI localization trend and achieve above-expectation development [3] - Revenue in H1 2024 reached 1.728 billion RMB, up 61.07% YoY, while net profit attributable to the parent company was 3 million RMB, down 94.23% YoY [3] Business Performance Software and Services - Revenue from software and services reached 761 million RMB in H1 2024, up 43.85% YoY, resuming growth after a period of stabilization [3][13] - The business is expected to grow at 25%, 22%, and 18% YoY from 2024 to 2026, with gross margins of 27.8%, 28.3%, and 28.8% respectively [13] Intelligent Computing Hardware - Revenue from intelligent computing hardware reached 874 million RMB in H1 2024, up 88.84% YoY, becoming a core driver of revenue growth [3][13] - The business is expected to grow at 45%, 38%, and 33% YoY from 2024 to 2026, with gross margins of 12%, 11.8%, and 11.6% respectively [13] Financial Forecasts - Revenue is expected to reach 4.256 billion RMB (-0.76 billion), 5.568 billion RMB (-3.90 billion), and 7.074 billion RMB from 2024 to 2026 [13] - Net profit attributable to the parent company is expected to be 92 million RMB (-261 million), 155 million RMB (-428 million), and 243 million RMB from 2024 to 2026 [13] - EPS is forecasted to be 0.07 RMB (-0.17), 0.12 RMB (-0.26), and 0.19 RMB from 2024 to 2026 [3][13] Valuation - The company is valued using the PS method, with a 2024 PS multiple of 5x, resulting in a target price of 16.94 RMB [14] - Comparable companies in the AI sector, such as iFlytek, Transwarp, and HopeRun, have an average 2024 PS multiple of 4.39x [14][15] Industry and Market Position - The company is a strategic partner of Huawei in the "Cloud + Kunpeng/Ascend AI + Industry Large Models + OpenHarmony" ecosystem, giving it a significant first-mover advantage in AI localization [3][14] - The company has successfully implemented AI large model solutions in various sectors, including smart transportation, manufacturing, and education [3]

股 票 研 究 行 业 事 件 快 评 证 券 研 究 报 告 람安证券 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 月乘用车销量数据点评 [table_Authors] 吴晓飞(分析师) 多飞舟(分析师) 0755-23976003 010-83939800 wuxiaofei@gtjas.com duofeizhou026148@gtjas.com 登记编号 S0880517080003 S0880523020001 本报告导读： 8 月国内乘用车零售销量达 190.5 万辆，同比-1.0%，环比+10.8%，8 月新能源乘用 车批发渗透率升至 48.9%。 投资要点： [Table_Summary] 维持行业"增持"评级，特斯拉 FSD 持续推进，乘用车销量继续复 苏。边际变化的赛道主要在华为车链、智能驾驶产业链等。整车推 荐标的江淮汽车、比亚迪、春风动力、长安汽车、长城汽车、理想 汽车等；智能化主线，推荐标的星宇股份、科博达、德赛西威、华 阳集团、华依科技、保隆科技等；高景气度新能源化主线，推荐标 的 ...

股 票 研 究 [Table_subIndustry] 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.12 金秋下的白酒：弱改善、强分化，份额优先 [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------------------------| | | | | ——白酒行业更新 | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | 李美仪 ( 分析师 ) | | | 021-38676442 | 021-38675854 | 021-38038667 | | | zimeng@gtjas.com | liyao022899@gtjas.com | limeiyi026738@gtjas.com | | 登记编号 | S0880513120002 | S0880520090001 | ...

Investment Rating - The report maintains a "Buy" rating for the company, which is a leading player in the domestic fuse business, benefiting from the rapid development of the electric vehicle industry and the increasing penetration of the 800V high-voltage platform in this sector [1][2][7]. Core Views - The company's revenue for the first half of 2024 (24H1) slightly exceeded market expectations, achieving 594 million yuan, a year-on-year increase of 19.97%, with a net profit attributable to shareholders of 65 million yuan, up 15% year-on-year [1][2]. - The electric vehicle business is growing rapidly, with 24H1 revenue reaching 365 million yuan, a year-on-year increase of 45.38%. The company has established a customer base that includes major domestic brands and international companies such as Tesla and Daimler [1][2]. - Revenue from incentive fuses accelerated in 24H1, reaching 49 million yuan, surpassing the total revenue of 47 million yuan for the entire year of 2023. The market potential for incentive fuses is expected to grow significantly as the 800V platform becomes more prevalent in the electric vehicle sector [1][2]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are adjusted to 2.86 yuan, 4.17 yuan, and 5.74 yuan respectively, down from previous estimates of 3.03 yuan, 4.73 yuan, and 7.39 yuan [1][5]. - The target price for 2025 is maintained at 90.11 yuan, reflecting a price-to-earnings (PE) ratio of 21.59x, which is above the industry average [1][7]. - The company’s financial performance shows a significant increase in revenue and net profit projections over the next few years, with total revenue expected to grow from 1.06 billion yuan in 2023 to 2.38 billion yuan in 2026, representing a compound annual growth rate (CAGR) of approximately 28% [5][11].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] - The target price is set at 10.37 CNY, unchanged from the previous forecast [2] Core Insights - The company's new generation WiNEX product empowers high-quality development in hospitals, enhancing delivery efficiency with a "ready-to-use" model [3] - Innovative business revenue is growing rapidly, with significant reductions in losses, contributing to notable performance growth [3] Financial Summary - The report forecasts EPS growth of 50% and 44% for 2024 and 2025, respectively, with a new forecast of 0.46 CNY for 2026, representing a 29% increase [5] - In H1 2024, the company's net profit attributable to shareholders increased by 82%, with a significant decrease in expense ratios [5] - Revenue for H1 2024 reached 1.22 billion CNY, a 2.7% year-on-year increase, with the internet healthcare segment growing by 44% [5] - The company has a total market capitalization of 11.34 billion CNY and a current price of 5.25 CNY [6] Business Development - The WiNEX product has been adopted by hundreds of users nationwide, establishing benchmarks for medical digitalization across various sectors [5] - The "Cloud Medical," "Cloud Pharmacy," and "Cloud Insurance" businesses are progressing steadily, with innovative business revenue in H1 2024 reaching 280 million CNY, a 78% year-on-year increase [5] - The company signed contracts worth 126 million CNY in the insurance sector, marking a 60% year-on-year growth [5]

Investment Rating - The investment rating for Rongsheng Petrochemical is "Accumulate" with a target price of 11.20 RMB, down from the previous target of 14.04 RMB [1][6]. Core Views - The company's mid-year performance was impacted by rising oil prices and weaker-than-expected demand recovery. The collaboration with Saudi Aramco aims to expand the downstream market, and the continued share buyback by the controlling shareholder reflects confidence in the company's future [3][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 857 million RMB, a significant turnaround from losses in the previous year, with a non-recurring net profit of 672 million RMB, up 148% year-on-year. However, Q2 net profit was 306 million RMB, down 14.5% year-on-year and 47.8% quarter-on-quarter [6][7]. - The average Brent crude oil price in Q2 2024 was 85 USD per barrel, a slight increase from 83.46 USD in Q1 2024. The gross margins for refining and chemical products were 18.57%, 14.72%, and -1.14% respectively for H1 2024 [6][7]. Market and Strategic Developments - The company has signed multiple strategic agreements with Saudi Aramco to jointly develop projects and expand into overseas markets. The controlling shareholder plans to increase their stake in the company by investing between 500 million to 1 billion RMB, which is expected to boost investor confidence [6][7]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2025 have been revised down to 0.24, 0.69, and 1.16 RMB, respectively, from previous estimates of 0.47, 0.74, and 0.83 RMB due to lower-than-expected demand for refined oil and the impact of polyester plant shutdowns [6][7].

股 票 研 究 股票研究 /[Table_Date] 2024.09.12 证 券 研 究 报 告 行业化解风险与高质量发展并行，头部险企更受益 [Table_Industry] 保险 [Table_Invest] 评级： 增持 上次评级: 增持 《关于加强监管防范风险推动保险业高质量发展的若干意见》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 | S0880521120 ...

股 票 研 究 [Table_Market] 海 外 公 司 （ 美 国 ） 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 VMware 整合顺利，AI 指引再次上调 博通(AVGO.O) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 谨慎增持 ——FY24Q3 业绩点评 [table_Authors] 秦和平(分析师) 0755-23976666 qinheping027734@gtjas.com 登记编号 S0880523110003 本报告导读： AI 收入指引再次上调，非 AI 半导体业务短期承压，有望在 Q3 触底后回升。VMware 整合顺利，利润有望逐季释放。 投资要点： [Table_Summary] 盈利预测与估值：随着 AI 应用不断创新和渗透，算力基建需求持续 加大，我们认为公司的 AI ASIC、以太网交换芯片及其他互联产品 需求将充分受益。软件业务方面，原有软件业务经营稳健，VMware 整合顺利，协同效应带来利润释放。我们调整 2024- ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 7.45 RMB, down from the previous target of 8.39 RMB [5] Core Views - The company's performance in H1 2024 fell short of expectations, with revenue of 590 million RMB (+4.36% YoY) and net profit attributable to shareholders of 82 million RMB (-57.43% YoY) [1] - The company's core businesses, including exhibition organization, event operations, venue operations, and exhibition services, showed steady progress [1] - The company is actively pursuing its "Exhibition China" and "Digital Exhibition" strategies, while exploring international expansion opportunities [1] Financial Performance - Revenue for H1 2024 was 590 million RMB, a 4.36% increase YoY, while net profit attributable to shareholders was 82 million RMB, a 57.43% decrease YoY [1] - The company's EPS for 2024/2025/2026 is forecasted to be 0.30/0.32/0.34 RMB, down from previous estimates of 0.42/0.44/0.46 RMB [1] - The company's ROE is expected to be 5.2% in 2024, down from 7.1% in 2023 [2] Business Development - The company organized 12 exhibitions and hosted 4 running and water sports events in H1 2024, with 43 events held at the Shanghai World Expo Exhibition Center [1] - The company's self-developed IP exhibitions, such as the Guangzhou Printing Exhibition and the Project Logistics Exhibition, have shown significant growth [1] - The company is focusing on digital transformation, with a strategic blueprint that includes digital business innovation, data asset accumulation, and unified technology management [1] Industry Comparison - The company's PE ratio for 2024 is forecasted at 19.80, compared to an industry average of 22.58 [2][11] - The company's EV/EBITDA for 2024 is expected to be 7.44, lower than the industry average [10] Strategic Initiatives - The company is pursuing a dual strategy of "Exhibition China" and "Digital Exhibition," with a focus on both organic growth and acquisitions [1] - The company is exploring international expansion, with projects like WAIC, the Project Logistics Exhibition, and the Guangzhou Printing Exhibition actively going global [1]