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 ...

Investment Rating - The investment rating for the company is "Accumulate" with a previous rating of "Accumulate" [2][4] Core Views - The company has significantly narrowed its net profit loss in the first half of 2024, primarily due to a substantial reduction in expense ratios and a significant increase in overseas revenue, with a year-on-year revenue growth of approximately 29.02% [4][5] - The company is focusing on traditional applications in 3D visual perception, such as offline payment and medical insurance verification, while also making progress in the emerging field of robotic vision [4][5] - The company has made significant advancements in its industrial robotic arms and has launched two series of binocular structured light cameras, with overseas market expansion showing initial success [4][5] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 213.32 million RMB, a year-on-year increase of 29.02%, and a net profit loss of 53.37 million RMB, which represents a year-on-year reduction in loss of 61.94% [5] - The gross profit margin for H1 2024 was 42.54%, an increase of 0.24 percentage points year-on-year [5] - The company has effectively controlled its expense ratios, with management expenses down by 14.28% and R&D expenses down by 37.03% year-on-year [5] Market Development - The traditional application market for 3D visual perception is developing steadily, with the company collaborating with ecosystem partners to promote the application of 3D visual sensors in various payment scenarios [5] - The company has implemented a comprehensive "smart medical insurance face recognition" system in several provinces, which is expected to benefit from the accelerated expansion of smart medical insurance [5] - The company has partnered with leading industry players to launch high-precision 3D scanners, meeting the demands of various fields such as 3D printing and medical equipment [5] Robotics Vision - The company has achieved significant breakthroughs in industrial robotics, launching a 2.0 version of its large model robotic arm demonstration plan, which has improved capabilities in language processing and task execution [5] - New products focusing on robotic 3D vision have been released, suitable for various robotic applications, with the Gemini 335 series featuring a new generation depth engine chip [5] - The company is actively expanding its overseas customer base, with some 3D cameras now fully supporting the MacOS platform and entering the NVIDIA robotics platform [5] Valuation - The company has adjusted its revenue growth forecast downward due to negative growth in its 3D visual sensor business but has improved its loss reduction speed [5] - Projected revenues for 2024, 2025, and 2026 are 487 million RMB, 648 million RMB, and 838 million RMB, respectively, with corresponding price-to-sales ratios of 19.7, 14.8, and 11.5 [5]

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 87.02 [1] - The sector rating is **Outperform** [1] Core Views - The company's Q2 2024 performance showed significant recovery, with net profit attributable to the parent company increasing by 18.97% YoY and 85.44% QoQ [3] - Inverter shipments increased by 7.77% YoY in H1 2024, driven by strong demand in emerging markets such as Pakistan, India, Philippines, and Myanmar [3] - The energy storage battery pack segment saw a 74.82% YoY revenue increase in H1 2024, benefiting from global demand for residential energy storage products [3] - The home appliance business, including heat exchangers and dehumidifiers, grew by 16.73% and 31.98% YoY, respectively, due to extreme weather conditions and increased consumer awareness [3] Financial Performance Summary - H1 2024 revenue decreased by 2.97% YoY to RMB 4.748 billion, while net profit attributable to the parent company decreased by 2.21% YoY to RMB 1.236 billion [3] - Q2 2024 net profit margin improved to 28.03%, up 4.00 percentage points YoY and 5.04 percentage points QoQ [3] - The company's gross margin for energy storage inverters remained stable at 52.00% in H1 2024, slightly down from 54.96% in 2023 [3] Valuation and Forecast - The report revised the EPS forecasts for 2024-2026 to RMB 4.57, RMB 5.82, and RMB 6.63, respectively, representing an increase of 29.8%, 25.4%, and 32.7% from previous estimates [3] - The P/E ratio for 2024-2026 is projected at 19.1x, 14.9x, and 13.1x, respectively [4] - The company's EV/EBITDA for 2024-2026 is forecasted at 15.5x, 12.2x, and 10.0x [4] Market Performance - The company's stock price has shown a 9.9% increase year-to-date, outperforming the Shanghai Composite Index by 13.8 percentage points [1] - Over the past 12 months, the stock has gained 21% in absolute terms and 5.3% relative to the Shanghai Composite Index [1] Industry Outlook - The photovoltaic equipment sector is experiencing a recovery in demand, particularly in emerging markets, driven by factors such as power shortages, rising electricity prices, and policy support [3] - The global residential energy storage market continues to grow, supporting the company's energy storage battery pack business [3]

| --- | --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-------------------------------|--------|-------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— 晨会聚焦 \n | 股票名称 | | 2024 年 8 月 29 日 \n中银晨会聚焦 -20240829 | | 1519.HK | | 极兔速递 | -W | | | 002001.SZ | | 新和成 | | | | | | | | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | | 002340.SZ 688198.SH | | 格林美 佰仁医疗 | | 【电子】深南电路 * 苏凌瑶。 24H1 受益行业复苏以及公司本身经营质效提升， | | ...