证券研究报告 公司近一年市场表现 | --- | --- | |----------------------------|-------| | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | 0.25 | | 摊薄每股收益 (元) ： | 0.25 | | 每股净资产 (元) ： | 11.27 | | 净资产收益率 (%)： | 2.24 | 叶中正 24H1 期间费率持续摊薄，其他设备及配套毛利率增长。期间费用方面， 分析师： 24H1 公司期间费率为 23.67%/-3.78pcts，随着规模效应显现公司费率逐渐摊 薄，其中研发费用 2,181.94 万元/+53.94%，主要系研发投入加大带来的人员 薪酬增加、研发材料投入增加、股份支付增加所致。毛利率方面，24H1 公 司综合毛利率为 31.67%/-3.68%，其中，晶体生长设备毛利率为 27.77%；其 他设备及配套毛利率为 49.02%，较上年年末增长 22.48pcts。存货方面，24H1 为 2.92 亿元，较上年期末+3.63%，主要系规模扩大尚未验收商品及原材料 库存增加所致；合同负债方面， ...

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics sector, indicating expected growth exceeding the benchmark index by over 10% [1][35]. Core Insights - The report highlights the potential for growth in the consumer electronics sector driven by the release of new foldable screen products and AR smart glasses, with expectations for significant sales in the upcoming months [3][31]. - The report notes a strong performance in the foldable smartphone market, with Q2 2024 shipments reaching a record high of 9.8 million units, a 151% quarter-on-quarter increase and a 126% year-on-year increase [2][31]. - Huawei's smartphone revenue and average selling price reached historical highs in Q2 2024, with a 49% year-on-year increase in global shipments, totaling 11.6 million units [31][32]. Market Overview Overall Market Performance - The overall market showed mixed results during the week of August 12-16, 2024, with the Shanghai Composite Index rising by 0.60% and the Shenzhen Component Index falling by 0.52% [2][7]. - The semiconductor index declined by 1.42%, while the Philadelphia Semiconductor Index increased by 9.78% [2][7]. Sector Performance - The consumer electronics sector saw a weekly increase of 2.43%, with other electronics and optical electronics sectors performing even better at 5.40% and 2.87% respectively [2][9]. - Notable individual stock performances included Star Technology (+73.08%) and Kaiwang Technology (+51.90%), while Blue Arrow Electronics (-21.09%) and ST Dongxu B (-15.79%) faced significant declines [2][14]. Key Company Announcements - Pengding Holdings reported a revenue of 13.126 billion yuan for the first half of 2024, a year-on-year increase of 13.79%, but a net profit decrease of 3.40% [2]. - Jingchen Co. achieved a revenue of 3.016 billion yuan, a 28.33% increase year-on-year, with a net profit growth of 96.06% [2]. - Victory Technology reported a revenue of 4.855 billion yuan, a 32.29% increase year-on-year, with a net profit growth of 33.23% [2]. Industry News - Samsung's early launch of foldable smartphones significantly boosted the foldable smartphone panel shipments in Q2 2024, capturing a market share of 48%, surpassing Huawei's 29% [31][32]. - The global cloud infrastructure services spending grew by 19% year-on-year in Q2 2024, reaching $78.2 billion, with a notable shift towards AI-related investments [31]. - The report anticipates a strong demand for AI PCs, with shipments expected to reach 44 million units in 2024, driven by advancements in processor technology [31].

通信 周跟踪（20240812-20240816） 领先大市-A(维持) 积极因素正在累积，建议关注 AI 算力估值修复 2024 年 8 月 19 日 行业研究/行业周报 通信行业近一年市场表现 相关报告： 发射，卫星互联网产业迈入新阶段-周跟 踪（20240805-20240811） 2024.8.13 动不改 AI 需求景气度，星网高轨 02 星 发 射 - 周 跟 踪 （ 20240729-20240804 ） 2024.8.6 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 投资要点 行业动向： 鸿海集团法说会表示 GB200 机柜 Q4 将如期出货，下半年 AI 服务器需求景气 度再提升。鸿海预计 GB200 将于今年 Q4 开始小批量出货，明年 Q1 放量。在上半 年，AI 服务器占鸿海整体服务器比重已达到 43%，公司认为目前 AI 服务器需求力 道强劲，AI 服务器营收逐季增长展望不变，若 GB200 机柜按照进度 Q4 出货，AI 服务器表现还有可能 ...

证券研究报告 投资要点： 新股市场活跃度上升，8 月创业板新股首日估值较 7 月上升 新股研究 新股周报（2024.08.19-2024.08.23） 8 月份创业板新股上市首日估值较 7 月份上升 2024 年 8 月 19 日 策略研究/定期报告 周内新股市场活跃度上升，近 6 个月上市新股周内共有 6 只股票录得正涨幅(占比 20.00%， 前值 10.0%)。 科创板：上周科创板无新股上市。周内中创股份录得正周涨幅（7.32%），龙图光罩、达 梦数据、欧莱新材、灿芯股份录得负周涨幅，分别为-4.44%、-3.45%、-4.63%、-2.21%。 创业板：上周创业板珂玛科技上市。周内汇成真空、骏鼎达、星宸科技录得正周涨幅， 分别为 5.32%、4.06%、1.56%，爱迪特、博实结、乔锋智能、中仑新材等周跌幅超 5%。 沪深主板：上周沪深主板巍华新材上市。周内龙旗科技、广合科技录得正周涨幅，分别 为 10.55%、3.37%，巍华新材、力聚热能等周跌幅超 5%。 新股周期：6 月上市 6 只新股，创业板/科创板新股首日涨幅高企，主板新股首日涨幅较 4 月下降（5 月无新股上市），创业板首日开板估值较 5 ...

太阳能行业近一年市场表现 资料来源：最闻 300274.SZ 阳光电源 买入-A 605117.SH 德业股份 买入-A 688472.SH 阿特斯 买入-A 601012.SH 隆基绿能 买入-A 600732.SH 爱旭股份 买入-A 601865.SH 福莱特 买入-A 【山证太阳能】发改委等三部委强调提 升电网对清洁能源的接纳、配置、调控 能力 2024.8.12 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 太阳能 行业周报（20240812-20240818） 同步大市-A(维持) 7 月规模以上工业太阳能发电增长 16.4%，多晶硅价格略有上行 2024 年 8 月 19 日 行业研究/行业周报 投资要点 国家统计局：7 月规模以上工业太阳能发电增长 16.4%：8 月 15 日，国 家统计局发布数据显示，7 月份，规上工业火电降幅收窄，水电、风电、太 阳能发电增速回落，核电由降转增。其中，规上工业风电增长 0.9%，增速比 6 月份回落 11.8 个百分点 ...

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1] Core Views - The company is expected to benefit from the increasing production of dodecanedioic acid, which is driving revenue growth. The collaboration in bio-based nylon is progressing smoothly [1][3] - The company has achieved significant sales in bio-based polyamide, with a current capacity of 100,000 tons and an additional 900,000 tons under construction [1] - The company reported a revenue of 14.44 billion yuan for the first half of 2024, a year-on-year increase of 40.16%, and a net profit of 2.47 billion yuan, up 2.31% year-on-year [2] Financial Performance Summary - The company forecasts revenues of 29.96 billion yuan, 48.25 billion yuan, and 76.49 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.73%, 61.01%, and 58.54% [1] - The projected net profit for the same years is 5.14 billion yuan, 7.08 billion yuan, and 8.59 billion yuan, with corresponding year-on-year growth rates of 40.27%, 37.67%, and 21.33% [1] - The earnings per share (EPS) are expected to be 0.88 yuan, 1.21 yuan, and 1.47 yuan for 2024, 2025, and 2026, with price-to-earnings (PE) ratios of 40.84, 29.66, and 24.45 respectively [1] Market and Product Insights - The bio-based polyamide has applications in textiles, clothing, and engineering plastics, with a focus on energy-saving and emission-reduction advantages [1][3] - The company has established strategic partnerships to promote the use of bio-based materials in photovoltaic applications, aiming to replace aluminum frames with new materials [1]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a synchronized performance with the market [1]. Core Insights - The textile and apparel industry has shown mixed performance, with some companies exceeding expectations while others face challenges due to weak domestic consumption [1][5]. - The report highlights the strong performance of Yuyuan Group in H1 2024, with a significant increase in net profit driven by manufacturing operations [2][10]. - The report emphasizes the importance of monitoring domestic consumption recovery and the performance of high-dividend companies in the sector [5]. Summary by Sections Weekly Observation - Yuyuan Group reported H1 2024 revenue of $4.015 billion, a decrease of 3.4% year-on-year, but net profit increased by 120.6% to $184 million, with manufacturing net profit rising by 177.5% [2][10]. - The manufacturing segment achieved revenue of $2.634 billion, a 2.4% increase, with footwear shipments growing by 9.9% to 121 million pairs [10]. Market Performance - The SW textile and apparel sector declined by 1.22% this week, underperforming against the Shanghai Composite Index, which rose by 0.42% [11]. - Among sub-sectors, SW textile manufacturing increased by 0.28%, while SW apparel and home textiles fell by 1.24% [11]. Industry Data Tracking - In the first seven months of 2024, China's textile and apparel exports amounted to $80.856 billion and $88.983 billion, showing a year-on-year growth of 3.3% and a decline of 0.8%, respectively [30]. - The consumer retail sales in July 2024 reached CNY 3.78 trillion, a year-on-year increase of 2.7%, with online retail sales growing by 8.7% [35]. Company Performance - Lilang Group reported a 7.3% increase in revenue to CNY 1.6 billion for H1 2024, with a net profit growth of 3.6% to CNY 280 million [3]. - On, a Swiss sports brand, achieved a 27.8% increase in Q2 net sales, reaching CHF 567.7 million, contributing to a 24.4% growth in H1 net sales [4]. Investment Recommendations - The report suggests focusing on companies with high dividend yields and stable performance, particularly in men's apparel and home textiles [5]. - It continues to recommend leading midstream textile manufacturers like Huayi Group and Weixing Co., which have shown strong performance in H1 2024 [5].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the benchmark index [2][5][10]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 3.306 billion yuan, down 1.03% year-on-year, and a significant drop in net profit of 36.03% to 283 million yuan [2][3]. - The decline in revenue was primarily driven by a decrease in offline sales channels, while online sales channels showed growth, particularly on platforms like Tmall and Douyin [3][4]. - The company's gross margin improved to 76.3%, up 1.04 percentage points year-on-year, despite rising sales and management expense ratios [3][4]. Company Performance Overview - As of the end of H1 2024, the company had 1,912 stores, a net decrease of 52 stores from the beginning of the year, with direct stores generating 2.634 billion yuan in revenue, down 3.7% year-on-year [3][4]. - Online sales reached 546 million yuan, a 17.8% increase year-on-year, accounting for 16.5% of total revenue [3][4]. - The company’s brands, including Koradior and NAERSI, showed varied performance, with Koradior's revenue declining by 6.19% while NAERSI grew by 4.3% [3][4]. Financial Projections - The company expects stable retail sales in 2024, with projected earnings per share (EPS) of 1.20, 1.33, and 1.45 yuan for 2024-2026, respectively [5][6]. - The report forecasts a price-to-earnings (P/E) ratio of 6.7, 6.1, and 5.6 for the same period, indicating a potentially undervalued stock [5][6]. - The company’s operating cash flow for H1 2024 was 452 million yuan, a decrease of 50.6% year-on-year, with cash and cash equivalents at 358 million yuan [4][8].

Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1][3] Core Views - The company achieved a revenue of 14.345 billion yuan in H1 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 1.952 billion yuan, a decline of 8.0% year-on-year [1][3] - The company focuses on solidifying its foundation and pragmatic development, leading to stable revenue growth driven by e-commerce and direct sales channels [1][3] - The report highlights the improvement in retail discounts, which contributed to a gross margin increase to 50.4%, up 1.6 percentage points year-on-year [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 50.4%, a year-on-year increase of 1.6 percentage points, primarily due to improved margins in e-commerce and direct sales channels [2] - The sales expense ratio increased to 30.2%, up 2.0 percentage points year-on-year, with advertising and marketing expenses rising to 8.7% [2] - The operating profit margin decreased by 1.0 percentage points to 16.7%, and the net profit margin fell by 1.5 percentage points to 13.6% [2] Revenue Breakdown - Revenue from footwear, apparel, accessories, and equipment in H1 2024 was 7.844 billion, 5.375 billion, 1.126 billion, and 0.5 billion yuan respectively, with year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - The retail sales from running, fitness, basketball, and sports lifestyle categories accounted for 30%, 14%, 22%, and 33% respectively, with year-on-year growth rates of 25%, 7%, -20%, and -7% [1] Channel Performance - Direct sales revenue grew by 2.7% year-on-year, with 1,495 direct stores, a net decrease of 3 stores compared to the beginning of the year [1] - E-commerce revenue increased by 11.4% year-on-year, with double-digit growth in retail sales and improved customer traffic [1][2] - Wholesale revenue declined by 2.0% year-on-year as the company managed the delivery rhythm to ensure healthy inventory levels [1] Future Outlook - The company expects revenue for 2024-2026 to be 28.601 billion, 31.055 billion, and 33.418 billion yuan, with year-on-year growth rates of 3.6%, 8.6%, and 7.6% respectively [3] - Net profit forecasts for the same period are 3.314 billion, 3.687 billion, and 3.966 billion yuan, with growth rates of 4.0%, 11.3%, and 7.6% respectively [3]

Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1] Core Views - The company achieved a revenue of 14.345 billion yuan in H1 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 1.952 billion yuan, down 8.0% year-on-year [1][2] - The company focuses on solidifying its foundation and pragmatic development, leading to stable revenue growth driven by e-commerce and direct sales channels [1][3] - The report highlights the improvement in retail discounts, which contributed to an increase in gross margin to 50.4%, up 1.6 percentage points year-on-year [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 14.345 billion yuan, with a year-on-year increase of 2.3% [1] - The net profit attributable to shareholders was 1.952 billion yuan, reflecting a decline of 8.0% year-on-year [1] - The gross margin improved to 50.4%, an increase of 1.6 percentage points, mainly due to higher margins in e-commerce and direct sales channels [2] Revenue Breakdown - Revenue from footwear, apparel, accessories, and equipment in H1 2024 was 7.844 billion yuan, 5.375 billion yuan, 1.126 billion yuan, respectively, with year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - The retail sales of running and fitness categories performed well, while basketball category sales declined due to controlled shipments [1] Channel Performance - Direct sales revenue grew by 2.7% year-on-year, with 1,495 direct stores, a net decrease of 3 stores [1] - E-commerce revenue increased by 11.4% year-on-year, with double-digit growth in retail sales [1][2] - Wholesale revenue decreased by 2.0% year-on-year as the company managed the shipment rhythm to ensure healthy inventory levels [1] Future Outlook - The company expects revenue for 2024-2026 to be 28.601 billion yuan, 31.055 billion yuan, and 33.418 billion yuan, with year-on-year growth rates of 3.6%, 8.6%, and 7.6% respectively [3] - Net profit forecasts for the same period are 3.314 billion yuan, 3.687 billion yuan, and 3.966 billion yuan, with growth rates of 4.0%, 11.3%, and 7.6% respectively [3]