[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 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 有色行业周报：有色金属板块继续下 跌 静待商品价格企稳 有色行业周报：工业金属价格走弱 金 价再创新高 有色行业周报：美国 CPI 数据不及预 期提振金价 工业金属价格继续盘整 [Table_Title] 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 [Table_ReportDate] 有色金属 | 行业简评报告 | 2024.08.13 核心观点 [Table_Summary] ⚫ 铜价继续调整，库存有所上升 1）铜：本周 SHFE 铜下跌 2.75%，收于 71670 元/吨；LME 铜下 跌 2.82% ...

[Table_Title] 商社周报：食品带动 7 月 CPI 上行，资生堂业绩受核污 水拖累 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.13 核心观点 [Table_Rank] 评级： 看好 [Table_Authors] 李田 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 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 周报： 5 月社零小幅回升，限额以上 企业增速较上月提升较多 [Table_Summary] ⚫ 周度行情：本周（2024.8.5-2024.8.11）主要宽基指数小幅下跌。上证 综指数下跌 1.48%，深证成指下跌 1.87%，创业板指下跌 2.6%。商贸 零售子板块方面， 细分行业多数上涨 ...

Investment Rating - Buy rating for the company [1] Core Views - The company achieved revenue of 2.103 billion yuan in the first half of 2024, a year-on-year increase of 15.73%, with net profit attributable to the parent company reaching 248 million yuan, a year-on-year increase of 282.89% [1] - In Q2 2024, the company's revenue was 1.040 billion yuan, up 11.99% year-on-year, with net profit attributable to the parent company at 171 million yuan, a year-on-year increase of 655.48% [1] - The company's net profit margin significantly improved, with Q2 2024 sales net profit margin at 16.45%, up 13.97 percentage points year-on-year and 9.14 percentage points quarter-on-quarter [1] - The company is expanding overseas with the construction of a Thailand factory, which started small-scale production in May 2024 [1] - The company is developing new products such as ball screws, which are expected to be project-designated by the end of 2024, and has completed R&D for humanoid robot roller screws [1] Financial Performance - Revenue for 2024E is projected at 4.63 billion yuan, with net profit attributable to the parent company at 350 million yuan [2] - EPS for 2024E is forecasted at 0.87 yuan per share, with a PE ratio of 14.3 [2] - The company's gross margin is expected to improve from 18.9% in 2023 to 22.6% in 2026 [3] - ROE is projected to increase from 3.7% in 2023 to 15.0% in 2026 [3] Market and Valuation - The company's latest closing price is 12.13 yuan, with a market capitalization of 4.861 billion yuan [3] - The company's current PE ratio is 18.40, and the PB ratio is 2.06 [3] - The company's total assets are expected to grow from 5.955 billion yuan in 2023 to 8.162 billion yuan in 2026 [3] Industry and Expansion - The company is accelerating its new energy layout, improving operational efficiency, and optimizing management effectiveness [1] - The company has diversified its overseas market layout, which is expected to enhance performance resilience [1] - The company is expected to build a dual growth engine for new energy vehicles and humanoid robots [1]

[Table_Title] 商社周报：食品带动 7 月 CPI 上行，资生堂业绩受核污 水拖累 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.13 核心观点 [Table_Rank] 评级： 看好 [Table_Authors] 李田 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 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 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 周报： 5 月社零小幅回升，限额以上 企业增速较上月提升较多 [Table_Summary] ⚫ 周度行情：本周（2024.8.5-2024.8.11）主要宽基指数小幅下跌。上证 综指数下跌 1.48%，深证成指下跌 1.87%，创业板指下跌 2.6%。商贸 零售子板块方面， 细分行业多数上涨 ...

[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：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 24-Jul 4-Oct15-Dec 25-Feb 7-May18-Jul [Table_Summary] 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子周报：上半年集成电路进出口保 持向好态势 电子周报：小于 1nm 新工艺，有望绕 开 EUV 光刻机限制 2024 上半年电子行情复盘 [Table_Title] 高算力自动驾驶芯片登陆资本市场 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.13 核心观点 ⚫ 黑芝麻智能在香港交易所上市 2016 年 7 月黑芝麻智能成立，2024 年 8 月 8 日黑芝麻智能在香港交 易所上市，IPO 发行价 28 港元，募集资金 10.36 亿港元，股价截至 8 月 9 日收盘 2 ...

[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：010-81152683 [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 9-Aug21-Oct 2-Jan15-Mar 27-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 英特尔 Q2 收入下降，Q3 指引不乐观 电子行业：日本新增 5 项半导体技术 出口管制 电子：中国厂商包揽前五，智能手机市 场复苏可期 [Table_Title] 新型芯片绝缘材料有望突破国际半导体技术制裁 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.12 核心观点 ⚫ 事件：我国科学家开发出面向新型芯片的绝缘材料。 中国科学院上海微系统与信息技术研究所开发出面向二维集成电路 的单晶氧化铝栅介质材料，这种材料具有卓越的绝缘性能，即使在厚 度仅为 1 纳米时，也能有效阻止电 ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152776 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 基础化工 沪深300 14-Aug 25-Oct 5-Jan17-Mar 28-May 8-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 维生素继续领涨，龙佰集团与四川资 源集团签订合作协议 维生素D3延续涨势，宝丰能源上半年 利润同比快速增长 维生素D3价格涨幅居前，远兴能源取 得新增水权 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 维生素 A 涨幅居前，金石资源半年利润同比增长 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.0 ...

[Table_Title] 行业收益转为反转效应，或预示市场为存量资金博弈 [Table_ReportDate] 金融工程 | 市场监测周报 | 2024.08.12 本周（8.5-8.9，下同）市场各宽基指数弱势下行，小盘成长风格相对较 弱。主流宽基指数中创业板指下跌 2.60%，跌幅居前；而上证 50 指数则 下跌 1.10%。 ⚫ 市场资金层面： 权益类公募基金仓位平均而言环比下降：本周普通股票型基金、偏股混 合型基金的股票仓位分别为：86.04%、77.14%，较上周仓位分别下降 0.17%、0.06%，平均而言基金仓位与上周相比小幅下行；从长期来看仓 位历史分位数环比下降，分别降至 33.1%、13.9%分位数。 权益类公募基金成立规模较上周小幅回落：本周新成立的股票型基金募 集规模 10.2 亿元、混合型基金募集规模 11.3 亿元，合计规模 21.5 亿元， 较上周减少 7.1 亿元。 ⚫ 市场交易层面： 行业间收益分化程度较上周小幅扩大，且收益呈现明显的反转效应：本 周行业间收益率的标准差为 1.94%，较上周上行 0.14%，显示本周行业 间收益的差异较上周小幅扩大；从近两周行业收益在截面上 ...

[Table_Rank] 评级： 看好 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2648 [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 工程机械 沪深300 8-Aug20-Oct 1-Jan14-Mar 26-May 7-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 12 月挖掘机内销增速转正，2024 年工 程机械行业有望迎来复苏 工程机械行业事件点评：10 月挖掘机 销量好于预期，工程机械需求将迎边 际改善 工程机械行业点评：增发万亿国债，工 程机械需求将迎边际改善 [Table_Title] 7 月挖掘机内销持续增长，出口跌幅收窄 [Table_ReportDate] 工程机械 | 行业简评报告 | 2024.08.09 核心观点 ⚫ 7 月挖掘机内销继续保持 20%以上增速，出口跌幅收窄。 当月挖掘机销量：根据中国工程机械工业协会数据，2024 年 7 月中国 挖掘机销 ...

Investment Rating - The investment rating for the company is "Buy" [3][9]. Core Views - The company, Shengmei Shanghai, reported a revenue of 2.404 billion yuan for the first half of 2024, representing a year-on-year growth of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [4]. - The company has adjusted its revenue guidance for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from previous estimates, due to strong demand in the semiconductor equipment sector and successful new product launches [4]. - Shengmei Shanghai's product offerings cover wafer manufacturing and advanced packaging, including semiconductor cleaning equipment and advanced packaging wet process equipment [4]. - The company has seen significant growth driven by robust demand in the semiconductor industry and successful expansion into new markets and customer bases [4]. - Revenue projections for 2024, 2025, and 2026 are estimated at 5.572 billion, 6.806 billion, and 7.9 billion yuan respectively, with corresponding net profits of 1.142 billion, 1.502 billion, and 1.753 billion yuan [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue growth of 49.14% and a net profit growth of 17.66% [4]. - The company’s current price-to-earnings (PE) ratio is 46.08, with projected PE ratios of 37, 28, and 24 for 2024, 2025, and 2026 respectively [4][5]. Product Development - The company successfully delivered its wet process equipment with 4000 chambers in March 2024 and launched a new cleaning device for advanced packaging in May 2024 [4]. - The company participated in the SEMICON CHINA exhibition, showcasing its latest technologies and solutions to existing and potential customers [4]. Market Outlook - The semiconductor equipment demand in China remains strong, contributing to the company's revenue growth and market expansion [4]. - The company has successfully opened new markets and developed multiple new clients, enhancing overall revenue [4].