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% -19% -15% -12% -8% -5% -1% 3% 2023.08 2023.12 2024.04 2024.08 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 | 2,866.66 | -0.93 | | 深证成指 | 8,252.87 | -1.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,332.70 | -0.72 | | 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 | 3,178.84 | ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [1]. Core Views - The company reported a revenue of 3.021 billion yuan for the first half of 2024, reflecting a year-on-year decline of 5.79% [1]. - The net profit attributable to the parent company, excluding non-recurring items, was 278 million yuan, a decrease of 1.19% year-on-year [1]. - The report highlights a significant recovery in profitability during the second quarter, with net profit showing an upward trend [1]. - The company is expected to launch new products in the second half of the year, which may help reverse the sales decline [1]. - The report notes that the sales pressure is primarily due to weakened product strength, channel penetration, and macro consumption capacity [1]. Financial Performance Summary - The company achieved a revenue of 6.522 billion yuan in 2024E, with a projected growth rate of -3.50% [3]. - The net profit for 2024E is estimated at 651 million yuan, reflecting a growth rate of 13.38% [3]. - The earnings per share (EPS) for 2024E is projected to be 0.41 yuan, with corresponding price-to-earnings (P/E) ratios of 13.32 times [2][3]. - The gross margin is expected to improve to 24.35% in 2024E, compared to 22.79% in 2023A [7]. Cash Flow and Investment - The operating cash flow for 2024E is projected to be 877 million yuan, showing an increase from 811 million yuan in 2023A [5]. - The company is expected to have capital expenditures of 429 million yuan in 2024E, down from 860 million yuan in 2023A [5]. - The net increase in cash for 2024E is forecasted to be 60 million yuan, a recovery from a decrease of 115 million yuan in 2023A [5]. Balance Sheet Overview - Total assets are projected to reach 7.508 billion yuan in 2024E, up from 7.048 billion yuan in 2023A [4]. - The company's total liabilities are expected to increase to 2.264 billion yuan in 2024E, compared to 1.960 billion yuan in 2023A [4]. - The equity attributable to shareholders is forecasted to be 5.244 billion yuan in 2024E, reflecting a slight increase from 5.087 billion yuan in 2023A [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1][14]. Core Views - The company has experienced significant growth in its data center cooling and energy storage temperature control businesses, driven by advancements in AI and increasing demand in the data center sector [3][4]. - The company reported a total revenue of 1.713 billion yuan for the first half of 2024, representing a year-on-year increase of 38.24%, with a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][4]. - The company is recognized as a leading provider of precision temperature control solutions, focusing on cooling solutions for cloud computing data centers, power grid systems, and energy storage applications [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.713 billion yuan, with a year-on-year growth of 38.24% [1]. - The net profit attributable to shareholders reached 183 million yuan, marking a 99.63% increase year-on-year, while the non-recurring net profit was 171 million yuan, up 113.50% [1][4]. - The company's gross margin for the first half of 2024 was 30.99%, with a slight decline of 1.05 percentage points compared to the previous year [1][4]. Business Segments - The data center cooling business generated revenue of 856 million yuan, a substantial increase of 85.91%, accounting for 49.96% of total revenue [1][3]. - The cabinet cooling business reported revenue of 702 million yuan, growing by 6.11% and representing 40.97% of total revenue [1][3]. - Revenue from energy storage applications was approximately 600 million yuan, reflecting an 11% year-on-year growth [1][3]. Future Outlook - The company is expected to benefit from the ongoing growth in AI computing and energy storage sectors, with projected revenues of 4.804 billion yuan, 6.365 billion yuan, and 8.119 billion yuan for 2024, 2025, and 2026, respectively [4][5]. - The forecasted net profits for the same years are 513 million yuan, 682 million yuan, and 892 million yuan, indicating strong growth potential [4][5]. - The company maintains a robust market position with a focus on innovative cooling technologies, including liquid cooling solutions, which are gaining traction in the industry [3][4].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 传媒游戏行业领涨 A 股宽幅震荡 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 20 日 相关报告 投资要点： 《市场分析：金融软件行业领涨 A 股小幅上 扬》 2024-08-19 《市场分析：通信有色金属行业领涨 A 股窄 幅波动》 2024-08-16 《市场分析：金融成长行业领涨 A 股震荡上 扬》 2024-08-15 ◼ A 股市场综述 周二（08 月 20 日）A 股市场低开低走、宽幅震荡，早盘股指高开后震荡回 落，沪指盘中在 2855 点附近获得支撑，尾盘股指维持震荡，盘中能源金属、 文化传媒、游戏以及化纤等行业表现较好；汽车、半导体、软件开发以及 通信设备等行业表现较弱，沪指全天基本呈现宽幅震荡的运行特征。创业 板市场周二震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场低开低走、宽幅震荡，早盘股指高开后震荡回落，沪指盘中 在 2855 点附近获得支撑，尾盘股指维持震荡，盘中能源金属、文化传媒、 游戏以及化纤等行业表现较 ...

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% -19% -15% -12% -8% -5% -1% 3% 2023.08 2023.12 2024.04 2024.08 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 | 2,893.67 | 0.49 | | 深证成指 | 8,356.90 | 0.08 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,356.97 | 0.34 | | 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 | 3,195.55 | 0.2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融软件行业领涨 A 股小幅上扬 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 19 日 相关报告 投资要点： 《市场分析：通信有色金属行业领涨 A 股窄 幅波动》 2024-08-16 《市场分析：金融成长行业领涨 A 股震荡上 扬》 2024-08-15 《市场分析：成长行业领涨 A 股震荡整理》 2024-08-14 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 ◼ A 股市场综述 周一（08 月 19 日）A 股市场低开高走、小幅震荡上涨，早盘股指低开后震 荡上行，沪指盘中在 2905 点附近遭遇阻力，午后股指维持震荡，盘中金融、 软件开发、游戏以及黄金等行业表现较好；证券、医药、医疗服务以及消 费电子等行业表现较弱，沪指全天基本呈现震荡上扬的运行特征。创业板 市场周一冲高回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场低开高走、小幅震荡上涨，早盘股指低开 ...

Investment Rating - The report has downgraded the investment rating of the company to "Accumulate" [6] Core Views - The company reported a total revenue of 7.175 billion yuan for the first half of 2024, an increase of 6.87% year-on-year, while the net profit attributable to the parent company decreased by 2.47% to 596 million yuan [3] - The overseas market for yeast sales has shown significant growth, with revenue from overseas sales reaching 2.824 billion yuan, a year-on-year increase of 17.89%, accounting for 39.36% of total revenue [3] - The gross margin for the yeast business has improved to 26.26%, up 0.75 percentage points year-on-year, while the gross margin for the packaging business has decreased by 7.36 percentage points to 7.9% [3] - Domestic sales growth was limited to 0.89%, with revenue from domestic sales amounting to 4.315 billion yuan [3] Summary by Sections Financial Performance - The company achieved a total revenue of 71.75 billion yuan in the first half of 2024, with a second-quarter revenue of 36.92 billion yuan, reflecting an 11.31% increase [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.57 yuan, 1.80 yuan, and 2.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.34, 16.84, and 14.79 [6][7] - The net profit for 2024 is estimated at 1.362 billion yuan, with a growth rate of 7.24% [7] Market Dynamics - The overseas market continues to expand, with significant contributions from the Egyptian factory, which saw a 13.56% increase in sales to 536 million yuan [3] - The domestic market's yeast sales growth remains sluggish, with a second-quarter revenue of 2.211 billion yuan, a 6.66% increase year-on-year [3] Cost and Margin Analysis - The gross margin for the yeast segment has improved, while the packaging segment has faced challenges, leading to a decline in its gross margin [3] - Financial and sales expense ratios have increased, contributing to a decrease in the net profit margin to 9.88% [3]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 国内智算中心加速布局，DCU 全面 适配国产大模型 ——海光信息(688041)中报点评 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-16) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 76.84 | | 一年内最高/最低(元) | 88.00/49.66 | | 沪深 300 指数 | 3,345.63 | | 市净率(倍) | 9.30 | | 流通市值(亿元) | 1,786.02 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 8.27 | | 每股经营现金流(元) | -0.05 | | 毛利率(%) | 63.43 | | 净资产收益率_摊薄(%) | 4.44 | | 资产负债率(%) | 12.87 | | 总股本/流通股(万股) | 232,433.81/232,433.8 | | | 1 | 发布日期：2024 年 08 月 1 ...

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 -24% -20% -17% -13% -9% -6% -2% 1% 2023.08 2023.12 2024.04 2024.08 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 | 2,879.43 | 0.07 | | 深证成指 | 8,349.87 | -0.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,345.63 | 0.11 | | 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 | 3,188.79 | 0. ...

行业周观点 中原证券行业周观点 —2024 年第三十期：8 月 12 日-8 月 16 日 证券研究报告-行业周观点 发布日期：2024 年 8 月 18 日 分析师：牟国洪 登记编码：S0730513030002 分析师：顾敏豪 登记编码：S0730512100001 分析师：刘冉 登记编码：S0730516010001 分析师：唐月 登记编码：S0730512030001 分析师：李琳琳 登记编码：S0730511010010 分析师：张洋 登记编码：S0730516040002 分析师：唐俊男 登记编码：S0730519050003 分析师：乔琪 登记编码：S0730520090001 分析师：刘智 登记编码：S0730520110001 分析师：张蔓梓 登记编码：S0730522110001 分析师：陈拓 登记编码：S0730522100003 分析师：邹臣 登记编码：S0730523100001 分析师：李泽森 登记编码：S0730121070006 分析师：余典 登记编码：S0730524030001 分析师：龙羽洁 登记编码：S0730523120001 研究助理：石临源 登记编码：S07301 ...