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| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 9 月 12 日 \n中银晨会聚焦 -20240912 | | 600309.SH | | 万华化学 | | | | 002409.SZ | | 雅克科技 | | | | 300750.SZ | | 宁德时代 | | ■ 重点关注 | ...

000786.SZ 买入 原评级：买入 市场价格:人民币 23.51 板块评级:强于大市 本报告要点 北新建材 2024 年中报点评 股价表现 (28%) (19%) (10%) (1%) 8% 17% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24Jun-24Jul-24Aug-24Sep-24 北新建材 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.8) (8.5) (26.7) (23.3) 相对深圳成指 9.3 (4.7) (14.0) (1.9) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,689.51 | | 流通股 ( 百万 ) | | 1,632.45 | | 总市值 ( 人民币 百万 ) | | 39,720.33 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 271.19 | | 主要股东 | | | | 中国建材股份有限公司 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% in the next 6-12 months [4][10]. Core Views - The company reported steady revenue growth in the first half of 2024, with revenue reaching RMB 19.12 billion, a year-on-year increase of 25%. However, net profit declined by 45% to RMB 690 million due to changes in product structure affecting profitability [4]. - The company is well-positioned to benefit from emerging trends in edge AI and foldable screens, which are expected to drive new growth opportunities [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of RMB 19.12 billion, up 25% year-on-year, while net profit fell to RMB 690 million, down 45% year-on-year. The gross margin was 15.0%, a decrease of 5.5 percentage points [4]. - For Q2 2024, revenue was RMB 9.32 billion, a 15% increase year-on-year but a 5% decrease quarter-on-quarter. Net profit for the quarter was RMB 230 million, down 62% year-on-year and 50% quarter-on-quarter [4]. Cost Management - The company effectively controlled its expense ratios in H1 2024, with a sales expense ratio of 0.8%, a management expense ratio of 3.2%, and a research and development expense ratio of 4.8% [4]. Product and Market Trends - The decline in gross margin is attributed to changes in product structure, with AI terminal and communication businesses generating RMB 17.64 billion in revenue, a 30% increase year-on-year, but with a gross margin of 16.5%, down 5.2 percentage points [4]. - The automotive business saw revenue growth of 43% to RMB 1.02 billion, driven by the expanding global electric vehicle market. Conversely, the photovoltaic energy storage business revenue dropped by 56% to RMB 400 million due to a decline in customer orders [4]. Future Growth Opportunities - The report highlights the potential of edge AI technology and foldable screens as new growth drivers. The global VC thermal plate market is projected to grow at a CAGR of 24%, from USD 310 million in 2022 to USD 590 million in 2025 [4]. - The foldable screen market is also showing promise, with a 49% year-on-year increase in global foldable smartphone sales in Q1 2024, marking the highest growth rate in six quarters [4]. Valuation - Due to the pressure on gross margins in H1 2024, the company’s earnings forecast has been adjusted. Expected earnings per share for 2024-2026 are RMB 0.29, RMB 0.45, and RMB 0.56, corresponding to P/E ratios of 23.2x, 15.1x, and 12.0x respectively [4][5].

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| --- | --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-------------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 股票代码 | —— | 晨会聚焦 \n | 股票名称 | 2024 年 9 月 11 日 \n中银晨会聚焦 -20240911 | | 600309.SH | | | 万华化学 | | | 002409.SZ | | | 雅克科技 | | | 300750.SZ | | | 宁德时代 | ■ 重点关注 | | | | | 快克智能 | | | 603203.SH 6 ...

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Economic Data - In August, the U.S. non-farm employment increased by 142,000, falling short of the expected 165,000[1] - The unemployment rate decreased from 4.3% in July to 4.2% in August, marking the first decline since March[1] - The average hourly wage for private sector employees rose to $35.2, an increase of $0.1 from July[2] Market Performance - The CSI 300 Index dropped by 2.71% this week, while the CSI 300 futures fell by 3.01%[1] - Coking coal futures declined by 9.98%, and iron ore futures decreased by 9.85% this week[1] - The yield on ten-year government bonds fell by 3 basis points to 2.14%, with active ten-year bond futures rising by 0.54%[1] Asset Allocation Recommendations - Recommended asset allocation order: Bonds > Commodities > Stocks > Currency[2] - Bonds are rated as overweight due to a loose monetary policy suppressing yield increases[2] - Commodities are also rated as overweight, benefiting from growth-stabilizing policies favoring infrastructure investment[2] Risks and Concerns - Global inflation is declining slower than expected[2] - There is a risk of a rapid economic downturn in Europe and the U.S.[2] - The complexity of international relations poses additional risks[2]