Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its growth potential [1] Core Views - The company is a leading fabless semiconductor company specializing in memory technology, MCUs, sensors, and power solutions [1] - It holds the second-largest global market share in SPI NOR Flash and the largest in China, with cumulative shipments exceeding 23.7 billion units [1] - The company has a diverse product portfolio, including 51 series and over 600 models of MCUs, with cumulative shipments exceeding 1.57 billion units [1] - The company is expected to benefit from the DRAM supercycle and capacity adjustments by major manufacturers, with plans to cover major niche DRAM markets by 2025 [1] Financial Projections - Revenue is projected to grow from 7.647 billion yuan in 2024 to 11.776 billion yuan in 2026, with a CAGR of 18.6% [3] - Net profit is expected to increase from 1.179 billion yuan in 2024 to 2.249 billion yuan in 2026, with a CAGR of 29.4% [3] - The company's gross margin is forecasted to improve from 37.2% in 2024 to 39.8% in 2026 [3] Market Position and Product Portfolio - The company is a leader in SPI NOR Flash, with a global market share of 23.2% in 2021, up from 7% in 2016 [1][29] - It offers a wide range of SPI NOR Flash products, covering capacities from 512Kb to 2Gb, with 55nm process technology fully in production [1] - The company is expanding its DRAM product line, including DDR3L and DDR4, with plans to introduce LPDDR4 by 2025 [1] - In the MCU segment, the company has over 600 models, covering applications in automotive, industrial, and consumer electronics [1] Industry Trends - The global semiconductor market is expected to recover strongly in 2024, with memory chips leading the growth [23] - The NOR Flash market is projected to grow to $4 billion by 2029, driven by demand from IoT, automotive, and industrial applications [27] - The DRAM market is expected to reach $780 billion in 2024, with niche DRAM products gaining traction due to capacity shifts by major manufacturers [25] Key Applications - NOR Flash is widely used in smartphones, wearables, IoT devices, and automotive electronics, with demand driven by AI and IoT advancements [27][34] - The company's DRAM products are applied in network communications, TVs, set-top boxes, and automotive systems [1] - MCUs are increasingly used in automotive, industrial control, and IoT applications, with the company's products supporting a wide range of use cases [1]

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------------------|-----------------------------------|-----------------------|-------| | 2024 年 09 月 11 日 | | | 行业研究●证券研究报告 | | | 字节跳动收购 Oladance ，或入局 AI 眼镜赛道 | | | | | | 投资要点 | | | | | | 收购 Oladance ，布局音频领域，或为进军 AI 音频眼镜打下基础。（1）音频： | | | | | | 深圳市大十未来科技有限公司（ Oladance ）被字节跳动收购 100% 股权，成为 | | | | | | 旗下全资子公司。 2021 年 9 月，作为 OWS（Open Wearable Stereo ，开放式 | 一年行业表现 | | | | | 穿戴立体声）技术引领者， ...

446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 09 月 07 日 \n利安隆（ 300596.SZ ） \n业绩延续改善趋势，多层次业务打造可持续发展 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-09-06) | 公司研究●证券研究报告 \n\| 增持 | 公司快报 \n其他化学制品Ⅲ -B(维持) \n23.90 元 | | | 交易数 ...

等待催化，底部区域可能反弹 定期报告 投资要点 情绪指标显示 A 股当前已处于历史低位，但还不是最低。（1）换手率已处于 8 次 历史大底（含当前）中前 3 低的水平，创业板指换手率创历次大底时最低。（2） 上证综指和创业板指估值分位数分别处于 8 次历史大底的第 5 低和第 2 低水平，创 业板指估值历史分位数仅有 0.4%。（3）沪深 300 的股权风险溢价（ERP）达 6.8%， 处于 8 次历史大底中第 3 高水平。（4）全部 A 股和创业板指的 200 日均线以上个 股占比均处于 10%左右，分别处于 8 次历史大底中第 7 低和第 5 低水平。 2024 中 报 点 评 - 盈 利 回 升 趋 势 延 续 2024.9.5 市场情绪回暖拉动上周新股交投热情，但休 整 周 期 或暂 时 未 改 - 华 金 证 券新 股 周 报 2024.9.1 难有大的负面冲击、行业轮动基本完成、微观资金已流出较充分显示 A 股调整已 较充分。（1）历史上 A 股出现较大调整往往都有外部大的负面冲击，当前出现的 概率较低。一是上证综指自 2005 年以来的 8 次大幅下行期间多出现外部大的负面 冲击，如 2008 ...

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业绩稳步增长，持续深化资源和产业链优势 投资要点 事件：龙佰集团发布 2024 半年报，24H1 实现收入 138.04 亿元，同比增长 4.09%； 归母净利润 17.21 亿元，同比增长 36.40%；扣非归母净利润 16.75 亿元，同比增长 40.06%；毛利率 27.53%，同比提升 2.42pct。单季度看，24Q2 实现收入 65.10 亿元， 同比增长 3.59%，环比下降 10.75%；归母净利润 7.70 亿元，同比增长 12.85%，环 比下降 19.00%；扣非归母净利润 7.50 亿元，同比增长 16.71%，环比下降 18.88%； 毛利率 26.68%，同比下滑 0.72pct，环比下滑 1.61pct。 一年股价表现 钛白粉先涨后跌，积极应对挑战，业绩稳步增长。2024 年上半年，国内外供需钛 维持紧平衡，钛矿价格维持高位震荡。2024 年上半年，中国钛白粉市场年初多为消 化库存加之认为价格已触底，备货需求增加，钛白价格开始回升，市场迎来三连涨， 价格稳中有升；随着市场淡季来临，企业出货压力大，价格竞争压力大，加之欧盟 反倾销事件影响，欧盟地区钛白出口受限，厂家库存压力增加，二 ...

http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------| | 2024 \n投资要点 | 年 09 月 06 日 \n合合信息（ 688615.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（ 9 月 10 日）有一只科创板新股"合合信息"询价。 | 交易数据 | | | | 合合信息（ 688615.SH ）：公司基于智能文字识别、图像处理、NLP、知识图谱等 | 总市值（百万元） | | | | 核心技术，为 C 端及 B 端用户提供相关商品及服务。公司 ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has demonstrated stable growth in performance, with a notable integrated advantage in its operations. The revenue for the first half of 2024 was 31.993 billion yuan, a decrease of 9.16% year-on-year, while the net profit attributable to shareholders increased by 6.10% year-on-year to 2.841 billion yuan [1][2]. - The company maintains a strong operational strategy focused on high load, quick turnover, and risk mitigation, which has resulted in stable production and sales of its main products [1]. - The company benefits from a robust supply chain and strategic procurement advantages, leading to a decrease in the cost of major raw materials such as sulfur and coal, effectively offsetting adverse price fluctuations [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 16.61%, an increase of 1.49 percentage points year-on-year. The second quarter of 2024 saw a revenue of 18.136 billion yuan, a year-on-year decrease of 6.19% but a quarter-on-quarter increase of 30.88% [1]. - The company plans to produce and sell 2.5449 million tons of urea, 4.5415 million tons of ammonium phosphate, and 1.9251 million tons of compound fertilizer in 2024 [1][2]. - The company’s total fertilizer production capacity is 10 million tons per year, making it one of the largest fertilizer producers in China [2]. Industry Insights - The company is one of the largest phosphate mining enterprises in China, with a current phosphate ore reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons [2]. - The domestic phosphate industry is characterized by high concentration and integration levels, with a stable supply-demand relationship expected to continue in the coming years [1][2]. - The market price for phosphate ore is expected to remain high, with overall demand maintaining stability [1][2].

http://www.huajinsc.cn/ 1 / 13 请务必阅读正文之后的免责条款部分 44 下 下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------| | 2024 年 09 月 06 日 \n降息还是降准？ \n华金宏观·双循环周报（第 74 期） | 宏观类●证券研究报告 \n定期报告 \n 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 | | | qintai@huajinsc.cn | | 近期国内外经济金融环境变化，存量房贷利率能否大幅下调？降准是否还有空间？ | 报告联系人 周欣然 | | 经济结构加快转型、对货币刺激敏感度降低 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the expected investment return over the next six months will be in line with the fluctuations of the CSI 300 index [31]. Core Viewpoints - The company, Wireless Media (301551.SZ), specializes in IPTV integrated broadcasting and control services and is the sole operator of the IPTV integrated broadcasting platform in Hebei Province. The company has a significant user base but still has room for growth compared to national penetration rates [22][24]. - The company has experienced a decline in revenue and net profit in recent periods, with a forecasted revenue drop of 5.62% to 2.53% and a net profit decrease of 22.51% to 15.46% for 2024 [9][26]. - The company is innovating by expanding its services into smart education, smart homes, and smart communities, which are expected to drive future growth [23]. Summary by Sections Basic Financial Status - The company reported revenues of 672 million, 654 million, and 646 million yuan for 2021, 2022, and 2023 respectively, with year-over-year changes of 6.60%, -2.75%, and -1.12%. The net profit for the same years was 356 million, 291 million, and 284 million yuan, with year-over-year changes of 11.13%, -18.15%, and -2.49% [9][2][8]. Industry Situation - The IPTV industry is characterized by high user engagement and offers various functionalities such as live broadcasting, on-demand, and time-shifting. The industry has been growing rapidly due to the "three-network integration" policy, with a user base of 401 million in China as of the end of 2023 [17][21]. Company Highlights - The company is the only legal IPTV integrated broadcasting operator in Hebei Province, with a user base of 15.3 million, representing 58.04% of local households. This is below the national IPTV penetration rate of 74.98%, indicating significant growth potential [22][24]. - The company is developing a "Smart Education Cloud Platform" in collaboration with the Hebei Provincial Education Department, which is expected to enhance its revenue streams [23]. Investment Projects - The company plans to invest in three main projects through its IPO: upgrading the IPTV integrated broadcasting platform, content copyright procurement, and building a smart media business cloud platform [24][25]. Comparison with Industry Peers - In 2023, the company achieved a revenue of 646 million yuan, which is significantly lower than the average revenue of comparable companies in the industry, which stood at 5.715 billion yuan. However, the company's gross profit margin is relatively high at 54.08% [26][29].