[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 09 月 18 日 [Table_Title] 多地发布政策方案，销量持续修复 [Table_Summary] 报告要点： 多省市发布汽车以旧换新补贴政策 本月多省市汽车加力"以旧换新"政策实施方案出台，推动汽车消费向 上。6 日，《江苏省推动超长期特别国债资金支持消费品以旧换新的实施 方案》发布，明确了多个支持领域及方式，包括老旧营运货车报废更新、 农机报废更新、新能源公交车及动力电池更新、汽车报废更新、个人消 费者乘用车置换更新、家电产品以旧换新等；7 日，贵州省 2024 年加力 支持消费品以旧换新工作启动仪式在贵阳举行，对符合条件的"以旧换 新"汽车按国家部委指导政策加倍补贴，并对前序政策差额进行补足。9 日，上海市发展改革委等多部门发布《关于贯彻促进消费品以旧换新决 策部署进一步支持本市新能源汽车以旧换新有关工作的通知》，政策规 定自通知印发之日起至 2024 年 12 月 31 日，对于符合相关规定的个人用 户可以申领新能源汽车专用牌照。9 日，《安徽省汽车报废更新补贴实施 ...

宏观研究报告 [Table_Title] 证券研究报告 如何看经济趋势与资产配置 报告要点： CPI 上升的原因是鲜菜鲜果，原因应该和今年的涝害有关，农产品历来 怕涝不怕旱，今年 7 月 21 日至 8 月 10 日，我国共有 85 个国家级气象观测 站累计降雨量打破历史纪录，这对农作物供应压力不言而喻，但好在这个压 力是季节性的，影响不会长期化。 生猪从今年 3 月开始进入补栏状态，这对当前生猪价格存在压力，猪肉 价格在今年 7 月见顶后，可能会进入到一个降价阶段。当然，近期市场普遍 都在讲述肉类消费降级的故事（消费者减少偏贵的牛羊肉消费，以猪肉消费 替代），但一旦这个消费转移推动了生猪集中补栏，那这个供给的变化会成为 更决定性的因子。 涨价更多是暂时性的，降价则是周期性的，在流动性梗阻的状态下，PPI 的回落看起来更具持续性，从这些迹象看，通缩是更值得我们戒备的状态。 金融数据依然在验证流动性梗阻这个问题的持续性，问题的核心是，现 在的资产价格下行在严重拖累居民和企业的资产负债表，大多部门的资产负 债率在被动上升，如果这个预期存在显著惯性，那降负债将成为大家的不二 选择。 地产的确出现了些许亮点，比如单月 ...

电信服务行业周报 2024 年 9 月 16 日 [Table_Main] 行业研究|电信服务 证券研究报告 [Table_Title] OpenAI o1 发布，推理能力大幅增强 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.9.9-2024.9.13）上证综指回调 2.23%，深证成 指回调 1.81%，创业板指回调 0.19%。本周申万通信上涨 2.11%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2024.9.9-2024.9.13）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 6.38%，通信工程及服务回 调幅度最高，跌幅为 3.27%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.9.9-2024.9.13）涨幅板块分析方面，大富科 技（37.31%）、鼎信通讯（21.45%）、中际旭创（16.62%）涨幅 分列前三。 OpenAI o1 模型登场：开启 AI 通用复杂推理新篇章，模拟人类 思考、处理问题 ...

电信服务行业周报 2024 年 9 月 16 日 [Table_Main] 行业研究|电信服务 证券研究报告 [Table_Title] OpenAI o1 发布，推理能力大幅增强 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.9.9-2024.9.13）上证综指回调 2.23%，深证成 指回调 1.81%，创业板指回调 0.19%。本周申万通信上涨 2.11%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2024.9.9-2024.9.13）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 6.38%，通信工程及服务回 调幅度最高，跌幅为 3.27%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.9.9-2024.9.13）涨幅板块分析方面，大富科 技（37.31%）、鼎信通讯（21.45%）、中际旭创（16.62%）涨幅 分列前三。 OpenAI o1 模型登场：开启 AI 通用复杂推理新篇章，模拟人类 思考、处理问题 ...

Global ESG Disclosure Frameworks - 96% of exchanges reference the Global Reporting Initiative (GRI) standards when compiling ESG disclosure guidelines[8] - 78% of Fortune 250 companies use GRI standards for ESG disclosures[10] - Approximately 3/4 of Fortune 250 companies in the U.S. use SASB standards[11] - 4,900 organizations from 103 regions have adopted TCFD's framework for climate-related disclosures[12] - Companies representing about 2/3 of global market capitalization disclose climate change, forest, and water security data through CDP[13] EU ESG Policy - The EU's Corporate Sustainability Reporting Directive (CSRD) expands the scope of mandatory disclosure from 11,700 to approximately 50,000 companies[15] - CSRD introduces 12 sets of European Sustainability Reporting Standards (ESRS) covering general requirements, environment, social, and governance[15] U.S. ESG Policy - California's SB 253 and SB 261 laws will affect approximately 5,300 and 10,000 companies, respectively, with penalties up to $500,000 and $50,000 for non-compliance[19] - Only 40% of U.S. companies disclose Scope 1+2 greenhouse gas emissions, compared to 70% of non-U.S. companies[21] China ESG Policy Development - China's ESG policy development can be divided into three stages: initial (2002-2016), exploratory (2016-2020), and deepening (2020-present)[23] - The 2024 Sustainability Report Guidelines require 457 companies to disclose ESG information, with full implementation by 2026[28] - China's ESG policies currently focus more on environmental (E) disclosures, with social (S) and governance (G) aspects needing further development[29]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 26 CNY per share, based on a 6-month outlook [2][8]. Core Views - The company is expected to benefit from Tesla's accelerated commercialization of autonomous driving and the development of its Dojo supercomputing capabilities, which will enhance the company's revenue elasticity [2][8]. - The company is expanding its production capacity to meet customer demand, with a total planned capacity of 700,000 square meters upon completion of its expansion projects [2][28]. - The acquisition by a state-owned enterprise is anticipated to facilitate the company's market expansion and enhance its competitive position in the domestic market [2][31]. Summary by Sections Overall View - The company is projected to achieve a neutral target price of 26 CNY per share over the next six months, with an upside target of 33 CNY per share, based on a 20x valuation for 2025 [8][14]. Core Logic Changes - The PCB industry is expected to recover in 2024, driven by the automotive and server sectors, which are projected to increase their market share [17][20]. - The demand for PCB products is anticipated to rise due to the increasing penetration of electric vehicles and advancements in autonomous driving technologies [20][21]. Company Overview - The company has been a leader in the PCB industry for nearly 40 years, producing a wide range of products including double-sided boards, multi-layer boards, and HDI boards [32][35]. - The company has established a strong presence in the automotive electronics sector, with significant sales to major clients such as Tesla and other electric vehicle manufacturers [35]. Performance Breakdown and Valuation - The company is expected to achieve a revenue growth rate of over 20% in 2024, supported by the successful rollout of its production capacity and product structure optimization [5][14]. - The projected earnings per share (EPS) for 2024 is estimated at 0.99 CNY, with a price-to-earnings (P/E) ratio of 21 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company achieved significant growth in its revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year increase of 34.68%, and net profit attributable to shareholders amounting to 88.19 million yuan, a remarkable growth of 398.07% [3]. - The company is positioned as the largest metal additive manufacturing industrial base in China, with substantial advancements in SLM, SLS, BJ, and EBM technologies, expanding its market presence in civilian large-scale production [3][4]. - The company has made high investments in R&D, totaling 108 million yuan in the first half of 2024, reflecting a 28.60% increase year-on-year, which strengthens its technological moat [4]. Summary by Sections Financial Performance - The company reported a significant increase in revenue across its three main business segments: customized 3D printing products and technical services generated 317 million yuan (up 36.99%), self-developed 3D printing equipment and accessories brought in 227 million yuan (up 33.82%), and 3D printing raw materials achieved 47 million yuan (up 72.57%) [3]. - The company's expense ratio decreased to 35.53%, down 10.23 percentage points year-on-year, with net profit margin increasing to 14.92%, up 10.89 percentage points [5]. Investment Recommendations and Profit Forecast - The additive manufacturing industry is in a high-growth phase, and the company is expected to maintain a high market share in the domestic aerospace additive manufacturing sector. The forecasted net profits for 2024-2026 are 314 million, 467 million, and 639 million yuan, respectively, with corresponding PE ratios of 35.64, 23.94, and 17.49 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.30 yuan [4] Core Views - The company achieved revenue of 2.547 billion yuan in the first half of 2024, a year-on-year increase of 5.58%, and net profit attributable to the parent company of 604 million yuan, a year-on-year increase of 9.47% [1] - The aviation new materials business contributed 2.518 billion yuan in revenue, a year-on-year increase of 6.12%, driven by increased deliveries of prepreg and carbon brake products [1] - The company's gross margin and net margin improved to 37.25% and 23.98% respectively in the first half of 2024, reflecting enhanced profitability [3] Business Performance - The aviation advanced manufacturing technology industrialization business experienced a 37.6% decline in revenue to 15.7349 million yuan, mainly due to decreased sales of ordinary machine tools and special equipment [1] - The aviation industrial composite materials subsidiary achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.82%, and net profit of 618 million yuan, a year-on-year increase of 6.04% [2] - Youcai Baimu, a subsidiary, saw a significant increase in revenue and net profit, with revenue reaching 117 million yuan, a year-on-year increase of 105.68%, and net profit of 14.5038 million yuan, a year-on-year increase of 17.9438 million yuan [2] Financial Metrics - The company's period expense ratio decreased to 8.56% in the first half of 2024, down by 1.48 percentage points year-on-year, with reductions in management, financial, and R&D expense ratios [3] - The company's ROE improved to 16.70% in 2024E, with a projected increase to 18.15% by 2026E [7] - The company's P/E ratio is expected to decrease from 21.78 in 2024E to 15.03 in 2026E, indicating potential undervaluation [7] Future Outlook - The company is constructing a new advanced prepreg production line, which is expected to significantly increase prepreg production capacity upon completion [4] - The company's revenue is projected to grow from 52.1374 billion yuan in 2024E to 73.7019 billion yuan in 2026E, with net profit attributable to the parent company expected to increase from 1.18811 billion yuan in 2024E to 1.72188 billion yuan in 2026E [7] - The company's EPS is forecasted to rise from 0.85 yuan in 2024E to 1.24 yuan in 2026E, reflecting strong growth potential [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 1.622 billion yuan for the first half of 2024, representing a year-on-year growth of 10.47%. The net profit attributable to shareholders was 172 million yuan, with a slight increase of 2.62% [2]. - The growth was primarily driven by the refrigerator and small home appliance segments, while the medical and sports health sectors negatively impacted performance [2]. - The gross margin slightly decreased to 28.91%, and the net profit margin was 10.59%, reflecting a decline of 1.80 and 0.81 percentage points year-on-year, respectively [2]. - The company has successfully launched multiple new products and is expanding its production capacity, with a projected 60% increase by the end of 2024 [2]. - The long-term outlook remains positive, with projected revenues of 3.535 billion yuan, 4.208 billion yuan, and 4.837 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - For H1 2024, the company achieved a revenue of 1.622 billion yuan, with a net profit of 172 million yuan [2]. - The revenue breakdown by segment shows significant growth in refrigerator and small appliance motors, with respective year-on-year increases of 39.79% and 35.07% [2]. - The company’s R&D expense ratio was stable at 4.67%, with a slight decrease of 0.39 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders is 351 million yuan, 431 million yuan, and 504 million yuan for 2024, 2025, and 2026, respectively [3].

Investment Rating - The report maintains a rating of "Accumulate" for Yindu Co., Ltd. [4] Core Views - Yindu Co., Ltd. has entered an upward profit channel, with ongoing global expansion efforts [3] - The company reported a revenue of 1.367 billion yuan for the first half of 2024, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million yuan, up 28.80% year-on-year [4] - The decline in shipping costs has improved profitability, with gross margin and net profit margin increasing by 5.79 percentage points and 5.16 percentage points, respectively [4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenues of 631 million yuan in Q1 and 735 million yuan in Q2, representing year-on-year growth of 5.60% and 0.18%, respectively [4] - The revenue from commercial catering refrigeration equipment, Western kitchen equipment, and self-service equipment for H1 2024 was 1.014 billion yuan, 215 million yuan, and 72 million yuan, with year-on-year changes of 3.5%, -10.1%, and -10.2% [4] - The overseas revenue was 1.291 billion yuan, up 6.49% year-on-year, while domestic revenue was 740 million yuan, down 37.99% year-on-year [4] Profitability - The gross margin and net profit margin for H1 2024 were 46.51% and 25.36%, respectively, benefiting from lower shipping costs [4] - The company's R&D expense ratio was 1.85%, a decrease of 0.19 percentage points year-on-year due to fewer direct investments in R&D for new products [4] Product Development and Global Expansion - The company received the 2024 Kitchen Technology Innovation Award for its "French Fry Automatic Box Packing Machine," attracting more cooperation from U.S. chain customers [4] - The company is advancing its "85 Country Plan" with the completion of its own overseas warehouse in the UK and ongoing construction in France [4] Investment Recommendations and Profit Forecast - The report forecasts revenues of 2.995 billion yuan, 3.345 billion yuan, and 3.714 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 658 million yuan, 753 million yuan, and 855 million yuan [4] - The expected EPS for 2024, 2025, and 2026 is 1.55 yuan, 1.77 yuan, and 2.01 yuan, corresponding to P/E ratios of 15.76, 13.78, and 12.13 [4]