多电池领域布局，重点突出 投资要点 事件：2024 年 7 月 16 日，公司发布半年度业绩预告。2024H1 公司预计实现归属 于上市公司股东的净利润 7.67~8.99 亿元，同比增长 75.00%~105.00%；预计实现 扣除非经常性损益后的净利润 7.38~8.70 亿元，同比增长 99.79%~135.38%。 公司盈利能力提升。2024H1 公司净利润较上年同期大幅提升，主要系市场营销力 度加大，主营业务收入稳步增长，盈利能力提高所致。2024Q2 归母净利润 4.48~5.80 亿元，同比-25.70%~-3.81%，环比+40.44%~+81.82%；扣非归母净利 润 4.59~5.91 亿元，同比-25.61%~-4.21%，环比+64.52%~+111.83%。 AI 大模型时代到来，消费电池行业迎来发展新机遇。随着 AI 快速发展，AI、MR 进而带来消费电池销量的增加。 在手机、笔记本上的应用广泛，带动智能硬件的更新换代。根据 Canalys 的最新研 究，2024Q2 全球智能手机出货量 2.88 亿台，同比增长 12%。其中，三星仍然是 全球领导者，拥有 18%的市场份额；苹果以 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding the CSI 300 index by more than 15% over the next six months [15][19]. Core Insights - The company focuses on content copyright as its core business, exploring new growth opportunities through AI-related technologies. The launch of its AI intelligent creation engine, ChatPV, marks a significant step in enhancing content production capabilities [3][4][11]. - The company has accumulated over 200,000 hours of copyright material in film, animation, and audio-visual programs, positioning itself well in the evolving media landscape [12]. - The financial forecasts predict a recovery in revenue and profit, with expected net profits of 600 million, 608 million, and 684 million yuan for 2024, 2025, and 2026 respectively, alongside an EPS of 0.23, 0.23, and 0.26 yuan [13][17]. Financial Summary - Revenue is projected to recover from 2,800 million yuan in 2023 to 3,125 million yuan in 2024, with a year-on-year growth of 11.6% [4][17]. - The gross margin is expected to remain stable, with slight fluctuations, projected at 31.5% in 2023 and 32.6% in 2024 [4][17]. - The company's total assets are forecasted to grow from 10,641 million yuan in 2023 to 12,896 million yuan by 2026, indicating a solid asset base for future operations [17].

Investment Rating - The report maintains an "Accumulate - A" investment rating for the company [1][19]. Core Insights - The company has a diversified global content ecosystem and rich quality copyright content, positioning itself as a key hub for integrating data, copyright, and links across the industry [1]. - The company is exploring AI-related innovative business scenarios and commercial models based on its quality copyright content dataset [1]. - Revenue is projected to grow from 781 million yuan in 2023 to 1.176 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 13% [1]. - Net profit is expected to increase from 146 million yuan in 2023 to 236 million yuan in 2026, reflecting a significant recovery and growth trajectory [1]. - The company is strategically investing in the 3D content creator community and trading platform CG Model Network, which is expected to enhance its content moat and expand its market reach [10][17]. Financial Projections - The projected financials for the company are as follows: - Revenue (in million yuan): 698 (2022), 781 (2023), 921 (2024), 1,040 (2025), 1,176 (2026) [1]. - Net Profit (in million yuan): 99 (2022), 146 (2023), 160 (2024), 195 (2025), 236 (2026) [1]. - EPS (in yuan): 0.14 (2022), 0.21 (2023), 0.23 (2024), 0.28 (2025), 0.34 (2026) [1]. - P/E Ratio: 78.8 (2022), 53.7 (2023), 48.7 (2024), 40.1 (2025), 33.0 (2026) [1]. - The company is expected to maintain a gross margin around 50% and a net margin that improves from 18.6% in 2023 to 20.1% in 2026 [1].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][2]. Core Views - The company is expected to achieve a significant increase in net profit attributable to shareholders, with a projected growth of over 200% year-on-year for the first half of 2024. This is driven by a recovery in demand for electronic products and an increase in orders, leading to improved capacity utilization and revenue growth [1][2]. - The advanced packaging market is anticipated to grow at a compound annual growth rate (CAGR) of 9.81% from 2021 to 2027, reaching a market size of $59.1 billion by 2027. The 2.5D/3D packaging technology is expected to see a CAGR of 13.73%, with a projected market size of $18 billion by 2027 [1][2]. - The company is actively developing advanced packaging technologies, particularly focusing on the eSinC 2.5D packaging technology platform to meet the high-end testing needs of the AI era [1][2]. Financial Performance and Projections - The company forecasts revenues of 13.02 billion, 15.39 billion, and 17.28 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.2%, 18.2%, and 12.3% [2][3]. - The projected net profit attributable to shareholders for the same years is 592 million, 910 million, and 1.28 billion yuan, with growth rates of 161.6%, 53.6%, and 41.1% [2][3]. - The company's price-to-earnings (P/E) ratios are expected to be 44.3, 28.8, and 20.4 for 2024, 2025, and 2026, respectively [2][3]. Market Position and Strategy - The company is positioning itself to capture market share in the advanced packaging sector by establishing a subsidiary focused on board-level packaging technology, aiming to enhance its competitive edge in the market [2][3]. - The company is leveraging its 3D Matrix platform to integrate various advanced packaging technologies, which is expected to drive growth in its market share within the advanced packaging field [2][3].

游戏产业稳健增长，关注下半年新增量 投资要点 事件： 7 月 25 日，中国国际数字娱乐产业大会（CDEC）在沪举行，现场发布 《2024 年 1-6 月中国游戏产业报告》，数据显示上半年中国游戏产业稳健增长， 出海渐趋多元化。ChinaJoy 临近尾声，展会规模和参展热度持续创新高，新旧 变量有望为游戏产业带来新活力，助力下半年游戏产业发展。 轻量小游戏或成新变量。本届 ChinaJoy 重要组成部分之一的 CGDC 大会（中 国游戏开发者大会）于 7 月 27 日在沪举办，微信小游戏首次亮相。据大会内容， 目前，小游戏用户达到 10 亿，月活用户 5 亿，过去一年累计服务超过 40 万开 发者，经营环境高效、长线、稳定。据企鹅有调调研显示，90.6%的受访者认为 小游戏行业发展有助于拉动就业，尤其是游戏行业从业者认为有帮助的占比高达 98.6%。小游戏玩家量级大、"即玩即走"的特点，让"小而美"的小游戏产品 拥有更多机会，即使非头部亦有机会通过多布局、少投放的方式实现生存发展。 头部公司发力维护基本盘，情怀凸显 IP 价值。暴雪旗下经典游戏和 IP 回归国服 进程稳步推进。7 月 28 日 11 时，《炉 ...

电力设备及新能源 行业周报 宁德时代发布 2024 年半年度财报，多地海风项 目推动提速【第 29 期】 投资要点 新能源汽车：本周，特斯拉宣布 4680 电池已开始装配 Cybertruck 进行验证， 并首次提出 Q4 实现干法正极量产的目标。宁德时代洛阳基地一期 30GWh 项目 电池工厂宣布投产，首个麒麟电池完成封装。鹏辉能源拟投资约 18 亿元建设年 产 10GWh 储能电芯及系统集成项目，和投资约 5 亿元建设年产 1GWh 的半固 态电池项目。亿纬锂能与英飞凌科技有限公司签署合作备忘录，在新一代的电池 管理系统中，英飞凌将提供整套芯片解决方案，覆盖微控制器单元、模拟前端等 多个关键组件。LG 新能源发布 2024 年第二季度财报，2024Q2 实现营收 6.16 万亿韩元（约 322.17 亿元），环比+0.5%，同比-29.8%；营业利润 1953 亿韩 元（约 10.21 亿元），环比+24.2%，同比-57.6%。宁德时代发布 2024 年半年 度财报，2024H1 实现营收 1667.67 亿元，同比-11.88%；归母净利润 228.65 亿元，同比-10.37%；毛利率 26.53% ...

十年上市发展稳，百亿收官再启航 投资要点 十年耕耘发展稳，百亿收官再启航。今世缘前身是江苏省淮安市高沟酒厂，是江苏 省传统名酒"三沟一河"的构成之一。2024 年是今世缘上市 10 周年、"国缘"品 牌成立 20 周年，也是实现营收过百亿、继续攀登下一个百亿高峰的里程碑。公司 营业收入自 2014 年上市时的 24 亿元增加至 2023 年的 101 亿元，CAGR 为 17.3%， 归母净利润自 2014 年的 6.41 亿增加至 2023 年的 31.36 亿元，CAGR 为 19.2%。 百亿之后公司继续坚定发展，向 2025 年营收 150 亿的新征程继续迈进。 产品上：三大品牌定位明确，产品矩阵覆盖多档价格带。公司始终瞄准消费者心理， 以"缘"文化为核心打造品牌，为产品赋予缘文化的独到内涵，以酒结缘，以缘兴 酒。基于缘文化这一立足点，公司打造形成"国缘"、"今世缘"、"高沟"三大 品牌，产品进行差异化定位，覆盖价格带范围宽，适应不同大环境，打法灵活。公 司上市前后正处于白酒调整期，高端白酒消费尤其是政商消费需求下滑，公司重点 推广中档品牌"今世缘"，瞄准日常喜宴场景；2017 年后江苏省内次高端价格 ...

电气设备 行业快报 国网电网投资规划创新高，关注特高压与配网 智能化 事件点评 国家电网公司 26 日披露，为加快构建新型电力系统，促进新能源高质量发展， 推动大规模设备更新改造，国家电网公司今年全年电网投资将首次超过 6000 亿 元，今年比去年新增 711 亿元。 电网投资创新高，特高压持续景气。电网投资覆盖产业链长、见效快，成为逆 周期投资、拉动增长的重要选项，7 月 26 日，国网表示 24 年全年电网投资将 首次超过 6000 亿（同比新增 711 亿元），同比增加将超 10%，投资增速创 2015 年来新高。新增投资主要用于特高压交直流工程建设、加强县域电网与大电网联 系、电网数字化智能化升级等。此外，7 月 17 日，南网表示正全面推进电网设 备大规模更新，预计 2024 年至 2027 年，大规模设备更新投资规模将达到 1953 亿元。其中，2024 年年中将增加投资 40 亿元，全年投资规模达到 404 亿元， 力争到 2027 年实现电网设备更新投资规模较 2023 年增长 52%。1-6 月份，全 国主要发电企业电源工程完成投资 3441 亿元，同比增长 2.5%；电网工程完成 投资 2 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock [36] Core Views - The company is implementing a "dual main business" strategy, focusing on both metal packaging and composite current collectors, with the latter expected to become a second growth curve [37][42] - The composite current collector business is projected to generate over 3.6 billion yuan in annual revenue upon full production [37] - The company's traditional metal packaging business is expected to stabilize, while the composite current collector business is set to expand rapidly [52] Financial Performance and Projections - The company's revenue is expected to grow from 1.747 billion yuan in 2023 to 3.253 billion yuan in 2026, with a CAGR of 23.9% [53] - Net profit attributable to the parent company is projected to increase from 14 million yuan in 2023 to 48 million yuan in 2026 [53] - The company's gross margin is expected to improve from 11.9% in 2023 to 16.5% in 2026 [53] Industry and Market Analysis - The metal packaging industry in China achieved a cumulative revenue of 150.562 billion yuan in 2023, with a year-on-year growth of 0.34% [151] - The beer canning rate in China increased from 16.2% in 2009 to 32.5% in 2022, indicating significant growth potential for metal packaging in the beverage industry [160] - The composite current collector market is expected to benefit from its advantages in energy density, cost reduction, and safety, with potential applications in lithium-ion batteries [148][171][178] Company Operations and Strategy - The company plans to invest 3.089 billion yuan in the composite current collector project, aiming to build 134 composite copper foil production lines and 10 composite aluminum foil production lines [37] - The company's traditional business, particularly beverage can lids, has seen significant capacity expansion, with production capacity increasing from 1.381 billion pieces in 2017 to 10.344 billion pieces in 2022 [105] - The company has a diversified customer base, with the top five customers accounting for only 18.28% of total sales in 2022, reducing dependency on any single client [128] Risks and Challenges - The commercialization of composite current collectors may face challenges due to the need for coordinated development across the industry chain [6] - The company's profitability has been impacted by fluctuations in raw material prices, particularly aluminum and tinplate, which account for a significant portion of production costs [79][117][119]

http://www.huajinsc.cn/ 1 / 14 请务必阅读正文之后的免责条款部分 （2）本周暂无新股将开启申购。 （3）以中期投资来看，我们建议关注鼎泰高科、致尚科技、纳睿雷达等个股的可 能投资机会。 http://www.huajinsc.cn/ 请务必阅读正文之后的免责条款部分 | --- | --- | |------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------| | 2024 年 07 月 28 日 \n高低切升温背景下资金更为强调性价比，但板块结构性活跃特征未改 | 策略类●证券研究报告 \n新股专题 | | 投资要点 | 分析师 李蕙 | | 新股周观点：上周整体市场风险偏好出现剧烈波动，此前交易周活跃的科创及北证 | SAC 执业证书编号： S0910519100001 | | 新股次新出现 ...