Investment Rating - The report maintains a "Buy-A" rating for the company LED聚灿光电 (300708.SZ) [3] Core Views - The company has significantly improved its profitability due to high-end product upgrades and cost reduction measures, with a gross margin of 14.60% in the first half of 2024, an increase of 4.67 percentage points year-on-year [1] - The industry is experiencing a clear trend towards high-end products, with the company continuing to launch high-priced products and focusing on refined management to support long-term performance [1] - The company achieved a revenue of 1.334 billion yuan in the first half of 2024, a year-on-year increase of 11.24%, and a net profit of 113 million yuan, up 351.03% year-on-year [2] Financial Performance - In the first half of 2024, the company’s LED chip production capacity reached 11.69 million pieces, a year-on-year increase of 8.5%, with a capacity utilization rate of 96.47% and a sales rate of 101.73% [2] - The average price of LED chips and epitaxial wafers was 59.38 yuan per piece, reflecting a year-on-year increase of 3.18% [2] - The company’s net profit for 2024 is projected to be 243 million yuan, with expected growth rates of 100.2%, 25.8%, and 53.9% for the years 2024, 2025, and 2026 respectively [3][5] Financial Data and Valuation - The company’s revenue is expected to grow from 2.839 billion yuan in 2024 to 4.384 billion yuan in 2026, with corresponding net profits of 243 million yuan and 470 million yuan [5][6] - The projected EPS for 2024, 2025, and 2026 are 0.36 yuan, 0.45 yuan, and 0.69 yuan respectively, with P/E ratios of 23.9, 19.0, and 12.3 [3][5] - The gross margin is expected to improve from 14.6% in 2024 to 17.1% in 2026, indicating a positive trend in profitability [5][7]

总市值（亿）： 122.27 专用计算机设备 乐鑫科技（688018.SH） 买入-A(维持) 下游需求回暖，次新品放量业绩加速增长 证券研究报告 2024 年 8 月 1 日 公司研究/公司快报 事件描述 公司近一年市场表现 公司发布 2024 年半年度报告。2024 年上半年，公司实现营业收入 9.20 亿元，同比+37.96%；实现归母净利润 1.52 亿元，同比+134.85%。2024Q2 季度，公司实现营收 5.33 亿元，同比+52.78%，环比+37.66%；实现归母净 利润 0.98 亿元，同比+191.87%，环比+81.26%。 事件点评 营收季度环比高增，产品多元化扩大市场空间。公司产品矩阵持续丰富， 市场数据：2024 年 7 月 31 日 次新类的高性价比产品ESP32-C2以及高性价比产品ESP32-S3处于高速成长 收盘价（元）： 108.99 期。下游需求中小型化设备放量，拉动芯片收入占比进一步提升，模组产品 年内最高/最低（元）： 122.60/70.30 与芯片形成协同效应。同时公司进一步扩充下游客户群，除传统物联网设备 流通A股/总股本（亿）： 1.12/1.12 外， ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6-12 months [3][6]. Core Views - The company has demonstrated stable profitability with a slight increase in gross margins, despite a year-on-year revenue decline in the first half of 2024 due to reduced battery prices from raw material cost decreases [1][4]. - The company is experiencing significant growth in its energy storage segment, with a notable increase in shipments of its new battery products, which are expected to continue gaining market share [1][2]. Financial Performance Summary - For H1 2024, the company reported total revenue of 166.77 billion yuan, a decrease of 11.9% year-on-year, while net profit attributable to shareholders was 22.86 billion yuan, an increase of 10.4% [4]. - The company achieved a Q2 revenue of 87 billion yuan, down 13.2% year-on-year, with a net profit of 12.36 billion yuan, up 13.4% [4]. - The company’s earnings per share (EPS) for 2024 is projected to be 10.88 yuan, with net profits expected to reach 47.84 billion yuan [6][7]. Market Position and Product Development - The company leads the global market in both power and energy storage battery shipments, with a market share of 37.5% in the power battery segment for the first five months of 2024, an increase of 2.3 percentage points year-on-year [1][2]. - New product launches include the Shenxing Plus battery, which features a 1,000 km range and rapid charging capabilities, and the Kirin battery, which has a discharge power exceeding 1,300 kW [2]. Capacity and Production - The company currently has a production capacity of approximately 650 GWh, with an additional 153 GWh under construction, including a significant facility in Hungary [1][2]. - Total battery shipments for H1 2024 reached 205 GWh, a year-on-year increase of 13%, with a full-year shipment forecast of 480 GWh, representing a 23% increase [1].

资料来源：最闻 研究早观点 2024 年 8 月 1 日 星期四 市场走势 资料来源：最闻 【公司评论】新集能源(601918.SH)：新集能源中报点评-业绩符合预期， 煤电一体化增量可期 国内市场主要指数 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,938.75 | 2.06 | | 深证成指 | 8,754.09 | 3.37 | | 沪深 300 | 3,442.08 | 2.16 | | 中小板指 | 5,629.55 | 3.00 | | 创业板指 | 1,688.14 | 3.51 | | 科创 50 | 743.37 | 4.70 | 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】 【山证宏观】2024 年 7 月中央政治局会议解读：突出强调改革和新质 生产力 【行业评论】非银行金融：行业周报（20240722-20240728）-加强资本 市场服务精准度，业绩分化下关 ...

Investment Rating - The report maintains a "Buy-A" rating for Xinji Energy (601918 SH) [1] Core Views - The company's performance meets expectations with coal and power integration offering growth potential [1] - Revenue and net profit declined slightly due to reduced coal sales volume [1] - Coal business saw decreased production and sales but increased prices [1] - Power business experienced both volume and price increases [1] - Future capacity expansion and coal-power integration advantages are expected to enhance profitability [2] Financial Performance - 24H1 revenue: 5 985 billion yuan (-4 40% YoY) [1] - 24H1 net profit: 1 176 billion yuan (-10 11% YoY) [1] - 24H1 EPS: 0 45 yuan/share (-10 00% YoY) [1] - 24H1 ROE: 8 42% (-2 3 percentage points YoY) [1] - 24H1 operating cash flow: 1 76 billion yuan (-10 24% YoY) [1] Coal Business - 24H1 coal production: 9 3602 million tons (-4 82% YoY) [1] - 24H1 coal sales: 9 1036 million tons (-10 24% YoY) [1] - 24H1 coal sales revenue: 5 136 billion yuan (-6 17% YoY) [1] - Average coal price: 564 2 yuan/ton (+24 47 yuan/ton YoY) [1] Power Business - 24H1 electricity generation: 4 353 billion kWh (+12 66% YoY) [1] - 24H1 electricity price: 0 41 yuan/kWh (+1 28% YoY) [1] - 24H1 power business revenue: 1 791 billion yuan (+2 18 billion yuan YoY) [1] Future Development - Current coal-power installed capacity: 2 000 MW [2] - Multiple power plant projects under construction with significant capacity expansion potential [2] - Coal consumption from existing power plants accounts for about 40% of total production [2] - Coal-power integration expected to improve profitability and risk resistance [2] Valuation and Forecast - 2024-2026 EPS forecast: 0 82\0 92\0 99 yuan [3] - 2024-2026 PE ratio: 10 5\9 4\8 7 [3] - 2024-2026 revenue growth: 2 4%\5 9%\7 8% [5] - 2024-2026 net profit growth: 1 2%\11 2%\7 9% [5] - 2024-2026 ROE: 14 2%\13 6%\13 2% [5]

非银行金融行业近一年市场表现 【山证非银】业绩披露季，关注部分超 预 期 可 能 - 行 业 周 报 （20240715-20240721） 2024.7.22 【山证非银】发挥金融作用，证券公司 积 极 服 务 五 篇 大 文 章 - 行 业 周 报 （20240701-20240705） 2024.7.12 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 电话：0351-8686900 邮箱：liuli2@sxzq.com 孙田田 执业登记编码：S0760518030001 邮箱：suntiantian@sxzq.com 非银行金融 行业周报（20240722-20240728） 领先大市-A(维持) 加强资本市场服务精准度，业绩分化下关注超预期券商 2024 年 7 月 31 日 行业研究/行业周报 投资建议 进一步加大资本市场服务精准度，提升专业服务。证监会就进 一步全面深化资本市场改革开展专题调研，表示将坚持稳中求进、 远近结合、综合施策，坚持尊重规律、守正创新，着力推动高水平 的市场化改革，进一步提升资本市场对新产业新业态新技术的制度 包容性和精准性，加快推进" ...

公司近一年市场表现 市场数据：2024 年 7 月 30 日 收盘价（元）： 26.03 年内最高/最低（元）： 30.73/21.06 流通A股/总股本（亿）： 7.56/8.06 流通 A 股市值（亿）： 196.91 总市值（亿）： 209.88 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 0.47 摊薄每股收益(元)： 0.47 每股净资产(元)： 8.09 净资产收益率(%)： 6.45 资料来源：最闻 高宇洋 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 2024 年 7 月 31 日 公司研究/公司快报 事件 近日，公司发布 2024 年半年报。2024H1，顺络电子实现营业收入 26.91 亿元，同比+15.43%；实现归母净利润 3.68 亿元，同比+43.82%；扣非净利 润 3.48 亿元，同比增长 49.53%。 点评 2024Q2 收入创新高，毛利率保持稳定。2024Q2 公司实现营收 14.32 亿 元，同比增长 9.6 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [7] Core Views - The company's performance in the first half of 2024 shows a continued positive trend, with revenue and net profit both experiencing rapid growth. The main reasons include the leading product performance and self-research advantages, which have led to increased market penetration and sales growth [6][7] - The company is actively expanding into high-end industrial, surveying, oil exploration, and autonomous driving sectors, with ongoing projects and collaborations [6][7] Financial Summary - Revenue (in million) is projected to grow from 317 in 2023A to 463 in 2024E, representing a year-on-year growth of 46.0% [2] - Net profit (in million) is expected to increase from 165 in 2023A to 231 in 2024E, with a year-on-year growth of 39.5% [2] - The gross margin is forecasted to decline from 83.0% in 2023A to 80.9% in 2024E, while the net margin is expected to decrease from 52.2% to 49.8% during the same period [2] - Earnings per share (EPS) is projected to rise from 0.41 in 2023A to 0.58 in 2024E [2] - The company plans to increase R&D investment significantly, with R&D expenses expected to grow by 61.84% in the first half of 2024 compared to the previous year [6][7] Market Performance - As of July 30, 2024, the company's closing price was 29.20 yuan, with a year-to-date high of 47.21 yuan and a low of 21.61 yuan [6] - The circulating A-share market capitalization is 70.98 billion yuan, while the total market capitalization is 116.80 billion yuan [6]

Economic Environment - The current economic environment is characterized by increasing external challenges and insufficient domestic demand, leading to a differentiated economic performance[5] - The focus is on enhancing risk awareness and maintaining strategic confidence to address transitional issues in the economy[5] Policy Focus - Emphasis on expanding domestic demand by boosting consumption, particularly for middle and low-income groups, and enhancing their consumption capacity[27] - The government aims to support emerging industries and unicorn companies while ensuring the exit of inefficient production capacities[2] Development Goals - The meeting highlighted the need to develop new quality productivity and deepen reforms to promote high-quality development[9] - There is a commitment to stabilize economic growth, improve living standards, and ensure social stability while achieving annual economic and social development targets[9] Investment and Financing - Policies will focus on increasing effective investment and enhancing financial support for the real economy, aiming to lower overall financing costs[10] - The issuance and utilization of special bonds will be accelerated to support major national strategies and key areas[10] Risk Management - Continuous efforts will be made to prevent and mitigate risks in key sectors, particularly in the real estate market, by implementing new policies to ensure market stability[24] - The government will work on a comprehensive debt resolution plan to address local financing platform debt risks[24]

研究早观点 资料来源：最闻 【山证煤炭公用】电力月报-6 月用电增速稳健，来水带动水电向好 【山证农业】海大集团 2024 年中报点评-业绩同比大幅回升，饲料业 务逆势增长 分析师： 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后一页股票评级说明和免责声明 1 【山证宏观】2024 年中期国内经济展望："稳"依然是主旋律 投资要点： 二季度经济的总体表现是量大致稳定，价格延续修复。维持二季度总需求韧性的主要力量依然是出口 和政策支撑项（如基建、高技术制造业投资、设备更新相关投资等），地产投资下滑是主要拖累。价格 跌幅收窄的主要原因，一是由全球定价的石油、有色价格继续上涨；二是部分工业品国内供需关系略 有改善。 第二，历史经验看，经济动能指数对经济具有领先性，而目前产成品库存增速相对于需求增速仍偏高。 展望下半年，名义增速大概率持续修复但幅度有限。总需求层面，广义财政支出节奏加快和外需韧性 是主要的有利因素；国内加快推动大规模设备更新和消费品以旧换新或带来阶段性支撑；但二季度居 民可支配收入增速放缓、物价预期偏弱、消费边际放缓等，显示内生动能可能仍在减速，对稳增长政 策提出了更高的要求；7 ...