Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company's net profit for H1 2024 showed significant growth, with a year-over-year increase of 106.02%, reaching 36.03 million yuan, driven by strong performance in gaming equipment and anime IP derivative products [2][5] - The revenue for H1 2024 was 462 million yuan, representing a year-over-year growth of 27.85% [2][5] - The gross margin improved to 29.86%, up by 2.04 percentage points year-over-year, while the net profit margin increased to 7.79%, up by 2.95 percentage points [2][5] - The company has shown effective cost control, with a decrease in the expense ratio to 15.13%, down by 3.76 percentage points year-over-year [2][5] Revenue Breakdown - Gaming equipment sales for H1 2024 reached 245 million yuan, a year-over-year increase of 55.58%, with a gross margin of 25.89% [2][5] - Anime IP derivative product sales amounted to 145 million yuan, growing by 22.99% year-over-year, with a gross margin of 43.61% [2][5] - Revenue from amusement park operations was 5.251 million yuan, slightly down by 0.78% year-over-year, but with a significant improvement in gross margin to 6.23%, up by 12.40 percentage points [5] Future Projections - The company is projected to achieve revenues of 1.044 billion yuan, 1.291 billion yuan, and 1.471 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 86 million yuan, 118 million yuan, and 140 million yuan [6][7] - The expected growth rates for revenue are 28%, 24%, and 14% for the next three years [7] - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in overseas markets [2][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has shown significant growth in its storage chip business, with a revenue of 724 million yuan in H1 2024, representing a year-on-year increase of 70.81% and a gross margin of 34.81%, up by 15.32 percentage points [2][3] - The company has successfully achieved mass production of its NOR Flash products, positioning itself at the forefront of industry technology [2][3] - The automotive product line has made progress, with AEC-Q100 certification completed for several products, expanding market opportunities [2][3] Financial Performance - In H1 2024, the company achieved operating revenue of 896 million yuan, a year-on-year increase of 91.22%, with Q2 revenue at 491 million yuan, up 85.6% year-on-year and 21.28% quarter-on-quarter [2][3] - The gross margin for H1 2024 was 33.74%, an increase of 13.17 percentage points year-on-year, while Q2 gross margin reached 35.35%, up 16.00 percentage points year-on-year and 3.55 percentage points quarter-on-quarter [2][3] - The net profit attributable to shareholders for H1 2024 was 136 million yuan, marking a turnaround from losses, with Q2 net profit at 86 million yuan, a year-on-year increase and a quarter-on-quarter growth of 72.38% [2][3] Growth Projections - The company expects revenues of 1.842 billion yuan, 2.225 billion yuan, and 2.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million yuan, 367 million yuan, and 434 million yuan [6][8] - The earnings per share (EPS) are projected to be 2.61 yuan, 3.47 yuan, and 4.11 yuan for the same years, with price-to-earnings (P/E) ratios of 24, 18, and 15 respectively [6][8] Market Position - The company is rapidly increasing its market share in the non-volatile memory chip sector and is actively pursuing higher value-added fields and diversified markets [5][6] - The "Storage+" strategy is driving significant growth in core products, with revenue from this segment reaching 172 million yuan in H1 2024, a year-on-year increase of 284.61% [5][6]

2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 2024Q2 业绩表现亮眼，在手订单充足 ——精测电子（300567）2024 年半年报点评 最近一年走势 事件: 精测电子 8 月 27 日发布 2024 年中报：2024H1 公司实现收入 11.21 亿 元，同比增长 0.96%；实现归母净利润 0.50 亿元，同比增长 312.00%； 实现扣非归母净利润-0.03 亿元，同比减亏。 投资要点: 相对沪深 300 表现 2024/08/28 2024Q2 业绩表现亮眼。2024Q2 公司实现收入 7.03 亿元，同比增 长 38.14%，环比增长 68.18%；实现归母净利润 0.66 亿元，同比增 长 30024.15%，环比扭亏；实现扣非归母净利润 0.21 亿元，同环比 均实现扭亏。 表现 1M 3M 12M 精测电子 -0.5% -10.1% -31.0% 沪深 300 - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company has shown a recovery in performance in Q2 2024, achieving a record high quarterly profit, with significant progress in the fields of new energy and autonomous driving [1][6]. - Despite a slight decline in revenue and profit year-on-year for H1 2024, Q2 performance rebounded significantly, with revenue of 1.615 billion yuan and a net profit of 179 million yuan, reflecting a quarter-on-quarter increase of 34.95% and 50.97% respectively [2][3]. - The company is benefiting from improved gross margins and strong financial resilience, with the launch of new products and the completion of a new production facility [3][6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.812 billion yuan, down 14.91% year-on-year, and a net profit of 297 million yuan, down 11.16% year-on-year [2]. - The gross margin for H1 2024 was 22.97%, an increase of 3.68 percentage points year-on-year [3][5]. - The company achieved a net cash flow from operating activities of 151 million yuan, up 23.55% year-on-year [2]. Product and Market Development - The company has made significant advancements in the new energy sector, with a notable increase in sales of electric and alternative fuel vehicles [6]. - The penetration rate in the open-pit coal mining market is expected to increase, supported by national policies aiming for higher production from open-pit mines [6]. - The company has also expanded its presence in international markets, with a focus on enhancing its market share in overseas operations [6]. Profitability Forecast - The company is projected to achieve revenues of 6.12 billion yuan, 7.51 billion yuan, and 8.69 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 637 million yuan, 849 million yuan, and 1.013 billion yuan [6][7]. - The expected growth rates for net profit are 4%, 33%, and 19% for the years 2024, 2025, and 2026 respectively [6][7].

Investment Rating - Maintained "Overweight" rating for the company [1] Core Views - The company achieved rapid revenue growth in 2024Q2, with a year-on-year increase of 29 98% in H1 2024 [2] - Overseas expansion continues to gain momentum, with overseas revenue increasing by 16 78% year-on-year in H1 2024 [3] - The company's new energy vehicle and rail transit business saw significant growth, with revenue increasing by 96 26% year-on-year in H1 2024 [3] Financial Performance - In 2024Q2, the company's revenue reached 9 691 billion yuan, a year-on-year increase of 26 36% and a quarter-on-quarter increase of 49 27% [2] - Net profit attributable to the parent company in 2024Q2 was 1 307 billion yuan, a year-on-year decrease of 1 72% but a quarter-on-quarter increase of 61 12% [2] - Gross margin in H1 2024 was 31 77%, a year-on-year decrease of 4 50 percentage points, mainly due to increased competition and a higher proportion of low-margin new energy vehicle and rail transit business [5] Business Segments - General automation business revenue in H1 2024 was 7 520 billion yuan, a year-on-year increase of 9 70% [3] - Smart elevator electrical business revenue in H1 2024 was 2 331 billion yuan, a year-on-year decrease of 1 56% [3] - New energy vehicle and rail transit business revenue in H1 2024 was 6 229 billion yuan, a year-on-year increase of 96 26% [3] Overseas Expansion - The company established new subsidiaries and offices in Vietnam and built a new factory in Thailand, bringing the total number of global subsidiaries and offices to 18 [3] - The company secured bulk orders in the elevator, injection molding, and 3C industries in the Asian market and established partnerships with top global clients in the European market [3] Profit Forecast - Revenue for 2024 is expected to reach 36 958 billion yuan, with a year-on-year growth rate of 21% [6] - Net profit attributable to the parent company for 2024 is expected to be 5 089 billion yuan, with a year-on-year growth rate of 7% [6] - The current price corresponds to a PE ratio of 22 5x for 2024 [6] Valuation Metrics - The company's current price is 42 75 yuan, with a total market capitalization of 114 490 57 million yuan [2] - The 52-week price range is 39 17-70 56 yuan [2] - The average daily trading volume is 778 55 million yuan, with a turnover rate of 0 58% in the past month [2]

近一月换手（%） 4.04 2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 李亦桐 S0350523050007 liyt01@ghzq.com.cn [Table_Title] 业绩快速增长，盈利能力基本维持稳定 ——宏华数科（688789）2024 年半年报点评 最近一年走势 事件: 宏华数科 8 月 27 日发布 2024 年半年报：2024 年上半年公司实现营业收 入 8.16 亿元，同比+45.80%，归母净利润 2.00 亿元，同比+35.45%，扣 非归母净利润 1.92 亿元，同比+31.85%。 投资要点: 业绩实现快速增长。2024 年上半年公司营业收入、归母净利润、扣 非归母净利润分别同比+45.80%、+35.45%、+31.85%，业绩实现快 速增长，主要源于下游行业需求提升，传统印染设备向数码喷印设 备替代转型；单季度来看，2024Q2 公司营业收入 4.47 亿元，同比 +61.71%，环比+21.43%，归母净利润 1.14 亿元，同比+35.83%， 环 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company has demonstrated rapid growth in performance, with revenue reaching 2.5 billion yuan in H1 2024, a year-on-year increase of 30%, and a net profit of 250 million yuan, up 52% year-on-year [3][5]. - The growth is driven by both overseas markets and offshore wind energy, with significant increases in revenue from the solar and energy storage sectors [3][5]. - The company has established a strong presence in international markets, achieving certifications from various global standards, which supports its global expansion strategy [3][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.5 billion yuan, with a net profit of 250 million yuan, reflecting a 30% and 52% year-on-year growth respectively [3]. - The gross profit margin improved to 23.3%, an increase of 1.5 percentage points year-on-year [3]. - For Q2 2024, revenue was 1.4 billion yuan, a quarter-on-quarter increase of 39% and a year-on-year increase of 20% [3]. Market Position and Growth Drivers - The company’s revenue from the solar industry was 1.1 billion yuan, up 32% year-on-year, while the energy storage sector saw a 62% increase, reaching 330 million yuan [3]. - The offshore wind energy sector is expected to provide significant growth opportunities, with the company leveraging its technological advancements and early market entry [5]. Future Projections - The company is projected to achieve revenues of 6.2 billion yuan, 7.7 billion yuan, and 9.0 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 23%, and 18% [6][8]. - Net profit is expected to reach 660 million yuan, 847 million yuan, and 1.03 billion yuan for the same years, with growth rates of 33%, 28%, and 21% respectively [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Insights - The company reported a revenue of 356 million yuan for H1 2024, representing a year-on-year growth of 32.68%. The net profit attributable to the parent company reached 115 million yuan, a significant increase of 216.75%. The net profit after deducting non-recurring gains and losses was 54.09 million yuan, up by 64.97% year-on-year. The overall gross margin improved to 37.09%, an increase of 3.74 percentage points compared to H1 2023 [1][3]. Financial Performance Summary - Revenue Breakdown: - Comprehensive solutions: 105 million yuan, down 15.78% year-on-year - Product sales: 117 million yuan, up 109.77% year-on-year - Operational services: 131 million yuan, up 54.08% year-on-year [3]. - Gross Margin Analysis: - Comprehensive solutions: 30.58%, up 7.87 percentage points - Product sales: 45.03%, down 0.27 percentage points - Operational services: 34.73%, up 1.95 percentage points [3]. - Investment Income: - The company achieved investment income of 61.72 million yuan, primarily from the acquisition of Fujian Zijin Reagent Co., which contributed 59.29 million yuan in investment income due to fair value remeasurement [1][3]. Future Earnings Forecast - Projected revenues for 2024-2026 are estimated at 1.192 billion yuan, 1.545 billion yuan, and 1.776 billion yuan, respectively, with corresponding net profits of 212 million yuan, 228 million yuan, and 290 million yuan. The expected growth rates for net profit are 135%, 7%, and 27% for the respective years [5][7]. - The company maintains a competitive advantage and is expected to achieve high growth in performance, justifying the "Buy" rating [4][5].

Investment Rating - Buy (Maintained) [1] Core Views - The company has shifted its focus from expanding store numbers to improving store quality, with a reduction in total stores from 3,816 in 2023 to 3,456 in 2024H1 [2] - Directly operated stores increased by 15 to 1,735, surpassing the number of franchised stores, which decreased by 375 to 1,721 [2] - Revenue from directly operated/franchised/online/other channels was RMB 697/327/178/57 million, representing year-on-year changes of -7.2%/-19.8%/-17.1%/+40.0% respectively [2] - The company's gross profit margin improved to 55.4% in 2024H1, up 2.9 percentage points year-on-year, driven by lower raw material costs and supply chain optimization [4] - The company's net profit margin declined to 2.6% in 2024H1, down 4.6 percentage points year-on-year, due to increased sales expenses and declining revenue [4] Store Performance and Strategies - Average store revenue declined in 2024H1, with average customer spending per transaction dropping 10% year-on-year to RMB 55.57 [2] - The company has implemented multiple measures to boost store performance, including piloting new store formats, enhancing store management, and diversifying product offerings [2] - A total of 127 "dual-format" stores combining fresh and bulk products have been opened in Wuhan and surrounding areas as of 2024H1 [2] Financial Performance - The company reported revenue of RMB 1.26 billion in 2024H1, a year-on-year decrease of 10.97% [3] - Net profit attributable to shareholders was RMB 33 million in 2024H1, a year-on-year decrease of 67.65% [3] - Sales/management expense ratios were 40.1%/9.5% in 2024H1, representing year-on-year changes of +6.6 percentage points/-1.8 percentage points [4] Forecast and Valuation - Revenue is expected to be RMB 2.444/2.575/2.712 billion in 2024/2025/2026, with year-on-year growth rates of -11%/+5%/+5% [5] - Net profit attributable to shareholders is forecasted to be RMB 100/193/214 million in 2024/2025/2026, with year-on-year growth rates of -14%/+94%/+11% [5] - EPS is projected to be RMB 0.04/0.08/0.09 in 2024/2025/2026, with corresponding P/E ratios of 31/16/14X [5] Market Data - Current stock price: HKD 1.44 as of 2024/08/28 [2] - Market capitalization: HKD 3,351.63 million [2] - Average daily trading volume: HKD 6.91 million [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Insights - The company achieved a significant revenue increase of 29.31% year-on-year in H1 2024, reaching 812 million yuan, with a net profit growth of 111.71% to 95 million yuan [3][4] - The company is actively expanding its overseas customer base, with 93.39% of its revenue coming from international markets in H1 2024, reflecting a 29.35% increase year-on-year [4][6] - The company has a strong market position in the pet hygiene care products sector, with a high export share and stable relationships with major clients [4][6] Summary by Sections Performance Overview - In H1 2024, the company reported revenue of 812 million yuan, a 29.31% increase year-on-year, and a net profit of 95 million yuan, up 111.71% [3][4] - The second quarter of 2024 saw revenue of 429 million yuan, a 24.47% increase year-on-year, with net profit growing by 12.08% [3] Revenue Breakdown - Pet pad products generated 713 million yuan in revenue, accounting for 87.71% of total revenue, with a year-on-year growth of 30.47% [4] - International revenue reached 759 million yuan, representing 93.39% of total revenue, with a gross margin of 20.10% [4][6] Profitability Metrics - The company's gross margin improved to 18.88%, up 5.53 percentage points year-on-year, while the net profit margin increased to 11.72%, up 4.56 percentage points [6] - The company has maintained stable operating costs, contributing to significant profitability improvements [6] Future Projections - Revenue forecasts for 2024-2026 are 1.701 billion yuan, 1.960 billion yuan, and 2.245 billion yuan, respectively, with net profits projected at 175 million yuan, 210 million yuan, and 241 million yuan [7][9] - The company is expected to maintain a strong market position and continue expanding its customer base in the medium to long term [6][9]