汽车 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 汽车 沪深300 -30% -22% -14% -6% 2% 10% 09/23 11/23 01/24 04/24 06/24 09/24 资料来源：Wind，甬兴证券研究所 增持(维持) 近一年行业与沪深 300 比较 多地更新以旧换新政策，特斯拉预计 25Q1 在中国和 欧洲推出 FSD ——汽车行业周报（2024/09/02~2024/09/06） ◼ 行情回顾 过去一周(2024/09/02~2024/09/06），申万汽车行业上涨 0.53%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 1。细分板块涨跌 幅：过去一周(2024/09/02~2024/09/06），商用车涨幅最大，摩托车及 其他跌幅最大。商用车上涨 3.25%，乘用车上涨 0.45%，汽车零部件 上涨 0.35%，汽车服务下跌 0.01%，摩托车及其他下跌 1.30%。 行业： 汽车 日期： yxzqdatemark 2024年09月10日 分析师： 王琎 E-mail： wangjin@yongxingsec. com SAC编号： S176 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 电子 行业研究/行业周报 2024Q2 消费类 NAND Flash 环比大增，三星公布 DDR 发展路线图 ——存储芯片周度跟踪（2024.09.02-2024.09.06） ◼ 核心观点 NAND：NAND颗粒市场价格小幅波动，2024Q2消费类 NAND Flash 市场规模环比增长 18.6%至 180.0 亿美元。根据 DRAMexchange，上 周（0902-0906）NAND 颗粒 22 个品类现货价格环比涨跌幅区间为2.32%至 15.97%，平均涨跌幅为 1.72%。其中 4 个料号价格持平，12 个料号价格上涨，6个料号价格下跌。根据经济观察网援引CFM闪存 市场数据，2024 年二季度全球 NANDFlash（非易失性存储器）市场 规模环比增长 18.6%至 180.0 亿美元，DRAM（易失性存储器）市场 规模环比增长 24.9%至 234.2 亿美元。全球存储市场规模二季度环比 增长 22.1%至 414.2 亿美元，同比大增 108.7%。 DRAM：颗粒价格小幅波动，三星公布 DDR 发展路线图。根据 DRAMexchan ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company demonstrated robust operational performance with a revenue of approximately 463 million yuan in H1 2024, reflecting a year-on-year increase of 16.25%, and a net profit of about 116 million yuan, up 26.52% year-on-year [1]. - The micro-motor products are the main contributors to revenue growth, with revenue from micro-motors and fluid technology products reaching approximately 204 million yuan and 217 million yuan respectively in H1 2024, representing year-on-year increases of 36.61% and 4.36% [2]. - The company's profitability remains strong, with a gross margin of 36.51% and a net margin of 24.98% in H1 2024, both showing improvements compared to the previous year [2]. - The company is expanding its application scenarios for micro-motors and accelerating the industrialization of advanced driving assistance systems (ADAS) products, which is expected to drive revenue growth [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of approximately 463 million yuan, a year-on-year increase of 16.25%, and a net profit of about 116 million yuan, up 26.52% year-on-year. In Q2 2024, revenue was approximately 221 million yuan, a year-on-year increase of 3.03% but a quarter-on-quarter decrease of 8.41% [1]. - The revenue from the new energy vehicle components reached approximately 137 million yuan in H1 2024, accounting for 30.06% of total revenue, with a year-on-year growth of 19.21% [2]. Profitability - The gross margin for H1 2024 was 36.51%, an increase of 1.22 percentage points year-on-year, while the net margin was 24.98%, up 2.03 percentage points year-on-year [2]. - The company’s Q2 2024 gross margin was 36.20%, which remained stable year-on-year but decreased by 0.59 percentage points quarter-on-quarter [2]. Future Outlook - The company is expected to see continued revenue growth, with projected revenues of approximately 1.21 billion yuan, 1.56 billion yuan, and 1.95 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 31.0%, 28.6%, and 25.4% [3]. - The net profit forecasts for the same years are approximately 263 million yuan, 348 million yuan, and 446 million yuan, with year-on-year growth rates of 30.0%, 32.5%, and 28.2% respectively [4].

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------------------------------------------------- ...

传媒 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 全球游戏订阅市场收入持续增长，北京发布政策支持微短剧 ——传媒行业周报（2024.9.2-2024.9.6） ◼ 核心观点 本周核心观点与重点要闻回顾 游戏：Omdia 预计 2028 年全球游戏订阅市场收入超 270 亿美元，相 关板块有望受益。Omdia 最新发布的研究预测，全球游戏订阅市场的 收入预计将在 2028 年超过 270 亿美元。这一增长标志着游戏订阅服 务的价值和重要性在全球范围内的持续扩大。 影视短剧：北京发布政策支持网络微短剧产业发展，相关板块有望 受益。9 月 3 日，北京大视听·网络微短剧"首亮微光"2.0 扶持计 划发布，单部作品最高可获北京市广播电视局 300 万元扶持资金。该 计划由北京市广播电视局发起，北京各区委宣传部、中国电视剧制作 产业协会青年工作委员会，以及抖音、快手、点众、红果短剧、优 酷、爱奇艺、百度、微博等平台参与。 广告营销：北京将建一批数字广告产业园区，相关板块有望受益。 为了因地制宜加快建设数字广告产业园区，引导数字广告产业集聚与 创新，实现广告和相关产业高质量发展，由北京市市 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 通信 行业研究/行业周报 A 北斗行业会议召开，中国移动数据承载网骨干网开始 采购 ——通信行业周报（2024.9.2-2024.9.6） ◼ 核心观点 本周核心观点与重点要闻回顾 运营商算力：中国移动建成全球运营商最大单集群智算中心，相关 板块有望受益。近日，中国移动智算中心（哈尔滨）正式宣布上线 投产，成为全球运营商最大单集群智算中心。该智算中心单集群内配 备了超过 18000 张 AI 加速卡，智能算力规模高达 6.9EFLOPS。 卫星导航：《推动北斗规模应用和产业高质量发展倡议》在重庆发 布，相关板块有望受益。空天信息产业国际生态大会 9 月 3 日在重庆 开幕。本次大会以"规模应用 生态赋能"为主题，国家发展改革委 等中央部委领导、两院院士、专家学者和头部企业负责人等 500 余人 共同探讨北斗规模应用新未来，共同谋划空天信息产业新图景。大会 期间，重庆市空天信息产业专家委员会成立，这是国内首个由地方政 府组建的空天信息产业专家委员会。专委会发布《推动北斗规模应用 和产业高质量发展倡议》，呼吁业界通过共建基础设施、多方协同攻 关、共谋应用场景 ...

Investment Rating - Maintains a "Buy" rating [3] Core Views - Organizational restructuring has significantly boosted the growth potential of the core local commerce business, with the core local commerce segment contributing approximately 73.8% of total revenue in Q2 2024, generating 60.7 billion yuan [2] - The new business segment showed a notable improvement, with revenue increasing by 28.7% year-over-year to 21.57 billion yuan in Q2 2024, and operating losses narrowing to 1.31 billion yuan from 2.76 billion yuan in Q1 2024 [2] - The company continues to repurchase shares, with a board resolution to buy back up to $1 billion worth of Class B ordinary shares, reflecting strong confidence in the company's future [2] Financial Performance - In Q2 2024, the company reported revenue of 82.3 billion yuan, a 21% year-over-year increase, with operating profit surging 139% to 11.3 billion yuan and adjusted net profit rising 78% to 13.6 billion yuan [1] - The company forecasts revenue for 2024-2026 to be 3,333 billion yuan, 3,829 billion yuan, and 4,382 billion yuan, respectively, with adjusted net profit expected to be 40.9 billion yuan, 50.5 billion yuan, and 63 billion yuan for the same periods [3] Business Segments - The "Pinhaofan" (拼好饭) service achieved a peak daily order volume of 8 million orders in Q2 2024, demonstrating strong performance [2] - The new business segment, including Meituan Youxuan, improved operational efficiency through enhanced product quality and supplier collaboration, leading to higher average order values and reduced losses [2] Valuation and Metrics - The company's market capitalization stands at 719.8 billion HKD, with a closing price of 115.7 HKD and total shares outstanding of 6.22 billion [5] - The company's P/E ratio is projected to decrease from 34.16 in 2023 to 12.22 in 2026, indicating improving valuation metrics [6] Future Outlook - The company is expected to maintain robust growth in its core local commerce business while continuing to reduce losses in new business segments, driven by ongoing organizational reforms [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's home appliance and automotive parts businesses are experiencing significant growth, with a notable increase in revenue and net profit for the first half of 2024 [1]. - The home appliance segment generated revenue of 1.644 billion yuan, up 37.00% year-on-year, while the automotive parts segment saw revenue of 148 million yuan, up 68.88% year-on-year [1]. - The company is focusing on expanding its product range in home appliances and enhancing its overseas market presence, while also investing in R&D and digital factory initiatives [1]. - The EPS motor business is entering a high growth phase, with new customer contracts and a focus on innovation to maintain a competitive edge [1]. Financial Summary - For the first half of 2024, the company reported total revenue of 1.862 billion yuan, a year-on-year increase of 38.77%, and a net profit of 207 million yuan, up 20.78% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 3.585 billion yuan, 4.388 billion yuan, and 5.270 billion yuan, respectively, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% [2]. - The projected net profits for the same years are 417 million yuan, 519 million yuan, and 638 million yuan, with growth rates of 29.5%, 24.5%, and 22.9% [2]. - The expected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.39 yuan, and 1.71 yuan, with corresponding P/E ratios of 14.22, 11.42, and 9.30 [2].

赛意信息(300687) 公司研究/公司点评 24H1 稳健增长，经营效益提升 ——赛意信息 2024 半年报业绩点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 ◼ 事件概述 公司发布 2024 年半年报，公司 24H1 实现营收 10.71 亿元，同比 +1.33%；归母净利润 0.30 亿元，同比+34.18%；扣非归母净利润 0.25 亿元，同比+105.76%；其中 24Q2 实现营收 5.31 亿元，同比-1.71%； 归母净利润 0.09 亿元，同比-76.48%；扣非归母净利润 0.07 亿元， 同比-77.35%。 ◼ 核心观点 24H1 收入微增，延续稳步复苏。分业务看，公司 24H1 泛 ERP/智能 制 造 及 工 业 互 联 网 分 别 实 现 营 收 6.52/2.85 亿 元 ， 分 别 同 比 +2.39%/+1.87%。我们认为，受经济环境影响，公司个别大客户数字化 投入放缓延续，部分项目验收节奏有所波动，影响公司收入确认。 24H1 经营效益提升，毛利率同比+1.45pct。公司 24H1 毛利率 30.39%， 同比+1.45pct。其中，24H1 泛 ERP ...

策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 央行货币净投放，融资、南向资金大幅净流入银 行 ——流动性 8 月第 5 期 ◼ 核心观点 上周（8.26-8.30）2 年期国债收益率下行、10 年期国债收益率上行； 美国 10 年国债收益率上行，美元指数边际回升，中美 10 年国债利差 小幅走阔；上周融资买入额增加，南向资金净流入。 ◼ 宏观流动性 国内：上周（8.26-8.30），2 年期国债收益率下行、10 年期小幅上行， 10 年期与 2 年期国债利差边际走阔。上周央行公开市场净投放为 5040 亿元，8 月 MLF 净回笼量为 1010 亿元。 国外：上周（8.26-8.30）10 年期美债收益率上行，美元指数边际回升， 中美 10 年期国债利差小幅走阔。上周 10 年期美债收益率上行 0.10 个 百分点至 3.91%，美元指数小幅回升至 101.73。截至 8 月 30 日，中美 10 年期国债利差小幅走阔至 1.74%。 ◼ 市场流动性 公募基金：2024 年 8 月新成立 78 只基金，其中 23 只为股票型基金。 截至 8 月 30 日，2024 年 1-8 月 ...