山证,通 2024 年 9 月 9 日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点 动态数据跟踪 动力煤：调入小于调出，中下游港口库存回落。受安监检查及北方降雨 影响减弱，部分露天矿生产及外运受限，煤炭产地发运一般。需求方面，上 周季节性降温明显，加之台风影响，沿海电煤负荷回落，但水电、新能源季 节性回落，叠加化工等非电开工好转，煤炭需求整体平稳，市场交投氛围尚 可，煤炭价格小幅波动；产地供给减少，北方港口调入小于调出，中下游港 口去库明显。展望后期，稳经济政策仍有空间，预计工业用电及非电用煤需 求仍有增长空间；同时，国际煤价高位，进口煤价差不高，后期进口煤增量 预期仍存变数，预计国内动力煤价格企稳。截至 9 月 6 日，广州港山西优混 Q5500 库提价 920 元/吨，周持平；环渤海动力煤现货参考价 844 元/吨，周 持平；欧洲三港 Q6000 动力煤折人民币 788.4 元/吨，周变化-5.73%；印度 东海岸 5500 动力煤折人民币 741.19 元/吨，周变化+0.43%。9 月秦皇岛动 力煤长协价 697 元/吨，环比上月降低 2 元/吨。9 月 6 日，北方港口合计煤 炭库存 21 ...

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance [1] Core Views - The company's revenue growth is driven by the commissioning of new projects, with a significant increase in revenue from electronic adhesives and high-molecular film materials [2] - The company is expected to benefit from the rapid growth in demand for foldable smartphones, particularly in the OCA optical adhesive market [3] - The company is actively expanding into high-value areas of the industry chain, including VR device OCA optical adhesives and MLCC release films [4] - The report forecasts strong revenue and net profit growth for the company from 2024 to 2026, with a potential turning point in profitability [5] Revenue and Profit Analysis - In H1 2024, the company achieved revenue of RMB 1.336 billion, a YoY increase of 36.61%, but net profit attributable to the parent company decreased by 49.34% to RMB 33 million [1] - Q2 2024 revenue was RMB 673 million, up 35.84% YoY and 1.39% QoQ, with net profit down 68.3% YoY and 24.58% QoQ [1] - The company's gross margin improved to 22.46% in Q2 2024, up 1.42 percentage points from Q1 [1] Market Opportunities - The global OCA optical adhesive market is estimated at RMB 28 billion, with foldable smartphones driving demand growth [3] - Domestic foldable smartphone shipments reached 4.427 million units in H1 2024, a 95% YoY increase [3] - The company has achieved stable mass production for some domestic mainstream terminal customers and is well-positioned to benefit from the global foldable smartphone trend [3] Industry Expansion - The company is a global supplier of OCA optical adhesives for VR glasses and has experience in mass production of multiple VR projects [4] - The global MLCC release film market is expected to grow from RMB 26.7 billion in 2022 to RMB 33.5 billion in 2025, with the company investing in 105 million square meters of production capacity [4] Financial Projections - Revenue is forecasted to grow to RMB 2.734 billion in 2024, RMB 3.642 billion in 2025, and RMB 4.528 billion in 2026 [5] - Net profit attributable to the parent company is expected to increase to RMB 90 million in 2024, RMB 178 million in 2025, and RMB 296 million in 2026 [5] - EPS is projected to be RMB 0.20 in 2024, RMB 0.39 in 2025, and RMB 0.65 in 2026 [5] Valuation Metrics - The company's PE ratio is forecasted at 55.0x for 2024, 27.9x for 2025, and 16.8x for 2026 [5] - PB ratio is expected to be 2.2x in 2024, 2.1x in 2025, and 1.9x in 2026 [5]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [2][4]. Core Views - The company has shown strong performance in Q2, with significant growth in both inverter and energy storage businesses, leading to an overall revenue increase of 8.4% year-on-year for the first half of 2024 [3][4]. - The company's inverter business achieved revenue of 13.09 billion yuan in the first half of 2024, a year-on-year increase of 12.6%, with a gross margin of 37.62%, up 1.7 percentage points [1][3]. - The energy storage segment saw a revenue of 7.82 billion yuan, a decrease of 8.3% year-on-year, but the gross margin improved significantly to 40.1%, an increase of 12.6 percentage points, benefiting from lower battery cell costs [1][3]. Financial Performance - For the first half of 2024, the company reported total revenue of 31.02 billion yuan and a net profit attributable to shareholders of 4.96 billion yuan, reflecting a year-on-year increase of 13.9% [3][4]. - The earnings per share (EPS) for 2024 is projected to be 5.64 yuan, with expected EPS growth of 6.39 yuan in 2025 and 7.36 yuan in 2026 [1][5]. - The company’s net asset return rate (ROE) is projected to be 30.1% in 2024, decreasing to 25.8% in 2025 and 23.2% in 2026 [5][6]. Market Position and Strategy - The company is expanding its market presence in Europe, America, Australia, and China, with over 490 global service points [1][3]. - Strategic partnerships have been established, including a 3.5GW supply agreement with Gulf Energy in Thailand and multiple significant projects in the Middle East and Europe [1][3]. - The company continues to invest in research and development, launching new products such as the SG150CX-CN high-power string inverter and a micro-inverter series aimed at commercial applications [1][3].

山证,通 证券研究报告 电子行业近一年市场表现 资料来源：最闻 市场整体：本周（2024.09.02-09.06）市场普遍下跌，上证指数跌 2.69%， 深圳成指跌 2.61%，创业板指跌 2.68%，科创 50 跌 4.58%，申万电子指数跌 5.27%，Wind 半导体指数跌 5.14%，外围市场费城半导体指数跌 12.22%，台湾 半导体指数跌 3.74%。细分板块中，周涨跌幅前三为其他电子（-0.42%）、光 学光电子（-2.22%）、电子化学品（-3.37%）。从个股看，涨幅前五为深圳华强 （+61.05%）、伟时电子（+61.05%）、科森科技（+60.90%）、新亚制程（+56.10%） 和好上好（+18.86%）；跌幅前五为：智动力（-22.71%）、胜宏科技（-19.75%）、 沃尔核材（-18.43%）、晶赛科技（-18.09%）和奋达科技（-16.84%）。 行业新闻：第二季供应链急单助力晶圆代工利用率，全球前十大晶圆代工 产值季增 9.6%。2024 年第二季度全球前十大晶圆代工厂产值较上一季度增长 9.6%，达 320 亿美元，主要受益于中国 618 消费季、已回归健康水平的消费性 ...

Investment Rating - The report assigns a rating of "Accumulate-A" to the company, indicating a downward adjustment from previous ratings [1][3]. Core Views - The company's performance in the first half of 2024 was impacted by the implementation pace of certain projects, but there is a sustained positive outlook for smart energy and vehicle-road-cloud integration [2][3]. - The company achieved a revenue of 156.38 million yuan in H1 2024, a year-on-year decrease of 21.4%, primarily due to a reduction in orders for solution-based businesses [2][3]. - The net profit attributable to the parent company was 25.33 million yuan, down 36.6% year-on-year, while the net profit after deducting non-recurring gains and losses was 15.89 million yuan, down 53.4% year-on-year [2][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues from various application scenarios: smart energy (82.19 million yuan, +24.1%), smart transportation (30.48 million yuan, -21.8%), industrial internet (14.66 million yuan, -74.6%), smart city (9.44 million yuan, -35.1%), and other sectors (19.61 million yuan, -8.7%) [2][3]. - The company increased its sales and R&D expenses by 25.3% and 21.7% respectively, indicating a focus on enhancing its marketing and research capabilities [2][3]. Market Position and Growth Areas - The smart energy sector remains robust, with the company benefiting from increased digitalization in the domestic power grid and growth in photovoltaic and wind energy investments [2][3]. - The vehicle-road-cloud integration project is expected to drive long-term growth, with pilot cities identified for smart connected vehicle applications [2][3]. Future Outlook - The company anticipates a recovery in net profit for 2025 and 2026, projecting net profits of 122 million yuan and 174 million yuan respectively, with year-on-year growth rates of 59.4% and 42.2% [3][4]. - The report highlights the potential for the company to leverage its established market position in smart energy and the expected ramp-up of smart transportation and vehicle-road-cloud projects in the coming years [3][4].

新能源动力系统行业近一年市场表现 资料来源：最闻 首选股票 评级 300750.SZ 宁德时代 买入-A 中科院突破新型硫化锂正极材料：据中国科学院青岛生物能源与过程研 究所消息，该所武建飞研究员带领的先进储能材料与技术研究组，研发出用 于全固态锂硫电池的新型硫化锂正极材料，能量密度超过 600Wh/kg。该研 究为开发高能量密度的全固态电池提供了新的方法和思路，与目前已商业化 的锂离子电池相比，其能量密度高出 1 倍有余，且不使用稀有金属，彻底解 决了锂电正极材料的高成本难题。 格林美与五矿石墨、本征方程签署构建石墨一体化循环利用产业链合 作协议：9 月 3 日，格林美与中国五矿集团(黑龙江)石墨产业有限公司、深 圳市本征方程石墨烯技术股份有限公司共同签署了《合作框架协议》，拟在 石墨回收再利用与提纯技术研发、高性能负极材料研发、应用场景拓展及市 场推广等方面开展合作，加速构建从废旧锂电池回收到高纯石墨生产到锂电 负极材料的一体化循环利用产业链。 欣旺达第四代全固态预计 2027 年完成样品制作：9 月 6 日，欣旺达在 现场参观活动中表示，公司第一代半固态电池已经完成开发，第二代半固态 电池能量的电芯样品 ...

F 证券研究报告 公司近一年市场表现 浪潮信息 深证综指 市场数据：2024 年 9 月 6 日 收盘价（元）： 31.12 年内最高/最低（元）： 44.79/26.62 流通 A 股/总股本（亿 股）： 14.70/14.72 流通 A 股市值（亿元）： 457.58 总市值（亿元）： 458.13 上半年服务器业务保持高速增长，净利率有所提升。2024 上半年服务器 行业市场需求逐步改善，公司加快完善产品线布局，同时大力拓展国内外客 户，实现业务快速增长。分产品看，2024 上半年公司服务器及部件业务实现 收入 418.81 亿元，同比增长 70.02%；分地区看，2024 上半年国内市场收入 达 298.00 亿元，同比增长 45.97%，海外市场收入达 122.64 亿元，同比增长 171.54%。受服务器及部件业务毛利率同比下降影响，上半年公司毛利率为 7.74%，同比降低 3.61%。由于公司强化费用管控，2024 上半年公司销售、 管理、研发费用率分别同比下降 1.06%、0.87%、2.46%，推动公司净利率同 比提高 0.17%至 1.37%。 基础数据：2024 年 6 月 30 日 基 ...

证券研究报告 太阳能行业近一年市场表现 资料来源：最闻 证：9 月 5 日，国家能源局印发《可再生能源绿色电力证书核发和交易规则》 的通知。文件指出，对风电（含分散式风电和海上风电）、太阳能发电（含 分布式光伏发电和光热发电）、生物质发电、地热能发电、海洋能发电等可 再生能源发电项目上网电量，以及 2023 年 1 月 1 日（含）以后新投产的完全 市场化常规水电项目上网电量，核发可交易绿证。1 个绿证单位对应 1000 千 瓦时可再生能源电量。不足核发 1 个绿证的当月电量结转至次月。绿证既可 单独交易；也可随可再生能源电量一同交易，并在交易合同中单独约定绿证 数量、价格及交割时间等条款。现阶段绿证仅可交易一次。绿证交易最小单 位为 1 个，价格单位为元/个。绿证有效期 2 年，时间自电量生产自然月（含） 起计算。对 2024 年 1 月 1 日（不含）之前的可再生能源发电项目电量，对应 绿证有效期延至 2025 年底。 首选股票 评级 688472.SH 阿特斯 买入-A 300274.SZ 阳光电源 买入-A 605117.SH 德业股份 买入-A 601012.SH 隆基绿能 买入-A 国家能源局：7 ...

证券研究报告 纺织服装 行业周报（20240901-20240907） 同步大市-A(维持) Lululemon FY24Q2 营收略低于预期，下调 FY2024 收入指引 2024 年 9 月 9 日 行业研究/行业周报 纺织服装行业近一年市场表现 投资要点 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】2024H1 纺织制造板 块业绩表现靓丽，运动服饰消费展现韧 性 - 【 山 证 纺 服 】 2024H1 中 报 综 述 2024.9.5 【山证纺织服装】Amer 发布 2024Q2 业 绩，大中华区连续 4 个季度营收增速超 过 40%- 【 山 证 纺 服 】 行 业 周 报 2024.8.25 北美市场平稳增长，中国大陆市场增长亮眼。FY2024Q2（截至 2024 年 7 月 28 日止前 三个月，下同），Lululemon 营收同比增长 7%至 23.71 亿美元（略低于此前指引的 24.0- 24.2 亿美元），剔除汇率影响，同比增长 8%。分区域看，北美市场（含美国与加拿大， 下同）、中国大陆市场、其它市场营收同比增长 1%、34%、24%至 17.41、3.14、3.15 亿 ...

Group 1: Key Insights on 移远通信 (603236.SH) - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 8.25 billion yuan, a year-on-year growth of 26.7%, and a net profit attributable to shareholders of 210 million yuan, up 281.5% year-on-year [2][3] - In Q2 2024, the company generated revenue of 4.3 billion yuan, with a year-on-year increase of 27.3% and a quarter-on-quarter increase of 8.6%, while net profit reached 160 million yuan, reflecting a year-on-year growth of 691.5% and a quarter-on-quarter growth of 182.3% [2][3] - The domestic and overseas revenue for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan respectively, showing a year-on-year increase of 41.2% and 15.3%, indicating a notable recovery in the domestic market [3] Group 2: Market Trends and Product Development - The domestic IoT market has shown significant recovery, with the number of cellular IoT terminal users reaching 2.55 billion, a year-on-year increase of 18.6% [3] - The growth in the domestic market is primarily driven by LTE cat1 bis applications and 5G scenarios, including smart connected vehicles [3] - The company continues to expand its product line, with new offerings in 5G Redcap, smart modules, and satellite modules expected to contribute to higher growth rates [4] Group 3: ODM Business and Competitive Position - The company has made progress in its ODM business, achieving revenue of 200 million yuan from its subsidiary, which represents over 50% growth year-on-year [4] - The company maintains a leading position in the global market with a 37.1% share in Q1 2024, supported by a comprehensive product line and strong R&D investment [3][4] - The company’s competitive advantages include a complete product line that enhances customer loyalty and a robust service platform [4] Group 4: Financial Projections and Investment Recommendations - The company is expected to maintain a growth rate above the industry average, with projected net profits for 2024-2026 of 530 million, 690 million, and 890 million yuan, reflecting year-on-year growth rates of 479.5%, 31.5%, and 29.1% respectively [4] - The investment rating is maintained at "Buy-B" based on the company's strong market position and effective cost control measures [4]