业绩平稳增长，种植牙增速亮眼 通策医疗(600763)/医疗服务 证券研究报告/公司点评 2024 年 09 月 17 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a rating of "Overweight" for the industry [1] Core Views - The overall market has experienced a pullback, but there is optimism regarding the dual themes of AI and domestic production [1] - The report highlights the importance of AI as a key investment theme for 2024, with a focus on companies benefiting from the AI industry chain [7] Summary by Sections Market Review - The electronic index decreased by 2.35%, indicating an overall market pullback [12] - The A-share semiconductor index saw a decline of 5.1% [19] Industry News - Apple launched the iPhone 16 series, with expected global shipments of 73 million units in 2024, marking a significant increase from previous models [22] - Huawei introduced the Mate XT, the world's first three-fold screen smartphone, with prices ranging from 19,999 to 23,999 yuan [24] - OpenAI released the new o1 model series, significantly improving performance in reasoning tasks compared to previous models [25] Sector Tracking - The report emphasizes the focus on AI beneficiary sectors and domestic production themes, identifying key companies in various segments: - AI+: Luxshare Precision, Pegatron, GoerTek, and others [7] - Semiconductors: Zhaoyi Innovation, North Huachuang, and others [7] - The storage sector experienced a decline of 2.8%, with notable drops in companies like Zhongdian Port and East Core [27] - The logic IC sector showed a slight increase of 0.3%, with companies like Cambricon and Haiguang Information performing well [27] - The report suggests that the AI-enabled consumer electronics sector is expected to see growth due to new product launches and market demand [27] Important Announcements - Luxshare Precision announced plans to acquire Leoni AG, with a total consideration of approximately 2.05 billion euros for a 50.1% stake [5] - GoerTek plans to spin off its subsidiary Goer Micro for a separate listing on the Hong Kong Stock Exchange [6]

[Table_Industry] 证券研究报告/月度报告 2024 年 9 月 15 日 等待增量政策 ——2024 年 8 月经济数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月，中国规模以上工业增加值当月同比 4.5%，预期 4.7%，前值 5. 1%；社会消费品零售总额当月同比 2.1%，预期 2.7%，前值 2.7%；固定资产 投资累计同比 3.4%，预期 3.5%，前值 3.6%。 ◼ 生产端，工业增加值 8 月同比较上月回落 0.6 个百分点至 4.5%。工业生产边 际走弱，除极端天气和高基数的影响外，可能也和高库存但内需偏弱的情况 下，企业主动减产有关。三大行业中，采矿业增加值同比下滑 0.9 个百分点 至 3.7%；8 月制造业增加值同比回落 1.0 个百分点至 4.3%，出口依赖度较高 的子行业生产相对较强；8 月公用事业的增加值同比回升 2.8 个百分点至 6. 8%，主要受高温天气和低基数的支撑。 ◼ 消费端，8 月社会消费品零售总额 38726 亿元 ...

[Table_Industry] 证券研究报告/月度报告 2024 年 9 月 15 日 政府债券支撑社融，关注增量稳增长政策 ——2024 年 8 月金融数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月新增社融约 3.03 万亿元，高于市场预期的 2.70 万亿元，同比少 增约 979 亿元，存量社融同比小幅回落 0.1 个百分点至 8.1%。8 月新增人民 币贷款 9000 亿元，高于市场预期的 8850 亿元，同比少增 4600 亿元。8 月份 货币供应量 M1、M2 同比分别为-7.3%和 6.3%，其中 M1 同比较前值回落 0.7 个百分点，M2 同比和前值持平。 ◼ 社融主要分项中，8 月社融口径人民币贷款新增规模为 10441 亿元，低于近 5 年同期均值（13343 亿元），实体有效需求不足情况依然延续。 ◼ 表外融资方面，8 月新增信托贷款 484 亿，同比多增 705 亿元，是对表外信 贷的主要贡献项。可能原因是在低息的融资渠道收紧后，部分房企转向了高 ...

、 拜登政府打出"中国牌" ——海外经济与政策周报 证券研究报告/宏观经济周刊 2024 年 09 月 15 日 | --- | --- | |--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Title] 分析师：杨畅 | [ 投资要点 Table_Summary ] | | 执业证书编号： S07405190 ...

、 补库需求释放，煤价稳中探涨 煤炭 证券研究报告/行业周报 2024 年 9 月 15 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|----------------------------------|--------------------------------------------------------|-------------|----------------------------------|------------------|-------------|-----------|--------------------|----------------------|---------------------------------------------------------------------------------------- ...

员工持股计划锁定更高营收目标，有望助推公司经营业绩释放 华夏航空（002928.SZ）/航空 证券研究报告/公司点评 2024 年 9 月 15 日 | --- | |--------------------| | | | | | | | 评级：买入（维持） | | | | 元 | | | | S0740522040001 | | | Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 Email：lidy@zts.com.cn | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|--------------------|-------|-------|-------|-------| | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,643 | 5,151 | 7,790 | 9,095 ...

交运/航空机场 证券研究报告/行业周报 2024 年 09 月 14 日 Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 电话： Email：lidy@zts.com.cn | --- | --- | |----------------|----------------| | | | | 执业证书编号： | S0740522040001 | | 电话： | | | --- | --- | |-----------------------|---------| | | | | 上市公司数 | 13 | | 行业总市值 (百万元) | 566,937 | | 行业流通市值(百万元 ) | 443,112 | [Table_QuotePic] 行业-市场走势对比 1,500.00 1,550.00 1,600.00 1,650.00 1,700.00 1,750.00 1,800.00 1,850.00 1,900.00 23-0923-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-08 航空机场指数 ...

行业名称 银行 证券研究报告/行业点评报告 2024 年 09 月 14 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------------------------------|---------------|-----------|----------------|---------|---------------------|-------|------------|-------|-----------|-------|-------| | [Table_Main] 评级：增持（ 维持 ） \n分析师 戴志锋 \n执业证书编号： S0740517030004 | [Table_Finance] 重点公司基本状况 \n简称 | \n股价 \n(元) | \n2023A | EPS \ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company reported a revenue of 1.41 billion yuan for H1 2024, representing a year-on-year increase of 4.0%. However, the net profit attributable to the parent company decreased by 24.6% to 160 million yuan [2][4]. - The operational performance is stable, with revenue and total profit showing positive growth, although net profit was impacted by increased tax expenses due to policy changes [4][5]. - The company has a solid foundation in educational materials, with its publishing business generating 520 million yuan in revenue and a gross margin of 42.3% in H1 2024 [4][5]. - The company is actively innovating in new educational formats, including AI and VR applications, enhancing its digital product offerings [4][5]. - Cost control measures have led to a decrease in overall expense ratios, with sales, management, and R&D expense ratios showing slight variations [4][5]. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.969 billion yuan, 3.281 billion yuan, and 3.634 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.29%, 10.50%, and 10.76% [1][6]. - The net profit attributable to the parent company is projected to be 326 million yuan, 376 million yuan, and 423 million yuan for the same years, with a notable decline of 20.09% in 2024 followed by recoveries in subsequent years [1][6]. - The current market valuation corresponds to P/E ratios of 13.1x, 11.3x, and 10.1x for the years 2024, 2025, and 2026, respectively [1][6].