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]

Investment Rating - The report maintains an "Add-B" investment rating for the company, indicating a projected price increase of 5% to 15% relative to the benchmark index [1]. Core Views - The company has shown significant revenue growth, with a 26.7% year-on-year increase in revenue for the first half of 2024, reaching 8.25 billion yuan, and a remarkable 281.5% increase in net profit [1][2]. - The IoT market is recovering, and the company is expected to continue improving its performance due to effective cost control and a favorable market environment [1][2]. - The company is expanding its product line, particularly in 5G Redcap, smart modules, and satellite modules, which are anticipated to contribute to higher growth rates [3][4]. Financial Performance - In the first half of 2024, the company achieved a net profit of 210 million yuan, with a significant increase in the second quarter, where net profit reached 160 million yuan, reflecting a 691.5% year-on-year growth [1][2]. - The company's revenue from domestic and overseas markets for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan, respectively, showing year-on-year growth of 41.2% and 15.3% [2]. - The company’s ODM business has started to show results, with revenue from its subsidiary reaching 200 million yuan, a growth of over 50% year-on-year [3][4]. Market Position - The company maintains its leading position in global shipments, with a market share of 37.1% in the first quarter of 2024 [2]. - The domestic IoT market has shown signs of significant recovery, driven by demand for LTE cat1 bis and smart connected vehicles [2][3]. - The company has established a comprehensive product line that enhances customer loyalty and captures new market demands effectively [4]. Earnings Forecast - The company is projected to achieve net profits of 530 million yuan, 690 million yuan, and 890 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 479.5%, 31.5%, and 29.1% [4][6].

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook with expected growth above the benchmark index [4]. Core Insights - The company achieved significant revenue growth in the first half of 2024, with a total revenue of 8.25 billion yuan, representing a year-on-year increase of 26.7%. The net profit attributable to shareholders reached 210 million yuan, up 281.5% year-on-year [1][4]. - The domestic and overseas revenue for the company in the first half of the year was 4.03 billion yuan and 4.22 billion yuan, respectively, showing increases of 41.2% and 15.3% year-on-year [2]. - The company is focusing on expanding its product line, particularly in 5G Redcap, smart modules, and satellite modules, which are expected to contribute to higher growth rates [3][4]. Financial Performance - The company reported a net profit of 210 million yuan in the first half of 2024, with a significant increase in the second quarter, where the net profit reached 160 million yuan, up 691.5% year-on-year [1]. - The financial forecast for 2024-2026 indicates a net profit of 530 million yuan, 690 million yuan, and 890 million yuan, with year-on-year growth rates of 479.5%, 31.5%, and 29.1%, respectively [4][6]. - The company's revenue for 2024 is projected to be 17.67 billion yuan, with a year-on-year growth of 27.5% [6]. Market Position - The company maintains a leading position in global shipments, with a market share of 37.1% in the first quarter of 2024 [2]. - The domestic IoT market is showing signs of recovery, driven by demand for LTE cat1 bis and smart connected vehicles, contributing to the company's strong performance [2][3]. Product Development - The company has increased its R&D investment, with R&D expenses amounting to 796 million yuan in the first half of 2024, accounting for 9.6% of revenue [1]. - The introduction of various products, including the RG650x 5G-A baseband and RF standard module, as well as multiple satellite communication modules, showcases the company's commitment to innovation [1][3].

Group 1: Market Trends - The textile manufacturing sector showed robust performance in H1 2024, with revenue growth of 17.5% and a net profit increase of 31.4% [3][6] - The sports apparel market in China experienced double-digit growth, with retail sales of sports and entertainment goods rising by 11.2% in H1 2024 [4][6] - The gold and jewelry sector maintained stable growth, with retail sales of gold and silver jewelry reaching 172.5 billion yuan, a 0.2% increase year-on-year [5][6] Group 2: Company Performance - Shanxi Fenjiu (600809.SH) reported H1 2024 revenue of 22.746 billion yuan, a 19.65% increase, and a net profit of 8.410 billion yuan, up 24.27% [9][10] - An analysis of the textile manufacturing sector indicated that major companies like Huayi Group and Weixing Co. benefited from increased market share and robust performance [6] - In the sports apparel sector, Anta Sports, Li Ning, and others reported significant revenue growth, with Anta achieving 33.735 billion yuan, a 13.8% increase [4][6] Group 3: Investment Recommendations - The textile manufacturing sector is recommended for investment due to the recovery of brand client orders and improved profit margins [6] - In the sports apparel market, companies with strong multi-brand strategies like Anta Sports are highlighted as having solid growth potential [6] - The gold and jewelry sector is expected to see long-term growth driven by brand strength and market share expansion, with companies like Chow Tai Fook and Lao Feng Xiang recommended for attention [6]