积极布局算法备案，AIGC 落地再提速 投资要点 事件：8 月 5 日，据《互联网信息服务深度合成管理规定》，国家互联网信息办 公室（网信办）公开发布第七批境内深度合成服务算法备案信息。腾讯、网易、 华为云、钉钉、抖音、百度、vivo、阶跃星辰、智己、惠普等公司的共 487 个算 法赫然在列。大厂积极布局备案，或推动 AIGC 加速落地应用，赋能生产创作。 大厂积极布局算法，AIGC 纵深赋能 toB 和 toC 内容生产。据国家网信办公开 发布的境内深度合成服务算法备案清单（2024 年 8 月），除腾讯（腾讯搜索大 模型生成算法，应用于微信搜一搜 APP）、网易（有道、雷火等携众多算法） 等头部公司之外，本期备案清单还出现了华为云（华为云 MetaStudio 分身数字 人声音制作算法）、百度（百度红线知识代答算法、百度人像写真图像扩散生成 算法）、抖音（河马教育大模型算法、小荷医疗大模型算法，分别应用于河马教 育 APP、抖音短视频 APP）、vivo（图文多模态大模型算法，应用于蓝心千询 APP、vivo 看见 APP、小 v 助手 APP）、阶跃星辰（阶跃 Step1X 多模态内容 生成算法，用于跃 ...

4-6 | --- | --- | --- | --- | |----------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------------------------------------| | 投资要点 | 2024 年 08 月 08 日 \n小方制药(603207.SH) | | 公司研究·证券研究报告 \n新股覆盖研究 | | | ◆ 下周一（8 月 12 日）有一只上证主板新殿"小方制药"询价。 | 交易数据 | | | | ◆ 小方制药(603207.SH): 公司的主营业务为外用药的研发、生产和销售,产品涵 | 总市值(百万元) | | | | 盖消化类、皮肤类和五官类等细分领域。公司 2021-2023 年分别实现营业收入 4.02 | 流通市值(百万元) | | ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|------------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 08 月 08 日 \n小方制药（ 603207.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周一（ 8 月 12 日）有一只上证主板新股"小方制药"询价。 | 交易数据 | | | | 小方制药（ 603207.SH ）：公司的主营业务为外用药的研发、生产和销售，产品涵 | 总市值（百万元） | | | | 盖消化类、皮肤类和五官类等细分领域。公司 2021-2023 年分别实现营业收入 4.02 | 流通市值（百万元） | | | 亿元 | /4.57 亿元 /4.72 ...

显示基本盘稳中有升，LED 为业绩增长重要引擎 投资要点 24H1 实现营收/归母净利润同比双增长，LED 产业链净利润贡献超 50%。2024H1， 公司实现营业收入 95.20 亿元，同比增长 23.07%；实现归母净利润 9.11 亿元，同 比增长 24.04%；在传统业务智慧显示终端稳定增长的同时，LED 产业链净利润贡 献占比超过 50%，成为公司业绩弹性增长空间较大的重要引擎。在智慧显示领域， 尽管面临海运短期等挑战，但公司通过配合客户调整策略，出货量实现稳中有升， 维持了在全球 ODM 市场的领先地位。 LED 全链条延伸/深度协同产生叠加效应。在 Mini LED BLU 及 Mini/Micro RGB 技术商用化爆发的时期，公司技术迭代加速和产业链协同优势凸显，垂直一体化的 布局及深度协同将发挥关键作用，进一步推动公司 LED 全产业链迈向新的高速成 长阶段，引领整个产业链迈向更高的发展水平。（1）LED 芯片：公司致力于产品 结构优化，大幅减少低毛利产品的占比，将更多资源投向高端照明、Mini LED 背 光、Mini RGB 显示等高毛利、高附加值产品，带动公司利润率的提升，进而实现 ...

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]

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [1][2]. Core Insights - The company reported a revenue of 26.74 billion yuan for July 2024, marking a year-on-year growth of 22.80% and a month-on-month growth of 26.30%, which is the second highest in historical terms [1]. - The company is recognized as one of the few large manufacturers globally that can research, design, manufacture, sell, and service various types of PCB products, including FPC, SMA, SLP, HDI, Mini LED, and RPCB Rigid Flex [1]. - The company has been ranked as the largest PCB manufacturer globally for seven consecutive years from 2017 to 2023, according to Prismark data [1]. - The company is focusing on expanding its market presence in the automotive and server sectors, with significant growth expected in these areas [1][2]. Financial Performance - The company’s projected revenues for 2024, 2025, and 2026 are 35.15 billion yuan, 39.18 billion yuan, and 43.57 billion yuan, respectively, with growth rates of 9.6%, 11.5%, and 11.2% [2][3]. - The net profit attributable to the parent company is expected to be 3.83 billion yuan, 4.44 billion yuan, and 4.94 billion yuan for the years 2024, 2025, and 2026, reflecting growth rates of 16.6%, 15.8%, and 11.4% [2][3]. - The company’s gross margin is projected to be 22.3% in 2024, slightly decreasing to 22.1% in 2025 and 22.0% in 2026 [3]. Market Dynamics - The company’s primary downstream applications are in the smartphone and consumer electronics sectors, which accounted for over 95% of its total revenue in 2023 [1]. - The anticipated increase in smartphone replacement rates, driven by AI applications, is expected to create new demand in the market [1]. - The company is also actively expanding its production capabilities in Thailand, with a focus on automotive and server products, expected to commence production in the second half of 2025 [2].

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 ...