illy ji 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（2024.08.26-08.30）上证指数跌 0.43%，其余主要股指均 涨，深圳成指涨 2.04%，创业板指涨 2.17%，科创 50 涨 1.23%，申万电子指数 涨 3.43%，Wind 半导体指数涨 2.96%，外围市场费城半导体指数跌 1.34%，台 湾半导体指数跌 0.25%。细分板块中，周涨跌幅前三为其他电子（+5.99%）、 半导体设备（+5.47%）、集成电路封测（+4.68%）。从个股看，涨幅前五为科 森科技（+61.30%）、深圳华强（+52.03%）、智动力（+50.66%）、奋达科技 （+33.61%）、智新电子（+32.53%）；跌幅前五为：云里物里（-15.92%）、力 源信息（-11.56%）、好上好（-10.67%）、利亚德（-10.06%）、华岭股份（-9.15%）。 行业新闻：华为宣布推出全新 TruSense 系统，为即将推出的可穿戴设备 提供动力。华为 TruSense 系统是一个新的数字健康和健身范式。为了确保连续 生命体征监测的长期准确性，并提供更快的结果，华为在光学、电气和材料 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][2]. Core Views - The company is a global leader in aluminum electrolytic capacitors, with a significant recovery in profits expected in Q2 2024, showing a year-on-year increase [1]. - The second quarter of 2024 saw record revenue of 2.11 billion yuan, marking a 1.70% year-on-year growth and a 24.89% quarter-on-quarter increase [1]. - The report highlights the company's strategic focus on expanding its market share in film capacitors and supercapacitors, alongside its core aluminum electrolytic capacitor business [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 2.364 billion yuan, a decrease of 4.43% year-on-year, with a net profit of 211 million yuan, reflecting a year-on-year increase of 1.61% in Q2 [1][3]. - The gross margin for Q2 2024 improved to 26.02%, up from 23.58% in Q1 2024 [1]. - The company expects net profits for 2024-2026 to be 774 million, 952 million, and 1.21 billion yuan respectively, with corresponding EPS of 0.91, 1.12, and 1.42 yuan [2][3]. Market Position and Growth Potential - The company is positioned as one of the few in the power electronics sector with competitive advantages across three major types of capacitors, indicating substantial growth potential [2]. - The report notes that the valuation is at a historical low, suggesting significant upside potential for investors [2][3]. - The company is actively expanding its production capacity for film capacitors to meet the growing demand in the electric vehicle sector [1][2].

证 证券研究报告 非银行金融 行业周报（20240826-20240830） 领先大市-A(维持) 行业估值触底，自营提振业绩表现 投资建议 半年报券商业绩承压，自营业务成分化原因。目前 43 家上市 证券公司全部披露半年报，合计实现营业收入 2350.23 亿元，同比 下降 12.69%；实现归母净利润合计 639.61 亿元，同比下降 21.92%。 其中 8 家营业收入实现增长，35 家下滑；11 家归母净利润实现增长， 首创证券、东兴证券、红塔证券增速在 50%以上，第一创业、中原 证券、南京证券、华林证券增速在 20%以上。43 家上市券商实现自 营业务收入合计 749.72 亿元，下滑 8.66%，但呈现明显分化，部分 上市券商业绩改善主要是受益于自营业务中固收投资导致的投资 净收益及持有的金融资产公允价值变动净收益的大幅提升，2 家自 相关报告： 营业务收入增速达到 100%以上，4 家达到 50%以上，而权益市场的 极端行情使得部分券商自营业务收入下滑，7 家下滑幅度在 50%以 上。财富、投行等业务均有所承压，43 家上市券商经纪业务合计实 现收入 457.62 亿元，同比下滑 13.04% ...

证 证券研究报告 非银行金融 行业周报（20240826-20240830） 领先大市-A(维持) 行业估值触底，自营提振业绩表现 投资建议 半年报券商业绩承压，自营业务成分化原因。目前 43 家上市 证券公司全部披露半年报，合计实现营业收入 2350.23 亿元，同比 下降 12.69%；实现归母净利润合计 639.61 亿元，同比下降 21.92%。 其中 8 家营业收入实现增长，35 家下滑；11 家归母净利润实现增长， 首创证券、东兴证券、红塔证券增速在 50%以上，第一创业、中原 证券、南京证券、华林证券增速在 20%以上。43 家上市券商实现自 营业务收入合计 749.72 亿元，下滑 8.66%，但呈现明显分化，部分 上市券商业绩改善主要是受益于自营业务中固收投资导致的投资 净收益及持有的金融资产公允价值变动净收益的大幅提升，2 家自 相关报告： 营业务收入增速达到 100%以上，4 家达到 50%以上，而权益市场的 极端行情使得部分券商自营业务收入下滑，7 家下滑幅度在 50%以 上。财富、投行等业务均有所承压，43 家上市券商经纪业务合计实 现收入 457.62 亿元，同比下滑 13.04% ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1][3] Core Views - The company's performance in the short term is impacted by the decline in coal volume and price, but new resource acquisitions will support future development [1][3] - The company achieved a revenue of 12.199 billion yuan in the first half of 2024, a year-on-year decrease of 20.85%, and a net profit attributable to shareholders of 1.299 billion yuan, down 56.87% year-on-year [1] - The report highlights the recovery of coal production in Shanxi province in July, which is expected to benefit the company's output in the second half of the year [1] Financial Performance Summary - For the first half of 2024, the company reported a coal production of 18.66 million tons, a decrease of 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average selling price of coal was 572 yuan per ton, down 8.72% year-on-year, while the cost per ton was 354 yuan, an increase of 9.49% year-on-year, leading to a gross profit of 218 yuan per ton, down 28.09% year-on-year [1] - The company's coal business revenue was 9.788 billion yuan, a decrease of 27.63% year-on-year, with costs amounting to 6.053 billion yuan [1] Future Outlook - The company is expected to see an increase in production capacity with ongoing projects at Qiyuan and Bolin coal mines, which have a combined capacity of 10 million tons [1][3] - The report forecasts the company's EPS for 2024-2026 to be 0.82, 0.86, and 0.98 yuan, respectively, with corresponding PE ratios of 8.7, 8.4, and 7.4 [1][4]

证券研究报告 被动元件 三环集团（300408.SZ） 买入-A(维持) 二季度收入创历史新高，MLCC 业务持续受益 AI 产业趋势 2024 年 9 月 3 日 公司研究/公司快报 事件描述 公司近一年市场表现 高宇洋 AI 服务器与笔电升级带动高容值 MLCC 需求，公司有望持续受益 AI 产业趋势。TrendForce 数据显示：（1）AI 服务器，MLCC 总用量（GB200 系统主板）较通用服务器增加一倍，且 1u 以上用量占 60%，X6S/X7S/X7R 耐高温用量高达 85%，系统主板 MLCC 总价也增加一倍；（2）AI PC，WoA 笔电整体 MLCC 用量高达 1160~1200 颗，与 Intel 高端商务机种用量接近， 且 1u 以上 MLCC 用量占总用量近八成。三环集团目前是国内领先的 MLCC 厂商，市场认可度不断提升，公司有望持续受益 AI 产业趋势。 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 近日，公司发布 2024 年半年报 ...

Investment Rating - Maintained "Buy-A" rating for Huagin Technology (688281 SH) [1][3] Core Views - Huagin Technology achieved steady growth in its main business with increased orders for new products in small-batch trials [1] - The company is one of the few domestic high-tech enterprises capable of comprehensively covering the design, R&D, and production of stealth materials across normal, medium, and high temperatures, with significant technological advantages in medium and high-temperature stealth materials [1] - The company's revenue and profitability increased year-over-year due to the steady rise in production and sales volume, driven by batch production tasks and new product orders [1] - Huagin Technology has a robust order backlog, with multiple new product models entering the small-batch trial phase, which is expected to contribute to future performance growth [1] - The company is actively expanding its product portfolio and market opportunities through business synergy, enhancing profitability and business scale [2] Financial Performance - In H1 2024, Huagin Technology reported revenue of RMB 485 17 million, a year-over-year increase of 27 04%, and net profit attributable to shareholders of RMB 216 million, up 17 44% [1] - The company's gross margin in H1 2024 was 56 27%, a decrease of 1 80 percentage points, while the net profit margin was 42 10%, down 5 3 percentage points [1] - Huagin Technology disclosed two major stealth material contracts worth RMB 310 million and RMB 332 million in January 2024, and another significant contract of RMB 132 million in July 2024 [1] - The company's subsidiaries, including Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng, contributed to revenue growth in H1 2024, with Huagin Aeroengine generating RMB 23 76 million, Huagin Acoustics RMB 1 02 million, and Shanghai Ruihuasheng RMB 520,000 [1] Future Projections - Revenue is projected to reach RMB 1 243 billion in 2024, RMB 1 612 billion in 2025, and RMB 2 062 billion in 2026, with year-over-year growth rates of 35 5%, 29 7%, and 27 9% respectively [3] - Net profit attributable to shareholders is expected to be RMB 500 million in 2024, RMB 641 million in 2025, and RMB 795 million in 2026, with growth rates of 49 4%, 28 0%, and 24 0% respectively [3] - The company's EPS is forecasted to be RMB 2 57 in 2024, RMB 3 29 in 2025, and RMB 4 08 in 2026, with P/E ratios of 29 1x, 22 7x, and 18 3x respectively [3] Business Expansion - Huagin Technology is actively expanding its product line and market opportunities through business synergy, enhancing profitability and business scale [2] - The company is focusing on high-end new materials, with subsidiaries like Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng contributing to its diversified product portfolio [1] - Shanghai Ruihuasheng is expected to achieve trial production of some production lines in H2 2024, further boosting the company's growth prospects [1]

动力煤 山煤国际（600546.SH） 增持-A(维持) 证券研究报告 量价下行影响业绩，关注下半年产量恢复 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 山煤国际 - ·上证指数 公司发布 2024 年半年度报告：报告期内公司实现营业收入 140.57 亿元， 同比-32.01%；归母净利润 12.91 亿元，同比-58.11%；扣非后归母净利润 13.80 亿元，同比-55.68%；经营活动产生的现金流量净额 23.81 亿元，同比-16.99%； 基本每股收益为 0.65 元，同比-58.06%；加权平均 ROE 为 8.01%，同比减少 11.63 个百分点。 事件点评 上半年自产煤量、价同降，贸易煤量增价减。2024 年上半年公司实现自 市场数据：2024 年 9 月 2 日 产煤产量 1538.12 万吨，同比-27.4%；销量 2083.09 万吨，同比-22.71%，其 收盘价（元）： 11.84 中自产煤 1191.75（-38.51%），贸易煤 891.34（+17.77%）。上半年自产煤 年内最高/最低（元）： 20.33/10.90 吨煤售价 685. ...

址,通 证券研究报告 新能源动力系统 行业周报（20240826-20240901） 领先大市-A(维持) 鹏辉能源 280Wh/kg 固态电池发布 2024 年 9 月 2 日 行业研究/行业周报 新能源动力系统行业近一年市场表现 资料来源：最闻 上海城投、上港集团与宁德时代签战略合作协议：8 月 28 日，上海城 投与宁德时代举行战略合作签约仪式。根据协议，双方将在电池循环产业、 城市智慧补能网络、城市环卫运输工具和设备电动化、光储充换分布式低碳 能源站、碳达峰碳中和示范等领域开展深入合作。同日，宁德时代与上港集 团签署战略合作协议，根据协议，双方将在绿色港口、智慧港口、零碳港口 建设等领域深化合作，从能源基础设施建设、物流低碳化转型、车船及工程 机械电动化、港口数字化智慧化升级、废旧电池回收等领域，共同推动港航 业低碳能源转型和绿色可持续发展。 鹏辉能源 280Wh/kg 固态电池发布：8 月 28 日，鹏辉能源通过官方微信 视频号进行线上产品技术发布会，正式揭晓了固态电池面纱。与固态电池一 同发布的，还有低温户储电池新品和 590Ah 大容量电力储能电芯新品。此 次鹏辉能源发布的低温户储电池，在低温充 ...

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook compared to the market [1]. Core Insights - The coal industry is experiencing improved supply and demand dynamics, leading to a stabilization and recovery in coal prices. The report highlights that the demand for thermal coal is expected to grow due to increased industrial electricity consumption and a seasonal decline in hydropower generation [1][6]. - The report emphasizes the potential for price stability in domestic thermal coal, driven by steady economic policies and a favorable demand outlook [1][6]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: As of August 30, the price of Shanxi mixed Q5500 at Guangzhou Port increased to 920 CNY/ton, a weekly change of +12.2%. The average price of thermal coal in the Bohai Rim remained stable at 844 CNY/ton, with a slight weekly increase of +0.72% [1][12]. - **Metallurgical Coal**: The price of main coking coal in Shanxi remained stable at 1550 CNY/ton, while the price at Jing Tang Port increased by 5.36% to 1770 CNY/ton. The demand for metallurgical coal is expected to improve due to a recovery in steel prices and production [1][20]. - **Coke and Steel Industry Chain**: The average price of metallurgical coke at Tianjin Port was 1760 CNY/ton, with a weekly decrease of -2.76%. The report notes a rebound in coke prices due to improved supply and demand dynamics [1][31]. - **Coal Transportation**: The coastal coal transportation price index increased by 1.42% to 599.4 points, indicating a rebound in transportation demand [1][36]. 2. Coal Sector Market Review - The coal sector showed a rebound, outperforming major indices like the CSI 300. The CITIC coal index closed at 3481.30 points, reflecting a weekly increase of +2.33% [1][45]. 3. Industry Outlook and Investment Recommendations - The report suggests that the coal prices are likely to remain stable and may trend upwards in the third quarter, with expectations of improved company performance due to higher capacity utilization [1][6]. - Recommended stocks include those with stable dividends and strong performance history, such as China Shenhua and Shaanxi Coal, as well as companies with high certainty in their operations like China Coal Energy [1][6].