Investment Rating - The report maintains an "Overweight - A" rating for the company [1] Core Views - The semiconductor industry is in a recovery phase, leading to an adjustment in the company's revenue and profit forecasts for 2024 to 2026. Expected revenues are revised from 3.023 billion, 3.547 billion, and 4.252 billion to 3.525 billion, 4.383 billion, and 5.560 billion, representing growth rates of 47.5%, 24.3%, and 26.9% respectively. Net profit forecasts are adjusted from 20 million, 166 million, and 317 million to 54 million, 191 million, and 331 million, with growth rates of 158.3%, 249.7%, and 73.7% respectively [1] - The company's one-stop delivery capability in "Bumping + CP + FC + FT" is forming, with the gradual release of capacity from the second phase project and an expanding customer base and application fields. Significant breakthroughs have been achieved with leading IC design companies in Taiwan, which is expected to improve profitability [1] Financial Data and Valuation - The company is projected to achieve a revenue of 8.53 to 9.53 billion in Q2 2024, representing a year-on-year growth of 52.92% to 70.84% and a quarter-on-quarter growth of 17.45% to 31.21% [21] - For the first half of 2024, the company is expected to achieve revenues between 15.80 billion and 16.80 billion, with a year-on-year growth of 60.78% to 70.96% [21] - The financial forecast includes a gross margin of 21.1% in 2024, increasing to 30.3% by 2026, and a net profit margin projected to reach 6.0% by 2026 [10][25]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of -B [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 112 million to 128 million yuan, representing a year-on-year growth of 759.31% to 853.50% [1] - The revenue for the first half of 2024 is projected to be approximately 1.048 billion yuan, reflecting a year-on-year increase of about 55% [1] - The semiconductor industry is experiencing a recovery, with increased demand in downstream sectors such as smart automotive, industrial control, and robotics [1] Summary by Sections Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses of 75 million to 89 million yuan, a year-on-year increase of 307.83% [1] - The revenue for Q1 2024 is expected to be 638 million yuan, with a quarter-on-quarter growth of approximately 56% [1] - The operating net profit margin for Q2 2024 is projected to exceed 10% [1] Product Development - The company has increased its R&D investment by about 15% year-on-year, launching a series of new chip products and solutions in 2023 [1] - The new T527 main control chip integrates an 8-core 1.8GHz ARM CortexTM-A55 core, targeting markets such as smart industry and smart automotive [1] Future Growth Prospects - The company is expected to continue expanding its revenue due to the successful launch of new products and solutions [1] - Revenue forecasts for 2024-2026 have been adjusted upwards, with projected revenues of 2.373 billion yuan, 2.943 billion yuan, and 3.631 billion yuan respectively [1] - The net profit attributable to shareholders is also revised upwards to 258 million yuan, 411 million yuan, and 601 million yuan for the same period [1]

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 Views - The company is expected to achieve revenue of 2.4-2.5 billion yuan in H1 2024, representing a year-on-year growth of 26.72%-32.00%. The net profit attributable to shareholders is projected to be 310-330 million yuan, with a growth rate of 26.18%-34.32% [1]. - The company is focusing on enhancing its product categories and brand building, which is expected to drive sales growth. The report highlights the successful performance of specific products like quail eggs and vegetarian dishes [2][13]. - The company is actively developing various packaging formats to meet diverse consumer needs and is strengthening its supply chain management and organizational efficiency [2][13]. Revenue Analysis - The company anticipates a revenue of 1.177-1.277 billion yuan for Q2 2024, reflecting a year-on-year increase of 17.5%-27.5%. The net profit for the same period is expected to be 150-170 million yuan, with a growth of 12.1%-27.0% [1]. - The report notes that the company is focusing on seven core product categories and has made significant progress in product upgrades and brand recognition [1][2]. Profit Analysis - The gross profit margin is expected to improve in Q2 2024, driven by the strong performance of high-margin products. However, the growth rate of net profit attributable to shareholders may slow due to increased stock payment expenses [1][2]. - The report estimates that the net profit margin for Q2 2024 will decrease by 0.33 percentage points to 13.07% year-on-year, primarily due to changes in channel structure and increased stock payment expenses [1]. Financial Forecast - The company is projected to achieve revenues of 5.263 billion yuan, 6.425 billion yuan, and 7.746 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.9%, 22.1%, and 20.5% [2][4]. - The net profit attributable to shareholders is expected to be 667 million yuan, 853 million yuan, and 1.053 billion yuan for the same years, with growth rates of 31.9%, 27.8%, and 23.5% [2][4].

= http://www.huajinsc.cn/ 1/10 请务必阅读正文之后的免责条款部分 内容目录 图表目录 图 14: 2024H1 全行业归属母公司净利率同比增长一览（截止 20247/15） . 图 1：民调数据显示特朗普支持率更高 资料来源：华金证券研究所，RealClearPolitics 下 | --- | --- | |--------------------------------------------------------------------------------------------|------------------------------------------| | 2024 年 07 月 15 日 \n特朗普若胜选，对市场有何影响？ | 策略类●证券研究报告 \n主题报告 | | 投资要点 | 邓利军 | | 若特朗普大选胜出，对 A 股影响可能中性偏多。（1）分子端来看，特朗普当选对 | 分析师 SAC 执业证书编号： S0910523080001 | | 国内出口有一定压制，但扩大内需政策落地预期可能上升。一是出口可能受到压制： | denglijun@hu ...

2024 年 07 月 15 日 行业研究●证券研究报告 传媒 行业快报 热门影片上映,暑期档持续升温 投资要点 事件: 7 月 13 日,暑期档喜剧电影《抓娃娃》开启点映,点映首日票房达到 1.56 亿元,促使当日票房大盘突破 3 亿。根据灯塔专业版,《抓娃娃》点映首 日以 31%排片,获得超过 50%的票房,场均 26.4 人,上座率 17.3%,均远超 同期其他新片。 暑期档供给端丰富,头部作品有望再创档期新高。相比于 2023 年,2024 上半 年大盘票房同比下滑,主要受 5、6 月缺乏优质片源供给影响。暑期档供给端有 所改善,根据猫眼数据显示,目前共 113 部影片在该档期上映。截至 7 月 15 日 16 时,2024 暑期档(6 月-8 月)档期电影总票房(含预售)为 43.14 亿元。《默 杀》自上映后口碑持续发酵,根据灯塔数据显示,7 月 3 日上映后首周票房达 3.76 亿并于 7 月 14 日票房突破 8 亿。映前媒体预测最高达 12 亿元,该片暂居 暑期档票房榜首,领先第二名《云边有个小卖部》近 4 亿元。电影《抓娃娃》 将于 7 月 16 日上映,截止 7 月 15 日 17 时, ...

Investment Rating - The report assigns a "Buy-B" rating to Zhenjiu Lidu (06979 HK) for the first time [1] Core Views - Zhenjiu Lidu has a clear business strategy and is driven by multiple brands for growth [1] - The company's multi-brand synergy is expected to benefit from the ongoing optimization of the sauce-flavored baijiu competitive landscape, accelerating the momentum of high-quality leading brands [2] - The company is expected to achieve revenue of 8 449, 10 018, and 11 782 billion yuan in 2024-2026, with year-on-year growth of 20%, 19%, and 18% respectively [2] - Net profit attributable to the parent company is expected to be 1 996, 2 462, and 3 019 billion yuan in 2024-2026, with year-on-year growth of -14%, +23%, and +23% respectively [2] Brand Performance and Strategy Zhenjiu - Zhenjiu maintains a clear dual-channel strategy and product upgrades, with expected incremental contributions in the second half of the year [1] - Zhen 30 shifted from group purchase channels to circulation channels, achieving double-digit growth in the first half of 2024 [1] - Zhenjiu upgraded its experiential marketing to "Sacred Land Tour" and "National Banquet," enhancing brand image and providing a solid foundation for business expansion [1] - Zhenjiu's annual production capacity exceeds 41 000 tons, with expected storage exceeding 100 000 tons this year, providing a solid foundation for high-end product expansion [2] Lidu - Lidu is transitioning from "small and beautiful" to "large and refined," expanding its product matrix and strengthening traditional channel distribution and national layout [1] - Lidu focuses on two product matrices: Lidu Gaoliang and Lidu King, with different price positioning for each series [1] - Lidu adopts different strategies for domestic and external markets, focusing on brand recognition and expanding core customer groups in external markets [1] Xiangjiu - Xiangjiu continues to deepen its presence in the Hunan market through a large network strategy and experiential marketing [1] - With the continuous improvement of channel penetration in Hunan and strong product competitiveness, Xiangjiu is expected to achieve steady growth [1] Regional and Channel Strategy - Zhenjiu focuses on five core provinces: Guizhou, Henan, Shandong, Guangdong, and Hunan, with continued penetration in 2024 [1] - The dual-channel growth strategy has shown significant results, with Zhenjiu's business unit and high-end liquor business unit having clearer positioning and goals [2] Financial Projections - Revenue is expected to grow from 5 856 million yuan in 2022 to 11 782 million yuan in 2026, with a CAGR of 18% [3] - Gross margin is expected to increase from 55% in 2022 to 61% in 2026 [3] - EPS is projected to be 0 59, 0 73, and 0 89 yuan per share in 2024-2026, with corresponding P/E ratios of 13 13x, 10 64x, and 8 68x [2] Valuation and Comparables - Zhenjiu Lidu's 2024 P/E ratio of 13x is lower than the average of 17x for comparable companies in the sub-high-end baijiu sector [8] - Comparable companies include Shanxi Fenjiu, Shuijingfang, Shedejiu, and Jiuguijiu, with average 2024-2026 P/E ratios of 17x, 14x, and 12x respectively [8] Product and Market Outlook - Zhenjiu will focus on the 500-1 000 yuan price range, targeting the sub-high-end and high-end markets, with key products including Zhen 15, Zhen 30, and the high-end bottled series [1] - The high-end bottled series is expected to grow significantly, with a projected market share of 2-3 billion yuan in the next five years [1]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|---------------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 07 月 15 日 \n联瑞新材（ 688300.SH ） \n24Q2 利润创历史新高，电子级粉体项目预计年 \n底投产 | 投资评级 \n股价 \n交易数据 | 基础化工 \n(2024-07-15) | 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) ...

2024 年 07 月 15 日 行业研究●证券研究报告 传媒 行业快报 文娱元素竞发,Bilibili World 引爆文旅热潮 投资要点 事件:7 月 10 日,上海杨浦区正式发布《关于全球互联网优质内容创作者"优 享计划"的实施意见(试行)》;7 月 12 日至 7 月 14 日,国内最大的 acg 领域综 合性展会 Bilibili World 2024(BW2024)在上海国家会展中心举行。政策先行, 优质内容厚积薄发,赋能文旅及相关产业发展。 文娱盛会盛大开幕,引爆暑期文旅消费热潮。BW2024 展会为期 3 天,展会面 积近 17 万平方米,现场集合 700+家参展商(53 家新展商),800+位 up 主, 450+个创作者摊位,是目前国内最大的 acg 领域综合性展会。展会共开设九大 主题板块,量体裁衣为各类用户打造优质体验。本届 BW 门票共计超 61.5 万人 预约,开票当日 2.7 万张大会员优先购门票 30 秒售罄,10 万张普通用户票 1 分 钟售罄。数据显示,上海漫展带动酒店预订量上涨 59%。上海国家会展中心周 边 5 公里内、800 元以下的酒店,提前售罄率达 20%,高星酒 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, reflecting strong growth potential and confidence in its platform-based semiconductor equipment business [7] Core Views - The company is positioned as a platform-based semiconductor equipment enterprise, benefiting from the increasing demand for advanced process and advanced packaging equipment driven by AI development and domestic expansion of companies like ChangXin Memory and Yangtze Memory [7] - The company is expected to achieve significant revenue growth, with projected revenues of 30,282/40,214/50,167 million yuan for 2024-2026, representing year-over-year growth rates of 37.2%/32.8%/24.8% [7] - The company's net profit is forecasted to grow at a compound annual growth rate (CAGR) of 53.1%/28.8%/26.2% for 2024-2026, reaching 5,970/7,692/9,710 million yuan [7] Company Overview - The company operates in the semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components sectors, with a strong focus on innovation and R&D [1][18] - It has six R&D and production bases, offering a wide range of semiconductor equipment including etching machines, PVD, ALD, CVD, oxidation/diffusion furnaces, cleaning machines, and gas mass flow meters [1] - The company's products are widely used in integrated circuits, advanced packaging, semiconductor lighting, MEMS, power semiconductors, compound semiconductors, new energy photovoltaics, and flat panel displays [1] Industry Drivers - The AI cycle is expected to drive semiconductor demand, with global semiconductor capacity projected to increase by 6% in 2024 and 7% in 2025, reaching 33.7 million wafers per month (8-inch equivalent) [7][25] - Advanced packaging is accelerating, with front-end processes being applied to back-end packaging, creating a mid-process intersection between wafer manufacturing and packaging [7][28] - Multiple patterning techniques are enabling breakthroughs in process nodes, with technologies like LELE, SADP, and SAQP being widely used in advanced nodes [36][37][41] - The third phase of the National Integrated Circuit Industry Investment Fund (Big Fund III) is expected to further support the domestic semiconductor industry, focusing on the entire IC supply chain [44] Product Highlights Etching Equipment - The company has achieved breakthroughs in ICP etching for 12-inch wafers across various technology nodes, with its ICP equipment widely used in polycrystalline silicon and metal etching [2] - CCP etching equipment has been successfully applied in logic, memory, and power semiconductor key processes, providing stable and efficient production support for domestic customers [2] Thin Film Deposition - The company has a comprehensive product portfolio in PVD, CVD, and ALD, with its PVD equipment achieving stable mass production in copper interconnects, aluminum pads, metal hard masks, and other processes [3] - CVD equipment has been developed to meet the demands of dielectric and metal chemical vapor deposition, with key technical indicators reaching industry-leading levels [3] Cleaning and Heat Treatment - The company offers a variety of wet cleaning equipment, achieving breakthroughs in high-end single-wafer processes and full coverage of tank processes [4][6] - Vertical furnace equipment has achieved full coverage in logic and memory process applications, with key technologies such as airflow/temperature field control and precise reaction source delivery [6] Financial Performance - The company's revenue in 2023 reached 22,079 million yuan, a year-over-year increase of 50.3%, with net profit attributable to shareholders growing by 65.7% to 3,899 million yuan [8] - Gross margin and net margin have shown an upward trend, with gross margin reaching 43.7% in 2024E and net margin expected to be 19.7% in the same year [8] - The company's R&D investment in 2023 was 4,410 million yuan, accounting for 19.97% of its revenue, with over 7,900 patents applied for and 4,700 patents granted [23]

2024 年 07 月 14 日 公司研究●证券研究报告 珠海冠宇(688772.SH) 公司快报 消费电池业务增长潜力大,海外产业布局稳步推进 投资要点 事件:2024 年 7 月 9 日,公司发布公告,基于消费电池客户的需求和公司完善海 外产业布局的需要,公司在马来西亚的全资子公司优尼思科技马来西亚有限公司拟 投资建设马来西亚冠宇电池新能源项目,总投资额预计不超过人民币 20 亿元。 海外产业布局稳步推进。公司在马来西亚的全资子公司优尼思科技马来西亚有限公 司拟投资建设马来西亚冠宇电池新能源项目,用于生产笔记本、平板、手机电池等 消费类电池产品,总投资额预计不超过 20 亿元,预计项目建设周期 2-3 年。该项 目有望助力国际市场的开拓,进一步完善公司全球化的布局。 消费电池为公司核心业务。财务数据方面,公司 2023 年实现营业收入 114.46 亿 元,同比增长 4.3%;归母净利润 3.44 亿元,同比增长 278%。公司业务主要包含 消费电池业务和动储电池业务,消费电池业务 2023 年实现收入 104.80 亿元,收 入占比约 91.6%;2023 年动力电池业务收入 5.48 亿元,占比 4. ...