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-行业点评报告 强于大市(维持) 新材料相对沪深 300 指数表现 -60% -40% -20% 0% 20% 2021/8 2022/3 2022/10 2023/6 2024/1 2024/8 新材料指数 沪深300 资料来源：中原证券研究所，聚源 相关报告 《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 《新材料行业半年度策略：新材料是新质生产 力重要产业方向，重点关注下游新兴需求》 2024-07-07 《新材料行业月报：大基金三期成立，超硬制 品出口持续增长 》 2024-06-14 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 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 ——新材料行业点评报告 发布日期：2024 年 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信有色金属行业领涨 A 股窄幅波动 ——市场分析 相关报告 《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 《市场分析：通信军工行业领涨 A 股小幅上 扬》 2024-08-13 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 08 月 16 日 投资要点： ◼ A 股市场综述 周五（08 月 16 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2888 点附近遭遇阻力，午后股指震荡回落，盘中通信 设备、电子元件、消费电子以及有色金属等行业表现较好；证券、半导体 以及软件开发等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。 创业板市场周五震荡整固，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小幅震荡整理，早 ...

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% -40% -20% 0% 20% 2021-8 2022-3 2022-10 2023-6 2024-1 2024-8 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 《新材料行业半年度策略：新材料是新质生产 力重要产业方向，重点关注下游新兴需求》 2024-07-07 《新材料行业月报：大基金三期成立，超硬制 品出口持续增长 》 2024-06-14 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 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 ——新材料行业月报 发布日期：2024 年 08 ...

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% -40% -20% 0% 20% 2021-8 2022-3 2022-10 2023-6 2024-1 2024-8 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 《新材料行业半年度策略：新材料是新质生产 力重要产业方向，重点关注下游新兴需求》 2024-07-07 《新材料行业月报：大基金三期成立，超硬制 品出口持续增长 》 2024-06-14 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 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 ——新材料行业月报 发布日期：2024 年 08 ...

Market Overview - The A-share market experienced slight fluctuations on August 16, 2024, with the Shanghai Composite Index facing resistance around 2888 points during the day [1][2][5] - Key sectors that performed well included communication equipment, electronic components, consumer electronics, and non-ferrous metals, while sectors such as securities, semiconductors, and software development showed weaker performance [2][5] - The Shanghai Composite Index closed at 2879.43 points, up 0.07%, while the Shenzhen Component Index closed at 8349.87 points, down 0.24% [5][6] Future Market Outlook and Investment Recommendations - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 12.30 times and 26.40 times, respectively, which are below the median levels of the past three years, indicating a low valuation environment suitable for medium to long-term investments [2][10] - The total trading volume for both markets on August 16 was 594.2 billion yuan, which is below the median of the past three years [2][10] - The release of new policies is expected to enhance market maturity and boost long-term confidence, with macroeconomic stabilization anticipated as growth policies continue to be implemented [2][10] - Investors are advised to focus on short-term investment opportunities in communication equipment, electronic components, consumer electronics, and non-ferrous metals sectors [2][10]

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 中期高比例分红，关注新产品上线表现 ——吉比特(603444)中报点评 | --- | --- | --- | |----------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 增持 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][11]. Core Views - The company is experiencing strong revenue and profit growth, with a significant recovery in performance noted in Q2 2024. The gross margin has shown continuous improvement, reaching 36.53% in Q2 2024, up 6.85% year-on-year and 1.77% quarter-on-quarter [1][3]. - The automotive and AI server markets are accelerating, leading to rapid growth in various MOSFET products. The company is actively optimizing its product structure and expanding its market presence in emerging applications [1][3]. - The company has reported a robust performance in H1 2024, with revenue of 875 million yuan, a year-on-year increase of 15.16%, and a net profit of 218 million yuan, up 47.45% year-on-year [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 875 million yuan, with a net profit of 218 million yuan, and a non-recurring net profit of 214 million yuan, reflecting year-on-year increases of 15.16%, 47.45%, and 55.21% respectively [1]. - The second quarter of 2024 saw a revenue of 502 million yuan, a year-on-year increase of 30.40% and a quarter-on-quarter increase of 35.01% [1]. Product Performance - The SGT-MOSFET product line generated revenue of 360 million yuan in H1 2024, a year-on-year increase of 40.29%, with some products in a supply-demand imbalance [2]. - The Trench-MOSFET products achieved revenue of 255 million yuan, up 19.64% year-on-year, while SJ-MOSFET products generated 102 million yuan, an increase of 8.49% year-on-year [2]. - The IGBT product line reported revenue of 141 million yuan, a decrease of 22.64% year-on-year, but is expected to recover in H2 2024 [2]. Market Outlook - The company is well-positioned to benefit from the recovery in downstream demand, particularly in the automotive and AI server markets, with expectations for continued growth in SGT and Trench-MOSFET products [3]. - Revenue projections for the company are estimated at 1.878 billion yuan for 2024, 2.274 billion yuan for 2025, and 2.732 billion yuan for 2026, with corresponding net profits of 451 million yuan, 549 million yuan, and 668 million yuan respectively [3].

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][5][14]. Core Views - The company has shown significant growth in profitability, with a 204.73% year-on-year increase in net profit attributable to shareholders, driven by production capacity expansion and improved operational efficiency [1][3]. - The company is advancing two major investment projects, each valued at over 10 billion RMB, aimed at enhancing its integrated production capabilities in the paper industry [1][2]. - The company has successfully established stable relationships with international clients, contributing to a steady growth in export revenues [1][4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 46.04 billion RMB, representing a year-on-year growth of 22.23% [1][6]. - The net profit for the same period reached 5.50 billion RMB, with a significant increase of 204.73% compared to the previous year [1][6]. - The gross profit margin improved to 17.69%, up by 8.58 percentage points year-on-year, reflecting better cost management and product pricing strategies [3][4]. Production and Sales - The company reported a production volume of 55.47 million tons of paper in the first half of 2024, a 22% increase year-on-year, and a sales volume of 51.36 million tons of specialty paper, up 31.77% [1][2]. - The production of food-grade paper reached 4.76 million tons, with sales hitting 5.13 million tons, showing a substantial improvement in profitability since the initial launch of the project [2][3]. Market Position and Strategy - The company is expanding its market presence in Europe, Southeast Asia, and the Middle East, with export sales reaching 3.66 billion RMB in the first half of 2024 [1][4]. - The ongoing development of new products and technologies, along with optimized raw material procurement, is expected to further enhance the company's competitive edge in the specialty paper market [3][4]. Future Projections - The company is projected to achieve net profits of 10.42 billion RMB, 13.42 billion RMB, and 17.48 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 1.48 RMB, 1.90 RMB, and 2.48 RMB [5][6].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [2][7]. Core Views - The company, Shuanghui Development, experienced a decline in revenue and net profit in the first half of 2024, primarily due to decreased sales in packaged meat products and fresh pork, alongside low poultry prices. However, it continues its high dividend policy, proposing a cash dividend of 6.6 yuan per 10 shares, resulting in a payout ratio of 99.58% [5][6]. - The packaged meat segment faced market demand pressure, with sales revenue dropping by 9.64% year-on-year in the first half of 2024, while achieving a historical high in profit per ton due to effective cost control and product structure adjustments [5][6]. - The fresh products segment saw a significant profit decline, but there was a quarter-on-quarter improvement in Q2 2024, attributed to rising pork prices [6]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 27.593 billion yuan, a year-on-year decrease of 9.31%, and a net profit of 2.296 billion yuan, down 19.05%. The operating cash flow increased significantly by 916.92% to 3.578 billion yuan [5]. - For Q2 2024, revenue was 13.364 billion yuan, down 9.78%, with a net profit of 1.025 billion yuan, a decline of 24.02% [5]. Segment Analysis - **Packaged Meat Products**: Revenue was 12.373 billion yuan in H1 2024, down 9.64%, with a profit margin of 26.86%, up 3.95 percentage points year-on-year. The profit per ton reached approximately 4,719 yuan, an increase of 17% [5]. - **Fresh Products**: Revenue was 13.325 billion yuan, down 16.14%, with a profit margin of 1.89%, down 0.94 percentage points. The profit per ton decreased by 34.5% to about 407 yuan [6]. Future Outlook - The company has revised its profit forecasts for 2024-2026, expecting net profits of 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan respectively, with corresponding EPS of 1.57 yuan, 1.74 yuan, and 1.71 yuan [6][8].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -25% -22% -18% -15% -11% -7% -4% 0% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：Wind，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 | 2,877.36 | 0.94 | | 深证成指 | 8,370.12 | 0.71 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,341.95 | 0.99 | | 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 | 3,183.79 | 1.08 | | 中证 500 | ...