券 研 2024 年 09 月 17 日 究 报 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|--------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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证 2024 年 09 月 16 日 研 究 报 S 行 研 苹果 iPhone 16 和华为三折叠手机发布，上海 微电子极紫外相关专利公布 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|-------------------------------------|-----------------------------|-------------------------------------------------------------------------- ...

证 2024 年 09 月 16 日 行 研 究 报 关注美国大选对新能源产业影响，美国对中国光 伏再加关税 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 09 月 17 日 行 业 研 究 报 观平台经济如何破局获新增？ | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 2024 年 09 月 16 日 研 报 告 行 业 研 究 生猪养殖区域专题系列二（浙江省）：农业用地 紧缩下生猪产能重构，区域销价优势明显 —农林牧渔行业专题报告 推荐(维持) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 农林牧渔(申万) -10.2 -18.3 -24.5 沪深 300 -5.6 -10.8 -14.8 市场表现 (%) 农林牧渔 沪深300 -30 -25 -20 -15 -10 -5 0 5 资料来源：Wind，华鑫证券研究 相关研究 1、《农林牧渔行业周报：生猪量价 齐升助力 8 月经营业绩增长，关注 低估值产能扩张企业》2024-09-08 2、《农林牧渔行业专题报告：生猪 养殖区域专题系列一（安徽省）： 集团厂供给八成以上，中小散补栏 偏弱》2024-09-06 3、《农林牧渔行业周报：生猪养殖 步入业绩兑现期，后期重点关注优 质小猪企业》2024-09-01 ▌生猪养殖密度低，居民消费能力高 浙江省内自然条件适宜生猪养殖。平原与盆地等平坦地区适 合农业和大规模生猪养殖，丘陵与山地则适 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is experiencing steady revenue growth with a 17.2% year-on-year increase in H1 2024, reaching 76.723 billion yuan, while the net profit attributable to shareholders decreased by 63.0% year-on-year to 2.832 billion yuan [2][3] - The company is optimizing its cost structure, with a total expense ratio of 10.3% in H1 2024, which is an increase of 1.7 percentage points year-on-year [3] - The company is accelerating its layout in the new energy vehicle sector, with significant growth in both domestic and overseas sales [4][5] Revenue and Profitability - In Q2 2024, the company achieved revenue of 39.699 billion yuan, a 28.3% year-on-year increase and a 7.2% quarter-on-quarter increase, with a net profit of 1.674 billion yuan, up 145.1% year-on-year and 44.5% quarter-on-quarter [2][3] - The gross profit margin for H1 2024 was 13.8%, down 3.7 percentage points year-on-year [2] Sales Performance - The company sold 1.334 million vehicles in H1 2024, a 9.7% year-on-year increase, with new energy vehicle sales reaching 299,000 units, up 69.9% year-on-year [4] - In Q2 2024, the company sold 642,000 vehicles, a 5.6% year-on-year increase, while new energy vehicle sales were 170,000 units, up 86.0% year-on-year [4] Strategic Partnerships - The company is deepening its collaboration with Huawei through the acquisition of a 10% stake in a strategic partner, which is expected to enhance its brand positioning and accelerate its transformation into a smart low-carbon mobility technology company [5][6] Financial Forecast - The company is projected to achieve revenues of 185.07 billion yuan, 219.79 billion yuan, and 256.31 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.08 yuan, 1.29 yuan, and 1.57 yuan [6][9]

Investment Rating - The investment rating for the company is upgraded to "Buy" [8] Core Views - The semiconductor industry is experiencing a significant recovery, leading to growth in packaging and testing services, with the company achieving a substantial increase in net profit quarter-on-quarter [4][5] - In the first half of 2024, the company reported revenue of 11.08 billion yuan, a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 323 million yuan, marking a return to profitability [3][4] - The company is actively expanding production capacity to meet the rising demand for AI chips, with a focus on advanced packaging technologies [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 110.80 billion yuan, up 11.83% year-on-year, and a net profit of 3.23 billion yuan, reversing previous losses [3][4] - Q2 2024 alone saw revenue of 57.98 billion yuan, a quarter-on-quarter increase of 9.77%, and a net profit of 2.24 billion yuan, reflecting a quarter-on-quarter growth of 127.60% [4] Market Trends - The global semiconductor industry is witnessing a recovery driven by the resurgence of consumer electronics, particularly in mobile and computing devices [5] - The demand for AI chips is projected to surge, with Gartner forecasting a 33% increase in the global AI chip market size to reach 71.3 billion USD in 2024 [5] Production and R&D - The company is enhancing its R&D capabilities, achieving breakthroughs in multi-chip packaging technologies and initiating small-scale production of new modules [6] - The company has successfully launched a 16-layer chip stacking packaging product with a leading industry qualification rate [6] Earnings Forecast - Revenue projections for 2024-2026 are 25.85 billion, 30.05 billion, and 34.04 billion yuan respectively, with EPS estimates of 0.62, 0.83, and 1.05 yuan [8]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company reported a revenue of 4.76 billion yuan for the first half of 2024, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 280 million yuan, down 63.96% year-on-year [2] - The semiconductor market in China is recovering, with industry inventory levels returning to reasonable levels, and downstream demand improving, leading to a full recovery of production capacity utilization [2] - The company is optimizing its product structure, with significant growth in the automotive electronics market, which now accounts for 22% of revenue [2] - The company is expanding its 12-inch wafer production capacity and packaging capabilities, with advanced packaging revenue growing by 136% year-on-year [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 4.76 billion yuan, with a sequential revenue increase of 25% in Q2 [2] - The net profit for Q2 was 247 million yuan, reflecting a sequential growth of 644% [2] - Revenue projections for 2024-2026 are 10.93 billion, 12.17 billion, and 13.67 billion yuan respectively, with EPS estimates of 0.64, 1.14, and 1.36 yuan [3] Market Position and Strategy - The company is focusing on the automotive electronics sector, with significant partnerships with major automotive manufacturers such as BYD and Geely [2] - The product mix includes new energy vehicles, consumer electronics, industrial equipment, and communication devices, with the new energy sector accounting for 39% of revenue [2] Capacity Expansion and R&D - The company is actively increasing its R&D investment to enhance its technological advantages, with ongoing development in IGBT, IPM, and MOSFET modules [2] - The 12-inch wafer production line is in the ramp-up phase, with plans for further capacity expansion [2]