华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 08 月 28 日 \n联瑞新材（ 688300.SH ） \n24Q2 营收/利润创新高，持续聚焦高端下游应用 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-08-28) | 公司研究●证券研究报告 \n\| 买入 | 公司快报 \n其他化学原料Ⅲ -A(维持) \n43.18 元 | | 2024 年 8 月 25 日，公司发布 2024 年半年度报告。 | ...

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------|-----------|------------------------------------------| | 2024 年 08 月 28 日 | | | | | | 阿特斯（688472.SH） | | | | 公司快报 | | | | | | | 太阳能Ⅲ | | N 型赛道后发优势明显，储能业务第二主业增长 | 投资评级 | | 买入 | -A(维持) | | 曲线确立 | 股价 | (2024-08-27) | | 10.21元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 37,656.70 | | 事件：公司发布 ...

Investment Rating - The report maintains an "Add-A" rating for Hunan YN Energy (301358.SZ) with a target price of 24.97 CNY [1][3]. Core Views - Hunan YN Energy is a leading enterprise in the lithium iron phosphate cathode material industry, with a high capacity utilization rate and ongoing integrated layout and overseas business expansion. The company is actively developing new products such as manganese lithium phosphate and ultra-long cycle lithium iron phosphate, with significant growth in new energy storage products CN-5 series and power products YN-9 series during the reporting period [3][4]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 10.782 billion CNY, a year-on-year decrease of 53.48%. The net profit attributable to the parent company was 389 million CNY, down 68.57% year-on-year [1]. - The second quarter of 2024 saw total revenue of 6.262 billion CNY, a year-on-year decline of 65.69%, while the net profit attributable to the parent company was 231 million CNY, a decrease of 43.56% year-on-year but an increase of 307.75% quarter-on-quarter [1]. - The company’s gross profit margin for 2024 is projected to be 8.5%, with a net profit margin of 3.8% [4][5]. Production and Sales Summary - The company maintained a high capacity utilization rate of 93.15% during the reporting period. The sales volume of phosphate cathode materials reached 309,400 tons, a year-on-year increase of 43.3%, maintaining the top position in the country since 2020 [1][3]. - The sales of new products CN-5 and YN-9 series accounted for approximately 15% of total sales, indicating rapid growth and customer recognition [1][3]. Strategic Developments - Hunan YN Energy is focusing on an integrated industrial layout, enhancing its "resource - precursor - cathode material - recycling" strategy. The company has obtained mining licenses for phosphate mines in Guizhou, with plans for large-scale mining expected to commence in the second half of 2025 [1][3]. - The company is also expanding its overseas business, with plans to establish a lithium battery cathode material project in Spain with an annual production capacity of 50,000 tons [1][3].

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|------------------|--------------------|--------------------------|--------------------| | 2024 年 08 月 27 日 \n鼎泰高科（ 301377.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 其他专用机械Ⅲ | | AI 驱动刀具销售实现增长，功能性膜产品发展加速 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 交易数据 | (2024-08-27) | | 15.45 元 | | 事件内容： 8 月 22 日盘后，公司披露 2024 年度中期报告， 2024H1 公司实现营业 | 总市值（百万元） | | | 6,334.50 | | 收入 7.13 亿元，同比增长 22.30% ；实现归母净利 ...

Investment Rating - The investment rating for the company is "Buy-B" [1][2] Core Views - The company has experienced rapid growth in energy storage shipments and is steadily advancing in overseas markets. The revenue for the first half of 2024 reached 21.66 billion yuan, with a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was 2.14 billion yuan, a slight decrease of 0.6% year-on-year. However, the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company has achieved a significant increase in energy storage battery shipments, with a market share further improving. In the first half of 2024, the revenue from power batteries and energy storage batteries was 8.99 billion yuan and 7.77 billion yuan, accounting for 41.52% and 35.89% of total revenue, respectively. The shipment volume of energy storage batteries reached 20.95 GWh, a year-on-year increase of 133.18% [1][2] - The company is focusing on overseas markets, with overseas revenue reaching 5.443 billion yuan, accounting for 25.13% of total revenue. The successful launch of the energy storage project in Malaysia supports global delivery [1][2] Financial Performance - For the first half of 2024, the company reported total revenue of 21.66 billion yuan, with a year-on-year decrease of 5.7%. The net profit attributable to shareholders was 2.14 billion yuan, a decrease of 0.6% year-on-year, while the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company’s capacity utilization rate remained stable at 83.6%, with a comprehensive gross profit margin of 16.45%, a year-on-year increase of 0.5 percentage points [1][2] - The company’s R&D investment reached 1.468 billion yuan, a year-on-year increase of 16.42%, indicating a continuous commitment to product development and innovation [1][2] Future Outlook - The company is expected to see a new growth point starting in 2025 with the production of small cylindrical batteries in Malaysia, which is projected to contribute to revenue immediately upon production [2] - The profit forecasts for the company for 2024-2026 are adjusted to 4.701 billion yuan, 5.790 billion yuan, and 7.091 billion yuan, respectively, with corresponding P/E ratios of 13.9, 11.3, and 9.2 [2][3]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][7]. Core Insights - The company achieved a record high revenue of approximately 797 million yuan in the first half of 2024, representing a year-on-year growth of 38.68%. The net profit attributable to shareholders was 234 million yuan, with a slight decrease of 0.43% due to a high base from the previous year [1]. - The company is focusing on advancing its core technology platforms and has successfully developed a full range of chemical mechanical polishing (CMP) products, which are being adopted by multiple new clients [3][4]. - Revenue projections for 2024 to 2026 are estimated at 1.643 billion yuan, 2.037 billion yuan, and 2.461 billion yuan, with growth rates of 32.7%, 24.0%, and 20.8% respectively. The net profit attributable to shareholders is projected to be 488 million yuan, 620 million yuan, and 765 million yuan for the same periods, with growth rates of 21.3%, 27.0%, and 23.4% respectively [3][4]. Financial Summary - In the first half of 2024, the company reported a gross margin of 57.72%, an increase of 2.63 percentage points year-on-year. The net profit margin was 28.0% in 2022, increasing to 32.5% in 2023, and projected to be 29.7% in 2024 [4][6]. - The company's earnings per share (EPS) for 2024 is projected at 3.78 yuan, with a price-to-earnings (P/E) ratio of 28.1. The P/B ratio is expected to be 5.3 [4][6]. - The total assets are projected to grow from 2,603 million yuan in 2023 to 3,175 million yuan in 2024, with total liabilities expected to be 532 million yuan in 2024 [6].

Investment Rating - The investment rating for the company is "Buy - A" [1][3]. Core Views - The semiconductor industry is gradually recovering, and the company's performance is stabilizing. In Q2 2024, global semiconductor sales reached $149.9 billion, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 6.5% [1]. - The company achieved revenue of 379 million yuan in H1 2024, a slight year-on-year decline of 0.63%, while net profit attributable to the parent company was 112 million yuan, down 30.25% year-on-year. However, in Q2 2024, revenue was 242 million yuan, up 33.52% year-on-year and 77.05% quarter-on-quarter [1]. - The company is increasing its R&D investment, with R&D expenses of 77 million yuan in H1 2024, a year-on-year increase of 17.39%, accounting for 20.32% of revenue [1]. - The company has received supplier certifications from many well-known semiconductor manufacturers, indicating strong product stability and reliability [1]. Financial Performance - The company’s revenue projections for 2024 to 2026 have been adjusted to 854 million, 1,039 million, and 1,234 million yuan, with growth rates of 23.6%, 21.7%, and 18.7% respectively. Net profit projections have been adjusted to 325 million, 422 million, and 538 million yuan, with growth rates of 29.1%, 30.0%, and 27.3% respectively [3][4]. - The company’s gross margin is expected to improve from 75.7% in 2024 to 81.5% in 2026, while the net margin is projected to increase from 38.0% to 43.6% over the same period [4][5]. - The company’s P/E ratios are projected to decrease from 34.4 in 2024 to 20.8 in 2026, indicating an improving valuation as earnings grow [4][5]. Market Expansion - The company is actively expanding its overseas market presence, having established a wholly-owned sales and service company in Japan and opened a factory in Malaysia. It aims to enhance its service capabilities for overseas clients and increase its market share [1][3].

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1]. Core Insights - The company reported a revenue of 10.76 billion yuan for the first half of 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year [1]. - The photovoltaic film sector demonstrates strong cost control capabilities and significant overseas resource advantages, with sales volume reaching 138.91 million square meters, a growth of 43.61% year-on-year [1]. - The electronic materials business is entering a high-growth phase, with sales of photosensitive dry film increasing by 35.83% year-on-year, generating revenue of 275.37 million yuan, a rise of 26.92% [1]. - The company is experiencing a sales ramp-up in functional film materials, with aluminum-plastic film sales volume increasing by 35.54% year-on-year, contributing 58.90 million yuan in revenue, up 26.52% [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 10.76 billion yuan, a 1.4% increase from the previous year, and a net profit of 930 million yuan, reflecting a 4.9% growth [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.932 billion, 2.412 billion, and 2.899 billion yuan respectively, with corresponding EPS of 0.74, 0.92, and 1.11 yuan per share [1][3]. Market Position - The company has improved its global market share in the photovoltaic film sector, maintaining relatively stable profitability despite industry challenges [1]. - The electronic materials segment has established a customer base that includes well-known industry players, indicating strong market penetration [1]. Future Outlook - The report anticipates a decline in film prices, leading to a downward adjustment in profit forecasts, yet maintains a positive long-term growth outlook for the company [1]. - The company is expected to enhance its industry ranking through capacity expansion and customer development in the functional film materials segment [1].

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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].