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， | | ...

Core Insights - The report introduces a new investment framework for A-shares, emphasizing the importance of style classification during structural transformation periods in the market [1][9][51] - It highlights the shift in market style dynamics since 2017, with notable asset rotations including core assets, track stocks, cyclical stocks, small-cap stocks, and dividend assets [1][9][40] Market Style Review - The report reviews the market style rotations from 2017 to 2023, identifying key phases: core asset bull market (2017-2020), track stock advantage (2019-2021), cyclical stock recovery (2021), small-cap valuation recovery (2022-2023), and the current dividend asset phase (2023-present) [1][9][19] - It notes that the traditional economic cycle's volatility has decreased, making style judgment a primary source of excess returns in the market [1][9] New A-share Style Classification Framework - The new framework categorizes A-share styles into two dimensions: large-cap vs. small-cap and growth investment vs. safety margin investment [1][51][64] - Growth investment includes cyclical assets and emerging growth assets (like track stocks and TMT), while safety margin investment includes stable core assets and dividend-paying assets [1][51][64] Application of the New Framework - The report applies the new framework to common broad-based indices, categorizing them based on their style characteristics [1][75] - It addresses current market concerns, such as the potential switch from dividend assets to the Sci-Tech 50 index, the transition from large-cap to small-cap stocks, and the sustainability of the barbell style [1][77][80] Future Outlook - The report suggests that the transition from dividend assets to growth assets requires a stabilization of market risk preferences and a significant uptrend in emerging industry trends [1][78] - It emphasizes the need to monitor external macroeconomic conditions and geopolitical developments, which could impact market sentiment and asset performance [1][80]

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 8 月 28 日 600352.SH 买入 原评级：买入 市场价格:人民币 9.01 板块评级:强于大市 股价表现 (18%) (14%) (10%) (5%) (1%) 3% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 浙江龙盛 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 6.5 3.7 (0.6) (3.1) 相对上证综指 10.3 5.1 8.3 3.9 | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 3,253.33 | | 流通股 (百万) | 3,253.33 | | 总市值 (人民币 百万) | 29,312.52 | | 3 个月日均交易额 (人民币 百万) | 95.51 | | 主要股东 | | | 阮水龙 | 11.98 | | 资料来源：公司公告，Wind，中银证券 | | 以 2024 年 8 ...

(%) 今年 至今 1 个月 3 个月 12 个月 (27%) (15%) (3%) 8% 20% 32% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 龙迅股份 上证综指 绝对 (61.2) (16.2) (48.8) (53.6) 相对上证综指 (57.4) (14.8) (40.0) (46.5) 龙迅股份 支撑评级的要点 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 102.28 | | 流通股 ( 百万 ) | | 55.91 | | 总市值 ( 人民币 百万 ) | | 4,446.14 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 39.35 | | 主要股东 | | | | FENG CHEN | | 37.6367 | | 资料来源：公司公告， Wind | ，中银证券 | | 2024 年上半年营收/归母净利润均大幅增长 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is experiencing a recovery in revenue and gross margin in Q2 2024, with expectations of easing price competition in the MCU industry. The focus is on expanding into BMS and AMOLED chip markets [2]. - In H1 2024, the company reported revenue of approximately RMB 653 million, a year-on-year increase of 4%, with a gross margin of 34.4% [2]. - The company’s MCU products are continuously iterating, with new products aimed at various markets, including home appliances and automotive applications [2]. Financial Summary - For 2024, the company is projected to have an EPS of RMB 0.62, with corresponding PE ratios of 27.7, 22.3, and 21.2 for 2024, 2025, and 2026 respectively [2][3]. - The main revenue figures are as follows: - 2022: RMB 1,602 million - 2023: RMB 1,300 million - 2024E: RMB 1,524 million - 2025E: RMB 1,683 million - 2026E: RMB 1,848 million [3][4]. - The company’s net profit for 2024 is estimated at RMB 212 million, with a growth rate of 13.7% [3][4]. Market Position - The company has seen an increase in market share for its smart home appliance MCUs, contributing to revenue growth despite overall market challenges [2]. - The global integrated circuit market is entering a recovery phase, with improved supply-demand dynamics expected to alleviate pricing pressures [2]. Product Development - The company is launching new MCU products with competitive cost advantages and is in the process of validating several new products for mass production in H2 2024 and beyond [2]. - Upcoming products include automotive-grade touch MCUs and fast-charging protocol chips, with additional developments in battery management and AMOLED display drivers [2].

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% over the next 6-12 months [3]. Core Views - The company experienced significant growth in H1 2024, with revenue reaching 8.32 billion RMB, a year-on-year increase of 37.91%, and a net profit of 0.987 billion RMB, up 108.32% year-on-year. The adjusted net profit was 0.904 billion RMB, reflecting a 112.38% increase [3]. - The PCB business capitalized on structural opportunities, achieving revenue of 4.855 billion RMB, a 25.09% increase, and a gross margin of 31.37%, up 5.52 percentage points [3]. - The packaging substrate business saw revenue growth of 94.31%, reaching 1.596 billion RMB, with a gross margin of 25.46%, an increase of 6.66 percentage points [3]. - The company is expected to continue benefiting from the recovery in the PCB and BT substrate industries, with projected revenues of 17.239 billion RMB, 20.462 billion RMB, and 23.330 billion RMB for 2024, 2025, and 2026, respectively [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 26.20%, a year-on-year increase of 3.27 percentage points, and a net profit margin of 11.87%, up 4.01 percentage points [3]. - For Q2 2024, revenue was 4.360 billion RMB, a 34.19% year-on-year increase, with a net profit of 0.608 billion RMB, reflecting a 127.18% increase year-on-year [3]. Revenue Projections - The company is projected to achieve revenues of 17.239 billion RMB in 2024, 20.462 billion RMB in 2025, and 23.330 billion RMB in 2026, with corresponding net profits of 2.114 billion RMB, 2.463 billion RMB, and 2.814 billion RMB [4]. Valuation Metrics - The report indicates that the company has a price-to-earnings (P/E) ratio of 25.4 for 2024, 21.8 for 2025, and 19.1 for 2026, suggesting a reasonable valuation compared to its growth prospects [4].

03900.HK 房地产 | 证券研究报告 — 调整盈利预测 2024 年 8 月 28 日 买入 原评级：买入 市场价格:港币 5.77 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (25.8) (1.9) (29.0) (23.0) 相对恒生指数 (31.9) (6.4) (24.7) (3.6) | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 2,532.00 | | 流通股 (百万) | 2,532.00 | | 总市值 (港币 百万) | 14,609.63 | | 3 个月日均交易额 (港币 百万) | 51.29 | | 主要股东 | | | CCCG Holding (HK) Limited | 24 | | 资料来源：公司公告，Wind，中银证券 | | 以 2024 年 8 月 26 日收市价为标准 相关报告 《绿城中国：营收业绩正增长，拿地成长性强； 代建持续发力；融资通道畅通》（2024/03/31） 《绿城中国：品质龙头重返行业前十 ...

Core Insights - The report highlights significant growth in the semiconductor industry, particularly in memory interfaces and module supporting chips, driven by the recovery in demand and the introduction of new products [2][3][10] - The report emphasizes the strong performance of specific companies, such as 澜起科技, which achieved a revenue increase of 79.49% year-on-year in the first half of 2024, and a net profit increase of 624.63% [3][4] - The OLED materials segment is noted for its robust growth, with companies like 万润股份 showing a revenue decline but maintaining strong performance in their OLED materials business [6][7][8] Company Summaries 澜起科技 - The company reported a revenue of 16.65 billion yuan in the first half of 2024, a year-on-year increase of 79.49%, with a net profit of 5.93 billion yuan, reflecting a growth of 624.63% [3] - The demand for DDR5 memory interfaces is increasing, with the company’s second-generation RCD chip shipments surpassing the first generation [3][4] - New AI-related products are contributing to revenue growth, with PCIe Retimer chip shipments expected to reach 600,000 units in the third quarter of 2024 [4] 万润股份 - The company experienced a revenue decline of 5.66% to 19.56 billion yuan in the first half of 2024, with a net profit decrease of 44.71% to 2.15 billion yuan [6][7] - The OLED materials segment showed resilience, with significant growth in specific subsidiaries, indicating potential for future growth despite overall revenue challenges [7][8] - The company is expanding its production capacity in OLED materials, which is expected to support long-term growth [8] 东芯股份 - The company reported a revenue increase of 11.12% to 2.66 billion yuan in the first half of 2024, although it still faced a net loss of 910 million yuan [10][11] - The semiconductor industry is experiencing a cyclical recovery, with improvements in supply-demand dynamics for memory chips [11][12] - The company is increasing its R&D investment, focusing on integrated storage and computing solutions [12]