Investment Rating - The report downgrades the company to "Accumulate-B" rating due to competitive pressures in the fiber laser market and the need for time to expand in the optical communication and lidar markets [3]. Core Viewpoints - The company has maintained its leading position in high-power semiconductor laser chips, with continuous product technology iterations. However, revenue from high-power single-tube series and high-power bar series has seen a decline of 20.5% and an increase of 39.5% respectively [1]. - The optical communication market is being actively explored, with the company launching new products such as single-wave 100G EML and 50G VCSEL chips, which are expected to meet the growing demand driven by AI computing power [1][3]. - The company is also expanding into new markets such as satellite energy and visible light, aiming to become a major supplier of lidar optical chips [3]. Summary by Sections Market Performance - In the first half of 2024, the company reported revenue of 127 million, a year-on-year decrease of 10.39%, and a net profit attributable to shareholders of -42 million, a decline of 299.35% [2]. - The second quarter showed a revenue increase of 44.62% compared to the previous quarter, indicating recovery from earlier production challenges [2]. Financial Data - The company’s revenue for 2024 is projected to be 275 million, with a year-on-year decrease of 5.1%, followed by a recovery in 2025 with an expected increase of 37.9% [4]. - The net profit is expected to improve from -36 million in 2024 to 22 million in 2025, reflecting a significant turnaround [4]. Profitability and Valuation - The gross margin is projected to decline to 27.2% in 2024 but is expected to recover to 32.4% in 2025 [4]. - The earnings per share (EPS) is forecasted to be -0.21 in 2024, improving to 0.13 in 2025 and 0.30 in 2026 [4][6]. Research and Development - The company continues to increase its R&D investment, with management and R&D expenses growing by 19.9% and 13.6% year-on-year respectively [2]. - The establishment of joint laboratories for GaN laser technology indicates a commitment to innovation and market expansion [3].

F 证券研究报告 公司近一年市场表现 新易盛 创业板指 资料来源：最闻 市场数据：2024 年 9 月 12 日 收盘价（元）： 95.22 受益于北美大客户 AI 集群资本开支增加，上半年营收利润大幅增长。 上半年北美亚马逊、谷歌、META、微软四家云巨头 capex 合计 897.5 亿美元， 同比+44.1%，带动 AI 基础设施投资大幅增长。光模块作为 AI 网络 scaleout 扩展规模的核心设备受益于 GPU 出货量的增长和集群规模的扩大带来的配 比提升。Lightcounting 7 月的研究报告指出，2024 年全球用于 AI 集群的光 模块市场将超过 40 亿美元，同比翻倍以上，2025 年有望超过 70 亿美元，2029 年达到 120 亿美元。Cignal AI 在《2024 年第一季度光器件报告》指出，24Q1 全球高速数通光模块出货量超过 300 万只，800GbE 出货量几乎相当于去年 全年，预计数通市场将在 2024 年翻番。与此同时，以太网 AI 交换机以其对 更大规模集群的良好支持、开放操作系统和可编程性强以及高性价比未来出 货比例将快速提升，尤其在北美云厂商灰盒和白盒的交 ...

Investment Rating - The report assigns an "Add-A" investment rating to the company, indicating a positive outlook for its stock performance [2][6]. Core Views - The company's traditional business remains stable, with significant growth potential in its automotive and humanoid robot screw rod businesses [2][6]. - The company has shown resilience in its core bearing and ring business, with expectations for steady growth despite challenges in the wind power sector [6]. - The report highlights the company's strategic investments in R&D and production capabilities, particularly in the fields of new energy vehicles and robotics [6]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.752 billion yuan, a year-on-year increase of 1.01%, while net profit attributable to shareholders decreased by 9.64% to 75.055 million yuan [3]. - The second quarter of 2024 saw a significant improvement, with operating revenue reaching 979 million yuan, a year-on-year increase of 5.92% and a quarter-on-quarter increase of 26.70% [3]. - The company's gross profit margin for the first half of 2024 was 16.57%, an increase of 1.21 percentage points year-on-year, while the net profit margin was 4.49%, a decrease of 0.49 percentage points [4]. Business Segments - The automotive parts segment reported revenue of 196 million yuan, a year-on-year increase of 14.20%, contributing 11.2% to total revenue [4]. - The company has made significant advancements in the development of new products for the new energy vehicle sector, including core components for electric motor brakes [4]. - The humanoid robot sector has seen the introduction of new products such as micro screw rods and planetary roller screws, with initial sales already occurring [4]. Market Expansion - The company is actively pursuing global market expansion, including a strategic investment in a leading domestic wind power bearing company to enhance its market presence [5]. - The acquisition of WJB Holdings in North America aims to integrate sales channels for hub bearings, potentially increasing sales in the automotive aftermarket [5]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 143 million yuan, 184 million yuan, and 243 million yuan, respectively, representing year-on-year growth rates of 3.4%, 28.6%, and 32.3% [6]. - Earnings per share (EPS) are projected to be 0.39 yuan, 0.50 yuan, and 0.66 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 32.1, 24.9, and 18.9 [6].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2] Core Views - The company's revenue growth is primarily driven by the consolidation of Swiss SMO and revenue increases in the automotive and semiconductor processing sectors, despite significant pressure on net profit due to upstream optical component price declines and increased R&D and financial expenses from acquisitions [1][2] - The company is expanding into new markets such as automotive projection lighting and consumer electronics, leveraging its advanced manufacturing processes and global operational structure [2][4] Financial Performance - For the first half of 2024, the company achieved revenue of 311 million yuan, a year-on-year increase of 29.85%, while the net profit attributable to the parent company was -28 million yuan, a decline of 206.71% [1][2] - The second quarter of 2024 saw revenue of 174 million yuan, up 41.68% year-on-year, but net profit remained negative at -12 million yuan, reflecting ongoing challenges [1][2] Revenue Breakdown - The company's upstream revenue for the first half of 2024 was 208 million yuan, a slight increase of 2.5% year-on-year, while the revenue from laser optical components for photon control rose by 38.3% to 137 million yuan [1] - The automotive, semiconductor, and healthcare sectors reported revenues of 40 million, 55 million, and 7 million yuan respectively, with year-on-year growth rates of 316.6%, 189.4%, and 5.3% [1] Market Expansion and Strategy - The company is focusing on expanding its market presence in North America and domestic optical communication sectors, utilizing new acquisition resources to enhance its competitive edge in automotive projection lighting and consumer electronics [2][4] - The planned acquisition of AMS-OSRAM AG's micro-nano optical components will further enhance the company's capabilities in consumer electronics and medical applications [1][2] Profitability Forecast - The company is projected to have net profits of 26 million, 133 million, and 268 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.29, 1.48, and 2.97 yuan [2][4] - The report anticipates a significant recovery in profitability by 2025, driven by improvements in gross and net margins as the company integrates its operations and expands its market reach [2][4]

证券研究报告 锂电化学品 恩捷股份（002812.SZ） 买入-A(维持) 隔膜盈利能力基本见底，海外布局进展顺利 | --- | --- | --- | |-------------------------------------------------------|-------------|------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 中值附近，业绩符合预期。 事件点评 | | 市场数据： 2024 年 9 月 12 日 | | | | 收盘价（元）： | 26.13 | | | 年内最高 / 最低（元）： | 72.03/25.13 | 元/平。我们预计 24 年出货 65 亿平，同比增长 30% 以上。 | | 流通A股/总股本（亿）： | 8.23/9.77 | | | | | | | 流通 A 股市值（亿）： | 215.05 | | | 总市值（亿）： | 255.34 | | | 基础数据： 2024 年 6 月 30 ...

公司近一年市场表现 市场数据：2024 年 9 月 11 日 收盘价（元）： 16.78 年内最高/最低（元）： 31.00/15.60 流 通 A 股 / 总 股 本 19.00/23.43 光伏玻璃贡献主要营收，2024 年 Q2 毛利率同环比改善。公司营收主 要由光伏玻璃产品贡献，2024 年上半年光伏玻璃营收占比为 90.3%。2024 年上半年，公司整体毛利率为 23.8%，同比+4.7pct；光伏玻璃毛利率为 24.7%。Q2 单季度，公司毛利率为 26.5%，同比+6.5pct，环比+5.0pct，主 要受益于 4-5 月组件排产提升带动光伏玻璃价格上涨，而纯碱、天然气等 原材料价格同比下降。 （亿）： 流通 A 股市值（亿）： 318.83 总市值（亿）： 393.16 稳步扩产降本增效，海外产能盈利能力更优。截至 2024 年 6 月底，公 司总产能为 23000t/d；其中 2600t/d 已冷修。截至公司报告披露时间，公司 产线中千吨级及以上的窑炉占比 90%+，大窑炉能够降低单耗、提升成本 率，从而带动成本的降低。公司国内的安徽项目，南通项目以及海外项目 均处于正常推进状态，后续落地时 ...

Investment Rating - The report assigns an "Accumulate - A" rating to the company, indicating a positive outlook for investment [1]. Core Views - The company is a leading domestic player in the herbicide market, specifically in the production and sales of Dimethenamid-P, holding approximately 50% market share in China. The company has established a strong competitive advantage through its production capabilities and cost control [1][14]. - The company is expanding into the C5 chemical industry, which is expected to provide new growth opportunities. The C5 project is in the trial production phase and aims to enhance the company's product offerings and profitability [1][14]. - The financial forecasts for the company indicate a significant increase in net profit from 1.23 billion yuan in 2024 to 3.00 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 44.7% [1][3]. Summary by Sections Company Overview - The company, established in 2003, focuses on the production and sales of Dimethenamid-P, with 85.6% of its revenue coming from this segment in 2023. The company has a robust production process and self-sufficient supply of key intermediates, which supports its market leadership [1][14]. - The company has begun supplying BASF and has made significant investments in new projects, including an 8,500-ton annual capacity for ketone series green materials, which will enhance its production capabilities [1][14]. Market Position - The company has a strong foothold in the domestic herbicide market, with a significant share and established relationships with major clients, including BASF and FINCHIMICA SPA. The company’s products are also exported to developed markets [1][14]. - The report highlights the high barriers to entry in the pesticide industry, which protects the company from new competitors [1][14]. Financial Performance - The company’s revenue for 2023 is projected at 699 million yuan, with a net profit of 88 million yuan, reflecting a year-over-year decline due to market pressures. However, the outlook for 2024 and beyond is positive, with expected revenue growth driven by new projects and market expansion [3][19]. - Key financial metrics such as gross margin and return on equity (ROE) are expected to improve steadily, with ROE projected to reach 13.4% by 2026 [3][19]. C5 Chemical Project - The C5 project is expected to significantly contribute to the company’s growth, with a focus on producing high-value products such as 3-pentanone and 2-pentanone. The project is in the trial production stage and aims to strengthen the company's supply chain [1][14]. - The report emphasizes the broad application prospects for C5 fractions, particularly in high-performance materials, which could open new markets for the company [1][14].

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [3][7]. Core Views - The company has achieved significant growth in revenue and profit in the first half of 2024, driven by increased capital expenditures from major North American clients in the AI sector [4][5]. - The company is positioned as a core supplier of high-speed optical modules for major North American cloud providers, benefiting from the growing demand for AI infrastructure [5][6]. - The company's product offerings have been enhanced, with a focus on high-end products, leading to improved gross margins and profitability [6][7]. Company Performance - In the first half of 2024, the company reported revenue of 2.73 billion yuan, a year-on-year increase of 109.1%, and a net profit of 870 million yuan, up 200.0% year-on-year [4]. - The second quarter alone saw revenue of 1.62 billion yuan, with year-on-year growth of 129.2% and a net profit of 540 million yuan, reflecting a year-on-year increase of 199.5% [4]. Market Dynamics - The global market for optical modules used in AI clusters is expected to exceed $4 billion in 2024, doubling year-on-year, with projections of over $7 billion in 2025 and reaching $12 billion by 2029 [5]. - The company has seen a 12.4% increase in optical module sales, with revenue growth of 113.0%, indicating a shift towards higher-end products [6]. Financial Projections - The report revises the profit forecast for the company, expecting net profits of 2.20 billion yuan, 4.36 billion yuan, and 4.84 billion yuan for 2024, 2025, and 2026 respectively [7]. - The gross margin is projected to improve to 44.0% in 2024, with a net profit margin of 32.3% [9][12].

Investment Rating - The report has adjusted the investment rating for the company to "Accumulate-B" [2] Core Views - The company's revenue and profit have declined due to intense competition in the fiber laser market and challenges in production capacity, although there are emerging new growth drivers in optical communication [1][2] - The company is focusing on expanding its market presence in high-power semiconductor laser chips and optical communication chips, with expectations of future growth driven by AI computing demands [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 127 million, a year-on-year decrease of 10.39%, and a net profit attributable to the parent company of -42 million, a decline of 299.35% [1] - The second quarter of 2024 saw revenue of 75 million, an increase of 44.62% year-on-year, but the net profit was still negative at -23 million, down 90.17% [1] - The company has increased R&D expenses by 19.9% and management expenses by 13.6% compared to the previous year [1] Market Dynamics - The fiber laser market is experiencing fierce competition, leading to a decline in revenue and gross margins for high-power laser products [1] - The company is actively increasing R&D investments to maintain its technological leadership, with significant advancements in high-power semiconductor laser chips [1][2] Future Outlook - The company is expected to become a major supplier of laser radar optical chips in the domestic market, with ongoing developments in laser wireless energy transmission technology [2] - Profit forecasts for 2024-2026 indicate a potential recovery, with net profits projected at -36 million, 22 million, and 53 million respectively, reflecting year-on-year growth rates of 60.5%, 161.7%, and 136.2% [2]

Investment Rating - The report maintains a "Buy-A" rating for the company, with projected EPS for 2024-2026 at 4.63, 5.80, and 6.82 respectively, corresponding to PE ratios of 19.9, 15.9, and 13.5 based on the closing price of 91.90 on September 12, 2024 [1]. Core Views - The company experienced a year-on-year revenue decline of 3.0% in the first half of 2024, with total revenue of 47.5 billion yuan and a net profit of 12.4 billion yuan, down 2.2% year-on-year. However, Q2 showed a revenue increase of 2.0% year-on-year and a significant 52.1% increase quarter-on-quarter [3][4]. - The inverter business faced challenges with a revenue drop of 26.1% year-on-year, primarily due to decreased demand for storage inverters in the South African market. Nevertheless, the company sold 711,700 inverters in the first half of 2024, marking a 7.8% increase year-on-year [4]. - The sales of energy storage battery packs surged by 74.8% year-on-year, driven by high demand in emerging markets and the integration of products with the company's inverter sales channels [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with expected revenues of 115.96 billion yuan in 2024, 151.62 billion yuan in 2025, and 180.87 billion yuan in 2026, reflecting year-on-year growth rates of 55.0%, 30.8%, and 19.3% respectively [5][7]. - The net profit is forecasted to reach 2.983 billion yuan in 2024, 3.737 billion yuan in 2025, and 4.394 billion yuan in 2026, with corresponding growth rates of 66.6%, 25.3%, and 17.6% [5][7]. - Key financial ratios indicate a gross margin of 39.6% in 2024, a net margin of 25.7%, and a return on equity (ROE) of 32.1% [6][7].