海澜之家（600398.SH）/纺 织服饰 证券研究报告/公司点评 2024 年 8 月 21 日 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn [Table_Profit] 基本状况 总股本(亿股) 48.03 流通股本(亿股) 48.03 市价(元) 5.80 市值(亿元) 278.6 流通市值(亿元) 278.6 [Table_QuotePic] 公司持有该股票比例 股价与行业-市场走势图 [Table_Title] 评级：买入（维持） 市场价格：5.80（元） 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 相关报告 H1 线上增长靓丽，静待消费回暖经营改善 [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------|--------| | 指标 | 2022A | 2023A | 2024E | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 15.24% year-on-year in H1 2024, achieving a total revenue of 7.527 billion yuan [3] - The net profit attributable to the parent company reached 314 million yuan, reflecting an 11.89% increase year-on-year [3] - The company is a leader in the domestic lead-acid battery industry, with a steady increase in market share and a growing lithium battery business [4] Financial Summary - Revenue projections for 2024-2026 are adjusted to 16.342 billion yuan, 18.324 billion yuan, and 20.800 billion yuan respectively [4] - Net profit forecasts for the same period are 746 million yuan, 922 million yuan, and 1.070 billion yuan respectively [4] - The company's current market capitalization is 8.306 billion yuan, with corresponding P/E ratios of 11.13X, 9.01X, and 7.76X for 2024-2026 [4] Revenue Breakdown - In H1 2024, lead-acid battery revenue was 6.001 billion yuan, up 20.54% year-on-year, while lithium battery revenue surged to 119 million yuan, a 137.38% increase [3] - The company sold 19.01 million KVAH of lead-acid batteries, marking a 17.10% increase in sales volume [3] Profitability Metrics - The overall gross margin for H1 2024 was 15.78%, an increase of 1.17 percentage points year-on-year [3] - The company has successfully reduced losses in its lithium battery segment, with the gross margin improving from -7.91% in 2023 to -0.11% in H1 2024 [3] Market Position - The company maintains a leading position in the low-voltage lead-acid battery market, with a domestic production capacity of 35 million KVAH per year and an international capacity of 5 million KVAH [3] - The company has established partnerships with over 2,000 distributors and 110,000 retail outlets domestically, while also expanding its overseas market presence [3]

[Table_Title] 评级：无 发行价格：10.00 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 投资要点 [Table_Profit] 基本状况 总股本(百万股) 62 流通股本(百万股) 24 市价(元) 10.00 市值(百万元) 624 流通市值(百万元) 243 成电光信（920008.BJ）/军工电 子 证券研究报告/新股研究报告 2024 年 8 月 21 日 军品稀缺标的，特种显示与网络总线两翼齐飞 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn ◼ 公司深耕军工领域，业绩进入高增长阶段 成电光信是军用网络总线和特种显示国家级专精特新"小巨人"。公司创立于 201 1 年，主要从事网络总线产品和特种显示产品的研发、生产及销售，多种产品与 技术填补了国内外细分行业空白。下游核心客户包含中航工业、中国船舶、中国 电科等国内大型国有企业，核心产品主要应用于军用飞机与飞行模拟系统。 公司业务壁垒高企，业绩进入高增长阶段。公司收入连续三年实现高增，过去三 年分别同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [5]. Core Insights - The company reported strong growth momentum in H1 2024, with revenue reaching 11.692 billion yuan, a year-on-year increase of 34.02%, and net profit attributable to shareholders of 838 million yuan, up 38.11% year-on-year [3]. - The company is experiencing a robust order intake across its smart cockpit and smart driving segments, which is expected to drive revenue growth [2]. - The financial forecasts for net profit from 2024 to 2026 have been adjusted to 21.07 billion yuan, 28.17 billion yuan, and 36.17 billion yuan, reflecting year-on-year growth rates of 36%, 34%, and 28% respectively [2]. Financial Performance Summary - **Revenue and Profitability**: - Revenue for 2022 was 14.933 billion yuan, projected to grow to 47.976 billion yuan by 2026, with a compound annual growth rate (CAGR) of 26% [2]. - Net profit for 2022 was 1.184 billion yuan, expected to reach 3.617 billion yuan by 2026, with a CAGR of 28% [2]. - **Earnings Per Share (EPS)**: - EPS was 2.13 yuan in 2022, projected to increase to 6.52 yuan by 2026 [2]. - **Valuation Ratios**: - The Price-to-Earnings (P/E) ratio is expected to decrease from 41.5 in 2022 to 13.6 by 2026, indicating improving valuation as earnings grow [2]. - The Price-to-Book (P/B) ratio is projected to decline from 7.6 in 2022 to 3.1 by 2026 [2]. Segment Performance - **Smart Cockpit**: - Revenue from smart cockpit products was 7.965 billion yuan in H1 2024, a year-on-year increase of 27.43%, accounting for 68.12% of total revenue [3]. - The gross margin for this segment slightly decreased to 19.60% [3]. - **Smart Driving**: - Revenue from smart driving products reached 2.667 billion yuan in H1 2024, up 45.05% year-on-year, representing 22.81% of total revenue [3]. - The gross margin improved to 18.94% [3]. International Expansion - The company is advancing its internationalization strategy, with the establishment of a smart factory in Spain to enhance local production capabilities and respond to customer demands effectively [2].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved breakthroughs in new customers and new businesses, with significant improvement in cash flow [1] - Revenue growth remained stable and rapid, with the oil and petrochemical industry continuing to consolidate its dominant position [1] - Strategic customer business continued to advance, with breakthroughs in both existing and new customers [1] - Treasury business demand remained strong, and the pilot program for domestic substitution of IT systems (Xinchuang) was actively promoted [1] - Effective control of period expenses and significant improvement in cash flow performance [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: CNY 192 million, up 25.93% YoY [1] - 2024H1 net profit attributable to shareholders: CNY 13.39 million, turning from loss to profit [1] - 2024H1 non-GAAP net profit: CNY 7.9 million, turning from loss to profit [1] - Revenue from the oil and petrochemical industry in 2024H1: CNY 93.99 million, up 39.09% YoY [1] Financial Forecasts - 2024E revenue: CNY 902 million, up 20.4% YoY [1] - 2025E revenue: CNY 1,096 million, up 21.4% YoY [1] - 2026E revenue: CNY 1,307 million, up 19.3% YoY [1] - 2024E net profit attributable to shareholders: CNY 170 million, up 174.0% YoY [1] - 2025E net profit attributable to shareholders: CNY 202 million, up 18.9% YoY [1] - 2026E net profit attributable to shareholders: CNY 246 million, up 21.6% YoY [1] Key Financial Ratios - 2024E P/E: 19x [1] - 2025E P/E: 16x [1] - 2026E P/E: 13x [1] - 2024E ROE: 11.8% [1] - 2025E ROE: 12.7% [1] - 2026E ROE: 13.8% [1] Business Highlights New and Existing Customers - Successfully expanded service scope in treasury construction and financial sharing for a large energy group [1] - Won a financial sharing service construction project for a new central enterprise customer [1] Treasury Business - Revenue from treasury business in 2024H1: CNY 47.16 million, up 66.97% YoY [1] - Actively tracked overseas treasury center projects for central enterprise customers [1] Xinchuang (Domestic IT Substitution) - Focused on energy and financial insurance industries for Xinchuang pilot projects [1] - Progressed smoothly in major energy group's Xinchuang substitution projects, expected to complete main construction tasks within the year [1] Cash Flow and Expense Management - 2024H1 operating cash flow: CNY 80.34 million, significantly improved compared to the same period last year [1] - 2024H1 sales expenses: CNY 13.86 million, down 36.70% YoY [1] - 2024H1 management expenses: CNY 41.89 million, down 16.13% YoY [1] - 2024H1 R&D expenses: CNY 27.08 million, down 55.41% YoY [1]

[Table_Title] 评级：买入(维持) 市场价格：39.50 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 581 | | 流通股本(百万股) | 581 | | 市价(元) | 39.50 | | 市值(百万元) | 22,950 | | 流通市值(百万元) | 22,950 | [Table_QuotePic] 股价与行业-市场走势对比 安图生物 沪深300 -20% -10% 0% 10% 20% 30% 40% 50% 2023-082023-092023-102023-102023-112023-122023-122024-012024-022024-022024-032024-042024-042024-05 ...

晶晨股份(688099.SH)/电子 证券研究报告/公司点评 2024 年 8 月 21 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：52.33 元 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：李雪峰 执业证书编号： S0740522080004 Email：lixf05@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 418 | | 流通股本(百万股) | 418 | | 市价(元) | 52.33 | | 市值(百万元) | 21,891 | | 流通市值(百万元) | 21,891 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 2023-082023- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 64.60 [1] Core Views - The company has shown a positive trend in performance, with notable growth in overseas markets and 3D product lines. The revenue for the first half of 2024 reached 308 million yuan, a year-on-year increase of 11.79%, with Q2 revenue growing by 17.54% compared to Q1 [4][5] - The company is focusing on optimizing its domestic business structure and expanding its overseas market presence, which has contributed to steady revenue growth. The domestic market revenue increased by 19.53% year-on-year, while overseas revenue grew by 29.91% [5] - The company is expected to maintain a leading position in the Chinese CAX field, with projected revenues of 997 million yuan, 1.218 billion yuan, and 1.472 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 80 million yuan, 114 million yuan, and 176 million yuan for the same years [5][7] Financial Performance Summary - Revenue (in million yuan): - 2022A: 601 - 2023A: 828 - 2024E: 997 - 2025E: 1,218 - 2026E: 1,472 - Year-on-year growth rates for revenue: - 2022A: -2.9% - 2023A: 37.7% - 2024E: 20.4% - 2025E: 22.2% - 2026E: 20.8% [1] - Net profit (in million yuan): - 2022A: 6 - 2023A: 61 - 2024E: 80 - 2025E: 114 - 2026E: 176 - Year-on-year growth rates for net profit: - 2022A: -96.5% - 2023A: 874.4% - 2024E: 30.7% - 2025E: 41.8% - 2026E: 54.8% [1][7]

文灿股份(603348. SH) /汽车 证券研究报告/公司点评 2024年8月20日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-----------------------------|-------|-------|-------|-------|--------| | 评级:买入(维持) \n市场价格:21.45元 | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师:何俊艺 | 营业收入(百万元) | 5,230 | 5,101 | 6,785 | 8,508 | 10,210 | | | 增长率 yoy% | 27% | -2% | 33% | 25% | 20% | | 执业证书编号:S0740523020004 | 净利润(百万元) | 238 | 50 | 321 | 524 | 702 | | 分析师:刘欣畅 | 增长车 yoy% | 145% | -79% | 536% | 63% | 34% ...

03 产量预期继续增长，业绩环比改善可期 平煤股份（601666. SH） 证券研究报告/公司点评 2024 年 8 月 20 日 评级： 买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |------------------------------------------|-------------|------------------------------------|----------------|-----------------| | 市场价格: 9. 20 元 | 才能材 | | 2022A | 2023A | | 分析师：杜大执业证书篇予：S0740522040001 | 增长年 yoy% | 营业收入（百万元）浄利润（百万元） | 36,04421%5,725 | 31,561-12%4,003 | | 也 存： | 增长率 yoy% | | 96% | -30% | | | | | | 1.62 | 联系人： 辛莫净资产收益率23%14%9%12%13% P/E4.05.78.16.15.1也 if : P/B1.00.90.80.80.7 ...