证 券 研 究 报 告 [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 2 of 10 会公平正义、增进人民福祉为出发点和落脚点。并强调政府和市场的 关系要实现既"放得活"又"管得住"，体现有效市场和有为政府之间 的有机结合。全会充分肯定"两个毫不动摇"，指出不同所有制经济的 平等发展和优势互补，以及构建全国统一大市场。此外，完善国家战 略规划体系和政策统筹协调机制，财税与金融体制改革、区域和城乡 间协调发展及土地制度改革等有望成为经济体制改革的重要看点。 全面创新体制机制的构建是本次改革的新抓手与新亮点。我国处于以 中国式现代化全面推进强国建设、民族复兴伟业的关键时期，经济从 高速增长转向高质量发展阶段，同时面临纷繁复杂的外部环境，亟需 提升产业链供应链韧性和安全水平。立足新发展阶段，要有新发展理 念。与之配套的是，公报将深化教育综合改革、科技体制改革、人才 发展体制机制改革提到了更重要的位置。从举措看公报指出要因地制 宜发展新质生产力，促进实体经济和数字经济深度融合。同时，以"新 国九条"、"科创板八条"为代表的资本市场改革有望为中国科技创新 提供新助力。我们认为围绕"传统产业升 ...

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 [Table_Industry] 动力锂电 2024.07.17 [Table_Invest] 评级: 增持 上次评级: 增持 中国需求韧性足,欧美市场仍低迷 ——新能源汽车 2024 年 6 月全球销量点评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|----------------------|--------------------| | [table_Authors] | 庞钧文(分析师) | 牟俊宇(分析师) | | | 021-38674703 | 0755-23976610 | | | pangjunwen@gtjas.com | moujunyu@gtjas.com | | 登记编号 | S0880517120001 | S0880521080003 | [Table_Report] 相关报告 本报告导读: 6 月中国新能源汽车销量 104.9 万辆,同比增长 30.1%;欧美仍然 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has raised its profit forecast and target price, with an expected net profit of 1.413 billion, 3.017 billion, and 3.276 billion yuan for 2024-2026, reflecting increases of 5.42%, 40.51%, and 22.62% respectively [3][4]. - The company’s mid-2024 profit forecast exceeds market expectations, with a projected net profit of 630-678 million yuan, representing a year-on-year growth of 167%-187% [3][4]. - The demand for the company's 1.6T products is expected to surge in the second half of the year, driven by the booming 400G/800G market [3]. Financial Summary - Revenue is projected to grow from 1.196 billion yuan in 2022 to 3.9 billion yuan in 2024, reflecting a growth rate of 101.2% [4]. - Net profit is expected to increase from 403 million yuan in 2022 to 1.554 billion yuan in 2024, indicating a growth rate of 112.9% [4]. - The earnings per share (EPS) is forecasted to rise from 0.73 yuan in 2022 to 2.81 yuan in 2024 [4]. Market and Industry Insights - The company is positioned as a major supplier in the industry, with significant delivery of high-speed optical engine components [3]. - The report highlights a strong demand for passive optical components, which is expected to contribute positively to the company's revenue in the latter half of the year [3]. - The company has improved its production capacity following personnel adjustments and training, leading to better performance in Q2 [3].

钢研高纳(300034) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------|----------------------------|-------|-------|-------|----------|----------| | [Table_Forcast] 财务预测表 | | | | | | | | | | 钢研高纳 | (300034) | | 资产负债表 ( 百万元 ) | 2022A | 2023A | 2024E | 2025E | 2026E | 利润表 ( 百万元 ) | 2022A | 2023A | 2024E | 2025E | 2026E | | 货币资金 | 1,043 | 969 | 1,074 | 1,242 | 1,360 | 营业总收入 | 2,879 | 3,408 | 3,932 | 4,554 | 5,295 | | 交易性金融资 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][5]. Core Views - The company is positioned as a leading sportswear brand targeting the lower-tier market in China, with a strong revenue growth rate in 2024, outperforming the industry. The high cost-performance ratio aligns with current sales trends, and there is strong enthusiasm for the Spring 2025 ordering session [5]. - Q2 revenue met expectations, maintaining high operational quality. Offline sales for large apparel grew by 10% year-on-year, children's clothing by 15%, and e-commerce by 30-35%, all in line with expectations [5]. - The company achieved impressive performance during the 618 shopping festival, with e-commerce channel growth reaching 99%, the highest in the industry. Total sales exceeded 240,000 units, a year-on-year increase of 167% [5]. - The Spring 2025 ordering session showed high enthusiasm, with expected volume growth as the main driver and a price increase of around 7%. The company has received additional orders for popular products [5]. Financial Summary - Revenue projections for the company are as follows (in million RMB): - 2023: 8,423 - 2024E: 10,004 - 2025E: 11,541 - 2026E: 13,155 - Net profit projections are as follows (in million RMB): - 2023: 961 - 2024E: 1,129 - 2025E: 1,318 - 2026E: 1,521 - The company is expected to maintain a PE ratio of 7, 6, and 5 for the years 2024, 2025, and 2026 respectively [4][5].

Investment Rating - The report maintains an "Overweight" rating for the cement industry and specifically for the cement manufacturing sub-industry [1][2]. Core Viewpoints - The report highlights that staggered production is the only short-term effective measure to improve capacity utilization in the cement industry, which is expected to show normalized and differentiated characteristics starting in 2024. The overall profitability expectation for the industry is recovering from its bottom [3][6]. - The report recommends leading cement companies such as Conch Cement, Huaxin Cement, Shangfeng Cement, China Resources Cement Technology, Tianshan Cement, and Tapai Group [3][7]. Summary by Sections Investment Logic - The cement industry is entering an era of normalized and differentiated staggered production, which is essential for alleviating capacity utilization pressure and restoring pricing and profitability [6][9]. - The report emphasizes that the improvement in capacity utilization relies more on supply-side adjustments, as demand is currently in a downward trend [9][10]. Capacity Utilization and Production Cuts - The decline in capacity utilization is identified as the fundamental reason for increasing profitability pressure in the industry. The overall profitability of the cement industry in 2023 is approximately 32 billion, down 80% from 2021 [7][8]. - Staggered production is highlighted as the only quick-acting measure to alleviate capacity utilization pressure, with a significant increase in staggered production days observed in various provinces [11][12]. Regional Implementation and Profitability Recovery - The difficulty of regional implementation of staggered production is influenced by local demand strength and the steepness of the supply curve. Regions with weak demand and low cost differences are more likely to achieve significant production cuts [17][18]. - The report categorizes regions into four quadrants based on demand and cost characteristics, indicating varying levels of cooperation and competition among companies [19][20]. - The report notes that the willingness to restore prices is strong among leading companies, with staggered production plans being implemented across multiple regions since late May 2024 [23][24]. Recommendations - The report continues to recommend leading cement companies, including Conch Cement, Huaxin Cement, Shangfeng Cement, China Resources Cement Technology, Tianshan Cement, and Tapai Group, as potential investment opportunities [3][7][25].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 AIoT 市场复苏,公司 H1 业绩超预期 ——瑞芯微半年报业绩预告点评 [table_Authors 舒迪](分析师) 陈豪杰(研究助理) 021-38676666 021-38038663 shudi@gtjas.com chenhaojie026733@gtjas.com 登记编号 S0880521070002 S0880122080153 本报告导读: 公司 2024H1 业绩预计同比高增,AIoT 渗透助力业绩增长。公司为 AIoT SoC 芯片 领先供应商,持续发力端侧 AIoT 芯片。 投资要点: [Table_Summary 维持"增持"]评级,维持目标价至 91.74 元。24 年 Q1 需求开始逐步向 上,进入强补库周期,Q2 无论是营收还是利润均超预期恢复,故上调 24-25 年 EPS 为 1.06/1.62 元,并新增 26 年 EPS 为 2.16 元(原值 24- 25 年 EPS 为 0.98/1.37 元)。公司 AIoT 全面布局,下游各领域持续增 长,考虑到数字 SoC 行业中可比公司 2024 年平均估值为 ...

Market Overview - The privacy computing industry is growing rapidly, driven by both policy and demand, with the Chinese market expected to exceed 10 billion yuan by 2025 [1] - Privacy computing enables secure data analysis while protecting data privacy, breaking data silos and facilitating trusted data circulation and value extraction [1][7] - The industry is supported by a robust legal framework, including the Cybersecurity Law, Data Security Law, and Personal Information Protection Law, which have accelerated its development [12][13] Technology and Trends - Privacy computing is entering a rapid growth phase and is considered a strategic technology direction for the future [2] - Open-source initiatives are driving rapid iteration in privacy computing, lowering barriers to entry and enhancing platform security and trustworthiness [78][79] - Three main technical paths for privacy computing include Multi-Party Secure Computation (MPC), Federated Learning (FL), and Confidential Computing, each with distinct advantages and use cases [32][40][41] Application Scenarios - Privacy computing is widely applied in finance, healthcare, government, smart vehicles, marketing, and industrial sectors, enabling secure data sharing and value extraction [51][54][61][64][67][69] - In finance, privacy computing enhances risk control and customer acquisition by securely integrating external big data and protecting customer privacy [54] - In healthcare, it supports clinical research, drug development, and public health by enabling secure sharing of electronic medical data [57][58] Investment Opportunities - The industry is still in its early stages, with high technical requirements for data and cryptographic security, making companies with strong technical capabilities and industry client resources key investment targets [3][89] - Recommended investment targets include Anbotong, Geer Software, and Hillstone Networks, with potential beneficiaries such as Sanwei Xinan and Xinan Century [89][90] Market Potential - By 2025, the Chinese privacy computing market is projected to surpass 10 billion yuan, driven by two business models: basic product services and data operations [18] - Gartner predicts that by 2025, 60% of large organizations will adopt privacy-enhancing computing technologies, with global spending on data protection and compliance technologies exceeding 15 billion USD by 2024 [76]

[Table_Industry] 油气装备与服务 2024.07.17 [Table_Invest] 评级: 增持 上次评级: 增持 特朗普政策主张推动油气开采扩产,看好油服设备高景气 ——油服设备行业点评 [Table_subIndustry] 细分行业评级 [table_Authors 徐乔威](分析师) 刘麒硕(研究助理) 021-38676779 0755-23976666 xuqiaowei023970@gtjas.com liuqishuo028693@gtjas.com 登记编号 S0880521020003 S0880123070153 [Table_Report] 相关报告 油气装备与服务《油价高企有望延续,推动 油服设备高景气》 2023.09.17 本报告导读: 特朗普胜选预期增强,特朗普在能源领域主张推动美国油气开采扩产以降低油价,利 好油服设备需求增长,看好油服行业高景气。 投资要点: [Table投资建议: _Summary]推荐 FPSO 核心阀门取得突破+页岩气压裂阀技术先进的 纽威股份,电驱压裂设备首台套落地北美的杰瑞股份,深海业务产能 释放+高端阀门产线望快速落地的迪威尔。 ...

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 公 司 更 新 报 告 证 券 研 究 报 告 短期电量扰动有限,长期股息价值凸显 申能股份 2Q24 发电量公告点评 | --- | --- | --- | --- | |----------------|-----------------|-------------------------------------------------------|-------------------------| | [table_Authors | 于鸿光](分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | | yuhongguang025906@gtjas.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S08801230 ...