Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 40.41 CNY per share based on a 25x PE valuation for 2024 [8][29][33]. Core Insights - The company is positioned as a leader in the testing power supply sector, benefiting from the growth in downstream industries such as renewable energy, electric vehicles, and hydrogen energy [1][6]. - The management team has extensive experience in the electromechanical and power supply fields, contributing to the company's stable growth and strong performance in revenue and net profit [1][68]. - The company emphasizes research and development, maintaining a significant increase in R&D expenses and personnel, which strengthens its competitive edge in the testing industry [1][46]. Summary by Sections 1. High Growth Achievements - The company has successfully leveraged the demand for large power supply products, benefiting from the explosive growth in photovoltaic power generation and the rapid expansion of the energy storage and electric vehicle markets [6][25]. - The company has developed a range of small power products based on its existing large power supply advantages, covering various testing fields [6][63]. 2. Future Growth Maintenance - The company is advancing domestic substitution, with its small power testing power supply core indicators matching international standards, leading to increased brand recognition [2]. - The industry is driven by high demand for testing power supplies and systems, closely linked to R&D investments and capital expenditures in the renewable energy sector [2]. - The company is enhancing management efficiency by expanding production capacity and strengthening distribution channels to secure order volumes [2]. 3. Financial Data and Valuation - The company’s revenue is projected to grow from 5.29 billion CNY in 2023 to 12.32 billion CNY by 2026, with a CAGR of 32.6% [3][14]. - Net profit is expected to increase from 1.17 billion CNY in 2023 to 2.81 billion CNY by 2026, reflecting a strong growth trajectory [3][14]. - The company’s PE ratio is projected to decrease from 19.7 in 2023 to 8.2 by 2026, indicating an attractive valuation as earnings grow [3][14].

2024 年 06 月 11 日 团队成员 Ø 近期观点 策 略 定 期 报 告 技术研发不及预期；宏观需求变化；地缘政治影响 医疗新观察… 医药板块行情回顾（7.22-7.26） 3 风险提示 医药板块申万二级行业本周涨跌幅情况 医药板块三级行业本周收盘时估值水平 正文目录 图表 1： 图表 2: 图表 3: 图表 4: 图表 5: 请务必阅读报告末页的声明 数据来源：国家医保局，华福证券研究所 医保支付方式改革进入"2.0 "阶段 图表1：DRG2.0 版与 1.1 版分组变化举例 诚信专业 发现价值 3 请务必阅读报告末页的声明 议，申报数量原则上为 DRG 出院总病例的 5%或 DIP 出院总病例的 5‰以内。对符合 条件的新药耗新技术在应用初期按项目付费或以权重（点数）加成等方式予以支持， 后期积累足够数据后再纳入 DRG/DIP 付费。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|-------------|-------------|-------- ...

传媒 2024 年 07 月 30 日 OpenAI 新产品周期：GPT-4o 实时语音功能 投资要点： 一、ChatGPT 新产品周期：加大新用户拉新力度，提高会员权益 ChatGPT 全端日活量处于振荡阶段，急需新功能拓展新用户：根 据 Data.ai 和 Similarweb 数据，截至 7 月 20 日，最新日活数（网页端 +APP 双端）峰值为 1.48 亿人。OpenAI 在 1.5 亿日活阶段振荡超两个 月，亟待开启新一轮用户增长。 OpenAI 进入新产品周期：7 月 19 日，OpenAI 推出性能强于 GPT-3.5 的 GPT-4o mini，用户可免费使用；7 月 26 日，据 Founder Park 报道，OpenAI CEO Sam Altman 回应网友问题指出，下周开始向 Plus 订阅用户推送实时语音功能的 alpha 版本；7 月 26 日，OpenAI 发布名 为 SearchGPT 的 AI 搜索产品，并开放候补名单。 二、新用户拉新：GPT-4o mini 强于 GPT-3.5，SearchGPT 扩展到搜 索用户 1、通过提高性能拉升用户数：GPT-4o mini ...

Tabl e_First|Tabl e_Summary 华福证券 工业企业利润数据点评 \企业行业名利润空间打开 epyTtropeR_elbaT|tsriF_elbaT 宏 观 研 究 事件： 投资要点： 从行业大类来看，采矿业利润增速跌幅收窄，制造业利润增速小幅下降， 电气水利润增速下滑。2024年1-6月，采矿业利润总额为6156.3亿元，同 比下降10.8%，降幅较2024年前5个月收窄5.4个百分点。制造业前6个月实 现利润总额24985.1亿元，同比增长5%，增速较前5个月下降1.3个百分 点。电气水前6个月实现利润总额3968.8亿元，同比增长23.1%,增速较前 值下降6.4个百分点。 2024年6月，所有门类工业企业资产负债率走势多小幅上涨。6月份工业企 业的资产负债率为57.6%，较5月提升0.1个百分点。电气水企业资产负债 率来到一个今年的高点，6月份录得60.3%，较前值上升0.3个百分点。采 矿业受到长期利润改善预期鼓舞，资产负债率触底回升，6月份录得 56.9%，较5月上升0.1个百分点。制造业资产负债率则维持不变。 Tabl e_First|Tabl e_R eportD ate ...

华福证券 20240729 日报：10 家股份行下调存款利率 投资要点： 板块表现： 7 月 29 日，沪深 300 收跌、银行板块收涨。截至收盘，沪深 300 指数下跌 0.54%，银行指数上涨 1.39%。分板块来看，国有行、股份行、 城商行、农商行分别上涨 1.36%、1.21%、1.76%、1.49%。 个股表现： 截至收盘，涨幅前三的银行分别为杭州银行+4.83%、齐鲁银行 +4.00%、中信银行+2.78%。涨幅后 3 的银行分别是郑州+0.00%、兰州 银行+0.00%、招商银行+0.25%。 行业新闻： （1）10 家股份制银行下调存款利率 中信银行、光大银行、兴业银行、浦发银行、浙商银行、广发银 行、民生银行、恒丰银行、华夏银行和渤海银行共 10 家银行调整了人 民币储蓄存款利率。活期存款普遍降至 0.15%。定期存款中 3 年整存 整取利率恒丰银行、渤海银行为 2.10%，浙商银行为 2.05%，民生银行 为 2.0%，其余银行普遍调降至 1.80%。而 5 年整存整取利率中，浙商 银行、恒丰银行、渤海银行的挂牌利率均为 2.10%，民生银行为 2.05% 其余银行普遍调降至 1.85%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next 6 months [20]. Core Insights - The company achieved a revenue of 920 million yuan in H1 2024, representing a year-over-year increase of 38%, with Q2 revenue reaching 530 million yuan, up 53% year-over-year and 38% quarter-over-quarter [2]. - The net profit attributable to the parent company for H1 2024 was 150 million yuan, a significant year-over-year increase of 135%, with Q2 net profit at 98 million yuan, reflecting a 192% year-over-year growth and an 81% quarter-over-quarter increase [2]. - The company's gross margin for H1 2024 was 43.2%, up 2.6 percentage points from the previous period, while the net margin was 16.6%, an increase of 7.1 percentage points [2]. - The company is positioned as a leader in the AIoT industry, with strong performance recovery trends and projected net profits of 330 million, 470 million, and 640 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 35, 24, and 18 [4]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1,433 million yuan for 2023, with projections of 2,005 million yuan for 2024, 2,599 million yuan for 2025, and 3,211 million yuan for 2026, indicating a growth rate of 40% in 2024 [18]. - The net profit for 2023 was 136 million yuan, with forecasts of 326 million yuan for 2024, 472 million yuan for 2025, and 635 million yuan for 2026, reflecting a growth rate of 140% in 2024 [18]. Market and Industry Outlook - The global IoT device connections are expected to reach 18 billion by 2024 and grow to 39.6 billion by 2033, with a compound annual growth rate of 9.18% [3]. - The smart home market is projected to generate revenues of 154.4 billion USD in 2024, with a compound annual growth rate of 10.67% over the next five years [3]. - The company aims to expand its market beyond IoT devices, targeting a market capacity increase of 2.5 times, and is focusing on a dual strategy of "processing + connectivity" for AIoT SoC development [4]. Financial Projections - The company is expected to achieve a gross margin of approximately 40.9% and a net margin of 18.9% by 2025, with an EPS of 4.21 yuan [18]. - The projected financial ratios indicate a strong growth trajectory, with a significant increase in both revenue and net profit over the next few years [18].

宁德时代（300750.SZ） 麒麟神行双轮驱动，盈利稳健份额提升 投资要点： Q2 归母净利同比增长 13%，毛利率净利率提升 2024H1 实现收入 1668 亿元，同比-12%，实现归母净利润 228.7 亿元，同比+10%。毛利率达到 26.53%（同比+4.90pct），净利率达到 14.92%（同比+3.57pct）。 2024Q2 实现收入 870 亿元，同比-13%，实现归母净利润 123.6 亿 元，同比+13%，环比+18%。毛利率达到 26.64%（同比+4.68pct，环比 +0.23pct），净利率达到 15.73%（同比+4.36pct，环比+1.69pct）。 电池产量同比高增，单位盈利维持稳定 2024H1 电池产量达到 211GWh，同比+37%，产能利用率 65.33%。 动力电池毛利率达 26.9%，同比+6.54pct，储能电池毛利率达 28.87%， 同比+7.55pct。电池材料及回收业务毛利率达 8.21%，同比-8.75pct；电 池矿产资源毛利率达 7.81%，同比-4.12pct；其他业务毛利率达 50.95%， 同比-14.12pct。 我们预计 2024 ...

10 e p tro p eR _ e lb aT |ts r iF _ e lb aT yT Table_First|Table_Summary A 股周观察（0722-0726）： 当前，市场对于美联储降息的预期开始不断强化。我们梳理了过去五 十年以来，美联储七次较为连续的降息周期中，不同大类资产在降息前后 的表现。 综合来看，我们认为降息的影响大致可以分为两种情况。当降息应对 的是温和衰退时，权益类资产表现要好于贵金属与商品类资产；当降息应 对的是金融危机、经济危机、全球公共卫生危机时，贵金属表现要好于权 益类资产。特别是黄金，除了第一轮降息之前因为刚刚经历了布雷顿森林 体系解体带来的超级黄金牛市，在降息后一年是下跌的，其它六轮降息周 期中，降息后一年，黄金都取得了正收益。 本周次新股收益情况：本周近一年上市（不含当周）的所有次新股平 均周涨幅-1.27%，wind全A本周涨幅-2.74%，次新股表现领先wind全A 1.47 pct。其中涨幅前三的个股分别是：腾达科技、雪祺电气、华阳智能，涨幅 分别为61.05%，11.54%，6.34%。本周wind次新股指数涨幅-1.86%。当前上 市后一周涨幅最 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 61.35 CNY, indicating an expected increase of over 20% relative to the market benchmark index within the next six months [8]. Core Views - The company is expected to achieve revenue of 155.64-161.86 billion CNY in H1 2024, representing a year-on-year growth of 25%-30%. The net profit attributable to shareholders is forecasted to be between 19.73-21.81 billion CNY, with a year-on-year change of -5% to 5% [2]. - The company is focusing on digitalization and internationalization strategies, including the acquisition of a French industrial software company to enhance its digital factory design capabilities [2]. - The general automation business is expected to grow by 5%-10%, while the new energy vehicle business is projected to grow by approximately 60% due to increased deliveries from major clients [2]. Financial Summary - Revenue is projected to grow from 30.42 billion CNY in 2023 to 37.25 billion CNY in 2024, reflecting a growth rate of 22% [3]. - Net profit is expected to increase from 4.74 billion CNY in 2023 to 5.48 billion CNY in 2024, with an EPS growth from 1.77 CNY to 2.05 CNY [3]. - The company’s P/E ratio is projected to decrease from 26.2 in 2023 to 22.7 in 2024, indicating a more attractive valuation over time [3]. Segment Performance - The general automation segment is experiencing stable growth, while the new energy vehicle segment is rapidly expanding, contributing significantly to overall revenue [2]. - The elevator business is under pressure due to a 21.8% decline in housing completion area, leading to an expected revenue decrease of about 5% [2]. - The rail transit business is anticipated to grow by approximately 25% as the company expands its order acquisition efforts [2].

华福证券 摩托车 从"制造出海"到"品牌出海" ，关注本轮摩托 车出海中长期机会 投资要点： 从"制造出海"到"品牌出海"，关注本轮摩托车出海中长期机会 过去几年，我们关注到国内大排量摩托车快速放量，国产品牌表 现尤为亮眼。从竞争力角度来看，中国企业在工业设计和营销上面发 力仅是近几年刚开始的事情，品牌力和产品力与海外龙头仍有一定差 距，后续仍有较大的提升空间，未来也有望在海外市场提升份额，国 产替代仍有较大的空间，因此建议中长期关注摩托车赛道。 今年，我们欣喜地看到国内摩托车出口景气度高涨，拉美、亚洲、 欧洲等出口区域均有亮眼表现，在海外市场整体趋稳的背景下，我们 认为本轮出口红利更多来自国产品牌综合竞争力的提升，从而持续抢 占海外市场份额，国产替代逻辑正在持续兑现。 现阶段，国产品牌将眼光放至全球市场，在产品力提升基础上， 加快海外渠道拓展，逐步迎来出口收获期。与此前的"制造出海"相 比，现阶段摩托车企业更加侧重"品牌出海"，短期来看，产品+渠道 共同发力，摩托车出口有望延续高景气，中长期来看，随着海外市场 品牌力提升，国产品牌有望持续抢占外资份额，盈利能力有望得以改 善，估值水平亦有望提振，从而实现戴维 ...