Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's net profit for the first half of 2024 is reported at 858 million RMB, a year-on-year decrease of 34.24% [4] - Revenue for the first half of 2024 is 6.332 billion RMB, down 18.89% year-on-year [4] - The negative electrode business is under pressure, but the company is advancing its platform layout and new product development [4] - The company aims to improve profitability in the negative electrode business in the second half of 2024 as new products are validated and introduced [4] - The company leads the market in membrane coating processing, with a market share of 41.03% in the domestic wet membrane shipment volume [4] - The company is constructing a new system for composite electrolytes and solid-state battery materials, with small-scale production expected in the consumer sector [4] Financial Summary - The company's total revenue for 2024 is projected to be 15.040 billion RMB, a decrease of 2.0% compared to 2023 [5] - The net profit for 2024 is estimated at 1.861 billion RMB, a decrease of 2.7% compared to 2023 [5] - The earnings per share (EPS) for 2024 is adjusted to 0.87 RMB, down from the previous forecast of 1.23 RMB [5] - The company’s EBITDA for 2024 is projected at 3.074 billion RMB [5] - The company’s market capitalization is approximately 23.817 billion RMB [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 19.46 [1] - The sector rating is "Outperform" [1] Core Views - The company is expected to benefit from the growing demand for data center temperature control, driven by the AI wave [2] - The company's data service segment saw significant growth, with new orders in H1 2024 nearly tripling compared to the same period last year [2] - The company is expanding its production capacity with a new manufacturing base focused on liquid cooling products, which is expected to enhance its competitiveness [2] Financial Performance - In H1 2024, the company reported revenue of RMB 1.305 billion, a 13.49% YoY increase, and net profit attributable to shareholders of RMB 111 million, a 27.28% YoY increase [2] - Q2 2024 revenue was RMB 810 million, up 18.01% YoY, with net profit attributable to shareholders of RMB 60 million, a 32.16% YoY increase [2] - The gross margin in H1 2024 was 26.45%, down 2.54 percentage points YoY, while the net margin increased by 0.65 percentage points to 8.26% [2] Segment Performance - The data service segment revenue grew by 61.35% YoY, driven by strong demand for high-efficiency evaporative cooling and liquid cooling products [2] - The industrial segment revenue declined by 53.46% YoY due to slower project deliveries [2] - The special segment revenue increased by 45.47% YoY, with hospital and nuclear power businesses showing strong growth [2] - The public and commercial air conditioning segment revenue surged by 101.54% YoY [2] Valuation and Forecast - The report adjusts the company's 2024-2025 earnings forecasts and introduces a 2026 forecast, with expected revenue of RMB 3.118 billion, RMB 3.843 billion, and RMB 4.419 billion for 2024, 2025, and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to be RMB 238 million, RMB 303 million, and RMB 353 million for 2024, 2025, and 2026, respectively [2] - The current PE ratio is 21.7x for 2024, 17.1x for 2025, and 14.7x for 2026 [2] Key Financial Metrics - The company's EBITDA for 2024E is projected to be RMB 352 million, with a growth rate of 87.3% YoY [3] - The EPS for 2024E is forecasted to be RMB 0.89, representing a 127% YoY increase [3] - The dividend yield is expected to be 1.9% in 2024, 2.4% in 2025, and 2.8% in 2026 [3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 300014.SZ 买入 原评级：买入 市场价格:人民币 32.56 板块评级:强于大市 股价表现 (36%) (29%) (22%) (14%) (7%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 亿纬锂能 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (20.3) (12.3) (16.9) (33.5) 相对深圳成指 (7.2) (7.8) (4.2) (11.6) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,045.72 | | 流通股 ( 百万 ) | | 1,861.43 | | 总市值 ( 人民币 百万 ) | | 66,608.69 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 801.30 | | 主要股东 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of RMB 1.271 billion for H1 2024, representing a year-on-year growth of 17.5%. However, the net profit attributable to shareholders decreased by 44.4% to RMB 80.9476 million, primarily due to high base effects from the previous year and significant upfront costs associated with new store openings [2]. - The company is focusing on a three-pronged business development strategy involving restaurant, hotel, and food services, which is expected to create multiple growth trajectories [2]. - The company opened 5 new stores in H1 2024, with plans for an additional 4-6 stores in the second half of the year, indicating ongoing expansion despite current losses from new store operations [2]. Summary by Sections Financial Performance - H1 2024 revenue: RMB 1.271 billion, up 17.5% YoY - H1 2024 net profit: RMB 80.9476 million, down 44.4% YoY - H1 2024 net profit excluding non-recurring items: RMB 75.6427 million, down 27.96% YoY [2][3]. Business Strategy - The company operates 118 stores, including 54 restaurants, 7 hotels, and 57 new brand outlets. The strategy emphasizes leveraging the cultural heritage of its restaurant brand while expanding its hotel and food service offerings [2]. - The hotel segment is expected to see 10 new openings by the end of 2024, with a focus on achieving operational maturity by 2025 [2]. Future Projections - EPS forecasts for 2024-2026 are RMB 1.18, RMB 1.49, and RMB 1.84, respectively, with corresponding P/E ratios of 13.7, 10.8, and 8.8 [3][4]. - Revenue projections for 2024-2026 are RMB 2.861 billion, RMB 3.333 billion, and RMB 3.815 billion, with growth rates of 19.1%, 16.5%, and 14.5% respectively [3][4].

医药生物 | 证券研究报告 — 行业周报 2024 年 9 月 3 日 强于大市 医药生物行业周报 2024H1 医药生物板块受到高基数影响，2024H2 伴随政策支持落地有望实现增速改善 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a revenue of 2.93 billion HKD for the first half of 2024, representing a year-on-year increase of 11.9%, while the net profit attributable to shareholders was 310 million HKD, a decrease of 13.8% year-on-year [3] - The recovery of third-party business has been noted, with significant growth in the Chinese compound seasoning and convenience food segments [3] - The company plans to distribute a dividend of 293 million HKD, achieving a dividend payout ratio of 95%, which is expected to boost investor confidence [3] Summary by Sections Revenue and Profitability - The company achieved a revenue of 2.93 billion HKD in 1H24, up 11.9% year-on-year, with third-party business revenue reaching 1.91 billion HKD, an increase of 12.2% [3] - The gross margin for 1H24 was 30.0%, a slight decrease of 0.5 percentage points year-on-year, primarily due to raw material cost fluctuations [3] - The net profit margin decreased by 3.0 percentage points to 11.4% due to increased sales expenses [3] Business Segments - Hot pot seasoning revenue was 1.75 billion HKD, up 5.6% year-on-year, with sales volume increasing by 21.4% [3] - Chinese compound seasoning revenue reached 450 million HKD, a growth of 24.4%, driven by new product launches [3] - Convenience food revenue was 700 million HKD, up 22.2%, with significant growth from both related and third-party sales [3] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 6.81 billion HKD, 7.64 billion HKD, and 8.40 billion HKD, with growth rates of 10.8%, 12.1%, and 10.0% respectively [4] - Net profit projections for the same period are 829 million HKD, 967 million HKD, and 1.08 billion HKD, with year-on-year changes of -2.9%, +16.6%, and +12.0% [4] - The expected earnings per share (EPS) for 2024-2026 are 0.80 HKD, 0.93 HKD, and 1.04 HKD, with corresponding price-to-earnings (PE) ratios of 13.3X, 11.4X, and 10.2X [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 49.03, indicating an expectation for the stock to outperform the market index by 10%-20% in the next 6-12 months [4]. Core Insights - The company reported a significant revenue growth of 35.91% year-on-year for the first half of 2024, achieving RMB 1.627 billion, with a notable increase in net profit and a remarkable growth in non-recurring net profit by 73.49% [2][6]. - The company is actively expanding its production capacity in ultra-pure sputtering targets and precision components, which are key areas in the semiconductor industry, contributing to its strong performance [2][3]. - The gross margin improved to 31.00%, up 2.34 percentage points year-on-year, driven by efficient cost management and increased revenue [2][6]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of RMB 161 million, a 5.32% increase year-on-year, while the non-recurring net profit reached RMB 170 million, reflecting a 73.49% growth [2][6]. - In Q2 2024, the revenue was RMB 855 million, a 35.18% increase compared to Q2 2023, with net profit and non-recurring net profit growing by 4.61% and 61.14%, respectively [2][6]. - The company’s revenue from ultra-pure sputtering targets reached RMB 1.069 billion in H1 2024, marking a 37.33% increase, while precision components revenue surged by 96.14% to RMB 399 million [2][6]. Business Outlook - The company is positioned as a key supplier of high-purity sputtering targets for major semiconductor manufacturers, with ongoing projects expected to enhance its production capabilities [2][3]. - The establishment of a subsidiary in South Korea and the construction of a new semiconductor target production facility are anticipated to strengthen the company's international competitiveness and supply chain stability [2][3]. - The diversified product system, including ultra-pure metal sputtering targets, precision components, and third-generation semiconductor materials, is expected to drive continued revenue growth [2][3]. Valuation - The report forecasts earnings per share (EPS) of RMB 1.23, RMB 1.68, and RMB 2.28 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 41.2, 30.1, and 22.2 [2][3].

宏观经济 | 证券研究报告 — 总量周报 2024 年 9 月 1 日 宏观和大类资产配置周报 关注生产端的后续走势 大类资产配置顺序：债券>大宗>股票>货币。 宏观要闻回顾 经济数据：7 月份规上工业企业利润同比增长 4.1%；1-7 月，全国一般公 共预算收入同比下降 2.6%，全国一般公共预算支出同比增长 2.5%。 要闻：习近平主持召开中央全面深化改革委员会第六次会议；央行等八部 门印发《关于进一步做好金融支持长江经济带绿色低碳高质量发展的指导 意见》；《中国的能源转型》白皮书发布；商务部等 4 部门办公厅发布《关 于进一步做好家电以旧换新工作的通知》；国家主席习近平会见美国总统 国家安全事务助理沙利文。 资产表现回顾 人民币汇率升值带动风险资产价格上行趋势。本周沪深 300 指数下跌 0.17%，沪深 300 股指期货上涨 0.31%；焦煤期货本周上涨 3.8%，铁矿石 主力合约本周上涨 4.27%；股份制银行理财预期收益率收于 2.08%，余额 宝 7 天年化收益率下跌 1BP 至 1.38%；十年国债收益率上行 2BP 至 2.17%， 活跃十年国债期货本周下跌 0.22%。 资产配置建议 大类 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 奇安信-U 上证综指 688561.SH 买入 原评级：买入 市场价格:人民币 22.60 板块评级:强于大市 股价表现 (60%) (48%) (35%) (23%) (10%) 2% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (41.8) (0.6) (14.4) (57.9) 相对上证综指 (37.8) 0.7 (6.4) (48.5) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 685.17 | | 流通股 ( 百万 ) | | 510.06 | | 总市值 ( 人民币 百万 ) | | 15,484.90 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 88.17 | | 主要股东 | | | ...

| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|-------------------|--------|--------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 | —— 晨会聚焦 \n | | | 2024 年 9 月 3 日 | | 股票代码 600309.SH | | 股票名称 万华化学 | | 中银晨会聚焦 -20240903 | | | | | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | | 603203.SH | | 快克智能 | | 【 食品饮料 】泸州老窖 * 邓天娇。 泸州老窖公告 2024 年半年报业绩。 1H24 | | 688198.SH | | 佰仁医 ...