[Table_Title] 商社周报：8 月社零环比表现乏力，舒适、生活感成短 途游潮流 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.09.20 核心观点 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 19-Sep 1-Dec12-Feb 25-Apr 7-Jul18-Sep 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：中秋国庆临近，出境游短 途游景气、传统礼品市场承压 商社周报：五部门联合印发通知完善 市内免税店政策，政策驱动周度行情 商社周报：中报密集发布，关注结构 性机会 [Table_Summary] ⚫ 周度行情：本周（2024.9.9-2024.9.13）主要宽基指数下跌。上证综指 数下跌 2.23%，深证成指下跌 1.81%，创业板指下跌 0.19%。本周 （2024.9.9-2024. ...

[Table_Title] 汽车行业周报：以旧换新政策发力带动汽车销量增 长 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.09.19 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn -0.4 -0.2 0 0.2 [Table_Chart] 市场指数走势（最近 1 年） 18-Sep 29-Nov 9-Feb21-Apr 2-Jul12-Sep 汽车 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：多地提高以旧换新补 贴标准 汽车行业周报：24H1 申万汽车板块约 八成公司盈利 汽车行业周报：新一轮以旧换新政策 出台，中央资金支持力度强 [Table_Summary] l 以旧换新政策发力，带动行业销量增长 9 月 9 日，乘联会发布月度市场报告。数据显示，2024 年 8 月国内 乘用车市场零售销量为 190.5 万辆，同比下滑 1.0%，环比增长 10.8%。 其中，常规燃油车零售销量为 87.0 万辆，同比下滑 2 ...

[Table_Summary] [Table_Title] 制冷剂盈利修复，带动业绩大幅上涨 [Table_ReportDate] 三美股份(603379)公司简评报告 | 2024.09.19 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.5 0 0.5 1 19-Sep 1-Dec12-Feb 25-Apr 7-Jul18-Sep 三美股份 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 28.59 | | 一年内最高 / 最低价（元） | 46.92/24.67 | | 市盈率（当前） | 32.71 | | 市净率（当前） | 2.83 | | 总股本（亿股） | 6. ...

[Table_Title] 1 生猪价格短期承压，白羽鸡价格短期震荡 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.09.18 [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 0.1 18-Sep 29-Nov 9-Feb21-Apr 2-Jul12-Sep 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 毛鸡近一周价格窄幅震荡，生猪股处 于历史估值低位 7 月上市公司出栏量稳健，近一周猪 价呈震荡态势 猪价再创年内新高，7 月规模场出栏稳 健 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 9 月 13 日全国生猪出栏均价 19.49 元/公斤，单日跌幅 0.92%。分区域来看，福建、湖南、贵州等地猪 价小幅上涨，其余大多数区域猪价均以下跌为主。其中陕西、山西 等地跌势明显，下跌 0. ...

[Table_Title] 英飞凌推出 12 英寸氮化镓晶圆，有望降低成本 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The demand for computing power is increasing alongside energy consumption, driven by AI model requirements. Chip suppliers are upgrading computing chips to enhance performance, but this leads to higher power consumption, with NVIDIA's H100 GPU consuming around 700W and the upcoming B200 GPU expected to reach 1000W [5] - Gallium Nitride (GaN) offers low conduction resistance and high switching speed, which helps reduce energy consumption. Its high electron mobility makes it suitable for high-frequency and high-power electronic devices [6] - GaN technology is expected to lower energy consumption in AI data centers. The power supply for AI processors requires multiple voltage conversion stages, where GaN can effectively handle the final conversion from 48V to 0.5V [7] - Infineon has launched the world's first 12-inch GaN power semiconductor wafer, which is expected to significantly advance the GaN power semiconductor market. The larger wafer size increases chip production efficiency by 2.3 times compared to 8-inch wafers [8] - The transition to larger GaN wafers will help reduce costs, making GaN devices more competitive with silicon-based devices, thus promoting wider adoption of GaN technology [9] Investment Recommendations - It is recommended to pay attention to companies within the GaN industry chain [9]

Investment Rating - The report gives an investment rating of "Positive" for the industry [1]. Core Insights - Apple launched the iPhone 16 series and the second-generation 3nm A18Pro chip on September 10, 2024, which is expected to drive a replacement wave for iPhones and create investment opportunities in the secondary market for Apple's supply chain [2][3]. - Huawei introduced the MateXT, a three-fold screen smartphone, on the same day, which is anticipated to replace some functions of tablets and PCs, potentially leading to a replacement wave in the smartphone market [3]. - The electronic sector's performance has been slightly stronger than the overall market, with the CSI 300 index down 2.23% from September 9 to September 13, while the CITIC electronic sector fell 2.35% during the same period [4]. Summary by Sections 1. Apple Product Launch - Apple held its fall product launch on September 10, 2024, introducing the iPhone 16 series, which includes four models: iPhone 16, 16 Plus, 16 Pro, and 16 Pro Max [2]. - The iPhone 16 Pro features a 5-level titanium design and the new A18Pro chip, which utilizes a second-generation 3nm process, enhancing performance and energy efficiency [2]. 2. Huawei Product Launch - Huawei's MateXT, a three-fold screen smartphone, was launched on September 10, 2024, with three versions priced at 19,999 yuan, 21,999 yuan, and 23,999 yuan for different memory configurations [3]. - The larger screen of the MateXT is expected to replace some functionalities of tablets and PCs, potentially driving a replacement wave in the smartphone market [3]. 3. Market Performance - From September 9 to September 13, the CSI 300 index decreased by 2.23%, while the CITIC electronic sector saw a decline of 2.35% [4]. - Year-to-date, the CSI 300 index is down 9.1%, and the CITIC electronic sector has decreased by 19.57% [4]. 4. Sector Performance - The electronic sub-sectors showed varied performance from September 9 to September 13, with PCB and components showing positive growth of 1.17% and 0.33%, respectively, while semiconductor equipment and passive components faced declines [10]. - The top-performing stocks in the electronic sector during this period included Huaying Technology, Defu Technology, and Fulede, with increases of 61.3%, 17.6%, and 10.8%, respectively [14][15].

[Table_Summary] [Table_Title] 持续深耕领鲜战略，期待后续经营改善 [Table_ReportDate] 光明乳业(600597)公司简评报告 | 2024.09.14 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 14-Sep 26-Nov 7-Feb20-Apr 2-Jul13-Sep 光明乳业 沪深300 [Table_BaseData] 公司基本数据 总市值（亿元） 资料来源：聚源数据 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 7.41 | | 一年内最高 / 最低价（元） | 10.32/7.38 | | 市盈率（当前） | 11.23 | | 市净率（当前） | 1.15 | | 总股本（亿股） | 13.78 | | ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 12.714 billion yuan for the first half of 2024, a year-on-year decrease of 10.08%, with a net profit attributable to shareholders of 280 million yuan, down 17.03% year-on-year [2] - The company is focusing on its "Fresh Leadership" strategy, aiming to improve operational performance through product innovation and channel expansion [2] - The company has launched 34 new products in the first half of 2024, including organic fresh milk and DHA products, to meet consumer demand [2] - The company expects a gradual improvement in its operations, with projected net profits of 480 million yuan, 540 million yuan, and 600 million yuan for 2024, 2025, and 2026, respectively [2] Financial Summary - For the first half of 2024, the company's revenue from liquid milk, other dairy products, and livestock products was 7.231 billion yuan, 4.092 billion yuan, and 600 million yuan, respectively, showing declines of 9.67%, 2.33%, and 42.99% year-on-year [2] - The gross profit margin for the first half of 2024 was 19.83%, a slight decrease of 0.29 percentage points year-on-year [2] - The company’s net profit margin for the first half of 2024 was 2.21%, down 0.18 percentage points year-on-year, while the non-recurring net profit margin increased by 0.50 percentage points to 2.74% [2] - The company’s total assets are projected to be 23.056 billion yuan in 2025, with total liabilities of 11.212 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 3.249 billion yuan for the first half of 2024, representing a year-on-year growth of 22.92%. The net profit attributable to shareholders was 450 million yuan, up 13.62% year-on-year [4] - The company experienced strong domestic sales growth, with Q2 2024 revenue reaching 1.607 billion yuan, a year-on-year increase of 15.88%. However, net profit for Q2 2024 decreased by 3.80% year-on-year [4] - Profit margins are under pressure but are expected to gradually recover in the second half of the year. The gross profit margin for Q2 2024 was 27.66%, down 0.87 percentage points year-on-year [4] - The company is making progress in its new energy business and expanding its client base, with a product structure that now includes key components for new energy vehicles [4] - The company is enhancing its global supply chain and has initiated the construction of a second factory in Mexico, expected to start production in Q2 2025 [4] - The company is projected to achieve revenues of 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.249 billion yuan, a 22.92% increase year-on-year, and a net profit of 450 million yuan, up 13.62% year-on-year [4] - Q2 2024 saw revenue of 1.607 billion yuan, a 15.88% increase year-on-year, but net profit decreased by 3.80% [4] Profitability - The gross profit margin for Q2 2024 was 27.66%, down from the previous year, indicating pressure on profit margins [4] - The company expects a gradual recovery in profit margins in the second half of the year [4] Business Expansion - The company is expanding its new energy business and improving its client base, with a focus on key components for new energy vehicles [4] - The construction of a second factory in Mexico is underway, with production expected to start in Q2 2025 [4] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan respectively, with net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5]