上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 19 日 立讯精密 (002475) ——收购 Leoni 及子公司股权，提升汽车线束全球竞争力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 18 日 | | 收盘价（元） | 35.90 | | 一年内最高/最低（元） | 43.30/24.88 | | 市净率 | 4.4 | | 息率（分红/股价） | 0.83 | | 流通 A 股市值（百万元） | 258,040 | | 上证指数/深证成指 | 2,717.28/7,992.25 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 8.21 | | 资产负债率 ...

行 业 及 产 业 社会服务 | --- | --- | --- | --- | |-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 及 产 业 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 商贸零售/ 互联网电商 2024 年 09 月 19 日 专注主业回归增长，盈利能力保持 强劲 看好 ——2024Q2 互联网电商业绩总结 相关研究 《盈利能力保持强劲，看好平台经济价值 提升——互联网电商行业周报（09.09- 09.13）》 2024/09/18 《8 月社零增长 2.1%，必选增长优于可选 ——8 月社会零售品消费数据点评》 2024/09/14 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本期投资提示： ⚫ 线上消费持续领跑大盘，各平台回归 GMV 增长。据国家统计局，24Q2 线上零售额增 速领跑大盘，实物商品网上零售额实现 3.2 万亿元，同比增长 6.4%。24 年 1-8 月线上 渗透率达 25.6%，较去年同期提升 1.1pct。直播电商逐渐走出流量红利期，增速放缓， 活跃用户及商家回流传统电商，竞争格局改善。阿里、抖音、拼多多陆续调整经营策略 会，淡化低 ...

行 业 及 产 业 汽车 | --- | --- | --- | --- | |------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

策 略 研 究 申 购 策 略 证 券 研 究 报 告 新股研究 2024 年 09 月 19 日 强邦新材：全球印刷版材领先企业， 柔性版材突破外资垄断 ——注册制新股纵览 20240919 投资提示： ⚫ AHP 得分——剔除流动性溢价因素后，强邦新材 1.72 分，位于总分的 23.2%分位。强邦 新材于 2024 年 9 月 13 日招股，将在主板上市。剔除流动性溢价因素后，我们测算强邦新 材 AHP 得分为 1.72 分，位于非科创体系 AHP 模型总分 23.2%分位，处于中游偏下水平。 考虑流动性溢价因素后，我们测算强邦新材 AHP 得分为 1.98 分，位于非科创体系 AHP 模 型总分的 36.6%分位，处于中游偏下水平。假设以 90%入围率计，中性预期情形下，强邦 新材网下 A、B 两类配售对象的配售比例分别是：0.0150%、0.0092%。 ⚫ 全球印刷版材领先企业，感光材料具备国际竞争力。强邦新材系全球印刷版材领先企业之一， 产品广泛应用于印刷书籍报刊、食品包装盒（袋）、药品包装物、RFID 电子标签等多种印 刷品。公司是国内规模最大的民营印刷版材生产企业，23 年胶印版材、柔性版材 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [5][6]. Core Insights - The company has been included in the Hong Kong Stock Connect list, making it a rare online music investment option for domestic institutions, especially since Tencent Music is not included [5]. - The company reported a significant improvement in profitability, with a 166% year-over-year increase in adjusted net profit for the first half of 2024, reaching 880 million RMB [5]. - The online music segment saw a revenue increase of 27% year-over-year, driven by a 25%+ growth in monthly active paying users [5]. - The company is focusing on its core music content and has reduced its social entertainment business, leading to improved profitability metrics [5][6]. Financial Data and Earnings Forecast - The company achieved a revenue of 4.07 billion RMB in the first half of 2024, with a year-over-year growth of 4% [5]. - The adjusted net profit forecast for 2024-2026 has been revised upwards, with expected figures of 1.5 billion, 1.8 billion, and 2.0 billion RMB respectively [6]. - The projected price-to-earnings (PE) ratios for 2024-2026 are 12x, 10x, and 9x, respectively, indicating a favorable valuation compared to peers [6]. - The target price has been raised from 111 HKD to 116 HKD, reflecting a 28% upside potential [6].

行 产 业 业 及 行 业 研 究/ 行 业 点 评 - 证 券 研 究 报 告 国防军工/ 航海装备Ⅱ 2024 年 09 月 18 日 方案超船舶预期，上行周期同业竞 争问题解决进程开启 看好 ——中国船舶、中国重工合并点评 相关研究 本期投资提示： ⚫ 中国船舶和中国重工两家公司的合并预案出炉：据公告，此次合并将以中国船舶吸收中 国重工的方式进行，具体换股比例为 1:0.1335，每 1 股中国重工可以换取 0.1335 股中 国船舶股票。中国船舶与中国重工的换股价格分别确定为 37.84 元/股和 5.05 元/股。 中国船舶异议股东收购请求权价格 30.27 元/股，中国重工异议股东现金选择权价格 4.04 元/股。本次换股价与现金选择权均参考基准日前 120 个交易日的股价。换股兑价 比例高于停牌前船舶及重工股价比例，方案超船舶预期。 ⚫ 按照换股对价，相较于停牌前，船舶重工股价趋势同步，否则存在套利机会。 ⚫ 当前船周期仍在上行。截止 9 月 13 日，新造船价格指数达到 189.77 点，年初至今已上 涨 6.40%。复盘 1990-2008，主要船型平均船龄从 13-14 岁下降至 8-9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [3][4]. Core Insights - The company's Q2 mobile game revenue grew by 16% year-on-year, outperforming the industry average decline of 5.7%, with significant contributions from titles like "Dreamland Mobile" and "Identity V" [3]. - The outlook for the second half of the year is positive, with expectations for growth driven by new PC game releases and the stabilization of existing titles [3][4]. - Online music revenue increased by 27% year-on-year, indicating strong growth potential in this segment despite some offset from a strategic reduction in live streaming [3][4]. Financial Data and Earnings Forecast - Revenue projections for 2024E, 2025E, and 2026E are estimated at 107,588 million RMB, 119,644 million RMB, and 127,182 million RMB respectively, with growth rates of 4%, 11%, and 6% [2][6]. - Adjusted net profit for 2024E, 2025E, and 2026E is forecasted to be 32,822 million RMB, 36,374 million RMB, and 39,738 million RMB, reflecting growth rates of 0%, 11%, and 9% [2][6]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 11x in 2024 to 9x in 2026, indicating a potentially undervalued stock [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company plans to issue 550 million A-shares at a price of 12.72 yuan per share to the National Social Security Fund, aiming to raise up to 7 billion yuan for clean energy projects [4] - The company commits to distributing at least 55% of its distributable profits as cash dividends annually from 2024 to 2026, an increase from the previous commitment of 50% [4] - The introduction of the social security fund as a strategic investor is expected to enhance the company's capital structure and support its clean energy development [4] - The company is advancing its hydropower and thermal power projects, including the Mengdigou and Kala hydropower stations, while also focusing on improving the efficiency of existing units [4] - The projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 [5] Financial Data Summary - As of June 30, 2024, the company's net asset per share is 7.17 yuan, and the debt-to-asset ratio is 63.82% [1] - The total share capital is 7,454 million shares, with 6,966 million shares being tradable A-shares [1] - The company's revenue for 2024 is projected to be 59.737 billion yuan, with a year-on-year growth rate of 5.3% [6] - The net profit for 2024 is estimated at 8.038 billion yuan, reflecting a year-on-year growth of 19.9% [6] - The company aims for a dividend yield of approximately 3.6% based on the latest closing price of 15.41 yuan per share [4]

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