446 下 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-------------------------------|--------------------------|----------------------| | 2024 年 08 月 27 日 \n华峰测控（ 688200.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 24Q2 业绩环比显著提升，以期 STS8600 验证&海 | 投资评级 | | 电子 \| 买入 -A( | 半导体设备Ⅲ 维持) | | 外市场拓展 | 股价 | (2024-08-27) | | 82.50 元 | | 投资要点 | 交易数据 | 总市值（百万元） | | 11,173.75 | | 行业逐 ...

| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|--------------------|------------|---------------------------| | 2024 年 08 月 27 日 | | | | | 福斯特（603806.SH） | | | 公司快报 | | | | | | 太阳能Ⅲ | | 光伏胶膜领域成本控制能力强，电子材料业务进 | 投资评级 | 买入 | -A(维持) | | 入高速发展期 | 股价 | | 14.68元 | | | 交易数据 | | | | 投资要点 | 总市值（百万元） | | 38,296.24 | | 事件：公司发布 2024 年半年报，报告期内，公司营业收入107.6亿元，同比增长 | 流通市值（百万元） | | 38,296.24 | | 1.4%，归属于上市公司股东的净利润 9.3 亿元，同比增长4.9%。 | 总股本（百万股） | | 2,608.7 ...

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Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company is a leading player in the cable industry and is expected to benefit from the increasing industry concentration and its long-standing technical reserves in submarine cables, which may contribute to new growth [2]. - The company has a robust order book in its smart airport business, indicating promising future prospects [2]. - Due to intensified competition in the battery sector, the company has developed differentiated competitive strategies and anticipates gradual recovery as lithium carbonate prices stabilize [2]. Financial Performance - In the first half of 2024, the company achieved revenue of 11.345 billion yuan, a year-on-year increase of 9.41%, while the net profit attributable to the parent company was -130 million yuan, a decline of 140.66% [1]. - The smart cable network business generated revenue of 10.287 billion yuan in 24H1, up 5.98% year-on-year, but net profit fell by 72.78% due to rising copper prices affecting cable gross margins [1]. - The company secured over 10 million yuan in contract orders amounting to 10.412 billion yuan, indicating a strong backlog of orders [1]. Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 455 million yuan, 751 million yuan, and 1.018 billion yuan, respectively, with corresponding EPS of 0.21 yuan, 0.34 yuan, and 0.46 yuan [2][3]. - The projected P/E ratios for the same years are 18, 11, and 8 times, respectively [2]. Operational Developments - The company is actively advancing major industrial projects, including the construction of the Far East Nantong submarine cable smart lighthouse factory and participation in significant high-voltage transmission projects [1]. - In the clean energy sector, the company is seizing opportunities for equipment exports and participating in major international wind farm projects [1]. R&D and Shareholder Confidence - The company increased its R&D investment to 355 million yuan in 24H1, a year-on-year increase of 17.59%, while maintaining stable expense ratios across various operational areas [1]. - The company plans to repurchase shares worth 150 million to 200 million yuan, and the chairman intends to increase his stake by 30 million to 50 million yuan, reflecting confidence in the company's future [2].

http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 | --- | --- | |-------------------------------------------------------------------------------------|--------------------------------------------| | 2024 年 08 月 26 日 \n歉收同时支出加速，国债融资还需加力 | 宏观类 ● 证券研究报告 \n事件点评 | | 财政数据点评（2024.7） | 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 | | 一般公共预算：高基数消退但低通胀仍导致财政收入负增长，去年增发国债对应的 | qintai@huajinsc.cn 周欣然 | | 预算内水利工程投资拉动财政支出加快。7 月一般公共预算收入同比跌幅较 6 月收 | 报告联系人 zhouxinran@huajinsc.cn | | 窄 0.7 个百分点至 -1.9% ，但仍然低迷，明显低于年度预算增速。随着 2023 年上 ...

Jackson Hole 会后，美联储年内降息 100BP？ 事件点评 投资要点 鲍威尔在 Jackson Hole 年会上发表讲话称当前美国的劳动力市场和通胀数据已经令美联储 所面临的风险平衡发生了变化，明确传递出即将降息的信号，但仍不愿提供降息幅度的定量 指引，并仍为调整政策立场留有退路。当地时间 8 月 23 日，美联储主席鲍威尔出席 2024 年 Jackson Hole 全球央行年会并发表题为"重估货币政策的有效性和传导（Reassessing the Effectiveness and Transmission of Monetary Policy）"的讲话，称当前美国"通胀率已经大 幅下降"、"劳动力市场不再过热"的状况令美联储"双重使命所面临的风险平衡也发生了 变化"，两年多时间以来首度公开宣称"调整政策的时刻已经到来（the time has come for policy to adjust）"，传递出较 7 月 FOMC 会议声明更明确的降息信号，预示着美联储 9 月 会议开始本轮降息周期基本成为定局。但由于疫情以来美联储改为基于近期数据而非对未来 预测的滞后性决策框架，鲍威尔在讲话中仍 ...

部分周期和成长行业中报可能占优 主题报告 投资要点 中报预告视角：已披露的可比口径下部分消费和科技行业中报盈利增速占优。（1） 披露率较低下中报业绩增速呈现继续回落：截至 2024/8/23，全部 A 股中报披露率 为 33.5%，可比口径下已披露的 A 股中报盈利增速为-16.4%，较全部 A 股一季报 盈利增速下降。（2）部分消费、科技、周期行业中报盈利增速占优。一是食品饮 料、轻工制造、农林牧渔、电子、通信等行业已披露中报业绩增速排名靠前；二是 交运、钢铁、石油石化、基础化工等周期行业已披露中报业绩均是正增长；三是传 媒、地产、建材、电新等部分科技和地产链相关行业已披露中报业绩增速排名靠后。 局部新热点或难掩周期变盘可能正在开启， 建议暂时加强博弈防守-华金证券新股周报 2024.8.18 工业企业利润增速视角：上半年部分上游原材料和中游制造行业利润增速较高。（1） 缩量后 A 股会怎么走？ 2024.8.17 新股局部热点或依然有所表现，但节奏把握 难 度 明 显 增 加 - 华 金 证 券 新 股 周 报 2024.8.11 上半年工业企业利润增速较一季度增速小幅回落，预示着 A 股中报盈利增速较一 ...

食品饮料 行业周报 中报密集披露，关注报表质量 投资要点 行情回顾：上周食品饮料（申万）行业下跌 2.73%，在 31 个子行业中排名第 8 位，跑输上证综指 0.67pct，跑输创业板指 0.25pct。二级（申万）子板块对比， 上周除饮料乳品外各板块均有不同程度下跌，休闲食品跌幅最大，下跌 5.18%， 饮料乳品则上涨 0.95%。三级子行业中乳品涨幅领先，上涨 1.84%，其余子板 块均有所下跌，零食表现最差，下跌 5.22%。 上周大事： 上周多家企业披露中报，并进行中报业绩交流，我们对白酒行业的重点公司进 行分析。白酒行业因蓄水池的存在，报表与当期经营情况略有一定出入，因此 我们在分析白酒行业时，不仅要看公司报表的表观增速，还要关注现金流量表、 资产负债表等相关指标。具体分析如下： 今世缘（603369.SH）：24H1 公司实现营收 73.04 亿元，同比+22.36%，归母 净利润 24.61 亿元，同比+20.08%，其中 24Q2 公司实现营收 26.33 亿元，同比 +21.52%，归母净利润 9.29 亿元，同比+16.86%。24Q2 现金回款 24.96 亿元， 同比+7.13%，销 ...

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company has solidified its leading position in the solar storage industry, with a continuous enhancement of its global influence [1] - The company reported a revenue of 31.02 billion yuan for the first half of 2024, representing an 8.38% year-on-year increase, and a net profit of 4.96 billion yuan, up 13.89% year-on-year [2] - The inverter business showed stable growth with revenues of 13.09 billion yuan, a 12.63% increase year-on-year, and a gross margin of 37.62%, up 1.70 percentage points [2] - The energy storage business demonstrated significant improvement in profitability, with revenues of 7.82 billion yuan, a decrease of 8.30% year-on-year, but a gross margin of 40.08%, up 12.61 percentage points [3] - The company has expanded its global service network to over 490 locations and is actively pursuing market opportunities in Europe, America, Australia, and China [2][3] Financial Data and Valuation - The total market capitalization of the company is approximately 141.23 billion yuan, with a circulating market capitalization of about 108.31 billion yuan [4] - The company’s projected revenues for 2024-2026 are 89.78 billion yuan, 109.62 billion yuan, and 129.48 billion yuan, respectively, with corresponding net profits of 10.25 billion yuan, 12.05 billion yuan, and 14.81 billion yuan [6] - The expected earnings per share (EPS) for 2024-2026 are 4.94 yuan, 5.81 yuan, and 7.14 yuan, with price-to-earnings (P/E) ratios of 13.8, 11.7, and 9.5, respectively [6][7]

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company focuses on high-value applications, with significant revenue growth across various segments in Q2 2024, driven by stable consumer demand, a recovery in the memory market, and growth in AI and high-performance computing sectors [2][3] - The company achieved a revenue of 15.49 billion yuan in H1 2024, a year-on-year increase of 27.2%, and a net profit of 620 million yuan, up 25.0% [2] - The company is expanding its advanced packaging capabilities and enhancing its strategic partnerships to build a more efficient automotive chip ecosystem [3][4] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 8.64 billion yuan, a 36.9% year-on-year increase, and a net profit of 480 million yuan, reflecting a 25.5% year-on-year growth and a 258% quarter-on-quarter increase [2] - The revenue breakdown by application for Q2 2024 shows: Communications Electronics at 41.3%, Consumer Electronics at 27.2%, Computing Electronics at 15.7%, Industrial and Medical Electronics at 7.5%, and Automotive Electronics at 8.3% [2] Market Trends - The global semiconductor market is expected to return to growth in 2024, supported by demand recovery in consumer electronics, communications, and computing sectors [2][4] - The company is leveraging its advanced packaging technologies to cater to key application areas, including AI, automotive, and industrial sectors [3] Strategic Initiatives - The company is increasing its R&D investments and focusing on high-value applications, with significant improvements in capacity utilization and net profit margins [3] - The company is actively pursuing strategic acquisitions to enhance its market share in the storage and computing electronics sectors [3][4] Future Projections - Revenue projections for 2024 to 2026 are estimated at 33.07 billion yuan, 38.30 billion yuan, and 41.31 billion yuan, with growth rates of 11.5%, 15.8%, and 7.9% respectively [6] - The net profit projections for the same period are 2.40 billion yuan, 3.00 billion yuan, and 3.51 billion yuan, with growth rates of 63.4%, 25.1%, and 16.7% respectively [6]