资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -23% -20% -16% -13% -9% -6% -3% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,721.80 | -0.82 | | 深证成指 | 8,105.38 | 0.39 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,186.13 | -0.30 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,067.45 | 0 ...

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 猪价持续反弹，宠物出口数据维持正 增长 证券研究报告-行业月报 强于大市(维持) | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------| | 盈利预测和投资评级 \n公司简称 | 23EPS | 24EPS | 24PE | 评级 | | 牧原股份 | -0.79 | 2.92 | 16.33 | 增持 | | 海大集团 | 1.66 | 2.72 | 15.49 | 增持 | | 乖宝宠物 | 1.15 | 1.38 | 33.53 | 增持 | | 中宠股份 | 0.80 | 1.12 | 18.20 | 增持 | | 佩蒂股份 | -0.04 | 0.67 | 17.63 | 增持 | | 秋乐种业 | 0.48 | 0.23 | 24.34 | 增持 | 农林牧渔相对沪深 300 指数表现 农林牧渔 沪深300 -21% -17% -14% ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 新能源产业链领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股先抑后扬》 2024-09-10 《市场分析：防御行业走强 A 股震荡整理》 2024-09-09 《市场分析：金融汽车行业领涨 A 股震荡整 固》 2024-09-06 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 09 月 11 日 投资要点： ◼ A 股市场综述 周三（09 月 11 日）A 股市场低开低走、震荡整固，早盘股指低开后震荡回 落，沪指盘中在 2710 点附近获得支撑，尾盘股指企稳回升，盘中能源金属、 电池、光伏设备以及电网设备等行业表现较好；银行、电力、半导体以及 消费电子等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。创业 板市场周三小幅上扬，成指全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场低开低走、震荡整固，早盘股指低开后震荡回落， ...

资料来源：Wind,中原证券 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -23% -20% -16% -13% -9% -6% -3% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,744.19 | 0.28 | | 深证成指 | 8,073.83 | 0.13 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,195.76 | 0.09 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,065.66 | -0.03 | | 中证 ...

证券研究报告-行业月报 强于大市(维持) 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业月报：销量同比增长但环比回 落，短期仍谨慎》 2024-08-12 《锂电池行业月报：销量高增长，短期谨慎 关注》 2024-07-11 《锂电池行业年度策略：业绩承压，分化持 续》 2024-06-26 联系人：马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 维持行业"强于大市"投资评级。截止 2024 年 9 月 10 日：锂电池和 创业板估值分别为 18.55 倍和 25.68 倍，结合行业发展前景，维持 行业"强于大市"评级。8 月锂电池板块走势弱于沪深 300 指数， 主要系板块细分领域及相关标的业绩下滑，以及细分领域价格短期 仍承压。结合国内外行业动态、细分领域价格走势、月度销量及行 业发展趋势，行业景气度总体持续向上，短期重点持续关注上游原 材料价格走势、月度销量及行业规范落地执行情况。考虑行业相关 政策表述、原材料价格走势、板块业绩情况、目前市场估值水平及 行业未来增长预期，短期建议适度关注板块投 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1][13]. Core Views - The company's revenue for the first half of 2024 reached 449 million yuan, representing a year-on-year growth of 36.07%, with a net profit attributable to shareholders of 11.96 million yuan, up 167.5% year-on-year [1]. - The growth momentum in the company's main business segments, including optical chips and devices, indoor optical cables, and cable polymer materials, is strong, driven by the dual-platform IDM model [1][2]. - The demand for optical chips and devices is expected to continue growing, particularly in the data communication market, driven by AI computing needs and the increasing demand for 400G/800G optical modules [2][3]. Summary by Sections Financial Performance - In 2024H1, the gross margin improved to 23.81%, an increase of 5.3 percentage points year-on-year, while the company’s expense ratio decreased by 4.7 percentage points [1]. - The company’s net profit for 2024 is projected to be 40 million yuan, with a significant recovery expected in subsequent years, reaching 76 million yuan in 2025 and 104 million yuan in 2026 [3][4]. Market Trends - The data communication market is anticipated to grow significantly, with a compound annual growth rate (CAGR) of over 28% for the 400G+ market expected by 2029 [2]. - The indoor optical cable market is experiencing strong demand, particularly for multi-core and large-core optical cables used in AI data centers, with global optical cable demand projected to grow at a CAGR of approximately 4% from 2023 to 2027 [2]. Product Development - The company is focusing on high-power CW DFB lasers, high-speed DFB lasers, and EML lasers for emerging fields such as optical sensing and optical computing, aiming to meet customer demand and expand its market presence [1][2]. - The company is also enhancing its R&D capabilities, with a research and development expense ratio of 12.0% in 2024H1, indicating a commitment to innovation and technology advancement [1][3].

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源 短期业绩有所承压，关注公司降本增效情 况 ——凯盛新能(600876)中报点评 | --- | --- | --- | --- | |----------------------------------|--------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 环保及公用事业 污水处理收入占比提升，现金流有望改 善 ——中原环保(000544)中报点评 | --- | --- | --- | |--------------------------------------|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Overview of Henan Listed Companies' Performance - The total operating revenue of 110 listed companies in Henan reached 503.34 billion yuan in the first half of 2024, an increase of 5.57% year-on-year, marking the highest level in recent years [1][5] - The net profit attributable to shareholders was 31.96 billion yuan, a year-on-year increase of 25.50%, the second highest level in recent years, only behind the 39.25 billion yuan recorded in the first half of 2021 [1][5] - Compared to the overall A-share market, where operating revenue decreased by 1.42% and net profit decreased by 2.37%, Henan listed companies outperformed these metrics [1][10][11] Group 2: Industry Performance - The automotive industry in Henan saw the highest revenue growth at 39.97%, followed by the non-ferrous metals industry with a 15.39% increase [2][39] - The electronic industry also showed significant profit growth, while the agriculture, forestry, animal husbandry, and fishery sector turned losses into profits [2][39] - In contrast, industries such as power equipment and new energy, pharmaceuticals, food and beverage, and coal experienced varying degrees of revenue decline [2][39] Group 3: Profitability and Financial Metrics - The overall gross profit of 108 companies (excluding those not disclosing gross profit) was 90.19 billion yuan, a year-on-year increase of 27.12%, with a gross profit margin of approximately 18.19%, up 3.06 percentage points [30] - The net profit margin for 110 companies was approximately 6.35%, an increase of 1.01 percentage points year-on-year [30] - The operating revenue structure showed a significant concentration, with the top three companies accounting for 37.23% of total revenue [16] Group 4: Dividend Distribution - A total of 12 listed companies in Henan announced dividend plans for the first half of 2024, distributing a total of 4.79 billion yuan, with notable contributions from companies like Shuanghui Development and Longbai Group [36][38] Group 5: Comparison with National Rankings - In terms of quantity and performance, Henan ranked 12th in the number of listed companies, 11th in net profit, and 13th in total assets among 31 provinces and municipalities in China [12][14][15]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 半导体行业 24Q2 延续复苏趋势，关 注 24H2 需求持续性 ——半导体行业月报 发布日期：2024 年 09 月 10 日 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 半导体 沪深300 -31% -26% -21% -16% -11% -6% -1% 5% 2023.09 2024.01 2024.05 2024.09 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：半导体出口管制或再加 严，关注国产替代方向》 2024-08-12 《半导体行业月报：全球科技巨头发力 AI， 加速 AI 终端变革》 2024-07-11 《半导体行业月报：大基金三期成立，关注 国产替代方向》 2024-06-11 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道 1788 号 16 楼 邮编： 200122 投资要点： 8 月国内半导体行业表现相对较弱。2024 年 8 月国内半导体行业 （中信）下跌 8.79%，同期沪深 ...