Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1]. Core Insights - The supply of micro-short dramas is abundant, with a trend towards quality content becoming prominent. In the first half of 2024, the domestic investment flow scale for micro-short dramas exceeded 11.6 billion yuan, with over 20,000 unique micro-short dramas participating in the investment flow, of which more than 13,500 were new dramas, accounting for approximately 68% [1]. - The user base for micro-short dramas has surpassed 500 million, with nearly 40% of users watching micro-short dramas regularly. Among these, 64.8% are aged 15-29, and 73.4% are female. Key factors influencing user preferences include production quality, storyline, and actor performance [1]. - The industry is expected to see a stable increase in box office revenue, with micro-short drama box office reaching 37.39 billion yuan in 2023, accounting for 70% of the total box office for Chinese films. It is projected to exceed 100 billion yuan by 2027 [1]. - The report highlights that the number of companies supplying micro-short dramas has exceeded 300,000, with a rich upstream supply chain including 229,000 professional short drama production companies [1]. Summary by Sections Industry Performance - In the first half of 2024, the average monthly investment flow for micro-short dramas was 8,259, with 2,240 new dramas released. The enthusiasm for content creation remains high, with 3,574 micro-short dramas planned for creation and 584 launched in 2023, representing growth of 382.2% and 445.8% compared to 2021, respectively [1]. User Engagement - The report notes that the demand for micro-short dramas continues to grow, with significant increases in paid users and viewing frequency on platforms like Douyin. The paid user base grew tenfold, and the next-day revisit rate increased by 50% [1]. Monetization Strategies - Current monetization strategies for micro-short dramas primarily include advertising marketing, paid subscriptions, copyright sharing, and e-commerce sales. Advertising marketing aimed at B-end clients and paid subscriptions for C-end users are the main sources of revenue [1]. Future Outlook - The report suggests that the industry will continue to grow due to market demand, despite challenges such as increased competition and regulatory scrutiny. The development of AIGC technology is expected to enhance production efficiency and content quality [1].

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company signed a contract with Saudi ALGIHAZ for the world's largest energy storage project with a capacity of 7.8 GWh, expected to contribute significantly to profits upon full operation in 2025 [2] - The company plans to repurchase shares using its own funds, with a total repurchase amount between RMB 500 million and 1 billion, demonstrating confidence in long-term development [2] Financial Performance and Forecast - The company’s projected net profits for 2024-2026 are RMB 10.248 billion, RMB 12.046 billion, and RMB 14.812 billion respectively, with corresponding EPS of 4.94, 5.81, and 7.14 yuan per share [2][5] - The expected P/E ratios for the same period are 14.2, 12.1, and 9.8 times [2][5] - Revenue is forecasted to grow from RMB 89.778 billion in 2024 to RMB 129.482 billion in 2026, with year-on-year growth rates of 24.3%, 22.1%, and 18.1% respectively [5] Project Details - The energy storage project will enhance the stability of the Saudi power grid and support the country's Vision 2030 [2] - The project will utilize over 1,500 PowerTitan 2.0 liquid-cooled energy storage systems, designed for high energy density and efficient land use [2] Share Repurchase Plan - The share repurchase plan aims to incentivize employees and align interests among shareholders, the company, and employees [2] - The repurchase will occur within 12 months from the board's approval, targeting 5.15 million to 10.31 million shares, representing 0.25% to 0.50% of the total share capital [2]

Investment Rating - The report maintains an investment rating of "Leading the Market" for the electrical equipment industry [1]. Core Viewpoints - The report highlights the ongoing trend of high-voltage direct current (HVDC) projects in Saudi Arabia, indicating a significant opportunity for Chinese companies in the international market [1][2]. - The report emphasizes the importance of renewable energy development in Saudi Arabia, with a target of achieving 40GW of installed photovoltaic capacity by 2030 as part of the "Vision 2030" initiative [1]. - The report notes that the recent contracts awarded for HVDC projects in Saudi Arabia will enhance the stability of the local power grid and support the long-term energy strategy of the country [1]. Summary by Relevant Sections Industry Performance - The report discusses the recent awarding of contracts for HVDC converter stations in Saudi Arabia, which are part of major national projects aimed at enhancing the power transmission capacity [1]. - It mentions the successful signing of a global energy storage project by Sungrow Power Supply Co., with a capacity of 7.8GWh, expected to be operational by 2025 [1]. Market Trends - The report indicates that the demand for renewable energy solutions, particularly solar and energy storage, is increasing in the Middle East, driven by government initiatives to reduce reliance on oil [1]. - It highlights the strategic partnerships formed by Chinese companies with Saudi entities to establish local production of photovoltaic components, which is expected to boost exports and local manufacturing capabilities [1][2]. Investment Opportunities - The report suggests that the HVDC technology will play a crucial role in the integration of renewable energy into the grid, making it a key area for investment in the upcoming energy transition [2]. - It identifies specific companies in the HVDC supply chain, such as State Grid Corporation and other leading manufacturers, as potential beneficiaries of the growing market demand [2].

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) ...