视频生成应用场景丰富，AI 微短剧表现优异 投资要点 事件： 近日，芒果 TV 大模型正式通过中央网信办生成式人工智能（大语言模 型）备案审核。该模型支持节目策划、内容创作、角色对话和内容推荐等多种应 用。未来，湖南广电将基于芒果大模型，搭建 AI Agent 智能体应用平台"芒果 西米露"，推进节目创作、广告投放、平台运营等全场景大模型能力覆盖。 国产 AI 视频大突破，快手可灵大模型发布。在 2024 年 WAIC 上快手视频生成 大模型可灵公布，自 6 月 6 日上线开放申请以来，可灵迎来超 50 万人申请，已 开放给超 30 万用户使用，生成超 700 万条短视频。7 月 24 日快手宣布可灵 AI 基础模型进行升级，并全面开放内测，用户每天登录可免费获得 66 个"灵感值"， 预计能产出 6 个免费视频，同时上线会员体系。7 月 24 日，爱诗科技正式发布 其 视 频 生 成 产 品 PixVerse V2, 并 全 球 同 步 开 放 。 PixVerse V2 采 用 Diffusion+Transformer（DiT）基础架构，并在各方面进行技术创新，提供更长、 更一致、更有趣的视频生成能力。 ...

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating a positive outlook for future performance [14]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 1.16 billion, 1.43 billion, and 1.77 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.4%, 23.6%, and 23.4% [13][20]. - The net profit attributable to the parent company is forecasted to be 192 million, 251 million, and 336 million yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 25.4, 19.5, and 14.5 [13][20]. - The company is positioned well within the domestic market for mask plates, with a strong customer base and brand influence, and is actively expanding its production capacity and technological capabilities [20]. Financial Data Summary - The company reported a revenue of 762 million yuan in 2022, with an expected increase to 924 million yuan in 2023, and further growth to 1.16 billion yuan in 2024 [21]. - The net profit for 2022 was 99 million yuan, projected to rise to 134 million yuan in 2023 and 192 million yuan in 2024 [21]. - Key financial ratios indicate a gross margin improvement from 25.2% in 2022 to an expected 33.2% in 2026, and a net profit margin increase from 13.0% to 19.0% over the same period [21][20].

http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 Huajin Se 网 旗 华 下 发 ဉ် 图 1: 政策利率与 R007、DR007（%） - 1Y MLF - 1Y LPR - SY LPR ------ R007 7天逆回购 ---- DR007 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 24-07 19-07 20-01 20-07 21-01 21-07 22-01 22-07 23-01 23-07 24-01 资料未深: CEIC，华金证券研究所 请务必阅读正文之后的免责条款部分 分析师声明 本公司具备证券投资咨询业务资格的说明 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 | --- | --- | |-------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future performance [1][9]. Core Insights - The company is expected to achieve revenue of approximately 733 to 736 million yuan in the first half of 2024, representing a year-on-year growth of 19.05% to 19.64% [1]. - The net profit attributable to shareholders is projected to reduce losses significantly, with estimates ranging from -32.94 to -28.67 million yuan, compared to a loss of 189.84 million yuan in the same period last year [1]. - The company has four main product lines that are steadily developing, with strong competitive new products expected to be launched [1]. Financial Performance Summary - For the first half of 2024, the company anticipates a revenue increase of 18.16% to 19.21% in the second quarter, with a quarter-on-quarter growth of 29.86% to 31.02% [1]. - The projected revenue for 2024 is 1.704 billion yuan, with growth rates of 30.7%, 26.3%, and 23.3% expected for the years 2024, 2025, and 2026 respectively [9][10]. - The net profit attributable to shareholders is expected to be 10 million yuan in 2024, with significant growth anticipated in subsequent years [10]. - The gross margin is projected to improve to 27.5% in 2024, with further increases expected in the following years [10]. Product Development and Market Position - The company has successfully cleared inventory for its LED lighting power management chips, and the gross margin for this product line has returned to normal levels [1]. - The AC/DC power management chips have seen production ramp-up with major domestic and international appliance brands [1]. - The company is also advancing in the development of DC/DC power management chips, with a focus on high-current step-down solutions [1].

Investment Rating - The investment rating for the company is "Accumulate-A" [2] Core Views - The semiconductor display industry is experiencing an upturn, leading to a significant increase in the company's net profit for the first half of 2024, with an expected year-on-year growth of 185% to 213% [1][4] - The company is focusing on high-end mid-size products by investing in the 8.6 generation AMOLED production line, which is expected to start mass production by the end of 2026 [2][4] - The company is also entering the flexible dimming new sector with the establishment of Ruisi Technology, which will produce flexible dimming films and electronic devices [2][4] Summary by Relevant Sections Financial Performance - The company anticipates a net profit of 1.116 billion to 1.316 billion yuan for Q2 2024, representing a year-on-year increase of 128.50% to 169.44% and a quarter-on-quarter increase of 13.46% to 33.78% [1] - For the first half of 2024, the expected net profit is between 2 billion to 2.3 billion yuan, indicating a year-on-year growth of 185% to 213% [1] Market Trends - The demand for large-size LCD panels is expected to increase due to major sporting events and e-commerce promotions, with a notable price increase in TV products observed in March and April 2024 [1] - The penetration rate of AMOLED products is on the rise, with the company maintaining growth in flexible AMOLED shipments [2] Investment Projects - The company announced the investment in the 8.6 generation AMOLED production line to cater to high-end mid-size product demands, particularly in the IT and automotive sectors [2][4] - The flexible dimming technology developed by Ruisi Technology aims to address challenges in automotive applications, enhancing the company's competitive edge in the flexible product market [2][4] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 have been adjusted to 203.378 billion, 227.336 billion, and 247.410 billion yuan, with growth rates of 16.5%, 11.8%, and 8.8% respectively [4] - The net profit forecast for the same period has been revised to 51.31 billion, 90.86 billion, and 110.97 billion yuan, with growth rates of 101.4%, 77.1%, and 22.1% respectively [4]

Summary of Conference Call Industry Overview - The conference call focused on the telecommunications industry, featuring insights from the chief analyst Zhang Wencheng from the research institute [1]. Core Insights and Arguments - The strategy team presented their viewpoints on the telecommunications sector, indicating a comprehensive analysis of current trends and challenges within the industry [1]. Additional Important Content - The call emphasized the importance of understanding the evolving landscape of telecommunications, including technological advancements and regulatory impacts that could influence market dynamics [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The report highlights the competitive landscape of the summer gaming market in China, with major platforms like Douyin and Kuaishou launching promotional activities to boost game conversion and user engagement [1]. - IAA mini-games are identified as a new growth hotspot in the industry, with Douyin's mini-game user base growing over 150% in 2023, and IAA mini-games accounting for 80% of the mini-game market [1]. - The overall market size for mini-games is projected to reach between 600-650 billion yuan, with significant growth in user engagement metrics such as monthly active users and advertising revenue [1]. Summary by Sections Industry Performance - The report notes that the summer gaming market is highly competitive, with several major titles launching, including domestic AAA console games and new mobile games [1]. - IAA mini-games differ from IAP model games by primarily generating revenue through advertising, reflecting a shift in monetization strategies within the industry [1]. User Growth and Engagement - Douyin's mini-games are expected to drive user growth, with projections indicating that the overall commercial volume of IAA mini-games will exceed 10 billion yuan in 2024 [1]. - The user demographics for mini-games show a balanced gender ratio among young users, with male users having a wider variety of game choices compared to female users [1]. Investment Recommendations - The report suggests that increased gaming-related activities across platforms are likely to enhance the development of a diverse gaming ecosystem, recommending attention to companies such as NetEase, Tencent, and Kuaishou [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Viewpoints - The issuance of the seventh batch of domestic game licenses on July 22, 2024, with 105 games approved, reflects a stable and positive policy environment. Major companies like Tencent and miHoYo have new games approved, signaling a robust pipeline for the summer gaming market [1]. - The upcoming ChinaJoy event from July 26 to July 29 is expected to further boost the gaming industry's momentum, showcasing new releases and innovations in gaming technology [1]. - The report emphasizes the continuous release of high-quality games during the summer, which is anticipated to sustain market enthusiasm and growth [1]. Summary by Sections Investment Highlights - The report highlights the stable issuance of game licenses, with 105 domestic games approved in July, including new titles from Tencent and Kingsoft. This trend is expected to continue positively [1]. - The ChinaJoy event is set to gather over 600 well-known companies from 31 countries, showcasing the latest games and technologies, which is likely to enhance industry visibility and engagement [1]. Market Performance - The report notes that the gaming market is heating up with the release of several high-quality games, indicating a positive outlook for the industry in the coming months [1]. - The report suggests that the combination of stable policy support and major industry events will catalyze further growth in the gaming sector [1].

Investment Rating - The report maintains a "Buy-B" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.47-1.62 billion yuan in H1 2024, representing a year-on-year growth of 45%-60% [12] - The company anticipates a stable performance in the domestic market, with overseas contributions expected to drive growth [12] - The company is focusing on expanding its overseas business while solidifying its domestic base, leveraging its production facilities in Germany and Best Formulations [12] Financial Data and Valuation - The company forecasts a net profit of 0.84-0.99 billion yuan for Q2 2024, a year-on-year increase of 16.6%-37.7% [12] - Revenue projections for 2024-2026 have been slightly adjusted, with expected revenues of 43.42 billion yuan, 50.50 billion yuan, and 57.17 billion yuan, reflecting year-on-year growth rates of 21.2%, 16.3%, and 13.2% respectively [12][15] - The net profit forecast for the same period is adjusted to 3.98 billion yuan, 4.99 billion yuan, and 5.95 billion yuan, with year-on-year growth rates of 41.5%, 25.4%, and 19.2% respectively [12][15] Revenue Analysis - The company expects steady growth in the Chinese market driven by major clients and retail business, while the Americas region is anticipated to see an end to inventory destocking [12] - The company is optimistic about revenue growth due to continuous positive orders and the release of new production capacity from the BF factory [12] Profit Analysis - The company’s internal net profit margin may slightly decline due to a high base, but improvements are expected in the BF segment [12] - The company aims to maintain its internal net profit margin through ongoing supply chain management optimization [12] Long-term Outlook - The company is positioned to benefit from downstream scale growth, increased outsourcing ratios, and rising concentration among leading players in the industry [12] - The company has a strong product pipeline and sufficient regulatory approvals, with robust R&D capabilities and customer loyalty expected to enhance its market influence [12]

Investment Rating - The report maintains an investment rating of "Leading the Market" with a target of exceeding the Shanghai and Shenzhen 300 Index by more than 10% over the next six months [2]. Core Viewpoints - The report highlights the significance of cybersecurity in light of a recent global IT failure affecting numerous Windows users, emphasizing the need for domestic applications and localization to accelerate development [1]. - It notes that the recent IT incident has underscored the vulnerabilities associated with over-reliance on a few technology companies, suggesting that this may create opportunities for domestic tech firms [1]. - The report also points out that the Chinese government's recent policy announcements stress the importance of technological security and AI regulation, which could catalyze the development of domestic technology industries [1]. Summary by Sections Investment Highlights - The report discusses a major IT failure on July 19, 2024, which caused widespread disruptions across various sectors globally, but asserts that the impact on China is minimal [1]. - It mentions that the incident has led to increased attention on cybersecurity and maintenance, with a focus on the issues arising from reliance on major software ecosystems [1]. Policy and Regulatory Environment - The report references a key policy document released by the Chinese government that emphasizes the development of a national security protection system and the importance of self-reliance in technology [1]. - It indicates that the government aims to strengthen the role of enterprises in technological innovation and establish mechanisms to nurture leading tech companies [1]. Investment Recommendations - The report suggests that the combination of event-driven catalysts and supportive policies may present opportunities in the supply side of ecological applications [1]. - It recommends focusing on companies such as Tencent, NetEase, Meituan, Bilibili, and others as potential investment opportunities in the context of the evolving landscape [1].