300433.SZ 买入 原评级：买入 市场价格:人民币 17.57 板块评级:强于大市 股价表现 (24%) (5%) 15% 34% 53% 72% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 蓝思科技 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 34.5 (0.1) 16.0 44.3 相对深圳成指 45.7 1.4 27.0 64.6 发行股数 (百万) 4,983.07 流通股 (百万) 4,960.89 总市值 (人民币 百万) 87,552.54 3 个月日均交易额 (人民币 百万) 872.16 主要股东 蓝思科技(香港)有限公司 56.28 资料来源：公司公告，Wind，中银证券 以 2024 年 8 月 30 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：消费电子 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 联系人：周世辉 shihui.zhou@bocic ...

Key Insights - The report highlights a recovery in the electronic sector, particularly for the company 普冉股份, which reported a significant revenue increase of 91.22% year-on-year for the first half of 2024, reaching 896 million yuan, and achieved a net profit of 136 million yuan, marking a turnaround from losses [2][3] - The construction materials sector, represented by 垒知集团, experienced a decline in revenue by 21.06% year-on-year, totaling 1.179 billion yuan, with a net profit decrease of 42.02% to 72 million yuan [5][6] - In the pharmaceutical and biotechnology sector, 三友医疗 reported a revenue drop of 24.86% in the first half of 2024, amounting to 212 million yuan, but showed signs of recovery with a 3.51% year-on-year increase in Q2 revenue [8][9] Electronic Sector - The company 普冉股份 benefited from a recovery in demand from downstream consumer electronics, leading to a notable increase in shipment volumes and a return to profitability [2] - The storage business segment achieved a revenue of 724 million yuan in the first half of 2024, reflecting a year-on-year growth of 70.81%, with a gross margin of 34.81% [3][4] - The "storage+" strategy is being effectively implemented, with revenue from this segment reaching 172 million yuan, a year-on-year increase of 284.61% [4] Construction Materials Sector - 垒知集团's revenue for the first half of 2024 was 1.179 billion yuan, down 21.06% from the previous year, with a significant drop in net profit [5][6] - The company faced challenges with cash flow, reporting a negative operating cash flow of 74 million yuan in the first half of 2024, a shift from positive to negative [6] Pharmaceutical and Biotechnology Sector - 三友医疗's Q2 results showed a revenue increase of 45.38% quarter-on-quarter, indicating a potential turning point for the company after a challenging period [8][9] - The company is focusing on enhancing its R&D capabilities, with R&D expenses increasing by 47.09% year-on-year, reflecting a commitment to innovation and market competitiveness [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by more than 20% in the next 6-12 months [3][8]. Core Views - The company's operational performance is steadily improving, with a high dividend payout ratio maintained [3][4]. - The report highlights significant growth in operating cash flow and slight improvements in sales gross margin, suggesting a positive outlook for future performance [2][4]. - The exploration and development segment has seen both volume and price increases, with cost reduction and efficiency improvements noted [2][4]. - The refining segment's crude processing volume remains stable, although diesel sales have declined due to weak demand [2][4]. - Capital expenditures are expected to increase in the second half of the year, with a high dividend payout ratio maintained [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1,576.13 billion RMB, a year-on-year decrease of 1.10%, while net profit attributable to shareholders was 35.70 billion RMB, an increase of 1.69% [2][4]. - For Q2 2024, operating revenue was 786.16 billion RMB, down 2.02% year-on-year, with net profit attributable to shareholders at 17.39 billion RMB, up 15.84% year-on-year [2][5]. Cash Flow and Profitability - The net cash flow from operating activities reached 42.27 billion RMB in the first half of 2024, a year-on-year increase of 53.36% [2][4]. - The gross margin for sales improved slightly to 15.77%, up 0.58 percentage points year-on-year [2][4]. Exploration and Development - The average selling price of crude oil was 3,923 RMB/ton, an increase of 8.2% year-on-year, while natural gas prices decreased by 3.1% to 1,894 RMB/thousand cubic meters [2][4]. - Oil and gas equivalent production reached 257.66 million barrels, a year-on-year increase of 3.1% [2][4]. Refining and Marketing - The company processed 127 million tons of crude oil in the first half of 2024, a slight increase of 0.1% year-on-year [2][4]. - Diesel sales declined by 6.8% year-on-year to 39 million tons due to weak demand [2][4]. Capital Expenditure and Dividends - Capital expenditures for the first half of 2024 were 55.89 billion RMB, with plans for 117.1 billion RMB in the second half [2][4]. - The board proposed a cash dividend of 0.146 RMB per share for 2023, with a payout ratio of 49.77% [2][4]. Valuation - The report raises profit forecasts for 2024-2026, expecting net profits of 71.73 billion RMB, 81.76 billion RMB, and 85.68 billion RMB, respectively [2][3]. - The current price-to-earnings ratio is projected at 12.0 times for 2024, decreasing to 10.1 times by 2026 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a year-on-year revenue growth of 10.83% in the first half of 2024, with total revenue reaching RMB 20.20 billion and net profit attributable to shareholders at RMB 1.39 billion, reflecting a 10.83% increase [3][5]. - The company's gross margin improved by 0.98 percentage points to 18.25%, while the net profit margin increased by 0.03 percentage points to 7.11% [3][5]. - The internationalization strategy is accelerating, with overseas sales revenue growing by 83.88% to RMB 4.78 billion, accounting for 23.65% of total revenue [3][5]. Financial Performance Summary - In H1 2024, the company achieved a revenue of RMB 20.20 billion, a 6.32% increase from the previous year, and a net profit of RMB 1.39 billion, up 10.83% [3][5]. - The company’s sales of wind turbines and components generated RMB 12.77 billion in revenue, with a gross margin of 3.75%, an increase of 6.29 percentage points [3][5]. - The company’s overseas order volume reached 5,173.12 MW, a year-on-year increase of 12.44% [3][5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to RMB 0.47, 0.62, and 0.74 respectively, with corresponding price-to-earnings ratios of 17.8, 13.6, and 11.3 [3][4]. - The company’s projected revenue for 2024 is RMB 62.30 billion, with a growth rate of 23.5% [4][6]. Market Position - The company is positioned to benefit from the increasing demand for wind energy and the ongoing trend of larger wind turbine models, with sales capacity for turbines of 6MW and above rising by 97.05% [3][5]. - The total market capitalization of the company is approximately RMB 35.58 billion [1]. Shareholder Information - The major shareholder is Hong Kong Central Clearing Limited, holding 18.28% of the shares [2]. - The total number of shares issued is 4,225.07 million, with 4,167.80 million shares in circulation [2].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 600809.SH 买入 原评级：买入 市场价格:人民币 165.60 板块评级:强于大市 本报告要点 山西汾酒半年报业绩点评 股价表现 (28%) (19%) (11%) (2%) 6% 15% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 山西汾酒 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (25.3) (9.2) (33.2) (29.5) 相对上证综指 (21.1) (7.3) (24.5) (21.1) 发行股数 (百万) 1,219.96 流通股 (百万) 1,219.96 总市值 (人民币 百万) 202,026.08 3 个月日均交易额 (人民币 百万) 1,083.49 主要股东 山西杏花村汾酒集团有限责任公司 56.6289 资料来源：公司公告，Wind，中银证券 以 2024 年 8 月 28 日收市价为标准 相关研究报告 《山西汾酒》20240427 《山西汾酒》20240328 《山 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 11.03 and a sector rating of "Outperform" [1][2]. Core Insights - The company reported a revenue of RMB 400 million for the first half of 2024, a year-on-year decrease of 10.6%, and a net profit attributable to shareholders of RMB 59.81 million, down 14.1% year-on-year. The gross margin for its big data software products and services reached 78.4%, an increase of 4.3 percentage points year-on-year. The growth in AI revenue is significant, with a 27.7% increase year-on-year [2][3]. Summary by Sections Financial Performance - The company experienced a decline in revenue and net profit in the first half of 2024 compared to the previous year, with revenue down 10.6% and net profit down 14.1%. The gross margin for its main business improved to 78.4% [2][3]. - The projected net profits for 2024 to 2026 are RMB 201 million, RMB 296 million, and RMB 364 million, respectively, with corresponding EPS of RMB 0.25, RMB 0.37, and RMB 0.46 [3][4]. Business Segments - The decline in overall performance is attributed to a decrease in revenue from security products and system integration services, while big data and AI business revenues increased. The company is focusing on software business and reducing system integration activities [2][3]. - The company has successfully implemented large model applications in various sectors, including finance and media, contributing to a significant increase in AI-related revenue [2][3]. Market Position and Strategy - The company is expanding its overseas business, having established partnerships to provide intelligence services to state-owned enterprises operating abroad. This includes a project with a Hong Kong disciplinary force that is currently in the contract signing phase [2][3]. - The company’s news information collection capabilities span 196 countries and regions, covering over 130 languages, indicating a robust international presence [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] - The market price is noted at RMB 64.33, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant recovery in its financial performance, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching RMB 896 million [2] - The net profit turned positive, amounting to RMB 136 million, with a gross margin of 33.74%, reflecting a 13.17 percentage point increase year-on-year [2] - The storage business showed strong growth, with revenue of RMB 724 million, a 70.81% increase, and a shipment volume of 3.784 billion units, up 71.44% year-on-year [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of RMB 1.781 billion, with a growth rate of 58.0% [3] - The expected net profit for 2024 is RMB 254 million, with an EPS of RMB 2.41, leading to a PE ratio of 26.7 [3] - The company’s gross margin is expected to improve to 33.0% in 2024, with a net profit margin of 14.3% [10] Market Position and Strategy - The company is expanding its "Storage+" strategy, which has shown promising results with a revenue increase of 284.61% in this segment [2] - The introduction of new products in the NOR flash and EEPROM categories is expected to enhance competitive advantages [2] - The report anticipates continued growth in the storage market, driven by recovering downstream demand and product diversification [2][3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 300073.SZ 增持 原评级：增持 市场价格:人民币 29.28 板块评级:强于大市 股价表现 (36%) (24%) (13%) (1%) 10% 22% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 当升科技 深圳成指 (%) 今年 1 3 12 至今 个月 个月 个月 绝对 (22.4) (3.3) (27.3) (31.5) 相对深圳成指 (8.6) 2.5 (12.6) (11.5) | --- | |-----------| | 506.50 | | 505.36 | | 14,830.34 | | 420.06 | | | | 23.19 | | | 以 2024 年 8 月 27 日收市价为标准 相关研究报告 《当升科技》20240408 《当升科技》20231029 《当升科技》20231029 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：电池 证券分析师：武佳雄 jiaxiong.wu@boc ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 000977.SZ 浪潮信息 业绩大增，持续引领服务器市场 公司发布 2024 年中报，上半年实现营收 420.6 亿元（YoY+68.7%）、归母净 利润 6.0 亿元（YoY+90.6%）、扣非净利润 4.2 亿元（YoY+3779.5%）。业绩 实现大幅增长，维持买入评级。 支撑评级的要点 2024 年中报发布，重回高增长。2024 年上半年服务器行业市场需求逐步 回升，公司抓住机遇，实现业务快速增长，增速达近年新高。其中 Q2 单 季度实现收入 244.6 亿元（YoY+58.5%）、归母净利润 2.9 亿元 （YoY+129.0%）、扣非净利润 1.8 亿元（YoY+213.5%），保持了 Q1 发 展趋势。 AI 服务器需求增加，市场前景广阔。随着我国数字基础建设的推进和算 力规模的增长，AI 服务器市场快速发展。根据中商产业研究院的报告， 2023 年国内服务器市场规模约为 490 亿元，同比增长约 17%，预计 2024 年将达到 560 亿元；2023 年国内服务器出货量为 35.4 万台，同比增长 24.65%，预 ...

房地产 | 证券研究报告 — 行业点评 2024 年 8 月 29 日 何为"房屋养老金"？ | --- | |--------------------------------------------------------------------------------------------------------------------| | 月 23 日，住房城乡建设部副部长董建国在国新办举行的新闻发布会上表示，研究建立房屋体 | | 检、房屋养老金、房屋保险制度，构建全生命周期房屋安全管理长效机制。目前，上海等 22 个 | | 城市正在试点。其中，房屋养老金个人的账户通过缴纳住宅专项维修基金已经建立起来，试点 | | 的重点是政府将公共账户建立起来。 | | 核心观点 | | 房屋养老金制度是以房屋维修金制度为基础的探索，房屋养老金并非首次提出。我国房屋维修金制度始于 1998 年，当 | | 时被称作房屋维修基金，2004 年房屋维修金演变为房屋办理产权证时必须缴纳的费用。2007 年 10 月建设部正式通过《住 | | 宅专项维修资金管理办法》，规定自 2008 年 2 月起，缴纳标准为"按住 ...