Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company experienced a year-on-year decline in net profit of 49.04% in the first half of 2024, despite a revenue increase of 7.64% to RMB 200.19 million [2][4]. - The main business of lubrication systems saw a revenue decrease of 15.42% due to price reductions, impacting gross margin [2][4]. - The hydraulic systems business achieved a revenue increase of 95.85%, although its gross margin decreased [2][4]. - The stock incentive plan has temporarily pressured net profit, but is expected to enhance employee motivation and innovation in the long term [2][4]. Financial Summary - For the first half of 2024, the company reported a revenue of RMB 200.19 million, with a gross profit margin of 38.93%, down from 47.96% in the same period of 2023 [4][5]. - The net profit attributable to the parent company was RMB 29.50 million, reflecting a 49.04% decrease year-on-year [4][5]. - The company adjusted its earnings per share (EPS) forecasts for 2024-2026 to RMB 0.71, 0.80, and 1.13 respectively, with corresponding price-to-earnings ratios of 27.7, 24.6, and 17.5 [2][3]. Market Performance - The company's stock price is currently at RMB 19.68, with a market capitalization of RMB 2,924.14 million [1][2]. - The stock has underperformed relative to the Shenzhen Composite Index, with a relative performance of -24.3% over the past year [1][2].

电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 002436.SZ 兴森科技 24H1 业绩承压，封装基板稳步迈进静待花开 公司发布 2024 年半年报，上半年公司利润端整体承压，但伴随公司封装基板业务的 稳步发展，公司业绩或有望随高端品类放量转暖，维持增持评级。 支撑评级的要点 公司 24H1 营收增长，利润承压。公司 24H1 实现营收 28.81 亿元，同比+12.29%，实现归 母净利润 0.20 亿元，同比+7.99%，实现扣非归母净利润 0.29 亿元，同比+353.13%。盈利能 力来看，公司 24H1 实现毛利率 16.56%，同比-8.62pcts，实现归母净利率 0.68%，同比-0.03pct， 实现扣非归母净利率 1.00%，同比+0.75pct；单季度来看，公司 24Q2 实现营收 14.93 亿元， 同比+13.59%/环比+7.50%，实现归母净利润-0.05 亿元，同环比转亏，实现扣非归母净利润 0.05 亿元，同比-10.9%/环比-79.79%。公司 24Q2 实现毛利率 16.09%，同比-10.09pcts/环比 -0.98pct。上述变化主要系 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 688049.SH 增持 原评级：增持 市场价格:人民币 22.30 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (39%) (27%) (15%) (4%) 8% 20% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 炬芯科技 上证综指 至今 个月 个月 个月 绝对 (39.8) 2.0 (14.5) (33.0) 相对上证综指 (35.7) 3.3 (6.4) (23.6) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 146.14 | | 流通股 ( 百万 ) | | 108.80 | | 总市值 ( 人民币 百万 ) | | 3,258.84 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 80.92 | | 主要股东 | | | | ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The AR glasses market is expected to reach a scale of 1 to 1.4 billion units, driven by hardware breakthroughs and the integration of edge AI [10][11] - The report emphasizes that AR glasses can replace smartphones by providing similar functionalities while being more convenient and efficient [10][11] - The development timeline suggests that 2025 will be a pivotal year for AR glasses, akin to the launch of the first iPhone in 2007, with significant advancements expected by 2027 [10][25] Summary by Sections Investment Logic - The report argues that AR glasses, equipped with displays, will become the next generation of consumer electronic computing platforms, contrasting with non-display AI glasses [10] Historical Review - AR glasses have evolved to combine AR display capabilities with a lightweight form factor, enhancing user experience through real-time interaction and virtual object integration [11][13] Current Market Dynamics - The current market features three main categories of AR glasses: lightweight smart glasses, viewing glasses, and fully functional AR glasses, each with distinct capabilities and target audiences [16][19][22] Future Outlook - Major tech companies are expected to enter the AR glasses market, with Meta's upcoming products anticipated to set new standards and accelerate market growth [24][25] Hardware Bottlenecks - Key hardware components such as SoC, micro-display optics, and waveguide lenses are identified as critical areas for innovation and investment opportunities [3][10] Recommended Companies - The report recommends investing in companies like GoerTek, Luxshare Precision, Longqi Technology, Hengxuan Technology, and Weir Shares, which are well-positioned in the AR glasses supply chain [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [1]. Core Views - The company has shown stable revenue and net profit figures in the first half of 2024, with significant growth in its smart wearables, server, and AIoT businesses. The report highlights multiple acquisition announcements aimed at enhancing customer reach, component capabilities, and global expansion [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 39.397 billion, a slight decrease of 0.76% year-on-year. The net profit attributable to shareholders was RMB 1.291 billion, an increase of 0.73% year-on-year. The gross margin improved to 11.74%, up by 1.89 percentage points [1]. - For Q2 2024, the company achieved revenue of RMB 23.169 billion, a year-on-year increase of 1.27% and a quarter-on-quarter increase of 42.76%. The net profit for the quarter was RMB 0.686 billion, a decrease of 0.87% year-on-year but an increase of 13.23% quarter-on-quarter [1]. Business Segments - The smart terminal segment, which includes smartphones and smart wearables, generated RMB 12.4 billion in revenue, accounting for 33% of total revenue. While smartphone shipments saw a slight decline, smart wearables experienced rapid growth [1]. - The high-performance computing segment, which includes PCs, tablets, and data products, generated RMB 22.2 billion, representing 60% of total revenue. The server revenue grew by 150% year-on-year, and the company launched an AI server with a full-stack layout [1]. - The AIoT business achieved revenue of RMB 1.84 billion, a remarkable year-on-year growth of 316%, with products including smart home devices and audio products [1]. Mergers and Acquisitions - The company has been active in mergers and acquisitions, including a cash acquisition of 80% of a company specializing in high-fidelity and Bluetooth audio products. This move is expected to enhance the company's competitiveness and global footprint [1]. Valuation - The report slightly raises the earnings forecast, projecting earnings per share of RMB 2.86, RMB 3.31, and RMB 3.90 for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are 16.2x, 14.0x, and 11.9x [1].

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The dry bulk container production reached a record high in Q2, but there may be downward pressure on container shipping rates in the next 12 months due to oversupply [2][15] - The three major airlines reduced losses by CNY 5.797 billion in the first half of 2024, with the C919 aircraft entering a new phase of multi-user operations [2][16] - China's cross-border e-commerce is accelerating its expansion into Africa, with Fengchao officially submitting an IPO application [2][22] Summary by Sections 1. Industry Hot Events - Dry bulk container production hit a record high in Q2, with July production exceeding 850,000 TEU, and manufacturers' orders extending to mid-October. Drewry forecasts 2024 to be the second-highest year for dry bulk container production, following 2021. However, oversupply may pressure shipping rates in the next 12 months, with Linerlytica predicting a 70% decline in rates [2][15] - The three major airlines reported a total loss reduction of CNY 5.797 billion in H1 2024. Eastern Airlines reported a net loss of CNY 2.768 billion, while Air China and Southern Airlines reported losses of CNY 2.782 billion and CNY 1.228 billion, respectively. The airlines need to enhance cost control to achieve profitability [2][16] - Fengchao submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for expanding its smart locker network. The African digital economy is projected to add USD 180 billion to the region's GDP by 2025, with significant growth in online shoppers expected by 2027 [2][22] 2. Industry High-Frequency Data Tracking - Air freight prices remained stable from mid-August to late August, with the Shanghai outbound air freight price index at 4,788 points, up 33.3% year-on-year. The Baltic air freight price index was at 2,177 points, up 16.6% year-on-year [3][23] - The container shipping price index (SCFI) fell to 2,968.38 points, down 4.33% week-on-week, while the domestic trade container price index (PDCI) was at 941 points, down 4.95% week-on-week [3][31] - In July 2024, domestic cargo flights increased by 14.48% year-on-year, while international flights rose by 24.71% year-on-year [3][25]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from the recovery in the consumer electronics industry, with steady growth in performance. In the first half of 2024, the company achieved revenue of RMB 451 million, a year-on-year increase of 11.89%, and a net profit attributable to the parent company of RMB 119 million, up 9.42% year-on-year [2][4] - The company is actively expanding into the new energy vehicle and semiconductor sectors, further opening up growth opportunities. The report emphasizes the company's strong performance in precision welding equipment, which generated revenue of RMB 338 million in the first half of 2024, reflecting a year-on-year increase of 22.59% [2][3] - The semiconductor packaging equipment segment is expected to achieve high growth in the future, supported by the company's successful entry into this field through various strategies, including independent research and development and partnerships [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of RMB 451 million, with a gross margin of 49.39% and a net margin of 26.13% [4][5] - The second quarter of 2024 saw revenue of RMB 226 million, a 20.93% increase year-on-year, with a net profit of RMB 59 million, up 10.23% year-on-year [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of RMB 1.036 billion, RMB 1.290 billion, and RMB 1.497 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be RMB 264 million, RMB 336 million, and RMB 405 million for the same years [3][6] - The report indicates an expected EPS of RMB 1.06, RMB 1.35, and RMB 1.62 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.0, 15.0, and 12.4 [3][6] Market Position and Strategy - The company is positioned as a leading manufacturer of electronic assembly equipment in China, benefiting from the recovery of the consumer electronics sector and actively pursuing opportunities in the new energy vehicle and semiconductor markets [2][3] - The report highlights the company's successful development of AOI multi-dimensional inspection equipment, marking a significant technological advancement and establishing it as a key supplier for major clients [2][3]

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 2 日 000568.SZ 买入 原评级：买入 市场价格:人民币 119.28 板块评级:强于大市 本报告要点 泸州老窖 2024 年半年报业绩点评 股价表现 (50%) (40%) (30%) (19%) (9%) 1% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 泸州老窖 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (31.0) (4.8) (31.5) (48.9) 相对深圳成指 (19.8) (3.4) (20.4) (28.5) | --- | --- | --- | |-------------------------------|------------|------------| | | | | | 发行股数 ( 百万 ) | | 1,471.97 | | 流通股 ( 百万 ) | | 1,467.14 | | 总市值 ( 人民币 百万 ) | | 175,576.16 | | 3 个月日均交易额 ( ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 24.2 billion RMB, down 10.5% year-on-year, and net profit at 1.17 billion RMB, down 28.7% year-on-year [3][4]. - Despite short-term profit pressures, the company has a strong pipeline of pre-sold projects and a solid land reserve, particularly in Hangzhou and Zhejiang province, which supports future growth [4][3]. - The company is focusing on cost control and maintaining a healthy financial position, with a debt-to-asset ratio of 59.0% and a net debt ratio of 22.9% as of June 2024 [3][15]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 9.6%, a decrease of 8.7 percentage points year-on-year, primarily due to lower margins from projects delivered in 2020 and 2021 [3][10]. - The annualized ROE for H1 2024 was 8.8%, down 4.2 percentage points year-on-year, reflecting the impact of declining profit margins [3][12]. Sales and Market Position - The company achieved sales of 58.2 billion RMB in H1 2024, a decrease of 37.1% year-on-year, ranking 8th in the industry, an improvement of 3 places from 2023 [3][17]. - The sales target for 2024 is set at over 100 billion RMB, aiming for a market share of 1% and a national ranking within the top 15 [3][4]. Land Acquisition and Development - The company maintained a high land acquisition intensity, with 10 new projects added in H1 2024, all located in Hangzhou, totaling 875,000 square meters, with an acquisition cost of 22.27 billion RMB [3][19]. - As of June 2024, the total land reserve stood at 12.9 million square meters, with 76% located in Hangzhou, ensuring a robust foundation for future development [3][21]. Other Business Initiatives - The company is expanding its leasing and construction management businesses, with plans to add 5-10 new construction management projects in 2024 [3][4]. - The rental income from investment properties reached 198 million RMB in H1 2024, a year-on-year increase of 21.5% [3][4].

Macro Economic Overview - The manufacturing PMI index for August is 49.1%, a decrease of 0.3 percentage points from July, indicating continued contraction in manufacturing activity [2] - The new orders index for August is 48.9%, down 0.4 percentage points from July, reflecting weak demand in the manufacturing sector [2] - The real estate sector remains a significant drag on overall economic performance, with traditional industries facing challenges due to demand shortfalls [3] Electronics Sector - The company Lixun Precision's H1 2024 performance met expectations, with a revenue growth of 23.89% and a gross margin increase of approximately 1 percentage point [4][5] - The company forecasts a Q3 2024 net profit growth of approximately 20%, driven by advancements in AI technology and the global expansion of smart automotive solutions [4][6] - The consumer electronics segment shows modest growth, with a revenue increase of 3.25%, supported by the rapid iteration of AI models and a recovery in market demand [6] Computer Security Sector - The company Qiming Star's H1 2024 revenue is 15.7 billion yuan, a year-on-year increase of 3.4%, but it reported a net loss of 1.8 billion yuan [8][9] - The company has seen a rapid increase in new orders and a significant improvement in gross margin, which rose by 13.77 percentage points to 64.6% in Q2 [8] - The new security revenue segment has shown robust growth, particularly in cloud security, which increased by over 200% year-on-year [9] Social Services Sector - The company Songcheng Performance reported H1 2024 revenue of 1.177 billion yuan, a year-on-year increase of 59%, and a net profit of 550 million yuan, up 81.75% [11][12] - The growth is driven by an increase in operational days and visitor numbers at scenic spots, with new projects ramping up quickly [11][13] - Existing projects show mixed performance, with some locations recovering faster than others due to varying tourism dynamics [12][13]