| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|-------------------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 | —— | 晨会聚焦 \n | | 2024 年 9 月 19 日 | | 股票代码 600309.SH | | 股票名称 万华化学 | | 中银晨会聚焦 -20240919 | | | | | | | | 002409. ...

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002475.SZ 买入 原评级：买入 市场价格:人民币 35.90 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (22%) (8%) 6% 20% 35% 49% Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 立讯精密 深圳成指 至今 个月 个月 个月 绝对 5.7 (3.1) (5.5) 22.7 | --- | --- | --- | --- | --- | |-------------------------------|--------|------------|-------|------------| | 相对深圳成指 | 20.6 | 1.2 | 8.7 | 44.4 | | 发行股数 ( 百万 ) | | | | 7,203.32 | | 流通股 ( 百万 ) | | | | 7,187.75 | | 总市值 ( 人民币 百万 ) | | | | 258,599.03 | | 3 个月日均交易额 ( 人民币 | 百万 ) | | | 2,527.49 | | 主要股东 | | | ...

-基础化工 | 证券研究报告 — 调整盈利预测 2024 年 9 月 18 日 600160.SH 买入 原评级：买入 市场价格:人民币 15.96 板块评级:强于大市 本报告要点 24H1 公司业绩大幅增长，看好制冷剂行 业景气度提升、公司氟化工产业布局优 化带来的业绩增长，维持买入评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (14%) 2% 18% 33% 49% 65% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jul-24Aug-24Sep-24 巨化股份 上证综指 绝对 (1.5) (13.4) (30.0) 0.7 相对上证综指 7.2 (7.7) (19.2) 14.1 | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 2,699.75 | | 流通股 ( 百万 ) | 2,699.75 | | 总市值 ( 人民币 百万 ) | 43,087.95 | | 3 个 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 103.80 [1] - The sector rating is **Outperform** [1] Core Views - The company achieved steady growth in H1 2024, with revenue increasing by 38.68% YoY to RMB 797 million, while net profit attributable to shareholders decreased slightly by 0.43% to RMB 234 million [2] - The company's platform-based layout is progressing in an orderly manner, and its advanced process products continue to gain traction, supporting the Buy rating [2] - The company is committed to achieving a full product line layout for CMP slurries, with multiple products achieving mass production and sales in advanced nodes [2] - Functional wet electronic chemicals, electroplating solutions, and additives are also gaining momentum, with the company accelerating the establishment of a self-controllable supply chain for core raw materials [2] Financial Performance H1 2024 Summary - Revenue: RMB 797.27 million, up 38.68% YoY [3] - Gross profit margin: 57.72%, up 2.63 pct YoY [2] - Net profit margin: 29.35%, down 11.53 pct YoY [2] - Operating expenses ratio: 26.43%, up 1.99 pct YoY [2] Q2 2024 Summary - Revenue: RMB 418.82 million, up 37.06% YoY and 10.67% QoQ [4] - Net profit attributable to shareholders: RMB 128.92 million, down 18.84% YoY but up 22.68% QoQ [4] - Gross profit margin: 57.06%, up 2.98 pct YoY but down 1.40 pct QoQ [2] - Net profit margin: 30.78%, down 21.20 pct YoY but up 3.01 pct QoQ [2] Product Development CMP Slurries - Revenue from CMP slurries reached RMB 673 million in H1 2024, accounting for 84.39% of total revenue, with a gross margin of 61.03% [2] - Multiple copper and copper barrier layer slurries have achieved mass production and sales in advanced nodes, with domestic abrasive particles being used [2] - Dielectric material slurries, including silicon nitride and oxide slurries, are progressing well, with some products achieving mass production [2] - Tungsten slurries have passed verification and achieved mass production in advanced logic and memory chips [2] - TSV slurries, hybrid bonding slurries, and polymer slurries are making progress, with the company serving as a preferred supplier for multiple clients [2] Functional Wet Electronic Chemicals - Revenue from functional wet electronic chemicals reached RMB 118 million in H1 2024, up 80.94% YoY, accounting for 14.78% of total revenue, with a gross margin of 37.90% [2] - The product line includes post-etch cleaning solutions, photoresist strippers, post-polishing cleaning solutions, and etchants, widely used in logic circuits, 3D NAND, DRAM, and CIS [2] - Advanced node post-etch cleaning solutions and alkaline post-polishing cleaning solutions are gaining traction [2] Electroplating Solutions and Additives - Localized supply of electroplating solutions is progressing smoothly, with ongoing development and verification of damascene electroplating, TSV electroplating, and advanced packaging tin-silver electroplating [2] - The company is accelerating the establishment of a self-controllable supply chain for core raw materials, with multiple products using domestically produced silicon sol and cerium oxide abrasives achieving mass production [2] Valuation and Forecast - The company is expected to achieve net profits of RMB 487 million, RMB 611 million, and RMB 723 million in 2024, 2025, and 2026, respectively, with EPS of RMB 3.77, RMB 4.73, and RMB 5.59 [2] - The corresponding P/E ratios are 27.5x, 21.9x, and 18.6x for 2024, 2025, and 2026, respectively [2] - The report maintains a Buy rating based on the company's steady growth and platform-based layout [2]

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Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 6.25, maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that the company's performance in the first half of 2024 was supported by a recovery in domestic vehicle exports and growth in international business, alongside continued investment in new energy initiatives. The company achieved a net profit of RMB 0.53 billion, a year-on-year increase of 16.74% [2]. - The report emphasizes the potential for future earnings growth driven by the expansion of international business and the optimization of supply chain management, despite short-term pressures on domestic logistics operations [2][3]. - The company is expected to see significant profit growth in the coming years, with projected net profits of RMB 1.93 billion, RMB 2.49 billion, and RMB 2.95 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 173.5%, 29.4%, and 18.3% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported operating revenue of RMB 1.824 billion, a decrease of 3.44% year-on-year, while net profit attributable to shareholders was RMB 0.53 billion, an increase of 16.74% [2]. - The company’s main business of vehicle logistics faced short-term pressure, but improvements in international business and new energy sectors are expected to enhance profitability [2][3]. Market Outlook - The report notes that China's vehicle exports continued to show strong growth, with a 30.5% year-on-year increase in the first half of 2024, which is expected to benefit the company's international logistics operations [2]. - The company is enhancing its international shipping capacity with the successful launch of a new roll-on/roll-off vessel, which is anticipated to contribute positively to future earnings [2][3]. Valuation Metrics - The projected earnings per share (EPS) for the company are expected to be RMB 0.32, RMB 0.41, and RMB 0.49 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 19.6, 15.1, and 12.8 [3][4].

医药生物 | 证券研究报告 — 行业周报 2024 年 9 月 18 日 强于大市 医药生物行业周报 医美细分行业仍然存在增长潜力，医药生物板块 下半年有望迎来业绩增速改善 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

计算机 | 证券研究报告 — 行业点评 2024 年 9 月 18 日 计算机行业事件点评 需求韧性良好，神州控股中期业绩积极 近期，面向政企客户提供服务的信息科技企业神州控股发布积极中期业绩公 告，AI、大数据等领域展现亮点。我们认为，信息技术行业仍然处于快速发 展阶段，国内刚需叠加海外机遇成为多数代表性公司保持成长性的基础。 支撑评级的要点 聚焦"大数据+AI"战略，持续打造面向政企客户的数据分析与决策产品 及智能应用。据公司官微公众号，神州控股（0861.HK）是一家着力推动 高质量数据与 AI 应用场景的商业化落地、以 AI 技术赋能政企为着眼点 的企业；2024 年上半年，除去附属公司神州信息（A 股上市）影响，公 司收入 29.4 亿元（yoy+20%）、归母净利润 4,096 万元（+380%）。（1） 公司大数据业务保持强劲增长，大数据产品及方案收入 12.77 亿元，较去 年同期增长 17%，近四年复合增长率 26%。剔除神州信息的影响后，大 数据产品及方案收入同比增长 31%，近四年复合增长率 51%。毛利同比 增长 11%，近四年复合增长率 40%；（2）技术方面，以知识图谱构建的 业务 ...