[Table_Rank] 评级： 看好 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug [Table_Summary] 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子周报：智能眼镜解决用户的痛点 电子周报：高算力自动驾驶芯片登陆 资本市场 电子：新型芯片绝缘材料有望突破国 际半导体技术制裁 [Table_Title] 思瑞浦收购创芯微过审 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.27 核心观点 ⚫ 思瑞浦收购创芯微过审 8 月 24 日，思瑞浦发布公告，上海证券交易所并购重组审核委员会 2024 年 8 月 23 日召开 2024 年第 5 次并购重组审核委员会审议会议， 通过了关于思瑞浦拟以发行可转换公司债券及支付现金的 ...

[Table_Title] Q2 利润环比大幅增长 核级海绵锆或成未来增长点 [Table_ReportDate] 三祥新材(603663)公司简评报告 | 2024.08.27 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -1 0 1 2 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 三祥新材 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 14.88 | | 一年内最高 / 最低价（元） | 22.18/7.58 | | 市盈率（当前） | 100.66 | | 市净率（当前） | 4.75 | | 总股本（亿股） | 4.23 | | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 917 million yuan for H1 2024, a year-on-year decrease of 5.58%, and a net profit attributable to shareholders of 103 million yuan, down 24.35% year-on-year [2] - The decline in revenue is attributed to fluctuations in downstream demand, with the testing equipment revenue dropping by 14.57% to 291 million yuan, and environmental and reliability testing service revenue decreasing by 1.72% to 461 million yuan [3] - The integrated circuit verification and analysis service revenue increased by 18.22% to 128 million yuan, driven by enhanced testing capabilities and promotional efforts [3] - The net profit margin slightly decreased, with a sales net profit margin of 13.24%, down 2.91 percentage points year-on-year [3] - The company expects a recovery in downstream demand for testing equipment and environmental testing services, with projected net profits for 2024-2026 being 336 million yuan, 413 million yuan, and 518 million yuan respectively, corresponding to PE ratios of 17.5, 14.2, and 11.3 [3] Summary by Sections Financial Performance - H1 2024 revenue was 917 million yuan, down 5.58% year-on-year, with a net profit of 103 million yuan, down 24.35% year-on-year [2] - Q2 2024 revenue was 474 million yuan, a decrease of 11.01% year-on-year, with a net profit of 61 million yuan, down 33.80% year-on-year [2] Revenue Breakdown - Testing equipment revenue was 291 million yuan, down 14.57% year-on-year [3] - Environmental and reliability testing service revenue was 461 million yuan, down 1.72% year-on-year [3] - Integrated circuit verification and analysis service revenue was 128 million yuan, up 18.22% year-on-year [3] Profitability Metrics - H1 2024 gross profit margin was 45.04%, up 0.35 percentage points year-on-year [3] - The sales net profit margin was 13.24%, down 2.91 percentage points year-on-year [3] - The company’s projected net profits for 2024-2026 are 336 million yuan, 413 million yuan, and 518 million yuan respectively [3] Future Outlook - The company anticipates a gradual recovery in downstream demand for testing equipment and environmental testing services [3] - The projected revenue growth rates for 2024-2026 are 6.8%, 16.2%, and 18.9% respectively [4]

[Table_Title] 受益于新兴业务增长，2024H1 收入表现亮眼 [Table_ReportDate] 鼎泰高科(301377)公司简评报告 | 2024.08.26 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024H1 公司实现营收 7.13 亿元，同比 增加 22.30%，归母净利润 0.89 亿元，同比下降 16.06%；扣非归母净利 润 0.75 亿元，同比增加 1.00%。2024Q2 单季度，公司实现营收 3.80 亿 元，同比增加 23.96%，归母净利润 0.48 亿元，同比增加 28.20%，扣非 归母净利润 0.40 亿元，同比增加 20.93%。 ⚫ 刀具产品稳健增长，新兴业务亮点纷呈。 （1）刀具产品：随着下游 PCB 行业需求回暖以及 AI 需求拉动，2024H1 公司刀具产品实现营收 5.41 亿元，同比增长 12.1 ...

[Table_Rank] 评级： 看好 [Table_Authors] 吴轩 有色行业首席分析师 SAC 执证编号：S0110521120001 wuxuan123@sczq.com.cn 电话：021-58820297 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 有色金属 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 有色行业周报：金价再创历史新高 工 业金属价格底部反弹 有色行业周报：流动性危机导致贵金 属价格波动增加 工业金属价格继续调 整 有色行业周报：有色金属板块继续下 跌 静待商品价格企稳 [Table_Title] 有色行业周报：降息情绪升温 金属价格有望走强 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.08.26 核心观点 [Table_Summary] ⚫ 铜价逐步企稳，电解铝反弹明显 1）铜：本周 SHFE 铜下跌 0.58%，收于 73500 元/吨；LME 铜上 涨 1.31%，收于 929 ...

Investment Rating - The report assigns a "Buy" rating to Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) in H1 2024 [2] - Finished drugs returned to growth trajectory, with revenue reaching 1.301 billion yuan (+17.13% YoY) in H1 2024 [2] - Domestic sales of finished drugs grew approximately 16% YoY, while revenue from out-of-hospital markets surged over 80% YoY [2] - The company's new sales system is expected to drive further growth in generic drugs in primary and out-of-hospital markets [2] - Didaxinib capsules, launched in March 2024, have been introduced in over 200 hospitals and are expected to contribute to performance from H2 2024 [2] - Operating efficiency continues to improve, with sales expenses decreasing by 3.63% YoY to 384 million yuan in H1 2024 [2] - New production capacity expansions in Xinchang Daming and Shandong chemical bases have been completed and put into operation [2] Financial Projections - Revenue is projected to reach 4.417 billion yuan (+10.5% YoY) in 2024, 4.948 billion yuan (+12.0% YoY) in 2025, and 5.505 billion yuan (+11.3% YoY) in 2026 [2] - Net profit attributable to shareholders is forecasted at 730 million yuan (+17.9% YoY) in 2024, 798 million yuan (+9.4% YoY) in 2025, and 917 million yuan (+14.8% YoY) in 2026 [2] - EPS is expected to be 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.06 yuan in 2026 [2] - Current PE ratios are 13.4x for 2024, 12.3x for 2025, and 10.7x for 2026 [2] Company Fundamentals - Latest closing price: 11.37 yuan [5] - 52-week high/low: 14.95 yuan/7.98 yuan [5] - Current PE ratio: 13.88x [5] - Current PB ratio: 1.73x [5] - Total shares outstanding: 861 million [5] - Market capitalization: 9.79 billion yuan [5] Financial Ratios - Gross margin: 50.6% in 2023, projected to increase to 53.4% by 2026 [5] - Net margin: 15.6% in 2023, expected to reach 16.8% by 2026 [5] - ROE: 11.2% in 2023, forecasted to remain stable around 11.5% by 2026 [5] - ROIC: 14.0% in 2023, projected to reach 16.5% by 2024 and maintain through 2026 [5] - Debt-to-asset ratio: 30.6% in 2023, expected to decrease to 26.0% by 2026 [5]

[Table_Title] 商社周报：7 月社零有所恢复，阿里京东业绩、指引靓 丽 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.23 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 商贸零售 沪深300 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：食品带动 7 月 CPI 上行， 资生堂业绩受核污水拖累 周报： 亚马逊财报显示海外需求回 落，餐饮盈利多承压 周报： 行业估值进一步下修，董宇辉 离职东方甄选 [Table_Summary] ⚫ 周度行情：本周（2024.8.12-2024.8.18）主要宽基指数涨跌互现。上 证综指数上涨 0.6%，深证成指下跌 0.52%，创业板指下跌 0.26%。商 贸零售子板块方面， 细分行业多数上 ...

[Table_Title] 2024Q2 利润承压，半导体设备布局不断完善 [Table_ReportDate] 晶盛机电(300316)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024 上半年实现营收 101.47 亿元，同 比+20.71%，归母净利润 20.96 亿元，同比-4.97%，扣非归母净利润 20.94 亿元，同比+1.02%。 ⚫ 营收保持增长，Q2 利润端承压。2024Q2 单季度营收 56.38 亿元，同比 +17.29%，归母净利润 10.27 亿元，同比-22.19%，扣非归母净利润 9.92 亿元，同比-17.20%，Q2 利润端承压。 ⚫ 毛利率有所下滑，期间费用率管控良好。2024年上半年公司销售毛利率 37%，同比-5.66pct，净利率23.54%，同比-6.66pct。其中设备和 ...

[Table_Title] 24H1 业绩超预期，车灯龙头迎新成长周期 [Table_ReportDate] 星宇股份(601799)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 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 [Table_Chart] 市场指数走势（最近 1 年） 0.2 星宇股份 沪深300 -0.2 0 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|---------------| | 最新收盘价（元） | 115.75 | | 一年内最高/最低价（元） | 161.81/110.11 | | 市盈率（当前） | 26.89 | | 市净率（当前） | 3.52 | | 总股本（亿股） | 2.86 | | 总市值（亿元） | 330.67 | 资料来源：聚源数据 ...

[Table_Summary] [Table_Title] 去库存影响境外业务表现，24H2 有望迎来边际改善 [Table_ReportDate] 怡和嘉业(301367)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 3.82 亿元（-48.79%）， 归属于上市公司股东的净利润为 9238 万元（-62.08%），扣非归母净利 润为 6650 万元（-69.08%）。 ⚫ 去库存影响境外业务表现，耗材业务保持较快增长。分产品来看，2024 年上半年家用呼吸诊疗产品收入为 2.30 亿元（-60.07%），境外收入 2.19 亿元（-56.04%），主要是受到美国市场渠道呼吸机库存影响，我们预计 随着去库存周期临近尾声，美国市场有望逐步企稳。耗材收入 1.36 亿元 （+26.13%），主要是由于公司加大在美国、欧洲市场推广力度；国内市 ...