宏 观 研 究 报 告 周浩 孙英超 +852 2509 7582 +852 2509 2603 美国总统候选人特朗普遭遇枪击，成为周末最大的新闻。从周日早间开 始，各路媒体就对此事开始进行连篇累牍的报道。从现场视频来看，特朗 普面部和耳朵附近有血迹，但后续的报道显示特朗普并无生命威胁，同时 枪手也已经死亡。 对于金融市场而言，特朗普交易再度获得热度，几乎是板上钉钉。从上周 的一系列数据来看，市场开始押注 9 月降息，这带来了债券收益率的下 行。上周其实本身事件众多，鲍威尔在国会的听证，让市场开始再度加码 降息交易。与此同时，美国 6 月 CPI 数据超预期下行，也让市场憧憬 9 月 降息 25 甚至 50 个基点。 对于外汇市场而言，利率下行的情形下，美元可能相对偏弱。但避险情绪 的可能上升，则意味着美元即使走弱，似乎也不会太差；但如果在另一种 情形下，即市场押注特朗普上台可能带来的通胀压力，美元利率则可能走 高，那美元汇率则可能相应走强。 证 券 研 究 报 告 P 美国总统候选人特朗普遭遇枪击，成为周末最大的新闻。从周日早间开 始，各路媒体就对此事开始进行连篇累牍的报道。从现场视频来看，特 朗普面部和耳 ...

| --- | --- | --- | --- | |----------------------------|---------------------|-----------|----------------| | [Table_Industry] | | | 通信设备及服务 | | 2024.07.15 | [Table_Invest]评级: | | 增持 | | 国内智算服务市场爆发式增长 | | 上次评级: | 增持 | [Table_subIndustry] 细分行业评级 ——2024 年第 30 周周报 | --- | --- | --- | |-----------------|-----------------------|-------------------------| | [table_Authors] | 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 | S08 ...

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] | | | 家用电器业 | | 2024.07.14 | [Table_Invest] 评级: | | 增持 | | 多家公司发布业绩预告,6 月家电出口同比增长 | | 上次评级: | 增持 | ——2024W28 家电行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|----------------------------|-------------------------------|--------------------| | [table_Authors | 蔡雯娟](分析师) | 田平川(研究助理 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company's Q2 performance slightly underperformed expectations, with H1 revenue projected to be between 1.45-1.52 billion yuan, representing a year-on-year growth of 17.46%-23.13% [3] - The CMP equipment's competitiveness is steadily improving, and the platform layout is becoming increasingly refined [3] - The company is actively increasing production capacity and planning industrial layout [3] Financial Summary - The report maintains the net profit forecast for 2024-2025 at 1.007 billion and 1.29 billion yuan, respectively, with a new forecast for 2026 at 1.677 billion yuan [3] - The earnings per share (EPS) for 2024-2025 are maintained at 4.25 and 5.45 yuan, with a new forecast for 2026 at 7.08 yuan [3] - The target price remains unchanged at 159.32 yuan [3] Performance Highlights - The company achieved a revenue of 7.7-8.4 billion yuan in Q2 2024, with a year-on-year growth of 24.60%-35.92% [3] - The net profit for Q2 2024 is projected to be between 2.23-2.43 billion yuan, reflecting a year-on-year growth of 23.89%-35.00% [3] - The company has shipped a cumulative total of 500 units of its 12-inch CMP equipment, breaking the overseas monopoly and steadily increasing market share [3] Capacity Expansion and Strategic Planning - The company plans to establish a base in Beijing Economic Development Zone for CMP, thinning equipment, and wet cleaning equipment [3] - The company is actively participating in setting up investment funds to seek investable targets in the industrial chain and is continuously promoting the cultivation of domestic component suppliers to enhance localization [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.58 CNY, maintaining the previous target price [2][4]. Core Views - The company is expected to achieve a historical high in revenue for the first half of 2024, with a projected year-on-year growth of over 60%, reaching more than 39.7 billion CNY. The net profit is anticipated to grow significantly, with estimates ranging from 550 to 650 million CNY, reflecting a year-on-year increase of 75.56% to 107.48% [4]. - The global computing power market is experiencing rapid growth, with the company maintaining its leading position in the market. In Q1 2024, the global server market sales increased by 59.9% year-on-year, while the Chinese x86 general server market saw a 23.3% increase [4]. - The demand for large model training and inference is expected to drive the company's business beyond expectations, as major internet clients increase their investments in AI model development [4]. Financial Summary - The company's revenue for 2024 is projected to be 83.616 billion CNY, with a year-on-year growth of 26.9%. The net profit for the same year is expected to be 2.497 billion CNY, reflecting a 40% increase [7][8]. - The earnings per share (EPS) for 2024 is estimated at 1.70 CNY, with subsequent years showing growth to 1.98 CNY in 2025 and 2.26 CNY in 2026, representing year-on-year growth rates of 40%, 17%, and 14% respectively [4][7]. - The company’s total market capitalization is approximately 55.47 billion CNY, with a current price of 37.68 CNY per share [5].

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] | | | 电子元器件 | | 2024.07.14 | [Table_Invest] 评级: | | 增持 | | | | 上次评级: | 增持 | 芯片公司发布业绩预增公告,看好存储和 SoC 等景气度向上 [Table_subIndustry] 细分行业评级 半导体 增持 ——半导体新一轮景气周期推荐系列之五 | --- | --- | --- | |----------------|-----------------|----------------------------| | [table_Authors | 舒迪](分析师) | 陈豪杰(研究助理) | | | 021-38676666 | 021-38038663 | | | shudi@gtj ...

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] | | | 海外科技 | | 2024.07.14 | [Table_Invest] 评级: | | 增持 | | 萝卜快跑开启商业运营,软银为 AI 项目寻求融资 | | 上次评级: | 增持 | ——海外科技行业 2024 年第 45 期 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|---------------------------|----------------------| | [table_Authors] | 秦和平(分析师) | 李奇(分析师) | | | 0755-23976666 | 0755-239 ...

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] | | | | | 基础化工 | | | | | [Table_Invest] 评级: | | 增持 | | | | | | 上次评级: | 增持 | | | | ——钛白粉行业专题报告 | [Table_subIndustry]细分行业评级 | | | | 钟浩(分析师) | 沈唯(分析师) | 王瑞健(研究助理) | | | | | 021-38038445 | 0755-23976795 | 021-38031022 | | | | | zhonghao027638@gtjas.com ...

Investment Rating - The investment rating for the company is "Accumulate" [3][4]. Core Views - The report highlights a significant profit recovery for the company, particularly in the semiconductor sector, with a positive outlook on its strategic positioning in new technologies and semiconductor equipment [4]. - The company has adjusted its 2024 net profit forecast to 254 million yuan from the previous 293 million yuan, while maintaining the 2025 and 2026 forecasts at 426 million yuan and 572 million yuan, respectively [4]. - The target price has been revised down to 74.40 yuan from 78.49 yuan, based on a 80x PE ratio for 2024 [4]. Financial Performance - The company reported a net profit of 45-55 million yuan for the first half of 2024, representing a year-on-year increase of 272.09%-354.77% [4]. - The net profit for Q2 2024 is expected to be between 60.93 million yuan and 70.93 million yuan, a significant increase from 21.83 million yuan in the same period last year [4]. - The company’s revenue for 2024 is projected to be 2.926 billion yuan, reflecting a 20.4% increase compared to 2023 [8]. Industry Outlook - The display industry is showing signs of steady recovery, with demand for consumer electronics gradually improving, which is expected to drive growth in the sector [4]. - The semiconductor equipment segment is entering a harvest phase, with increased delivery volumes and revenue recognition due to the completion of several products in mass production [4]. - The company has a robust order backlog of 3.536 billion yuan as of April 22, 2024, with significant contributions from the display and semiconductor sectors [4]. Research and Development - The company invested 641 million yuan in R&D in 2023, accounting for 26.4% of its revenue, focusing on new display technologies such as OLED and Micro-OLED [4]. - The company is actively advancing the iteration of older products and validating new optical equipment in the semiconductor sector [4].

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 29.50 yuan, down from the previous 37.90 yuan [12][14]. Core Insights - The company's H1 performance was below expectations, leading to a downward revision of the EPS forecast for 2024-2026 to 2.95, 3.27, and 3.54 yuan, reflecting growth rates of 0%, 11%, and 8.1% respectively [10][11]. - The report highlights a significant decline in revenue and net profit, with H1 revenue at approximately 89.8 billion yuan, down 11.6%, and net profit at 7.12 billion yuan, down 21.1% [10][11]. - The company is expected to stabilize and recover in H2, driven by cost reduction measures and operational efficiency improvements [10][14]. Summary by Sections Financial Performance - H1 revenue was approximately 89.8 billion yuan, a decrease of 11.6%, with a net profit of 7.12 billion yuan, down 21.1% [10][11]. - The net profit margin for H1 was approximately 7.92%, a decline of 0.96 percentage points [10]. - The company anticipates a profit of 1.58 billion yuan in H2, representing a 30% increase compared to H1 [10]. Business Strategy - The company is focusing on enhancing operational efficiency and optimizing store and personnel structures [10][14]. - A new action plan for 2024 emphasizes quality improvement, efficiency enhancement, and shareholder returns [10][14]. - The company has opened its first fresh discount store, achieving daily sales of around 100,000 yuan, indicating a positive trend in new business ventures [10][14]. Market Position - The company operates in the retail and consumer goods sector, with a total market capitalization of 8.695 billion yuan [3]. - The stock has a current price of 19.48 yuan, with a price-to-earnings ratio of 6.61 [12][11]. - The report suggests that the company remains a valuable asset due to its low valuation and high dividend yield [10][14].