44 下 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------| | 2024 年 08 月 07 日 \n外需降温和关税壁垒的拖累开始显现 | 宏观类 ● 证券研究报告 \n事件点评 | | 进出口数据点评（2024.7） | 分析师 秦泰 | | 投资要点 | SAC 执业证书编号： S0910523080002 ...

Export Data - In July 2024, China's export value increased by 7% year-on-year, below the expected 9.54% and down from 8.60% in June 2024[1] - The export growth rate to major production countries decreased, with exports to South Korea dropping by 3.3 percentage points (pct) to 0.8%, and to Japan decreasing by 6.9pct to -6.0%[1] - Exports to the United States increased by 1.5pct to 8.1%, while exports to the European Union rose by 3.9pct to 8.0%[1] Import Data - In July 2024, China's import value rose by 7.2% year-on-year, exceeding the expected 2.99% and significantly up from -2.30% in June 2024[1] - Major imports included agricultural products, which increased by 9.16pct, and crude oil, which rose by 20.81pct[1] - The import of mechanical and electrical products surged by 15.42pct to 15.19%[1] Market Trends - The PMI for new export orders in July was 48.50, indicating a slight increase of 0.20 from the previous month, but still below the neutral level[1] - The global semiconductor cycle is on the rise, and some countries are initiating interest rate cuts, which may stimulate demand[1] - The overall economic outlook remains uncertain, with risks including economic slowdown and unexpected policy easing[2]

下 下 = | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------| | 2024 年 08 月 06 日 \n特别国债加码补贴，拉动多少商品消费？ \n投资要点 | 宏观类●证券研究报告 \n主题报告 \n分析师 秦泰 SAC 执业证书编号： S0910523080002 | | 近期促进消费特别是商品消费的政策集中加码。 7 月 30 日政治局会议强调"要以 提振消费为重点扩大国内需求"，稍早前国家发改委公布与财政部联名印发的《关 | 报告联系人 qintai@huajinsc.cn 周欣然 zhouxinran@huajinsc.cn | | 于加力支持大规模设备更新和消费 ...

Investment Rating - The investment rating for the company is "Accumulate - A" [1][2] Core Views - The company reported a 26.14% year-on-year increase in revenue for the first half of 2024, reaching 1.04 billion yuan, and a 39.26% increase in net profit attributable to shareholders, amounting to 167 million yuan [1] - The company is focusing on optimizing its channel layout and expanding into overseas markets, with a notable increase in revenue from e-commerce and other sales channels [1][2] - The company plans to distribute a cash dividend of 10.92 yuan per 10 shares, with a payout ratio of 60.07%, indicating a commitment to shareholder returns [1] Revenue Analysis - In H1 2024, the company achieved revenue of 1.042 billion yuan, with Q1 growth at 49.75% and Q2 slowing to 4.90% due to seasonal factors and channel adjustments [1] - The revenue from the core product lines, including sunflower seeds and green peas, showed steady growth, with the sunflower seed series generating 138 million yuan (+12.76%) and the green pea series 238 million yuan (+16.87%) [1] - The company is actively enhancing its e-commerce capabilities and expanding its product offerings to adapt to online sales [1][2] Profit Analysis - The gross margin for H1 2024 was 34.94%, a slight decrease of 0.66 percentage points year-on-year, while the net profit margin improved to 16.49% due to tax benefits [2] - The company expects to maintain a net profit growth trajectory, with projections for 2024-2026 showing a compound annual growth rate of 16.7%, 26.4%, and 20.4% respectively [2][3] Financial Data and Valuation - The company’s projected revenue for 2024 is adjusted to 2.339 billion yuan, with net profit expected to reach 384 million yuan [3] - The earnings per share (EPS) for 2024 is projected at 4.12 yuan, with a price-to-earnings (P/E) ratio of 13.5 [3] - The company’s return on equity (ROE) is expected to be 20.6% in 2024, indicating strong profitability [3]

7 月营收同环比增长，打造全方位 PCB 一站式服 务平台 投资要点 2024 年 8 月 5 日，公司发布 2024 年 7 月营业收入简报。 7 月营收同环比增长，打造全方位 PCB 一站式服务平台 2024 年 7 月公司实现营收 26.74 亿元，同比增长 22.80%，环比增长 26.30%，为 历年同期次高。 公司是全球范围内少数同时具备各类 PCB 产品研发、设计、制造、销售与服务的 专业大型厂商，主要产品范围涵盖 FPC、SMA、SLP、HDI、Mini LED、RPCB、 Rigid Flex 等多类产品，并广泛应用于通讯电子产品、消费电子及计算机类产品以 及汽车和 AI 服务器、高速计算机等产品，具备为不同客户提供全方位 PCB 电子互 联产品及服务的强大实力，打造了全方位的 PCB 产品一站式服务平台。根据 Prismark 数据，公司 2017~2023 年连续七年位列全球最大 PCB 生产企业。 公司生产的印制电路板产品最小孔径可达 0.025mm、最小线宽可达 0.020mm，公 司在触控感压 FPC 模组、动态弯折 FPC 模组、超长尺寸 FPC 组件、高速低损 FPC 模组、大 ...

产业与政策协同共进推动行业发展 投资要点 事件： 近日，国务院发布《国务院关于促进服务消费高质量发展的意见》：为 优化和扩大服务供给，释放服务消费潜力，更好满足人民群众个性化、多样化、 品质化服务消费需求提出意见。 文化娱乐相关领域近年发展稳定，具备良好生态基础。文化娱乐消费涉及演出、 影视院线，网络文学，网络游戏等相关领域。网络文学：根据中国社科院统计， 2023 年网络文学市场规模达 404.3 亿，同比增长 3.8%，网络文学 IP 市场规模 大幅跃升至 2605 亿元，同比增长近百亿。网络文学融入非遗、国风元素，拥抱 中华优秀传统文化；现实题材创作年增速超 20%，新增读者 00 后占比过半。影 视相关：2023 年长剧市场走向精品化的趋势愈发凸显，根据德塔文数据显示， 网络剧主导剧集市场。2023 年网络影视剧市场规模达到 710 亿元，同比增长 18.7%，占据市场主导地位，纯网剧播出 236 部，占比 70.24%。网络游戏相关： 根据《2024 年 1-6 月中国游戏产业报告》数据，2024 年上半年，中国游戏用户 规模为 6.74 亿人，同比增长 0.88%，再创新高；国内游戏市场实际销售收 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][2]. Core Views - The report highlights the completion and production commencement of the first phase of Shanghai Huati Technology, which is expected to achieve a wafer testing capacity of 480,000 pieces per year [1]. - The company is positioned as a major integrated circuit testing center in China, focusing on wafer testing and establishing a differentiated development pattern with other testing bases [1][2]. - The anticipated revenue growth for the company from 2024 to 2026 is projected at 15.2%, 18.2%, and 12.3% respectively, with net profit growth rates of 161.6%, 53.6%, and 41.1% [1][3]. Financial Data and Valuation - The company's revenue for 2024 is estimated at 13,020 million yuan, with a year-on-year growth of 15.2% [3]. - The projected net profit for 2024 is 592 million yuan, reflecting a significant increase of 161.6% compared to the previous year [3]. - The company's P/E ratios for 2024, 2025, and 2026 are expected to be 44.0, 28.6, and 20.3 respectively, indicating a potential for improved valuation as earnings grow [3][5]. Operational Highlights - Shanghai Huati has established a cleanroom area of 30,000 square meters and over 1,300 high-end testing devices, enabling comprehensive testing capabilities across various chip types [1]. - The company employs advanced technologies such as MES, SAP, and CIM to achieve intelligent manufacturing and automation in its production processes [1][2]. - The report emphasizes the strategic importance of the company's 3D Matrix platform in enhancing its technological moat and expanding production capacity [2].

2024 年 08 月 05 日 行业研究●证券研究报告 传媒 行业快报 政策提振服务消费，数字文娱产业高质量发展 投资评级 领先大市-A维持 首选股票 评级 投资要点 事件：8 月 2 日，2024 年中国数字文娱大会在广州市天河区顺利开幕，期间发 布的《中国文娱产业人工智能行业应用发展报告》呈现人工智能深度参与和赋能 的趋势。8 月 3 日，国务院印发《关于促进服务消费高质量发展的意见》，旨在 优化和扩大服务供给，释放服务消费潜力，更好满足人民群众个性化、多样化、 品质化服务消费需求。数字文娱产业重磅盛会召开，积极政策发布，或有效释放 消费潜力，促进文旅、教培、文娱等服务型产业高质量发展。 数字文娱盛会召开，AI 赋能趋势显著。百度、网易游戏、酷狗音乐、凡拓数创、 科大讯飞等数十家企业和平台齐聚展现最新科技创新应用和产品，主展区还引入 数字虚拟人、AI 交互型数字人一体机等最新数字科技成果。据大会期间发布的 《中国文娱产业人工智能行业应用发展报告》，2023 年中国文化产业把握数智 化发展机遇，聚焦多元化商业变现。数字文娱、数字文旅、在线旅游市场规模分 别达 1.21 万亿元、9200 亿元、1.11 万 ...

电力设备及新能源 行业周报 时代长安投资 50 亿元建设 25GWh 动力电池基 地，国网年度投资额首超 6000 亿【第 30 期】 投资要点 新能源汽车：本周，据 SMM 数据显示，2024 年上半年宁德时代储能出货量约 45GWh，市占率超 40%，排名全球第一；亿纬锂能、中创新航、欣旺达出货量 分别约 20GWh、8GWh、2GWh，分别排名第二、第五和第十。据 GGII 数据显 示，2024 年上半年我国新能源车销售约 427.9 万辆，同比+41%，带动国内动 力电池装机量约 200.6GWh，同比+40%；其中，宁德时代上半年动力电池装机 量达 94.4GWh，同比+43.6%，市占率 47.1%，排名第一。据 GGII 统计的 11 家车企销量显示，2024 年 7 月新能源车销量业绩仅广汽埃安较上月出现下滑， 其余十家均保持正增长，其中，比亚迪、理想、零跑、极氪、岚图 7 月销量同 比增速均在 30%以上。宁德时代下半年排产和订单饱满，产能利用率预计会进 一步提升；公司上半年整体销量超 200GWh，其中二季度动力和储能电池整体 销量近 110GWh。时代长安计划投资 50 亿元，在川渝高竹 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company has launched a restricted stock incentive plan aimed at over 225 core personnel, which constitutes 30.91% of its total workforce as of December 31, 2023. This plan is designed to enhance corporate governance and attract talent, aligning the interests of shareholders and core personnel for long-term development [1][3] - The company is a leading global video security chip design firm, focusing on the research and sales of video security chips used in smart security, video intercom, and intelligent automotive applications. The incentive plan is expected to strengthen company cohesion and lay a solid foundation for future long-term growth [1][3] Financial Performance and Forecast - The company is projected to achieve revenues of 2.48 billion yuan, 2.97 billion yuan, and 3.55 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.7%, 19.7%, and 19.7% [1][4] - The expected net profit attributable to the parent company for the same years is 271 million yuan, 416 million yuan, and 576 million yuan, with corresponding growth rates of 32.3%, 53.4%, and 38.6% [1][4] - The company's gross margin is expected to stabilize, with projections of 37.6%, 38.4%, and 39.1% for the years 2024, 2025, and 2026, respectively [4] Market Dynamics - The company has a relatively high overseas revenue share, with growth driven by international expansion and e-commerce. The most significant growth momentum is observed in the e-commerce sector, which is accelerating its market coverage both domestically and globally [1][3] - The competitive landscape is expected to stabilize in the second half of 2023 after a challenging first half, with the company's comprehensive product offerings and strong customer relationships supporting its gross margin trends [1][3]