Investment Rating - The report rates the communication equipment and services industry as "Overweight" [3]. Core Insights - The report highlights the impact of high-bandwidth all-optical networks (400G/800G) on national hub node interconnectivity and emphasizes the importance of AI advancements and capital expenditures in overseas tech companies [5][6]. - Domestic telecom market shows a slight decline, but emerging businesses such as cloud computing, AI, and big data are driving a "second growth curve" [6][10]. Summary by Sections 1. Weekly Investment Insights - Overseas tech companies are entering the financial reporting season, with a focus on AI progress and capital expenditures. Notably, Google's Q2 2024 performance exceeded expectations, generating billions in revenue from AI infrastructure [6][11]. - The report suggests that the global AI industry is resonating, and there is a greater emphasis on the investment value of optoelectronic interconnects [11]. 2. Weekly Market Review - The communication sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index declining by 3.67%, while the communication sector fell by only 3.25% [12][15]. - Individual stock performance varied, with notable gainers including Century Dingli (+18.52%) and Shenyu Co. (+15.95%), while Kexin Technology saw a significant drop of -16.29% [15][17]. 3. Upcoming Announcements - The report lists several upcoming announcements from various companies, including shareholder meetings and expected disclosures of interim reports [18]. 4. Lock-up Expiration Reminders - The report provides details on upcoming lock-up expirations for several companies, indicating the number of shares and their market value [19]. 5. Major Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for key companies in the sector, with several companies rated as "Overweight" based on their projected performance [21].

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 ——工业金属周报 股票研究 /[Table_Date] 2024.08.03 海外衰退预期骤升，价格淡季承压 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-------------------|-------------------------| | | 于嘉懿(分析师) | 兰洋(研究助理) | | | 021-38038404 | 021-38031027 | | | yujiayi@gtjas.com | lanyang028684@gtjas.com | | 登记编号 | S0880522080001 | S0880123070158 | 本报告导读： 美国 7 月 ISM 制造业继续降温，且 7 月失业率意外走高并触发"萨姆法则"，市场 衰退预期骤升。另外，日本央行再度加息导致全球流动性边际收紧，工业金属的金 融属性继续压缩，叠加国内消费淡季，整体价 ...

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_subIndustry] 细分行业评级 [Table_Report] 相关报告 本报告导读： 投资要点： 英伟达 B 系列延期出货，语音模式重塑人机交互 [Table_Industry] 海外科技 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | |----------|----------------------| | | 李奇(分析师) | | | 0755-23976888 | | | liqi028295@gtjas.com | | 登记编号 | S0880523060001 | 海外科技《美股财报季开启，开源模型发展加 速》2024.07.29 海外科技《指引积极，短暂回调不改长期趋势》 2024.07.21 海外科技《萝卜快跑开启商业运营，软银为 AI 项目寻求融资》2024.07.14 海外科技《特斯拉 Q2 销量超预期，WAIC 2024 大会开启 AI 新周期》2024.07.06 海外科技《美对 ...

多个知名 IP 获批进口版号，GPT-4o 语音功能推进 [Table_Industry] 传播文化业 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.08.03 ——传媒行业周报 2024 年第 30 期 | --- | --- | --- | --- | |----------|--------------------|-------------------------|------------------| | | 陈筱(分析师) | 杨昊(分析师) | 李芓漪(分析师) | | | 021-38675863 | 021-38032025 | 021-38038428 | | | chenxiao@gtjas.com | yanghao029514@gtjas.com | liziyi@gtjas.com | | 登记编号 | S0880515040003 | S0880524020001 | S0880523080004 | 本报告导读： 8 月共有 15 个进口游戏版号获批，腾讯、网易、雷霆（吉比特）、盛天网络有多个 知名 IP 产品获批 ...

Investment Rating - The report maintains an "Accumulate" rating for Gree Electric Appliances (000651) with a target price of 55.20 CNY, unchanged from the previous rating [1][3]. Core Views - The company has launched its third employee stock ownership plan, which covers a wide range of core executives and key employees, aiming to align interests [2][3]. - The total amount for the employee stock ownership plan is capped at 1.614 billion CNY, with a stock source from the company's repurchased shares [3][7]. - The plan emphasizes management participation, with the proposed subscription ratio for directors and senior management increasing significantly from 2.53% to 30% [3][9]. - The performance targets set for the plan are conservative, focusing on maintaining a return on equity (ROE) of no less than 20% for 2024-2025, reflecting the current external uncertainties [3][11]. - The company continues to emphasize its high dividend yield, with a projected cash dividend of no less than 2 CNY per share or 50% of the net profit attributable to shareholders for 2024, resulting in a dividend yield of 6.8% at the current price [3][11]. Summary by Sections Employee Stock Ownership Plan - The third employee stock ownership plan involves up to 12,000 employees, with a total incentive amount not exceeding 1.614 billion CNY [3][7]. - The stock price for the repurchased shares is set at 20.31 CNY per share, approximately 50% of the closing price on August 2, 2024 [3][7]. Management Focus - The current plan shows a significant increase in the proposed subscription ratio for management, indicating a stronger focus on binding the management team [3][9]. Performance and Dividend Outlook - The performance targets are conservative, with a focus on maintaining stable operational quality amid external pressures [3][11]. - The company’s commitment to high dividends remains intact, with a projected dividend yield of 6.8% based on the current price [3][11].

股票研究 /[Table_Date] 2024.08.03 ——钴锂金属周报 供给过剩冲突，锂价延续探底 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | |----------|---------------------| | | 宁紫微(分析师) | | | 021-38038438 | | | ningziwei@gtjas.com | | 登记编号 | S0880523080002 | 本报告导读： 上周锂价延续下行，刚需采买需求较弱，价格跌幅明显。7 月仓单注销月最后一周， 部分流出仓单增加市场短期供给，增加供给过剩冲突，8 月初锂价仍在探底阶段。 投资要点： [Table_Summary] 周期研判：维持锂钴行业增持评级。锂板块：市场整体心态较为悲 观，锂盐厂出货较少，下游遇低采买，成交重心继续下探。1）无锡 盘 2408 合约周度跌 6.51%至 7.9 万元/吨；广期所 2409 合约周度跌 5.59%至 8.02 万元/吨；2）锂精矿：上海有色网锂精矿价格为 876 美 元/吨，环比跌 37 美元/吨。矿商报 ...

Investment Rating - The investment rating for Nanjing Bank is upgraded to "Buy" with a target price of 11.85 CNY, reflecting a 0.79 times price-to-book ratio for 2024 [2][6]. Core Views - Nanjing Bank's revenue and profit growth in the 2024 mid-year report exceeded expectations, with asset quality meeting forecasts. The new management team has made significant progress in driving reforms and improving efficiency [2][3]. - The bank's net profit growth is projected at 14.0%, 10.2%, and 10.7% for 2024-2026, with corresponding earnings per share (EPS) of 1.93 CNY, 2.14 CNY, and 2.38 CNY [3][4]. - The bank's current dividend yield for 2024 is 5.95%, indicating a combination of growth potential and stable dividends [3]. Financial Summary - Revenue for 2024 is estimated at 49,842 million CNY, reflecting a 10.4% increase from 2023 [4]. - Net profit attributable to shareholders is projected to be 21,096 million CNY in 2024, representing a 14.0% growth compared to 2023 [4]. - The bank's total assets reached 2,288,276 million CNY, with total loans amounting to 1,099,073 million CNY and total deposits at 1,396,366 million CNY [8][12]. Operational Highlights - In Q2 2024, Nanjing Bank's loan growth was 13.5% year-on-year, while financial investments increased by 13.1% [3]. - The bank's non-interest income saw a significant increase of 45.7% year-on-year, contributing 43% to total revenue [3]. - The non-performing loan (NPL) ratio remained stable at 0.83%, with a slight increase in the attention rate to 1.07% [3][4].

Investment Rating - The report assigns a fair value range of 1.73 billion to 1.946 billion yuan for the company's overall future fair value [2] Core Views - The company is a leading domestic enterprise in military refrigeration-type infrared equipment, with advanced technology and a rich product pipeline [1] - The company's business scale continues to expand, and its performance is expected to maintain steady growth [1] - The company's InSb technology route provides a competitive advantage, and it has successfully developed T2SL refrigeration-type detectors, enhancing its market position [2] - Downstream market demand remains strong, driving rapid growth in the company's performance [2] - The IPO fundraising of 500 million yuan will support the company's long-term sustainable development [2] Financial Summary - The company's revenue in 2023 was 702 million yuan, a year-on-year increase of 32.5% [3] - Net profit attributable to the parent company in 2023 was 127 million yuan, a year-on-year increase of 30.1% [3] - EPS in 2023 was 0.71 yuan [3] - Revenue is expected to grow to 784 million yuan in 2024, 862 million yuan in 2025, and 933 million yuan in 2026 [3] Industry Analysis - The military infrared market is expected to grow rapidly, driven by increased defense budgets and the modernization of military equipment [10] - The civilian infrared market has broad application prospects, with global civilian infrared market size expected to reach 7.465 billion USD in 2023 [11] - The satellite remote sensing and navigation markets are also expected to grow, with the global remote sensing satellite market projected to reach 76.88 billion USD by 2029 [14][15] Business Segments Infrared Products - Infrared products are the company's core business, accounting for 60.17% of revenue in 2023 [2] - Revenue from infrared products is expected to grow to 472.8 million yuan in 2024, 520.08 million yuan in 2025, and 561.69 million yuan in 2026 [21] - Gross margin for infrared products is expected to be 36% from 2024 to 2026, gradually declining thereafter [22] Components Business - The components business mainly supports the infrared products, with revenue expected to grow to 129.05 million yuan in 2024, 141.95 million yuan in 2025, and 153.31 million yuan in 2026 [23] - Gross margin for components is expected to be 22% in 2024, gradually declining to 21% in subsequent years [24] R&D Business - The R&D business focuses on customized development of infrared products and photoelectric systems, with revenue expected to grow to 42.58 million yuan in 2024, 46.84 million yuan in 2025, and 50.58 million yuan in 2026 [29] - Gross margin for R&D business is expected to fluctuate around 52.58% in 2024, with slight variations in subsequent years [29] Precision Optics Business - The precision optics business is a new segment, with revenue expected to grow to 39.10 million yuan in 2024, 43.01 million yuan in 2025, and 46.45 million yuan in 2026 [30] - Gross margin for precision optics is expected to decline from 49% in 2024 to 41% by 2032 [30] Other Businesses - The company's other businesses include remote sensing, navigation, and information systems, with revenue expected to grow steadily but at a slower pace compared to the core infrared business [32][36][38][41] Future Outlook - The company's overall revenue is expected to grow to 784 million yuan in 2024, 862 million yuan in 2025, and 933 million yuan in 2026, with a compound annual growth rate of 11.74% from 2024 to 2032 [45] - Gross margin is expected to gradually decline from 36.25% in 2024 to 29.14% by 2032 [45]

股 票 研 究 ——极米科技 2024H1 业绩预告点评 股票研究 /[Table_Date] 2024.08.03 | --- | --- | --- | |--------------------------------|------------|--------| | | | | | | | | | [Table_Target] 目标价格： | | 72.49 | | | 上次预测 : | 104.08 | | [ 当前价格： Table_CurPrice] | | 64.20 | [Table_Market] 交易数据 | --- | --- | |---------------------------------|--------------| | | | | | | | 52 周内股价区间（元） | 62.20-145.18 | | 总市值（百万元） | 4,494 | | 总股本 / 流通 A 股（百万股） | 70/70 | | 流通 B 股 /H 股（百万股） | 0/0 | | --- | --- | |---------------------------------------|--- ...

股票研究 /[Table_Date] 2024.08.03 ——2024 年第 32 周周报 | --- | --- | --- | |----------|-----------------------|-------------------------| | | 王彦龙(分析师) | 苏哲西(研究助理) | | | 010-83939775 | 021-38031652 | | | wangyanlong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880123070147 | 本报告导读： 海外科技公司进入财务季，关注 AI 进展和资本开支；400G/800G 高带宽全光连接 推动国家枢纽节点互通；国内电信市场有所回落，第二曲线仍旧亮眼。 投资要点： [Table_Summary] 海外科技公司进入财务季，关注 AI 进展和资本开支。7 月底到 8 月，海外 GPU、交换机、光模块/器件/芯片等各类公司将公布季报， 重点关注结构性投资和业务情况。谷歌公布 2024Q2 业绩，营收 EPS 高于预测，其为云客户提供 A ...