Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Views - The company has shown robust performance in the rapidly growing electric vehicle sector, with significant revenue growth in its core business of fuses and related components [1][2]. - The company's revenue for the first half of 2024 reached 594 million yuan, representing a year-on-year increase of 19.97%, while net profit attributable to shareholders was 65 million yuan, up 15% year-on-year [1]. - The electric fuse business has a wide range of applications, particularly in the electric vehicle, renewable energy, and communication markets, with strong market competitiveness and leading market share [1][2]. Financial Performance Summary - For the first half of 2024, the company's electric fuses and components generated revenue of 542 million yuan, a year-on-year increase of 14.10%, accounting for 91.27% of total sales [1]. - The electric vehicle segment alone achieved revenue of 365 million yuan, a year-on-year growth of 45.38%, with a sales share of 61.45% [1]. - The company expects continued growth in the energy storage sector, driven by collaborations with major players like CATL and BYD [1][2]. Earnings Forecast - The projected net profits for the company are 140 million yuan, 177 million yuan, and 218 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding fully diluted EPS of 2.11 yuan, 2.67 yuan, and 3.29 yuan [2][3]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 33.91, 26.83, and 21.80, respectively, indicating a favorable growth outlook [2][3]. Market Position and Competitive Advantage - The company has established early market presence in the electric vehicle and renewable energy sectors, enhancing its competitive edge through technological advancements and product iterations [1][2]. - The incentive fuses, which are gaining traction, offer higher unit value and margins compared to traditional fuses, presenting a new growth opportunity as production scales up [2].

分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 证券研究报告-行业月报 强于大市(维持) 新材料相对沪深 300 指数表现 -60% -50% -40% -30% -20% -10% 0% 10% 20% 2021-09 2022-05 2022-12 2023-07 2024-02 2024-09 新材料指数 沪深300 资料来源：Wind, 中原证券研究所 相关报告 《新材料行业点评报告：两部门对锑及超硬材 料实施出口管制，显现高端金刚石材料具有战 略属性》 2024-08-16 《新材料行业月报：两部门对锑和超硬材料实 施出口管制，7 月集成电路产量同比增长》 2024-08-16 《新材料行业月报：超硬制品出口景气，精细 化工创新发展方案发布》 2024-07-16 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 ⚫ 8 月新材料板块走势弱于沪深 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 权益自营逆市取得较好回报，整体业绩保持稳定 ——方正证券(601901)2024 年中报点评 发布日期：2024 年 09 月 18 日 证券研究报告-中报点评 增持(维持) | --- | --- | |-------------------------------|------------| | 市场数据 (2024-09-13) | | | 收盘价 ( 元 ) | 6.85 | | 一年内最高 / 最低 ( 元 ) | 10.05/6.29 | | 沪深 300 指数 | 3,159.25 | | 市净率 ( 倍 ) | 1.21 | | 总市值 ( 亿元 ) | 563.90 | | 流通市值 ( 亿元 ) | 563.90 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 5.68 | | 总资产 ( 亿元 ) | 2,249.29 | | 所有者权益 ( 亿元 ) | 467.86 | | 净资产收益率 (%) | 2.93 | ...

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 证券研究报告-晨会聚焦 发布日期：2024 年 09 月 19 日 -22% -19% -15% -12% -9% -5% -2% 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 | 2,717.28 | 0.49 | | 深证成指 | 7,992.25 | 0.11 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,171.01 | 0.37 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融地产行业领涨 A 股先抑后扬 相关报告 《市场分析：金融地产行业领涨 A 股小幅整 理》 2024-09-13 《市场分析：银行软件行业领涨 A 股小幅整 理》 2024-09-12 《市场分析：新能源产业链领涨 A 股震荡整 固》 2024-09-11 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 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 09 月 18 日 投资要点： ◼ A 股市场综述 周三（09 月 18 日）A 股市场先抑后扬、小幅震荡上涨，早盘股指高开后震 荡上行，沪指盘中在 2714 点附近遭遇阻力，午后股指震荡回落，尾盘股指 企稳回升，盘中多元金融、煤炭、房地产以及电子化学品等行业表现较好； 酿酒、消费电子、半导体以及电子元件等行业表现较弱，沪指全天基本呈 现震先抑后扬的运行特征。创业板市场周三震荡整理，成指全天表现弱于 主板市场。 ◼ 后市研判及投资建议 周三 A 股市场先 ...

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [1]. Core Views - The company experienced short-term performance fluctuations but is expected to maintain a leading position in the glass tempering equipment sector in the long term [1][2]. - The company is the only publicly listed entity in China primarily engaged in glass tempering equipment, holding a global market share of 10.66% in 2022 [1][2]. - The company plans to issue non-public shares to expand production capacity, which is expected to alleviate capacity bottlenecks and enhance market share [2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 807.91 million yuan, a year-on-year decline of 8.10%, and a net profit attributable to shareholders of 70.68 million yuan, down 11.63% year-on-year [1]. - The glass tempering equipment segment achieved revenue of 412 million yuan, a year-on-year increase of 2.17%, while the deep processing glass segment saw revenue decline to 323 million yuan, down 7.24% year-on-year [1][2]. Market Position and Strategy - The company is actively expanding its international market presence, with export revenue increasing by 24.58% year-on-year, particularly through projects like the Saudi Future City [2]. - The company’s deep processing glass products are positioned in the high-end market, emphasizing differentiation and innovation [2]. Future Projections - The report forecasts net profits for the company to be 91 million yuan, 103 million yuan, and 161 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.10 yuan, 0.11 yuan, and 0.17 yuan [2][3]. - The company is expected to enhance its production capacity significantly through its planned fundraising projects, which will add 200 units of glass tempering equipment and 10,000 units of energy-saving fan equipment [2].

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 -22% -19% -15% -12% -9% -5% -2% 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 | 2,704.09 | -0.48 | | 深证成指 | 7,983.55 | -0.88 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,159.25 | -0.42 | | 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 | 3,043.92 | -0.34 | | ...

行业周观点 中原证券行业周观点 —2024 年第三十四期：9 月 9 日-9 月 13 日 | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 分析师：牟国洪 | 发布日期： 2024 年 9 月 15 日 摘要： | | 登记编码： S0730513030002 | ⚫ 锂电池 | | 分析师：顾敏豪 | 本期锂电池指数下跌 2.02% ，板块跑赢沪深 300 指数。结合行业景气度、产业链价格 | | 登记编码： S0730512100001 | 及板块走势，短期建议适度关注板块投资机会。 | | 分析师：刘冉 | | | 登记编码： S0730516010001 | ⚫ 新材料 | | 分析师：唐月 | 本期新材料 ...

投资要点： 相关报告 《 周 度 策 略 ： 一 周 要 闻 参 考 ⚫ 【CPI 继续回升，PPI 有所回落】2024 年 8 月我国 CPI 同比增 长 0.6%，预期值为 0.7%，前值为 0.5%；CPI 环比增长 0.4%， 前值为 0.5%。从分项数据来看，鲜菜、鲜果、蛋类分项分别环 比增长 18.1%、3.8%和 2.8%，主要原因为部分地区高温、强降 雨导致供给端偏紧；猪肉分项环比增长 7.3%，主要原因为供给 端偏紧及看涨预期偏强，较前值 2.0%大幅增长。8 月 PPI 同比增 长-1.8%，预期值为-1.4%，前值为-0.8%；PPI 环比增长-0.7%， 前值为-0.2%。从分项数据来看，上游煤炭、石油和天然气、黑 色金属采选环比分别增长-1.2%、-4.3%、-2.0%，为采矿分项主 要拖累项，主要原因为需求偏弱。中游原材料价格大多环比走弱， 黑色金属加工、化学原料制造、有色金属加工、非金属矿制品、 石油及煤炭、金属制品、橡胶和塑料制品分项环比分别为-2.0%、 -0.9%、-0.2、-0.3%、-0.7%、-4.4%、-2.3%，主要原因为地产 产业链依旧偏弱。中下游制造类分项大多 ...

分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 o1 模型的发展值得期待 计算机 ——计算机行业月报 | --- | --- | --- | |---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...