《黑神话：悟空》火热发布有望推动板块发展 投资要点 事件：北京时间 8 月 20 日早上十点《黑神话：悟空》全球正式上线。根据 2024 国游销量半年榜，该游戏在预售一个月后，销售额达 3.9 亿元，销量为 120 万份， 打破国产游戏的预售纪录（原纪录为 10 万级）。根据国游畅销榜统计，截至 20 日晚，其在 Steam 上已售出超过 300 万份，加上 wegame、epic 和 ps 平台，总销 量超过 450 万份，总销售额超过 15 亿元。 政策趋向或将影响行业变化，技术迭代引发产业升级。政策端：2023 年 12 月 22 及 25 日，国家新闻出版署分别公布 12 月的国产、进口游戏审批信息，共 145 款游戏获批，相较 2022 年分别同比增长 109%和 123%。2023 年 12 月 22 日国家 新闻出版署起草《网络游戏管理办法 ( 草案征求意见稿 )》其中提出鼓励精品 原创游戏与国际合作的方针，游戏出海将更加便利，侧面提升我国游戏产业整体 在全球市场的影响力和竞争力。2024 年 8 月 3 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》其中提及提升网络文学、网络表演、 ...

作为投资者,大家晚上好,我是华新电子团队的分析师王海伟欢迎大家参加我们本次关于半导体材料板块的一个近期观点汇报那么整体来说的话,我们在半导体材料这个从上半年的整个的PR业绩我们也能看到就是国家半导体材料测试公司 整个经营业绩都是持续向好的一个趋势那么在Q2单季度业绩来看的话全体环地都基本实现了一个增长那么在这里面其实我们一直都重点强调过就是大规券呢其实是整体市场规模还有从绝对的这个占比来说都是整个半导体材料里面空间或者规模上来讲是最大的一个那么2024年全球规券市场规模大概也接近 141美元那么从国际上来说的话可能前五家还是以全球的这个前五家的这个海外还有中国台湾的这个厂商为主那么国内目前的话就是像富贵就是进展还是比较快的那么预计2024年公司整体的产能的话也能达到60万片每个月这样的一个 反能水平所以当在当前这个位置我们能看到啊其实多数的这个啊半能水材料环节它是随着晶圆啊就是代工厂或者IDM厂它整个的加重物提升啊就是有一定的互助那么整体来看的话上半年的一二季都随着啊就是晶圆厂这边的整个加重提升那么 材料环节整体的出货量也是超市场预期的那么从Q3的维度或者说从Q3、Q4的维度来说的话季度环比还是继续环比向上的 ...

Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Buy - B" [1][3] Core Views - The report indicates that the company's sales are steadily growing, but the upgrade in product structure is slowing down. For the first half of 2024, the company achieved operating revenue of 8.861 billion yuan, a year-on-year increase of 4.18%, and a net profit attributable to shareholders of 900 million yuan, also up by 4.19% [1][3] - The report highlights that the main growth is coming from the mainstream price segment, with high-end beer products (priced at 8 yuan and above) contributing significantly to revenue growth [1][3] - The company is expected to continue its growth momentum due to the recovery of consumer spending, cost improvements, and the acceleration of its "Jia Su Yang Fan" strategy aimed at enhancing high-end product offerings and refining channel distribution [3][4] Revenue Analysis - For the first half of 2024, the company reported revenue of 8.861 billion yuan, with beer business revenue at 8.624 billion yuan, reflecting a year-on-year increase of 3.56%. The beer sales volume reached 1.7838 million kiloliters, up by 3.30% year-on-year, with a corresponding price per ton of 4,834 yuan, a slight increase of 0.25% [1][3] - The second quarter of 2024 saw a revenue of 4.568 billion yuan, a year-on-year increase of 1.54%, but the net profit attributable to shareholders decreased by 5.99% to 449 million yuan [1][3] Profit Analysis - The report notes that the company's gross profit margin improved to 49.22% in the first half of 2024, up by 0.74 percentage points year-on-year, despite a slight increase in cost per ton [1][3] - The company is facing short-term pressure on profitability due to increased depreciation from the new Foshan factory and higher marketing expenses [1][3] Financial Forecast - The financial forecast for 2024-2026 has been adjusted, with expected operating revenues of 15.5 billion yuan, 16.2 billion yuan, and 16.9 billion yuan respectively, reflecting year-on-year growth rates of 4.7%, 4.5%, and 4.4% [3][4] - The net profit attributable to shareholders is projected to be 1.404 billion yuan, 1.484 billion yuan, and 1.568 billion yuan for the same period, with corresponding growth rates of 5.0%, 5.7%, and 5.6% [3][4] Strategic Outlook - The company is entering a new phase of its "Yang Fan 27" strategy, focusing on enhancing high-end product growth and expanding beyond beer categories. The strategy aims to leverage the trend of consumption upgrading [3][4] - The company plans to increase its target cities from 91 to around 100 in 2024, enhancing its channel distribution and brand presence [3][4]

Investment Rating - The investment rating for the company is "Buy-A" [1][2] Core Views - The company is focusing on market share and continuously expanding and optimizing its product matrix, with a significant increase in revenue and net profit in the first half of 2024 [1][2] - The recovery in consumer and network communication markets has driven an increase in shipment volume and revenue, with a notable growth in the industrial and automotive sectors [1][2] - The company achieved a revenue of 3.609 billion yuan in the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit of 517 million yuan, up 53.88% year-on-year [1][2] Financial Performance - In Q2 2024, the company reported revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78% [1] - The net profit for Q2 2024 was 312 million yuan, showing a year-on-year growth of 67.95% and a quarter-on-quarter growth of 52.46% [1] - The company’s revenue projections for 2024 to 2026 have been adjusted to 7.647 billion yuan, 9.926 billion yuan, and 11.776 billion yuan, with growth rates of 32.8%, 29.8%, and 18.6% respectively [2][4] Product Development - The company continues to enhance its product lines, particularly in storage and MCU (Microcontroller Unit) segments, with new low-power and high-performance products launched [1][3] - The company is the second-largest SPI NOR Flash provider globally, offering a wide range of capacity options and has established partnerships with leading automotive manufacturers for its automotive-grade products [1][3] - The introduction of new fingerprint recognition solutions for PC devices marks an expansion into the PC market, enhancing the company's product offerings [3] Market Outlook - The company is expected to benefit from the recovery in niche storage markets and the ongoing demand in consumer electronics, automotive electronics, and industrial applications [2][4] - The anticipated growth in revenue and profitability is supported by the company's continuous innovation and adaptation to market demands, particularly in the context of DRAM capacity adjustments by leading manufacturers [2][4]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|--------------------------------------------|----------------------------------------------| | 2024 年 08 月 20 日 \n鼎龙股份（ 300054.SZ ） \n半导体材料带动业绩增长，打造进口替代类创新 \n材料平台公司 | 投资评级 \n股价 | (2024-08-20) | 公司研究●证券研究报告 \n基础化工 \| \n买入 | 公司快报 \n电子化学品Ⅲ \n-A(维持) ...

核电项目核准提速，四代堆应用空间有望打开 事件点评 8 月 19 日，经国务院常务会议审议，决定核准江苏徐圩一期工程等五个核电项 目。会议强调，安全是核电发展的生命线，要不断提升核电安全技术水平和风险 防范能力，加强全链条全领域安全监管，确保核电安全万无一失，促进行业长期 健康发展。 核准数量超预期，核电发展迎景气。此次核准的 5 个核电项目，包括中核江苏 徐圩一期工程，中广核广东陆丰一期工程、山东招远一期工程、浙江三澳二期工 程，国家电投广西白龙一期工程，合计 11 台机组。2019—2023 年，我国核准 核电机组数量分别为 4 台、4 台、5 台、10 台、10 台，整体呈现出积极安全有 序发展的势头。2024 年此次核准数量达 11 台，创 2008 年以来核准数量新高。 根据核能行业协会，按年度开工 8-10 台百万千瓦机组规模预计，2030 年、2035 不断提升。 年我国核电装机将分别达到 1.2 亿、1.5 亿千瓦左右，发电量分别约占全国总发 电量的 7.3%、10%（2023 年占比约为 5%），核电发展空间广阔。2024 年 3 月， 中国核电发布 24 年投资计划额 1215.53 亿元 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The report highlights that large models are being implemented on the edge side through two dimensions: computing power coordination and scenario optimization. This transition aims to improve the efficiency of edge computing and reduce time losses associated with cloud computing [1]. - Currently, over 90% of AI applications are in software form, with hardware integration beginning to emerge. AI hardware is categorized into two types: AI + Everything, which integrates AI functions into traditional products, and new AI products that leverage large models to innovate consumer electronics [1]. - The AI assistant market in China is rapidly expanding, with significant increases in app downloads and user engagement. For instance, the total downloads of Doubao AI increased from 53 million to nearly 80 million, indicating a stable leading position in the market [1]. Summary by Sections Investment Highlights - Large models are replacing smaller models on the edge for various tasks, enhancing scenario generalization and effectiveness. Initial applications have been seen in mobile phones and automotive cockpits [1]. - The report suggests focusing on companies such as Kuaishou, Tom Cat, Kunlun Wanwei, and others, as AI applications and wearable devices continue to evolve and expand their application scenarios [1]. Market Performance - The report notes that the overall market for AI smart assistants is experiencing rapid growth, with increases in total visits, downloads, and user activity levels [1]. - The leading AI applications have shown strong retention rates, with Doubao AI achieving approximately 30% and 20% for three-day and seven-day retention, respectively [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [21]. Core Insights - The company, Chengdian Guangxin (920008.BJ), specializes in the research, production, and sales of network bus products and special display products, primarily serving the defense and military sectors. The company has shown significant revenue growth, with a forecasted increase in revenue and net profit for 2024 [9][10]. - The company has established itself as a core supplier for major clients such as AVIC, China Electronics Technology Group, and China Shipbuilding Industry Corporation, benefiting from strong relationships built over years [16]. - The market for the company's core products, including FC network bus and LED dome display systems, is expected to grow significantly due to low current penetration rates in military applications and increasing demand for advanced military aircraft [16][19]. Financial Performance - The company reported revenues of 121.3 million, 169.2 million, and 216.1 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 199.44%, 39.43%, and 27.72% [2][10]. - For the first half of 2024, the company achieved revenues of 145 million yuan, a year-over-year increase of 89.86%, and a net profit of 27 million yuan, up 40.32% from the previous year [10][19]. - The company forecasts a 25.52% increase in revenue and a 14.21% increase in net profit for the full year 2024 compared to the previous year [19]. Industry Overview - The company operates within the defense and military sectors, focusing on network bus products and special display products, which are critical for military simulation and training applications [12][13]. - The military simulation market in China is expected to grow, with an estimated annual demand for around 57 military flight simulators, which will drive the need for advanced display systems like LED dome displays [13]. - The FC network bus technology is becoming the mainstream solution in modern military aircraft, with significant growth potential as new generation aircraft are introduced into service [15]. Competitive Analysis - Compared to industry peers, Chengdian Guangxin's revenue scale is below the average, but its gross profit margin is higher than the industry average, indicating strong profitability [19]. - The average revenue for comparable companies in the industry is 3.079 billion yuan, with a comparable PE-TTM of 39.15X and a gross profit margin of 34.20% [19].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" [1] Core Viewpoints - The report highlights the importance of government-linked gaming cultural content, emphasizing that high-quality content can drive the development of the gaming industry through multiple channels [1] - The report notes that the rapid development of AI underscores the significance of cybersecurity, with innovative models expected to resonate with cultural IP [1] - The global licensing market has shown a record sales figure of $356.5 billion in 2023, reflecting a 4.6% year-on-year growth, indicating a strong demand for quality IP [1] Summary by Relevant Sections Investment Highlights - The report discusses the upcoming National Cybersecurity Publicity Week from September 9 to 15, 2024, and the involvement of major gaming companies in promoting cybersecurity awareness [1] - It mentions that the gaming industry is experiencing a surge in popularity during the summer, with government departments collaborating with quality gaming IPs to enhance public legal awareness [1] Industry Performance - The report indicates that the cybersecurity industry in China reached a scale of approximately 220 billion yuan in 2023, with 28 listed companies, showcasing significant growth in comprehensive industry strength [1] - It highlights that the average R&D cycle has been shortened by 20% and production efficiency has increased by 35% due to AI empowerment [1] Investment Recommendations - The report suggests focusing on high-quality gaming IPs, particularly those linked to popular titles like "Black God Talk," and recommends companies such as Tencent Holdings, NetEase, and Bilibili among others for potential investment opportunities [1]

电力设备及新能源 行业周报 宁德时代 7 月三元市占率超 70%，加快构建新 型电力系统行动方案印发【第 32 期】 投资要点 新能源汽车：本周，据中国汽车动力电池产业创新联盟数据统计，2024 年 1-7 月三元电池装机量 73.6GWh，其中宁德时代市占率达 68.45%，7 月市占率高达 70.88%。蜂巢能源低容量高电压商用轻卡 100kWh 电池系统标准品下线。富临 精工控股子公司江西升华与宁德时代签订《业务合作协议》，双方就磷酸铁锂正 极材料验证、生产方面建立长期合作关系，共同开拓新能源市场。极氪第二代金 砖电池将首发装车 2025 款 007，二代金砖电池同样基于磷酸铁锂，10.5 分钟可 从 10%充能至 80%，较第一代快了 4.5 分钟。厦钨新能针对低空飞行器及无人 机领域开发的高功率高电压三元产品实现量产，月度产销量达数百吨。奇瑞商用 车与宁德时代达成战略合作，奇瑞商用车新品零米轻卡将全系标配宁德时代天行 L-超充版和天行 L-长续航版。孚能科技取得锂金属负极相关专利，其循环性能得 到明显提升。珠海冠宇 2024H1 实现营业总收入 53.47 亿元，同比-2.31%，归 母净利润 1. ...