资料来源：最闻 研究早观点 2024 年 8 月 8 日 星期四 市场走势 【今日要点】 【公司评论】工业富联(601138.SH)：工业富联（601138.SH）-AI 服务 器需求旺盛，24H1 收入和净利润持续高增 【山证医药】康缘药业（600557）2024 年中报点评-二季度业绩承压，金振 带动口服液恢复增长 资料来源：最闻 【行业评论】【山证电新】20240807 光伏产业链价格跟踪 国内市场主要指数 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,869.83 | 0.09 | | 深证成指 | 8,449.58 | -0.17 | | 沪深 300 | 3,341.49 | -0.04 | | 中小板指 | 5,416.28 | -0.28 | | 创业板指 | 1,620.33 | -0.43 | | 科创 50 | 707.59 | -0.88 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@s ...

Market Overview - The overall market showed mixed performance with the Shanghai Composite Index closing at 2,860.70, down 1.54%, and the Shenzhen Component Index at 8,395.05, down 1.85% [1] - The semiconductor sector saw a decline in the Philadelphia Semiconductor Index by 9.71%, while the Taiwan Semiconductor Index fell by 3.39% [7] AI Capital Expenditure - AI capital expenditure continues to expand, with major cloud service providers and enterprises increasing their investments in AI technology, indicating a long-term growth trajectory despite short-term market fluctuations [10][11] - The demand for AI servers is expected to grow as companies seek more flexible computing power configurations [10] New Energy Storage - The National Energy Administration reported that new energy storage installations exceeded 44 million kilowatts in the first half of 2024, marking a growth of over 40% compared to the end of 2023 [12] - Lithium-ion batteries dominate the new energy storage market, accounting for 97% of the total installed capacity [12] Semiconductor Industry Performance - AMD reported a revenue of $5.8 billion for Q2 2024, a year-on-year increase of 9%, with a net income of $265 million, reflecting a significant growth of 881% [9] - Samsung's Q2 2024 sales reached 74.07 trillion KRW, a year-on-year increase of 23.44%, with operating profit soaring by 1462.29% [9] New Stock Market Activity - The new stock market saw increased activity with 18 new stocks recording positive gains, representing 58.06% of new listings [5] - The first-day gains for newly listed stocks on the ChiNext board showed a decline, indicating a shift in market sentiment [5] High-Speed Copper Connection - The GB200 innovation in high-speed copper connections is gaining attention, with Nvidia's GB200 chip expected to create a new market worth nearly $6 billion by 2025 [17] - The competitive landscape for high-speed copper interconnect components is concentrated, with significant barriers to entry in the manufacturing process [17] Network Identity Authentication - The introduction of the "Net Number" and "Net Certificate" system aims to enhance online identity security and protect personal information [19][21] - This new system is expected to create market opportunities for identity security vendors, particularly in applications requiring strong real-name verification [21] Investment Recommendations - Focus on companies involved in AI technology, high-speed copper connections, and new energy storage solutions as potential investment opportunities [10][17][12] - Monitor the performance of key players in the semiconductor industry, such as AMD and Samsung, for growth prospects [9]

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation over the next 6-12 months [2][4]. Core Insights - The company is experiencing robust growth in revenue and net profit driven by strong demand for AI servers, with a projected 40% growth in AI server revenue for the year [1][3]. - The company has a comprehensive AI server supply chain, covering everything from GPU modules to data centers, which positions it well in the market [1]. - The company is expected to capture a significant share of the global AI server market, with projections indicating it will hold 40% of the market share [1][5]. Financial Performance - For the first half of 2024, the company reported revenue of 266.09 billion yuan, a year-on-year increase of 28.69%, and a net profit of 8.739 billion yuan, up 22.04% [3]. - The second quarter of 2024 saw revenue of 147.40 billion yuan, reflecting a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [3]. - The company's earnings per share (EPS) for 2024 is projected to be 1.31 yuan, with corresponding price-to-earnings (P/E) ratios of 15.56, 12.70, and 11.12 for the years 2024, 2025, and 2026 respectively [1][6]. Market Performance - The company's stock closed at 20.40 yuan, with a year-to-date high of 29.47 yuan and a low of 12.63 yuan [1]. - The circulating A-shares market capitalization is approximately 405.19 billion yuan, with a total market capitalization of about 405.31 billion yuan [1]. Future Projections - The company is expected to see continued growth in EPS, with forecasts of 1.61 yuan for 2025 and 1.83 yuan for 2026 [1][6]. - Revenue projections for the upcoming years are 564.01 billion yuan for 2024, 679.82 billion yuan for 2025, and 767.29 billion yuan for 2026, indicating a strong growth trajectory [6].

Investment Rating - The report maintains a "Buy-A" rating for Kangyuan Pharmaceutical (600557.SH) [1][3] Core Views - The company reported a revenue of 2.26 billion yuan for the first half of 2024, a year-on-year decrease of 11.49%, and a net profit attributable to shareholders of 265 million yuan, down 3.73% year-on-year [1] - The second quarter of 2024 saw a significant decline in performance, with revenue of 901 million yuan, a year-on-year decrease of 24.98%, and a net profit of 117 million yuan, down 12.59% year-on-year [1] - Despite short-term sales pressure, the long-term outlook remains positive due to strong R&D capabilities and a rich product pipeline [3] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 74.55%, a slight decrease of 0.4 percentage points, while the net profit margin increased by 0.93 percentage points to 12.01% [2] - The company’s R&D expenses for the first half of 2024 were 339 million yuan, representing a decrease of 6.67%, with an R&D expense ratio of 15.01% [2] - The forecasted revenues for 2024, 2025, and 2026 are 4.80 billion yuan, 5.48 billion yuan, and 6.15 billion yuan respectively, with corresponding net profits of 563 million yuan, 653 million yuan, and 739 million yuan [3][5] Product Performance - Oral liquid and gel products showed growth, with oral liquid revenue reaching 544 million yuan, up 28.60% year-on-year, and gel products revenue at 21 million yuan, up 107.87% [2] - Injection products, however, faced a significant decline, with revenue of 840 million yuan, down 27.49%, and a sharp drop of 46.80% in the second quarter compared to the previous year [2] Market Strategy - The company is focusing on compliance in sales and enhancing academic transformation, with a strategy to strengthen core product lines and expand into OTC and distribution businesses [2]

资料来源：最闻 研究早观点 2024 年 8 月 7 日 星期三 市场走势 资料来源：最闻 【公司评论】华宝新能(301327.SZ)：华宝新能半年报点评-业绩扭亏为盈， 高毛利率海外业务占比高 国内市场主要指数 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,867.28 | 0.23 | | 深证成指 | 8,463.86 | 0.82 | | 沪深 300 | 3,342.98 | -0.01 | | 中小板指 | 5,431.24 | 0.94 | | 创业板指 | 1,627.36 | 1.25 | | 科创 50 | 713.86 | 1.36 | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】化学原料：新材料周报（240729-0802）-巴斯夫路德维希 港爆炸推涨 VA 及 VE，关注维生素龙头标的 【行业评论】通信：周跟踪（20240729-2024080 ...

证券研究报告 储能 华宝新能（301327.SZ） 买入-A(首次) 业绩扭亏为盈，高毛利率海外业务占比高 | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 7 月 22 日，公司发布 ...

6u 2024 年 8 月 6 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 氨基酸：缬氨酸(13850 元/吨，不变)、精氨酸(33000 元/吨，不变)、色氨酸 (61500 元/吨，1.65%)、蛋氨酸(20750 元/吨，-0.48%) 相关报告： 可降解材料：PLA(FY201 注塑级)(19500 元/吨，不变)、PLA(REVODE 201 吹膜级)(18200 元/吨，不变)、PBS(25000 元/吨，不变)、PBAT(11100 元/吨，不 变) 【山证新材料】上周维生素 D3 领涨，车 用涤纶工业丝景气改善-新材料周报 （240722-0726） 2024.7.29 【山证新材料】挖掘新质生产力机遇， 关注供需格局改善板块-新材料 2024 年 中期策略 2024.7.9 维生素：维生素 A(165000 元/吨，82.32%)、维生素 E(140000 元/吨，51.35%)、 维生素 D3(240000 元/吨，不变)、泛酸钙(53000 元/吨，不变)、肌醇(48000 元/ 吨，不变) 冀泳洁 塑料及纤维：碳纤维(85000 元/吨，-6.85%)、涤纶工业 ...

证券研究报告 周跟踪（20240729-20240804） 领先大市-A(维持) Blackwell 量产节奏波动不改 AI 需求景气度，星网高轨 02 星发射 行业研究/行业思想 2024 年 8 月 6 日 通信行业近一年市场表现 0 23/12 24/02 24/04 24/06 资料来源： 最闻 相关报告： 【山证通信】GB200 引爆高速铜互 连, 探寻 AI 时代短距高密通信 "最优解" -高速铜连接行业深度报告 2024.8.5 【山证通信】巴黎奥运会首次展现 ai十体育应用场景, 国内科技出海展现新 实 力 - 周 跟 踪 （ 20240722-20240728 ） 2024.7.29 分析师： 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 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资买点 行业动向： > 1 〉根据科创板日报引述 The information 报道，英伟达 Blackwell ...

通信 周跟踪（20240729-20240804） 领先大市-A(维持) ——Blackwell 量产节奏波动不改 AI 需求景气度，星网高轨 02 星发射 2024 年 8 月 6 日 行业研究/行业周报 通信行业近一年市场表现 连，探寻 AI 时代短距高密通信"最优解" -高速铜连接行业深度报告 2024.8.5 ai＋体育应用场景，国内科技出海展现新 实 力 - 周 跟 踪 （ 20240722-20240728 ） 2024.7.29 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 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 出货时间将被推迟至少 3 个月。该推迟或由于台积电在量产前夕发现 Blackwell 铜连接公司的技术、产能壁垒。 1）根据科创板日报引述 The information 报道，英伟达 Blackwell 系列 GPU 两片裸 die 连接硅片上存在设计缺陷，可能会 ...

证券研究报告 2024 年 8 月 5 日 行业研究/行业快报 计算机行业近一年市场表现 资料来源：最闻 【山证计算机】事件点评-原生鸿蒙再次 升级，应用生态全面加速 2024.6.23 网号网证制度代表国家在推动网络实名制和个人信息保护上更进一步。 国家互联网信息办公室曾于 2015 年和 2017 年相继出台了相关管理规定并开 始全面落实网络实名制，而过去各互联网应用平台的网络实名认证主要依靠 手机号码与身份证号码绑定，而由于居民身份证号码蕴含了包括出生日期、 性别、出生地在内的丰富的个人信息，往往会导致以落实"实名制"为由超 范围采集、留存公民个人信息。而由于网号网证不包含明文个人身份信息， 且未来将通过国家统一网络身份认证公共服务平台，取代各个互联网/应用平 台进行网络身份认证，通过公共服务平台仅提供用户身份核验结果，可以在 最大限度上保护用户的个人信息。 分析师： 网号网证将带来身份安全新的市场机遇。网号网证的主管部分为公安部 及网信办，未来两部门将依照各自法定职责共同推动网号网证制度的建设。 网号网证主要涉及两类应用，一类是互联网平台，特别是对于社交、发帖跟 帖、金融支付、直播、游戏等需要强实名制 ...