业 绩保 持高增长,800G/1.6T 光模块需求强劲 中际旭创(300308.SZ)/通信 证券研究报告/公司点评 2024 年 7 月 15 日 [Table_Industry] [Table_Title] 评级:买入(维持) [Table_Finance 公司盈利预测及估值 1] | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|---------------------------------------------|-----------------|-----------------------|-------------------|------------------|-----------------| | 市场价格:149.58 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师:陈宁玉执业证书编号:S0740517020004 | 营业收入(百万元) 增长率 yoy% 净利润(百万元) | 9,642 25 ...

台华新材(603055.SH)/纺服 证券研究报告/公司点评 2024 年 07 月 14 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...

中国官方制造业PMI：被动去库延续 ➢ 购进价格指数回落5.2个百分点至51.7；出厂价格指数则回落2.5个百分点至47.9 ➢ 受商品价格下降影响，购进价格明显回落；尤其是出厂价格回落至荣枯线以下，叠加产成品库存读数上升，共同指向下游需求走弱的局面 图表： 美国ISM制造业PMI指数及季节性对比 美国ISM制造业PMI：6月库存指数有所回落 图表： 2021-2024年美国ISM制造业PMI-物价指数 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|-----------|--------|-------|--------------|-------|-------|-----------|--------------|-------|-------|-----------|--------------------|-- ...

[Table_Industry] 【中泰传媒】教辅、生活类图书稳健增长,看好出版中长期投资机会 传媒 证券研究报告/行业点评报告 2024 年 7 月 15 日 [Table_ 评级:Invest 增持(] 维持 ) | --- | |-----------------------------| | Authors 康雅雯 ] | | 执业证书编号:S0740515080001 | | 021-20315097 | | kangyw@zts.com.cn | | 喆 | | liyz05@zts.com.cn | [Table_Finance] 重点公司基本状况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | 简称 | 股价 | | | EPS | | | | PE | | | PEG ...

[Table_Industry] 【中泰传媒】教辅、生活类图书稳健增长,看好出版中长期投资机会 传媒 证券研究报告/行业点评报告 2024 年 7 月 15 日 [Table_ 评级:Invest 增持(] 维持 ) | --- | |-----------------------------| | Authors 康雅雯 ] | | 执业证书编号:S0740515080001 | | 021-20315097 | | kangyw@zts.com.cn | | 喆 | | liyz05@zts.com.cn | [Table_Finance] 重点公司基本状况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | 简称 | 股价 | | | EPS | | | | PE | | | PEG ...

文灿股份(603348.SH)/汽车 证券研究报告/公司点评 2024 年 7 月 14 日 投资要点 Q2 业绩环比下降预期受海外影响，本部渐入佳境。Q2 业绩环比下降预计受海外影 响，本部已渐入佳境，Q2 受益赛力斯 M9 以及蔚来等客户拉动业绩同环比实现增 长。 盈利拐点已至，问界、蔚来等大客户放量驱动本部盈利进入修复周期。核心客户 2 4Q2 以来持续发力：1）蔚来 Q2 交付新车 5.7 万辆，同比+1.4 倍，环比+90.9%。2） 问界 M9 Q2 交付 4.65 万辆(Q1 为 0.62 万台)。我们判断核心客户+新项目投产上量 后将带动公司本部产能利用率回升以及产品结构优化，预计后续本部盈利能力有望 恢复，带动公司业绩进入修复周期。 铝铸车身件自主龙头，引领一体化压铸新趋势，24 年头部公司有望率先进入正循 环。新能源催生一体化压铸工艺革命，是从 0 到 1 的潜在千亿市场，一体化压铸是 车身轻量化中成本&效率最优解，因此在特斯拉率先推广下已形成行业共识，当前 汽车行业正在掀起一体化压铸工艺革命。根据特斯拉规划，车身一体化应用范围将 从后座板渗透至前车身以及底盘电池托盘，单车价值至少可看向 ...

中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨询业务资 格。 。本公司不会因接收人收到本报告而视其为客户。 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、 客观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性和完整性，且本报 告中的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对本报告所含信息可 在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的资料、工具、意 见、信息及推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作建议，本公司不 就报告中的内容对最终操作建议做出任何担保。本报告中所指的投资及服务可能不适合个别客户，不构成客 户私人咨询建议。 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失 负任何责任。 投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的 证券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等 ...

Investment Rating - Buy rating maintained for Goertek (002241 SZ) with a target price of RMB 21 69 [1] Core Views - Goertek's Q2 2024 performance shows significant growth with net profit attributable to parent company expected to reach RMB 801-886 million a YoY increase of 167 3% [3] - The company's profitability is rapidly recovering with Q2 2024 net profit margin improving by 1 4 percentage points YoY [3] - AR products are expected to drive a new product cycle with Meta's Ray-Ban Meta audio glasses selling over 1 million units since October 2023 [3] - Goertek's strategic partnerships with Meta and Qualcomm position it to benefit from the AI+AR trend [3] Financial Performance Summary Revenue and Profit - 2024E revenue is projected at RMB 98 771 million a slight increase of 0 2% YoY [1] - 2024E net profit attributable to parent company is forecasted at RMB 2 509 million a YoY increase of 131% [1] - 2025E revenue is expected to grow by 21 5% to RMB 120 004 million [1] - 2025E net profit attributable to parent company is projected to reach RMB 3 526 million a YoY increase of 41% [1] Profitability Ratios - 2024E gross margin is expected to improve to 10 3% up from 8 9% in 2023 [4] - 2024E net margin is forecasted at 2 4% compared to 1 0% in 2023 [4] - 2024E ROE is projected at 7 6% a significant improvement from 3 5% in 2023 [4] Valuation Metrics - 2024E P/E ratio is estimated at 29 5x [1] - 2024E P/B ratio is projected at 2 3x [1] Key Financial Indicators Balance Sheet - 2024E total assets are expected to reach RMB 77 111 million up from RMB 73 744 million in 2023 [4] - 2024E total liabilities are forecasted at RMB 43 876 million resulting in a debt-to-equity ratio of 30 1% [4] Cash Flow - 2024E operating cash flow is projected at RMB 9 000 million a YoY increase of 10 4% [4] - 2024E free cash flow is expected to improve significantly due to reduced capital expenditures [4] Growth Drivers - Goertek's smart acoustic and smart hardware businesses are showing improved profitability [3] - The company's focus on operational efficiency and cost control is driving margin expansion [3] - The AR market is expected to grow rapidly with Goertek well-positioned to capitalize on this trend [3] Industry Outlook - The electronics industry is benefiting from the AI and AR/VR trends with Goertek being a key player in these segments [3] - The company's partnerships with leading tech firms like Meta and Qualcomm provide a competitive advantage [3]

Investment Rating - The report provides a positive investment rating for the battery industry, highlighting strong growth in sales and favorable market conditions for power batteries [7]. Core Insights - The battery industry is experiencing rapid growth in sales, particularly in energy storage batteries, with a favorable outlook for power batteries [7]. - The report tracks the performance of key stocks in the battery sector, indicating a strong return on investment [7]. - There is a significant increase in electric vehicle sales both domestically and internationally, contributing to the demand for batteries [7]. - The report also notes the ongoing developments in energy storage bidding and policy updates, which are crucial for market dynamics [7]. Summary by Sections Battery Industry Overview - The battery industry index and core stock returns are being closely monitored, showing positive trends [7]. - Domestic and international electric vehicle sales are on the rise, with specific data on major European countries and domestic manufacturers [7]. - Global power battery installation capacity is increasing, reflecting a robust market demand [7]. Energy Storage Developments - The report details the bidding and winning amounts for energy storage projects in China, along with recent policy updates [7]. - Monthly bidding power and contract amounts for energy storage are tracked, indicating a growing market [7]. Charging Infrastructure - Data on the number of charging stations and their utilization rates are provided, showcasing the expansion of charging infrastructure [7]. Solar and Wind Energy Insights - The report discusses the stability of silicon rod prices in the photovoltaic sector, while other materials are experiencing price declines [7]. - Updates on offshore wind projects and bidding data are included, reflecting ongoing developments in the wind energy sector [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 18.48 CNY [1][15]. Core Insights - The company is expected to achieve a historical high in Q2 2024 with a projected net profit of approximately 82.9-91.9 billion CNY, representing a year-on-year increase of about 71%-89% [5][6]. - The company's main products have seen significant growth in both volume and price, contributing to a strong performance in the first half of 2024 [6][7]. - The company has made substantial progress in internal exploration and external acquisitions, enhancing its resource base [7][8]. - Key projects are advancing smoothly, with a strong outlook for growth in both copper and gold production [8][10]. Financial Performance - The company reported a revenue of 293,403 million CNY in 2023, with projections of 376,666 million CNY for 2024, reflecting a year-on-year growth rate of 28% [5][13]. - The net profit for 2023 was 21,119 million CNY, with an expected increase to 31,216 million CNY in 2024, indicating a growth rate of 48% [5][13]. - The earnings per share (EPS) is projected to rise from 0.79 CNY in 2024 to 1.71 CNY by 2026 [5][13]. Production and Resource Expansion - In H1 2024, the company achieved gold production of approximately 35.4 tons, copper production of about 51.8 million tons, and silver production of around 210.3 tons, with respective year-on-year growth rates of 9.6%, 5.3%, and 1.3% [6][7]. - The average price of gold in H1 2024 was 523.07 CNY per gram, up 20.44% year-on-year, while copper averaged 74,776.41 CNY per ton, an increase of 10.22% [6][7]. - The company has successfully increased its copper metal resources by 1,837.7 million tons through exploration and acquisitions [7][8]. Future Outlook - The company anticipates a compound annual growth rate (CAGR) of approximately 10% for copper and 15% for gold over the next two years [8][10]. - Significant projects, including the Kamoa Copper Mine and the expansion of existing operations, are expected to enhance production capacity significantly [8][10]. - The lithium projects are also progressing, with potential production capacity of 15,000 tons by 2025 [10].