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 Q2 2024, the company achieved a revenue of 2.644 billion yuan, a quarter-on-quarter increase of 25%, and a net profit of 247 million yuan, a quarter-on-quarter increase of 644% [2] - The company forecasts revenues of 10.93 billion yuan, 12.17 billion yuan, and 13.67 billion yuan for 2024, 2025, and 2026 respectively, with EPS of 0.64 yuan, 1.14 yuan, and 1.36 yuan [3] Market Position - The company has made significant inroads into the automotive electronics sector, with 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 - The company is actively increasing its production capacity, with a new 12-inch wafer production line under construction, expected to produce approximately 40,000 wafers per month [2] - The company has achieved a high yield rate of over 98% for its advanced mask products, with the first set of 90nm high-end mask products produced and delivered [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has achieved a significant increase in revenue and has turned a profit, with a 129.04% year-on-year growth in revenue to 2.457 billion yuan and a net profit of 150 million yuan in the first half of 2024 [3][5] - The smartphone segment is rapidly expanding, contributing to the company's second growth point, with smartphone revenue reaching 1.249 billion yuan, a 295.46% increase year-on-year, accounting for 50.84% of total revenue [3][4] - The "Automotive + Security" sectors are showing stable growth, driven by diversified business strategies [3][4] Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross margin of 21.13%, up 4.09 percentage points year-on-year, and a net margin of 6.10%, up 12.28 percentage points year-on-year [3] - The company forecasts revenues of 5.515 billion yuan, 7.178 billion yuan, and 8.899 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.00 yuan, 1.57 yuan, and 2.37 yuan [5][7] Market Trends - The semiconductor industry is recovering, with the global smartphone CIS market expected to reach 13.22 billion USD in 2024 [3] - The company is enhancing its product offerings in high-end smartphones, with over 50% of its smartphone revenue coming from high-end 50 million pixel products [3][4] Business Segments - The company's smart security revenue reached 976 million yuan, a 50.36% increase year-on-year, accounting for 39.73% of total revenue [4] - Automotive electronics revenue was 232 million yuan, growing 115.19% year-on-year, representing 9.43% of total revenue [4]

证 研 究 报 公 司 研 2024 年 09 月 11 日 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][5]. Core Views - The company, Dongfang Electric (600875.SH), is a leading global supplier of power generation equipment and a contractor for power plant engineering. The company reported a revenue of 33.457 billion yuan for H1 2024, representing a year-on-year growth of 11.84%. However, the net profit attributable to shareholders was 1.691 billion yuan, a decline of 15.52% year-on-year [2][3]. Summary by Sections Performance Overview - In H1 2024, the company achieved a revenue of 33.457 billion yuan, up 11.84% year-on-year. The net profit attributable to shareholders was 1.691 billion yuan, down 15.52% year-on-year. The gross margin was 15.36%, a decrease of 2.07 percentage points, while the net margin was 5.49%, down 1.65 percentage points [2][3]. Revenue Breakdown - The revenue from the "Clean and Efficient Energy Equipment" segment was 14.1 billion yuan, a year-on-year increase of 41%. The revenue from coal power, gas turbines, and nuclear power equipment was 8.5 billion, 3.6 billion, and 1.9 billion yuan, respectively, with year-on-year growth rates of 16%, 154%, and 60% [2][3]. Order Growth - The company added effective orders worth 56.073 billion yuan in H1 2024, a year-on-year increase of 14.77%. The breakdown of new orders includes 25.339 billion yuan from clean and efficient energy equipment, 14.058 billion yuan from renewable energy equipment, and 5.731 billion yuan from engineering and trade [3][5]. Shareholder Returns - The company has a dividend policy that increases the payout ratio by 5 percentage points each year from a base of 31.34% in 2021, reaching 41.71% in 2023, ensuring stable returns for shareholders [4]. Profit Forecast - The forecast for the company's revenue from 2024 to 2026 is 71.834 billion, 82.083 billion, and 91.235 billion yuan, respectively. The expected earnings per share (EPS) for the same period are 1.21, 1.52, and 1.80 yuan, with corresponding price-to-earnings (PE) ratios of 10.5, 8.3, and 7.0 [5][6].

Market Sentiment - The current market sentiment score is 25, indicating a "cold" market condition[3] - Historical sentiment trends show that when the sentiment score falls below 20, there is a relative safety margin[6] - A sentiment score recovery to the 50-60 range may encounter resistance[6] Key Themes - **Electric Bicycles**: A new policy encourages consumers to replace old electric bicycles, with greater subsidies for those switching from lithium battery bikes to lead-acid models[4] - **LED TVs**: Global TV shipments increased to 56 million units in Q2 2024, a 3% year-on-year rise, with Mini LED TV shipments up 69%[4] - **Healthcare Services**: New pilot programs allow foreign-invested hospitals in select cities, expanding opportunities in the biotechnology sector[4] Capital Flow - The top net inflows were seen in the pharmaceutical sector with 37,347 million yuan, while the communication sector experienced the highest net outflow of 51,784 million yuan[8] - The top net inflows in financing were led by the pharmaceutical sector at 9,697 million yuan, while the banking sector had a net outflow of 51,769 million yuan[9] Risk Factors - Potential risks include unexpected macroeconomic downturns, geopolitical uncertainties, liquidity tightening beyond expectations, and industry policies falling short of expectations[4]

证 券 2024 年 09 月 09 日 研 究 报 公 司 研 | --- | --- | --- | |----------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company has shown steady growth in the first half of 2024, with a significant increase in revenue and net profit [4][6] - The product matrix continues to innovate, with a strong focus on power management products driving revenue growth [4][5] - The company is committed to increasing R&D investment, focusing on emerging market trends such as new energy vehicles and artificial intelligence [6][7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.576 billion yuan, a year-on-year increase of 37.27% - The net profit attributable to shareholders was 179 million yuan, up 99.31% year-on-year, while the net profit excluding non-recurring items reached 158 million yuan, growing by 223.43% [3][4] Product Development - The company has a comprehensive product matrix covering signal chain and power management, with 32 categories and over 5,200 products available for sale - New products launched include a dual-channel 2A flash LED driver and various high-efficiency power management chips, enhancing the product portfolio [5][6] R&D Investment - The company has consistently increased R&D spending, which reached 418 million yuan in the first half of 2024, accounting for 26.49% of revenue - The R&D team consists of 1,085 personnel, representing 73.06% of the total workforce, indicating a strong commitment to innovation [6][7] Earnings Forecast - Revenue projections for 2024-2026 are 3.235 billion, 4.022 billion, and 4.906 billion yuan, respectively - EPS estimates for the same period are 0.98, 1.57, and 2.04 yuan, with corresponding P/E ratios of 71.6, 44.5, and 34.3 times [7][9]

证 券 2024 年 09 月 09 日 研 报 告 行 业 研 究 政策密集出台，电力市场建设持续加码 —电力设备行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：臧天律 S1050522120001 zangtl@cfsc.com.cn 行业相对表现 | --- | --- | --- | --- | |-----------------|-------|-------|-------| | | | | | | 表现 | 1M | 3M | 12M | | 电力设备(申万 ) | -0.3 | -10.7 | -28.5 | | 沪深 300 | -3.0 | -9.6 | -13.6 | 市场表现 -35 -30 -25 -20 -15 -10 -5 0 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：国家能源 局再提配电网建设，配网投资有望 加速》2024-08-19 2、《电力设备行业深度报告：从终 端电价说起看电改》2024-08-05 3、《电力设备行业周报：国内外海 风需求 ...

2024 年 09 月 08 日 研 究 究 英特尔发布酷睿 Ultra 200V 系列处理器,开源 模型 Reflection 70B 发布 报 告 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn ▌算力：算力租赁价格平稳，英特尔发布酷睿 Ultra 200V 系列处理器 表现 1M 3M 12M 计算机(申万) -3.1 -10.9 -35.7 沪深 300 -3.3 -9.6 -13.6 英特尔正式发布了酷睿 Ultra 200V 系列处理器，首批搭载这款处理器 的笔记本电脑在 9 月 24 日起发售，现在已经开启预售，包括宏碁、 华硕、戴尔、惠普、联想、LG、微星和三星在内的 80 款 PC 产品。 资料来源：Wind，华鑫证券研究 相关研究 1 、 《 计 算 机 行 业 周 报 ： AMDRDNA4GPU 架构显卡曝光，智谱发 布基座大模型 GLM-4-Plus》2024- 09-01 2、《计算机行业周报：Akeana 推出 新的 RISC-V 芯片设计 ，xAI 发布 Grok-2 大模型》2024-08-18 3、《 ...

2024 年 09 月 08 日 研 究 究 英特尔发布酷睿 Ultra 200V 系列处理器,开源 模型 Reflection 70B 发布 报 告 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn ▌算力：算力租赁价格平稳，英特尔发布酷睿 Ultra 200V 系列处理器 表现 1M 3M 12M 计算机(申万) -3.1 -10.9 -35.7 沪深 300 -3.3 -9.6 -13.6 英特尔正式发布了酷睿 Ultra 200V 系列处理器，首批搭载这款处理器 的笔记本电脑在 9 月 24 日起发售，现在已经开启预售，包括宏碁、 华硕、戴尔、惠普、联想、LG、微星和三星在内的 80 款 PC 产品。 资料来源：Wind，华鑫证券研究 相关研究 1 、 《 计 算 机 行 业 周 报 ： AMDRDNA4GPU 架构显卡曝光，智谱发 布基座大模型 GLM-4-Plus》2024- 09-01 2、《计算机行业周报：Akeana 推出 新的 RISC-V 芯片设计 ，xAI 发布 Grok-2 大模型》2024-08-18 3、《 ...