Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.3 CNY per share [5][14]. Core Insights - The company's actual performance exceeded forecasts, with Q2 revenue reaching a record high for a single quarter [4][5]. - The recovery in the industry, combined with the company's strong alpha, has driven significant revenue growth [5]. - The company has successfully captured market share despite a declining price trend in the NOR Flash and MCU sectors [7][9]. Financial Performance Summary - For H1 2024, the company reported revenue of 896 million CNY, a year-over-year increase of 91%, and a net profit of 136 million CNY, up 274% year-over-year [7]. - Q2 2024 revenue was 491 million CNY, reflecting an 86% year-over-year increase and a 21% quarter-over-quarter increase, with a net profit of 86 million CNY [8]. - The gross margin for Q2 2024 was 35%, up 16 percentage points year-over-year, while the net margin was 18%, up 35 percentage points year-over-year [8]. Revenue Composition - In H1 2023, storage revenue accounted for 90% of total revenue, while in H1 2024, it accounted for 81% [8]. - Storage revenue for H1 2024 was 724 million CNY, a 71% year-over-year increase, with a gross margin of 34.81% [8]. - The "storage+" segment, primarily consisting of MCUs, generated 172 million CNY in revenue for H1 2024, a 285% year-over-year increase [8]. Growth Drivers - The company is expanding its product offerings in large-capacity NOR Flash and MCUs, which are expected to drive future growth [9][10]. - The NOR Flash segment has seen significant advancements, with the company leading in low-power, high-cost performance products [9]. - The MCU segment has rapidly gained market share, with over 300 product models expected by mid-2024, indicating strong growth potential [10]. Profitability Outlook - The company anticipates a net profit of 273 million CNY for 2024, with projections of 390 million CNY and 507 million CNY for 2025 and 2026, respectively [10]. - The report estimates a PE ratio of 25 for 2024, decreasing to 13 by 2026, reflecting expected profitability improvements [10].

[Table_Industry] [Table_Title] 评级：增持（维持） 市场价格：14.06 元 153.08 分析师：曾彪 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：朱柏睿 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 603 465 751 1,042 1,364 增长率 YoY% 43% -23% 62% 39% 31% 净利润（百万元） 147 25 51 94 127 增长率 YoY% 36% -83% 106% 86% 35% 每股收益（元） 0.74 0.12 0.25 0.47 0.64 每股现金流量 0.25 0.03 0.49 1.01 1.40 净资产收益率 7% 1% 2% 4% 5% P/E 19 115 56 30 22 P/B 1.2 1.3 1.2 1.2 1.2 备注：股价取自 2024 年 9 月 6 日收盘价 [Table ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook on its future performance [2]. Core Viewpoints - The company, Daotong Technology, is positioned as a leader in automotive intelligent diagnostics and is expanding into the overseas charging pile market, which is expected to open a second growth curve [2][8]. - The automotive diagnostics industry is characterized by significant barriers to entry, with Daotong Technology emerging as a key player in the global automotive aftermarket intelligent diagnostics sector [2][8]. - The company has shown robust revenue growth, with a compound annual growth rate (CAGR) of 27.76% from 2016 to 2023, driven by the expansion of its ADAS and new energy charging pile products [14]. Summary by Relevant Sections Company Overview - Daotong Technology was established in 2004 and focuses on the research, production, and sales of automotive comprehensive diagnostic and testing systems. The company has developed a range of products including TPMS and ADAS, and has expanded into new energy charging solutions [8][10]. Performance - Revenue increased from 585 million to 3,251 million yuan from 2016 to 2023, with a year-on-year growth of 43.5% in 2023, primarily due to a 493% increase in charging pile business [14]. - The net profit for 2023 was 179 million yuan, reflecting a 75.66% increase compared to 2022 [14]. First Growth Curve: Automotive Intelligent Diagnostics - The company has a solid foundation in automotive diagnostics, with continuous product iterations and strong compatibility. Its products are designed to meet the trends of automotive intelligence, connectivity, and new energy [2][8]. - The global automotive diagnostic tools market is projected to reach 1,298.8 billion USD by 2031, indicating significant market potential [2][8]. Second Growth Curve: Overseas Charging Pile Market - The overseas charging pile market is expected to grow significantly, driven by the increasing demand for electric vehicles and supportive subsidy policies [2][8]. - Daotong Technology has positioned itself to become a leading player in the overseas charging pile market, leveraging its existing technology and distribution channels [2][8]. Financial Projections and Valuation - The report forecasts the company's net profit for 2024-2026 to be 550 million, 652 million, and 830 million yuan respectively, with corresponding P/E ratios of 19.4, 16.4, and 12.9 [2].

、 健康乡村建设助力渠道下沉，看好医药 Q3 修复 -医药生物行 业周报 医药生物 证券研究报告 /行业周 报 2024 年 9 月 9 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-------|----------------------------------|-------------|------------|------------------------|-----------|-----------|-------------|---------|-------------|-------------| | 评级：增持（ 维持 \n分析师：祝嘉琦 \n执业证书编号： S0740519040001 | ） | [Table_Finance] 重点公司基本状况 | \n股价 | 2023 | EPS \n2024E | \n2025E | 202 ...

、 白酒价盘趋稳，大众品表现分化 -周思考（第 36 周) 评级：增持（维持） 分析师：范劲松 执业证书编号：S0740517030001 电话：021-20315138 Email：fanjs@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@r.qlzq.com.cn Email：xiongxw@zts.com.cn 分析师：何长天 执业证书编号：S0740522030001 Email：hect@zts.com.cn 分析师：赵襄彭 执业证书编号：S0740524010001 E-mail：zhaoxp@ zts.com.cn | --- | --- | |---------------------------|-----------| | | | | [Table_Profit] 基本状况 | | | 上市公司数 | 123 | | 行业总市值(亿元 ) | 41,149.42 | | 行业流通市值(亿元 ) | 17,066.57 | ...

评级：增持(维持) 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn 上周行情：2024/9/2-2024/9/6，上证指数-2.69%，深证成指-2.61%，轻工制造指数 -2.57%，在 28 个申万行业中排名第 17；纺织服装指数-1.56%，在 28 个申万行业中 排名第 10。轻工制造指数细分行业涨跌幅分别为：包装印刷（-0.75%），文娱用品 （-2.58%），家居用品（-3.01%），造纸（-3.75%）。纺织服装指数细分行业涨跌 幅分别为：饰品（-0.91%），纺织制造（-0.51%），服装家纺（-2.42%）。 [基Ta本ble状_P况rofit] 轻工公司数（申万分类） 152 轻工行业总市值（亿元） 6,721 轻工行业流通市 ...

上半年业绩短期承压，期待组织&品牌变革后经营拐点 上海家化(600315.SH)/美护 证券研究报告/公司点评 2024 年 9 月 8 日 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------------------------------------|-----------------------------|--------|-------|-----------------------------------------|-----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 14.49 元/ 股 | [Table_Finance 公司盈利预测及估值 1] | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：郑澄怀 | 营业收入（百元） | | | | 7106.3 ...

马朗煤矿获批核准，煤炭板块增量可期 广汇能源（600256.SH）/石 油天然气行业 证券研究报告/公司点评 2024 年 9 月 7 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------------------------------|-------------------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 6.01 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：杜冲 | 营业收入（百万元） | 59,409 | 61,475 | 51,769 | 66,343 | 7 ...

Investment Rating - The report maintains a "Buy" rating for Shannon Core Creation (300475 SZ) with a target PE valuation of 29/22/20x for 2024/2025/2026 [1] Core Views - Shannon Core Creation's performance aligns with forecasts, with Q2 revenue and non-GAAP net profit hitting record highs [1] - The company is well-positioned in both advanced storage and computing power sectors, making it a rare investment opportunity [1] - Shannon Core Creation is the largest local agent for SK Hynix's cloud service storage in mainland China, with clients covering major cloud providers [1] - The company has entered the storage module business, opening up long-term growth potential [1] Financial Performance - 2024E revenue is projected at 19 483 million yuan, a 73% YoY increase [1] - 2024E net profit is forecasted at 388 million yuan, a 3% YoY growth [1] - 2024E EPS is estimated at 0 85 yuan per share [1] - ROE is expected to remain stable at 14% in 2024 [1] Business Highlights - 24H1 revenue reached 7 81 billion yuan, up 80% YoY [1] - 24Q2 revenue was 5 5 billion yuan, up 99% YoY and 909% QoQ [1] - The company has become an authorized distributor for AMD processors, representing cutting-edge computing power [1] - Shannon Core Creation has completed R&D and trial production of enterprise-level storage modules, with products already certified and adapted for major domestic server platforms [1] Industry Position - The company is mainland China's fifth-largest electronic component distributor [1] - It holds a unique position as the largest local agent for SK Hynix's cloud service storage [1] - Shannon Core Creation is deeply involved in the AI wave, with its internet and server clients being the largest demand side for AI hardware in mainland China [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Insights - The company reported a 9.0% year-on-year increase in main business revenue for the first half of 2024, reaching 6.838 billion HKD, with a net profit of 738 million HKD, up 16.0% year-on-year [1][2]. - The company's comprehensive gross profit margin improved from 16.0% in 2023 to 16.8% in 2024, attributed to strict cost control measures [1][2]. - The company added 2.12 million square meters of managed area in the first half of 2024, with a total managed area increasing to 42.3 million square meters [1][2]. Financial Performance Summary - **Revenue**: - 2022A: 11,334.7 million HKD - 2023A: 13,220.9 million HKD - 2024E: 15,008.9 million HKD - 2025E: 16,960.1 million HKD - 2026E: 18,825.7 million HKD - Year-on-year growth rates: 2023A: 16.6%, 2024E: 13.5%, 2025E: 13.0%, 2026E: 11.0% [1][4]. - **Net Profit**: - 2022A: 1,137.3 million HKD - 2023A: 1,342.5 million HKD - 2024E: 1,579.0 million HKD - 2025E: 1,835.2 million HKD - 2026E: 2,115.7 million HKD - Year-on-year growth rates: 2023A: 18.0%, 2024E: 17.6%, 2025E: 16.2%, 2026E: 15.3% [1][4]. - **Earnings Per Share (EPS)**: - 2022A: 0.35 HKD - 2023A: 0.41 HKD - 2024E: 0.48 HKD - 2025E: 0.56 HKD - 2026E: 0.64 HKD [1][4]. - **Return on Equity (ROE)**: - 2023A: 36.5% - 2024E: 32.2% - 2025E: 27.7% - 2026E: 24.6% [1][4]. Business Development - The company has seen a shift in its service structure, with an increase in the proportion of third-party and non-residential projects, enhancing its resilience in a challenging market [1][2]. - The non-residential value-added services revenue decreased to 9.11 billion HKD in the first half of 2024, accounting for 13.3% of total revenue, primarily due to adjustments in service offerings [1][2].