Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company, Plater (688333), reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year growth of 34.68%, and a net profit of 88.19 million yuan, up 398.07% year-on-year [3]. - The growth is attributed to substantial increases in revenue from customized products, self-developed equipment, and raw materials, with specific revenue figures of 317 million yuan (36.99% growth), 227 million yuan (33.82% growth), and 47 million yuan (72.57% growth) respectively [3]. - The company is expanding its production capacity and market applications, particularly in the aerospace sector, with ongoing construction of multiple projects aimed at enhancing its manufacturing capabilities [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 45.95%, a decrease of 2.21 percentage points year-on-year, while the net profit margin increased by 10.89 percentage points to 14.92% [5]. - The company’s total R&D investment reached 108 million yuan, a 28.60% increase year-on-year, with ongoing projects focusing on new technologies [4][5]. Investment Recommendations and Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 314 million, 467 million, and 639 million yuan respectively, with corresponding price-to-earnings ratios of 35.64, 23.94, and 17.49 [6][9]. - The company is positioned as a leading player in the domestic metal additive manufacturing sector, particularly in the aerospace market, indicating strong growth potential [6]. Market Data - The current stock price is 42.02 yuan, with a market capitalization of approximately 11.42 billion yuan [7]. - The stock has experienced a significant decline of 53% over the past year [8].

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 银轮股份(002126)公司点评报告 2024 年 09 月 11 日 业绩如期兑现，北美整体转盈 国际化战略深化，加速第三曲线发展 ——银轮股份(002126)公司动态点评报告 [Table_Summary] 事件： 公司于 2024 年 9 月 6 日召开了 2024 年战略研讨会。在会议中，公司管理 层就海外业绩展望与第三曲线数字能源分领域业务进行了深入讨论。 公司上半年北美银轮已实现扭亏为盈，海外营收占比有望持续提升 在海外业务发展成效方面，公司通过十五年在海外投资与建厂方面的深厚 积累，目前已逐步进入业绩兑现期。在海外产能布置方面，公司目前已在美 国、墨西哥、瑞典、波兰等国分别建有研发分中心和生产基地，并通过在全 球范围内合理规划生产布局，以全球化供应能力满足客户的需求；在海外定 点获取方面，公司于 2023 年上半年陆续获得了包括奔驰、沃尔沃在内的全 球多家知名汽车集团与制造厂商的多个定点，产品涵盖冷却模块、空调箱、 IGBT 冷板、chiller、电池液冷板、冷凝器、前端模块、水空中冷器等多种 新能源车热管理部件。在海 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has achieved profitability in North America and is expected to continue increasing its overseas revenue share, which rose from 22.4% at the end of 2023 to 26.3% by mid-2024, with a target of over 40% by 2028 [1][2]. - The company is accelerating the development of its third curve business, focusing on strategic products and projects in digital and energy thermal management, with significant achievements in establishing partnerships with major clients [2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 132.69 billion, 158.77 billion, and 189.30 billion CNY, respectively, with corresponding net profits of 8.95 billion, 11.09 billion, and 13.64 billion CNY [3][4]. - The expected earnings per share for the same years are 1.11, 1.38, and 1.70 CNY, with price-to-earnings ratios of 14.86, 11.98, and 9.75 [3][4].

资料来源：Wind 2024 年 09 月 10 日 [Table_Title] 每日复盘 证券研究报告 20240910 市场复盘：市场小幅提升，成长风格回升明显 报告要点： 2024 年 9 月 10 日市场小幅提升，成长风格回升明显。上证指数上涨 0.28%，深证成指上涨 0.13%，创业板指上涨 0.06%。市场成交额 5294.14 亿元，较上一交易日增加 89.67 亿元。全市场 3323 只个股上涨，1764 只个 股下跌。 风格上看，各指数涨跌幅排序为：成长>金融>周期>0>稳定>消费；基 金非重仓股指数表现优于基金重仓股指数；成长股表现优于价值股。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：计算机 （2.24%），通信（1.75%），传媒（1.07%）；表现相对靠后的是：房地产 （-1.41%），消费者服务（-1.12%），建材（-1.07%）。概念板块方面，多数 概念板块上涨，射频及天线、光模块(CPO)、华为 HMS等大幅上涨；中药精 选、SPD、海南自贸港等板块走低。 资金筹码方面，主力资金 9 月 10 日净流出 51.23 亿元。其中超大单净 流出 14.67 亿元 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3][15]. Core Viewpoints - The iPhone 16 series, equipped with AI across all models, is expected to significantly boost sales, particularly compared to the iPhone 15 series, which only had the Pro Max model supporting AI [2][12]. - The report anticipates a production plan impact from the pre-order situation of the iPhone 16 series, which will be a key focus for the market in Q4 2024 and H1 2025 [2][12]. - The company is projected to achieve a net profit of 138 billion CNY in 2024 and 177 billion CNY in 2025, reflecting year-on-year growth of 26% and 29%, respectively [3][15]. Summary by Sections iPhone 16 Series Launch - The iPhone 16 series includes four models with starting prices of 5999 CNY for the base model and 9999 CNY for the Pro Max, with pre-orders starting on September 13 and sales beginning on September 20 [2][9]. - AI features will roll out in phases, with the U.S. receiving the first updates in October, followed by other regions including China in 2025 [2][9]. Sales Forecast - The report estimates that the iPhone 16 series could see sales of 255 million units in 2025, representing an 11.4% increase from 2024, driven by a 17% replacement rate from a base of 1.5 billion existing devices [2][12]. Financial Projections - The company is expected to generate revenues of 269 billion CNY in 2024 and 314 billion CNY in 2025, with corresponding net profits of 138 billion CNY and 177 billion CNY [3][20]. - Earnings per share (EPS) are projected to be 1.92 CNY in 2024 and 2.47 CNY in 2025 [3][20]. Market Positioning - The report highlights that the company is well-positioned within the Apple supply chain, particularly benefiting from the AI integration in new products [15][17]. - The company is also expected to see significant growth in its automotive and communication sectors, with a projected 50% growth in automotive revenue and 30% growth in communication revenue for 2024 [15][17].

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2024 年 09 月 10 日 [Table_Title] 半年度利润承压，《黑神话：悟空》提振游戏板块情绪 ——传媒互联网行业月报（2024.8.1-2024.8.31） [Table_Summary] 报告要点： 市场表现及半年报综述 月度涨跌情况（2024.8.1-2024.8.31，下同）：传媒行业（申万）下跌 1.65%，排名子行业第 3 名，同期沪深 300 跌 3.51%，上证指数跌 3.28%，创业板指跌 6.38%。半年业绩披露结束，2024H1，传媒板块 （除 ST）总体营收 2382.43 亿元，同比+2.21%；归母净利润 163.45 亿元，同比-30.80%，利润端同比承压。24Q2，传媒板块实现营业收 入 1159.84 亿元，同比+4.43%，归母净利润实现 78.49 亿元，同比28.55%。 重点板块跟踪 人工智能：OpenAI 向企业端开放 GPT-4o 定制功能，应用端迭代持 续推进。海外，OpenAI 开放 GPT-4o 定制功能，谷歌下调 Gemini 1.5 Flash 调 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a total revenue of 12.714 billion yuan for the first half of 2024, a year-on-year decrease of 10.08%, with a net profit attributable to shareholders of 280 million yuan, down 17.03% year-on-year [1]. - The revenue decline in the Shanghai region was less severe compared to other regions, indicating a strong competitive position in that area [1]. - The company is expected to achieve net profits of 483 million yuan, 543 million yuan, and 592 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 50.08%, 12.41%, and 9.11% [2]. Summary by Sections Financial Performance - In H1 2024, the company's revenue from liquid milk, other dairy products, and livestock products was 7.231 billion yuan, 4.092 billion yuan, and 600 million yuan, respectively, with year-on-year declines of 9.67%, 2.33%, and 42.99% [1]. - The net profit margin and gross margin for H1 2024 were 2.21% and 19.83%, respectively, showing slight declines compared to the previous year [2]. - The company’s revenue from Shanghai was 3.748 billion yuan, down 5.75% year-on-year, while revenue from other regions decreased by 19.87% [1]. Revenue Breakdown - In Q2 2024, the company achieved a total revenue of 6.297 billion yuan, a year-on-year decrease of 10.92%, with liquid milk revenue of 3.716 billion yuan, down 5.52% [1]. - The revenue from direct sales channels decreased by 14.93% in H1 2024, while revenue from distributor channels decreased by 8.32% [1]. Future Projections - The company is projected to have a revenue of 24.349 billion yuan in 2024, with a year-on-year decline of 8.06%, followed by a recovery in 2025 with a growth of 4.57% [3]. - The expected earnings per share for 2024, 2025, and 2026 are 0.35 yuan, 0.39 yuan, and 0.43 yuan, respectively [8].

[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 10 日 [Table_Title] 增长趋缓，盈利改善 [Table_Summary] 报告要点： 上半年营收、利润同比边际趋缓 2024 年上半年，SW 汽车行业整体法营业收入同比增长 7.16%,较 2023 年 全年整体 15.84%的增长水平显著下滑，且均弱于 2023 年上半年的 18.93%，但在近十年的半年报/年报中仍处于中间水平。归母净利润方面。 2024 年上半年同比增长 19.93%，弱于去年上半年的 26.61%和去年全年 的 47.75%，但仍然处于近 10 年相对高位，呈现出盈利增长好于营收增 长的较高质量发展态势。上市公司层面的数据与整体汽车制造业行业的 数据趋势基本一致，上半年国家统计局口径汽车制造业营收同比增长 5.1%，营业利润同比增长 10.5%。上市公司口径数据好于行业整体。1-7 月，国家统计局口径营收和营业利润同比增长分别为 3.8%和 6.5%，数据 进一步走弱。预期 8 月以后"以旧换新"政策有望提振总量数据表现。 盈利能力整体 ...

[Table_Invest] 推荐|维持 [Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 白酒行业深度报告 2024 年 09 月 10 日 [Table_Title] 洞察趋势，把握白酒双理性机遇 ——白酒行业深度报告 [Table_Summary] 报告要点： 只有洞察趋势，才能把握性价比消费时代机遇 过去，白酒价格主要是提价逻辑和消费升级逻辑，但现在，市场消费形势 发生变化，消费者当前对于性价比的需求跃升为核心需求，顺应这个变化， 白酒价格逻辑正在进化为消费与价格双理性逻辑。挤压式增长逻辑仍在、 市场空间仍大、消费粘性仍强，但能更好满足消费者圈层性价比、社交性 价比、饮用性价比的白酒企业，无疑将更加受益。 白酒进入消费与价格双理性时代，性价比权重提升 根据中国酒业协会发布的《2024 中国白酒市场中期研究报告》，2024 年 上半年，白酒市场经销商、零售商反馈市场动销最好的前三价格带分别为 300-500 元、100-300 元、100 元及以下产品，其中： 1）300-500 元次高端名酒产品价格亲民，跟 500-800 元产品相比具有性 价比优势，也是多个省份宴请的主流 ...

2024 年 09 月 09 日 [Table_Title] 宏观研究报告 证券研究报告 预期差的波折 本周关注： 商品卖不动了要降价，房子卖不动了也得降按揭成本，这是个非常朴素 的道理，下调房贷利率的客观基础的确在。我们认为存量房贷利率的下降对 消费的影响不大，更多是在银行净息差已经很低的情况下，把银行的不良率 控制在合适的水平。 对其他连锁反应，我们不必过多考虑。近些年房价的下跌带来了实体部 门财富效应的明显下降。在商品及资金价格不能大幅缩水的情况下，房价下 跌带来的结余资金，是很难腾挪出去消费的，更不会腾挪出去买房。 从 30 个大中城市住宅销售面积的高频数据来看，8 月同比下跌 24%，降 幅较前两个月明显扩大，这可能意味着，本轮地产销售的改善已经结束，现在 的地产陷入了一个新的平衡之中。 从 PMI 推算 8 月 PPI 同比约-2%，国内的信用梗阻正在成为商品的主要 矛盾，譬如此周的黑色系商品价格跌幅明显，玻璃、螺纹钢等多品种价格也续 创了 2021 年以来的新低，我们在 6 月中旬所提示的商品见顶正在逐步兑现。 虽然债券此刻的价值略显鸡肋，但往后看的话，我们还应注意 GDP 的运 行位置及社融的 ...