证券研究报告 | 行业周报 2024 年 09 月 09 日 通信 汽车智能化、卫星互联网产业稳步推进，持续看好相关产业投资机 会 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 300394.SZ | 天孚通信 | 买入 | 2.59 | 3.6 | 27.32 | 19.65 | | 301285.SZ | 鸿日达 | 买入 | 0.41 | 0.84 | 54.76 | 26.73 | | 600941.SH | 中国移动 | 买入 | 6.65 | 7.25 | 15.32 | 14.06 | | 601728.SH | 中国电信 | 买入 | 0.37 | 0.42 | 16.49 | 1 ...

证券研究报告 | 行业周报 2024 年 09 月 08 日 机械 8 月制造业 PMI 小幅回落，挖掘机销量同比+11.80% 行业要闻：工业和信息化部等十一部门关于推动新型信息基础设施协调发展 有关事项的通知。 新型信息基础设施是以信息网络为基础，以新一代信息通信技术创新为驱动， 为经济社会数字化转型提供感知、传输、存储、计算等基础性数字公共服务 的基础设施体系。为深入贯彻落实党的二十大和二十届二中、三中全会精神， 推动新型信息基础设施协调发展。 一、加强全国统筹规划布局 二、加强跨区域均衡普惠发展 三、加强跨网络协调联动发展 四、加强跨行业融合共享发展 五、构建绿色低碳发展方式 六、增强全方位安全保障能力 七、加强跨部门政策协调 八、加强组织实施 （来源：工信部） 2024 年 9 月 5 日国内成品油价格按机制调整。 根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自 2024 年 9 月 5 日 24 时起，国内汽、柴油价格（标准品，下同）每吨均降低 100 元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产 ...

2、《业绩预告利润承压，Q4 家电 MCU 市场需求回暖— 中颖电子（300327.SZ）公司动态点评》2024-01-19 2024-05-31 3、《存货跌价损失进一步计提，四季度需求有望回暖 —中颖电子（300327.SZ）公司动态点评》2023-10-26 证券研究报告 | 公司动态点评 2024 年 09 月 05 日 中颖电子（300327.SZ） Q2 利润同比高速增长，期待新品逐步放量 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,602 | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company is a leading player in the high-purity sputtering target market, benefiting from domestic substitution trends in the semiconductor industry, with significant growth potential anticipated [3] - The company's revenue for the first half of 2024 is expected to grow by 35.9% year-on-year, driven by strong performance in both target materials and precision components [2][6] - The company is actively expanding its production capacity and enhancing its R&D efforts, which are expected to contribute to future growth [2][3] Financial Summary - For 2022A, the company reported revenue of 2,325 million yuan, with a year-on-year growth rate of 45.9%. The projected revenue for 2024E is 3,676 million yuan, reflecting a growth rate of 41.3% [1][10] - The net profit attributable to the parent company for 2022A was 264 million yuan, with a projected increase to 331 million yuan in 2024E, corresponding to a growth rate of 29.5% [1][10] - The company's return on equity (ROE) is expected to improve from 5.9% in 2022A to 10.7% by 2026E [1][11] Segment Performance - The first major business segment, ultra-pure target materials, generated revenue of 1,069 million yuan in the first half of 2024, accounting for 65.7% of total revenue, with a year-on-year growth of 37.3% [2][6] - The second major segment, precision components, achieved revenue of 399 million yuan in the first half of 2024, representing a remarkable year-on-year growth of 96.1% [2][6] - The company is expected to benefit from the acceleration of domestic supply chain localization, with a projected market size for precision components in China's semiconductor equipment sector reaching 125.3 billion yuan in 2024 [2][3] R&D and Market Confidence - The company's R&D expenditure increased by 30.8% year-on-year in the first half of 2024, amounting to 102 million yuan [2][6] - The company has been actively repurchasing its shares, reflecting management's confidence in the company's future development [2][6]

证券研究报告 | 行业周报 2024 年 09 月 08 日 机械 8 月制造业 PMI 小幅回落，挖掘机销量同比+11.80% 行业要闻：工业和信息化部等十一部门关于推动新型信息基础设施协调发展 有关事项的通知。 新型信息基础设施是以信息网络为基础，以新一代信息通信技术创新为驱动， 为经济社会数字化转型提供感知、传输、存储、计算等基础性数字公共服务 的基础设施体系。为深入贯彻落实党的二十大和二十届二中、三中全会精神， 推动新型信息基础设施协调发展。 一、加强全国统筹规划布局 二、加强跨区域均衡普惠发展 三、加强跨网络协调联动发展 四、加强跨行业融合共享发展 五、构建绿色低碳发展方式 六、增强全方位安全保障能力 七、加强跨部门政策协调 八、加强组织实施 （来源：工信部） 2024 年 9 月 5 日国内成品油价格按机制调整。 根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自 2024 年 9 月 5 日 24 时起，国内汽、柴油价格（标准品，下同）每吨均降低 100 元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产 ...

证券研究报告 | 行业月报 2024 年 09 月 05 日 通信 海外 AI 浪潮热度不减，看好 AI 端侧、具身智能领域产业链发展 英伟达业绩保持强劲增长势头，Blackwell 芯片加速落地。8 月 28 日，英伟 达发布 2025 财年二季报。2025 财年二季度，公司实现营收 300.40 亿美元， 同比增长 122.40%；实现归母净利润 165.99 亿美元，同比增长 168.24%。 其中，数据中心板块实现营收 262.72 亿美元，同比增长 154.50%，环比增 长 16.44%，主要为 Hopper GPU 所驱动。云服务提供商约占数据中心收入的 45%，超过 50%来自消费者互联网和企业公司，强劲的同比增长由所有的客 户类型推动，包括计算和网络收入。英伟达在该季度交付了 Blackwell 架构的 样品，公司对 Blackwell GPU 掩膜进行了改良来提高良率，预计在第四季度 开始提升产量，并一直延续到 2026 财年。公司预计第四季度 Blackwell 收 入将达到数十亿美元，同时 Hopper 架构需求持续强劲，预计在 2025 财年下 半年出货量将增加。 AI 眼镜助力 A ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance has shown recovery in the first half of 2024, driven by an increase in electricity generation in Fujian Province, with a year-on-year growth of 23.79% in Q2 [1] - The company achieved operating revenue of 818 million yuan in H1 2024, a decrease of 1.59% year-on-year, while net profit attributable to the parent company was 342 million yuan, an increase of 4.80% year-on-year [1] - The report highlights the positive outlook for offshore wind power projects in Fujian, with the company expected to benefit from the long-term growth in this sector [1][2] Financial Summary - The company's operating revenue is projected to be 1,778 million yuan in 2024, with a growth rate of 2.7% year-on-year, and net profit is expected to reach 782 million yuan, reflecting a growth rate of 15.3% [1][5] - Key financial metrics include an EPS of 0.41 yuan for 2024, with a P/E ratio of 11.2 times [1][5] - The company's total assets are expected to increase to 12,066 million yuan by 2024, with a debt-to-equity ratio of 40.6% [4][5] Operational Insights - The company has a total installed capacity of 957,300 kW, with onshore wind power capacity at 613,000 kW and offshore wind power capacity at 296,000 kW as of June 30, 2024 [1] - The report notes that the company has been awarded contracts for new offshore wind projects, indicating a strong pipeline for future growth [1][2] Market Position - The company is positioned as a key player in the renewable energy sector in Fujian, with expectations of continued revenue growth from offshore wind resources [1][2] - The report emphasizes the company's strategic advantage as the only publicly listed energy platform in the province, which is likely to enhance its market competitiveness [1]

证券研究报告 | 行业月报 2024 年 09 月 05 日 通信 海外 AI 浪潮热度不减，看好 AI 端侧、具身智能领域产业链发展 英伟达业绩保持强劲增长势头，Blackwell 芯片加速落地。8 月 28 日，英伟 达发布 2025 财年二季报。2025 财年二季度，公司实现营收 300.40 亿美元， 同比增长 122.40%；实现归母净利润 165.99 亿美元，同比增长 168.24%。 其中，数据中心板块实现营收 262.72 亿美元，同比增长 154.50%，环比增 长 16.44%，主要为 Hopper GPU 所驱动。云服务提供商约占数据中心收入的 45%，超过 50%来自消费者互联网和企业公司，强劲的同比增长由所有的客 户类型推动，包括计算和网络收入。英伟达在该季度交付了 Blackwell 架构的 样品，公司对 Blackwell GPU 掩膜进行了改良来提高良率，预计在第四季度 开始提升产量，并一直延续到 2026 财年。公司预计第四季度 Blackwell 收 入将达到数十亿美元，同时 Hopper 架构需求持续强劲，预计在 2025 财年下 半年出货量将增加。 AI 眼镜助力 A ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability improved significantly in Q2 2024, with a 94.13% QoQ increase in net profit attributable to the parent company [1] - The company's revenue in H1 2024 reached 1.459 billion yuan, a YoY increase of 8.69% [1] - The company's gross margin in Q2 2024 was 14.55%, a QoQ increase of 4.67 percentage points [2] Financial Performance - The company's revenue in 2024E is expected to be 2.996 billion yuan, a YoY increase of 11.4% [1] - The company's net profit attributable to the parent company in 2024E is expected to be 197 million yuan, a YoY increase of 200.3% [1] - The company's ROE in 2024E is expected to be 2.1%, up from -0.3% in 2023A [1] Business Segments - The semiconductor silicon wafer business revenue in H1 2024 was 1.022 billion yuan, a YoY increase of 12.96% [2] - The semiconductor power device business revenue in H1 2024 was 448 million yuan, a YoY decrease of 16.62% [2] - The compound semiconductor RF chip business revenue in H1 2024 was 128 million yuan, a YoY increase of 233.89% [2] Capacity Expansion - The company is actively expanding its production capacity, with the Quzhou base expected to complete the installation of 250,000 8-inch wafers per month by September 2024 [3] - The Jiaxing base is expected to reach a capacity of 150,000 12-inch wafers per month by the end of 2024 [3] - The Haining base is expected to complete the construction of a 60,000 6-inch RF chip production line by Q4 2024 [3] Market Outlook - The company's products are widely used in 5G communications, smartphones, computers, automotive, photovoltaic, consumer electronics, low-orbit satellites, smart grids, medical electronics, AI, and IoT [3] - The company is expected to benefit from the recovery in semiconductor market demand and further improve its profitability [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company has shown steady growth in onshore wind power development, with a strategic "dual-sea" layout driving performance growth [1]. - The company reported a revenue of 1.656 billion yuan in H1 2024, a slight year-on-year decrease of 0.84%, while net profit attributable to shareholders reached 130 million yuan, up 9.45% year-on-year [1][2]. - The company is focusing on expanding its export market, with overseas sales revenue of 889 million yuan in H1 2024, representing a year-on-year increase of 36.83% [2]. - The company has a robust order backlog totaling 4.238 billion yuan, with significant contributions from both onshore and offshore wind projects [2]. Financial Summary - Revenue is projected to grow from 5.332 billion yuan in 2024E to 8.900 billion yuan in 2026E, with a corresponding net profit increase from 463 million yuan to 881 million yuan [4][5]. - The company's gross margin and net margin improved to 19.97% and 7.80% respectively in H1 2024, reflecting operational efficiency despite a slight revenue decline [2]. - The report anticipates EPS to rise from 0.50 yuan in 2024E to 0.94 yuan in 2026E, with a decreasing P/E ratio from 13.6 to 7.1 over the same period [4][5].